# EDGAR Filing Document

**Accession Number:** 0002047442
**File Stem:** 0001104659-25-057402
**Filing Date:** 2025-6
**Character Count:** 1260789
**Document Hash:** d2bb8a004c94a85984a29430d11eca76
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-057402.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001104659-25-057402

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

**PUBLIC DOCUMENT COUNT**: 43

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos Aksia Private Equity & Alternatives Fund
- **CENTRAL INDEX KEY:** 0002047442

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

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24034
- **FILM NUMBER:** 251031943

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 630-245-7200

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Calamos Aksia Private Equity & Alternatives Fund
- **CENTRAL INDEX KEY:** 0002047442

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

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-283688
- **FILM NUMBER:** 251031942

**BUSINESS ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563
- **BUSINESS PHONE:** 630-245-7200

**MAIL ADDRESS:**
- **STREET 1:** 2020 CALAMOS COURT
- **CITY:** NAPERVILLE
- **STATE:** IL
- **ZIP:** 60563

?xml version='1.0' encoding='ASCII'? Calamos Aksia Private Equity & Alternatives Fund - 2047442 - 2025

**As filed with the Securities and Exchange Commission on June 6, 2025**

**Securities Act File No. 333-283688**

**Investment Company Act File No. 811-24034**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC 20549**

**FORM N-2**

**(CHECK APPROPRIATE BOX OR BOXES)**

☒ **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

☒ **PRE-EFFECTIVE AMENDMENT NO**. **1**

☒ **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

☒ **AMENDMENT NO. 1** 

**CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND**

(Exact name of Registrant as Specified in Charter)

**2020 Calamos Court**

**Naperville, Illinois 60563**

(Address of Principal Executive Offices)

**Registrant's Telephone Number, including Area Code: (630) 245-7200**

**Calamos Advisors LLC**

**2020 Calamos Court**

**Naperville, Illinois 60563**

(Name and Address of Agent for Service)

***Copies to:***

**Erik D. Ojala** 

**Calamos Advisors LLC**

**2020 Calamos Court**

**Naperville, Illinois 60563**

**Maya Fishman, Esq.**

**Aksia LLC**

**599 Lexington Avenue, 37th Floor**

**New York, NY 10022**

**Joshua B. Deringer, Esq.** 

**Joshua M. Lindauer, Esq. Faegre Drinker Biddle & Reath LLP One Logan Square, Ste. 2000 Philadelphia, PA 19103**

**Approximate Date of Commencement of Proposed Public Offering**:

As soon as practicable after the effective date of this Registration Statement.

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

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

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

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

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

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

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

If appropriate, check the following box:

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

☐ 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 this Registration Statement shall become effective on such date as the Securities and Exchange Commission, acting pursuant to said Section 8(a), may determine.**

Subject to Completion, Dated June 6, 2025

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

**PROSPECTUS**

**CALAMOS AKSIA PRIVATE EQUITY and Alternatives FUND**

**SHARES OF BENEFICIAL INTEREST**

**Class A Shares**

**Class C Shares**

**Class I Shares**

**Class M Shares**

**[ ], 2025**

Calamos Aksia Private Equity and Alternatives Fund (the "Fund") is a newly organized Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that intends to operate as an interval fund. Shares of the Fund ("Shares") are continuously offered under the Securities Act of 1933, as amended (the "Securities Act"), and repurchased by the Fund on a semi-annual basis in an amount no less than 5% and not more than 25% of the outstanding Shares, according to the Fund's repurchase policy established pursuant to Rule 23c-3 under the 1940 Act. The Fund intends to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code").

The Fund operates under an Amended and Restated Agreement and Declaration of Trust dated June 5, 2025 (the "Declaration of Trust"). The Fund's investment advisor is Calamos Advisors LLC (the "Advisor" or "Calamos") and the Fund's sub-advisor is Aksia LLC (the "Sub-Advisor" or "Aksia" and, together with the Advisor, the "Advisors"). The Advisor and the Sub-Advisor are each registered as an investment adviser with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Advisor oversees the allocation of the portion of the Fund's assets which the Sub-Advisor is responsible for investing. The Fund is offering through this prospectus four separate classes of Shares designated as Class A ("Class A Shares"), Class C ("Class C Shares"), Class I ("Class I Shares") and Class M ("Class M Shares").

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Total Offering<sup>(1)</sup>** | **Class A Shares** | **Class C Shares** | **Class I Shares** | **Class M Shares** |
| Public Offering Price | Current Net Asset Value | Current Net Asset Value | Current Net Asset Value | Current Net Asset Value |
| Sales Load<sup>(2)</sup> | 3.50% |  |  |  |
| Proceeds to the Fund (Before Expenses)<sup>(3)</sup> | Current Net Asset Value minus Sales Load | Current Net Asset Value | Current Net Asset Value | Current Net Asset Value |

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(1) Generally, the stated minimum initial investment by an investor in the Fund is $2,500 with respect to Class A Shares and Class C Shares, $1,000,000 for Class I Shares and $10,000 with respect to Class M Shares, which stated minimum may be reduced for certain investors. The Fund reserves the right to waive investment minimums for Class A Shares, Class C Shares, Class I Shares and Class M Shares. See "Purchasing Shares—Purchase Terms." Investors purchasing Class A Shares may be charged a sales load of up to 3.50% of the investor's net purchase. The table assumes the maximum sales load is charged. Class C Shares, Class I Shares and Class M Shares are not subject to front-end sales loads. While Class M Shares do not charge a front-end sales load, if you purchase Class M Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.

i

(2) Assumes all amounts currently registered are sold in the continuous offering. The Advisor and Sub-Advisor will also bear, for a three-year period from April 30, 2025, certain ongoing offering costs on a 50/50 basis associated with the Fund's continuous offering. Pursuant to an expense limitation agreement (the "Expense Limitation Agreement") among the Fund, the Advisor and the Sub-Advisor, the Fund will be obligated to reimburse the Advisor and the Sub-Advisor on a 50/50 basis for any such payments, subject to certain limitations. See "Fund Expenses."

*Securities Offered.* The Fund is offering its Shares on a continuous basis. While Class M Shares do not charge a front-end sales load, if you purchase Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information. The minimum initial investment with respect to Class A Shares and Class C Shares is $2,500 for all accounts; subsequent investments may be made with at least $100, except for purchases made pursuant to the Fund's dividend reinvestment plan or as otherwise permitted by the Fund. The minimum initial investment with respect to Class M Shares is $10,000; subsequent investments may be made with at least $100, except for purchases made pursuant to the Fund's dividend reinvestment plan or as otherwise permitted by the Fund. See "Distributions—Dividend Reinvestment Plan." With respect to Class I Shares, the minimum initial investment is $1,000,000 for all accounts; subsequent investments may be made in any amount. The Fund reserves the right to waive investment minimums for Class A Shares, Class C Shares, Class I Shares and Class M Shares. See "Purchasing Shares—Purchase Terms." Shares are being offered through Calamos Financial Services LLC (the "Distributor") at an offering price equal to the Fund's then-current NAV per Share, plus any applicable sales load.

The Advisor and the Fund rely on exemptive relief to, among other things, (i) designate multiple classes of Shares; (ii) impose on certain of the classes an early withdrawal charge and schedule waivers of such; (iii) impose class specific annual asset-based distribution fees on the assets of the various classes of Shares to be used to pay for expenses incurred in fostering the dividend of the Shares of the particular class; and (iv) to participate in certain privately negotiated co-investment transactions alongside certain other funds that are advised by the Advisor, the Sub-Advisor or their respective affiliates, subject to the satisfaction of certain conditions, including (i) that a majority of the Trustees of the Board who have no financial interest in the co-investment transaction and a majority of the Independent Trustees pre-approve the co-investment, and (ii) that the price, terms and conditions of the co-investment will be identical for each fund participating in a transaction pursuant to the exemptive relief.

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

*Principal Investment Strategies*. The Fund will seek to achieve its investment objective primarily by investing, under normal market conditions, at least 80% of its net assets (plus any borrowing for investment purposes) in Private Equity Investments and Alternative Investments (each as defined below).

"Private Equity Investments" include: (i) primary investments in private equity funds ("Private Equity Funds") managed by third-party investment managers ("Underlying Managers") employing a variety of strategies such as buyout, growth equity, and venture capital ("Primary Investments"); (ii) secondary investments such as direct investments in nonpublic companies, investments in Private Equity Funds managed by Underlying Managers and Underlying Manager-led continuation vehicles ("Secondary Investments"); and (iii) investments in the equity and/or debt of non-public companies, typically, but not always, alongside Private Equity Funds ("Co-Investments"). Private Equity Funds are commingled asset pools that typically offer their securities privately, without registering such securities under the Securities Act.

ii

"Alternative Investments" are financial assets that do not fall into conventional investment categories like stocks, bonds and cash and include: (i) defined outcome exposures created with derivatives positions including securities associated with those derivatives positions, such as long and short options, and (ii) investments in publicly listed companies that pursue the business of private equity investing, including listed private equity companies, listed funds of funds, alternative asset managers, holding companies, investment trusts, closed-end funds, financial institutions and other vehicles whose primary purpose is to invest in privately held companies.

The Fund expects to hold Liquid Investments (as defined below) for the purposes of liquidity management. "Liquid Investments" include: (i) "Alternative Investments" that can be readily sold for cash without significantly changing the market value of the investment, (ii) equity securities including exchange traded funds and other registered investment companies, and (iii) short-term corporate, government and municipal obligations and other short-term instruments including money market funds and other liquid investment vehicles.

*Interval Fund.* The Fund is designed primarily for long-term investors and not as a trading vehicle. The Fund is an "interval fund" (defined below) pursuant to which it, subject to applicable law, will conduct semi-annual repurchase offers for between 5% and 25% of the Fund's outstanding Shares at net asset value ("NAV"). **The Fund expects to conduct its initial repurchase offer in the third quarter of 2025.** Under normal market conditions, the Fund currently intends to offer to repurchase 5% of its outstanding shares at NAV on a semi-annual basis. In connection with any given repurchase offer, it is possible that a repurchase offer may be oversubscribed, with the result that Fund shareholders ("Shareholders") may only be able to have a portion of their Shares repurchased. The Fund does not currently intend to list its Shares for trading on any national securities exchange. The Shares are, therefore, not readily marketable. Even though the Fund will make semi-annual repurchase offers to repurchase a portion of the Shares to try to provide liquidity to Shareholders, you should consider the Shares to have limited liquidity. See "Types of Investments and Related Risks - *Repurchase Offers*" beginning on page 33 of this prospectus.

The Board of Trustees (the "Board") will establish the deadline by which the Fund must receive repurchase requests in response to a repurchase offer. Semi-annual repurchases will occur in the months of March and September. Written notification of each semi-annual repurchase offer (the "Repurchase Offer Notice") will be sent to Shareholders at least 21 calendar days before the repurchase request deadline (*i.e.,* the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "Repurchase Request Deadline"); however, the Fund will seek to provide such Repurchase Offer Notice earlier but no more than 42 calendar days before the Repurchase Request Deadline. The NAV will be calculated on the Repurchase Pricing Date, which will be no later than the 14th calendar day (or the next business day if the 14th calendar day is not a business day) after the Repurchase Request Deadline (the "Repurchase Pricing Date"). The Fund will distribute payment to Shareholders within seven calendar days after the Repurchase Pricing Date. See "Share Repurchase Program" beginning on page 71 of this prospectus.

This prospectus provides the information that a prospective investor should know about the Fund before investing. Investors 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 about the Fund, dated June [ ], 2025 (the "Statement of Additional Information"), has been filed with the SEC and is incorporated by reference in its entirety into this prospectus. The Statement of Additional Information and the Fund's annual and semi-annual reports and any or all information that has been incorporated by reference into the prospectus or Statement of Additional Information but not delivered with the prospectus or Statement of Additional Information, will be provided upon request and without charge by writing to the Fund at Calamos Aksia Private Equity and Alternatives Fund, c/o 2020 Calamos Court, Naperville, Illinois 60563, Client Services, 4th Floor, or by calling toll-free 888-444-3613. Investors may request the Fund's Statement of Additional Information, annual and semi-annual reports and other information about the Fund or make Shareholder inquiries by calling 888-444-3613 or by visiting www.calamos.com. In addition, the contact information provided above may be used to request additional information about the Fund and to make Shareholder inquiries. The Statement of Additional Information, other material incorporated by reference into this prospectus and other information about the Fund is also available on the SEC's website at *http://www.sec.gov*. 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.

iii

*Unlisted Closed-End Fund.* An investment in the Fund is subject to, among others, the following risks:

● **There is not expected to be any secondary trading market in the Shares. Thus, an investment in the Fund may not be suitable for investors who may need the money they invest within a specified timeframe.** 

● **Unlike many closed-end funds, the Shares are not listed on any securities exchange. The Fund will provide liquidity through** semi-annual **offers to repurchase a limited amount of the Fund's Shares (at least 5%).** 

● **Shareholders should not expect to be able to sell their Shares in a secondary market transaction regardless of how the Fund performs. An investment in the Fund is considered to be of limited liquidity.** 

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

● **An investor will pay a sales load of up to 3.50% on the amounts it invests in Class A Shares. If you pay the maximum aggregate 3.63% for sales load, you must experience a total return on your net investment of 3.50% in order to recover these expenses.** 

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

● **All or a portion of an annual distribution may consist of a return of capital (i.e., from your original investment) and not a return of net investment income. A return of capital to Shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result of such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold for less than the Shareholder's original investment.** 

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

**Investing in Shares involves a high degree of risk. See "Types of Investments and Related Risks" beginning on page 28 of this prospectus and "Types of Investments and Related Risks - *Use of Leverage: Risk of Borrowing by the Fund*" beginning on page 30 of this prospectus.**

**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 Board of Governors of the Federal Reserve System or any other government agency.**

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

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

**Neither the SEC nor any state securities commission has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

THE FUND'S PRINCIPAL UNDERWRITER IS CALAMOS FINANCIAL SERVICES LLC

The date of this prospectus is June [ ], 2025

iv

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **<u>Page</u>** |
| SUMMARY OF TERMS | 6 |
| SUMMARY OF FEES AND EXPENSES | 16 |
| THE FUND | 19 |
| THE ADVISOR | 20 |
| THE SUB-ADVISOR | 20 |
| USE OF PROCEEDS | 21 |
| INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES | 22 |
| TYPES OF INVESTMENTS AND RELATED RISKS | 27 |
| SUBSIDIARIES | 58 |
| MANAGEMENT OF THE FUND | 59 |
| FUND EXPENSES | 62 |
| INVESTMENT MANAGEMENT FEE | 64 |
| CALAMOS AKSIA PRIVATE EQUITY LP'S PERFORMANCE | 65 |
| DETERMINATION OF NET ASSET VALUE | 66 |
| CONFLICTS OF INTEREST | 68 |
| SHARE REPURCHASE PROGRAM | 70 |
| DESCRIPTION OF CAPITAL STRUCTURE | 72 |
| OUTSTANDING SECURITIES | 75 |
| TRANSFERS OF SHARES | 75 |
| TAX ASPECTS | 76 |
| ERISA CONSIDERATIONS | 81 |
| ANTI-TAKEOVER PROVISIONS IN THE DECLARATION OF TRUST | 82 |
| PLAN OF DISTRIBUTION | 82 |
| PURCHASING SHARES | 83 |
| DISTRIBUTIONS | 88 |
| FISCAL YEAR; REPORTS | 89 |
| INQUIRIES | 89 |

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v

**SUMMARY OF TERMS**

This is only a summary and 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 carefully read the more detailed information appearing elsewhere in this prospectus and the Statement of Additional Information.

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|:---|:---|
| THE FUND AND THE SHARES | The Fund is a newly organized Delaware statutory trust that is registered under the 1940 Act as a non-diversified, closed-end management investment company. The Fund was organized as a Delaware statutory trust on November 22, 2024. The Fund intends to operate as an "interval fund" (as defined below).<br>The Fund offers four separate classes of Shares designated as Class A Shares, Class C Shares, Class I Shares and Class M Shares, all of which are offered by this prospectus. The Fund may offer additional classes of Shares in the future.<br>Simultaneous with the commencement of the Fund's operations ("Commencement of Operations"), Calamos Aksia Private Equity LP (the "Predecessor Fund"), reorganized with and transferred substantially all of its assets into the Fund. The Fund maintains an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Predecessor Fund. The Fund and the Predecessor Fund share the same investment advisor, sub-advisor and portfolio managers. For past performance information of the Predecessor Fund, see "Performance." |
| THE ADVISOR | Calamos Advisors LLC will serve as the Fund's investment advisor. The Advisor is registered as an investment adviser with the SEC under the Advisers Act. See "The Advisor and Sub-Advisor." |
| THE SUB-ADVISOR | Aksia LLC will serve as the Fund's sub-advisor. The Sub-Advisor is registered as an investment adviser with the SEC under the Advisors Act. See "The Advisor and Sub-Advisor." |
| INVESTMENT OBJECTIVES | The Fund's investment objective is to achieve long-term capital appreciation. There can be no assurance that the Fund will achieve its investment objective. See "Investment Objective, Opportunities and Strategies—Investment Objectives." |
| INVESTMENT OPPORTUNITIES AND STRATEGIES | The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in Private Equity Investments and Alternative Investments (the "80% Policy").<br>"Private Equity Investments" include: (i) primary investments in private equity funds ("Private Equity Funds") managed by third-party investment managers ("Underlying Managers") employing a variety of strategies such as buyout, growth equity, and venture capital ("Primary Investments"); (ii) secondary investments such as direct investments in non-public companies, investments in in Private Equity Funds managed by Underlying Managers and Underlying Manager-led continuation vehicles ("Secondary Investments"); and (iii) investments in the equity and/or debt of non-public companies, typically, but not always, alongside Private Equity Funds ("Co-Investments"). Private Equity Funds are commingled asset pools that typically offer their securities privately, without registering such securities under the Securities Act. |

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| The Underlying Managers are third-party fund sponsors who offer co-mingled investment products, including Private Equity Funds, that the Fund intends to invest in. The Underlying Managers organize and sponsor Private Equity Funds in which the Fund is one of many investors. The Fund will not "control" the Private Equity Funds as that term is defined in Section 2(a)(9) of the 1940 Act. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a Private Equity Fund in addition to the management fees and other expenses paid by the Fund.<br>"Alternative Investments" are financial assets that do not fall into conventional investment categories like stocks, bonds and cash and include: (i) defined outcome exposures created with derivatives positions including securities associated with those derivatives positions, such as long and short options to create defined outcome exposures, and (ii) investments in publicly listed companies that pursue the business of private equity investing, including listed private equity companies, listed funds of funds, alternative asset managers, holding companies, investment trusts, closed-end funds, financial institutions and other vehicles whose primary purpose is to invest in privately held companies.<br>The 80% Policy is not a fundamental policy of the Fund and may be changed by the Board of Trustees without the vote of a majority of the Fund's outstanding Shares. The Fund will provide shareholders with at least 60 days' notice prior to changing the 80% Policy.<br>|
| The Fund intends to utilize a multi-layered strategy and expects to hold Liquid Investments for the purposes of liquidity management and to meet liquidity needs for semi-annual repurchases "Liquid Investments," include: (i) equity securities including exchange traded funds and other registered investment companies, (ii) short-term corporate, government and municipal obligations and other short-term instruments including money market funds and other liquid investment vehicles, and (iii) Alternative Investments that can be readily sold for cash without significantly changing the market value of the investment.<br>The Sub-Advisor selects and negotiates terms of the Fund's Private Equity Investments. Each of the Sub-Advisor and the Advisor will monitor the performance of such investments and has the authority to enter into new investments within its purview from time to time on behalf of the Fund.<br>The Sub-Advisor will focus on Private Equity Investments with the potential for long-term capital appreciation. In evaluating Primary Investments, the Sub-Advisor conducts extensive investment and operational due diligence on Underlying Managers. Through that due diligence, the Sub-Advisor endeavors to analyze an Underlying Manager's strategy, risk management process, quality of investment professionals, operations and infrastructure and regulatory compliance. In addition, and in connection with the evaluation of Secondary Investments, the Sub-Advisor's due diligence assesses the strength of the underlying portfolio and relative valuation of the interest being acquired. In connection with the evaluation of Co-Investments, the Sub-Advisor's conducts a detailed valuation analysis of the opportunity. |

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| LEVERAGE | 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 similar arrangement to achieve its investment objectives. The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's assessment of market conditions and the investment environment. There can be no assurance that the Fund will use leverage or that its leveraging strategy will be successful during any period in which it is employed. The Fund will be limited in its ability to borrow (or guarantee other obligations) by the 1940 Act requirement that a registered investment company must satisfy an "asset coverage" requirement of 300% of its indebtedness, including amounts borrowed, measured at the time the investment company incurs the indebtedness. This requirement means that the value of the investment company's total indebtedness may not exceed 33% of the value of its total assets (including the indebtedness). The Fund also may borrow to pay Fund expenses, including, without limitation, the Management Fee and Sub-Advisory Fee (as described below) and for other investment or business purposes.<br>Certain of the Fund's Private Equity Investments may use substantial amounts of leverage for a wide variety of purposes.<br>Use of leverage, even on a temporary basis, could increase investment risk. See "Types of Investments and Related Risks—Use of Leverage: Risk of Borrowing by the Fund." |
| BOARD OF TRUSTEES | The Board, including a majority of the members of the Board (each, a "Trustee") that are considered independent and are not "interested persons" (as defined in the 1940 Act) of the Fund or the Advisors (collectively, the "Independent Trustees"), oversees and monitors the Fund's management and operations. See "Management of the Fund." |

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|:---|:---|
| INVESTMENT MANAGEMENT FEE | Pursuant to the investment advisory agreement, dated as of April 30, 2025 (the "Investment Advisory Agreement"), by and between the Fund and the Advisor, and in consideration of the advisory services provided by the Advisor to the Fund, the Advisor is entitled to an investment management fee (the "Investment Management Fee") payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 1.75%. See "Investment Management Fee." In addition, pursuant to the sub-advisory agreement between the Advisor and the Sub-Advisor, the Advisor pays the Sub-Advisor a sub-advisory fee (the "Sub-Advisory Fee") payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 0.875%. See "Investment Management Fee—Sub-Advisory Fee." The Investment Management Fee paid to the Advisor will be paid out of the Fund's assets and the Sub-Advisory Fee will be paid out of the Investment Management Fee. The Investment Management Fee will be paid to the Advisor before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits (or increase the net losses) of the Fund.<br>The Advisor and the Fund have entered into an investment advisory fee waiver agreement (the "Management Fee Waiver"), whereby the Advisor has agreed to waive 0.50% of its Investment Management Fee on an annualized basis, such that the maximum investment management fee payable by the Fund would be 1.25%. The Management Fee Waiver became effective on June 30, 2025, and will remain in effect through June 30, 2026.<br>The Advisor and the Sub-Advisor have entered into a sub-advisory fee waiver agreement, whereby the Sub-Advisor has agreed to waive 0.25% of its sub-advisory fee payable by the Advisor to the Sub-Advisor on an annualized basis, such that the maximum sub-advisory fee payable by the Advisor to the Sub-Advisor would be 0.625% (the "Sub-Advisory Fee Waiver"). The Sub-Advisory Fee Waiver became effective on June 30, 2025, and will remain in effect through June 30, 2026.<br>The Advisor and Sub-Advisor are obligated to pay their respective expenses associated with providing the investment advisory services outlined in the Investment Advisory Agreement and Sub-Advisory Agreement or as otherwise agreed between the Advisor, the Sub-Advisor, and the Fund (to the extent applicable), including compensation of and office space for its officers and employees connected with investment and economic research, trading, and investment management of the Fund.<br>The Board will periodically review the Investment Advisory Agreement and the Sub-Advisory Agreement to determine, among other things, whether the fees payable under such agreements are reasonable in light of the services provided. If the Sub-Advisory Agreement is not continued by the Board or is terminated by the Board or the Advisor, the Investment Advisory Agreement shall be terminated at the time the Sub-Advisory Agreement is terminated. See "Investment Management Fee—Approval of the Investment Advisory Agreement and Sub-Advisory Agreement" |

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|:---|:---|
|  | The Advisor, the Sub-Advisor and the Fund have entered into the Expense Limitation Agreement under which the Advisor and Sub-Advisor have agreed contractually, on a monthly basis, to reimburse on a 50/50 basis between the Advisor and the Sub-Advisor the Fund's "Specified Expenses" in respect of each class of the Fund (each, a "Class") where "Specified Expenses" means all other expenses incurred in the business of the Fund and allocated to a Class, including the Fund's annual operating expenses, with the exception of (i) the Investment Management Fee (as defined herein), (ii) the Shareholder Servicing Fee (as defined herein), (iii) the Distribution Fee (as defined herein), (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs, (v) acquired fund fees and expenses, (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vii) taxes and costs to reclaim foreign taxes, and (viii) extraordinary expenses (as determined in the discretion of the Advisor and Sub-Advisor), to the extent that such expenses exceed 0.35% of the average daily net assets of such Class (the "Expense Limitation"). If, while the Advisor is the investment advisor to the Fund and the Sub-Advisor is investment sub-advisor to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Advisor and Sub-Advisor shall be entitled to reimbursement by the Fund on a 50/50 basis of the other expenses borne by the Advisor and Sub-Advisor on behalf of the Fund (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class are less than, for such month, the lesser of the Expense Limitation or any other relevant expense limit then in effect with respect to the Class, and provided that such amount paid to the Advisor and Sub-Advisor will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Advisor and Sub-Advisor may recapture a Specified Expense in any year within the thirty-six (36) month period after the Advisor and Sub-Advisor bear the expense. See "Fund Expenses - Expense Limitation Agreement" for additional information. The Expense Limitation Agreement will remain in effect for an initial three-year period from April 30, 2025, unless and until the Board approves its modification or termination. Thereafter, the Expense Limitation Agreement may be renewed annually with the written agreement of the Advisor, the Sub-Advisor and the Fund. The Fund's obligation to make reimbursement payments shall survive the termination of the Expense Limitation Agreement. See "Fund Expenses." |
| FUND ACCOUNTING AND ADMINISTRATION EXPENSES | The Fund has retained State Street Bank and Trust Company (the "Administrator") to provide it with certain administrative and accounting services. The Fund compensates the Administrator for these services. See "Management of the Fund—Fund Accounting and Administrative Services." |
| DISTRIBUTIONS | Because the Fund intends to qualify annually as a regulated investment company (a "RIC") under the Code, the Fund intends to distribute at least 90% of its annual net taxable income to its Shareholders. Nevertheless, there can be no assurance that the Fund will pay distributions to Shareholders at any particular rate. Each calendar year, a statement on Internal Revenue Service ("IRS") Form 1099-DIV identifying the amount and character of the Fund's distributions will be mailed to Shareholders. See "Taxes" below. See "Distributions."<br>The Board reserves the right to change the distribution policy from time to time. |

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|:---|:---|
| DIVIDEND REINVESTMENT PLAN | The Fund will operate under a dividend reinvestment plan ("DRP") administered by State Street Bank and Trust Company (the "Transfer Agent"). Pursuant to the DRP, the Fund's income dividends or capital gains or other distributions (each, a "Distribution" and collectively, "Distributions"), net of any applicable U.S. withholding tax, are reinvested in the same class of Shares of the Fund.<br>Shareholders automatically participate in the DRP, unless and until an election is made to withdraw from the DRP on behalf of such participating Shareholder. A Shareholder who does not wish to have Distributions automatically reinvested may terminate participation in the DRP by written instruction to that effect to the Transfer Agent. Shareholders who elect not to participate in the DRP will receive all distributions in cash paid to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee). Such written instructions must be received by the Transfer Agent at least five business days prior to the record date of the Distribution or the shareholder will receive such Distribution in Shares through the DRP. Any written request received later than such time may be processed by the Transfer Agent but is not guaranteed. Under the DRP, the Fund's Distributions to Shareholders are reinvested in full and fractional Shares. See "Distributions—Dividend Reinvestment Plan." |
| PURCHASES OF SHARES | The Fund's Shares are offered on a daily basis. Shares are being offered through the Distributor at an offering price equal to the Fund's then-current NAV per Share, plus any applicable sales load. Please see "Plan of Distribution" for purchase instructions and additional information.<br>With respect to Class A Shares and Class C Shares, the minimum initial investment is $2,500 for all accounts; subsequent investments may be made with at least $100, except for purchases made pursuant to the Fund's DRP or as otherwise permitted by the Fund. The minimum initial investment with respect to Class M Shares is $10,000; subsequent investments may be made with at least $100, except for purchases made pursuant to the Fund's DRP or as otherwise permitted by the Fund. With respect to Class I Shares, the minimum initial investment is $1,000,000 for all accounts; subsequent investments may be made in any amount. See "Distributions-Dividend Reinvestment Plan." The Fund reserves the right to waive investment minimums for Class A Shares, Class C Shares, Class I Shares and Class M Shares. See "Purchasing Shares—Purchase Terms."<br>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. Additional information regarding the subscription process is set forth under "Purchasing Shares." |

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|:---|:---|
| PLAN OF DISTRIBUTION | The Distributor, located at 2020 Calamos Court, Naperville, IL 60563, serves as the Fund's principal underwriter and acts as the Distributor of the Fund's Shares on a best efforts basis, subject to various conditions. The Fund's Shares are offered for sale through the Distributor at a price equal to the then-current NAV per share plus any applicable sales load. The Distributor also may enter into broker-dealer selling agreements with other broker dealers for the sale and distribution of the Fund's Shares. While Class M Shares do not impose a front-end sales charge, if you purchase Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information.<br>The Distributor is not required to sell any specific number or dollar amount of the Fund's Shares, but will use its best efforts to solicit orders for the sale of the Shares. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in Fund Shares.<br>The Fund has adopted a "Distribution and Shareholder Services Plan" with respect to its Class A, Class C and Class M Shares under which the Fund may compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Advisor may reasonably request. Under the Distribution and Shareholder Services Plan, the Fund, with respect to Class A, Class C and Class M, may incur expenses on an annual basis equal to 0.25%, 1.00% and 0.75%, respectively, of its average daily net assets. With respect to Class A Shares, the entire fee is characterized as a "shareholder service fee." With respect to Class C Shares, up to 0.25% of the fee is characterized as a "shareholder service fee" and the remaining portion is characterized as a "distribution fee." With respect to Class M Shares, the entire fee is characterized as a "distribution fee."<br>The Advisors or their affiliates, in the Advisors' and the Sub-Advisor's discretion and from their own resources, may pay additional compensation to financial intermediaries and their agents that have made arrangements with the Fund and are authorized to buy and sell Shares of the Fund (collectively, "Financial Intermediaries") in connection with the sale of Fund Shares (the "Additional Compensation"). In return for the Additional Compensation, the Fund may receive certain marketing advantages including access to a broker's or dealer's registered representatives, placement on a list of investment options offered by a broker or dealer, or the ability to assist in training and educating the broker's or dealer's registered representatives. The Additional Compensation may differ among brokers or dealers in amount or in the manner of calculation. Payments of Additional Compensation may be fixed dollar amounts be based on the aggregate value of outstanding Shares held by Shareholders introduced by the broker or dealer, or determined in some other manner. The receipt of Additional Compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments.<br>See "Plan of Distribution" for additional information. |

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|:---|:---|
| ERISA PLANS AND OTHER TAX-EXEMPT ENTITIES | Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other tax-exempt entities, including employee benefit plans, individual retirement accounts ("IRAs"), 401(k) plans and Keogh plans, may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" of the ERISA plans investing in the Fund for purposes of ERISA's fiduciary responsibility and prohibited transaction rules. Thus, none of the Fund or the Advisors will be a fiduciary within the meaning of ERISA with respect to the assets of any ERISA plan that becomes a Shareholder, solely as a result of the ERISA plan's investment in the Fund. See "ERISA Considerations." |
| UNLISTED CLOSED-END INTERVAL FUND STRUCTURE | The Fund has been organized as a continuously offered, non-diversified closed-end management investment company that is operated as an interval fund. Closed-end funds differ from open-end funds (commonly known as mutual funds) in that investors in closed-end funds do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment. To provide some liquidity to Shareholders, the Fund is structured as an "interval fund" and conducts semi-annual repurchase offers for a limited amount of the Fund's Shares (at least 5%). See "Types of Investments and Related Risks—Closed-end Interval Fund; Liquidity."<br>The Fund believes that a closed-end structure is most appropriate for the Fund given the long-term nature of the Fund's strategy. The Fund's NAV per Share may be volatile. As the Shares are not traded, Shareholders will not be able to dispose of their Shares in the Fund, except through repurchases conducted through the share repurchase program, no matter how the Fund performs. |
| SHARE CLASSES | The Fund currently offers four different classes of Shares: Class A, Class C, Class I, and Class M Shares. An investment in any Share class of the Fund represents an investment in the same assets of the Fund. However, the purchase restrictions and ongoing fees and expenses for each Share class are different. The fees and expenses for the Fund are set forth in "Summary of Fees and Expenses." If you have hired an intermediary and are eligible to invest in more than one class of Shares, the intermediary may help determine which share class is appropriate for you. When selecting a Share class, you should consider which Share classes are available to you, how much you intend to invest, how long you expect to own Shares and the total costs and expenses associated with a particular Share class. See "Plan of Distribution."<br>Each investor's financial considerations are different. You should speak with your intermediary 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. |

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|:---|:---|
| VALUATIONS | The Board is responsible for the oversight of the valuation of the Fund's portfolio investments for which market quotations are not readily available, as determined in good faith pursuant to the Fund's valuation policy and consistently applied valuation process. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Advisor as its valuation designee to perform fair valuation determinations for the Fund with respect to all Fund investments. |
|  | The Board has delegated the day-to-day responsibility of implementing the portfolio valuation process set forth in the Fund's valuation policy to the Advisor and has authorized the Advisor to engage independent third-party pricing service providers and independent third-party valuation service providers if such services providers have been approved by the Board. Portfolio securities and other assets for which market quotes are readily available are valued at market value. In circumstances where market quotes are not readily available, the Board has adopted methods for determining the fair value of such securities and other assets. The Fund determines NAV per Share in accordance with the methodology described in the Fund's valuation policy. Valuations of Fund investments are disclosed in reports publicly filed with the SEC.<br>The Fund calculates the NAV of each class of its Shares on a daily basis. In addition, the Fund intends to publicly report the NAV per Share of each class of the Fund on its website on a daily basis. For information on the Fund's daily NAV, please call the Fund toll-free at 888-444-3613. As valuation designee, the Advisor is responsible for assessment and management of valuation risks, establishment and application of fair value methodologies, testing of fair value methodologies, and overseeing pricing services, as set forth in the Rule. The Advisor has adopted valuation procedures to govern the valuation of all Fund investments and is responsible for maintaining records in accordance with Rule 31a-4 under the 1940 Act.<br>The Advisor provides the Board with periodic reports, no less than quarterly, that discuss, among other things, the fair valuation of the Fund's assets, as applicable. The Advisor is responsible for the accuracy, reliability or completeness of any market or fair market valuation determinations made with respect to the Fund's assets. See "Determination of Net Asset Value." |
| SHARE REPURCHASE PROGRAM | The 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 Fund's Shares.<br>The Fund is an "interval fund," a type of fund which, to provide some liquidity to Shareholders, makes semi-annual repurchase offers for between 5% and 25% of the Fund's outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offers are suspended or postponed in accordance with regulatory requirements (as discussed below). Under normal market conditions, the Fund currently intends to offer to repurchase 5% of its outstanding shares at NAV on a semi-annual basis. The offer to purchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). Written notification of each semi-annual repurchase offer (the "Repurchase Offer Notice") is sent to Shareholders at least 21 calendar days before the repurchase request deadline (*i.e.,* the date by which Shareholders can tender their Shares in response to a repurchase offer) (the "Repurchase Request Deadline"); however, the Fund will seek to provide such written notification earlier but no more than 42 calendar days before the Repurchase Request Deadline. The NAV will be calculated on the Repurchase Pricing Date, which will be no later than the 14th calendar day (or the next business day if the 14th calendar day is not a business day) after the Repurchase Request Deadline (the "Repurchase Pricing Date"). The Fund's NAV may fluctuate between the date you submit your repurchase request and the Repurchase Request Deadline and may also fluctuate to the extent there is any delay between the Repurchase Request Deadline and the Repurchase Pricing Date. The Fund will distribute payment to Shareholders within seven calendar days after the Repurchase Pricing Date. The Fund's Shares are not listed on any securities exchange, and the Fund anticipates that no secondary market will develop for its Shares. Accordingly, you may not be able to sell Shares when and/or in the amount that you desire. Thus, the Shares are appropriate only as a long-term investment. If a repurchase offer is oversubscribed and the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, or if Shareholders tender an amount of Shares greater than that which the Fund is entitled to purchase, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks. See "Types of Investments and Related Risks—Repurchase Offers." |

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|:---|:---|
| SUMMARY OF TAXATION | The Fund intends to elect to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of Subpart A, Chapter 1 ("Subchapter M") of the Code. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary income or capital gains that is currently distributed as dividends for U.S. federal income tax purposes to Shareholders, as applicable. To qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain specified source-of-income and asset diversification requirements, and is required to distribute dividends for U.S. federal income tax purposes of an amount at least equal to 90% of the sum of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses each tax year to Shareholders, as applicable. See "Distributions" and "Tax Aspects." |
| FISCAL YEAR | For accounting purposes, the Fund's fiscal year is the 12-month period ending on March 31. See "Fiscal Year; Reports." |
| REPORTS TO SHAREHOLDERS | As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for tax purposes will be furnished to Shareholders subject to IRS reporting. In addition, the Fund will prepare and transmit to Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act. See "Fiscal Year; Reports." |
| RISK FACTORS | The Fund is subject to substantial risks — including market risks and strategy risks. The Fund is also subject to the risks associated with the investment strategies employed by the Advisors. While the Advisors will attempt to moderate any risks, there can be no assurance that the Fund's investment activities will be successful or that the investors will not suffer losses. There may also be certain conflicts of interest relevant to the management of the Fund, arising out of, among other things, activities of the Advisors and their affiliates and employees with respect to the management of accounts for other clients as well as the investment of proprietary assets. An investment in the Fund should only be made by investors who understand the risks involved and who are able to withstand the loss of the entire amount invested.<br>Accordingly, the Fund should be considered a speculative investment, and you should invest in the Fund only if you can sustain a complete loss of your investment. Past results of the Investment Adviser, the Sub-Advisers, their respective principals, and the Fund are not indicative of future results. Prospective investors should review carefully the "Types of Investments and Related Risks" section of this Prospectus. |

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**SUMMARY OF FEES AND EXPENSES**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class M** |
| **SHAREHOLDER TRANSACTION FEES** |  |  |  |  |
| Maximum sales load imposed on purchases<sup>(1)</sup> | 3.50% |  |  |  |
| Maximum contingent deferred sales charge<sup>(2)</sup> |  | 1.00% |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **ANNUAL FUND EXPENSES<sup>(3)</sup>** |  |  |  |  |
| **(as a percentage of average net assets attributable to Shares)** |  |  |  |  |
| Management Fee | 1.75% | 1.75% | 1.75% | 1.75% |
| Interest payments on borrowed funds and securities sold short<sup>(4)</sup> | 0.30% | 0.30% | 0.30% | 0.30% |
| Other expenses<sup>(5)</sup> | 0.85% | 0.85% | 0.85% | 0.85% |
| Distribution and/or Service Fees<sup>(6)</sup> | 0.25% | 1.00% |  | 0.75% |
| Acquired Fund Fees and Expenses<sup>(7)</sup> | 0.70% | 0.70% | 0.70% | 0.70% |
| Total annual fund expenses | 3.85% | 4.60% | 3.60% | 4.35% |
| Fee Waiver<sup>(8)</sup> and Expense reimbursement<sup>(9)</sup> | (1.00)% | (1.00)% | (1.00)% | (1.00)% |
| Total annual fund expenses after expense reimbursement<sup>(8) (9)</sup> | 2.85% | 3.60% | 2.60% | 3.35% |

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(1) Investors purchasing Class A Shares may be charged a front-end sales load of up to 3.50% of the investor's net purchase. The table assumes the maximum sales load is charged. The Distributor may, in its discretion, waive all or a portion of the sales load for certain investors (as further described under "Purchasing Shares—Purchase Terms"). See "Purchasing Shares—Purchase Terms." While Class M Shares do not charge a front-end sales load, if you purchase Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information. See "Plan of Distribution."

(2) Class C shareholders will be subject to a contingent deferred sales charge on shares redeemed during the first 12 months after their purchase. See "Contingent Deferred Sales Charge" under "Share Repurchase Program"

(3) Assuming estimated net assets for the Fund of $300 million plus estimated leverage of $25 million at the end of the Fund's first twelve months of operations.

(4) These expenses represent estimated interest payments the Fund expects to incur in connection with its expected credit facility and short sales during the current fiscal year. See "Investment Objective, Opportunities and Strategies - Leverage." The amount shown in the table above is based on the assumption that the Fund borrows money for investment purposes in an amount approximately between 5% and 7.5% of its net assets.

(5) Other expenses are based on estimated amounts for the current fiscal year and include accounting, custody, transfer agency, legal, valuation agent, pricing vendor and auditing fees of the Fund, organizational and offering costs, and fees payable to the Independent Trustees.

(6) Class C Shares and Class M Shares will pay to the Distributor a distribution fee that will accrue at an annual rate equal to 0.75% of the average daily net assets attributable to Class C Shares or Class M Shares, respectively (the "Distribution Fee"). See "Plan of Distribution". Class A Shares and Class C may charge a shareholder servicing fee of up to 0.25% per year (the "Shareholder Servicing Fee"). The Fund may use these fees, in respect of the relevant class, to compensate Financial Intermediaries or financial institutions for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Shares of the Fund. Such services may also include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Advisor may reasonably request.

(7) The "Acquired Fund Fees and Expenses" disclosed above are based on historical returns of the types of private equity funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." The Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year. See "Special Risks of Investing in Private Equity Investments; Reliance on Underlying Managers - Multiple Levels of Fees and Expenses."

(8) The Advisor and the Fund have entered into a Management Fee Waiver, whereby the Advisor has agreed to waive 0.50% of its Investment Management Fee on an annualized basis, such that the maximum investment management fee payable by the Fund would be 1.25%. The Management Fee Waiver became effective on June 30, 2025, and will remain in effect through June 30, 2026.

(9) The Advisor, the Sub-Advisor and the Fund have entered into the Expense Limitation Agreement under which the Advisor and Sub-Advisor have contractually agreed on a monthly basis to reimburse on a 50/50 basis between the Advisor and the Sub-Advisor the Fund's "Specified Expenses" in respect of each class of the Fund (each, a "Class") where "Specified Expenses" means all other expenses incurred in the business of the Fund and allocated to a Class, including the Fund's annual operating expenses, with the exception of (i) the Investment Management Fee (as defined herein), (ii) the Shareholder Servicing Fee (as defined herein), (iii) the Distribution Fee (as defined herein), (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs, (v) acquired fund fees and expenses, (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vii) taxes and costs to reclaim foreign taxes, and (viii) extraordinary expenses (as determined in the discretion of the Advisor and Sub-Advisor), to the extent that such expenses exceed 0.35% of the average daily net assets of such Class (the "Expense Limitation").

If, while the Advisor is the investment advisor to the Fund and the Sub-Advisor is investment sub-advisor to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Advisor and Sub-Advisor shall be entitled to reimbursement by the Fund on a 50/50 basis of the other expenses borne by the Advisor and Sub-Advisor on behalf of the Fund (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class are less than, for such month, the lesser of the Expense Limitation or any other relevant expense limit then in effect with respect to the Class, and provided that such amount paid to the Advisor and Sub-Advisor will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Advisor and Sub-Advisor may recapture a Specified Expense in any year within the thirty-six (36) month period after the Advisor and Sub-Advisor bear the expense. See "Fund Expenses - Expense Limitation Agreement" for additional information. The Expense Limitation Agreement will remain in effect for a three-year period from April 30, 2025, unless and until the Board approves its modification or termination. Thereafter, the Expense Limitation Agreement may be renewed annually with the written agreement of the Advisor, the Sub-Advisor, and the Fund. The Fund's obligation to make reimbursement payments shall survive the termination of the Expense Limitation Agreement. See "Fund Expenses."

***Example:***

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

An investor would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return:

**Class A**

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|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $63 | $131 | $210 | $416 |

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**Class C**

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $36 | $121 | $216 | $458 |

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**Class I**

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $26 | $92 | $169 | $373 |

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**Class M**

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|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $34 | $114 | $205 | $437 |

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An investor would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return, and redemption of Shares in full at the end of such period:

**Class C\***

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $46 | $121 | $216 | $458 |

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\* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the contingent deferred sales charge applies. See "Contingent Deferred Sales Charge" under "Share Repurchase Program." If the contingent deferred sales charge does not apply, the hypothetical expenses you would pay on $1,000 investment in Class C Shares would be $10, assuming annual expenses attributable to Shares remain unchanged, Shares earn a 5% annual return, and you redeemed your shares in full at the end of the 1-year period.

**The example and the expenses in the tables above should not be considered a representation of the Fund's future expenses, and actual expenses may be greater or less than those shown**. While the example assumes a 5.0% annual return, as required by the SEC, the Fund's performance will vary and may result in a return greater or less than 5.0%. In addition to the fees and expenses described above, you may also be required to pay transaction or other fees on the purchase of Class M Shares, which are not reflected in the example. For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see "Fund Expenses" and "Investment Management Fee."

**THE FUND**

The Fund is a newly organized non-diversified, closed-end management investment company that is registered under the 1940 Act. The Fund is structured as an "interval fund" and continuously offers its Shares. The Fund was organized as a Delaware statutory trust on November 22, 2024 and has no operating history as of the date of this Prospectus. The principal office of the Fund is located at 2020 Calamos Court, Naperville, IL 60563 and its telephone number is 888-444-3613.

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

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

The Advisor oversees the amount of leverage used by the Fund and various other investment matters. Responsibility for monitoring and overseeing the Fund's investment program, management, and operation is vested in the Board.

The Fund maintains an Investment Committee, which oversees the allocation of the Fund's assets, the amount of leverage used by the Fund and various other investment matters, including providing a framework, maintaining oversight of risk and performance metrics and evaluating the investment process.

**THE ADVISOR**

Calamos, an investment adviser registered with the SEC effective May 29, 1987 under the Advisers Act, serves as the Fund's advisor. A discussion regarding the basis for the Board's approval of the Investment Advisory Agreement will be available in the Fund's first annual or semi-annual report on Form N-CSR.

Calamos is a global active asset management firm founded in 1977. The Advisor's assets under management as of December 31, 2024 was approximately $38 billion. The Advisor is located at 2020 Calamos Court, Naperville, IL 60563 and is a wholly owned subsidiary of Calamos Investments LLC ("CILLC").

Calamos Asset Management, Inc. ("CAM") is the sole manager of CILLC. As of December 31, 2024, approximately 22% of the outstanding interests of CILLC was owned by CAM and the remaining approximately 78% of CILLC was owned by Calamos Partners LLC ("CPL") and John P. Calamos, Sr. CAM was owned by John P. Calamos, Sr. and John S. Koudounis, and CPL was owned by John S. Koudounis and Calamos Family Partners, Inc. ("CFP"). CFP was beneficially owned by members of the Calamos family, including John P. Calamos, Sr.

**THE SUB-ADVISOR**

Aksia, an investment adviser registered with the SEC under the Advisers Act, serves as the Fund's sub-advisor. The Sub-Advisor, a Delaware limited liability company, is a premier investment research and advisory firm whose clients include large and sophisticated pension funds and other institutional investors. As of September 30, 2024, Aksia and its subsidiaries and affiliates had $23.9 billion of regulatory assets under management, of which $15.9 billion was managed on a discretionary basis. In addition, Aksia had approximately $320.8 billion in assets under advisement attributable to advisory clients. The Sub-Advisor's principal place of business is 599 Lexington Ave., 37th Floor, New York, NY 10022.A discussion regarding the basis for the Board's approval of the Sub-Advisory Agreement will be available in the Fund's first annual or semi-annual report on Form N-CSR.

**USE OF PROCEEDS**

The proceeds from the sale of Shares, not including the amount of any applicable sales loads paid by investors and net of the Fund's fees and expenses, are invested by the Fund to pursue its investment program and strategies.

Pending the investment of the proceeds of any offering or any other available funds pursuant to the Fund's investment objective and strategies, a portion of such amounts, which may include a substantial portion of the proceeds of an offering, may be invested in short-term debt securities or money market funds. In addition, subject to applicable law, the Fund may maintain a portion of its assets in cash or short-term securities or money market funds to meet operational needs, for temporary defensive purposes, or to maintain liquidity. The Fund may be prevented from achieving its objective during any period in which the Fund's assets are not substantially invested in accordance with its principal investment strategies.

**INVESTMENT OBJECTIVE, OPPORTUNITIES AND STRATEGIES**

**Investment Objectives**

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

**Investment Opportunities and Strategies**

The Fund will seek to achieve its investment objective by investing, under normal market conditions, at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in Private Equity Investments and Alternative Investments.

"Private Equity Investments" include: (i) Private Equity Funds managed by Underlying Managers employing a variety of strategies such as Primary Investments; (ii) Secondary Investments; and (iii) Co-Investments. Private Equity Funds are commingled asset pools that typically offer their securities privately, without registering such securities under the Securities Act.

"Alternative Investments" are financial assets that do not fall into conventional investment categories like stocks, bonds and cash and include: (i) defined outcome exposures created with derivatives positions including securities associated with those derivatives positions, such as long and short options to create defined outcome exposures, and (ii) investments in publicly listed companies that pursue the business of private equity investing, including listed private equity companies, listed funds of funds, alternative asset managers, holding companies, investment trusts, closed-end funds, financial institutions and other vehicles whose primary purpose is to invest in privately held companies.

The Underlying Managers are third-party fund sponsors who offer co-mingled investment products, including Private Equity Funds, that the Fund intends to invest in. The Underlying Managers organize and sponsor Private Equity Funds in which the Fund is one of many investors. The Fund will not "control" the Private Equity Funds as that term is defined in Section 2(a)(9) of the 1940 Act. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a Private Equity Fund in addition to the management fees and other expenses paid by the Fund.

The 80% Policy is not a fundamental policy of the Fund and may be changed by the Board of Trustees without the vote of a majority of the Fund's outstanding Shares. The Fund will provide shareholders with at least 60 days' notice prior to changing the 80% Policy.

The Fund intends to utilize a multi-layered strategy and expects to hold Liquid Investments for the purposes of liquidity management and to meet liquidity needs for semi-annual repurchases "Liquid Investments," include: (i) Alternative Investments that can be readily sold for cash without significantly changing the market value of the investment, (ii) equity securities including exchange traded funds and other registered investment companies, and (iii) short-term corporate, government and municipal obligations and other short-term instruments including money market funds and other liquid investment vehicles.

Private equity refers to capital invested in a private company that is not listed on a public exchange. A private equity manager will typically invest in a company and seek to build value through growing the company and/or improving efficiencies and operations in order to complete an eventual sale of its interest in the company a higher value in the future. There are various forms and strategies of private equity, including buyout, growth equity, and venture capital. It is expected that the Fund will mostly invest in Private Equity Investments with buyout and growth equity strategies, but may also invest in Private Equity Investments with venture capital strategies and other strategies that target private equity-like returns. Buyout investments are generally investments where the Underlying Manager or Private Equity Fund owns a majority or controlling stake in the company. Growth equity is typically a minority investment in a newer growing business that may nor may not be cash flow positive. Venture capital is typically a minority investment in an earlier stage company characterized by high, but uncertain, growth potential due to the absence of widespread product and/or service adoption by customers and potentially lack of revenues and/or profitability.

The Fund utilizes multiple sourcing partners to originate investments. The Sub-Advisor believes that this approach can provide the Fund with a wide range of potential investments and exposure across the Private Equity asset class with respect to sectors, strategies, industries, geographies, and investment structures. This allows the Sub-Advisor the ability to dynamically allocate new investments based on a number of potential factors, including relative value considerations.

●  ***Private Equity Investments.*** The Fund will seek to assemble a diverse portfolio of Private Equity Investments, with the aim of generating attractive risk-adjusted returns for investors, through the following types of investments:

●  ***Secondary Investments*** are existing limited partnership interests in Private Equity Funds where the current investor wants near-term liquidity, but the underlying fund is not liquid. Secondary Investments are typically 3 to 7 years old at the time of purchase and are in (or approaching) harvest phase, but can be older or younger in age. The Fund will invest in Secondary Investments as a way to further diversify its exposures and/or to gain access to attractive Private Equity Funds, Underlying Managers, and underlying companies. Secondary Investments are generally negotiated sales and may be purchased at a discount to the most recent fair market value determined by the Underlying Manager. In connection with a Secondary Investment, the Fund will be required to assume the seller's obligation to make remaining capital contributions. Secondary Investments may also include investments in Underlying Manager-led continuation vehicles, which are vehicles established sometime after the launch of a Private Equity Fund to hold one or more portfolio investments of such Private Equity Fund. These investments typically afford existing investors in such Private Equity Fund an option to sell their interests in the target portfolio investments or retain their interests in such investments and roll them include the continuation vehicle. They also afford new investors the ability to participate in one or more portfolio investment on a targeted basis.

●  ***Co-Investments*** are investments made directly into the equity or debt of a non-public company typically in parallel with a Private Equity Fund and/or Underlying Manager, but may also include investments with independent sponsors. An independent sponsor is an individual or group that seeks to identify and negotiate the acquisition of, or investment in, a non-public company without having the equity financing available from a pre-established Private Equity Fund to complete the transaction and raises capital from investors on a deal-by-deal basis. The Fund intends to co-invest in private equity-backed companies in parallel with high-quality Underlying Managers. The Sub-Advisor intends to leverage the due diligence process and transactional expertise of the Underlying Managers and will also conduct its own due diligence before making an investment decision. While the Fund will seek to make Co-investments on a no-management fee/no-carry basis or a reduced management fee/reduced carry basis, which may result in lower overall costs to the Fund versus investing through a traditional Private Equity Fund structure, there is no assurance that the Fund will be able to negotiate such terms. The Sub-Advisor expects that the Fund's Co-Investments will generate appropriate risk-adjusted returns that are accretive to the Fund's Secondary Investments and Primary Investments.

●  ***Primary Investments*** are investments in newly established Private Equity Funds where the underlying investments are not known as of the time of investment. Primary Investments are typically characterized by a gradual deployment of capital. In identifying and selecting Primary Investments, the Fund will seek to primarily invest in Private Equity Funds managed by high-quality Underlying Managers with a track record of consistent value creation and attractive risk-adjusted rates of return.

●  ***Geography.*** The Fund expects to primarily target Private Equity Investment opportunities primarily in North America and Europe, and in other geographies, including developed and emerging markets on a more limited basis.

●  ***Industry.*** The Fund expects to invest in Private Equity Investments in a wide range of industries, such as information technology, healthcare, industrials, consumer discretionary, financial, communication services, and consumer staples.

●  ***Alternative Investments.*** The Fund expenses to make investments in financial assets that do not fall into conventional investment categories like stocks, bonds and cash and include: (i) defined outcome exposures created with derivatives positions including securities associated with those derivatives positions, such as long and short options to create defined outcome exposures, and (ii) investments in publicly listed companies that pursue the business of private equity investing, including listed private equity companies, listed funds of funds, alternative asset managers, holding companies, investment trusts, closed-end funds, financial institutions and other vehicles whose primary purpose is to invest in privately held companies.

●  ***Liquid Investments.*** The Fund expects to hold Liquid Investments for the purposes of liquidity management. Over time, during normal market conditions, it is generally not anticipated that the Fund will hold more than approximately 20% of its net assets in cash or cash equivalents for extended periods of time. Liquid Investments include: (i) "Alternative Investments" that can be readily sold for cash without significantly changing the market value of the investment (ii) equity securities including exchange traded funds and other registered investment companies, and (iii) short-term corporate, government and municipal obligations and other short-term instruments including money market funds and other liquid investment vehicles.

The Fund may make non-U.S. investments, including those that are not denominated in U.S. dollars and investments in emerging markets. In certain cases, the currency fluctuations of investments may be hedged through the use of currency derivatives or other instruments.

***Leverage***

The Fund expects to incur indebtedness in an amount not to exceed 33<sup>1</sup>/<sub>3</sub> percent of its NAV, and use the proceeds to pay operating expenses, including, without limitation the investment management fee, to fund repurchases of Shares, or for other investment or business purposes. The use of leverage involves a high degree of risk. The rights of any lenders to the Fund to receive payments of interest or repayments of principal will be senior to those of the Shareholders and the terms of any borrowings may contain provisions that limit certain activities of the Fund.

The Fund may incur indebtedness to cover short-term cash flow requirements; make investments; pay Fund Expenses, including the Management Fee; repurchase Shares; or meet any other obligations or business purpose of the Fund.

Private Equity Investments in which the Fund invests generally have the authority to incur indebtedness for a wide range of purposes, often in any amount without limitations.

***Foreign Instruments***

The Fund may make investments in non-U.S. private equity investments, including in emerging markets. Emerging market countries are countries that major international financial institutions, such as the World Bank, generally consider to be less economically mature than developed nations, such as the United States or most nations in Western Europe. Emerging market countries can include every nation in the world except the United States, Canada, Japan, Australia, New Zealand and most countries located in Western Europe. The Fund expects that its investments in non-U.S. issuers will be made generally in U.S. dollar denominated securities, but it reserves the right to purchase securities that are foreign currency denominated. Some non-U.S. securities may be less liquid and more volatile than securities of comparable U.S. issuers. Factors considered in determining whether an issuer may be deemed to be from a particular foreign country or geographic region include, among others, the issuer's principal trading market, the country in which the issuer was legally organized, whether the issuer derives a substantial portion of its operations or assets from a particular country or region or derives a substantial portion of its revenue or profits from businesses, investments or sales outside of the United States.

Foreign investments have risks not typically involved in domestic investments. Foreign investing can result in higher transaction and operating costs. Foreign issuers are not subject to the same accounting and disclosure requirements to which U.S. issuers are subject and consequently, less information may be available to investors in companies located in such countries than is available to investors in companies located in the United States. The value of foreign investments may be affected by reduced levels of governmental exchange control regulations; foreign withholding taxes; reduced liquidity in foreign markets; fluctuations in the rate of exchange between currencies and costs associated with currency conversions; the potential difficulty in repatriating funds; expropriation or nationalization of a company's assets; delays in settlement of transactions; other jurisdictions imposing restrictions on investments; changes in governmental economic or monetary policies in the United States or abroad; or other political and economic factors. In addition, there may be difficulty in obtaining or enforcing a court judgment abroad.

***Emerging Markets Risk***

Investments in emerging and developing markets present risks not found in more developed markets. Investments in emerging and developing markets may be more difficult to sell at acceptable prices and their prices may be more volatile than in more developed markets. Emerging markets generally have less developed trading markets and exchanges, and legal and accounting systems. In addition, emerging markets countries may have more or less government regulation and generally do not impose as extensive and frequent accounting, auditing, financial and other reporting requirements as the securities markets of more developed countries. The accounting, auditing and financial reporting standards and practices applicable to emerging market companies may be less rigorous, and there may be significant differences between financial statements prepared in accordance with those accounting standards as compared to financial statements prepared in accordance with international accounting standards. Consequently, the quality of certain foreign audits may be unreliable, which may require enhanced procedures, and the Fund may not be provided with the same level of protection or information as would generally apply in developed countries, potentially exposing the Fund to significant losses. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect an Underlying Manager's ability to evaluate investments or their potential impact on the Fund's performance. Further, investments located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the imposition of exchange controls (including repatriation restrictions). The legal remedies for investors in emerging markets may be more limited than the remedies available in the U.S., and the ability of U.S. authorities to bring actions against bad actors may be limited.

***Illiquid and Restricted Securities***

Private Equity Investments are investments in the securities of companies which are not publicly traded at the time of investment. These investments may be difficult to value and sell, or otherwise liquidate, and the risk of investing in such non-public companies is generally much greater than the risk of investing in publicly traded companies. Companies whose securities are not publicly traded are not subject to the same disclosure and reporting requirements that are generally applicable to companies with publicly traded securities, nor is the trading of such non-publicly traded securities regulated by any government agency. Accordingly, the protections accorded by such regulation are not available in making such investments. To the extent that there is no liquid trading market for particular investments, an Underlying Manager may be unable to liquidate such investments or may be unable to do so at a profit. In addition, in certain circumstances governmental or regulatory approvals may be required for a Private Equity Fund or Co-Investment vehicle to dispose of an investment, or the Underlying Manager may be prohibited by contract or for legal or regulatory reasons from selling an illiquid investment for a period of time.

***Cash and Short-Term Investments***

The Fund may invest its cash balances in money market instruments, U.S. government securities, commercial paper, certificates of deposit, repurchase agreements and other high-quality debt instruments maturing in one year or less, among other instruments. In addition, and in response to adverse market, economic or political conditions, the Fund may invest in high-quality fixed income securities, money market instruments and money market funds or may hold significant positions in cash or cash equivalents for defensive purposes.

***Overview of Investment Process***

The Advisor's personnel manage the Advisor's various functions and roles, such as the Advisor's board of directors, Valuation Committee (as defined herein) and officers. The Advisor and Sub-Advisor seek to rely on the combined institutional knowledge and experiences of their personnel to manage the operations and business of the Fund and the Advisors in a streamlined, coordinated manner.

***Sub-Advisor's Private Equity Investment Process***

The Sub-Advisor selects and negotiates terms of the Fund's Private Equity Investments and has the authority to enter into new investments within this purview from time to time on behalf of the Fund. The Sub-Advisor has primary responsibility for monitoring the performance of such investments with the Advisor having oversight.

The Sub-Advisor will focus on Private Equity Investments with the potential for long-term capital appreciation. In evaluating Private Equity Funds, the Sub-Advisor conducts operational due diligence and extensive investment diligence on Underlying Managers. Through that due diligence, the Sub-Advisor endeavors to analyze an Underlying Manager's strategy, risk management process, quality of investment professionals, operations, infrastructure and regulatory compliance. In connection with the evaluation of Secondary Investments, the Sub-Advisor's due diligence assesses the strength of the underlying portfolio and relative valuation of the interest being acquired. In connection with the evaluation of Co-Investments, the Sub-Advisor's conducts a detailed analysis of the underlying company.

**TYPES OF INVESTMENTS AND RELATED RISKS**

*Investors should carefully consider the risk factors described below, before deciding on whether to make an investment in the Fund. The risks set out below are not the only risks the Fund faces. Additional risks and uncertainties not currently known to the Fund or that the Fund currently deems to be immaterial also may materially adversely affect the Fund's business, financial condition and/or operating results. If any of the following events occur, the Fund's business, financial condition and results of operations could be materially adversely affected. In such case, the NAV of the Fund's Shares could decline, and investors may lose all or part of their investment.*

**<u>General Risks</u>**

***Shares Not Listed; No Market for Shares***

The Fund has been organized as a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) because investors in a closed-end fund do not have the right to redeem their shares on a daily basis. Unlike most closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not expect any secondary market to develop for the Shares in the foreseeable future. Therefore, an investment in the Fund, unlike an investment in a typical closed-end fund, is not a liquid investment.

***Closed-end Interval Fund; Liquidity***

The Fund is a non-diversified, closed-end management investment company structured as an "interval fund" and designed primarily for long-term investors. The Fund is not intended to be a typical traded investment. There is no secondary market for the Fund's Shares and the Fund expects that no secondary market will develop. An investor should not invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies, commonly known as mutual funds, in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV. Although the Fund, as a fundamental policy, will make semi-annual offers to repurchase between 5% and 25% of its outstanding Shares at NAV, the number of Shares tendered in connection with a repurchase offer may exceed the number of Shares the Fund has offered to repurchase, in which case not all of your Shares tendered in that offer will be repurchased. In connection with any given repurchase offer, it is likely that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Shares. Hence, you may not be able to sell your Shares when and/or in the amount that you desire.

***Substantial Repurchases***

Substantial requests for the Fund to repurchase Shares could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable in order to raise cash to fund the repurchases and achieve a market position appropriately reflecting a smaller asset base. This could have a material adverse effect on the value of the Shares.

***No Operating History***

The Fund is a new company with no operating history, and as a result, the Fund has minimal financial information on which investors can evaluate an investment in the Fund or prior performance. Investors must rely on the Advisors to implement the Fund's investment policies, to evaluate all of the Fund's investment opportunities and to structure the terms of the Fund's investments rather than evaluating the Fund's investments in advance. Because investors are not able to thoroughly evaluate the Fund's investments in advance of acquiring shares, the offering of shares may entail more risk than other types of offerings. This additional risk may hinder investors' ability to achieve their own personal investment objectives related to portfolio diversification, risk-adjusted investment returns and other objectives. Additionally, the results of any other businesses or companies that have or have had an investment objective which is similar to, or different from, the Fund's investment objectives are not indicative of the results that the Fund may achieve. The Fund expects to have a different investment portfolio from other businesses or companies. Accordingly, the Fund's results may differ from and are independent of the results obtained by such businesses or companies. Moreover, past performance is no assurance of future returns.

The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objectives and that the value of investors' investments could decline substantially or that investors' investments could become worthless. The Advisors anticipate that it could take some time to invest substantially all of the capital expected to be raised due to market conditions generally and the time necessary to identify, evaluate, structure, negotiate and close suitable investments in private middle market companies. In order to comply with the RIC diversification requirements during the startup period, the Fund may invest proceeds in temporary investments, such as cash, cash equivalents, U.S. government securities and other high-quality debt investments that mature in one year or less from the time of investment, which may earn yields substantially lower than the interest, dividend or other income that the Fund seeks to receive in respect of suitable portfolio investments. The Fund may not be able to pay any significant distributions during this period, and any such distributions may be substantially lower than the distributions expected to be paid when the Fund's portfolio is fully invested. The Fund will pay an Investment Management Fee to the Advisor throughout this interim period irrespective of the Fund's performance. If the Investment Management Fee and other expenses exceed the return on the temporary investments, the Fund's returns could be negatively impacted.

***Non-Diversified Status***

The Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means that it is not subject to percentage limitations under the 1940 Act on the percentage of its assets that may be invested in the securities of any one issuer. The Fund's NAV may therefore be subject to greater volatility than that of an investment company that is subject to such diversification requirements. In addition, while the Fund is a "non-diversified" fund for purposes of the 1940 Act, the Fund intends to maintain its qualification to be treated as a RIC under the Code. To qualify as a RIC under the Code, the Fund must, among other things, diversify its holdings so that, at the end of each quarter of each taxable year, (A) at least 50% of the market value of the Fund's assets is represented by cash, cash items, U.S. government securities, securities of other RICs and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and 10% of the outstanding voting securities of such issuer and (B) not more than 25% of the market value of the Fund's total assets is invested in the securities (other than U.S. government securities and the securities of other RICs) of (1) any one issuer, (2) any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses, or (3) any one or more "qualified publicly traded partnerships."

***Temporary Investments***

For defensive purposes, during periods in which the Fund determines that economic, market or political conditions are unfavorable to investors and a defensive strategy would benefit the Fund, the Fund may temporarily deviate from its investment strategies and objective. During such periods, the Fund may invest all or a portion of its assets in U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the Treasury or by U.S. government agencies or instrumentalities; non-U.S. government securities which have received the highest investment grade credit rating, certificates of deposit issued against funds deposited in a bank or a savings and loan association; commercial paper; bankers' acceptances; bank time deposits; shares of money market funds; credit-linked notes or repurchase agreements with respect to any of the foregoing. In addition, the Fund may also make these types of investments to comply with regulatory or contractual requirements, including with respect to leverage restrictions, or to keep cash fully invested pending the investment of assets. It is impossible to predict when, or for how long, the Fund will use these strategies. There can be no assurance that such strategies will be successful. The Fund is not required to adopt defensive positions or hedge its investments and may choose not to do so even in periods of extreme market volatility and economic uncertainty**.**

***Liquidity and Valuation***

The Fund expects to invest in securities which are subject to legal or other restrictions on transfer or for which no liquid market exists. 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 OTC markets. Restricted securities may sell at a price lower than similar securities that are not subject to restrictions on resale. Because the markets for such securities are still evolving, liquidity in these securities is limited and liquidity with respect to lower-rated and unrated subordinated classes may be even more limited. The Fund may be unable to liquidate all or a portion of its position in such securities. In addition, the market prices, if any, for such securities tend to be more volatile and the Fund may not be able to realize what it perceives to be their fair value in the event of a sale. The high yield securities markets have suffered periods of extreme illiquidity for certain types of instruments in the past. For these reasons, among others, calculating the fair market value of the Fund's holdings may be difficult. The Board has designated the Advisor as Valuation Designee, responsible for implementing the portfolio valuation process set forth in the Fund's valuation policy, and has authorized the Advisor to utilize the independent third-party pricing services and independent third-party valuation services that have been approved by the Board at the Fund's expense. If market quotations for the Fund's investments are not readily available, the Advisor may seek to value the Fund's investments by testing possible sales prices for such investments with at least one potential investor or, if there are market makers, by obtaining quotations and may sell investments through such pricing mechanism. Should no quotes be available for a particular investment, the Fund will determine the fair market value of such investment in good faith. Illiquid securities are subject to wide spreads. Fair valuation is not exact, and prices can vary significantly from one period to the next.

***Use of Leverage: Risk of Borrowing by the Fund***

The Fund expects to employ leverage through a secured credit facility to achieve its investment objectives and may consider other potential uses in the future. The Fund's willingness to use leverage, and the extent to which leverage is used at any time, will depend on many factors, including an Advisor's assessment of the yield curve environment, interest rate trends, market conditions and other factors.

The Fund may incur permanent, Fund-level leverage, such as bridge, asset-backed facilities, term loan debt, subscription facilities, financing transactions from prime brokers or custodians, short-sales and/or related to the Fund's hedging activities. The Fund may leverage its investments through borrowings. Borrowings by the Fund will further diminish returns (or increase losses on capital) to the extent overall returns are less than the Fund's cost of funds. Such debt exposes the Fund to refinancing, recourse and other risks. As a general matter, the presence of leverage can accelerate losses.

Subject to prevailing market conditions, the Fund may add financial leverage if, immediately after such borrowing, it would have asset coverage (as defined in the 1940 Act) of 300% or more (in the event leverage is obtained solely through debt) or 200% or more (in the event leverage is obtained solely though preferred stock). For example, if the Fund has $100 in net assets, it may utilize leverage through obtaining debt of up to $50, resulting in $150 in total assets (or 300% asset coverage). The Fund does not presently intend to obtain leverage through preferred stock. The Fund may use leverage opportunistically and may choose to increase or decrease its leverage, or use different types or combinations of leveraging instruments, at any time based on the Fund's assessment of market conditions and the investment environment. The Fund currently expects to employ leverage representing approximately 5% - 7.5% of the Fund's assets.

The 1940 Act generally limits the extent to which the Fund may utilize borrowings and "uncovered" transactions that may give rise to a form of leverage, including reverse repurchase agreements, swaps, futures and forward contracts, options, the leverage incurred in securities lending and other derivative transactions or short selling, together with any other senior securities representing indebtedness, by requiring asset coverage (as defined in the 1940 Act) immediately after any borrowing of 300% or more. To the extent the Fund "covers" its commitment under these transactions, such instrument will not be considered a "senior security" by the Fund and therefore will not be subject to the 300% asset coverage requirement otherwise applicable to borrowings (or, as the case may be, the 200% asset coverage requirement applicable to preferred shares). The Fund will "cover" its applicable positions by segregating an amount of cash and/or liquid securities to the extent required by the 1940 Act and applicable SEC interpretations and guidance from time to time.

Alternatively, the Fund may enter into an offsetting position or own positions covering its obligations with respect to a transaction; otherwise, the transaction will be considered "uncovered." The Fund may not cover an applicable derivative transaction if it does not need to do so to comply with the foregoing 1940 Act requirements and, in the view of the Advisor, the assets that would have been used to cover could be better used for a different purpose. However, these transactions, even if covered, may represent a form of economic leverage and will create risks. The potential loss on derivative instruments may be substantial relative to the initial investment therein. In addition, these segregation and coverage requirements could result in the Fund maintaining securities positions that it would otherwise liquidate, segregating assets at a time when it might be disadvantageous to do so or otherwise restricting portfolio management. Such segregation and cover requirements will not limit or offset losses on related positions.

The Advisors expect that the Fund's borrowings may ultimately be secured with a security interest in investments. In times of adverse market conditions, the Fund may be required to post additional collateral that could affect the Fund's liquidity. Incurrence of indebtedness at the level of the Fund (or entity through which it invests) may, among others, have the following consequences to Shareholders, such as: (i) greater fluctuations in the NAV of the Fund's assets; (ii) use of cash flow for debt service, distributions, or other purposes (and prospective investors should specifically note in this regard that, for the avoidance of doubt, in connection with one or more credit facilities entered into by the Fund, distributions to Shareholders may be subordinated to payments required in connection with any indebtedness contemplated thereby); (iii) to the extent that Fund revenues are required to meet principal payments, Shareholders may be allocated income (and therefore tax liability) in excess of cash distributed; and (iv) in certain circumstances, the Fund may be required to dispose of investments at a loss or otherwise on unattractive terms in order to service its debt obligations or meet its debt covenants. There can be no assurance that the Fund will have sufficient cash flow to meet its debt service obligations. As a result, the Fund's exposure to foreclosure and other losses may be increased due to the illiquidity of its investments.

In addition, the Fund may need to refinance its outstanding debt as it matures. There is a risk that the Fund may not be able to refinance existing debt or that the terms of any refinancing may not be as favorable as the terms of any then existing loan agreements. If prevailing interest rates or other factors at the time of refinancing result in higher interest rates upon refinancing, then the interest expense relating to that refinanced indebtedness would increase. These risks could adversely affect the Fund's financial condition, cash flows and the return on its investments.

With respect to any asset-backed facility entered into by the Fund (or an affiliate thereof), a decrease in the market value of the Fund's investments would increase the effective amount of leverage and could result in the possibility of a violation of certain financial covenants pursuant to which the Fund must repay the borrowed funds to the lender. Liquidation of the Fund's investments at an inopportune time in order to satisfy such financial covenants could adversely impact the performance of the Fund and could, if the value of its investments had declined significantly, cause the Fund to lose all or a substantial amount of its capital. In the event of a sudden, precipitous drop in the value of the Fund's assets, the Fund might not be able to dispose of assets quickly enough to pay off its debt resulting in a foreclosure or other total loss of some or all of the pledged assets. Fund-level debt facilities typically include other covenants such as, covenants against the Fund incurring or being in default under other recourse debt, including certain Fund guarantees of asset level debt, which, if triggered could cause adverse consequences to the Fund if it is unable to cure or otherwise mitigate such breach.

*Effects of Leverage*. The table below assumes that borrowings represent approximately 5% of the Fund's estimated net assets as of June 30, 2025 and the Fund bears expenses relating to such borrowings at annual effective interest rates of 6.91% (based on expected interest rates for such borrowings as of a recent date). The table below also assumes that the annual return that the Fund's portfolio must experience (net of expenses not related to borrowings) in order to cover the costs of such leverage would be approximately 0.39%. These figures are estimates based on current market conditions, used for illustration purposes only. Actual expenses associated with borrowings used by the Fund may vary frequently and may be significantly higher or lower than the rate used for the example above.

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of the Fund's leverage due to senior securities on corresponding Share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in the Fund's portfolio) of -10%, -5%, 0%, 5% and 10%. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Return on Portfolio (Net of Expenses not related to borrowings) | (10.00)% | (5.00)% | 0.00% | 5.00% | 10.00% |
| Corresponding Share Total Return | (10.39)% | (5.39)% | (0.39)% | 4.61% | 9.61% |

---

Corresponding Share total return is composed of two elements — the Share dividends paid by the Fund (the amount of which is largely determined by the net investment income of the Fund after paying interest expenses on the Fund's borrowings) and gains or losses on the value of the securities the Fund owns.

***No Assurance of Investment Return***

The Fund's task of identifying and evaluating investment opportunities, managing such investments, and realizing a significant return for investors is difficult. Many organizations operated by persons of competence and integrity have been unable to make, manage, and realize a profit on such investments successfully. The Advisors believe that their investment strategy and investment approach moderate this risk through a careful selection of securities and other financial instruments. However, there is no assurance that the Fund will be able to invest its capital on attractive terms or generate returns for its investors. Investors in the Fund could experience losses on their investment.

***Reporting Requirements***

Shareholders who beneficially own Shares that constitute more than 5% or 10% of the Fund's Shares are subject to certain requirements under the Securities Exchange Act of 1934, as amended, and the rules promulgated thereunder. These include requirements to file certain reports with the SEC. The Fund has no obligation to file such reports on behalf of such Shareholders or to notify Shareholders that such reports are required to be made. Shareholders who may be subject to such requirements should consult with their legal advisers.

**<u>Business and Structure Related Risks</u>**

***Availability of Suitable Investments***

While the Advisors believe that many attractive investments of the type in which the Fund expects to invest are currently available, there can be no assurance that such investments will continue to be available or that available investments will continue to meet the Fund's investment criteria. Furthermore, the Fund may be unable to find a sufficient number of attractive investment opportunities to meet its investment objectives. Past performance is not necessarily indicative of future performance.

***Cyber Security***

With the increased use of technologies such as the Internet and the dependence on computer systems to perform necessary business functions, investment vehicles such as the Fund and its service providers may be prone to operational and information security risks resulting from cyber-attacks. In general, cyber-attacks result from deliberate attacks, but unintentional events may have effects similar to those caused by cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial-of-service attacks on websites, the unauthorized release of confidential information and causing operational disruption. Successful cyberattacks against, or security breakdowns of, the Fund, the Advisor, the Fund's custodian and/or other third party service providers may adversely impact the Fund or the Shareholders. For instance, cyber-attacks may interfere with the processing of Shareholder transactions, impact the Fund's ability to value its assets, cause the release of private Shareholder information or confidential information of the Fund, impede trading, cause reputational damage, and subject the Fund to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. The Fund may also incur substantial costs for cyber security risk management in order to prevent any cyber incidents in the future. The Fund and the Shareholders could be negatively impacted as a result. While the Fund or the Fund's service providers have established business continuity plans and systems designed to prevent such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Similar types of cyber security risks are also present for issuers of securities or other instruments in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause the Fund's investment therein to lose value.

***Distribution Payment and Frequency Not Guaranteed***

The Fund expects to pay distributions out of assets legally available for distribution from time to time, at the sole discretion of the Board. Nevertheless, the Fund cannot assure Shareholders that the Fund will achieve investment results that will allow the Fund to make a specified level of cash distributions or year-to-year increases in cash distributions. The Fund's ability to pay distributions may be adversely affected by the impact of the risks described in this Prospectus. All distributions will depend on the Fund's earnings, its net investment income, its financial condition, and such other factors as the Board may deem relevant from time to time.

In the event that the Fund encounters delays in locating suitable investment opportunities, the Fund may return all or a substantial portion of the proceeds from the offering of Shares in anticipation of future cash flow, which may constitute a return of your capital and will lower your tax basis in your Shares. 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 proceeds from the offering of Shares, including any fees payable to the Adviser. A return of capital to Shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result of such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold for less than the Shareholder's original investment.

***Repurchase Offers***

As described under "Share Repurchase Program," the Fund is an "interval fund" and, to provide some liquidity to Shareholders, makes semi-annual offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act. Under normal market conditions, the Fund currently intends to repurchase 5% of its outstanding shares at NAV on a semi-annual basis. The Fund believes that these repurchase offers are generally beneficial to the Fund's Shareholders, and generally are funded from available cash or sales of portfolio securities. However, the repurchase of Shares by the Fund decreases the assets of the Fund and, therefore, may have the effect of increasing the Fund's expense ratio. Repurchase offers and the need to fund repurchase obligations may also affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases may result in untimely sales of portfolio securities, and may limit the ability of the Fund to participate in new investment opportunities. If the Fund uses leverage, repurchases of Shares may compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing Fund expenses and reducing any net investment income. Certain Shareholders may from time to time own or control a significant percentage of the Fund's Shares. Repurchase requests by these Shareholders of these Shares of the Fund may cause repurchases to be oversubscribed, with the result that Shareholders may only be able to have a portion of their Shares repurchased in connection with any repurchase offer. If a repurchase offer is oversubscribed and the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, or if Shareholders tender an amount of Shares greater than that which the Fund is entitled to purchase, the Fund will repurchase the Shares tendered on a pro rata basis, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. Shareholders will be subject to the risk of NAV fluctuations during that period. Thus, there is also a risk that some Shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a particular semi-annual period, thereby increasing the likelihood that proration will occur. The NAV of Shares tendered in a repurchase offer may fluctuate between the date a Shareholder submits a repurchase request and the Repurchase Request Deadline, and to the extent there is any delay between the Repurchase Request Deadline and the Repurchase Pricing Date. The NAV on the Repurchase Request Deadline or the Repurchase Pricing Date may be higher or lower than on the date a Shareholder submits a repurchase request. See "Share Repurchase Program."

***Failure to Qualify as a RIC or Satisfy Distribution, Income and Asset Requirements***

To qualify for and maintain RIC qualification under the Code, the Fund must meet the following annual distribution, source-of-income and asset-diversification requirements.

● The annual distribution requirement for a RIC will be satisfied if the Fund distributes to Shareholders on an annual basis at least 90% of the Fund's net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, and at least 90% of the Fund's net income from tax-exempt obligations, if any. Because the Fund may borrow, it is subject to an asset coverage ratio requirement under the Investment Company Act and may in the future become subject to certain financial covenants under loan and credit agreements that could, under certain circumstances, restrict the Fund from making distributions necessary to satisfy the distribution requirement. If the Fund is unable to obtain cash from other sources, it could fail to maintain its RIC status and thus become subject to corporate-level income tax.

● The source-of-income requirement will be satisfied if the Fund obtains at least 90% of its gross income for each year from dividends, interest, gains from the sale of stock or securities or similar passive sources. If the source-of-income requirement is not met, the Fund may fail to qualify for RIC tax treatment and be subject to corporate-level income tax.

● The asset diversification requirement will be satisfied if the Fund meets certain asset diversification requirements at the end of each quarter of the Fund's tax year. To satisfy this requirement, (i) at least 50% of the value of the Fund's assets must consist of cash, cash equivalents, U.S. government securities, securities of other RICs and other securities if such other securities of any one issuer do not represent more than 5% of the value of the Fund's assets or more than 10% of the outstanding voting securities of such issuer, and (ii) no more than 25% of the value of the Fund's assets can be invested in the securities, other than U.S. government securities or securities of other RICs, of one issuer, of two or more issuers that are controlled, as determined under the Code and its applicable regulations, by the Fund and that are engaged in the same or similar or related trades or businesses or of certain "qualified publicly traded partnerships." Failure to meet these requirements may result in the Fund having to dispose of certain investments quickly in order to prevent the loss of its qualification as a RIC. Because most of the Fund's investments will be in private companies, and therefore will be relatively illiquid, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If the Fund fails to maintain its RIC status for any reason and is subject to corporate income tax, the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions.

***Built-in-Gains Tax***

The Fund had certain corporate investors prior to the Fund Conversion (discussed below), including a Cayman Islands exempted company organized to enable investment by non-US investors, into the Fund. Despite its anticipated qualification as a RIC, the Fund will be subject to entity-level corporate income tax on a portion of its built-in gain assets that it sells within five years of the Fund Conversion. The portion of such assets that is subject to built-in gains tax is in proportion to the share of the Fund's interests that are held by corporate investors at the time of the Fund Conversion. The Fund may dispose of built-in gain assets during the five-year period after the Conversion notwithstanding the tax impact of the built-in gains tax, and the Fund does not control the dispositions made by the Private Equity Funds in which it invests. Such built-in gains taxes may impact the NAV of the Fund, but there is no way to predict the amount of such taxes.

***Difficulty Meeting RIC Status Requirements Because of Private Equity Investments***

Each of the above ongoing requirements for qualification for the favorable tax treatment available to RICs requires that the Advisors obtain information from or about the Private Equity Investments in which the Fund is invested. However, Private Equity Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Advisors to monitor the sources of the Fund's income and the diversification of its assets, and otherwise to comply with Subchapter M of Title A, Chapter 1, of the Code. Ultimately this may limit the universe of Private Equity Funds in which the Fund can invest.

Private Equity Funds classified as partnerships for U.S. federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the source-of-income requirement, described above. In order to meet the source-of-income requirement, the Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof. Because the Fund may not have timely or complete information concerning the amount and sources of such a Private Equity Fund's income until such income has been earned by the Private Equity Fund or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the source-of-income requirement.

In the event that the Fund believes that it is possible that it will fail the asset diversification requirement at the end of any quarter of a taxable year, it may seek to take certain actions to avert such failure, including by acquiring additional investments to come into compliance with the asset diversification tests or by disposing of non-diversified assets. Although the Code affords the Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Fund's ability to dispose of its interest in a Private Equity Fund that limit utilization of this cure period.

Moreover, because the Fund's allocable portion of a Private Equity Fund's taxable income will be included in the Fund's investment company taxable income for the year of the accrual, the Fund may be required to make a distribution to Shareholders in order to satisfy the annual distribution requirement, even though the Fund will not have received any corresponding cash amount. As a result, the Fund may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain its qualification as a RIC under the Code. The Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, the Fund may fail to maintain its RIC tax status and, thus, become subject to corporate-level income tax.

For additional discussion regarding the tax implications of a RIC, see "TAX ASPECTS."

**<u>Risks Associated with the Fund and the Advisors</u>**

***Senior Management Personnel of the Advisors***

Since the Fund has no employees, it depends on the investment expertise, skill and network of business contacts of the Advisors. The Advisors evaluate, negotiate, structure, execute, monitor and service certain of the Fund's investments. The Fund's future success depends to a significant extent on the continued service and coordination of the Advisors and their respective senior management teams. The departure of any members of the Advisors' respective senior management teams could have a material adverse effect on the Fund's ability to achieve its investment objectives.

The Fund's ability to achieve its investment objectives depends on the Advisors' ability to identify, analyze, invest in, finance and monitor companies that meet the Fund's investment criteria. The Advisors' capabilities in managing the investment process, providing competent, attentive and efficient services to the Fund, and facilitating access to financing on acceptable terms depend on the employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of transactions. To achieve the Fund's investment objectives, the Advisors may need to hire, train, supervise and manage new investment professionals to participate in the Fund's investment selection and monitoring process. The Advisors may not be able to find investment professionals in a timely manner or at all. Failure to support the Fund's investment process could have a material adverse effect on the Fund's business, financial condition and results of operations.

In addition, the Investment Advisory Agreement and Sub-Advisory Agreement have termination provisions that allow the parties to terminate the agreements without penalty. The Investment Advisory Agreement and the Sub-Advisory Agreement may be terminated at any time, without penalty, by the Advisor or the Sub-Advisor, respectively, upon 60 days' notice to other party or parties thereto. If the Sub-Advisory Agreement is not continued by the Board or is terminated by the Board or the Advisor, the Investment Advisory Agreement shall be terminated at the time the Sub-Advisory Agreement is terminated. If any such agreement is terminated, it may adversely affect the quality of the Fund's investment opportunities. In addition, in the event such agreements are terminated, it may be difficult for the Fund to replace the Advisor and/or Sub-Advisor.

***Key Personnel***

The Advisors depend on the diligence, skill, and network of business contacts of their professionals. The Advisors also depend, to a significant extent, on deal flow generated by these investment professionals in the course of their investment and portfolio management activities. The Fund's success depends on the continued service of such personnel. The investment professionals associated with the Advisors are actively involved in other investment activities not concerning the Fund and will not be able to devote all of their time to the Fund's business and affairs. The departure of any of the senior managers of the Advisors, or a significant number of the investment professionals or partners of the Advisors' affiliates, could have a material adverse effect on the Fund's ability to achieve their investment objectives. Individuals not currently associated with the Advisors may become associated with the Fund and the performance of the Fund may also depend on the experience and expertise of such individuals. In addition, there is no assurance that the Advisors will remain the Fund's investment advisor and/or sub-advisor or that the Advisors will continue to have access to the investment professionals and partners of their affiliates and the information and deal flow generated by the investment professionals of their affiliates.

***Unspecified Investments***

The Advisor and Sub-Advisor each has complete discretion to select the investments for its allocated portion of the Fund's portfolio as opportunities arise. The Fund must rely upon the ability of the Advisor and Sub-Advisor to identify and implement investments consistent with the Fund's investment objective.

***Systems and Operational***

The Fund depends on the Advisor and the Sub-Advisor, respectively, to develop and implement appropriate systems for the Fund's activities. The Fund relies heavily and on a daily basis on financial, accounting and other data processing systems to execute, clear and settle transactions across numerous and diverse markets and to evaluate certain securities, to monitor its portfolio and capital, and to generate risk management and other reports that are critical to oversight of the Fund's activities. Certain of the Fund's, the Advisor's and the Sub-Advisor's activities will be dependent upon systems operated by third parties, including prime brokers, the Administrator, market counterparties and other service providers, and the Advisor may not be in a position to verify the risks or reliability of such third-party systems. Failures in the systems employed by the Advisor, Sub-Advisor, prime brokers, the Administrator, counterparties, exchanges and similar clearance and settlement facilities and other parties could result in mistakes made in the confirmation or settlement of transactions, or in transactions not being properly booked, evaluated or accounted for. Disruptions in the Fund's operations may cause the Fund to suffer, among other things, financial loss, the disruption of its business, liability to third parties, regulatory intervention or reputational damage. Any of the foregoing failures or disruptions could have a material adverse effect on the Fund and the Investors' investments therein.

***Fundamental Analysis***

Investment decisions will be based on fundamental analysis. Data on which fundamental analysis relies may be inaccurate or may be generally available to other market participants. Fundamental market information is subject to interpretation. To the extent that the Advisor or Sub-Advisor misinterpret the meaning of certain data, the Fund may incur losses.

***Investment and Due Diligence Process***

Before making investments, the Advisors will conduct due diligence that they deem reasonable and appropriate based on the facts and circumstances applicable to each investment. When conducting due diligence, the Advisors may be required to evaluate important and complex business, financial, tax, accounting and legal issues. When conducting due diligence and making an assessment regarding an investment, the Advisors will rely on the resources reasonably available to them, which in some circumstances whether or not known to the Advisors at the time, may not be sufficient, accurate, complete or reliable. Due diligence may not reveal or highlight matters that could have a material adverse effect on the value of an investment.

***Co-Investment Exemptive Relief***

The Advisor and the Sub-Advisor have received exemptive relief from the SEC that permits the Fund to participate in certain joint transactions that otherwise may be prohibited by the provisions of Sections 17(d) of the 1940 Act. The exemptive relief permits the Fund to participate in certain privately negotiated co-investment transactions alongside certain other funds that are advised by the Advisor, the Sub-Advisor or their respective affiliates, subject to the satisfaction of certain conditions, including (i) that a majority of the Trustees of the Board who have no financial interest in the co-investment transaction and a majority of the Independent Trustees pre-approve the co-investment, and (ii) that the price, terms and conditions of the co-investment will be identical for each fund participating in a transaction pursuant to the exemptive relief. Such conditions may limit or restrict the Fund's ability to participate in a portfolio investment, including, without limitation, in the event that the available capacity with respect to a portfolio investment is less than the aggregate recommended allocations to the Fund and the other funds. In such case, the Fund may participate in such investments to a lesser extent or, under certain circumstances, may not participate in such investment.

***Investment Performance of the Fund and Other Investment Vehicles May Vary Significantly***

The Advisors have established, and expect to continue to establish, additional companies, partnerships or other entities, pooled investment vehicles for multiple investors, funds, separate accounts, and other entities that may have, in whole or in part, investment objectives and strategies that may be similar to or overlap with those of the Fund (collectively, "Other Investment Vehicles"). The Fund may at times compete with the Other Investment Vehicles for certain investments and the returns of each of the Other Investment Vehicles will likely differ materially from the returns of the Fund.

The results of the investment activities of the Fund may differ significantly from the results achieved by the Advisors for their own benefit and from the results achieved by Other Investment Vehicles based on the investment strategies employed by such investors.

Subject to applicable law, including the 1940 Act, Other Investment Vehicles may invest alongside the Fund. In allocating any investment opportunities, the Advisors will take into account numerous factors, including factors specific only to such Other Investment Vehicles, in their discretion. Any such investments made alongside the Fund may or may not be in proportion to the relevant commitments of the investing parties and, subject to applicable law, may involve different terms and fee structures than those of the Fund. As a result, investment returns may vary materially among the Fund and Other Investment Vehicles that invest alongside the Fund. In certain circumstances, negotiated co-investments may be made because the Fund has received an exemptive order from the SEC permitting such investment. See "Co-Investment Exemptive Relief."

***"Best-Efforts" Offering***

This offering is being made on a best-efforts basis, whereby the Distributor is only required to use its best efforts to sell the Shares and has no firm commitment or obligation to purchase any of the Shares. To the extent that less than the maximum offering amount is subscribed for, the opportunity for the allocation of the Fund's investments among various issuers and industries may be decreased, and the returns achieved on those investments may be reduced as a result of allocating all of the Fund's expenses over a smaller capital base.

***Inadequate Return***

No assurance can be given that the returns on the Fund's investments will be commensurate with the risk of investment in its Shares.

***Inadequate Network of Broker-Dealer***

The success of the Fund's continuous public offering, and correspondingly the Fund's ability to implement its investment objectives and strategies, depends upon the ability of the Distributor to establish, operate and maintain a network of selected broker-dealers to sell the Shares. If the Distributor fails to perform, the Fund may not be able to raise adequate proceeds through the Fund's continuous public offering to implement the Fund's investment objectives and strategies. If the Fund is unsuccessful in implementing its investment objectives and strategies, an investor could lose all or a part of his or her investment in the Fund.

**<u>The Fund's Investments, Investment Activities and Related Risks</u>**

***General Economic Conditions and Recent Events***

Difficult global credit market conditions have adversely affected the market values of equity, fixed-income, hard assets, and other securities and these circumstances may continue or even deteriorate further. The short- and longer-term impact of these events is uncertain, but could have a material effect on general economic conditions, consumer and business confidence and market liquidity. Investments made by the Fund are expected to be sensitive to the performance of the overall economy. A negative impact on economic fundamentals and consumer and business confidence would likely increase market volatility and reduce liquidity, both of which could have a material adverse effect on the performance of the Fund and these or similar events may affect the ability of the Fund to execute its strategy. The risk of loss from pricing distortions is compounded by the fact that in disrupted markets many positions become illiquid, making it difficult or impossible to close out positions against which the markets are moving. The financing available to the Fund from its banks, dealers and other counterparties is typically reduced during market disruptions. Market disruptions caused by unexpected political, military and terrorist events may from time to time cause dramatic losses for the Fund, and such events can result in otherwise historically low-risk strategies performing with unprecedented volatility and risk.

The world has been susceptible to epidemics/pandemics, most recently COVID-19, which has been designated as a pandemic by the World Health Organization. Any outbreak of COVID-19 or other existing or new epidemics/pandemics, or the threat thereof, together with any resulting restrictions on travel or quarantines imposed, has had, and will continue to have, an adverse impact on the economy and business activity globally (including in the countries in which the Fund invests), and thereby is expected to adversely affect the performance of the Fund's investments and the Fund's ability to fulfill its investment objectives. Furthermore, the rapid development of epidemics/pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions, and, as a result, presents material uncertainty and risk with respect to the Fund and the performance of its investments.

Recently, the United States has enacted or proposed to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; global financial markets' stability; and global economic conditions. These events could, in turn, adversely affect the Fund and the performance of its investments.

Russia's recent military interventions in Ukraine have led to, and may lead to, additional sanctions being levied by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions could adversely affect global energy and financial markets and thus could affect the value of the Fund's investments, even beyond any direct exposure the Fund may have to Russian issuers or the adjoining geographic regions. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. The extent and duration of the military action, sanctions and resulting market disruptions are impossible to predict, but could be substantial. Any such disruptions caused by Russian military action or resulting sanctions may magnify the impact of other risks described in this Prospectus.

***Equity Securities***

Equity securities in which the Fund may invest include common stocks, preferred stocks, convertible securities and warrants. This may include the equity securities of private equity sponsors. Common stocks and preferred stocks represent shares of ownership in a corporation. Preferred stocks usually have specific dividends and rank after bonds and before common stock in claims on assets of the corporation should it be dissolved. Increases and decreases in earnings are usually reflected in a corporation's stock price. Convertible securities are debt or preferred equity securities convertible into common stock. Usually, convertible securities pay dividends or interest at rates higher than common stock, but lower than other securities. Convertible securities usually participate to some extent in the appreciation or depreciation of the underlying stock into which they are convertible.

Preferred securities, which are a form of hybrid security (i.e., a security with both debt and equity characteristics), may pay fixed or adjustable rates of return. Preferred securities are subject to issuer-specific and market risks applicable generally to equity securities, however, unlike common stocks, participation in the growth of an issuer may be limited. Distributions on preferred securities are generally payable at the discretion of the issuer's board and after the company makes required payments to holders of its bonds and other debt securities. For this reason, the value of preferred securities will usually react more strongly than bonds and other debt securities to actual or perceived changes in the company's financial condition or prospects. Preferred securities of smaller companies may be more vulnerable to adverse developments than preferred securities of larger companies. Preferred securities may be less liquid than common stocks. Preferred securities may include provisions that permit the issuer, at its discretion, to defer or omit distributions for a stated period without any adverse consequences to the issuer. Preferred shareholders may have certain rights if distributions are not paid but generally have no legal recourse against the issuer and may suffer a loss of value if distributions are not paid. Generally, preferred shareholders have no voting rights with respect to the issuer unless distributions to preferred shareholders have not been paid for a stated period, at which time the preferred shareholders may elect a number of Trustees to the issuer's board. Generally, once all the distributions have been paid to preferred shareholders, the preferred shareholders no longer have voting rights.

Warrants are options to buy a stated number of shares of common stock at a specified price anytime during the life of the warrants. Warrants and rights do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase, and they do not represent any rights in the assets of the issuer. As a result, warrants and rights may be considered more speculative than certain other types of investments. In addition, the value of a warrant or right does not necessarily change with the value of the underlying securities. The Fund could lose the value of a warrant or right if the right to subscribe to additional shares is not exercised prior to the warrant's or right's expiration date. The market for warrants and rights may be very limited and there may at times not be a liquid secondary market for warrants and rights.

***Publicly Traded Equity Securities Risk***

Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long-term, common stocks also have experienced significantly more volatility in those returns and, in certain periods, have significantly underperformed relative to fixed-income securities. Common stocks of companies that operate in certain sectors or industries tend to experience greater volatility than companies that operate in other sectors or industries or the broader equity markets. For example, publicly traded equity securities of private equity funds and private equity firms tend to experience greater volatility than other companies in the financial services industry and the broader equity markets. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. A common stock may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common equity securities in which the Fund may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and are therefore inherently more risky than preferred stock or debt instruments of such issuers.

***Other Publicly Listed Securities***

The Fund may make investments in publicly listed companies whose primary business is managing investments in private markets and in publicly traded vehicles whose primary purpose is to invest in or lend capital to privately held companies.

Publicly traded private markets investments generally involve publicly listed companies that pursue the business of private equity investing, including listed private equity companies, listed funds of funds, alternative asset managers, holding companies, investment trusts, closed-end funds, financial institutions and other vehicles whose primary purpose is to invest in, lend capital to or provide services to privately held companies.

Publicly traded private markets funds are typically regulated vehicles listed on a public stock exchange that invest in private markets transactions or funds. Such vehicles may take the form of corporations, BDCs, unit trusts, publicly traded partnerships, or other structures, and may focus on mezzanine, infrastructure, buyout or venture capital investments.

Publicly traded private market investments may also include investments in publicly listed companies in connection with a privately negotiated financing or an attempt to exercise significant influence on the subject of the investment. Publicly traded private equity investments usually have an indefinite duration.

Publicly traded private market investments occupies a small portion of the private markets universe, including only a few professional investors who focus on and actively trade such investments. As a result, relatively little market research is performed on publicly traded private markets companies, only limited public data may be available regarding these companies and their underlying investments, and market pricing may significantly deviate from published net asset value. This can result in market inefficiencies and may offer opportunities to specialists that can value the underlying private markets investments.

Publicly traded private markets investments are typically liquid and capable of being traded daily, in contrast to direct investments and private equity funds, in which capital is subject to lengthy holding periods. Accordingly, publicly traded private markets transactions are significantly easier to execute than other types of private markets investments, giving investors an opportunity to adjust the investment level of their portfolios more efficiently.

***Small and Middle-Market Companies***

The Fund or a Private Equity Fund may invest in small or middle market companies. Investment in private and small or middle-market companies involves a number of significant risks. Generally, little public information exists about these companies, and the Fund will rely on the ability of the Advisors' investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If they are unable to uncover all material information about these companies, they may not make a fully informed investment decision, and the Fund may lose money on its investments. In addition, small and middle-market companies frequently owned or controlled by private equity funds, may be in a state of distress or have a poor record and may be undergoing restructuring or changes in management. There can be no assurances that such restructuring or changes will be successful. Small and middle-market companies may also have limited financial resources and may be unable to meet their obligations under their loans.

In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, small and middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on one or more of the portfolio companies in which the Fund invests. Small and middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of becoming obsolete.

***Nature of Private Investments***

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

***Control Investments***

Although the Fund intends to focus on non-control investments, the Fund or a Private Equity Fund may make control investments. The exercise of control over a company imposes additional risks of liability for environmental damage, product defect, failure to supervise management, violation of governmental regulations and other types of liability, in which the limited liability characteristic of business operations may be ignored. The exercise of control over a portfolio investment could expose the assets of the Fund to claims by the portfolio companies underlying such investments, its security holders and its creditors. While the Advisors intend to manage the Fund to minimize exposure to these risks, the possibility of successful claims cannot be precluded.

The Fund may also be exposed to risk in connection with the disposition of these investments. When disposing of these investments, the Fund may be required to make representations and warranties about the business and financial affairs of the investments typical of those made in connection with the sale of any business, or may be responsible for the contents of disclosure documents under applicable securities law. The Fund may also be required to indemnify the purchasers of such investment or underwriters to the extent that any such representations and warranties or disclosure documents turn out to be incorrect, inaccurate or misleading. These arrangements may result in contingent liabilities, which will be borne by the Fund and such liabilities may exceed the value of the Fund's investments.

In addition, the Fund may not be able to dispose of these investments when it desires to do so. Some of these investments may be subject to legal or contractual restrictions on resale by the Fund. In some instances, the disposition of these investments may require lengthy negotiations.

***Minority Positions***

The Fund may hold minority positions in issuers. Accordingly, the Fund may not be able to exercise control over such issuers. In addition, in certain situations, including where the issuer is in bankruptcy or undergoing a reorganization, minority investors may be subject to the decisions taken by majority investors and the outcome of the Fund's investment may depend on such majority-controlled decisions, which decisions may not be consistent with the Fund's objectives.

***Commitment Strategy***

The Fund may maintain a sizeable cash position in anticipation of funding capital calls. The overall impact on performance due to holding a portion of the investment portfolio in cash or cash equivalents could be negative.

If the Fund defaults on its unfunded commitments or fails to satisfy capital calls in a timely manner then, generally, it will be subject to significant penalties, including the complete forfeiture of the Fund's investment. Any failure by the Fund to make timely capital contributions in respect of its unfunded commitments may (i) impair the ability of the Fund to pursue its investment program, (ii) force the Fund to borrow, (iii) cause the Fund, and, indirectly, the Shareholders, to be subject to penalties, or (iv) otherwise impair the value of the Fund's investments.

***Follow-On Investments***

Following an initial investment, the Fund may make additional investments as "follow-on" investments, in order to: (i) increase or maintain in whole or in part the Fund's equity ownership percentage; (ii) exercise warrants, options or convertible securities that were acquired in the original or subsequent financing; or (iii) attempt to preserve or enhance the value of the Fund's investment. The Fund may elect not to make follow-on investments or otherwise lack sufficient funds to make those investments.

The Fund has the discretion to make any follow-on investments, subject to the availability of capital resources. The failure to make follow-on investments may, in some circumstances, jeopardize the continued viability of an investment 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, it may elect not to make a follow-on investment because it may not want to increase its concentration of risk, because it prefers other opportunities or because it is inhibited by compliance with 1940 Act requirements, or compliance with the requirements for maintenance of its RIC status.

***Risks Relating to Accounting, Auditing, Financial Reporting, etc.***

The legal, regulatory, disclosure, accounting, auditing and reporting standards in certain of the countries in which the Fund's investments may be made may be less stringent and may not provide the same degree of protection or information to investors as would generally apply in the United States. The accounting, auditing and financial reporting standards and practices applicable to foreign companies may be less rigorous, and there may be significant differences between financial statements prepared in accordance with those accounting standards as compared to financial statements prepared in accordance with international accounting standards. Consequently, the quality of certain foreign audits may be unreliable, which may require enhanced procedures, and the Fund may not be provided with the same level of protection or information as would generally apply in developed countries, potentially exposing the Fund to significant losses. Although the Fund will be using U.S. GAAP, the assets, liabilities, profits and losses appearing in published financial statements of the Fund's investments may not reflect their financial position or operating results as they would be reflected under U.S. GAAP. Accordingly, the NAV of the Fund published from time to time may not accurately reflect a realistic value for any or all such investments. In addition, privately held companies may not have third-party debt ratings or audited financial statements. As a result, the Fund must rely on the ability of the Adviser to obtain adequate information through due diligence to evaluate the creditworthiness and potential returns from investing in a privately held company. These companies and their financial information will generally not be subject to the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") and other rules and regulations that govern public companies. If the Fund is unable to uncover all material information about these companies, it may not make a fully informed investment decision, and the Fund may lose money on Fund's investments. Finally, certain Fund investments may be in Portfolio Companies that do not maintain internal management accounts or adopt financial budgeting, internal audit or internal control procedures to standards normally expected of companies in the United States. Accordingly, information supplied to the Fund and the Private Equity Funds may be incomplete, inaccurate and/or significantly delayed. The Fund and the Private Equity Funds may therefore be unable to take or influence timely actions necessary to rectify management deficiencies in such Portfolio Companies, which may ultimately have an adverse impact on the NAV of the Fund.

***Derivative Instruments***

Some or all of the Underlying Managers (subject to applicable law) may use options, swaps, futures contracts, forward agreements and other derivatives contracts. Transactions in derivative instruments present risks arising from the use of leverage (which increases the magnitude of losses), volatility, the possibility of default by a counterparty, and illiquidity. Use of derivative instruments for hedging or speculative purposes by the Underlying Managers could present significant risks, including the risk of losses in excess of the amounts invested. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract.

***Foreign Currency and Exchange***

The Fund's Shares are denominated in U.S. dollars and will be issued in U.S. dollars. A portion of the Fund's investments (and the income and gains received by the Fund in respect of such investments) may be denominated in currencies other than the U.S. dollar. However, the books of the Fund will be maintained, and contributions to and distributions from the Fund will generally be made, in U.S. dollars. Accordingly, changes in foreign currency exchange rates and exchange controls may materially adversely affect the value of the investments and the other assets of the Fund. For example, any significant depreciation in the exchange rate of the Euro, or any other currency in which the Fund makes investments, against the U.S. dollar, could adversely affect the value of dividends or proceeds on investments denominated in the Euro or such other currencies. In addition, the Fund will incur costs, which may be significant, in connection with the conversion of various currencies. The Advisors may hedge the foreign currency exposure of the Fund; however, the Fund will necessarily be subject to foreign exchange risks. In addition, prospective investors whose assets and liabilities are predominantly in other currencies should take into account the potential risk of loss arising from fluctuations in value between U.S. dollars and such other currencies. The Fund may enter into forward contracts to hedge exchange risk exposure.

***Hedging***

The Fund may seek to hedge against interest rate and currency exchange rate fluctuations and credit risk by using structured financial instruments such as futures, options, swaps and forward contracts, subject to the requirements of the 1940 Act. Use of structured financial instruments for hedging purposes may present significant risks, including the risk of loss of the amounts invested. Defaults by the other party to a hedging transaction can result in losses in the hedging transaction. Hedging activities also involve the risk of an imperfect correlation between the hedging instrument and the asset being hedged, which could result in losses both on the hedging transaction and on the instrument being hedged. Use of hedging activities may not prevent significant losses and could increase losses. Further, hedging transactions may reduce cash available to pay distributions to Shareholders.

***Economic, Political and Legal Risks***

The Fund's investments will include investments in a number of countries, including less developed countries, exposing investors to a range of potential economic, political and legal risks, which could have an adverse effect on the Fund. These may include declines in economic growth, inflation, deflation, currency revaluation, nationalization, expropriation, confiscatory taxation, governmental restrictions, adverse regulation, social or political instability, negative diplomatic developments, military conflicts, the spread of infectious diseases (including epidemics and pandemics) or other public health issues and terrorist attacks.

For instance, military conflict between Russia and Ukraine and the Israel-Hamas war could result in geopolitical instability and adversely affect the global economy or specific markets. Strategic competition between the US and China and resulting tensions have also contributed to uncertainty in the geopolitical and regulatory landscapes. Similarly, other events, including natural disasters, climate-related events, pandemics or health crises may arise from time to time and be accompanied by governmental actions that may increase international tension. Any such events and responses, including regulatory developments, may cause significant volatility and declines in the global markets, disproportionate impacts to certain industries or sectors, disruptions to commerce (including to economic activity, travel and supply chains), loss of life and property damage, and may adversely affect the global economy or capital markets, as well as Fund's investments.

Prospective investors should note that the capital markets in countries where Fund investments are made may be significantly less developed than those in the United States. Certain investments may be subject to extensive regulation by national governments and/or political subdivisions thereof, which could prevent the Fund or the Private Equity Funds from making investments they otherwise would make or cause them to incur substantial additional costs or delays that they otherwise would not suffer. Such countries may have different regulatory standards with respect to insider trading rules, restrictions on market manipulation, shareholder proxy requirements and/or disclosure of information. In addition, the laws of various countries governing business organizations, bankruptcy and insolvency may make legal action difficult and provide little, if any, legal protection for investors, including the Fund and the Private Equity Funds. In addition, accounting and auditing standards in many markets are different, and sometimes significantly different from those applicable in the United States or Europe. There may be significant differences between financial statements prepared in accordance with those accounting standards as compared to financial statements prepared in accordance with U.S. GAAP. Any such laws or regulations may change unpredictably based on political, economic, social and/or market developments.

***Eurozone Risk***

The Fund may invest directly or indirectly from time to time in European companies and assets and companies and assets that may be affected by the Eurozone economy. Ongoing concerns regarding the sovereign debt of various Eurozone countries, including the potential for investors to incur substantial write-downs, reductions in the face value of sovereign debt and/or sovereign defaults, as well as the possibility that one or more countries might leave the European Union (the "EU") or the Eurozone create risks that could materially and adversely affect the Fund's investments. Sovereign debt defaults and EU and/or Eurozone exits could have material adverse effects on the Fund's investments in European companies and assets, such as the availability of credit to support such companies' financing needs, uncertainty and disruption in relation to financing, increased currency risk in relation to contracts denominated in Euros and wider economic disruption in markets served by those companies, while austerity and/or other measures introduced to limit or contain these issues may themselves lead to economic contraction and resulting adverse effects for the Fund. Legal uncertainty about the funding of Euro-denominated obligations following any breakup or exits from the Eurozone, particularly in the case of investments in companies and assets in affected countries, could also have material adverse effects on the Fund.

***Other Investment Companies***

The Fund may invest in the securities of other investment companies to the extent that such investments are consistent with the Fund's investment objectives and permissible under the 1940 Act. Under one provision of the 1940 Act, the Fund may not acquire the securities of other investment companies if, as a result, (i) more than 10% of the Fund's total assets would be invested in securities of other investment companies, (ii) such purchase would result in more than 3% of the total outstanding voting securities of any one investment company being held by the Fund or (iii) more than 5% of the Fund's total assets would be invested in any one investment company. In some instances, the Fund may invest in an investment company in excess of these limits. For example, the Fund may invest in other registered investment companies, such as mutual funds, closed-end funds and exchange-traded funds ("ETFs"), including affiliated funds, and in BDCs in excess of the statutory limits imposed by the 1940 Act in reliance on Rule 12d1-4 under the 1940 Act. These investments would be subject to the applicable conditions of Rule 12d1-4, which in part would affect or otherwise impose certain limits on the investments and operations of the underlying fund. Accordingly, if the Fund serves as an "underlying fund" to another investment company, the Fund's ability to invest in other investment companies, private funds and other investment vehicles may be limited and, under these circumstances, the Fund's investments in other investment companies, private funds and other investment vehicles will be consistent with applicable law and/or exemptive relief obtained from the SEC. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies' expenses, including advisory fees. These expenses will be in addition to the direct expenses incurred by the Fund. In the event the Fund invests in another affiliated fund (the "Acquired Fund"), the portion of the Fund's Investment Management Fee equal to the advisory fee payable to the Acquired Fund (based on average daily net assets invested) is waived.

Certain money market funds that operate in accordance with Rule 2a-7 under the 1940 Act float their net asset value while others seek to reserve the value of investments at a stable net asset value (typically $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed, and it is possible for the Fund to lose money by investing in these and other types of money market funds. If the liquidity of a money market fund's portfolio deteriorates below certain levels, the money market fund may suspend redemptions (i.e., impose a redemption gate) and thereby prevent the Fund from selling its investment in the money market fund or impose a fee of up to 2% on amounts the Fund redeems from the money market fund (i.e., impose a liquidity fee).

***ETFs and Other Exchange-Traded Investment Vehicles***

The Fund may invest, subject to applicable regulatory limits, in the securities of ETFs and other pooled investment vehicles that are traded on an exchange and that hold a portfolio of securities or other financial instruments (collectively, "exchange-traded investment vehicles"). When investing in the securities of exchange-traded investment vehicles, the Fund will be indirectly exposed to all the risks of the portfolio securities or other financial instruments they hold. The performance of an exchange-traded investment vehicle will be reduced by transaction and other expenses, including fees paid by the exchange-traded investment vehicle to service providers. ETFs are investment companies that are registered as open-end management companies or unit investment trusts. The limits that apply to the Fund's investment in securities of other investment companies generally apply also to the Fund's investment in securities of ETFs.

Shares of exchange-traded investment vehicles are listed and traded in the secondary market. Many exchange-traded investment vehicles are passively managed and seek to provide returns that track the price and yield performance of a particular index or otherwise provide exposure to an asset class (e.g., currencies or commodities). Although such exchange-traded investment vehicles may invest in other instruments, they largely hold the securities (e.g., common stocks) of the relevant index or financial instruments that provide exposure to the relevant asset class. The share price of an exchange-traded investment vehicle may not track its specified market index, if any, and may trade below its NAV. An active secondary market in the shares of an exchange-traded investment vehicle may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions, or other reasons. There can be no assurance that the shares of an exchange-traded investment vehicle will continue to be listed on an active exchange.

***Closed-End Fund Risk***

The Fund may invest in closed-end funds. Closed-end funds are subject to various risks, including management's ability to meet the closed-end fund's investment objective and to manage the closed-end fund's portfolio during periods of market turmoil and as investors' perceptions regarding closed-end funds or their underlying investments change.

Shares of closed-end funds frequently trade at a discount from their net asset value in the secondary market. This risk is separate and distinct from the risk that the net asset value of closed-end funds shares may decrease. The amount of such discount from net asset value is subject to change from time to time in response to various factors.

Certain closed-end funds may employ the use of leverage in their portfolios through the issuance of preferred stock. While leverage often serves to increase the yield of a closed-end fund, this leverage also subjects the closed-end fund to increased risks, including the likelihood of increased volatility and the possibility that the closed-end fund's common share income will fall if the dividend rate on the preferred shares or the interest rate on any borrowings rises. In addition, closed-end funds are subject to their own annual fees and expenses, including a management fee. Such fees reduce the potential benefits associated with owning a closed-end fund and are in addition to the Fund's expenses.

***Hedge Funds***

The Fund may invest in private investment funds, or "hedge funds," which pursue alternative investment strategies. Hedge funds often engage in speculative investment practices such as leverage, short-selling, arbitrage, hedging, derivatives, and other strategies that may increase investment loss. Hedge funds can be highly illiquid, are not required to provide periodic pricing or valuation information to investors, and often charge high fees that can erode performance. Additionally, they may involve complex tax structures and delays in distributing tax information. A shareholder will also bear fees and expenses charged by the underlying hedge funds in addition to the Fund's direct fees and expenses, thereby increasing indirect costs and potentially reducing returns to shareholders. There can be no assurance that the investment objective of a hedge fund will be achieved. A hedge fund may change its investment objective or policies without the Fund's approval, which could force the Fund to withdraw its investment from such fund at a time that is unfavorable. In addition, one hedge fund may buy the same securities that another investment fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing any investment purpose. Moreover, certain hedge fund managers charge performance-based fees that may create an incentive to invest hedge fund assets in investments that are riskier or more speculative than the investments the managers would have selected in the absence of a performance fee. Because of the speculative nature of a hedge fund's investments and trading strategies, the Fund may suffer a significant or complete loss of its invested capital in one or more hedge funds.

**<u>Special Risks of Investing in Private Equity Investments; Reliance on Underlying Managers</u>**

***Risks of Private Equity Strategies***

The Fund's investment portfolio will include investments in Private Equity Funds, which will hold securities issued primarily by private companies. Operating results for private companies in a specified period will be difficult to predict. Such investments involve a high degree of business and financial risk that can result in substantial losses.

● *Buyout Investments Risks.* Buyout transactions may result in new enterprises that are subject to extreme volatility, require time for maturity and may require additional capital. In addition, they frequently rely on borrowing significant amounts of capital, which can increase profit potential but at the same time increase the risk of loss. Leveraged companies may be subject to restrictive financial and operating covenants. The leverage may impair the ability of these companies to finance their future operations and capital needs. Also, their flexibility to respond to changing business and economic conditions and to business opportunities may be limited. A leveraged company's income and net assets will tend to increase or decrease at a greater rate than if borrowed money was not used. Although these investments may offer the opportunity for significant gains, such buyout investments involve a high degree of risk that can result in substantial losses, which risks generally are greater than the risks of investing in public companies that may not be as leveraged.

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

● *Special Situations Risks.* The Fund or a Private Equity Fund may provide financing to companies involved in (or the target of) acquisition attempts or tender offers or companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions. In any investment transaction involving any such type of business enterprise, there exists the risk that the transaction in which such business enterprise is involved either will be unsuccessful, will take considerable time or will result in a distribution of cash or a new security the value of which will be less than the purchase price paid by the Fund or a Private Equity Fund of the security or other financial instrument in respect of which such distribution is received. Similarly, if such an anticipated transaction does not in fact occur, the Fund or a Private Equity Fund may lose all or a material portion of its investment. All of these events could have a material adverse effect on the value of the investments.

***Investments in Private Equity Funds Generally***

Because the Fund invests in multiple Private Equity Funds and Co-Investments, investment in the Fund will be affected by the investment policies and decisions of the Underlying Manager of each Private Equity Fund or Co-Investment in direct proportion to the amount of Fund assets that are invested in such vehicle. The value of the Fund's assets may fluctuate in response to, among other things, various market and economic factors related to the markets in which the Funds invest and the financial condition and prospects of issuers in which the Funds invest. Certain risks related to the investment strategies and techniques utilized by the Underlying Managers are described under "RISKS OF INVESTING IN PRIVATE EQUITY INVESTMENTS; RELIANCE ON UNDERLYING MANAGERS."

***Private Investment Funds***

The Fund will invest in private investment funds that are not registered as investment companies. As a result, the Fund as an investor in these funds will not have the benefit of certain protections afforded to investors in registered investment companies. The Fund may not have the same amount of information about the identity, value, or performance of the private investment funds' investments as such private investment funds' managers. Investments in private investment funds generally will be illiquid and generally will not have withdrawal rights and will not be able to be transferred without the consent of the fund. The Fund may be unable to liquidate its investment in a private investment fund when desired (and may incur losses as a result), or may be required to sell such investment regardless of whether it desires to do so. Upon a private equity fund's liquidation, the Fund may receive securities that are illiquid or difficult to value. The fees paid by private investment funds to their advisers and general partners or managing members often are higher than those paid by registered funds and generally include a percentage of gains. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a private investment fund in addition to the management fees and other expenses paid by the Fund.

***Multiple Levels of Fees and Expenses***

Although in many cases investor access to Private Equity Funds may be limited or unavailable, an investor who meets the conditions imposed by a Private Equity Fund may be able to invest directly with the Private Equity Fund. By investing in Private Equity Funds indirectly through the Fund, the investor bears asset-based fees and performance-based fees and allocations. Moreover, investors in the Fund bear a proportionate share of the fees and expenses of the Fund (including organizational and offering expenses not paid by the Advisor, Sub-Advisor, operating costs, sales charges, brokerage transaction expenses, and administrative fees) and, indirectly, similar expenses of the Private Equity Funds. Thus, an investor in the Fund may be subject to higher operating expenses than if he or she invested in a Private Equity Fund directly or in a closed-end fund that did not invest in Private Equity Funds.

Most of the Private Equity Funds are subject to a performance-based fee or allocation, irrespective of the performance of other Private Equity Funds and the Fund generally. Accordingly, an Underlying Manager to a Private Equity Fund with positive performance may receive performance-based compensation from the Private Equity Fund, and thus indirectly from the Fund and its Shareholders, even if the Fund's overall performance is negative. The Private Equity Funds in which the Fund intends to invest generally charge a management fee of 1.00% to 2.00% based on the original cost of their investments, and performance or incentive fees or allocations are typically 10% to 20% of a Private Equity Fund's net profits annually, although it is possible that such amounts may be exceeded for certain Underlying Managers. The performance-based compensation received by an Underlying Manager also may create an incentive for that Underlying Manager to make investments that are riskier or more speculative than those that it might have made in the absence of the performance-based allocation. Such compensation may be based on calculations of realized and unrealized gains made by the Underlying Manager without independent oversight.

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

***Blind Pools***

With respect to a Primary Investment in a Private Equity Fund, it is unlikely that the Private Equity Fund will have identified, at the time of the Fund's investment, all (or any) of the portfolio companies in which it will invest over their lifetime prior to the time the Fund makes its investment. Consequently, the Sub-Advisor must decide whether to invest in the Private Equity Fund without an opportunity to evaluate the manner in which the proceeds of the offering will be invested or the business and economic merits of all of the underlying portfolio companies ultimately selected by the Underlying Managers.

***Investment Delays***

Delays in investing the Fund's assets may occur (i) because of the time typically required to complete private equity transactions (which may be considerable), (ii) because certain Private Equity Investments selected by the Fund or the Sub-Advisor 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. Delays in investing the net proceeds of the offering of Shares may impair the Fund's performance. The Fund cannot assure you it will be able to identify any investments that meet its investment objective or that any investment that the Fund makes will produce a positive return. The Fund may be unable to invest the net proceeds of the Fund's offering on acceptable terms within the time period that the Fund anticipates or at all, which could harm the Fund's financial condition and operating results.

***Expedited Transactions***

Investment analyses and decisions by the Sub-Advisor, especially in the context of Co-Investments, may frequently be required to be undertaken on an expedited basis to take advantage of investment opportunities. In such cases, the information available to the Sub-Advisor at the time an investment decision is made may be limited, and the Sub-Advisor may not have access to detailed information regarding the potential investments. Therefore, no assurance can be given that the Sub-Advisor will have knowledge of all facts and circumstances that may adversely affect a Fund investment.

***Lack of Uniform Reporting Standards for Private Equity Funds***

Private Equity Funds and Co-Investments utilize divergent reporting standards that may make it difficult for the Sub-Advisor to assess accurately the prior performance of the sponsor of a potential Private Equity Fund or Co-Investment. In addition, such reporting variances may affect the ability of the Sub-Advisor to accurately value and monitor Fund investments. Such variances typically involve the calculation of the internal rate of return on investment. For example, a Private Equity Fund's calculation of the internal rate of return on investment may vary depending on whether the calculation includes fees due to its general partner or manager and the fund's expenses.

***Valuation***

There are various conflicts of interest associated with the valuation of the Fund's interests in Private Equity Funds and Co-Investments, in particular, higher valuations of its assets may result in increased fees. In addition, inflated valuations may result in better performance which may assist in marketing for the Advisor and Sub-Advisor. Conflicts of interest may be heightened in the case of assets that do not have readily ascertainable market values. To address these conflicts, each of the Advisor and Sub-Advisor has adopted and implemented policies and procedures for the valuation of client investments, including the Investment Committee's oversight of the valuations process, and the review of fair-valued investments.

The Fund's investments may also be difficult to value because it may be relatively difficult for the Fund to obtain reliable valuations of Private Equity Funds, Co-Investments and the underlying portfolio companies in which they invest. In most cases, the Fund will rely on the Underlying Managers' valuations. Prospective investors should be aware that situations involving uncertainties as to valuation of assets held by the Fund could have an adverse effect on the returns of the Fund.

***Illiquid Investments***

Private Equity Investments are investments in the securities of companies which are not publicly traded at the time of investment. These investments may be difficult to value and sell, or otherwise liquidate, and the risk of investing in such non-public companies is generally much greater than the risk of investing in publicly traded companies. Companies whose securities are not publicly traded are not subject to the same disclosure and reporting requirements that are generally applicable to companies with publicly traded securities, nor is the trading of such non-publicly traded securities regulated by any government agency. Accordingly, the protections accorded by such regulation are not available in making such investments. To the extent that there is no liquid trading market for particular investments, an Underlying Manager may be unable to liquidate such investments or may be unable to do so at a profit. In addition, in certain circumstances governmental or regulatory approvals may be required for a Private Equity Fund or Co-Investment vehicle to dispose of an investment, or the Underlying Manager may be prohibited by contract or for legal or regulatory reasons from selling an illiquid investment for a period of time.

***Investments in Private Equity Securities.*** While Private Equity Investments offer the opportunity for significant gains, such investments also involve a high degree of business and financial risk and can result in substantial losses. Among these risks are the general risks associated with investing in companies with the need for substantial additional capital to support expansion or to achieve or maintain a competitive position. Such companies may face intense competition, including competition from companies with greater financial resources, more extensive development, manufacturing, marketing and service capabilities, and a larger number of qualified managerial and technical personnel. In all such cases, the Fund will be subject to the risks associated with the underlying businesses engaged in by portfolio companies held by Private Equity Funds and Co-Investments.

***Investments in Mezzanine Debt Securities*** *.*** One or more Private Equity Funds may invest in mezzanine debt securities, which generally will have ratings or implied or imputed ratings below investment grade. While mezzanine investments may be structured to offer the opportunity for downside protection and upside potential, such investments involve substantial risks. Mezzanine debt securities will be obligations of corporations, partnerships, or other entities that are generally unsecured, typically are subordinated to other obligations of the obligor, and generally have greater credit and liquidity risk than is typically associated with investment grade corporate obligations. Accordingly, the risks associated with mezzanine debt securities include a greater possibility that adverse changes in the financial condition of the obligor or in general economic conditions (including a sustained period of rising interest rates or an economic downturn) may adversely affect the obligor's ability to pay principal and interest on its debt. Many obligors on mezzanine debt securities are highly leveraged, and specific developments affecting such obligors, including 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 securities 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 securities have historically been higher than has been the case for investment grade securities.

***Risks Associated with Bridge Financings*** *.*** Certain Private Equity Funds may provide bridge financing in connection with one or more of their equity investments. As a result, such Funds will bear the risk of any changes in the capital markets which may adversely affect the ability of such Fund to refinance any bridge investments. If a Fund were unable to complete a refinancing, such Fund could have a long-term investment in a junior security or that junior security might be converted to equity.

***"J-Curve" Effect*** *.*** The Fund's investments in the initial round of funding of a Private Equity Fund will be more susceptible to the "J-curve" effect due to the common practice of paying management fees and start-up costs out of early drawdowns, before the portfolio has had time to recognize value enhancement at its underlying investments. This effect may negatively or positively impact the returns of the Fund.

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

***Leverage Risk*** *.*** Private Equity Funds typically have the power to borrow funds and utilize leverage through various methods and may do so when deemed appropriate by the Underlying Manager, in order to make investments, to pay expenses and to satisfy withdrawals that would otherwise result in the premature liquidation of private equity investments. Such leverage may be substantial.

Private Equity Funds may borrow funds from brokers, banks and other lenders with no limit on the amount of leverage that may be utilized. The use of leverage can dramatically magnify both gains and losses, increasing the possibility of a total loss of investment. The level of interest rates generally, and the rates at which the Fund and Private Equity Funds can borrow in particular, can affect the operating results of their portfolios. Any restriction on the availability of credit from lenders could adversely affect the Private Equity Funds', and thus the Fund's, performance.

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

***Reliance on Management of Private Equity Funds***

The Fund will be investing in Private Equity Funds (including Co-Investments) that are generally managed by independent managers. The Fund will not have any role in the day-to-day management of the Private Equity Funds or the Underlying Managers. Moreover, the Fund will typically not have the opportunity to evaluate the specific investments made by any Private Equity Fund even if the Fund is represented on the advisory committee or similar investor body of such fund. Accordingly, the returns of the Fund will primarily depend on the efforts and performance results obtained by the independent managers and other investment personnel of these Private Equity Funds and could be substantially adversely affected by the unfavorable performance of, or an inability to retain, such independent managers. Moreover, the historical performance of the independent managers is not a guarantee or prediction of the future performance of a Private Equity Fund investment. Co-Investments will be made through special purpose vehicles. Typically, an independent manager will make decisions for the special purpose vehicle.

***Underlying Manager's Misconduct or Bad Judgment***

The Fund ordinarily will not have custody or control over the assets it allocates to any Private Equity Fund or Co-Investment. As a result, it will be difficult, and likely impossible, for the Sub-Advisor to protect the Fund from the risk of an Underlying Manager engaging in fraud, misrepresentation or simple bad judgment in those circumstances. Among other things, an Underlying Manager could divert or abscond with the assets allocated to it, fail to follow its stated investment strategy and restrictions, issue false reports or engage in other misconduct. This could result in serious losses to the Fund.

***Wide Investment Discretion***

The governing documents of the Private Equity Funds in which the Fund invests typically do not impose significant restrictions on the manner in which their portfolio managers could invest, and often will permit the portfolio managers to invest in a broad range of securities and other financial instruments. As a result, the Private Equity Funds used by the Fund may from time to time modify their investment strategies in response to changing market conditions, in some cases without notice to the Fund. Any such modification could involve changes in the types of securities and other instruments an Underlying Manager uses to implement its strategy. There can be no assurance that any such modification would be successful or not result in losses to the Fund.

***Lack of Information Concerning Underlying Managers***

The Sub-Advisor may not learn of significant structural events affecting an Underlying Manager, such as personnel changes, major asset withdrawals/redemptions or substantial capital growth, until after the fact.

The Sub-Advisor will conduct a level of due diligence that it believes is adequate to select the appropriate Private Equity Investments. However, due diligence is not infallible and may not uncover problems associated with a particular Private Equity Investment, Underlying Manager, or those who provide accounting, audit, brokerage, custody or other services to the Private Equity Investment. The Sub-Advisor may rely upon representations made by Underlying Managers and, if any representation is misleading, incomplete, or false, it may result in that selection of Underlying Managers that might otherwise have been eliminated from consideration had complete information been made available.

***Sole Principal or Portfolio Manager***

Some of the Underlying Managers to which the Fund may allocate capital may consist of only one or a limited number of principals, portfolio managers and other key employees. If the services of any of such principals or employees became unavailable (for example, by reason of death, disability, severance or retirement), the Private Equity Investment, and thus the Fund, could sustain losses.

***Competition***

The Private Equity Funds will engage in investment strategies which are highly competitive with other private equity fund sponsors, investment banks, broker/dealers, commercial banks, insurance companies and pension funds, as well as family offices and sovereign investment funds, all of whom may have investment objectives similar to those of the Private Equity Funds. These competitors may have substantially greater resources and substantially greater experience than the Private Equity Funds. Such competition may negatively impact the performance of the Fund.

***Portfolio Company Deal Flow***

Private Equity Funds employ a variety of strategies including buyout, growth equity and venture capital, including continuation vehicles of private equity funds and private equity fund interests acquired on the secondary market. The deal flow marketplace relied upon by Private Equity Funds to execute their strategies (including the opportunities for Co-Investments) has become increasingly competitive. Intermediation by financial intermediaries has increased, substantial amounts of funds have been dedicated to making investments in the private sector, and the competition for investment opportunities is at historically high levels. There is no assurance that investments by Private Equity Funds can be located in sufficient quantity to allow all of the capital commitments to be drawn within their respective investment periods. Market and other conditions may require the Fund or a Private Equity Fund to make investments that offer a lower rate of return or involve a higher degree of risk than described herein or in a Private Equity Fund's offering documents.

***New Private Equity Funds***

Some Private Equity Funds may be new or relatively new ventures and have little or no operating history upon which their performance can be evaluated.

***Risk of Litigation***

Private Equity Funds and Co-Investments could become involved in litigation which would be expensive and time consuming to resolve. In addition, the Fund may agree to indemnify certain of the Private Equity Funds (including Co-Investments), the Underlying Managers and their affiliates from any liability, damage, cost, or expense arising out of, among other things, acts or omissions undertaken in connection with the management of Private Equity Fund or Co-Investment. If the Fund were required to make payments (or return distributions received) in respect of any such indemnity, the Fund could be materially adversely affected.

***Private Equity Funds' Fees and Expenses***

Investors are responsible not only for the payment of Fund Expenses, but also for the management fees, carried interest, and other fees charged by the Private Equity Investments in which the Fund invests, as well as the expenses of those Private Equity Investments. While the Sub-Advisor intends for the Private Equity Investments to have reasonable fees and other compensation payable to the Underlying Manager, the Fund will ultimately have no control over expenses incurred by the Private Equity Investments that are paid from the Fund's invested capital. The fees and expenses that the investors pay in the aggregate may be higher than what they would pay if they invested directly in the Private Equity Funds, or in the securities in which those Private Equity Investments invest.

***Early Termination of Private Equity Funds' Investment Period***

If the Private Equity Funds in which the Fund invests terminate their investment periods earlier than anticipated, the Fund will likely not have its capital invested for as long as planned, which could have a negative effect on the Fund's returns.

***Changes in Amount of Assets Under Management***

The Fund may invest with Underlying Managers who are experiencing a major change in the assets they manage. It is not known what effect, if any, an increase or decrease in the amount of assets under management will have on their investment strategies or investment results, but it could impair the ability of their strategies and operations to perform up to historical levels.

***Custody Risk; Failure of Custodians***

There are risks involved in dealing with the banks, broker-dealers and other custodians who hold cash and securities of the Fund and Private Equity Investments. There is no guarantee that these will not become bankrupt or insolvent. While both the U.S. Bankruptcy Code and the Securities Investor Protection Act of 1970 seek to protect customer property in the event of a bankruptcy, insolvency, failure, or liquidation of a custodian, there is no certainty that, in the event of a failure of a custodian, the Fund would not incur losses due to its assets being unavailable for a period of time, the ultimate receipt of less than full recovery of its assets, or both. Financial difficulty, fraud or misrepresentation at one of these institutions could impair the operational capabilities or capital position of the Fund.

***Inability to Vote***

To the extent that the Fund owns less than 5% of the voting securities of a Private Equity Fund or Co-Investment, it may be able to avoid that any such Private Equity Fund or Co-Investment 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 Private Equity Funds or Co-Investments, both by the Fund and other clients of the Advisors). To limit its voting interest in certain Private Equity Fund or Co-Investment, the Fund may enter into contractual arrangements under which the Fund irrevocably waives its rights (if any) to vote its interests in a Private Equity Fund or Co-Investment. These voting waiver arrangements may increase the ability of the Fund and other clients of the Advisors to invest in certain Private Equity Fund or Co-Investment. However, to the extent the Fund contractually forgoes the right to vote the securities of a Private Equity Fund or Co-Investment, the Fund will not be able to vote on matters that require the approval of such Private Equity Fund or Co-Investment'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 Private Equity Fund or Co-Investment. If the Fund is considered to be affiliated with a Private Equity Fund or Co-Investment, transactions between the Fund and such Private Equity Fund or Co-Investment 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.

**<u>Additional Risks Pertaining to Secondary Investments and Co-Investments</u>**

***Expenditure of Additional Costs and Resources*** *.*** The costs and resources required to investigate the commercial, tax and legal issues relating to Secondary Investments and Co-Investments may be greater than those relating to primary investments.

***Contingent Liabilities Associated with Funds Acquired in Secondary Investments*** *.*** Where the Fund acquires a Private Equity Fund interest as a Secondary Investment, the Fund may acquire contingent liabilities associated with such interest. Specifically, where the seller of a Private Equity Fund interest has received distributions from the Private Equity Fund and, subsequently, the Private Equity 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. 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 Private Equity Fund, there can be no assurance that the Fund would prevail in any such claim.

***Limited Selectivity with Secondary Investments*** *.*** The Fund could purchase certain Secondary Investments as a group and the Fund may not be able to carve out from such purchases those investments that the Advisor and Sub-Advisor considers (for commercial, tax, legal, or other reasons) less attractive.

***Purchases of Secondary Investments Based on Available Information*** *.*** The overall performance of the Fund's Secondary Investments will depend in large part on the acquisition price paid for such secondary investments, which may be negotiated based on incomplete or imperfect information.

***Secondary Investments - Admission as a Partner*** *.*** Admission as a partner or member to a Private Equity Fund typically requires the approval of such Private Equity Fund's general partner or managing member. There can be no assurances that admission would be granted in connection with a Secondary Investment. In such situation, the Fund would have (i) a non-voting economic interest in the Private Equity Fund; (ii) limited, if any, access to Private Equity Fund information; and (iii) limited, if any, ability to enforce the Fund's rights as an investor.

***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, (ii) reputation risk, (iii) breach of confidentiality by a syndicate member and (iv) execution risk. A purchasing syndicate is a group of investors who work together to buy Secondary Investments, sharing the costs and benefits.

***Risks Associated with Co-Investments*** *.*** The Fund will make Co-Investments alongside Private Equity Funds managed by independent Underlying Managers. Co-Investments will be subject to additional risk factors as compared to Private Equity Funds making multiple investments. Co-Investments will ordinarily provide exposure to only one underlying portfolio company and are therefore substantially less diversified as compared to a traditional investment fund. There can be no assurance that the Fund's investments in Funds structured as co-investments will be successful and/or will not suffer losses. The Fund's exposure to Co-Investments could be substantial.

***Illiquidity of Private Equity Investments and Co-Investments*** **.** The Fund will make secondary investments in Private Equity Funds and Co-Investments which are illiquid and subject to substantial restrictions on transfer. The illiquidity of these interests may adversely affect the Fund were it to have to sell interests at an inopportune time or price in order to maintain liquidity in connection with a repurchase offer or impact the Fund's ability to make a semi-annual repurchase offer. In addition, the Fund may receive from a Private Equity Fund or Co-Investment an in-kind distribution of securities that are illiquid or difficult to value and difficult to dispose of, with similar risks.

**<u>Other Investments and Related Risks</u>**

***Changes in LIBOR***

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

***PIPEs***

The Fund may make private investments in public companies whose stocks are quoted on stock exchanges or which trade in the over-the-counter ("OTC") securities market, a type of investment commonly referred to as a "PIPE" transaction. PIPE transactions will generally result in the Fund acquiring either restricted stock or an instrument convertible into restricted stock. As with investments in other types of restricted securities, such an investment may be illiquid. The Fund's ability to dispose of securities acquired in PIPE transactions may depend upon the registration of such securities for resale. Any number of factors may prevent or delay a proposed registration. Even if the Fund is able to have securities acquired in a PIPE transaction registered or sell such securities through an exempt transaction, the Fund may not be able to sell all the securities on short notice, and the sale of the securities could lower the market price of the securities.

***Counterparty***

Some of the markets in which the Fund may effect transactions are OTC or "interdealer" markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight as are members of "exchange-based" markets. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Such "counterparty risk" is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. The Fund is not restricted from dealing with any particular counterparty or from concentrating any or all of its transactions with one counterparty. Moreover, the Fund's internal credit function, which evaluates the creditworthiness of its counterparties, may prove insufficient. The lack of a complete and "foolproof" evaluation of the financial capabilities of the Fund's counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund. In addition, the Fund is expected to use counterparties located in various jurisdictions outside the United States. Such local counterparties are subject to various laws and regulations in various jurisdictions that are designed to protect their customers in the event of their insolvency. However, the practical effect of these laws and their application to the Fund's assets are subject to substantial limitations and uncertainties. Because of the large number of entities and jurisdictions that may be involved and the range of possible factual scenarios involving the insolvency of a counterparty, it is impossible to generalize about the effect of their insolvency on the Fund and its assets. Investors should assume that the insolvency of any counterparty would result in a loss to the Fund, which could be material.

The Fund is also subject to the risk of failure of any of the exchanges on which its positions trade or of their clearinghouses. Because securities owned by the Fund that are held by broker-dealers are generally not held in the Fund's name, the bankruptcy of any such broker-dealer could have a greater adverse impact on the Fund than if such securities were registered in the Fund's name.

***Short Selling***

The Fund's investment program may include short selling. Short selling involves selling securities which may or may not be owned by the seller and borrowing the same securities for delivery to the purchaser, with an obligation to return the borrowed securities to the lender at a later date. Short selling allows the seller to profit from declines in market prices to the extent such decline exceeds the transaction costs and the costs of borrowing the securities and may be an important aspect of certain of the investment strategies of the Fund. The extent to which the Fund engages in short sales will depend upon its investment strategy and perception of market direction. A short sale creates the risk of a theoretically unlimited loss, in that the price of the underlying security could theoretically increase without limit, thus increasing the cost to the Fund of buying those securities to cover the short position. There can be no assurance that the securities necessary to cover a short position will be available for purchase at the time the Fund desires to close out such short position. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss. In addition, reporting requirements and limitations on the short selling of securities could interfere with the ability of the Fund to execute certain aspects of its investment strategies, including its ability to hedge certain exposures and execute transactions to implement its risk management guidelines, and any such limitations may adversely affect the performance of the Fund.

***Options***

The Fund may purchase and sell ("write") options on equities on national and international securities exchanges and in the domestic and international OTC market. The seller ("writer") of a put option which is covered (*e.g*., the writer has a short position in the underlying security) assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security, plus the premium received and gives up the opportunity for gain on the underlying security below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option. The buyer of a put option assumes the risk of losing its entire investment in the put option. If the buyer of the put holds the underlying security, the loss on the put will be offset in whole or in part by any gain on the underlying security.

The writer of a call option which is covered (*e.g*., the writer holds the underlying security) assumes the risk of a decline in the market price of the underlying security below the value of the underlying security less the premium received and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option. The buyer of a call option assumes the risk of losing its entire investment in the call option. If the buyer of the call sells short the underlying security, the loss on the call will be offset, in whole or in part, by any gain on the short sale of the underlying security. Options may be cash settled, settled by physical delivery or by entering into a closing purchase or closing sale transaction. In entering into a closing purchase transaction, the Fund may be subject to the risk of loss to the extent that the premium paid for entering into such closing purchase transaction exceeds the premium received when the option was written.

***Stock Index and Market Options***

The Fund may also purchase and sell call and put options on stock indices and ETFs listed on national securities exchanges or traded in the OTC market for the purpose of realizing its investment objectives or for the purpose of hedging its portfolio. A stock index or ETF fluctuates with changes in the market values of the stocks included in the index or ETF. The effectiveness of purchasing or writing stock index or ETF options for hedging purposes will depend upon the extent to which price movements in the Fund's portfolio correlate with price movements of the stock indices or ETFs selected. Because the value of an index or ETF option depends upon movements in the level of the index or ETF rather than the price of a particular stock, whether the Fund will realize gains or losses from the purchase or writing of options on indices or ETFs depends upon movements in the level of stock prices in the stock market generally or, in the case of certain indices or ETFs, in an industry or market segment, rather than movements in the price of particular stocks. Accordingly, successful use by the Fund of options on stock indices or ETFs will be subject to the ability of the Advisors to correctly predict movements in the direction of the stock market generally or of particular industries or market segments. This requires different skills and techniques than predicting changes in the price of individual stocks.

***Foreign Currency Transactions***

The Fund may engage in foreign currency transactions for a variety of purposes, including "locking in" the U.S. dollar price of a security between trade and settlement date, or hedging the U.S. dollar value of securities held in the Fund. The Fund may also engage in foreign currency transactions for non-hedging purposes to generate returns.

Foreign currency transactions may involve, for example, the purchase of foreign currencies for U.S. dollars or the maintenance of short positions in foreign currencies. Foreign currency transactions may involve the Fund agreeing to exchange an amount of a currency it does not currently own for another currency at a future date. The Fund would typically engage in such a transaction in anticipation of a decline in the value of the currency it sells relative to the currency that the Fund has contracted to receive in the exchange. The Fund's success in these transactions will depend principally on its ability to predict accurately the future exchange rates between foreign currencies and the U.S. dollar.

The Fund may enter into forward contracts for hedging and non-hedging purposes in pursuing its investment objective. Forward contracts are transactions involving an obligation to purchase or sell a specific currency at a future date at a specified price. Forward contracts may be used for hedging purposes to protect against uncertainty in the level of future non-U.S. currency exchange rates, such as when the Fund anticipates purchasing or selling a non-U.S. security. This technique would allow the Fund to "lock in" the U.S. dollar price of the security. Forward contracts may also be used to attempt to protect the value of an existing holding of non-U.S. securities. Imperfect correlation may exist, however, between the non-U.S. securities holdings of the Fund, and the forward contracts entered into with respect to those holdings. In addition, forward contracts may be used for non-hedging purposes, such as when the Fund anticipates that particular non-U.S. currencies will appreciate or depreciate in value. Generally, the Fund is subject to no requirement that it hedges all or any portion of its exposure to non-U.S. currency risks, and there can be no assurance that hedging techniques will be successful if used.

***Other Derivatives***

The Fund may take advantage of opportunities in the area of swaps, options on various underlying instruments and certain other customized derivative instruments. In addition, the Fund may take advantage of opportunities with respect to certain other derivative instruments which are not presently contemplated for use by the Fund or which are currently not available. Derivative instruments contain much greater leverage than do non-margined purchases of the underlying instrument in as much as only a very small portion of the value of the underlying instrument is required to be deposited as collateral in order to effect such investments. If the counterparty to such a swap defaults, the Fund would lose any collateral deposits made with the counterparty in addition to the net amount of payments that it is contractually entitled to receive under the swap. Many derivatives instruments are traded on a principal to principal basis, in which performance with respect to such instruments is the responsibility of only the parties to the contract, and not of any exchange or clearinghouse. As a result, many of the protections afforded to participants on organized exchanges and in a regulated environment are not available in connection with these transactions and the Fund will be subject to counterparty risk relating to the inability or refusal of a counterparty to perform such derivatives contracts. If the counterparty's creditworthiness declines, the value of a swap agreement would be likely to decline, potentially resulting in losses to the Fund. Other risks may include market risk, liquidity risk, legal risk and operations risk. Special risks may apply to instruments which are invested in by the Fund in the future which cannot be determined at this time or until such instruments are developed or invested in by the Fund. For example, such derivative instruments are expected to be highly illiquid and it is possible that the Fund will not be able to terminate such derivative instruments prior to their expiration date or that the penalties associated with such a termination might impact the Fund's performance in a material adverse manner. If the Fund seeks to participate through the use of such derivative instruments, the Fund will not acquire any voting interests or other shareholder rights that would be acquired with a direct investment in the underlying securities or financial instruments. Accordingly, the Fund will not participate in matters submitted to a vote of the shareholders. In addition, the Fund may not receive all of the information and reports to shareholders that the Fund would receive with a direct investment. Further, the Fund will pay the counterparty to any such derivative instrument structuring fees and ongoing transaction fees, which will reduce the investment performance of the Fund. Finally, certain aspects of the appropriate U.S. federal income tax treatment of such derivative instruments are uncertain and, the Fund's U.S. federal income tax treatment of such instruments may prove to be not supported. Recent financial reform legislation may require the Fund to comply with margin requirements and with certain clearing and trade-execution requirements in connection with its derivative activities, although the full application of those provisions is uncertain at this time. The financial reform legislation may also require the counterparties to the Fund's derivative instruments to spin off some of their derivatives activities to a separate entity, which may not be as creditworthy as the Fund's current counterparty. The new legislation and any new regulations could significantly increase the cost of derivative contracts (including through requirements to post collateral which could adversely affect the Fund's available liquidity), materially alter the terms of derivative contracts, reduce the availability or desirability of derivatives, reduce the ability to monetize or restructure existing derivative contracts, and increase the Fund's exposure to less creditworthy counterparties. In particular, the Dodd-Frank Act amendments to the Advisers Act require a large proportion of transactions in the derivatives markets to be conducted on a SEF. The impact of the SEFs on transaction liquidity and pricing cannot be determined at this time. Currently, the clearing mandate applies to certain interest rate and credit index swaps, as discussed above (see "Credit Derivative Transactions"). Swaps that are not cleared through registered clearinghouses are potentially subject to regulations including increased mandatory margin requirements without the benefit of protections afforded to participants in cleared swaps (*e.g.*, centralized counterparty, guaranteed funds and customer asset segregation). Price movements of futures and options contracts and payments pursuant to swap agreements 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. The value of futures, options and swap agreements also depends upon the price of the commodities underlying them. Therefore, many of the risks applicable to trading the underlying asset are also applicable to derivatives trading.

In late October 2020, the SEC adopted Rule 18f-4 related to the use of derivatives and certain other transactions by registered investment companies that will, at the time of the compliance date, rescind and withdraw the guidance of the SEC and the SEC staff regarding asset segregation and coverage. Under Rule 18f-4, the Fund will need to trade derivatives and other transactions that potentially create senior securities (except reverse repurchase agreements) subject to a value-at-risk ("VaR") leverage limit, certain other testing and derivatives risk management program requirements and requirements related to board reporting. These new requirements will apply unless the Fund qualifies as a "limited derivatives user," as defined in Rule 18f-4. Reverse repurchase agreements will continue to be subject to the current asset coverage requirements, and a fund trading reverse repurchase agreements will need to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the fund's asset coverage ratio (unless the fund determines to treat such agreements and transactions as derivatives for all purposes under the rule). Reverse repurchase agreements will not be included in the calculation of whether the Fund is a limited derivatives user (unless the Fund determines to treat such agreements and transactions as derivatives for all purposes under the rule), but if the Fund is subject to the VaR testing, reverse repurchase agreements and similar financing transactions will be included for purposes of such testing. The SEC also provided guidance in connection with the new rule regarding the use of securities lending collateral that may limit the Fund's securities lending activities. These new requirements may limit the Fund's ability to use derivatives and reverse repurchase agreements and similar financing transactions as part of the Fund's investment strategies. These new requirements may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors. Compliance with the new rule was required as of August 2022.

**<u>Limits of Risk Disclosure</u>**

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

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

**No guarantee or representation is made that the investment program of the Fund will be successful, that the various Fund investments selected will produce positive returns, or that the Fund will achieve its investment objective.**

**SUBSIDIARIES**

The Fund may make investments through wholly-owned subsidiaries ("Subsidiaries"). Such Subsidiaries will not be registered under the 1940 Act; however, the Fund will wholly own and control any Subsidiaries. The Board has oversight responsibility for the investment activities of the Fund, including its investment in any Subsidiary, and the Fund's role as sole shareholder of any Subsidiary. To the extent applicable to the investment activities of a Subsidiary, the Subsidiary will follow the same compliance policies and procedures as the Fund. The Fund would "look through" any such Subsidiary to determine compliance with its investment policies. The Fund complies with: Section 8 of the 1940 Act governing investment policies on an aggregate basis with any Subsidiary. The Fund also complies with Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with each Subsidiary so that the Fund treats a Subsidiary's debt as its own for purposes of Section 18. Further, each Subsidiary complies with the provisions of Section 17 of the 1940 Act relating to affiliated transactions and custody. The Fund will not create or acquire primary control of any entity which engages in investment activities in securities or other assets, other than entities wholly owned by the Fund.

Each investment adviser to any such Subsidiary will comply with Section 15 of the 1940 Act with respect to advisory contract approval, including that (i) material amendments to any such Subsidiary's advisory contract must be approved by the Fund's shareholders or the Fund's Board of Trustees in the manner and to the extent that the Fund's advisory agreement must be approved by the Fund's shareholders or the Fund's Board of Trustees; and (ii) the Fund's shareholders will have the ability to vote to terminate the Subsidiary's advisory agreements to the extent that they can vote to terminate the Fund's advisory agreement.

**MANAGEMENT OF THE FUND**

**Trustees**

Pursuant to the Declaration of Trust and bylaws, the Fund's business and affairs are managed under the direction of the Board, which has overall responsibility for monitoring and overseeing the Fund's management and operations. The Board consists of five members, three of whom are considered Independent Trustees and two of whom are Interested Trustees. The Trustees are subject to removal or replacement in accordance with Delaware law and the Declaration of Trust. The Statement of Additional Information provides additional information about the Trustees.

The Board, including a majority of the Independent Trustees, oversees and monitors the Fund's management and operations. After an initial two-year term, the Board will review on an annual basis the Investment Advisory Agreement and the Sub-Advisory Agreements to determine, among other things, whether the fees payable under such agreements are reasonable in light of the services provided.

**The Advisor and Sub-Advisor**

Calamos Advisors LLC, an investment adviser registered with the SEC under the Advisers Act has been retained by the Fund to provide investment advisory services.

Aksia LLC, an investment adviser registered with the SEC under the Advisers Act has been retained by the Advisor, pursuant to an investment sub-advisory agreement to provide investment sub-advisory services in connection with the Fund's investments.

**Investment Personnel**

Investment sourcing and investment decisions are primarily the responsibility of the Principal Sub-Advisor's portfolio managers, investment professionals and personnel. The Fund is also supported by the Advisor's Investment Committee.

Below is biographical information relating to the Sub-Advisor's Principals:

***Thomas Martin, Partner, Co-Head of Private Equity, Aksia LLC***

Tom is a Partner and Co-Head of Private Equity and has over 24 years of private equity and real assets investment experience. He leads the global private equity investment team, overseeing the due diligence of primary, secondary, and co-investment opportunities in private equity. Tom also works with global investors focused on private equity, directing strategic portfolio construction, management, and providing customized investment decisions.

Prior to the Sub-Advisor's acquisition of TorreyCove Capital Partners, Tom was a co-founder of TorreyCove Capital Partners, where he was responsible for the Private Markets Investment Research team. Prior to that, Tom was a Senior Vice President at PCG Asset Management. Before that, Tom was a Vice President at Laffer Associates.

Tom graduated from Bucknell University with a BA in Economics and Japanese. He holds an MPIA in International Affairs from the University of California San Diego and an MSc in International Economics and Business from the Stockholm School of Economics.

***Kevin Hitchen, CFA, Managing Director, Co-Head of Private Equity, Aksia LLC***

Kevin is a Managing Director and Co-Head of Private Equity and has over 15 years of investment experience. He leads the global private equity investment team, focusing on the oversight of sourcing and diligence of managers across the North American buyouts sector. Kevin also works with global investors focused on private equity, directing strategic portfolio construction, management, and providing customized investment decisions.

Prior to the Sub-Advisor's acquisition of TorreyCove Capital Partners, Kevin was a Vice President, joining the firm in 2017. Prior to that, Kevin was an Associate Portfolio Manager for GC Investment Management, an affiliate of Golub Capital. Kevin also previously co-founded Localstake, an online investment platform offering private market investments and held investment analyst positions with the Indiana Public Retirement System and J.P. Morgan.

Kevin graduated cum laude from Butler University with a BS in Finance. He is a CFA charterholder.

***Kyson Hawkins, Managing Director, Co-Head of Private Equity, Aksia LLC***

Kyson is a Managing Director and Co-Head of Private Equity and has over 15 years of experience managing alternative investments and advising the implementation of co-investments in portfolios. He leads the global private equity investment team, focusing on the oversight of sourcing and diligence activities for private equity co-investments. Kyson also works with global investors focused on private equity, directing strategic portfolio construction, management, and providing customized investment decisions.

Prior to the Sub-Advisor's acquisition of TorreyCove Capital Partners, Kyson was a Senior Vice President, joining the firm in 2014. While at TorreyCove, Kyson participated in all major investment functions pertaining to private equity co-investments. Prior to that, Kyson was a Manager at Macquarie Group where he led the diligence on co-investments, secondary transactions, and global private equity fund commitments. While at Macquarie, he was also responsible for portfolio management for two global private equity separate accounts and led direct investments on behalf of Macquarie's balance sheet.

Kyson graduated magna cum laude from the University of San Diego with a BBA in Finance and Accounting. He holds an MBA with honors from the University of Chicago Booth School of Business.

Below is biographical information relating to the voting members of the Advisor's Investment Committee:

***David O'Donohue, Co-Head of Alternative Strategies, Senior Co-Portfolio Manager, Calamos***

Mr. O'Donohue is responsible for portfolio management and investment research, focusing on the Market Neutral Income, Hedged Equity, and Merger Arbitrage strategies, as well as the Calamos Structured Protection ETFs™. He joined Calamos Advisors LLC in 2014. His investment industry experience of more than 20 years includes co-manager responsibilities at Hard Eight Futures, Forty4 Asset Management, Chicago Fundamental Investment Partners, Mulligan Partners LLC and Ritchie Capital. He began his career as a trader at SAM Investments. Mr. O'Donohue graduated from the University of Illinois with a BS in Finance.

***Eli Pars, CFA, Co-CIO, Head of Alternative Strategies and Co-Head of Convertible Strategies, Sr. Co-Portfolio Manager, Calamos***

As a Co-Chief Investment Officer, Mr. Pars is responsible for oversight of investment team resources, investment processes, performance and risk. As Head of Alternative Strategies and Co-Head of Convertible Strategies, he manages investment team members and has portfolio management responsibilities for those investment verticals. He is also a member of the Calamos Investment Committee, which is charged with providing a top-down framework, maintaining oversight of risk and performance metrics, and evaluating investment process. Mr. Pars has over 35 years of industry experience, including 15 at Calamos. Prior to returning to Calamos in 2013, he was a Portfolio Manager at Chicago Fundamental Investment Partners, where he co-managed a convertible arbitrage portfolio. Previously, he held senior roles at Mulligan Partners LLC, Ritchie Capital and SAM Investments/The Hampshire Company. Earlier in his career, Mr. Pars was a Vice President and Assistant Portfolio Manager at Calamos. He received a BA in English Literature from the University of Illinois and an MBA with a specialization in Finance from the University of Chicago Graduate School of Business.

***Matthew Freund, CFA, Co-CIO, Head of Fixed Income Strategies, and Senior Co-Portfolio Manager, Calamos***

As a Co-Chief Investment Officer, Mr. Freund is responsible for oversight of investment team resources, investment processes, performance and risk. As Head of Fixed Income Strategies, he manages investment team members and has portfolio management responsibilities. He is also a member of the Calamos Investment Committee, which is charged with providing a top-down framework, maintaining oversight of risk and performance metrics, and evaluating investment process. Mr. Freund joined Calamos in 2016 and has more than 30 years of industry experience. Prior to joining Calamos, he was Chief Investment Officer of USAA Investments, leading the teams responsible for the portfolio management of USAA's mutual funds and affiliated portfolios, including P&C and life insurance products, and overseeing more than $140 billion in assets. During this time, he also served as lead portfolio manager for several highly regarded fixed income mutual funds. Earlier in his career, Mr. Freund served as a senior investment analyst for MetLife in the Capital Markets Group. He received a BA in Accounting from Franklin & Marshall College and an MBA from Indiana University.

***Michael Kassab, CFA, Senior Vice President, Chief Market Strategist, Associate Portfolio Manager, Calamos***

As Senior Vice President, Chief Market Strategist, Mr. Kassab is responsible for analyzing global macro trends, formulating thematic investment ideas, and providing thoughtful analysis on asset allocation and portfolio construction for both institutional and private wealth clients. He is also a member of the portfolio management team for one of the firm's U.S. core equity strategies. Mr. Kassab joined the firm in 2014 and has more than 20 years of industry experience. Prior to joining Calamos, he held several senior positions with Credit Suisse, both within the U.S. Investment Strategy and Private Banking divisions. Earlier in his career, he served in senior investment roles at Dover Investment Management and Gabelli Asset Management. Mr. Kassab earned a B.S. in Accounting and Economics from Fairfield University and an M.B.A. in Finance from Columbia University. The Statement of Additional Information provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of Shares in the Fund.

**Control Persons and Principal Holders of Securities**

A control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. The Advisor has provided the initial investment for the Fund. For so long as the Advisor has a greater than 25% interest in the Fund, it may be deemed to be a "control person" of the Fund for purposes of the 1940 Act.

**Fund Accounting and Administrative Services**

The Fund has retained State Street Bank and Trust Company (the "Administrator") to provide it with certain administrative and accounting services. The Administrator provides such services to the Fund pursuant to an administration agreement between the Fund and the Administrator (the "Administration Agreement"). In consideration for these services, the Administrator is paid a monthly fee calculated based upon the average net asset value of the Fund, subject to a minimum monthly fee (the "Administration Fee"). The Administration Fee is paid to the Administrator out of the assets of the Fund and therefore decreases the net profits or increases the net losses of the Fund. The Administrator receives a fee for transfer agency services. The Administration Fee and the other terms of the Administration Agreement may change from time to time as may be agreed to by the Fund and the Administrator.

**Indemnification**

The Investment Advisory Agreement and Sub-Advisory Agreement provide that, absent willful misfeasance, lack of good faith or gross negligence in the performance of its duties or the reckless disregard of its obligations under the Agreement, the Advisor, the Sub-Advisor, their respective members and officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Advisor or Sub-Advisor, as the case may be, are entitled to indemnification from the Fund for any damages, liabilities, costs and expenses (including reasonable attorneys' fees and other expenses) arising out of or otherwise based upon the performance of any of their respective duties or obligations under the Investment Advisory Agreement and Sub-Advisory Agreements or otherwise as an investment advisor or investment sub-advisor of the Fund.

**Custodian and Transfer Agent**

State Street Bank and Trust Company, which has its principal office at One Congress Street, Suite 1, Boston, MA 02114, serves as custodian for the Fund.

State Street Bank and Trust Company, which has its principal office at 1776 Heritage Way, Quincy MA 02171, serves as the Fund's transfer agent and dividend paying agent.

**FUND EXPENSES**

The Advisors bear all of their own respective costs incurred in providing investment advisory and sub-advisory services to the Fund. As described below, however, the Fund bears all other expenses incurred in the business and operation of the Fund.

Expenses borne directly by the Fund include:

● corporate, organizational and offering costs relating to offerings of Shares, except as provided in the section labelled Expense Limitation Agreement below;

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

● the cost of effecting sales and repurchases of Shares and other securities;

● the Investment Management Fee;

● the Distribution Fee and/or Shareholder Servicing Fee;

● investment related expenses (*e.g.*, expenses that, in the Advisors' discretion, are related to the investment of the Fund's assets, whether or not such investments are consummated), including, as applicable, brokerage commissions, borrowing charges on securities sold short, clearing and settlement charges, recordkeeping, interest expense, line of credit fees, dividends on securities sold but not yet purchased, margin fees, investment related travel and lodging expenses and research-related expenses, professional fees relating to investments, including expenses of consultants, investment bankers, attorneys, accountants and other experts;

● transfer agent and custodial fees;

● Distributor costs;

● fees and expenses associated with marketing efforts;

● federal and any state registration or notification fees;

● federal, state and local taxes;

● costs incident to payment of dividends or distributions by the Fund;

● costs associated with the Fund's share repurchase program;

● fees and expenses of Trustees not also serving in an executive officer capacity for the Fund or the Advisor, including dues and expenses incurred in connection with membership in investment company organizations;

● the costs of preparing, printing and mailing reports and other communications, including repurchase offer correspondence or similar materials, to Shareholders;

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

● broken deal expenses (including, without limitation, research costs, fees and expenses of legal, financial, accounting, consulting or other advisors in connection with conducting due diligence or otherwise pursuing a particular non-consummated transaction);

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

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

● any costs and expenses associated with or related to due diligence performed with respect to the Fund's offering of its Shares, such as costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisors and third-party due diligence providers;

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

● all other expenses incurred by the Fund in connection with administering the Fund's business, including expenses by the Administrator for performing administrative services for the Fund, subject to the terms of the Administration Agreement; and

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

Except as otherwise described in this prospectus, the Advisor will be reimbursed by the Fund, as applicable, for any of the above expenses that they pay on behalf of the Fund.

**Expense Limitation Agreement**

The Advisor, the Sub-Advisor and the Fund have entered into the Expense Limitation Agreement under which the Advisor and Sub-Advisor have agreed contractually, on a monthly basis, to reimburse on a 50/50 basis between the Advisor and the Sub-Advisor the Fund's "Specified Expenses" in respect of each class of the Fund (each, a "Class") where "Specified Expenses" means all other expenses incurred in the business of the Fund and allocated to a Class, including the Fund's annual operating expenses, with the exception of (i) the Investment Management Fee (as defined herein), (ii) the Shareholder Servicing Fee (as defined herein), (iii) the Distribution Fee (as defined herein), (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs, (v) acquired fund fees and expenses, (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vii) taxes and costs to reclaim foreign taxes, and (viii) extraordinary expenses (as determined in the discretion of the Advisor and Sub-Advisor), to the extent that such expenses exceed 0.35% of the average daily net assets of such Class (the "Expense Limitation").

If, while the Advisor is the investment advisor to the Fund and the Sub-Advisor is investment sub-advisor to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Advisor and Sub-Advisor shall be entitled to reimbursement by the Fund on a 50/50 basis of the other expenses borne by the Advisor and Sub-Advisor on behalf of the Fund (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class are less than, for such month, the lesser of the Expense Limitation or any other relevant expense limit then in effect with respect to the Class, and provided that such amount paid to the Advisor and Sub-Advisor will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Advisor and Sub-Advisor may recapture a Specified Expense in any year within the thirty-six (36) month period after the Advisor and Sub-Advisor bear the expense. The Expense Limitation Agreement will remain in effect for a three-year period from April 30, 2025, unless and until the Board approves its modification or termination. Thereafter, the Expense Limitation Agreement may be renewed annually with the written agreement of the Advisor, the Sub-Advisor, and the Fund. The Fund's obligation to make reimbursement payments shall survive the termination of the Expense Limitation Agreement. See "Fund Expenses."

**Organization and Offering Costs**

The Advisor and the Sub-Advisor have agreed to advance the Fund's organizational costs and offering costs already incurred and any additional costs incurred prior to the commencement of operation by the Fund. Organizational costs include, among other things, the cost of organizing as a Delaware statutory trust, including the cost of legal services and other fees pertaining to the Fund's organization. Organizational costs are expensed as incurred by the Fund and are subject to recoupment by the Advisor and the Sub-Advisor in accordance with the Expense Limitation Agreement.

The Fund's initial offering costs, which are also subject to the Expense Limitation Agreement, include, among other things, legal, printing and other expenses pertaining to this offering. Any offering costs paid by the Advisor or Sub-Advisor on behalf of the Fund will be recorded as a payable for offering costs in the Statement of Assets and Liabilities and accounted for as a deferred charge until commencement of operations. Thereafter these initial offering costs will be amortized over 12 months on a straightline basis.

**INVESTMENT MANAGEMENT FEE**

Pursuant to the Investment Advisory Agreement, and in consideration of the advisory services provided by the Advisor to the Fund, the Advisor is entitled to an Investment Management Fee. Pursuant to the Sub-Advisory Agreement, and in consideration of the sub-advisory services provided by the Sub-Advisor to the Fund, the Sub-Advisor is entitled to a Sub-Advisory Fee. The Investment Management Fee paid to the Advisor is paid out of the Fund's assets and the Sub-Advisory Fee is paid out of the Investment Management Fee.

**Investment Management Fee**

The Investment Management Fee is payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 1.75%. However, pursuant to the Management Fee Waiver, the Advisor has agreed to waive 0.50% of its Investment Management Fee on an annualized basis, such that the maximum investment management fee payable by the Fund would be 1.25%. The Management Fee Waiver became effective on July 1, 2025, following the commencement of operations and will remain in effect through July 1, 2026. The Investment Management Fee will be paid to the Advisor before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund; provided that for purposes of determining the Investment Management Fee payable to the Advisor for any month, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Advisor for that month.

**Sub-Advisory Fee**

The Advisor pays Aksia a Sub-Advisory Fee payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 0.875%. Such Sub-Advisory Fee will be paid to the Sub-Advisor before giving effect to any repurchase of Shares in the Fund effective as of that date. The Advisor and the Sub-Advisor have entered into the Sub-Advisory Fee Waiver, whereby the Sub-Advisor has agreed to waive 0.25% of its sub-advisory fee payable by the Advisor to the Sub-Advisor on an annualized basis, such that the maximum sub-advisory fee payable by the Advisor to the Sub-Advisor would be 0.625%. The Sub-Advisory Fee Waiver became effective on June 30, 2025 and will remain in effect through June 30, 2026.

**Approval of the Investment Advisory Agreement and Sub-Advisory Agreement**

Board approval of the Investment Advisory Agreement was made in accordance with, and on the basis of an evaluation satisfactory to the Board, as required by Section 15(c) of the 1940 Act and the applicable rules and regulations thereunder, including consideration of, among other factors, (i) the nature, quality and extent of the services provided by the Advisor under the Investment Advisory Agreement; (ii) comparative information with respect to advisory fees and other expenses paid by other comparable investment companies; and (iii) information about the services performed by the Advisor and the personnel of the Advisor providing such services under the Investment Advisory Agreement. A discussion regarding the basis for the Board's approval of the Investment Advisory Agreement will be available in the Fund's first annual or semi-annual report on Form N-CSR. 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 by vote cast in person at a meeting called for the purpose of voting on such approval. The Investment Advisory Agreement is terminable without penalty, *inter alia*, upon 60 days' prior written notice by the Fund or by the Advisor. 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.

Board approval of the Sub-Advisory Agreement was made in accordance with, and on the basis of an evaluation satisfactory to the Board, as required by Section 15(c) of the 1940 Act and the applicable rules and regulations thereunder, including consideration of, among other factors, (i) the nature, quality and extent of the services provided by the Sub-Advisor under its Sub-Advisory Agreement; (ii) comparative information with respect to advisory fees and other expenses paid by other comparable investment companies; and (iii) information about the services performed by the Sub-Advisor and the personnel providing such services under the Sub-Advisory Agreement. A discussion regarding the basis for the Board's approval of the Sub-Advisory Agreement will be available in the Fund's first annual or semi-annual report on Form N-CSR.

**CALAMOS AKSIA PRIVATE EQUITY LP'S PERFORMANCE**

Simultaneous with the Fund's Commencement of Operations, Calamos Aksia Private Equity LP, a Delaware limited partnership (the "Predecessor Fund") reorganized with and into the Fund (the "Fund Conversion"). The Predecessor Fund maintained an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Fund and at the time of the Fund Conversion was managed by the same Advisor, Sub-Advisor and portfolio managers as the Fund.

The Predecessor Fund commenced operations on September 20, 2024. The performance quoted below is that of the Predecessor Fund and was adjusted to reflect the Fund's estimated expenses of Class I Shares (with the exception of estimated Acquired Fund Fees and Expenses, the effect of which is already incorporated into the performance of the Predecessor Fund, and interest payments on borrowed funds and securities sold short, as the Predecessor Fund did not have the benefit of leverage) and the Fund's Expense Limitation Agreement in effect for its first year as a registered investment company as well as the Management Fee Waiver. The performance returns of the Predecessor Fund are unaudited and are calculated by the Advisor on a total return basis. If the effect of the Fund's Expense Limitation Agreement and Management Fee Waiver were not reflected in the Predecessor Fund's returns shown below, the returns would be lower. After-tax performance returns are not included for the Predecessor Fund. The Predecessor Fund was a privately placed fund, was not registered under the 1940 Act, and was not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the Investment Company Act and the Code, which, if applicable, may have adversely affected its performance.

The Fund Conversion itself was treated as a non-taxable contribution by the Predecessor Fund of limited partner interest to the Fund in exchange for shares of the interval fund, followed by a non-taxable liquidation of the Fund. However, to the extent the Fund had corporate investors, including a Cayman Islands exempted company organized to enable investment by non-US investors, the Fund will be subject to Fund-level corporate income tax on built-in gains with respect to a proportionate share of assets transferred in the Fund Conversion that the Fund (or a Private Equity Fund in which the Fund invests) disposes of within five years of the Fund Conversion.

Past performance is no indication of future returns. Because the Predecessor Fund had less than one full calendar year of performance, the average annual total return table has been omitted.

MONTHLY PERFORMANCE (%) NET OF FEES

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| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Jan** | **Feb** | **Mar** | **Apr** | **May** | **Jun** | **Jul** | **Aug** | **Sep** | **Oct** | **Nov** | **Dec** | **Year** |
| 2024.0 |  |  |  |  |  |  |  |  | 6.37% | 0.90% | 1.70% | 2.75% | 12.20% |
| 2025.0 | 0.33% | -0.67% | 5.55% | 6.41% |  |  |  |  |  |  |  |  | 11.94% |

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**DETERMINATION OF NET ASSET VALUE**

The Fund's NAV per Share will be determined daily by the Advisor as of the close of business on each day the New York Stock Exchange ("NYSE") is open for trading or at such other times as the Board may determine. In accordance with the procedures approved by the Board, the NAV per outstanding Shares of beneficial interest is determined, on a class-specific basis, by dividing the value of total assets minus liabilities by the total number of Shares outstanding.

The Board has designated the Advisor as its Valuation Designee to perform fair valuation determinations for the Fund with respect to all Fund investments. The Board oversees the Advisor in its role as Valuation Designee and has approved a valuation policy for the Fund (the "Valuation Policy" and the Advisor's valuation procedures (the "Valuation Procedures"). The Advisor, as Valuation Designee, has formed a separate valuation committee (the "Valuation Committee") for determining the fair value of the Fund's investments. The Valuation Committee oversees the implementation of the Valuation Procedures and may consult with representatives from the Fund's outside legal counsel or other third-party consultants in their discussions and deliberations. The Valuation Committee is composed of individuals affiliated with the Advisor.

The Advisor, including through the Valuation Committee, conducts the valuation determinations, provides primary day-to-day oversight of valuation of the Fund's investments and acts in accordance with the Valuation Procedures as approved by the Board. The Fund's investment portfolio is valued at least each quarter, in accordance with the Valuation Policies and Valuation Procedures. The Fund accounts for its investments in accordance with GAAP, and fair values its investment portfolio in accordance with the provisions of the FASB ASC Topic 820 Fair Value Measurements and Disclosures of the Financial Accounting Standards Board's Accounting Standards Codification, as amended ("ASC 820"), which defines fair value, establishes a framework for measuring fair value, and requires enhanced disclosures about fair value measurements. The Valuation Procedures are set forth in more detail below.

ASC 820 defines fair value as "the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." Fair value is a market-based measurement, not an entity-specific measurement. For some assets and liabilities, observable market transactions or market information might be available. For other assets and liabilities, observable market transactions and market information might not be available. However, the objective of a fair value measurement in both cases is the same-to estimate the price at which an orderly transaction to sell the asset or transfer the liability would take place between market participants at the measurement date under current market conditions (that is, an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).

ASC 820 establishes a hierarchal disclosure framework which ranks the observability of inputs used in measuring financial instruments at fair value. The observability of inputs is impacted by a number of factors, including the type of financial instrument, the characteristic specific to the financial instrument and the state of the marketplace, including the existence and transparency of transactions between market participants. Financial instruments with readily available quoted prices, or for which fair value can be measured from quoted prices in active markets, will generally have a higher degree of market price observability and a lesser degree of judgment applied in determining fair value.

The three-level hierarchy for fair value measurement is defined as follows:

*Level 1* - inputs to the valuation methodology are readily available market quotations. These are quoted prices (unadjusted) available in active markets for identical investments that the Fund can access at the measurement date, provided that a quotation will not be "readily available" if it is not reliable. The types of financial instruments included in Level 1 generally include unrestricted securities, including equities and derivatives, listed in active markets. The Advisor does not adjust the quoted price for these investments, even in situations where the Fund holds a large position and a sale could reasonably impact the quoted price.

*Level 2* - inputs to the valuation methodology are either directly or indirectly observable as of the reporting date and are those other than quoted prices in active markets. The type of financial instruments in this category generally includes less liquid and restricted securities listed in active markets, securities traded in other than active markets, government and agency securities, and certain OTC derivatives where the fair value is based on observable inputs.

*Level 3* - inputs to the valuation methodology are unobservable and significant to overall fair value measurement. The inputs into the determination of fair value require significant management judgment or estimation. Financial instruments that are included in this category generally include co-investments illiquid loans and investments in privately held entities, non-investment grade residual interests in securitizations, CLOs, and certain OTC derivatives where the fair value is based on unobservable inputs.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is materially significant to the overall fair value measurement. The Advisor's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the investment.

The Advisor values securities/instruments traded in active markets on the measurement date by multiplying the closing price of such traded securities/instruments by the quantity of shares or amount of the instrument held. The Advisor values Level 2 securities (those that are not actively traded but whose fair value can be determined based on other observable market data) using a price determined by an approved independent pricing vendor.

The Fund expects that it will hold a high proportion of Level 3 investments relative to its total investments, which is directly related to the Fund's investment philosophy and target portfolio. The valuation approach may vary by security/instrument but may include discounted cash flow analysis, comparable public market valuations and comparable transaction valuations. Factors that might materially impact the value of an investment (*e.g*., operating results, financial condition, achievement of milestones, economic and/or market events and recent sales prices) may be considered. The factors and methodologies used for the valuation of such securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can realize the fair value assigned to a security if it were to sell the security. Because such valuations are inherently uncertain, they often reflect only periodic information received by the Advisor about such companies' financial condition and/or business operations, which may be on a lagged basis and therefore fluctuate over time and can be based on estimates. Determinations of fair value may differ materially from the values that would have been used if an exchange-traded market for these securities existed.

The Advisor may engage one or more independent valuation firms to perform procedures, including providing input about calculation models or providing assurance on the concluded fair values for individual Level 3 investments held by the fund. Such independent third-party pricing services and independent third-party valuation services may be utilized by the Advisor to verify valuation models pursuant to the Fund's valuation policy at such timing intervals as the Advisor may deem appropriate.

Primary and secondary investments in private markets funds are generally valued based on the latest net asset value reported by the third-party fund manager. If the net asset value of an investment in a private markets fund is not available at the time the Fund is calculating its net asset value, the Fund will review any cash flows since the reference date of the last net asset value for a private markets fund received by the Fund from a third-party manager until the determination date are recognized by (i) adding the nominal amount of the investment related capital calls and (ii) deducting the nominal amount of investment related distributions from the net asset value as reported by the third-party fund manager. The resulting value may be further adjusted based on correlation with public or private indexes to capture market movement since the reference date.

Notwithstanding the above, managers of primary and secondary investments in private markets funds may adopt a variety of valuation bases and provide differing levels of information where there will generally be no liquid markets for such investments. Consequently, there are inherent difficulties in determining the fair value that cannot be eliminated. None of the Valuation Committee, the Board or the Advisors will be able to confirm independently the accuracy of valuations provided by these investments in private market funds (which are generally unaudited). Due to the inherent uncertainty in determining the fair value of investments for which market values are not readily available, the fair value of these investments may fluctuate from period to period. In addition, such fair value may differ materially from the values that may have been used had a ready market existed for such investments and may significantly differ from the value ultimately realized by the Fund.

The Advisor seeks to evaluate on a daily basis material information about the Fund's portfolio companies; however, for the reasons noted herein, the Advisor will not be able to acquire and/or evaluate properly such information on a daily basis. Due to these various factors, the Fund's fair value determinations can cause the Fund's NAV on a given day to materially understate or overstate the value of its investments. As a result, investors who purchase Shares may receive more or less Shares and investors who tender their Shares may receive more or less cash proceeds than they otherwise would receive.

If the Advisor reasonably believes an opinion from an independent valuation firm or pricing vendor is inaccurate or unreliable, the Advisor's Valuation Committee will determine a good-faith fair valuation for the impacted investment. The Advisor's Valuation Committee, who is solely responsible for the determination of the fair value of the investments, will consider all available information at its disposal prior to making a valuation determination, including information or opinions from third-party firms.

The Fund calculates the NAV of each class of its Shares on a daily basis. In addition, the Fund intends to publicly report the NAV per Share of each class of the Fund on its website on a daily basis. For information on the Fund's daily NAV per Share, please call the Fund toll-free at 888-444-3613. The Advisor is responsible for the accuracy, reliability or completeness of any market or fair market valuation determinations made with respect to the Fund's assets.

**CONFLICTS OF INTEREST**

The Fund's executive officers and Trustees, and the employees of the Advisor or Sub-Advisor, serve or may serve as officers, trustees or principals of Other Investment Vehicles that operate in the same or a related line of business as the Fund or of other Calamos- or Aksia-advised funds. As a result, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of the Fund or its Shareholders. Moreover, notwithstanding the difference in principal investment objectives between the Fund and the Other Investment Vehicles, such other funds, including potential new pooled investment vehicles or managed accounts not yet established (whether managed or sponsored by the Advisors or their affiliates), have, and may from time to time have, overlapping investment objectives with the Fund and, accordingly, invest in, whether principally or secondarily, asset classes similar to those targeted by the Fund. To the extent the Other Investment Vehicles have overlapping investment objectives, the scope of opportunities otherwise available to the Fund may be adversely affected and/or reduced.

The Advisors are entities in which certain of the Fund's Trustees and officers may have indirect ownership and/or economic interests. Certain of the Fund's Trustees and officers also serve as officers or principals of other investment managers affiliated with the Advisors that currently, and may in the future, manage Other Investment Vehicles. In addition, certain of the Fund's officers and Trustees serve or may serve as officers, trustees or principals of entities that operate in the same or related line of business as the Fund does or of Other Investment Vehicles. Accordingly, the Fund may not be made aware of and/or given the opportunity to participate in certain investments made by investment funds managed by the Advisors or their affiliates. However, the Advisors intend to allocate investment opportunities in a fair and equitable manner in accordance with their investment allocation policy, consistent with each Other Investment Vehicle's investment objective and strategies and legal and regulatory requirements.

The results of the Fund's investment activities may differ significantly from the results achieved by the Other Investment Vehicles. It is possible that one or more of such funds will achieve investment results that are substantially more or less favorable than the results achieved by the Fund. Moreover, it is possible that the Fund will sustain losses during periods in which one or more affiliates of the Advisor achieve significant profits on their trading for proprietary or other accounts. The opposite result is also possible.

The Advisors, their affiliates and their clients may pursue or enforce rights with respect to an issuer in which the Fund has invested, and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity, and terms of the Fund's investments may be negatively impacted by the activities of the Advisors and their affiliates or their clients, and transactions for the Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the case.

The Advisors may enter into transactions and invest in securities, instruments, and currencies on behalf of the Fund in which customers of its affiliates, to the extent permitted by applicable law, serve as the counterparty, principal, or issuer. In such cases, such party's interests in the transaction could be adverse to the interests of the Fund, and such party may have no incentive to assure that the Fund obtains the best possible prices or terms in connection with the transaction. In addition, the purchase, holding and sale of such investments by the Fund may enhance the profitability of the Advisors or their affiliates. One or more affiliates may also create, write or issue derivatives for their customers, the underlying securities, currencies or instruments of which may be those in which the Fund invests, or which may be based on the performance of the Fund. The Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other distribution by one or more Advisor affiliates and may also enter into transactions with other clients of an affiliate where such other clients have interests adverse to those of the Fund.

Applicable law, including the 1940 Act, may at times prevent the Fund from being able to participate in investments that it otherwise would participate in and may require the Fund to dispose of investments at a time when it otherwise would not dispose of such investment, in each case, in order to comply with applicable law.

The 1940 Act contains prohibitions and restrictions relating to certain transactions between registered investment companies and certain affiliates (including any investment advisors), principal underwriters and certain affiliates of those affiliates or underwriters. Because the Fund is a registered investment company, the Fund is not generally permitted to make loans to companies controlled by the Advisors or other funds managed by the Advisors or their affiliates. The Fund, the Advisor and the Sub-Advisor have received exemptive relief that would permit the Fund and certain co-investment affiliates to co-invest in suitable negotiated investments. Co-investments made under the exemptive relief are subject to compliance with the conditions and other requirements contained in the exemptive relief, which could limit the Fund's ability to participate in a co-investment transaction.

The Fund will be required to establish business relationships with its counterparties based on the Fund's own credit standing. Neither the Advisors nor any of their affiliates will have any obligation to allow its credit to be used in connection with the Fund's establishment of its business relationships, nor is it expected that the Fund's counterparties will rely on the credit of the Advisors or their affiliates in evaluating the Fund's creditworthiness.

By reason of the various activities of the Advisors and their affiliates, the Advisors and such affiliates may acquire confidential or material non-public information or otherwise be restricted from purchasing certain potential Fund investments that otherwise might have been purchased or be restricted from selling certain Fund investments that might otherwise have been sold at the time.

The Advisors have adopted policies and procedures designed to prevent conflicts of interest from influencing proxy voting decisions made on behalf of advisory clients, including the Fund, and to help ensure that such decisions are made in accordance with its fiduciary obligations to clients. Nevertheless, notwithstanding such proxy voting policies and procedures, actual proxy voting decisions may have the effect of favoring the interests of other clients, provided that the Advisors believe such voting decisions to be in accordance with their fiduciary obligations.

**SHARE REPURCHASE PROGRAM**

The Fund does not currently intend to list its Shares on any securities exchange and does not expect any secondary market for them to develop in the foreseeable future. Therefore, Shareholders should expect that they will be unable to sell their Shares for an indefinite time or at a desired price. No Shareholder will have the right to require the Fund to repurchase such Shareholder's Shares or any portion thereof. Because no public market exists for the Shares, and none is expected to develop in the foreseeable future, Shareholders will not be able to liquidate their investment, other than through the Fund's share repurchase program, or, in limited circumstances, as a result of transfers of Shares to other investors.

To provide Shareholders with limited liquidity, the Fund is structured as an "interval fund" and intends to conduct semi-annual repurchase offers for between 5% and 25% of the Fund's outstanding shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). Under normal market conditions, the Fund currently intends to repurchase 5% of its outstanding Shares at NAV on a semi-annual basis. In connection with any given repurchase offer, it is likely that the Fund may offer to repurchase only 5% of its outstanding Shares. Semi-annual repurchases shall commence within two semi-annual periods after the Fund's initial effective date. The offer to purchase Shares is a fundamental policy that may not be changed without the vote of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). The Repurchase Offer Notice will be sent to Shareholders at least 21 calendar days before the Repurchase Request Deadline; however, the Fund will seek to provide such written notification earlier but no more than 42 calendar days before the Repurchase Request Deadline. The Board will establish the Repurchase Request Deadline for each repurchase offer, but such date may be revised by the Fund's officers, in their sole discretion, based on factors such as market conditions, the level of the Fund's assets and shareholder servicing considerations provided that the Board is notified of this change and the reasons for it. The NAV will be calculated on the Repurchase Pricing Date, which will be no later than 14 calendar days after the Repurchase Request Deadline or the next business day if the fourteenth day is not a business day. The Fund's NAV may fluctuate between the date you submit your repurchase request and the Repurchase Request Deadline and may also fluctuate to the extent there is any delay between the Repurchase Request Deadline and the Repurchase Pricing Date. The Fund will distribute payment to Shareholders within seven calendar days after the Repurchase Pricing Date. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and Shareholders to special risks.

**Determination of Repurchase Offer Amount**

The Board, in its sole discretion, will determine the number of Shares that the Fund will offer to repurchase (the "Repurchase Offer Amount") for a given Repurchase Request Deadline. The Repurchase Offer Amount, however, will be between 5% and 25% of the total number of Shares outstanding on the Repurchase Request Deadline. Under normal market conditions, the Fund currently intends to repurchase 5% of its outstanding shares at NAV on a semi-annual basis.

If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.

**Notice to Shareholders**

No less than 21 days and no more than 42 days before each Repurchase Request Deadline, the Fund shall send to each Shareholder of record and to each beneficial owner of the Shares that are the subject of the repurchase offer a notification ("Shareholder Notification"). The Shareholder Notification will contain information Shareholders should consider in deciding whether to tender their Shares for repurchase. The notice also will include detailed instructions on how to tender Shares for repurchase, state the Repurchase Offer Amount and identify the dates of the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the date the repurchase proceeds are scheduled for payment. The notice also will set forth the NAV that has been computed no more than seven days before the date of notification, and how Shareholders may ascertain the NAV after the notification date.

**Repurchase Price**

The repurchase price of the Shares will be the Fund's NAV as of the close of regular trading on the NYSE on the Repurchase Pricing Date. You may call 888-444-3613 to learn the NAV. The Shareholder Notification also will provide information concerning the NAV, such as the NAV as of a recent date or a sampling of recent NAVs, and a toll-free number for information regarding the repurchase offer.

**Contingent Deferred Sales Charge**

Selling brokers, or other Financial Intermediaries that have entered into distribution agreements with the Distributor, may receive a commission of up to 1.00% of the purchase price of Class C Shares.

Class C shareholders who tender for repurchase of such shareholder's Class C Shares such that they will have been held less than 365 days after purchase, as of the time of repurchase, will be subject to a contingent deferred sales charge of 1.00% of the original purchase price. The Fund or its designee may waive the imposition of the contingent deferred sales charge in the following situations: (1) Shareholder death or (2) Shareholder disability. Any such waiver does not imply that the contingent deferred sales charge will be waived at any time in the future or that such contingent deferred sales charge will be waived for any other shareholder. Class A, Class I and Class M Shares are not subject to a contingent deferred sales charge. For Class A Shares, on an investment of $250,000 or more, the distributor from its own resources pays the selling dealer a commission of 1.00% of the amount of the investment. Such Class A shareholders may pay a contingent deferred sales charge of 1.00% on these Class A Shares sold within 18 months after purchase. Shares acquired through the Fund's DRP, reinvestment of dividends or capital gain distributions are not subject to a contingent deferred sales charge.

**Repurchase Amounts and Payment of Proceeds**

Shares tendered for repurchase by Shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate Repurchase Offer Amount established for that Repurchase Request Deadline. Shareholders may withdraw or modify their request to tender their Shares for repurchase at any time prior to the Repurchase Request Deadline. Payment pursuant to the repurchase offer will be made by check to the Shareholder's address of record, or credited directly to a predetermined bank account on the Purchase Payment Date, which will be no more than seven calendar days after the Repurchase Pricing Date. The Board may establish other policies for repurchases of Shares that are consistent with the 1940 Act, regulations thereunder and other pertinent laws.

If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by Shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.

**Percentage Limitations**

Compliance with any policy or limitation of the Fund that is expressed as a percentage of assets is determined at the time of purchase of portfolio securities. The policy will not be violated if these limitations are exceeded because of changes in the market value or investment rating of the Fund's assets or if a borrower or issuer distributes equity securities incident to the purchase or ownership of a loan or fixed-income instrument or in connection with a reorganization of a borrower or issuer.

**Suspension or Postponement of Repurchase Offers**

The Fund may postpone or suspend repurchase offers. A postponement or suspension may occur only if approved by a vote of a majority of the Board, including a majority of the Independent Trustees. The Fund or your Financial Intermediary will send you a notice if there is a suspension or postponement of a repurchase offer and if a repurchase offer is renewed after a suspension or postponement. A suspension or postponement may be done only in limited circumstances. These circumstances include the following:

● The repurchase of Shares would cause the Fund to lose its status as a regulated investment company under Subchapter M of the Code;

● During an emergency that makes it impractical for the Fund to dispose of securities it owns or to determine the NAV of the Fund's Shares;

● During other periods that the SEC permits the suspension or postponement of offers by the Fund for the protection of its Shareholders; or

● During any period in which the NYSE or any other market on which the Fund's portfolio securities are traded is closed (other than customary weekend or holiday closings) or trading in those markets is restricted.

**DESCRIPTION OF CAPITAL STRUCTURE**

*The following description is based on relevant portions of the Delaware Statutory Trust Act, as amended, and on the Declaration of Trust and bylaws. This summary is not intended to be complete. Please refer to the Delaware Statutory Trust Act, as amended, and the Declaration of Trust and bylaws, copies of which have been filed as exhibits to the registration statement of which this prospectus forms a part, for a more detailed description of the provisions summarized below.*

**Shares of Beneficial Interest**

The Declaration of Trust authorizes the Fund's issuance of an unlimited number of Shares of beneficial interest, par value $0.001 per share. There is currently no market for Shares and the Fund does not expect that a market for Shares will develop in the foreseeable future. Pursuant to the Declaration of Trust and as permitted by Delaware law, Shareholders are entitled to the same limitation of personal liability extended to stockholders of private corporations organized for profit under the General Corporation Law of the State of Delaware, as amended (the "DGCL") and therefore generally will not be personally liable for the Fund's debts or obligations.

*Shares*

Under the terms of the Declaration of Trust, all Shares, when consideration for Shares is received by the Fund, will be fully paid and nonassessable. Distributions may be paid to Shareholders if, as and when authorized and declared by the Board. Shares will have no preference, preemptive, appraisal, conversion, exchange or redemption rights, and will be transferable only in accordance with Section 9.1 of the Declaration of Trust. The Declaration of Trust provides that the Board shall have the power to repurchase or redeem Shares. In the event of the Fund's dissolution, after the Fund pays or adequately provides for the payment of all claims and obligations of the Fund, and upon the receipt of such releases, indemnities and refunding agreements deemed necessary by the Board, each Share will be entitled to receive, according to its respective rights, a *pro rata* portion of the Fund's assets available for distribution, 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 or a majority of Shareholders.

*Preferred Shares and Other Securities*

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

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.

**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 willful misfeasance, lack of good faith or gross negligence in the performance of their duties, or reckless disregard of their obligations and duties under the Agreement.

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, except with respect to matters in which such person did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund, or in the case of a criminal proceeding, matters for which such person had reasonable cause to believe that his or her conduct was unlawful. 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, lack of good faith or gross negligence in the performance of his or her duties, or reckless disregard of his or her obligations and duties under the Agreement. 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 Investment Advisory Agreement and the Sub-Advisory Agreement provide that, in the absence of willful misfeasance, lack of good faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties under the Agreement, the Advisor or the Sub-Advisor, as the case may be, 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 15, 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, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee. 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) from office with cause only by action taken by a majority of the remaining Trustees (or, in the case of an Independent Trustee, only by action taken by a majority of the remaining Independent Trustees).

**Action by Shareholders**

The Declaration of Trust provides that Shareholder action can be taken at a meeting of Shareholders or by written consent 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 make certain amendments to 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.

**Waiver of Jury Trial**

The Declaration of Trust provides that each Trustee, officer, Shareholder and Person beneficially owning an interest in the Trust (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, irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding.

**Exclusive Jurisdiction**

The Declaration of Trust provides that each Trustee, officer, Shareholder and Person beneficially owning an interest in the Trust (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, irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Trust or its business and affairs, the Statutory Trust Act, the Declaration of Trust or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine 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. In submitting to the jurisdiction of the courts of Delaware, a Trustee, officer, Shareholder or Person beneficially owning an interest in the Trust may have to bring suit in an inconvenient and less favorable forum. This provision shall not apply to claims arising under federal or state securities laws.

**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.

**OUTSTANDING SECURITIES**

The following table sets forth information about the Fund's outstanding Shares as of May 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amount Authorized** | **Amount Held by the Fund for its Own Account** | **Amount Outstanding** | **Amount Outstanding** |
| Class A Shares | Unlimited | None |  | 0 |
| Class C Shares | Unlimited | None |  | 0 |
| Class I Shares | Unlimited | None |  | 10000 |
| Class M Shares | Unlimited | None |  | 0 |

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**TRANSFERS OF SHARES**

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

Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. Notice of a proposed transfer of a Share must also be accompanied by a properly completed investor application in respect of the proposed transferee. In connection with any request to transfer Shares, the Fund may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request. The Board generally will not consent to a transfer of Shares by a Shareholder (i) unless such transfer is to a single transferee, or (ii) if, after the transfer of the Shares, the balance of the account of each of the transferee and transferor is less than $1,000,000. Each transferring Shareholder and transferee may be charged reasonable expenses, such as attorneys' and accountants' fees, incurred by the Fund in connection with the transfer.

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

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

**TAX ASPECTS**

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

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

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

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

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

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

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

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

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. If more than 50% of the value of the Fund's total assets at the close of its tax year consists of securities of foreign corporations, the Fund will be eligible to elect to "pass-through" to the Fund the foreign source amount of income deemed earned and the respective amount of foreign taxes paid by the Fund. If the Fund so elects, each Shareholder would be required to include in gross income, even though not actually received, each Shareholder's *pro rata* share of the foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its *pro rata* share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both).

The Fund intends to elect to be treated as a RIC, and to qualify for and maintain its treatment as a RIC each year for U.S. federal income tax purposes. The description of the tax treatment of shareholders assumes that the Fund is treated as such.

**Taxation of U.S. Shareholders**

***Distributions***

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

A return of capital to Shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result of such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold for less than the Shareholder's original investment.

It is expected that a substantial portion of the Fund's income will consist of ordinary income. For example, the Fund may invest in passive foreign investment companies ("PFICs"). If a "qualified electing fund" election is not available to the Fund with respect to any PFIC investments, it may make a "mark-to-market" election, under which it will recognize ordinary income or loss (but such loss is limited to the extent of previously recognized gain) each year based on such PFIC's fluctuation in value. Additionally, interest, OID, and "market discount" on debt instruments, if any, derived by the Fund characterized as ordinary income for U.S. federal income tax purposes. In addition, certain of the Fund's investments will be subject to other special U.S. federal income tax provisions that may affect the character, increase the amount and/or accelerate the timing of distributions to Shareholders.

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

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

Distributions paid by the Fund generally will be treated as received by a Shareholder at the time the distribution is made. However, any distribution declared by the Fund in October, November or December of any calendar year, payable to Shareholders of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated for tax purposes as if it had been received by Shareholders on December 31 of the calendar year in which the distribution was declared. 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 which the income or gains supporting the distribution was earned. If the Fund makes such an election, the Shareholder will still be treated as receiving the distribution in the tax year in which the distribution is received.

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

***Sale or Exchange of Shares***

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

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

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

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 Shares) 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. Shareholder holds Shares through an intermediary, such intermediary) will send to each of its U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice detailing, on a per Share and per distribution basis, the amounts includible in such U.S. Shareholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the federal tax status of each year's distributions generally will be reported to the IRS, including the amount of distributions, if any, eligible for the preferential maximum rate generally applicable to long-term capital gains. Distributions paid by the Fund generally will not be eligible for the corporate dividends received deduction or the preferential tax rate applicable to Qualifying Dividends because the Fund's income generally will not consist of dividends. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Shareholder's particular situation.

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

The Fund will report the adjusted cost basis information is for covered securities, which generally include shares of a RIC acquired after January 1, 2012, to the IRS and to taxpayers. Shareholders should contact their Financial Intermediaries with respect to reporting of cost basis and available elections for their accounts. Shareholders should consult their tax advisors with respect to any adjustments to the basis of shares that may be required.

***Backup Withholding and Information Reporting***

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

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

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

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

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

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

Furthermore, properly reported distributions by the Fund and received by non-U.S. Shareholders are generally exempt from U.S. federal withholding tax when they (a) are paid by the Fund in respect of the Fund's "qualified net interest income" (*i.e.,* the Fund's U.S. source interest income, subject to certain exceptions, reduced by expenses that are allocable to such income), or (b) are paid by the Fund in connection with the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gains over the Fund's long-term capital losses for such tax year). However, depending on the circumstances, the Fund may report all, some or none of the Fund's potentially eligible distributions as derived from such qualified net interest income or from such qualified short-term capital gains, and a portion of such distributions (*e.g.,* derived from interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding. Moreover, in the case of Shares held through an intermediary, the intermediary may have withheld amounts even if the Fund reported all or a portion of a distribution as exempt from U.S. federal withholding tax. To qualify for this exemption from withholding, a non-U.S. Shareholder must comply with applicable certification requirements relating to its non-U.S. tax residency status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI, IRS Form W-8IMY or IRS Form W-8EXP, or an acceptable substitute or successor form). Thus, an investment in the Shares by a non-U.S. Shareholder may have adverse tax consequences as compared to a direct investment in the assets in which the Fund will invest.

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

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

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

Under the Foreign Account Tax Compliance Act provisions of the Code, the Fund is required to withhold U.S. tax (at the applicable rate) on payments of taxable dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements in the Code designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to the Fund to enable the Fund to determine whether withholding is required.

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

**Other Taxes**

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

**ERISA CONSIDERATIONS**

Employee benefit plans and other plans subject to ERISA or the Code, including corporate savings and 401(k) plans, IRAs and Keogh Plans (each, an "ERISA Plan") may purchase Shares. ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, prohibited transactions and other standards. 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" of any ERISA Plan investing in the Fund for purposes of the fiduciary responsibility and prohibited transaction rules under Title I of ERISA or Section 4975 of the Code. Thus, none of the Fund or the Advisors will be a fiduciary within the meaning of ERISA or Section 4975 of the Code with respect to the assets of any ERISA Plan that becomes a Shareholder, solely as a result of the ERISA Plan's investment in the Fund.

The provisions of ERISA are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA contained herein is, of necessity, general and may be affected by future publication of regulations and rulings. Potential investors should consult their legal advisors regarding the consequences under ERISA of an investment in the Fund through an ERISA Plan.

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

The Declaration of Trust includes provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of the Board. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. The Trustees are elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office with cause only by action taken by a majority of the remaining Trustees (or, in the case of an Independent Trustee, only by action taken by a majority of the remaining Independent Trustees). The Declaration of Trust does not contain any other specific inhibiting provisions that would operate only with respect to an extraordinary transaction such as a merger, reorganization, tender offer or sale or transfer of substantially all of the Fund's assets. The Fund may be dissolved only upon approval of not less than 80% of the Trustees or, to the extent provided under those circumstances described in this Registration Statement, by the vote of the majority of the outstanding Shares. To convert the Fund to an open-end investment company, the Declaration of Trust requires the favorable vote of a majority of the Continuing Trustees followed by the favorable vote of the holders of at least 75% of the outstanding shares of each affected class or series of shares of the Fund, voting separately as a class or series, unless such amendment has been approved by at least 80% of the Continuing Trustees, in which case "a majority of the outstanding voting securities" (as defined in the 1940 Act) of the Fund shall be required. We believe that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms. The Board has considered these anti-takeover provisions, including provisions with respect to the Board and the shareholder voting requirements described above, which voting requirements are greater than the minimum requirements under Delaware law or the 1940 Act, and determined that these anti-takeover provisions are in the best interests of shareholders. Reference should be made to the Declaration of Trust on file with the SEC for the full text of these provisions.

**PLAN OF DISTRIBUTION**

Calamos Financial Services LLC, located at 2020 Calamos Court, Naperville, IL 60563, serves as the Fund's principal underwriter and acts as the Distributor of the Fund's Shares on a best efforts basis, subject to various conditions. The Fund's Shares are offered for sale through the Distributor at a price equal to the then-current NAV per share plus any applicable sales load. The Distributor also may enter into agreements with Financial Intermediaries for the sale and servicing of the Fund's Shares. While Class M Shares do not impose a front-end sales charge, if you purchase Class M Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information. In reliance on Rule 415 under the Securities Act, the Fund intends to offer its Shares, on a continual basis, through the Distributor. The Distributor is not required to sell any specific number or dollar amount of the Fund's Shares but will use its best efforts to solicit orders for the purchase of the Shares. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in Fund Shares. The Fund has agreed to indemnify the Distributor for losses arising out of a claim, action, suit or proceeding based upon any untrue statement of material fact or the omission to state a material fact necessary to make the statements not misleading contained in this Prospectus, unless such statement or omission was made in reliance upon written information furnished by the Distributor, provided that the Distributor shall not be entitled to any indemnification by reason of its willful misfeasance, lack of good faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties under the Agreement.

The Fund has authorized one or more Financial Intermediaries to receive on its behalf purchase and redemption orders. Such Financial Intermediaries are authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. The Fund will be deemed to have received a purchase order when an authorized broker or, if applicable, a broker's authorized designee, receives the order. Purchase orders will be priced at the Fund's NAV next computed after they are received by a Financial Intermediary or the Financial Intermediary's authorized designee. Investors may be charged a fee if they effect transactions through a Financial Intermediary or authorized designee.

The Advisors or their affiliates, in the Advisors' discretion and from their own resources, may pay Additional Compensation to Financial Intermediaries in connection with the sale of Fund Shares. In return for the Additional Compensation, the Fund may receive certain marketing advantages including access to a Financial Intermediary's registered representatives, placement on a list of investment options offered by a Financial Intermediary, or the ability to assist in training and educating a Financial Intermediary. The Additional Compensation may differ among Financial Intermediaries in amount or in the manner 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. The receipt of Additional Compensation by a selling Financial Intermediary may create potential conflicts of interest between an investor and its Financial Intermediary who is recommending the Fund over other potential investments. Additionally, the Fund pays a servicing fee to the Financial Intermediaries or financial institutions and for providing ongoing services in respect of clients with whom it has distributed Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and ongoing liaison services as the Fund or the Advisors may reasonably request.

**PURCHASING SHARES**

Investors may purchase Class A, Class C and Class I Shares directly from the Fund in accordance with the instructions below. Investors will be assessed fees for returned checks and stop payment orders at prevailing rates charged by the Transfer Agent. Class A, Class C, Class I and Class M Shares of the Fund may be purchased through Financial Intermediaries offering such Shares. Orders will be priced at the appropriate price next computed after it is received by a Financial Intermediary and accepted by the Fund. A Financial Intermediary may hold Shares in an omnibus account in the Financial Intermediary's name or the Financial Intermediary may maintain individual ownership records. The Fund may pay the Financial Intermediary for maintaining individual ownership records as well as providing other shareholder services. Financial Intermediaries may charge fees for the services they provide in connection with processing your transaction order or maintaining an investor's account with them. Investors should check with their Financial Intermediary to determine if it is subject to these arrangements. Financial Intermediaries are responsible for placing orders correctly and promptly with the Fund, forwarding payment promptly. The Fund accepts initial and additional purchases of Shares on each day that the NYSE is open for business. Orders will be priced based on the Fund's NAV next computed (at the close of regular trading (generally 4:00 p.m., Eastern Time) on a day that the NYSE is open for business) after it is received by the transfer agent.

While Class M Shares are not subject to a front-end sales charge, if you purchase Class M Shares through certain financial firms, such firms may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information. Investors in Class A Shares and Class C Shares may be subject to purchase deadlines set by their Financial Intermediary. Financial Intermediaries who miss Fund deadlines on behalf of their clients on any day may have their purchases delayed until the next day that the Fund accepts purchases orders.

If an investment is made through a Keogh plan or 401(k) plan, an approved trustee must process and forward the subscription to the Fund. In such case, the Fund will send the confirmation and notice of its acceptance to the trustee.

The Fund accepts initial and additional purchases of Shares on each business day. All purchases are subject to the receipt of immediately available funds.

The Fund does not issue the Shares purchased (and an investor does not become a Shareholder with respect to such Shares) until the applicable purchase date, i.e., the following business day. Consequently, purchase proceeds do not represent capital of the Fund, and do not become assets of the Fund, until such date.

The Fund reserves the right to reject any application. Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective investor.

**By Mail - Initial Investment**

To make an initial purchase by mail, complete a subscription application and mail the application, together with a check made payable to Calamos Aksia Private Equity and Alternatives Fund to the Transfer Agent in writing via overnight mail, USO or via USPS mail, Attn: Transfer Agent, c/o State Street Corporation, 1776 Heritage Drive, North Quincy, MA 02171, 3rd Floor.

The transfer agent must receive a completed subscription application from a Financial Intermediary before an investor wires funds. The Financial Intermediary may mail or overnight deliver an subscription application to the transfer agent. Upon receipt of the completed subscription application, the transfer agent will establish an account. The account number assigned will be required as part of the instruction that should be provided to an investor's bank to send the wire. An investor's bank must include both the name of the Fund, the account number, and the investor's name so that monies can be correctly applied. If you wish to wire money to make an investment in the Fund, please call the Fund at 888-444-3613 for wiring instructions and to notify the Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire, although the Fund will not accept payment by automated clearing house (ACH). The Fund will normally accept wired funds for investment on the day received if they are received by the Fund's designated bank before the close of regular trading on the NYSE in accordance with the procedures described above. Your bank may charge you a fee for wiring same-day funds. The bank should transmit funds by wire to:

ABA: 011000028

State Street Bank and Trust

Account: 11807914

CALAMOS AKSIA PE AND ALTS FUND

In compliance with the USA Patriot Act of 2001, the Transfer Agent will verify certain information on each subscription application as part of the Fund's Anti-Money Laundering Program. As requested on the application, investors must supply full name, date of birth, social security number and permanent street address. Mailing addresses containing only a P.O. Box will not be accepted. Registered representatives/investment advisors may call the Fund at 888-444-3613 for additional assistance when completing an application.

If the Transfer Agent does not have a reasonable belief of the identity of a customer, the account will be rejected or the customer will not be allowed to perform a transaction on the account until such information is received. The Fund also may reserve the right to close the account within five business days if clarifying information/documentation is not received.

**Purchase Terms**

With respect to Class A Shares and Class C Shares, the minimum initial investment is $2,500 for all accounts; subsequent investments may be made with at least $100, except for purchases made pursuant to the Fund's DRP or as otherwise permitted by the Fund. Investors purchasing Class A Shares may be charged a sales load of up to 3.50% of their net purchase, as described below. Class C shareholders who tender for repurchase of such shareholder's Class C Shares such that they will have been held less than 365 days after purchase, as of the time of repurchase, will be subject to a contingent deferred sales charge of 1.00% of the original purchase price. No order for Class C shares of the Fund may exceed $250,000. With respect to Class M Shares, the minimum initial investment is $10,000 for all accounts; subsequent investments may be made with at least $100, except for purchases made pursuant to the Fund's DRP or as otherwise permitted by the Fund. While Class M Shares do not impose a front-end if you purchase Class M Shares through certain financial firms, they may directly charge you transaction or other fees in such amount as they may determine. Please consult your financial firm for additional information. With respect to Class I Shares, the minimum initial investment is $1,000,000 for all accounts; subsequent investments may be made in any amount. The Fund reserves the right to waive the investment minimum for Class A Shares, Class C Shares, Class I Shares and Class M Shares. Minimum initial investment is waived for current or retired trustees of the Trust, officers, and employees of the Advisors or their affiliates, employees of the Distributor, or employees of an entity with a selling group arrangement with the Distributor, and their immediate family members, including a spouse, child, stepchild, parent, stepparent, sibling, grandchild, and grandparent, in each case including in-law and adoptive relationships. The Fund may permit a Financial Intermediary to waive the initial minimum per shareholder for Class I Shares in the following situations: broker-dealers purchasing fund shares for clients in broker-sponsored discretionary fee-based advisory programs and Financial Intermediaries with clients of a registered investment advisor (RIA) who have entered into an agreement to offer institutional shares through a no-load program or investment platform. The Fund's Class I Shares are offered for sale through its Distributor at NAV. The price of the Shares during the Fund's continuous offering will fluctuate over time with the NAV of the Shares.

The Fund's Shares are offered for sale through its Distributor at NAV plus any applicable sales load. The price of the Shares during the Fund's continuous offering will fluctuate over time with the NAV of the Shares.

**Class A Shares**

Investors purchasing Class A Shares may be charged a sales load based on the amount of their net investment in the Fund. The sales load payable by each investor depends upon the amount invested by such investor in the Fund, but may range from 0.00% to 3.50%. A reallowance to participating broker-dealers may be made by the Distributor from the sales load paid by each investor.

You may be able to buy Class A Shares without a sales charge (*i.e.,* "load-waived") when you are:

● reinvesting dividends or distributions;

● purchasing Shares through a financial services firm that has a special arrangement with the Fund;

● participating in an investment advisory or agency commission program under which you pay a fee to an investment advisor or other firm for portfolio management or brokerage services; or

● any current or retired trustee of the Fund, or any associated trust, person, or profit sharing or other benefit plan of such current or retired trustee; any employee of the Fund's distributor or its affiliates; an employee of an entity with a selling group agreement with the Fund's distributor; or any member of the immediate family of a person qualifying here including a spouse, child, stepchild, parent, stepparent, sibling, grandchild and grandparent, in each case including in-law and adoptive relationships.

The following sales loads apply to your purchases of Class A Shares of the Fund:

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| | | | | |
|:---|:---|:---|:---|:---|
| Amount Purchased | Sales Load as a % of<br>Offering Price | Sales Loads as a % of<br>Amount Invested | Dealer<br>Reallowance\* | Dealer<br>Manager Fee |
| Under $100,000 | 3.50% | 3.63% | 3.50% | 0% |
| $100000-$249999 | 2.00% | 2.04% | 2.00% | 0% |
| $250,000 and above\*\* |  |  | 1.00% |  |

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\* Gross Dealer Concession paid to participating broker-dealers.

\*\* On an investment of $250,000 or more, the distributor from its own resources pays the selling dealer a commission of 1.00% of the amount of the investment. You may pay a contingent deferred sales charge of 1.00% on shares sold within 18 months after purchase.

**Reduced Sales Charges for Class A Purchases**

As the table above shows, the larger your investment, the lower your initial sales charge on Class A shares. Each investment threshold that qualifies for a lower sales charge is known as a "breakpoint." You may be able to qualify for a breakpoint on the basis of a single purchase or by aggregating the amounts of more than one purchase in the following ways:

**Rights of Accumulation**

You may combine the value, at the current public offering price, of Class A, Class C and Class I shares of the Fund already owned with a new purchase of Class A shares of the Fund to reduce the sales charge on the new purchase. The sales charge for the new shares will be figured at the rate in the table above that applies to the combined value of your current and new investment.

For the purposes of determining the applicable reduced sales charge, the right of accumulation allows you to include prior purchases of Class A Shares of the Fund as part of your current investment as well as reinvested dividends. To qualify for this option, you must be either:

● an individual;

● an individual and spouse purchasing shares for your own account or trust or custodial accounts for your minor children; or

● a fiduciary purchasing for any one trust, estate or fiduciary account, including employee benefit plans created under Sections 401, 403 or 457 of the Code, including related plans of the same employer.

To obtain any of the breakpoint discounts described above, you must notify us or your financial advisor at the time you purchase shares of each eligible account you or a member of your immediate family maintains. If you do not let us or your financial advisor know of all of the holdings or planned purchases that make you eligible for a reduction, you may not receive a discount to which you are otherwise entitled. If you make your investment through a financial advisor, it is solely your financial advisor's responsibility to ensure that you receive discounts for which you are eligible, and the Fund is not responsible for a financial advisor's failure to apply the eligible discount to your account. You may be asked by us or your financial advisor for account statements or other records to verify your discount eligibility, including, where applicable, records for accounts opened with a different financial advisor and records of accounts established by members of your immediate family. If you own shares exclusively through an account maintained with the Fund's transfer agent, you will need to provide the foregoing information to us at the time you purchase shares.

If you plan to rely on this right of accumulation, you must notify the Distributor at the time of your purchase. You will need to give the Distributor your account numbers. Existing holdings of family members or other related accounts of a Shareholder may be combined for purposes of determining eligibility. If applicable, you will need to provide the account numbers of your spouse and your minor children as well as the ages of your minor children.

**Letter of Intent**

You may reduce the sales charges you pay on the purchase of Class A shares by making investments pursuant to a Letter of Intent ("LOI"). Under an LOI, you may purchase additional Class A shares of the Fund over a 13-month period and receive the same sales charge as if you had purchased all the shares at once. Your individual purchases will be made at the applicable sales charge based on the amount you intend to invest over a 13-month period. In addition, the market value of any current holdings in the Fund (as described and calculated under "Rights of Accumulation" as further noted in the Fund's prospectus) are eligible to be aggregated as of the start of the 13-month period and will be credited toward satisfying the LOI, but the reduced LOI sales charge rate will only apply to purchases made on or after the commencement date of the LOI. The 13-month LOI period commences with your first purchase of shares at the reduced LOI sales charge rate, and this first purchase also acknowledges acceptance of the terms of the LOI. The initial investment must meet the minimum initial purchase requirements. Purchases resulting from the reinvestment of dividends and/or capital gains do not apply towards the fulfillment of the LOI. In all instances, it is the investor's responsibility to notify the Fund, the Fund's transfer agent and/or their financial advisor of any current holdings in the Funds that should be counted towards the sales charge reduction (and provide account statements, as needed, for verification purposes) and any subsequent purchases that should be counted towards fulfillment of the LOI. During the term of the LOI, shares representing up to 5% of the indicated LOI amount will be held in escrow. Shares held in escrow have full dividend and voting privileges. The escrowed shares will be released when the full amount indicated has been purchased. If the full indicated LOI amount is not purchased during the term of the LOI, you will be required to pay the Distributor an amount equal to the difference between the dollar amount of the sales charges actually paid and the amount of the sales charges that you would have paid on your aggregate purchases if the total of such purchases had been made at a single time, and the Distributor reserves the right to redeem escrowed shares from your account if necessary to satisfy this obligation. Any remaining escrowed shares will be released to you. An LOI does not obligate you to buy, or a Fund to sell, the indicated amount of shares. Before submitting and/or signing an LOI, please carefully read and review the LOI provisions found in both this prospectus and the statement of additional information.

**Exchanging Shares**

Exchanges from one class of Shares to another class of Shares are generally not permitted. Upon request, the Fund may, in its discretion, permit a current Shareholder to exchange his or her shares to another class of Shares in a non-taxable transaction; provided that such Shareholder meets the requirements of the new 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 Intermediary 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.

**Distribution and/or Shareholder Service Expenses**

The Fund has adopted a "Distribution and Shareholder Services Plan" with respect to its Class A, Class C and Class M Shares under which the Fund may compensate financial industry professionals for distribution-related expenses, if applicable, and providing ongoing services in respect of clients with whom they have distributed Shares of the Fund. Such services may include electronic processing of client orders, electronic fund transfers between clients and the Fund, account reconciliations with the Fund's transfer agent, facilitation of electronic delivery to clients of Fund documentation, monitoring client accounts for back-up withholding and any other special tax reporting obligations, maintenance of books and records with respect to the foregoing, and such other information and liaison services as the Fund or the Advisors may reasonably request. Under the Distribution and Shareholder Services Plan, the Fund, with respect to Class A, Class C and Class M, may incur expenses on an annual basis equal to 0.25%, 1.00% and 0.75%, respectively, of its average daily net assets. With respect to Class A Shares, the entire fee is characterized as a "shareholder service fee." With respect to Class C Shares, 0.25% of the fee is characterized as a "shareholder service fee" and the remaining portion is characterized as a "distribution fee." With respect to Class M Shares, the entire fee is characterized as a "distribution fee."

The Distribution and Shareholder Services Plan and the Distribution Plan each 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 a condition of an exemptive order under the 1940 Act which permits it to have asset-based distribution fees.

**DISTRIBUTIONS**

The Fund contemplates declaring as dividends each year all or substantially all of its taxable income. 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. Unless Shareholders elect to receive distributions in the form of cash, the Fund intends to make its ordinary distributions in the form of additional Shares under the DRP. Any distributions reinvested under the DRP will nevertheless remain subject to U.S. federal (and applicable state and local) taxation to Shareholders. The Fund may finance its cash distributions to Shareholders from any sources of funds available to the Fund, 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 Private Equity Funds and/or Portfolio Companies and expense reimbursements from the Adviser. The Fund has not established limits on the amount of funds the Fund may use from available sources to make distributions.

Each year, a statement on Form 1099-DIV identifying the sources of the distributions (*i.e.*, paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be furnished to Shareholders subject to IRS reporting. Fund ordinary distributions may exceed the Fund's earnings, especially during the period before the Fund has substantially invested the proceeds from this offering. To the extent that the Fund pays distributions that constitute a return of capital for U.S. federal income tax purposes, it will lower an investor's tax basis in his or her Shares. A return of capital generally is a return of an investor's investment rather than a return of earnings or gains derived from the Fund's investment activities. There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.

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

**Dividend Reinvestment Plan**

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

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

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

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

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

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

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

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

All correspondence concerning the DRP should be directed to the Transfer Agent in writing via overnight mail, USO or via USPS mail, Attn: Transfer Agent, c/o State Street Corporation, 1776 Heritage Drive, North Quincy, MA 02171, 3rd Floor.

**FISCAL YEAR; REPORTS**

For accounting purposes, the Fund's fiscal year and tax year are expected to end on March 31 and September 30, respectively. As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for tax purposes will be furnished to Shareholders subject to IRS reporting. In addition, the Fund will prepare and transmit to Shareholders an unaudited semi-annual and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act.

**INQUIRIES**

Inquiries concerning the Fund and the Shares should be directed to the Fund at 888-444-3613.

**CALAMOS AKSIA PRIVATE EQUITY and Alternatives FUND**

**SHARES OF BENEFICIAL INTEREST**

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**PROSPECTUS**

------

**[ ], 2025**

Subject to Completion, June 6, 2025

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

**CALAMOS AKSIA PRIVATE Equity and Alternatives FUND**

**SHARES OF BENEFICIAL INTEREST**

**Class A Shares**

**Class C Shares**

**Class I Shares**

**Class M Shares**

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**Statement of Additional Information**

**[ ], 2025**

------

Calamos Aksia Private Equity and Alternatives Fund (the "Fund") is a newly organized Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that is operated as an interval 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.

This Statement of Additional Information (this "Statement of Additional Information" or "SAI") is not a prospectus. This Statement of Additional Information should be read in conjunction with the prospectus of the Fund dated [ ], 2025, as it may be amended from time to time (the "Prospectus"). This Statement of Additional Information is incorporated by reference into the Prospectus. A copy of the Prospectus (as well as the Fund's Annual and Semi-Annual Report once completed) and any or all information that has been incorporated by reference into the prospectus or Statement of Additional Information but not delivered with the prospectus or Statement of Additional Information, will be provided upon request and without charge by writing to the Fund at Calamos Aksia Private Equity and Alternatives Fund c/o 2020 Calamos Court, Naperville, Illinois 60563, Client Services, 4th Floor or by calling toll-free 888-444-3613 or by accessing the Fund's website at calamos.com. The information on the website is not incorporated by reference into this Statement of Additional Information and investors should not consider it a part of this Statement of Additional Information. The Prospectus, and other information about the Fund, are also available on the U.S. Securities and Exchange Commission's (the "SEC") website at *sec.gov*. 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.

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

Capitalized terms used but not defined in this Statement of Additional Information have the meanings ascribed to them in the Prospectus.

Shares are distributed by Calamos Financial Services LLC ("Distributor") to institutions and financial intermediaries who may distribute Shares to clients and customers (including affiliates and correspondents) of the Fund's investment adviser, and to clients and customers of other organizations. The Fund's Prospectus, which is dated [ ], 2025, provides basic information investors should know before investing. This SAI is intended to provide additional information regarding the activities and operations of the Fund and should be read in conjunction with the Prospectus.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| INVESTMENT OBJECTIVE, POLICIES AND RISKS | 1 |
| INVESTMENT RESTRICTIONS | 16 |
| MANAGEMENT OF THE FUND | 18 |
| PORTFOLIO TRANSACTIONS | 31 |
| TAXATION OF THE FUND | 31 |
| PROXY VOTING POLICY AND PROXY VOTING RECORD | 35 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | 36 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 36 |
| LEGAL COUNSEL | 36 |
| DISTRIBUTOR | 36 |
| ADDITIONAL INFORMATION | 36 |
| FINANCIAL STATEMENTS | 37 |

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**INVESTMENT OBJECTIVE, POLICIES AND RISKS**

The investment objective of the Fund, as well as the principal investment strategies of the Fund and the principal risks associated with such investment strategies, are set forth in the Prospectus. The following disclosure supplements the disclosure set forth under the caption "Types of Investments and Related Risks" in the Prospectus and does not, by itself, present a complete or accurate explanation of the matters disclosed. Prospective investors must refer also to "Types of Investments and Related Risks" in the Prospectus for a complete presentation of the matters disclosed below.

**Equity Securities**

The Fund's and/or a Private Equity Fund's portfolio may include investments in common stocks, preferred stocks, and convertible securities of U.S. and foreign issuers. The Fund and/or a Private Equity Fund also may invest in depositary receipts relating to foreign securities. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities.

*Common Stock*

Common stock or other common equity issued by a corporation or other entity generally entitles the holder to a pro rata share of the profits, if any, of the entity without preference over any other shareholder or claims of shareholders, after making required payments to holders of the entity's preferred stock and other senior equity. Common stock usually carries with it the right to vote and frequently an exclusive right to do so.

*Preferred Stock*

Preferred stock or other preferred equity generally has a preference as to dividends and, in the event of liquidation, to an issuer's assets, over the issuer's common stock or other common equity, but it ranks junior to debt securities in an issuer's capital structure. Preferred stock generally pays dividends in cash or additional shares of preferred stock at a defined rate but, unlike interest payments on debt securities, preferred stock dividends are generally payable only if declared by the issuer's board of directors. Dividends on preferred stock may be cumulative, meaning that, in the event the issuer fails to make one or more dividend payments on the preferred stock, no dividends may be paid on the issuer's common stock until all unpaid preferred stock dividends have been paid. Preferred stock may also be subject to optional or mandatory redemption provisions.

*Convertible Securities*

Convertible securities are bonds, debentures, notes, preferred stock, or other securities that may be converted into or exchanged for a specified amount of common equity of the same or different issuer within a specified period of time at a specified price or based on a specified formula. In many cases, a convertible security entitles the holder to receive interest or a dividend that is generally paid or accrued until the convertible security matures or is redeemed, converted or exchanged. Convertible securities have unique investment characteristics in that they generally (i) have higher yields (i.e., rates of interest or dividends) than common stocks, but lower yields than comparable non-convertible securities, (ii) are less subject to fluctuation in value than the underlying common stock into which they are convertible due to their fixed-income characteristics and (iii) provide the potential for capital appreciation if the market price of the underlying common stock increases. The Fund's and/or a Private Equity Fund's investments in convertible securities are expected to primarily be in private convertible securities, but may be in public convertible securities.

The value of a convertible security is primarily a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (determined by reference to the security's anticipated worth, at market value, if converted into the underlying common stock). The investment value of a convertible security is influenced by changes in interest rates, with investment value typically declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also increase or decrease the convertible security's value. If the conversion value is low relative to the investment value, the convertible security is valued principally by reference to its investment value. To the extent the value of the underlying common stock approaches or exceeds the conversion value, the convertible security will be valued increasingly by reference to its conversion value. Generally, the conversion value decreases as the convertible security approaches maturity. Where no market exists for a convertible security and/or the underlying common stock, such investments may be difficult to value. A public convertible security generally will sell at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income security.

A convertible security may in some cases be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security is called for redemption, the holder will generally have a choice of tendering the security for redemption, converting it into common stock prior to redemption, or selling it to a third party. Any of these actions could have a material adverse effect and result in losses to the Fund.

**Cash Equivalents and Short-Term Debt Securities**

For temporary defensive purposes, the Fund may invest up to 100% of its assets in cash equivalents and short-term debt securities. Short-term debt securities are defined to include, without limitation, the following:

(1) U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government securities include securities issued by: (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration and Government National Mortgage Association, the securities of which are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks and Tennessee Valley Authority, the securities of which are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association, the securities of which are supported by the discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality; and (d) the Student Loan Marketing Association, the securities of which are supported only by its credit. While the U.S. government provides financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate. The economic crisis in the United States during 2008 and 2009 negatively impacted government-sponsored entities. As the real estate market deteriorated through declining home prices and increasing foreclosure, government-sponsored entities, which back the majority of U.S. mortgages, experienced extreme volatility, and in some cases, a lack of liquidity. The Advisor and the Sub-Advisor will monitor developments and seek to manage the Fund's portfolio in a manner consistent with achieving the Fund's investment objectives; but there can be no assurance that it will be successful in doing so.

(2) Repurchase agreements, which involve purchases of debt securities. At the time the Fund purchases securities pursuant to a repurchase agreement, it simultaneously agrees to resell and redeliver such securities to the seller, who also simultaneously agrees to buy back the securities at a fixed price and time. This assures a predetermined yield for the Fund during its holding period, since the resale price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity for the Fund to invest temporarily available cash. The Fund may enter into repurchase agreements only with respect to obligations of the U.S. government, its agencies or instrumentalities; certificates of deposit; or bankers' acceptances in which the Fund may invest. Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities. The risk to the Fund is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of default, the repurchase agreement provides that the Fund is entitled to sell the underlying collateral. If the value of the collateral declines after the agreement is entered into, and if the seller defaults under a repurchase agreement when the value of the underlying collateral is less than the repurchase price, the Fund could incur a loss of both principal and interest. The Advisors will monitor the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. The Advisors will do so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase price to be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the ability of the Fund to liquidate the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws.

**Asset-Backed (Including Mortgage-Backed) Securities**

The Fund may purchase asset-backed securities, which are securities backed by mortgages, real estate debt, consumer loans, senior living debt, installment contracts, small business loans, credit card receivables, municipal securities or other financial assets. The investment characteristics of asset-backed securities differ from those of traditional fixed income securities. Asset-backed securities represent interests in "pools" of assets in which payments of both interest and principal on the securities are made periodically, thus in effect "passing through" such payments made by the individual borrowers on the assets that underlie the securities, net of any fees paid to the issuer or guarantor of the securities. The average life of asset-backed securities varies with the maturities of the underlying instruments, and the average life of a mortgage-backed instrument, in particular, is likely to be substantially less than the original maturity of the mortgage pools underlying the securities as a result of mortgage prepayments. For this and other reasons, an asset-backed security normally is subject to both call risk and extension risk, and an asset-backed security's stated maturity may be shortened. In addition, the security's total return may be difficult to predict precisely. These differences can result in significantly greater price and yield volatility than is the case with traditional fixed income securities.

If an asset-backed security is purchased at a premium, a prepayment rate that is faster than expected will reduce yield to maturity, while a prepayment rate that is slower than expected will have the opposite effect of increasing yield to maturity. Conversely, if an asset-backed security is purchased at a discount, faster than expected prepayments will increase, while slower than expected prepayments will decrease, yield to maturity. In calculating the average weighted maturity of the Fund's fixed income investments, the maturity of asset-backed securities will be based on estimates of average life. Prepayments on asset-backed securities generally increase with falling interest rates and decrease with rising interest rates; furthermore, prepayment rates are influenced by a variety of economic and social factors. In general, the collateral supporting non-mortgage asset-backed securities is of shorter maturity than mortgage loans and is less likely to experience substantial prepayments.

Asset-backed securities acquired by the Fund may include collateralized mortgage obligations ("CMOs"). CMOs provide the holder with a specified interest in the cash flow of a pool of underlying mortgages or other mortgage-backed securities. Issuers of CMOs ordinarily elect to be taxed as pass-through entities known as real estate mortgage investment conduits. CMOs are issued in multiple classes, each with a specified fixed or floating interest rate and a final distribution date. The relative payment rights of the various CMO classes may be structured in a variety of ways, and normally are considered derivative securities. In some cases CMOs may be highly leveraged and very speculative. The Funds will not purchase "residual" CMO interests, which normally exhibit greater price volatility.

***Extension Risk***

An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a mortgage-backed security) later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and the Fund will also suffer from the inability to reinvest in higher yielding securities.

***Systemic***

Credit risk may also arise through a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution causes a series of defaults by the other institutions. This is sometimes referred to as a "systemic risk" and may adversely affect financial intermediaries, such as clearing agencies, clearing houses, banks, securities firms and exchanges, with which the Fund interacts on a daily basis.

***Collateralized Loan Obligations***

The Fund may invest in CLOs and other similarly structured investments. A CLO is an asset-backed security whose underlying collateral is a pool of loans, which may include, among others, domestic and foreign floating rate and fixed rate senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. In the case of most CLOs, the structured finance securities are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their degree of risk. If there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such securities take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches have a priority in right of payment to subordinated/equity tranches. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the collateral and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Because it is partially protected from defaults, a senior tranche from a CLO trust typically has higher ratings and lower yields than its underlying collateral and may be rated investment grade. Despite the protection from the equity and mezzanine tranches, more senior tranches of CLOs can experience losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of more subordinate tranches, market anticipation of defaults, as well as aversion to CLO securities as a class.

In light of the above, CLOs may present risks similar to those of other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLOs depending upon the Fund's ranking in the capital structure. In certain cases, losses may equal the total amount of the Fund's principal investment. Investments in structured vehicles involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant price fluctuations.

In addition to the general risks associated with investing in debt securities and asset-backed securities (*e.g*., interest rate risk, credit risk and default risk), CLO securities carry additional risks, including: (1) the possibility that distributions from collateral assets will not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) the Fund may invest in tranches of a CLO that are subordinate to other classes; and (4) the complex structure of a particular security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. Additionally, changes in the collateral held by a CLO may cause payments on the instruments held by the Fund to be reduced, either temporarily or permanently. CLOs also may be subject to prepayment risk. Further, the performance of a CLO may be adversely affected by a variety of factors, including the security's priority in the capital structure of the issuer thereof, the availability of any credit enhancement, the level and timing of payments and recoveries on and the characteristics of the underlying receivables, loans or other assets that are being securitized, remoteness of those assets from the originator or transferor, the adequacy of and ability to realize upon any related collateral and the capability of the servicer of the securitized assets. There are also the risks that the trustee of a CLO does not properly carry out its duties to the CLO, potentially resulting in loss to the CLO. In addition, the complex structure of the security may produce unexpected investment results, especially during times of market stress or volatility.

***Warehouse Investment Risk***

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

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

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

The Fund may be an investor in Warehouse Investments and in CLOs or CDOs that acquire warehoused assets, including from warehouses in which any of the Fund, other clients of a Sub-Advisor or a Sub-Advisor has directly or indirectly invested. This involves certain conflicts and risks.

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

**Fixed Income Securities**

The Fund may invest in fixed income securities. The Fund will invest in these securities when their yield and potential for capital appreciation are considered sufficiently attractive, and also may invest in these securities for defensive purposes and to maintain liquidity. Fixed income securities include, among other securities: bonds, notes and debentures issued by U.S. and non-U.S. corporations; U.S. government securities or debt securities issued or guaranteed by a non-U.S. government; municipal securities; and mortgage-backed and asset backed securities. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (i.e., credit risk) and are subject to the risk of price volatility due to such factors as interest rate sensitivity, market perception of the creditworthiness or financial condition of the issuer and general market liquidity (i.e., market risk). Certain portfolio securities, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to significant reductions of yield and possible loss of principal.

The Fund may invest in both investment grade and non-investment grade debt securities (commonly referred to as "junk bonds"). Investment grade debt securities are securities that have received a rating from at least one nationally recognized statistical rating organization (a "Rating Agency") in one of the four highest rating categories or, if not rated by any Rating Agency, have been determined by the Investment Manager to be of comparable quality. There is no minimum credit standard as a prerequisite to an investment in any security. As a result, the Fund may invest in debt securities that are rated below investment grade and are considered speculative, including distressed bonds. The Fund may invest in fixed income securities of companies in initial public offerings ("IPOs") or shortly after those offerings are complete.

The Fund's investments in non-investment grade debt securities, including convertible debt securities, are considered by the Rating Agencies to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Non-investment grade securities in the lowest rating categories may involve a substantial risk of default or may be in default. Adverse changes in economic conditions or developments regarding the individual issuer are more likely to cause price volatility and weaken the capacity of the issuers of non-investment grade securities to make principal and interest payments than is the case for higher grade securities. In addition, the market for lower grade securities may be thinner and less liquid than the market for higher grade securities.

***High Yield, Low-Rated or Unrated Securities***

The Fund or a Private Equity Fund may invest in high yield fixed-income securities. Debt securities (including bonds) and preferred stock in which the Fund invests may or may not be rated by credit rating agencies. If they are rated, their ratings may range from the very highest to the very lowest. Securities rated below investment grade normally provide a yield that is significantly higher than that of investment grade securities, but are quite speculative for reasons enumerated below. The lower-rated categories include debt securities that are in default and debt securities of insolvent issuers. The rating that a credit rating agency assigns to a security does not reflect an assessment of the volatility of the security's market value or the liquidity of an investment in the security. The values of lower-rated securities (including unrated securities of comparable quality) fluctuate more than those of higher-rated securities because investors generally believe that there are greater risks associated with them. In addition, the lower rating reflects a greater possibility that the financial condition of the issuer, or adverse changes in general economic conditions, or both, or an unanticipated rise in interest rates, may impair the ability of the issuer to make payments of principal and income. The inability (or perceived inability) of issuers to make timely payment of interest and principal would likely make the values of the securities more volatile and could limit the purchaser's ability to sell the securities at prices approximating the values it had placed on the securities. In general, the market for lower-rated or unrated securities is smaller and less active than that for higher-rated securities, which can adversely affect the ability to sell these securities at favorable prices. In addition, the market prices of lower-rated securities are likely to be more volatile because: (i) an economic downturn or increased interest rates may have a more significant effect on the yield, price and potential for default; (ii) past legislation has limited (and future legislation may further limit) investment by certain institutions in lower-rated securities or the tax deductibility of the interest by the issuer, which may adversely affect the value of the securities; and (iii) it may be difficult to obtain information about financially or operationally troubled issuers. The Fund will not necessarily dispose of a security when its rating is reduced below its rating at the time of purchase.

**Other Fund Strategies**

***Short Sales***

The Fund may engage in short sales of securities. A short sale is a transaction in which the Fund sells a security it does not own as a means of attractive financing for purchasing other assets or in anticipation that the market price of that security will decline. The Fund may make short sales for financing, for risk management, to maintain portfolio flexibility or to enhance income or gain.

When the Fund makes a short sale, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale as collateral for its obligation to deliver the security upon conclusion of the sale. The Fund may have to pay a fee to borrow particular securities and is often obligated to pay over any payments received on such borrowed securities.

The Fund's obligation to replace the borrowed security may be secured by collateral deposited with the broker-dealer, usually cash, U.S. government securities or other liquid securities. The Fund may also be required to designate on its books and records similar collateral with its custodian to the extent, if any, necessary so that the aggregate collateral value is at all times at least equal to the current market value of the security sold short. Depending on arrangements made with the broker-dealer from which it borrowed the security regarding payment over of any payments received by the Fund on such security, the Fund may not receive any payments (including interest) on its collateral deposited with such broker-dealer.

Short selling involves a number of risks. If a security sold short increases in price, the Fund may have to cover its short position at a higher price than the short sale price, resulting in a loss. The Fund may, but is not expected to, have substantial short positions and may engage in short sales where it does not own or have the immediate right to acquire the security sold short, and as such must borrow those securities to make delivery to the buyer under the short sale transaction. The Fund may not be able to borrow a security that it needs to deliver or it may not be able to close out a short position at an acceptable price and may have to sell related long positions earlier than it had expected. Thus, the Fund may not be able to successfully implement any short sale strategy it employs due to limited availability of desired securities or for other reasons. Also, there is the risk that the counterparty to a short sale may fail to honor its contractual terms, causing a loss to the Fund.

Until the Fund replaces a security borrowed in connection with a short sale, it may be required to maintain a segregated account of cash or liquid assets with a broker or custodian to cover the Fund's short position.

Generally, securities held in a segregated account cannot be sold unless they are replaced with other liquid assets. The Fund's ability to access the pledged collateral may also be impaired in the event the broker becomes bankrupt, insolvent or otherwise fails to comply with the terms of the contract. In such instances, the Fund may not be able to substitute or sell the pledged collateral and may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. Additionally, the Fund must maintain sufficient liquid assets, less any additional collateral pledged to the broker, marked-to-market daily, to cover the borrowed securities obligations. This may limit the Fund's investment flexibility, as well as its ability to meet other current obligations.

In times of unusual or adverse market, economic, regulatory or political conditions, the Fund may not be able, fully or partially, to implement its short selling strategy. Periods of unusual or adverse market, economic, regulatory or political conditions generally may exist for as long as six months and, in some cases, much longer.

***Derivatives***

*General Limitations on Futures and Options Transactions.* Calamos has claimed an exclusion from the definition of the term "commodity pool operator" in accordance with the U.S. Commodity Futures Trading Commission (the "CFTC") Regulation 4.5 so that Calamos is not subject to registration or regulation as a commodity pool operator ("CPO") under the Commodity Exchange Act (the "CEA") with respect to the Fund. In order to maintain the exclusion for Calamos, the Fund must invest no more than a prescribed level of its liquidation value in certain futures, certain swap contracts and certain other derivatives subject to the CEA's jurisdiction, and the Fund must not market itself as providing investment exposure to such instruments. If the Fund's investments no longer qualify Calamos for the exclusion, Calamos may be subject to the CFTC's CPO registration requirements with respect to the Fund, and the disclosure and operations of the Fund would need to comply with all applicable regulations governing commodity pools registered as investment companies under the 1940 Act and commodity pool operators. Compliance with the additional registration and regulatory requirements may increase operating expenses. Other potentially adverse regulatory initiatives could also develop.

Various exchanges and regulatory authorities have undertaken reviews of options and futures trading in light of market volatility. Among the possible actions that have been presented are proposals to adopt new or more stringent daily price fluctuation limits for futures and options transactions and proposals to increase the margin requirements for various types of futures transactions.

*Asset Coverage for Futures and Options Positions*. The Fund complies with the regulatory requirements of the SEC and the CFTC with respect to coverage of options and futures positions by registered investment companies and, if the guidelines so require, will segregate cash, U.S. government securities, high-grade liquid debt securities and/or other liquid assets permitted by the SEC and CFTC on the Fund's records in the amount prescribed. Securities segregated on the Fund's records cannot be sold while the futures or options position is outstanding, unless replaced with other permissible assets, and will be marked-to-market daily.

*Options.* The Fund may purchase put and call options on currencies or securities. A put option gives the purchaser the right to compel the writer of the option to purchase from the option holder an underlying currency or security or its equivalent at a specified price at any time during the option period. In contrast, a call option gives the purchaser the right to buy the underlying currency or security covered by the option or its equivalent from the writer of the option at the stated exercise price.

As a holder of a put option, the Fund will have the right to sell the currencies or securities underlying the option and as the holder of a call option, the Fund will have the right to purchase the currencies or securities underlying the option, in each case at their exercise price at any time prior to the option's expiration date. The Fund may seek to terminate its option positions prior to their expiration by entering into closing transactions. The ability of the Fund to enter into a closing sale transaction depends on the existence of a liquid secondary market. There can be no assurance that a closing purchase or sale transaction can be effected when the Fund so desires.

*Certain Considerations Regarding Options.* The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of options involves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities on which the option is based. Imperfect correlation between the options and securities markets may detract from the effectiveness of attempted hedging. Options transactions may result in significantly higher transaction costs and portfolio turnover for the Fund.

Some, but not all, of the Fund's derivative instruments may be traded and listed on an exchange. There is no assurance that a liquid secondary market on an options exchange will exist for any particular option at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Fund is unable to effect a closing sale transaction with respect to options on securities that it has purchased, it would have to exercise the option to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

*Futures Contracts.* The Fund may enter into securities-related futures contracts, including security futures contracts, as an anticipatory hedge. The Fund's derivative investments may include sales of futures as an offset against the effect of expected declines in securities prices and purchases of futures as an offset against the effect of expected increases in securities prices. The Fund does not enter into futures contracts which are prohibited under the CEA and will, to the extent required by regulatory authorities, enter only into futures contracts that are traded on exchanges and are standardized as to maturity date and underlying financial instrument. A security futures contract is a legally binding agreement between two parties to purchase or sell in the future a specific quantity of a security or of the component securities of a narrow-based security index, at a certain price. A person who buys a security futures contract enters into a contract to purchase an underlying security and is said to be "long" the contract. A person who sells a security futures contract enters into a contract to sell the underlying security and is said to be "short" the contract. The price at which the contract trades (the "contract price") is determined by relative buying and selling interest on a regulated exchange.

Transaction costs are incurred when a futures contract is bought or sold and margin deposits must be maintained. To enter into a security futures contract, the Fund must deposit funds with its custodian in the name of the futures commodities merchant equal to a specified percentage of the current market value of the contract as a performance bond. Moreover, all security futures contracts are marked-to-market at least daily, usually after the close of trading. At that time, the account of each buyer and seller reflects the amount of any gain or loss on the security futures contract based on the contract price established at the end of the day for settlement purposes.

An open position, either a long or short position, is closed or liquidated by entering into an offsetting transaction (*i.e.*, an equal and opposite transaction to the one that opened the position) prior to the contract expiration. Traditionally, most futures contracts are liquidated prior to expiration through an offsetting transaction and, thus, holders do not incur a settlement obligation. If the offsetting purchase price is less than the original sale price, a gain will be realized; if it is more, a loss will be realized. Conversely, if the offsetting sale price is more than the original purchase price, a gain will be realized; if it is less, a loss will be realized. The transaction costs must also be included in these calculations. However, there can be no assurance that the Fund will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract and the Fund may not be able to realize a gain in the value of its future position or prevent losses from mounting. This inability to liquidate could occur, for example, if trading is halted due to unusual trading activity in either the security futures contract or the underlying security; if trading is halted due to recent news events involving the issuer of the underlying security; if systems failures occur on an exchange or at the firm carrying the position; or, if the position is on an illiquid market. Even if the Fund can liquidate its position, it may be forced to do so at a price that involves a large loss.

Under certain market conditions, it may also be difficult or impossible to manage the risk from open security futures positions by entering into an equivalent but opposite position in another contract month, on another market, or in the underlying security. This inability to take positions to limit the risk could occur, for example, if trading is halted across markets due to unusual trading activity in the security futures contract or the underlying security or due to recent news events involving the issuer of the underlying security.

There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a futures contract position. The Fund would continue to be required to meet margin requirements until the position is closed, possibly resulting in a decline in the Fund's NAV. In addition, many of the contracts discussed above are relatively new instruments without a significant trading history. As a result, there can be no assurance that an active secondary market will develop or continue to exist.

Futures positions also may be illiquid because certain commodity exchanges limit fluctuations in certain futures contract prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." Under such daily limits, during a single trading day no trades may be executed at prices beyond the daily limits. Once the price of a particular futures contract has increased or decreased by an amount equal to the daily limit, positions in that contract can neither be entered into nor liquidated unless traders are willing to effect trades at or within the limit. Futures prices have occasionally moved beyond the daily limits for several consecutive days with little or no trading. Over-the-counter instruments generally are not as liquid as instruments traded on recognized exchanges. These constraints could prevent the Fund from promptly liquidating unfavorable positions and subject the Fund to substantial losses.

Security futures contracts that are not liquidated prior to expiration must be settled in accordance with the terms of the contract. Depending on the terms of the contract, some security futures contracts are settled by physical delivery of the underlying security. At the expiration of a security futures contract that is settled through physical delivery, a person who is long the contract must pay the final settlement price set by the regulated exchange or the clearing organization and take delivery of the underlying securities. Conversely, a person who is short the contract must make delivery of the underlying securities in exchange for the final settlement price. Settlement with physical delivery may involve additional costs.

Depending on the terms of the contract, other security futures contracts are settled through cash settlement. In this case, the underlying security is not delivered. Instead, any positions in such security futures contracts that are open at the end of the last trading day are settled through a final cash payment based on a final settlement price determined by the exchange or clearing organization. Once this payment is made, neither party has any further obligations on the contract.

As noted above, margin is the amount of funds that must be deposited by the Fund to initiate futures trading and to maintain the Fund's open positions in futures contracts. A margin deposit is intended to ensure the Fund's performance of the futures contract. The margin required for a particular futures contract is set by the exchange on which the futures contract is traded and may be significantly modified from time to time by the exchange during the term of the futures contract.

If the price of an open futures contract changes (by increase in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund. In computing daily NAV, the Fund marks to market the current value of its open futures contracts. The Fund expects to earn interest income on its margin deposits.

Because of the low margin deposits required, futures contracts trading involves an extremely high degree of leverage. As a result, a relatively small price movement in a futures contract may result in an immediate and substantial loss or gain to the investor. For example, if at the time of purchase 10% of the value of the futures contract is deposited as margin, a subsequent 10% decrease in the value of the futures contract would result in a total loss of the margin deposit, before any deduction for the transaction costs, if the account were then closed out. A 15% decrease would result in a loss equal to 150% of the original margin deposit, before any deduction for the transaction costs, if the account were then closed out. Thus, a purchase or sale of a futures contract may result in losses in excess of the amount initially invested in the futures contract. However, the Fund would presumably have sustained comparable losses if, instead of the futures contract, it had invested in the underlying financial instrument and sold it after the decline.

In addition to the foregoing, imperfect correlation between futures contracts and the underlying securities may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. Under certain market conditions, the prices of security futures contracts may not maintain their customary or anticipated relationships to the prices of the underlying security or index. These pricing disparities could occur, for example, when the market for the security futures contract is illiquid, when the primary market for the underlying security is closed, or when the reporting of transactions in the underlying security has been delayed.

In addition, the value of a position in security futures contracts could be affected if trading is halted in either the security futures contract or the underlying security. In certain circumstances, regulated exchanges are required by law to halt trading in security futures contracts. For example, trading on a particular security futures contract must be halted if trading is halted on the listed market for the underlying security as a result of pending news, regulatory concerns or market volatility. Similarly, trading of a security futures contract on a narrow-based security index must be halted under circumstances where trading is halted on securities accounting for at least 50% of the market capitalization of the index. In addition, regulated exchanges are required to halt trading in all security futures contracts for a specified period of time when the Dow Jones Industrial Average experiences one-day declines of 10%, 20% and 30%. The regulated exchanges may also have discretion under their rules to halt trading in other circumstances, such as when the exchange determines that the halt would be advisable in maintaining a fair and orderly market.

A trading halt, either by a regulated exchange that trades security futures or an exchange trading the underlying security or instrument, could prevent the Fund from liquidating a position in security futures contracts in a timely manner, which could expose the Fund to a loss.

Each regulated exchange trading a security futures contract may also open and close for trading at different times than other regulated exchanges trading security futures contracts or markets trading the underlying security or securities. Trading in security futures contracts prior to the opening or after the close of the primary market for the underlying security may be less liquid than trading during regular market hours.

*Swap Agreements.* The Fund may enter into swap agreements. In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Some swaps are structured to include exposure to a variety of different types of investments or market factors, such as interest rates, commodity prices, non-U.S. currency rates, mortgage securities, corporate borrowing rates, security prices, indexes or inflation rates. Swap agreements may be negotiated bilaterally and traded OTC between two parties or, in some instances, must be transacted through a futures commission merchant and cleared through a clearinghouse that serves as a central counterparty. Certain risks are reduced (but not eliminated) if a fund invests in cleared swaps. Certain standardized swaps, including certain credit default swaps, are subject to mandatory clearing, and more are expected to be in the future. The counterparty risk for cleared derivatives is generally lower than for uncleared derivatives, but cleared contracts are not risk-free.

Swap agreements may increase or decrease the overall volatility of the Fund's investments and the price of Fund Shares. The performance of swap agreements may be affected by a change in the specific interest rate, currency or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, if the counterparty's creditworthiness declines, the value of a swap agreement would likely decline, potentially resulting in losses.

Generally, swap agreements have fixed maturity dates that are agreed upon by the parties to the swap. The agreement can be terminated before the maturity date only under limited circumstances, such as default by or insolvency of one of the parties and can be transferred by a party only with the prior written consent of the other party. The Fund may be able to eliminate its exposure under a swap agreement either by assignment or other disposition, or by entering into an offsetting swap agreement with the same party or a similarly creditworthy party. If the counterparty is unable to meet its obligations under the contract, declares bankruptcy, defaults or becomes insolvent, the Fund may not be able to recover the money it expected to receive under the contract.

A swap agreement can be a form of leverage, which can magnify the Fund's gains or losses. To reduce the risk associated with leveraging, the Fund will segregate assets equal to the full notional value of the swap agreements, unless future SEC staff guidance permits asset segregation to a lesser extent.

The use of swaps can cause the Fund to be subject to additional regulatory requirements, which may generate additional Fund expenses.

The Fund monitors any swaps with a view towards ensuring that the Fund remains in compliance with all applicable regulatory, investment and tax requirements.

*Equity Swaps*. In a typical equity swap, one party agrees to pay another party the return on a security, security index or basket of securities in return for a specified interest rate. By entering into an equity index swap, the index receiver can gain exposure to securities making up the index of securities without actually purchasing those securities. Equity index swaps involve not only the risk associated with investment in the securities represented in the index, but also the risk that the performance of such securities, including dividends, will not exceed the interest that the Fund will be committed to pay under the swap.

*Total Return Swaps.* In a total return swap, one party pays a rate of interest in exchange for the total rate of return on another investment. For example, if the Fund or a Private Equity Fund wished to invest in a senior loan, it could instead enter into a total return swap and receive the total return of the senior loan, less the "funding cost," which would be a floating interest rate payment to the counterparty.

***Convertible Hedging***

If the market price of the underlying common stock increases above the conversion price on a convertible security, the price of the convertible security will increase. The Fund's increased liability on any outstanding short position would, in whole or in part, reduce this gain.

***Convertible Securities***

The value of a convertible security is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors also may have an effect on the convertible security's investment value.

***Synthetic Convertible Instruments***

The value of a synthetic convertible instrument will respond differently to market fluctuations than a convertible security because a synthetic convertible instrument is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls below the exercise price of the warrant or option, the warrant or option may lose all value.

***BDCs***

The Fund may invest in private BDCs and publicly traded BDCs. A BDC is a type of closed-end investment company regulated under the 1940 Act. BDCs typically invest in and lend to small and medium-sized private and certain public companies that may not have access to public equity or debt markets for capital raising. BDCs invest in such diverse industries as healthcare, chemical and manufacturing, technology and service companies. At least 70% of a BDC's investments must be made in private and certain public U.S. businesses, and BDCs are required to make available significant managerial assistance to their portfolio companies. Unlike corporations, BDCs are not taxed on income distributed to their shareholders, provided they comply with the applicable requirements of Subchapter M of Subtitle A, Chapter 1 ("Subchapter M") of the Internal Revenue Code of 1986, as amended (the "Code").

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

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

***Special Purpose Acquisition Companies***

A special purpose acquisition company ("SPAC") is a publicly traded company that raises investment capital in the form of a blind pool via an initial public offering ("IPO") for the purpose of acquiring an existing company. The typical SPAC IPO involves the sale of units consisting of one share of common stock combined with one or more warrants or fractions of warrants to purchase common stock at a fixed price upon or after consummation of the acquisition. Shortly after the SPAC's IPO, such units typically are split into publicly listed common stock and warrants (and rights, if applicable) which are each listed and traded separately. The proceeds from the IPO are placed in trust until such time that the SPAC identifies and consummates the acquisition. A SPAC generally invests the proceeds of its IPO (less a portion retained to cover expenses), which are held in trust, in U.S. government securities, money market securities and cash. If the SPAC does not complete the acquisition within a specified period of time after going public, the SPAC is dissolved, at which point the invested funds are returned to the entity's shareholders (less certain permitted expenses) and any rights or warrants issued by the SPAC expire worthless. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Some SPACs may pursue acquisitions only within certain industries or regions, which may increase the volatility of their prices. In addition, the Fund may obtain certain private rights and other interests issued by a SPAC (commonly referred to as "founder shares"), which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an IPO.

SPACs are "blank check" companies with no operating history and, at the time that the Fund invests in a SPAC, the SPAC typically has not conducted any discussions or made any plans, arrangements, or understandings with any prospective transaction candidates. Accordingly, there is a limited basis, if any, on which to evaluate the SPAC's ability to achieve its business objective, and the value of its securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. While certain SPACs are formed to make transactions in specified market sectors, others are complete "blank check" companies, and the management of the SPAC may have limited experience or knowledge of the market sector in which the transaction is made. Accordingly, at the time that the Fund invests in a SPAC, there may be little or no basis for the Fund to evaluate the possible merits or risks of the particular industry in which the SPAC may ultimately operate or the target business which the SPAC may ultimately acquire. A SPAC will not generate any revenues until, at the earliest, after the consummation of a transaction. While a SPAC is seeking a transaction target, its stock may be thinly traded and/or illiquid. There can be no assurance that a market will develop.

The proceeds of a SPAC IPO that are placed in trust are subject to risks, including the risk of insolvency of the custodian of the funds, fraud by the trustee, interest rate risk and credit and liquidity risk relating to the securities and money market funds in which the proceeds are invested.

The Fund may invest in liquid alternative strategies including stocks, rights, warrants, and other securities of SPACs. In addition, the Fund may obtain certain private rights and other interests issued by a SPAC (commonly referred to as "founder shares"), which may be subject to forfeiture or expire worthless and which generally have more limited liquidity than SPAC shares issued in an initial public offering.

***Reverse Repurchase Agreements***

The Fund may enter into reverse repurchase agreements with respect to its portfolio investments subject to the investment restrictions set forth herein. Reverse repurchase agreements involve the sale of securities held by the Fund with an agreement by the Fund to repurchase the securities at an agreed upon price, date and interest payment. At the time the Fund enters into a reverse repurchase agreement, it may designate on its books and records liquid instruments having a value not less than the repurchase price (including accrued interest). If the Fund establishes and maintains such a segregated account, a reverse repurchase agreement will not be considered a borrowing by the Fund; however, under certain circumstances in which the Fund does not establish and maintain such a segregated account, such reverse repurchase agreement will be considered a borrowing for the purpose of the Fund's limitation on borrowings. The use by the Fund of reverse repurchase agreements involves many of the same risks of leverage since the proceeds derived from such reverse repurchase agreements may be invested in additional securities. Reverse repurchase agreements involve the risk that the market value of the securities acquired in connection with the reverse repurchase agreement may decline below the price of the securities the Fund has sold but is obligated to repurchase. Also, reverse repurchase agreements involve the risk that the market value of the securities retained in lieu of sale by the Fund in connection with the reverse repurchase agreement may decline in price.

If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision. Also, the Fund would bear the risk of loss to the extent that the proceeds of the reverse repurchase agreement are less than the value of the securities subject to such agreement.

***Securities Lending***

To the extent permitted by the 1940 Act, the Fund may make secured loans of its marginable securities to brokers, dealers and other financial institutions; provided, however, that the value of such loaned securities may not exceed one-third of the Fund's total asset value, including collateral received in respect of such loans. The risks in lending portfolio securities, as with other extensions of credit, consist of possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. However, such loans will be made only to broker-dealers and other financial institutions that are believed by the Advisors to be of relatively high credit standing. Loans of securities are made to broker-dealers pursuant to agreements requiring that such loans be continuously secured by collateral consisting of U.S. government securities, cash or cash equivalents (negotiable certificates of deposit, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal at all times to the market value of the securities lent. The borrower pays to the Fund, as the lender, an amount equal to any dividends or interest received on the securities lent. The collateral must have a market value at least equal to 100% of the market value of the loaned securities at all times during the duration of the loan. The Fund invests the cash collateral received in accordance with its investment objectives, subject to the Fund's agreement with the borrower of the securities. In the case of cash collateral, the Fund typically pays a rebate to the borrower. The reinvestment of cash collateral will result in a form of effective leverage for the Fund. Although voting rights or rights to consent with respect to the loaned securities pass to the borrower, the Fund, as the lender, retains the right to call the loans and obtain the return of the securities loaned at any time on reasonable notice, and it will do so in order that the securities may be voted by the Fund if the holders of such securities are asked to vote upon or consent to matters materially affecting the Fund's investment. The Fund may also call such loans to sell the securities involved. When engaged in securities lending, the Fund's performance will continue to reflect changes in the value of the securities loaned and will also reflect the receipt of interest through investment of cash collateral by the Fund in permissible investments.

**Involuntary Repurchases and Mandatory Redemptions**

The Fund, consistent with the requirements of the Fund's Declaration of Trust, the provisions of the 1940 Act and rules thereunder, including Rule 23c-2, has the right to repurchase or redeem Shares of a Shareholder or any person acquiring Shares from or through a Shareholder under certain circumstances, including:

● ownership of Shares by a Shareholder or other person will cause the Fund to be in violation of, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the U.S. or any other relevant jurisdiction;

● continued ownership of such Shares may be harmful or injurious to the business or reputation of the Fund or the Advisors, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal consequences;

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

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

**INVESTMENT RESTRICTIONS**

**FUNDAMENTAL POLICIES**

The Fund may not:

(1) Purchase or sell real estate, commodities or commodity contracts, except that, to the extent permitted
by applicable law, the Fund may (i) invest in securities directly or indirectly secured by real estate or interests therein or issued
by entities that invest in real estate or interests therein; (ii) acquire, hold and sell real estate acquired through default, liquidation,
or other distributions of an interest in real estate as a result of the Fund's ownership of other assets; (iii) invest in instruments
directly or indirectly secured by commodities or securities issued by entities that invest in or hold such commodities and acquire temporarily
commodities as a result thereof; and (iv) purchase and sell forward contracts, financial futures contracts and options thereon;

(2) Issue senior securities or borrow money except as permitted by the 1940 Act and the rules and interpretative
positions of the SEC thereunder or otherwise as permitted by applicable law;

(3) Underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under
the Securities Act in selling its own securities or portfolio securities;

(4) Make loans to other persons, except that (i) the Fund will not be deemed to be making a loan to the
extent that the Fund makes debt investments in accordance with its stated investment strategies; (ii) the Fund may take short positions
in any security or financial instrument; and (iii) the Fund may lend its portfolio securities in an amount not in excess of 331/3%
of its total assets, taken at market value, provided that such loans shall be made in accordance with applicable law; and

(5) Invest more than 25% of its total assets (taken at market value at
 the time of each investment) in the securities of issuers in any one industry or group of industries;
 provided that (i) securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities
 and tax-exempt securities of governments or their political subdivisions will not be considered to represent
 an industry (other than those securities backed only by the assets and revenues of non-governmental
 users with respect to which the Fund will not invest 25% or more of the value of its total assets (taken
 at market value at the time of each investment) in securities backed by the same source of revenue,
 and (ii) this investment restriction does not apply to investments by the Fund in Private Equity
 Funds (or in another comparable investment pool). The Fund may invest in Private Equity Funds that may
 concentrate their assets in one or more industries. The Fund will not invest 25% or more of its assets
 in a Private Equity Fund that it knows concentrates its assets in a single industry or group of industries.
 The Fund determines industries by reference to the Global Industry Classification Standard as it may
 be amended from time to time.

In addition, the Fund has adopted a fundamental policy that it will make semi-annual repurchase offers pursuant to Rule 23c-3 of the 1940 Act, as such rule may be amended from time to time, for between 5% and 25% of the Shares outstanding at NAV, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14th day after the Repurchase Request Deadline (as defined in the applicable Prospectus), or the next business day if the 14th day is not a business day. The Fund will repurchase Shares that are tendered by a specific date (the "Repurchase Request Deadline"). The Fund's Board will establish the Repurchase Request Deadline for each repurchase offer, but such date may be revised by the Fund's officers, in their sole discretion, based on factors such as market conditions, the level of the Fund's assets and shareholder servicing considerations provided that the Board is notified of this change and the reasons for it.

The fundamental investment limitations set forth above restrict the ability of the Fund to engage in certain practices and purchase securities and other instruments other than as permitted by, or consistent with, applicable law, including the 1940 Act. Relevant limitations of the 1940 Act as they presently exist are described below. These limitations are based either on the 1940 Act itself, the rules or regulations thereunder or applicable orders of the SEC. In addition, interpretations and guidance provided by the SEC staff may be taken into account to determine if a certain practice or the purchase of securities or other instruments is permitted by the 1940 Act, the rules or regulations thereunder or applicable orders of the SEC. As a result, the foregoing fundamental investment policies may be interpreted differently over time as the statute, rules, regulations or orders (or, if applicable, interpretations) that relate to the meaning and effect of these policies change, and no vote of Shareholders, as applicable, will be required or sought.

**NON-FUNDAMENTAL POLICIES**

The Fund is also subject to the following non-fundamental restrictions and policies, which may be changed by the Board of Trustees without the approval of the holders of a majority of the outstanding voting securities of the Fund. The Fund may not:

(1) Change or alter the Fund's investment objective;

(2) Purchase securities of other investment companies, except to the extent that such purchases are permitted
by applicable law, including any exemptive orders issued by the SEC; and

(3) Purchase any securities on margin except as may be necessary in connection with transactions described
under "Investment Objective, Policies and Risks" above and except that the Fund may obtain such short-term credit as may be
necessary for the clearance of purchases and sales of portfolio investments (the deposit or payment by the Fund of initial or variation
margin in connection with swaps, forward contracts and financial futures contracts and options thereon is not considered the purchase
of a security on margin).

In addition, the Fund's 80% Policy to invest, under normal circumstances, 80% of its net assets (plus the amount of any borrowing for investment purposes) in Private Equity Investments and Alternative Investments is not a fundamental policy of the Fund and may be changed by the Board of Trustees without the vote of a majority of the Fund's outstanding Shares (as defined by the 1940 Act). The Fund will provide shareholders with at least 60 days' notice prior to changing the 80% policy.

Compliance with any policy or limitation of the Fund that is expressed as a percentage of assets is determined at the time of purchase of portfolio securities. The policy to determine compliance with any policy or limitation of the Fund that is expressed as a percentage of assets at the time of purchase of portfolio securities will not be violated if these limitations are exceeded because of changes in the market value or investment rating of the Fund's assets or if a borrower distributes equity securities incident to the purchase or ownership of a portfolio investment or in connection with a reorganization of a borrower. The Fund interprets its policies with respect to borrowing and lending to permit such activities as may be lawful for the Fund, to the full extent permitted by the 1940 Act or by exemption from the provisions therefrom pursuant to an exemptive order of the SEC. However, the Fund shall always be in compliance with its policy on borrowing.

**MANAGEMENT OF THE FUND**

The Fund's business and affairs are managed under the direction of the Board, subject to the laws of the State of Delaware and the Fund's Agreement and Declaration of Trust. The Board currently consists of five members, three of whom are not "interested persons" of the Fund as defined in Section 2(a)(19) of the 1940 Act (collectively, the "Independent Trustees"). The Board annually elects the Fund's officers, who serve at the discretion of the Board. The Board maintains an audit committee, a nominating and governance committee and an independent trustees committee and may establish additional committees from time to time as necessary.

**Board of Trustees and Officers**

***Trustees***

Information regarding the members of the Board is set forth below. The Trustees have been divided into two groups-Interested Trustees and Independent Trustees. As set forth in the Fund's Declaration of Trust, each Trustee's term of office shall continue until his or her death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, <br> address<sup>(1)</sup><br> and age** | **Position(s)<br> Held with<br> the Fund** | **Term of <br> Office and <br> Length of<br> Time <br> Served<sup>(2)</sup>** | **Principal <br> Occupation(s)<br> During Past 5 <br> Years** | **Number <br> of <br> Portfolios <br> in Fund <br> Complex <br> Overseen <br> by<br> Trustee<sup>(3)</sup>** | **Other <br> Directorships<br> Held by Trustee** |
| ***Interested Trustees<sup>(2)</sup>*** |  |  |  |  |  |
| John S. Koudounis (1966) | Chairman, Trustee and Vice President | Indefinite Length – Since Inception | President (since February 2021) and Chief Executive Officer, Calamos Asset Management, Inc. ("CAM"); Calamos Investments LLC ("CILLC"), Calamos Advisors LLC ("Calamos Advisors"), Calamos Wealth Management LLC ("CWM"), and Calamos Financial Services LLC (since 2016); Chairman and Chief Executive Officer, Calamos Antetokounmpo Asset Management LLC (since 2022); prior thereto, President and Chief Executive Officer (2010-2016), Mizuho Securities USA Inc. | 2 | -CAM (Director)<br> - National Hellenic Museum (Trustee/Executive Committee Member)<br> - The Hellenic Initiative (Board Member/Executive Committee Member)<br> - World Business Chicago (Trustee) — National Council of the Order of Saint Andrew the Apostle (Board Member)<br> - Greek Orthodox Metropolis of Chicago Foundation (Board Member/President)<br> - Ecumenical Patriarch Bartholomew Foundation (Board Member/Chairman of the Investment Committee)<br> - SEAL Future Foundation (executive advisory board member) |
| Jim Vos (1962) | Trustee | Indefinite Length – Since Inception | Partner, CEO, Aksia LLC | 2 |  |
| ***Independent Trustees*** |  |  |  |  |  |
| Bjorn Forfang (1960) | Trustee | Indefinite Length – Since Inception | Deputy CEO, CFA Institute Managing Partner, Erigo Capital Partners | 2 |  |
| Sharmila Kassam (1973) | Trustee | Indefinite Length – Since Inception | Financial Services Executive | 2 | -Director, Greenbacker Energy GREC Fund II (renewables energy fund)<br> - Director and Treasurer, Texas Housing Conservancy<br> - Director, Greater Austin YMCA |
| John E. Neal (1950) | Trustee | Indefinite Length – Since Inception | Retired; Private investor | 69 | -Director, Equity Residential Trust (publicly-owned REIT)<br> - Director, Creation Investments (private international microfinance company)<br> - Director, CenTrust Bank (Northbrook, IL community bank)<br> - formerly, Director Neuro-ID (private company providing prescriptive analytics for the risk industry) (until 2021)<br> - formerly, Partner, Linden LLC (health care private equity) (until 2018) |

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(1) The address of each Trustee is care of the Secretary of the Fund
 at 2020 Calamos Court, Naperville, IL 60563.

(2) "Interested person," as defined in the 1940 Act, of the
 Fund. John Koudounis and Jim Vos are each an interested person of the Fund due to their affiliation
 with Calamos and Aksia, respectively.

(3) The term "Fund Complex" means two or more registered investment companies that share the same
investment advisor or have an investment advisor that is an affiliated person of the investment advisor of any of the other registered
investment companies or hold themselves out to investors as related companies for the purpose of investment and investor services.

***Officers***

The preceding table gives information about John Koudounis and Jim Vos, each of whom is a Vice President of the Fund. The following table sets forth each other officer's name, age, position with the Fund and date first appointed to that position, and principal occupation(s) during the past five years. Each officer serves until his or her successor is chosen and qualified or until his or her resignation or removal by the Board of Trustees.

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| | | | |
|:---|:---|:---|:---|
| **Name, address<sup>(1)</sup> and <br> age** | **Position(s) Held <br> with<br> the Fund** | **Term of <br> Office and<br> Length of<br> Time Served** | **Principal <br> Occupation(s)<br> During Past 5 Years** |
| Dan Dufresne (1974) | President and Principal Executive Officer | Indefinite Length – Since Inception | Executive Vice President and Chief Operating Officer, CAM, CILLC, Calamos Advisors, and CWM (since April 2021); President, Calamos Antetokounmpo Asset Management LLC, doing business as CGAM ("CGAM") (since July 2022); prior thereto Citadel (1999-2020); Partner (2008-2020); Managing Director, Global Treasurer (2008-2020); Global Head of Operations (2011-2020); Global Head of Counterparty Strategy (2018-2020); Senior Advisor to the COO (2020); CEO, Citadel Clearing LLC (2015-2020). |
| John P. Calamos (1940) | Global CIO | Indefinite Length – Since Inception | Founder, Chairman and Global Chief Investment Officer, CAM, CILLC, Calamos Advisors and its predecessor, and CWM; Director, CAM; Founder and Chairman, Calamos Private Equity LLC; Global Chief Investment Officer, CGAM (since July 2022); previously, Chief Executive Officer, Calamos Financial Services LLC, ("CFS"), CAM, CILLC, Calamos Advisors, and CWM |
| Kevin Hitchen (1985) | Vice President | Indefinite Length – Since Inception | Managing Director, Co-Head of Private Equity (North American Buyouts Strategy Head), Aksia LLC (since January 2022); previously Senior Vice President, Private Equity (April 2020 - December 2021) |
| Kyson Hawkins (1985) | Vice President | Indefinite Length – Since Inception | Managing Director, Co-Head of Private Equity (Private Equity Co-Investments Strategy Head), Aksia LLC (since March 2021); previously Managing Director, Private Equity (April 2020 - February 2021) |
| Thomas Martin (1975) | Vice President | Indefinite Length – Since Inception | Partner, Co-Head of Private Equity, Aksia LLC (since April 2020) |

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| | | | |
|:---|:---|:---|:---|
| Thomas P. Kiley III (1968) | Vice President | Indefinite Length – Since Inception | Senior Vice President, Chief Distribution Officer (since 2024), CAM, CILLC, and Calamos Advisors; Principal Executive Officer and Chief Distribution Officer (since 2024), CFS; Vice President (since 2024), CGAM; prior thereto Managing Director, RIA Eastern Divisional Sales Manager, Blackrock Investments, Inc. (2017-2024) |
| Erik Ojala (1975) | Chief Legal Officer, Vice President and Secretary | Indefinite Length – Since Inception | Senior Vice President, General Counsel and Secretary, CAM, CILLC, Calamos Advisors, CWM (since 2023); Chief Legal Officer, CGAM (since 2023); General Counsel and Secretary, CFS (since 2023); prior thereto, Executive Vice President and General Counsel (2017-2023), Secretary (2010-2023) and Chief Compliance Officer (2022-2023), Harbor Capital Advisors, Inc.; Director and Secretary (2019-2023) and Chief Compliance Officer (2022-2023), Harbor Trust Company, Inc.; Director, Executive Vice President (2017-2023) and Chief Compliance Officer (2017-2021, 2022-2023), Harbor Funds Distributors, Inc.; Director (2017-2023), Assistant Secretary (2014-2023) and Chief Compliance Officer (2022-2023), Harbor Services Group, Inc.; Chief Compliance Officer, Harbor ETF Trust (2021-2023); and Chief Compliance Officer of Harbor Funds (2017-2023) |
| Thomas E. Herman (1961) | Chief Financial Officer, Principal Financial Officer and Vice President | Indefinite Length – Since Inception | Executive Vice President (since February 2021) and Chief Financial Officer, CAM, CILLC, Calamos Advisors, and CWM (since 2016), Chief Financial Officer, CGAM (since July 2022); prior thereto, President and Chief Financial Officer Calamos Avenue Management, LLC (2020-2022), Chief Financial Officer and Treasurer, Harris Associates (2010-2016) |
| Jacqueline Sinker (1961) | Chief Compliance Officer | Indefinite Length – Since Inception | Chief Compliance Officer of Calamos Advisors, CWM, CFS since November 2015 |
| Stephen Atkins (1965) | Treasurer | Indefinite Length – Since Inception | Senior Vice President, Head of Fund Administration (since February 2020), Calamos Advisors; prior thereto, Consultant, Fund Accounting and Administration, Vx Capital Partners (March 2019-February 2020); Chief Financial Officer and Treasurer of SEC Registered Funds, and Senior Vice President, Head of European Special Purpose Vehicles Accounting and Administration, Avenue Capital Group (2010-2018). |

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(1) The address of each officer is care of the Secretary of the Fund
 at 2020 Calamos Court, Naperville, IL 60563.

**Biographical Information and Discussion of Experience and Qualifications, *etc*.**

***Trustees***

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 Statement of Additional Information, that each Trustee should serve as a Trustee of the Fund.

**Interested Trustees**

John S. Koudounis

John S. Koudounis joined Calamos Investments as Chief Executive Officer in 2016. Mr. Koudounis has over 35 years of financial services experience including executive leadership in the global securities business and a deep background in global capital markets. Most recently, he served as President and Chief Executive Officer of Mizuho Securities USA, Inc. (MSUSA), a subsidiary of Mizuho Financial Group, one of the world's largest full-service financial institutions. During his tenure at Mizuho Securities, he built the firm into a full-service investment bank, expanding its debt and equity capital markets teams. Because of his leadership, the firm also grew in profitability, number of clients, and product diversification, allowing Mizuho to be considered globally as a top tier investment bank. Prior to joining MSUSA in 2008, he was Managing Director and Head of Fixed Income for ABN AMRO Americas where he played a critical role in that firm's successful growth. Mr. Koudounis graduated from Brown University with a degree in International Diplomacy & Foreign Affairs and Economics.

Jim Vos

Jim Vos is the CEO of Aksia and has over 38 years of alternative investments, research and derivatives experience. He is responsible for the overall management of Aksia as well as the design of the firm's research and advisory processes. Prior to joining Aksia, he spent 20 years at Credit Suisse and was part of the Alternative Capital Division. During his time there, he was a member of the Portfolio Strategies group, oversaw a research desk in Tokyo, managed the firm's FLP trading desk in London and was part of the CSFP derivatives trading boutique.

Mr. Vos graduated from the University of Pennsylvania with a BS in Economics.

In 2009 and 2010, he was recognized as Hedge Fund Consultant of the Year by Institutional Investor. In 2016, he was recognized as Consultant of the Year by Chief Investment Officer.

**Independent Trustees**

Bjorn Forfang

Bjorn Forfang is a co-founder and Managing Partner of Erigo Capital Partners-a specialist financial advisory firm raising capital for alternative asset managers-and has over 25 years of experience in global capital markets across hedge funds, sovereign wealth funds, banking, structured products and management consulting. Before starting Erigo, Mr. Forfang was the Deputy Chief Executive Officer with CFA Institute, the premier global association for investment management professionals.

Prior to joining the CFA Institute, Mr. Forfang spent 14 years at UBS Investment Bank where he held senior management roles in New York and London. Mr. Forfang has an MBA from Harvard Business School and a JD degree from the University of Oslo. He is a CFA Charterholder.

Sharmila Kassam

Sharmila Kassam serves as a public company board member and Audit Committee Chair of Griid Infrastructure, Inc. (Nasdaq: GRDI) and also a mutual fund independent trustee and Audit Committee Chair of Greenbacker Energy GREC Fund II, a renewables energy fund. She was formerly Vice President as Head of Nasdaq Asset Owner Solutions, a team within Nasdaq dedicated to focusing on global investors (pensions, endowments and sovereign wealth funds) and their needs. She formerly managed a $30+ billion multi-asset class public pension plan. She is a recognized thought leader on creating material value through innovation and ESG speaking frequently on topics affecting the institutional investor industry, including serving as the Executive Director of the AIF Institute, an investment industry think tank representing $50 trillion AUM. She is a licensed certified public accountant and is also licensed to practice law in Texas.

Ms. Kassam holds a JD and a BBA from the University of Texas, Austin.

John E. Neal

John E. Neal currently serves as the Lead Independent Trustee on the boards of registered investment companies in the Fund Complex and has been since 2001. Mr. Neal served as the President of Kemper Funds from 1995-1998, where he oversaw its retail activities. He subsequently joined Bank One as Head of Commercial Real Estate Lending and then as Managing Director and Head of Corporate Banking. Most recently, he served as a partner at Linden LLC, a middle market private equity firm specializing in healthcare. Mr. Neal received his bachelor's degree from Harvard University and his MBA from the Harvard Business School.

**Board Structure and Role of the Board in Risk Oversight**

The 1940 Act requires that at least 40% of the trustees be independent trustees. Certain exemptive rules promulgated under the 1940 Act require that at least 50% of the trustees be independent trustees. Currently, three of the five Trustees (60%) are Independent Trustees. The Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman of the Board, regardless of whether the trustee happens to be independent or a member of management. The Board has determined that its leadership structure, in which the Chairman of the Board is an interested person of the Fund, is appropriate because the Independent Trustees believe that an interested Chairman has a personal and professional stake in the quality and continuity of services provided by management to the Fund. The Independent Trustees have determined that they can act independently and effectively without having an independent trustee serve as Chairman and that a key factor for assuring that they are in a position to do so is for the trustees who are independent of management to constitute a majority of the Board.

The Board expects to perform its risk oversight function primarily through (a) its three standing committees, which report to the entire Board and are comprised solely of independent trustees and (b) monitoring by the Fund's Chief Compliance Officer in accordance with the Fund's compliance policies and procedures.

**Committees of the Board**

The Board has established an audit committee, a nominating and governance committee and an independent trustees committee. The Fund does not have a compensation committee because its officers do not receive any direct compensation from the Fund.

***Audit Committee.*** The members of the audit committee are Bjorn Forfang, Sharmila Kassam and John E. Neal, each of whom is independent for purposes of the 1940 Act. John E. Neal serves as chairman of the audit committee. The audit committee is responsible for approving the Fund's independent accountants, reviewing with the Fund's independent accountants the plans and results of the audit engagement, approving professional services provided by the Fund's independent accountants, reviewing the independence of the Fund's independent accountants and reviewing the adequacy of the Fund's internal accounting controls. As the Fund is recently organized, the Audit Committee did not hold any meetings during the last fiscal year.

***Nominating and Governance Committee.*** The members of the nominating and governance committee are Bjorn Forfang, Sharmila Kassam and John E. Neal, each of whom is independent for purposes of the 1940 Act. Sharmila Kassam serves as chairman of the nominating and governance committee. The nominating and governance committee is responsible for selecting, researching and nominating trustees for election by the Fund's Shareholders, selecting nominees to fill vacancies on the Board or a committee of the Board Trustees, developing and recommending to the Board a set of corporate governance principles and overseeing the evaluation of the Board and its committees.

The nominating and governance committee may consider recommendations for nomination of individuals for election as trustees from Shareholders (which include the biographical information and the qualifications of the proposed nominee) to the Secretary of the Fund, as the nominating and governance committee deems appropriate. As the Fund is recently organized, the Nominating Committee did not hold any meetings during the last fiscal year.

***Independent Trustees Committee.*** The members of the independent trustees committee are Bjorn Forfang, Sharmila Kassam and John E. Neal, each of whom is independent for purposes of the 1940 Act. Bjorn Forfang serves as chairman of the independent trustees committee. The independent trustees committee is responsible for reviewing and making certain findings in respect of co-investment transactions pursuant to exemptive relief received from the SEC. As the Fund is recently organized, the Independent Trustees Committee did not hold any meetings during the last fiscal year.

**Trustee Beneficial Ownership of Shares**

The Fund has not yet commenced operations as of the date of this SAI; therefore, none of the Trustees owns Shares of the Fund.

**Compensation of Trustees**

The Independent Trustees are paid an annual retainer of $50,000. The chairman of the Audit Committee is paid an additional annual fee of $10,000 and the chairman of each of the Nominating and Governance and Independent Trustees Committees is also paid an additional annual fee of $5,000. All Trustees are reimbursed for their reasonable out-of-pocket expenses. The Trustees do not receive any pension or retirement benefits from the Fund.

**Shareholder Communications**

Shareholders may send communications to the Board. Shareholders should send communications intended for the Board by addressing the communication directly to the Board (or individual Trustees) and/or otherwise clearly indicating in the salutation that the communication is for the Board (or individual Trustees) and by sending the communication to the Fund's office at 2020 Calamos Court, Naperville, IL 60563. Other Shareholder communications received by the Fund not directly addressed and sent to the Board will be reviewed and generally responded to by management, and will be forwarded to the Board only at management's discretion based upon the matters contained therein.

**Codes of Ethics**

The Fund, the Advisors and Calamos Financial Services LLC, the Fund's principal underwriter and distributor of the Fund's Shares, have each adopted a code of ethics pursuant to Rule 17j-1 under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to these codes may invest in securities for their personal investment accounts, including securities that may be purchased or held by the Fund, so long as such investments are made in accordance with the applicable code's requirements. The codes of ethics are included as exhibits to the registration statement of which this Statement of Additional Information forms a part. The codes of ethics are available on the EDGAR database on the SEC's website at *sec.gov*. Shareholders may also obtain copies of each code of ethics, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

**The Advisor and Sub-Advisors**

Calamos, an investment advisor registered with the SEC under the Advisers Act, serves as the Advisor. Aksia, an investment advisor registered with the SEC under the Advisers Act, serves as Sub-Advisor.

The Sub-Advisor is primarily responsible for the Fund's investment strategy and the day-to-day management of the Fund's assets allocated to it by the Advisor. For more information regarding the Advisor and Sub-Advisor, see "The Advisor and Sub-Advisor" and "Management of the Fund" in the Prospectus.

The investment advisory agreement (the "Investment Advisory Agreement") between the Fund and the Advisor was approved by the Board and became effective on April 30, 2025. The sub-advisory agreement (the "Sub-Advisory Agreement") between the Advisor and Aksia was approved by the Board and became effective on April 30, 2025. Following an initial two-year term, the Investment Advisory Agreement and the Sub-Advisory Agreement will each continue in effect for successive periods of twelve months, provided that each continuance is specifically approved at least annually by both (1) the vote of a majority of the Board or the vote of a majority of the outstanding securities of the Fund entitled to vote and (2) by the vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval. In addition, the Investment Advisory Agreement and the Sub-Advisory Agreement have termination provisions that allow the parties to terminate the agreement without penalty. The Investment Advisory Agreement and Sub-Advisory Agreement may be terminated at any time, without penalty, by the applicable Advisor or Sub-Advisor upon 60 days' notice to the other party or parties thereto. If the Sub-Advisory Agreement is not continued by the Board or is terminated by the Board or the Advisor, the Investment Advisory Agreement shall be terminated at the time the Sub-Advisory Agreement is terminated.

Pursuant to the Investment Advisory Agreement, in consideration of the advisory services provided by the Advisor to the Fund, the Advisor is entitled to an investment management fee (the "Investment Management Fee") payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 1.75%. In addition, pursuant to Sub-Advisory Agreement, the Advisor pays Aksia a sub-advisory fee (the "Sub-Advisory Fee") payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 0.875%. The Investment Management Fee paid to the Advisor will be paid out of the Fund's assets and the Sub-Advisory Fee will be paid by the Advisor out of its Investment Management Fee.

The Advisor and the Fund have entered into an investment advisory fee waiver agreement (the "Management Fee Waiver"), whereby the Advisor has agreed to waive 0.50% of its Investment Management Fee on an annualized basis, such that the maximum investment management fee payable by the Fund would be 1.25%. The Management Fee Waiver became effective on June 30, 2025, and will remain in effect through June 30, 2026.

The Advisor and the Sub-Advisor have entered into a sub-advisory fee waiver agreement, whereby the Sub-Advisor has agreed to waive 0.25% of its sub-advisory fee payable by the Advisor to the Sub-Advisor on an annualized basis, such that the maximum sub-advisory fee payable by the Advisor to the Sub-Advisor would be 0.625% (the "Sub-Advisory Fee Waiver"). The Sub-Advisory Fee waiver became effective on June 30, 2025, and will remain in effect through June 30, 2026.

**Portfolio Management**

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

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number<br> of<br> Accounts** | **Assets of<br> Accounts<br> (in<br> billions)** | **Number of<br> Accounts Subject<br> to<br> a Performance<br> Fee** | **Assets Subject to<br> a Performance<br> Fee<br> (in billions)** |
| **Thomas Martin** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 8 | $1430.6 | 1 | $52.7 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 1 | $1704.9 | 0 | $0 |
| **Kevin Hitchen** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 3 | $445.4 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 1 | $1704.9 | 0 | $0 |
| **Kyson Hawkins** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 5 | $985.2 | 1 | $52.7 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |
| **David O'Donohue** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 24 | $17.2 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 3 | $0.11 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |
| **Eli Pars** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 41 | $30.5 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 7 | $1.0 | 2 | $.03 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 4825 | $4.0 | 0 | $- |
| **Matthew Freund** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 20 | $14.9 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 3 | $0.8 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 5857 | $5.0 | 0 | $0 |
| **Michael Kassab** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 1 | $0.10 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 3 | $0.10 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 0 | $0 | 0 | $0 |

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The portfolio managers may invest for their own benefit in securities held in brokerage and fund accounts. The information shown in the table does not include information about those accounts where the portfolio managers or members of their family have a beneficial or pecuniary interest because no advisory relationship exists with the Advisor, Aksia or any of their affiliates.

The Fund's portfolio managers are responsible for managing the Fund and other accounts, including separate accounts and unregistered funds.

**Compensation of Portfolio Managers**

Portfolio managers are compensated with an annual salary and a discretionary year-end annual bonus, the amount of which is based on a multitude of quantitative and qualitative factors and are benchmarked against peers and local markets. Portfolio managers of the Advisor are also eligible to receive long-term incentive awards based on the performance of certain managed investment products for investment professionals. Depending on seniority within the firm, portfolio managers also may be eligible to receive performance fees from private funds that they manage that vest over time. Performance fees can make up a significant portion of a portfolio manager's overall compensation, and primarily are based on the investment performance of the private funds managed by the portfolio manager. This compensation structure aligns a portfolio manager's and investors' long-term interests.

The Portfolio Managers have ownership and financial interests in and may receive compensation and/or variable profit distributions from, the Advisors based on the Advisors' financial performance, such as its overall revenues and profitability. The Portfolio Managers' compensation is not tied to the Fund's performance, except to the extent that the fee paid to the Advisors impacts the Advisors' financial performance.

**Calamos' Conflict Disclosure**

Other than potential conflicts between investment strategies, the side-by-side management of both the Fund and other accounts may raise potential conflicts of interest due to the interest held by the Advisor in an account and certain trading practices used by the portfolio managers (e.g., cross trades between the Fund and another account and allocation of aggregated trades) . The Advisor has developed policies and procedures reasonably designed to mitigate those conflicts. For example, the Advisor will only place cross-trades in securities held by the Fund in accordance with the rules promulgated under the 1940 Act and has adopted policies designed to ensure the fair allocation of securities purchased on an aggregated basis.

The allocation methodology employed by the Advisor varies depending on the type of securities sought to be bought or sold and the type of client or group of clients. Generally, however, orders are placed first for those clients that have given the Advisor brokerage discretion (including the ability to step out a portion of trades), and then to clients that have directed the Advisor to execute trades through a specific broker. However, if the directed broker allows the Advisor to execute with other brokerage firms, which then book the transaction directly with the directed broker, the order will be placed as if the client had given the Advisor full brokerage discretion. The Advisor and its affiliates frequently use a "rotational" method of placing and aggregating client orders and will build and fill a position for a designated client or group of clients before placing orders for other clients. A client account may not receive an allocation of an order if: (a) the client would receive an unmarketable amount of securities based on account size; (b) the client has precluded the Advisor from using a particular broker; (c) the cash balance in the client account will be insufficient to pay for the securities allocated to it at settlement; (d) current portfolio attributes make an allocation inappropriate; and (e) account specific guidelines, objectives and other account specific factors make an allocation inappropriate. Allocation methodology may be modified when strict adherence to the usual allocation is impractical or leads to inefficient or undesirable results. The Advisors' head trader must approve each instance that the usual allocation methodology is not followed and provide a reasonable basis for such instances and all modifications must be reported in writing to the Advisors' Chief Compliance Officer on a monthly basis.

Investment opportunities for which there is limited availability generally are allocated among participating client accounts pursuant to an objective methodology (i.e., either on a pro rata basis or using a rotational method, as described above). However, in some instances, the Advisor may consider subjective elements in attempting to allocate a trade, in which case the Fund may not participate, or may participate to a lesser degree than other clients, in the allocation of an investment opportunity. In considering subjective criteria when allocating trades, the Advisor is bound by its fiduciary duty to its clients to treat all client accounts fairly and equitably.

The portfolio managers advise certain accounts under a performance fee arrangement. A performance fee arrangement may create an incentive for a portfolio manager to make investments that are riskier or more speculative than would be the case in the absence of performance fees. A performance fee arrangement may result in increased compensation to the portfolio managers from such accounts due to unrealized appreciation as well as realized gains in the client's account.

**Aksia's Conflict Disclosure**

As a registered investment adviser, Aksia is required to disclose and mitigate potential conflicts of interest. As such, Aksia has adopted policies and procedures that both identify and address potential conflicts, described in detail below:

a. Allocation of Investment Opportunities: Aksia's procedures require the objective allocation of general investment opportunities to ensure fair and equitable allocation among customized separate account and advisory client accounts (collectively, "Clients"). In the event there is limited capacity in a general investment opportunity in which multiple Clients are interested, Aksia will first evaluate the opportunity in light of the investment guidelines and restrictions relevant to each Client, in order to determine whether the opportunity could be suitable for the Client. Once Aksia has identified the Clients for which the opportunity may be suitable, Aksia will reach out to each Client (or in the case of an investment management Client, to the Aksia client team) to gauge such Client's interest in investing. When Aksia has received responses from the identified Clients, Aksia will advise the underlying manager offering the general investment opportunity which of Aksia's Clients are interested in investing in its vehicle and request that the manager determine the allocations to the various Aksia Clients. In the event that Aksia's aggregate client interest exceeds the available capacity, and the manager is unwilling to decide between eligible clients, Aksia will seek to split the capacity pro rata among interested and eligible discretionary and non-discretionary advisory clients.

With respect to co-investment opportunities ("Co-Investments"), Aksia will first compile a list of advisory clients for which (i) Aksia has an obligation to perform co-investment sourcing services and (ii) such opportunity is consistent with the relevant client's co-investment program preferences ("Participating Clients"), subject to any limitations placed upon Aksia by the underlying manager offering the Co-Investment. Aksia will then submit an indication of interest to the manager, specifying a distinct amount of the opportunity to be made available for each client. In submitting an indication of interest, Aksia will communicate to the manager a desired allocation of the opportunity in respect of discretionary clients, as well as non-discretionary Clients who have communicated to Aksia a desire to participate in the opportunity and the amount thereof. In the event of a Co-Investment opportunity with scarce capacity, the underlying manager offering the Co-Investment opportunity will generally determine the allocations among Aksia's relevant clients. If the underlying manager delegates full or partial authority to Aksia, Aksia will seek to allocate the investment to Participating Clients in a fair and equitable manner with a preference towards a pro rata allocation based on interest. Following such allocation, if there is an additional excess allocation remaining, such excess allocation may be offered to any client of Aksia or to any third party, in each case selected by Aksia in its sole discretion. The foregoing allocation policy with respect to Co-Investments does not apply to client-sourced opportunities which may be preserved by the client to the extent Aksia is also not allocated or offered the opportunity directly by the manager.

Aksia acts as a discretionary investment manager to one or more Registered Investment Companies (each, a "Registered Fund'). Any Co-Investment opportunities in which both a Registered Fund and certain other Aksia Client funds invest must comply with either the exemptive relief Aksia has been granted by the SEC, or with SEC no-action guidance. The participation of a Registered Fund may impact the ability of the Registered Fund or of these certain Aksia Client funds to make an investment or a follow-on investment.

With respect to secondary opportunities ("Secondary"), Aksia will first compile a list of advisory clients for which (i) Aksia is specifically contractually obligated to perform Secondary sourcing services and (ii) such opportunity is consistent with the relevant client's Secondary program preferences and capabilities. Once Aksia determines the interest for each Client, Aksia will seek to directly or indirectly allocate the opportunity among such Clients pro-rata based on interest. If the seller is unable to allocate the opportunity across multiple Clients, Aksia will use a rotation approach, and review the date of each eligible client's most recent offer of a Secondary opportunity. The client with the most time elapsed since its last Secondary offer will be offered the Secondary opportunity. If such client is a non-discretionary Advisory Client, Aksia will request the seller's permission to notify the relevant client of the opportunity so that the client will be able to consider submitting a bid on the opportunity. If, however, Aksia has discretionary authority with respect to such client, Aksia will determine whether to submit an offer on the client's behalf. If the relevant client or Aksia, as applicable, chooses not to submit a bid in respect of such Secondary opportunity, then the process will be repeated with the next client based on the time elapsed since the last Secondary offer until a bid is submitted in respect of the opportunity, or all identified clients have been offered the opportunity. If a bid has still not been submitted in respect of such opportunity, the opportunity may then be offered to clients for which Aksia is not expressly contractually obligated to perform Secondary sourcing services but for whom such opportunity may not be consistent with the relevant client's general investment preferences and capabilities. The foregoing allocation policy with respect to Secondaries does not apply to client-sourced opportunities which may be preserved by the client to the extent Aksia is not also allocated or offered the opportunity directly by the manager.

b. Performance-Based Fees and Side-by-Side Management: While most advisory clients choose to pay fixed or asset-based fees, some pay performance-based fees. In addition, amongst clients paying fixed or asset-based fees, some may pay higher fees than others. These different payment structures may give rise to a potential conflict of interest because Aksia may have an incentive to favor Client accounts that pay Aksia performance-based compensation or higher fees. Aksia is mindful of its obligation to act in the best interests of its advisory clients and has thus adopted policies and procedures designed to mitigate the potential conflicts of interest that relate to the management of multiple accounts, including accounts with differing fee arrangements.

c. Clients with Affiliated Investment Managers: Given that Aksia's clients are large institutions there are certain circumstances where Aksia may recommend, purchase, or sell for its clients' funds managed by investment managers that are affiliated with clients of Aksia (whether because Aksia's clients own a passive GP stake or otherwise are affiliated with an asset manager). Aksia has addressed this potential conflict of interest through the implementation of policies and procedures reasonably designed to ensure that its activities are carried out in compliance with applicable regulatory requirements and in the best interests of clients. For example, if Aksia were to recommend an investment with an investment manager that Aksia knew was affiliated with an Aksia client, Aksia would fully disclose the relationship in its due diligence report. In addition, the potential investment would be subjected to Aksia's extensive due diligence process, which includes multiple layers of review by multiple individuals. This type of situation is rare.

d. Investing in Securities Recommended to Clients: From time to time, Aksia may form investment vehicles owned by Aksia, its members, its employees and/or its affiliates, that invest (directly or indirectly) in certain Clients to which it provides investment management services (a "GP Commitment"). This arrangement creates a conflict of interest because Aksia or its related persons has an incentive to favor Clients in which it owns a financial interest over its other Clients. Aksia addresses this potential conflict of interest via the implementation of its policies and procedures relating to the allocation of investment opportunities. In addition, certain of Aksia's investment management clients have made seed investments in funds in return for fee savings or revenue participation ("Client Affiliated Managers"). To the extent that investment management clients in which Aksia has made a GP Commitment have made seed investments in funds of Client Affiliated Managers, Aksia will benefit economically from profits earned by such investment management clients, in addition to the fees that Aksia directly earns from its investment management clients. This poses a conflict of interest for Aksia in its recommendations to its clients. To mitigate this conflict, Aksia will disclose its pecuniary interest in such Client Affiliated Managers to its clients and take other steps to maintain Aksia's objectivity. Clients can also instruct Aksia to avoid making investment allocations to Client Affiliated Managers.

**Securities Ownership of Portfolio Managers**

The following table shows the dollar range of equity securities in the Fund beneficially owned by the portfolio managers as of June 1, 2025.

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| | |
|:---|:---|
| **Name** | **Aggregate Dollar Range of Equity<br> Securities in the Fund** **<sup>(1)</sup>** |
| Thomas Martin |  |
| Kevin Hitchen |  |
| Kyson Hawkins |  |
| David O'Donohue |  |
| Eli Pars |  |
| Matthew Freund |  |
| Michael Kassab |  |

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(1) Dollar ranges are as follows: None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001-$500,000,
$500,001-$1,000,000 or Over $1,000,000.

**PORTFOLIO TRANSACTIONS**

Since the Fund generally acquires and disposes of its investments in privately negotiated transactions, it infrequently uses brokers in the normal course of business.

Subject to policies established by the Fund's Board, the Sub-Advisor is primarily responsible for the execution of any traded securities in the Fund's portfolio and the Fund's allocation of brokerage commissions. The Sub-Advisor does not expect to execute transactions through any particular broker or dealer but 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, operations facilities of the firm, and the firm's risk and skill in positioning blocks of securities.

While the Sub-Advisor generally seeks reasonably competitive trade execution costs, the Fund will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements, the Sub-Advisor may select a broker based partly upon brokerage or research services provided to the Sub-Advisor 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 Sub-Advisor determines in good faith that such commission is reasonable in relation to the services provided.

**TAXATION OF THE FUND**

The following is a general summary of certain additional U.S. federal income tax considerations applicable to the Fund. The discussion below provides general tax information related to an investment in the Fund but does not purport to be a complete description of the U.S. federal income tax consequences applicable to the Fund and does not address any state, local, non-U.S. or other tax consequences. It is based on the Code and U.S. Treasury regulations thereunder and administrative pronouncements, all as of the date hereof, any of which is subject to change, possibly with retroactive effect.

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

The Fund must distribute on a timely basis with respect to each tax year dividends of an amount at least equal to 90% of the sum of its "investment company taxable income" and its net tax-exempt interest income, determined without regard to any deduction for dividends paid, to Shareholders (the "90% Distribution Requirement"). If the Fund qualifies as a RIC and satisfies the 90% Distribution Requirement, the Fund generally will not be subject to U.S. federal income tax on its "investment company taxable income" and net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes as dividends to Shareholders (including amounts that are reinvested pursuant to the DRP). In general, a RIC's "investment company taxable income" for any tax year is its 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, will be subject to U.S. federal income tax at regular corporate rates.

Although the Fund is not generally subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes as dividends to Shareholders, one important exception is a potential tax on a portion of the built-in gains that the Fund has at the time it converts from a partnership to a RIC. The portion of the Fund's appreciated assets that are subject to corporate-level tax is that ratable portion of the Fund's assets that is deemed to be held by corporate investors at the time of the conversion. The Fund is only subject to tax on these gains to the extent it disposes of built-in gain assets (or is deemed to have disposed of built-in gain assets because of a disposition of an investment by a Private Equity Fund in which the Fund invests) within five years of the conversion. It may be in the best interests of the Fund to make such a disposition despite the built-in gain tax, certain investments of the Fund may liquidate during that five-year period, and the underlying Private Equity Funds will not take the Fund's built-in gains tax exposure into account when they dispose of built-in gain assets that they hold. Accordingly, it may be impossible for the Fund to avoid the built-in gains tax, and the amount and impact of the potential built-in gains tax cannot be predicted at this time.

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

As a RIC, the Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed amounts for each calendar year (the "4% excise tax"). To avoid the 4% excise tax, the Fund must distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of its ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gains for previous calendar years that were not distributed during those calendar years. For purposes of determining whether the Fund has met this distribution requirement, the Fund will be deemed to have distributed any income or gains previously subject to U.S. federal income tax. Any distribution declared by the Fund in October, November or December of any calendar year, payable to Shareholders, of record on a specified date in such a month and actually paid during January of the following calendar year, will be treated for tax purposes as if it had been paid on December 31 of the calendar year in which the distribution was declared. The Fund generally intends to avoid the imposition of the 4% excise tax, but there can be no assurance in this regard.

If the Fund fails to qualify as a RIC 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 certain corporate Shareholders and may be eligible to be qualified dividend income in the case of certain non-corporate Shareholders. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (any of which could be subject to interest charges) before re-qualifying for taxation as a RIC. If the Fund fails to satisfy either the income test or asset diversification test described above, in certain cases, however, the Fund may be able to avoid losing its status as a RIC by timely providing notice of such failure to the IRS, curing such failure and possibly paying an additional tax or penalty. If the Fund fails to satisfy the 90% Distribution Requirement during a taxable year, it may nonetheless be able to avoid disqualification by using either "deficiency dividend" or "spillback dividend" procedures.

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

There may be uncertainty as to the appropriate treatment of certain of the Fund's investments for U.S. federal income tax purposes. In particular, the Fund expects to invest a portion of its net assets in below investment grade instruments. U.S. federal income tax rules with respect to such instruments are not entirely clear about issues such as whether and to what extent the Fund should recognize interest, OID or market discount, when and to what extent deductions may be taken for bad debts or worthless instruments, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, in connection with the Fund's general intention to distribute sufficient income to qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, and to minimize the risk that it becomes subject to U.S. federal income or excise tax.

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

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

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

Some of the CLOs in which the Fund may invest may be PFICs, which are generally subject to the tax consequences described above. Investment in PFICs for U.S. federal income tax purposes may cause the Fund to recognize income in a tax year in excess of the Fund's distributions from such PFICs and the Fund's proceeds from sales or other dispositions of equity interests in PFICs during that tax year. As a result, the Fund may be required to find other sources of cash to satisfy the distribution requirements applicable to RICs.

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

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

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 Fund Shares. Limits on the Fund's ability to pay dividends on Fund Shares may prevent the Fund from meeting the distribution requirements described above and, as a result, may affect the Fund's ability to be subject to tax as a RIC or subject the Fund to the 4% excise tax. The Fund endeavors to avoid restrictions on its ability to make distribution payments. If the Fund is precluded from making distributions on Fund Shares because of any applicable asset coverage requirements, the terms of preferred Shares (if any) may provide that any amounts so precluded from being distributed, but required to be distributed by the Fund to enable the Fund to satisfy the distribution requirements that would enable the Fund to be subject to tax as a RIC, will be paid to the holders of preferred Shares as a special distribution. This distribution can be expected to decrease the amount that holders of preferred Shares would be entitled to receive upon redemption or liquidation of such preferred Shares.

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

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

**PROXY VOTING POLICY AND PROXY VOTING RECORD**

The Fund has delegated its proxy voting responsibility to the Advisor. A Copy of the Advisor's proxy voting policies and procedures is attached as Appendix A.

The Fund shall file an annual report of each proxy voted with respect to portfolio securities of the Fund during the twelve-month period ended June 30 on Form N-PX not later than August 31 of each year. Information on how the Fund voted proxies relating to portfolio securities during the most recent twelve-month period ended June 30 will be available (1) without charge, upon request, by calling 888-444-3613; and (2) on the SEC's website at sec.gov.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

As the Fund had not commenced operations as of the date of this SAI, and except as noted below, no persons owned of record or beneficially 5% or more of the outstanding Shares of the Fund as of that date.

The Advisor has provided the initial seed investment in the Fund. For so long as the Advisor has a greater than 25% interest in the Fund, it may be deemed to be a "control person" of the Fund for purposes of the 1940 Act.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

An independent registered public accounting firm for the Fund performs an annual audit of the Fund's financial statements. The Board has engaged Cohen & Company, Ltd., located at 1835 Market St., Suite 310 Philadelphia, PA 19103, to serve as the Fund's independent registered public accounting firm.

**LEGAL COUNSEL**

Faegre Drinker Biddle & Reath LLP, located at One Logan Square, Suite 2000, Philadelphia, PA 19103-6996 serves as the Fund's legal counsel.

**DISTRIBUTOR**

The Distributor is the distributor of Shares and is located at 2020 Calamos Court, Naperville, IL 60563. The Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. Pursuant to the Distribution Agreement, the Distributor acts as the agent of the Fund in connection with the continuous offering of Shares of the Fund. The Distributor continually distributes Shares of the Fund on a best efforts basis. The Distributor has no obligation to sell any specific quantity of Shares. The Distributor and its officers have no role in determining the investment policies of the Fund.

**ADDITIONAL INFORMATION**

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

**FINANCIAL STATEMENTS**

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

**Appendix A**

**Proxy Voting Policies and Procedures for Calamos Aksia Private Equity and Alternatives Fund**

**Proxy Voting Policies and Procedures Calamos Aksia Alternative Credit and Income Fund Calamos Aksia Private Equity and Alternatives Fund**

Amended: February 20, 2025

1. <u>Introduction</u> 

Calamos<sup>1</sup>, as an investment adviser to the Advisory Clients (defined below), (including, in the case of Calamos Advisors LLC, the Calamos Aksia Alternative Credit and Income Fund and Calamos Aksia Private Equity and Alternatives Fund<sup>2</sup> (collectively "the Funds")), has adopted these proxy voting policies and procedures. They are reasonably designed to ensure that proxies of Advisory Clients are voted in the best interest of such Advisory clients, in accordance with Calamos Advisors' fiduciary duties and Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. Calamos recognizes the importance of maximizing and protecting the interests of its Advisory Clients through its voting practices.

Voting proxies on behalf of Advisory Clients is established by the advisory contracts or comparable documents between Calamos Advisors and each Advisory Client or otherwise pursuant to the delegation of proxy voting responsibilities by an Advisory Client (subject to the general oversight of such Advisory Client's board of trustees), and our proxy voting guidelines have been tailored to reflect these specific contractual and other obligations.

2. <u>General Proxy Voting Guidelines</u> 

Calamos Advisors' proxy voting guidelines have been developed based on its years of experience with proxy voting and corporate governance issues. These guidelines have been reviewed by various members of Calamos Advisors' organization, including Portfolio Management, Legal, Compliance, and certain other Calamos Advisors' officers. Calamos reviews these proxy voting policies and procedures annually with the Board of Trustees of the Calamos Funds.

While Calamos Advisors has adopted guidelines for voting proxies as summarized below, Calamos Advisors may deviate from the guidelines when it determines that the particular facts and circumstances warrant such deviation to protect the interests of the applicable Advisory Clients. Each proxy and proposal will be considered based on the relevant facts and circumstances. The guidelines below are not intended to be an exhaustive list of all the issues that may arise nor can Calamos Advisors anticipate all future situations. Corporate governance issues are diverse and continually evolving, and Calamos Advisors monitors these changes.

<sup>1</sup> See Appendix A for a complete list of covered entities.

<sup>2</sup> Expected to launch as a '40 Act fund in 2Q2025

Two of the primary factors Calamos Advisors considers when determining the desirability of investing in a particular company on behalf of an Advisory Client is the quality and depth of that company's management. Accordingly, the recommendation of management on any issue is a factor that Calamos Advisors considers in determining how proxies should be voted. However, Calamos Advisors does not consider recommendations from management to be determinative of Calamos Advisors' voting decision in all cases. As a matter of practice, the votes with respect to most issues are cast in accordance with the recommendation of the company's management. Certain proposals, however, may be considered on their own merits, and Calamos Advisors will not support the position of a company's management in any situation where Calamos Advisors determines that the support of management's position would adversely affect the investment merits of owning that company's shares. To this end, certain types of ballot proposals are reviewed on a case-by-case basis. Such items generally include:

● Mergers, acquisitions, reincorporation and reorganizations

● Shareholder rights plans / poison pills

● Severance compensation packages / golden parachutes

In addition, Calamos Advisors' proxy guidelines will defer to management's recommendations on the election of directors but will consider both meeting attendance and over-boarding when determining its vote.

3. <u>Responsibility of Calamos Advisors to Vote Proxies</u> 

Calamos Advisors has assigned its administrative duties with respect to the proxy analysis and voting decisions to the "Proxy Group" (the Investment Team – research analysts and portfolio management), and administrative processing to its Corporate Actions Group ("Corporate Actions"), members of the Operations Department.

Calamos Advisors utilizes two vendors which provide distinct services relevant to Calamos Advisors' proxy duties. To assist it in analyzing proxies, Calamos Advisors subscribes to a supplementary, unaffiliated, third-party corporate proxy research service, Glass Lewis, which provides in-depth analyses of shareholder meeting agendas and vote recommendations. Glass Lewis facilitates the voting decision of each proxy by applying Calamos Advisors' custom proxy voting guidelines or rules ("custom policies") as described above. Said differently, Glass Lewis analyzes the ballot item and maps a vote for the ballot item based on Calamos Advisors' custom policies.

Calamos Advisors will generally follow its custom policies unless the Proxy Group and/or the Proxy Review Committee<sup>3</sup> determines that the Advisory Client's interests are best served by voting otherwise or unless otherwise directed by the Advisory Client.

Calamos Advisors also utilizes two systems owned by Broadridge to monitor and manage the processes associated with proxies: Proxy Edge and Proxy Disclosure. Proxy Edge receives the voting decisions from Glass Lewis and uses it to vote the ballots for Calamos Advisors. Proxy Edge provides the record keeping, voting, account administration and reporting for Calamos Advisors. Proxy Edge feeds meetings, agenda items and related votes by account to Proxy Disclosure which facilitates additional reporting as well as the annual N-PX filing for Calamos Advisors and the Calamos Funds.

Proxy Edge systematically votes shares based on Calamos Advisors' custom policies. Unless a ballot contains a case-by-case proposal, a ballot is systematically voted based on the shares on holding reconciliation date (record date) or as soon as Glass Lewis has applied the Calamos Advisors custom policies to the ballot after that date. Calamos Advisors performs a reconciliation versus shares held at the custodian when the ballot is received by Proxy Edge. The shares from the custodian are continually updated on Proxy Edge based on account trade activity up until the record date.

<sup>3</sup> The Proxy Review Committee is comprised of representatives from Portfolio Management (which may include portfolio managers and/or research analysts employed by Calamos), Operations, and advisory, non-voting members from the Legal and Compliance Departments.

Any ballot that includes one or more "proposals to be voted on a case-by-case" basis will not be systematically voted. All proposals on this type of ballot are manually voted. Proposals to be voted on a case-by-case basis are sent to the Proxy Group along with the written guidance and other relevant information produced by Glass Lewis to assist with the Proxy Group's analysis. Any named Portfolio Manager for a Calamos Fund or Calamos Advisors strategy may provide the voting instructions to the Proxy Group.

Based on the instruction provided by the Proxy Group, the Corporate Actions Group will process the Calamos Advisors votes on Proxy Edge, and Proxy Edge will then vote each proxy accordingly (unless otherwise directed by an Advisory Client).

Proxies are voted solely in the best interests of Calamos Advisors' clients; namely the Calamos Funds, separate account clients, and where employee benefit plan assets are involved, in the interests of the plan participants and beneficiaries (collectively, "Advisory Clients") that have properly delegated such responsibility to Calamos Advisors.

Corporate Actions is responsible for maintaining oversight of all facets of the proxy process as described above and including:

● overseeing account administration on both Broadridge systems (Proxy Edge and Proxy Disclosure);

● identifying potential conflicts of interest and reporting them to the Proxy Review Committee;

● consulting with the Proxy Group for the relevant portfolio security (and the Proxy Review Committee, if necessary);

● monitoring proxies to ensure Glass Lewis applies Calamos Advisors' custom policies to the ballot on a timely basis;

● ensuring proxies that have items to be voted on a case-by-case basis are voted as directed by the Proxy Group or Calamos Advisors' custom policies, as needed;

● ensuring the voting process is timely;

● validating meetings by Fund in Proxy Disclosure and reconciling to Proxy Edge data;

● facilitating a timely filing of Calamos Advisors' and the Funds' annual Form N-PX through Proxy Disclosure; and

● maintaining proxy voting records.

4. <u>Limitations Relating to Proxy Voting</u> 

**Securities Lending**. Certain Advisory Clients may participate in securities lending programs with various counterparties. Upon direction by the Portfolio Manager(s), if prior to record date, Corporate Actions will recall the portfolio securities held on loan to vote proxies on all shares held on the record date. Based on the timing of a Portfolio Manager's direction to recall shares from loan versus the record date of the meeting, there is no guarantee that any such security's shares can be retrieved in time to vote the proxy. The Portfolio Managers seek to balance the economic benefits of continuing to participate in an open securities lending transaction against the inability to vote proxies. As a result, Calamos Advisors generally will not recall portfolio securities to vote proxies.

**Securities of Foreign Issuers**. In certain foreign jurisdictions, the voting of proxies on portfolio securities may involve additional restrictions that may have an economic impact or cost to the security holder. We believe that in some instances the best interest of Advisory Clients is served by abstaining or not voting such proxies. Examples of issues unique to foreign securities include, but are not limited to, the following

&nbsp;&nbsp;&nbsp;&nbsp;(i) **Share Blocking.** In certain non-U.S. jurisdictions, a security holder that votes a proxy is
 prohibited from selling the security until the meeting for which the proxy has been voted
 is completed. This period of time may range from days to weeks. Since this blocking of sales
 prevents the sale of a security regardless of market conditions and developments, Calamos
 Advisors believes it increases risk. Therefore, it often may be in the best interests of
 our Advisory Clients not to vote such proxies. Whether we vote such proxies will be determined
 on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Lack of Notice or Information.** Foreign regulations do not standardize the notification period
 for a proxy vote. In some instances, the notice period is so short that Calamos Advisors
 we cannot research the issues presented. In instances where there is insufficient notice
 to permit Calamos Advisors to cast a reasoned vote, Calamos Advisors will abstain from voting
 on particular issues or to not vote at all.

**Additional Information Provided by Issuer Before Voting Deadline.** Glass Lewis has the ability to alert Calamos Advisors of any updates that were made to its analysis document for each meeting based on issuer feedback. Calamos Advisors must indicate its interest in the issuer meeting for Glass Lewis to know to alert Calamos Advisors of the new information. Calamos Advisors' indication of this interest is a manual process handled by accessing the original analysis document. Corporate Actions has created a process to help ensure Calamos Advisors' interest in certain meetings is properly communicated to Glass Lewis.

5. <u>Conflicts of Interest</u> 

Directors and employees of Calamos Advisors, including the Proxy Group, are sensitive to the possibility that their interests may conflict with the interests of Calamos Advisors' Advisory Clients.

A. **Identification of Conflicts of Interest.** Conflicts of interest can arise in situations where:

● The issuer is a client of Calamos Advisors or its affiliates;

● The issuer is a vendor whose products or services are material or significant to the business of Calamos Advisors or its affiliates;

● The issuer is an entity participating, or which may participate, in the distribution of investment products<sup>4</sup> advised, sub-advised, administered, or sponsored by Calamos Advisors or its affiliates

● An employee of Calamos Advisors or its affiliates also serves as a director or officer of the issuer (Calamos Advisors does not generally allow its employees to serve on the board of a public company);

● A director of Calamos Asset Management, Inc., the sole managing member of Calamos Investments LLC (Calamos Advisors' parent) or a Trustee of the Calamos Funds, also serves as an officer or director of the issuer; or

<sup>4</sup> e.g., a broker, dealer, investment adviser, or bank.

● The issuer is a Calamos proprietary product, e.g. a Calamos closed-end fund.

● In the event of Rule 12d1-4 conflicts, a Calamos Fund and its affiliates must vote their respective securities in a non-Calamos "Acquired" Fund in the same proportion as the vote of all other holders of such securities under certain circumstances.<sup>5</sup>

Even while a proxy may involve an entity with which a relationship exists, generally the matters put to vote do not cause a conflict of interest between Calamos Advisors and its Advisory Clients.

Potential conflicts of interest are identified based upon analyses of client, broker and vendor lists, information periodically gathered from directors and officers, and information derived from other sources, including public filings relative to the matters for which the Company is seeking shareholder approval.

B. **Resolution of Conflicts of Interest.** Calamos Advisors will generally apply its custom policies to
 proxy matters regardless of whether a conflict has been identified. However, where a conflict
 has been identified, the Proxy Group will refer the matter, along with the recommended course
 of action (based on Calamos Advisors' custom policies), if any, to the Proxy Review
 Committee<sup>6</sup> for evaluation. The Proxy Review Committee will independently review
 such proxies, determine the appropriate action to be taken which in limited circumstances
 includes sending the proxy directly to the relevant Advisory Clients for approval, along
 with a recommendation regarding the vote. To the extent the shares have been systematically
 voted and the Proxy Committee decides to vote differently than its custom policies, Corporate
 Actions will manually change the vote within Proxy Edge so long as the vote deadline has
 not already passed. In cases where the vote deadline has already passed, such vote cannot
 be changed.

C. **Records of Corporate Actions.** Corporate Actions with a representative from Legal will prepare
 a Conflicts Report for each situation where a conflict of interest is identified. The Conflict
 Report (1) describes any conflict of interest; (2) discusses the procedures used
 to address such conflict of interest; and (3) discloses any contacts from parties outside
 Calamos Advisors (other than routine communications from proxy solicitors) with respect to
 the proposal not otherwise reported. The Conflicts Report will also include written confirmation
 that any recommendation provided was made solely on the investment merits in the best interests
 of Advisory Clients and without regard to any other consideration.

<sup>5</sup> To the extent a Calamos Fund and its affiliates in the aggregate hold more than 25% of outstanding voting securities of a non-Calamos Acquired fund that is a registered open-end fund or unit investment trust as a result of a decrease in the outstanding voting securities of the non-Calamos fund or the Calamos Fund and its affiliates in the aggregate hold more than 10% of the outstanding voting securities of a non-Calamos Closed-end fund or business development company, the Calamos Fund and its affiliates must mirror or echo vote (i.e., vote their respective securities in the same proportion as the vote of all other holders of such securities; provided, however, that in circumstances where all holders of the outstanding voting securities of the Acquired Fund are required to mirror or echo vote, the Calamos Fund and its affiliates will seek instructions from shareholders with regard to the voting of all proxies with respect to such Acquired Fund and vote such proxies only in accordance with such instructions. See also Procedures for Compliance with Section 12(d)(1), Related Rules and Exemptive Orders.

6. <u>Record Retention and Disclosure</u> 

A. **Record Retention.** Calamos Advisors shall be responsible for collecting and maintaining proxy
 related information on each vote cast as required by applicable law. Such information shall
 include (i) the name of the shareholder whose proxy is being voted; (ii) the name
 of the company; (iii) the exchange ticker symbols of the company; (iv) Security
 Identifier; (v) proxy statements; (vi) shareholder meeting date; (vii) brief
 identification of the matter voted on; (viii) whether the matter was proposed by the
 company or by a security holder; (ix) whether a vote was cast on the matter; (x) how
 the vote was cast (e.g., for or against proposal, or abstained, for or withheld regarding
 election of directors); (xi) whether the vote was cast for or against management; (xii) Conflicts

 by the Committee to make a voting determination. The above information shall be maintained
 in an easily accessible place for a period of not less than six years from the end of the
 fiscal year in which the information was created, with the first two years in an appropriate
 office of Calamos Advisors unless record retention is outsourced.

B. **Disclosure.** Calamos Advisors shall be responsible for appropriately disclosing proxy voting information,
 including these policies and procedures, the voting guidelines and the voting records as
 may be required by applicable law. Corporate Actions, in conjunction with Legal will file
 all required SEC Forms N-PX, on a timely basis with respect to itself and its investment
 company clients, disclose that its proxy voting record is available on the web site, and
 will make available the information disclosed in its investment company clients' Forms
 N-PX as soon as is reasonable practicable after filing such Forms N-PX with the SEC, and
 will, upon request, furnish a copy of the proxy policies and procedures to any requesting
 Advisory Client. Corporate Actions, in conjunction with Legal will ensure that all required
 disclosure about proxy voting of the investment company clients is made in such clients'
 financial statements and disclosure documents.

7. <u>Calamos Advisors' Reports to the Calamos Funds' Boards and Non-Investment Company Advisory Clients</u> 

Corporate Actions shall provide proxy information to each Board of Trustees of the Calamos Funds as such Boards may request from time to time.

For non-investment company Advisory Clients of Calamos Advisors, Corporate Actions shall appropriately respond in writing to all written client requests for information on how it voted on behalf of the client. Such written request along with the written response shall be maintained in an easily accessible place for a period of not less than five years from the end of the fiscal year, with the first two years in an appropriate office of Calamos Advisors.

**Appendix B**

**Calamos Aksia Private Equity and Alternative Fund**

**STATEMENT OF ASSETS AND LIABILITIES**

**As of May 29, 2025**

---

| | |
|:---|:---|
| ASSETS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due from Advisor | 460407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering costs | 410468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 970875 |
| LIABILITIES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational costs | 460407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Offering costs | 410468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 870875 |
| Net Assets applicable to 10,000 shares outstanding of Class I | $100000 |
| Net Asset Value, offering, and redemption price per shares outstanding of Class I | $10.00 |

---

See accompanying notes which are an integral part of these financial statements

**STATEMENT OF OPERATIONS**

**For the Period From April 30, 2025 (Organization Date) through May 29, 2025**

---

| | |
|:---|:---|
| Investment Income | $- |
| Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational costs | 460407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 460407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reimbursement from Advisor | (460407) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INVESTMENT INCOME (LOSS) | - |
| NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS | $- |

---

See accompanying notes which are an integral part of these financial statements

**Calamos Aksia Private Equity and Alternatives Fund NOTES TO THE FINANCIAL STATEMENTS May 29, 2025**

**1. Organization**

Calamos Aksia Private Equity and Alternatives Fund (the "Fund"), was organized as a Delaware statutory trust on November 22, 2024 and is registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a closed-end, non-diversified management investment company that will be operated as an interval fund. The Fund has been inactive since the date it was organized except for matters relating to the Fund's establishment, designation, registration of the Fund's shares of beneficial interest ("Shares") and the sale of 10,000 Shares of Class I ("Initial Shares") for $100,000 to Calamos Advisors LLC (the "Advisor"). The proceeds of such Initial Shares in the Fund are held in non-interest bearing cash. The Declaration of Trust authorizes the Fund's issuance of an unlimited number of Shares of beneficial interest, par value $.001 per. The Fund's investment objectives are to seek attractive risk-adjusted returns and high current income.

The Fund intends to offer four separate classes of Shares designated as Class A ("Class A Shares"), Class C ("Class C Shares"), Class I ("Class I Shares"), and Class M ("Class M Shares"). Each class is subject to different fees and expenses. Only Class I Shares have been issued as of the date of this financial statement. The Fund may offer additional classes of Shares in the future.

**2. Accounting Policies**

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

**Indemnifications** - In the normal course of business, the Fund has entered into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, the Fund expects the risk of loss to be remote.

**Share Valuation -** The net asset value ("NAV") of the Fund's Shares is determined daily, as of the close of regular trading on the NASDAQ (normally, 4:00 p.m., Eastern time). Each Share is offered at the NAV next calculated after receipt of the purchase in good order. The price of the Shares increases or decreases on a daily basis according to the NAV of the Shares. 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.

**Federal Income Taxes** - The Fund intends to elect to be taxed as a regulated investment company ("RIC") for U.S. federal income tax purposes under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund expects to operate in such a manner to qualify for taxation as a RIC. To qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain specified source-of-income and asset diversification requirements, and is required to distribute dividends for U.S. federal income tax purposes of an amount at least equal to 90% of the sum of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses each tax year to Shareholders, as applicable.

**3. Investment Advisory Agreement**

The Fund has entered into an Investment Advisory Agreement with the Advisor, pursuant to which the Advisor will provide general investment advisory services for the Fund. For providing these services, the Advisor will receive a management fee from the Fund, payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 1.75%. The Advisor has agreed to waive their management fee to 1.25% for the period June 30, 2025, through June 30, 2026

The Advisor, the Sub-Advisor and the Fund have entered into the Expense Limitation Agreement under which the Advisor and Sub-Advisor agree on a monthly basis to reimburse the Fund's operating expenses 50/50 to the extent that the Fund's monthly "Specified Expenses" (as defined below) in respect of each class of the Fund (each, a "Class") exceed 0.35% of the average daily net asset value of such Class (the "Expense Limitation"). This Agreement shall continue in effect for a period of three years from the April 30, 2025. Thereafter, this Agreement may be annually renewed with the written agreement of the Advisor, the Sub-Advisor and the Fund. The Board of Trustees of the Fund may terminate this Agreement at any time upon notice to the Advisor and Sub-Advisor, and this Agreement shall automatically terminate upon the termination of the Investment Advisory Agreement between the Advisor and the Fund or the termination of the Sub-Advisory Agreement among the Fund, the Advisor and the Sub-Advisor. For purposes of this Agreement, the Fund's "Specified Expenses" in respect of a Class mean all other expenses incurred in the business of the Fund and allocated to the Class, including the Fund's annual operating expenses, with the exception of: (i) the Management Fee (as defined in the Fund's prospectus), (ii) the Shareholder Servicing Fee (as defined in the Fund's prospectus), (iii) the Distribution Fee (as defined in the Fund's prospectus), (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs, (v) acquired fund fees and expenses; (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vii) taxes and costs to reclaim foreign taxes, and (viii) extraordinary expenses (as determined in the discretion of the Advisor and Sub-Advisor).

**Organizational and Offering Expenses** – The Advisor and the Sub-Advisor have agreed to advance the Fund's organizational costs and offering costs already incurred and any additional costs incurred prior to the commencement of operation by the Fund. Organizational costs include, among other things, the cost of organizing as a Delaware statutory trust, including the cost of legal services and other fees pertaining to the Fund's organization. Organizational costs are expensed as incurred by the Fund and are subject to recoupment by the Advisor and the Sub-Advisor in accordance with the Expense Limitation discussed above. The Fund's initial offering costs, which are also subject to the Expense Limitation discussed above, include, among other things, legal, printing and other expenses pertaining to this Offering. Any offering costs paid by the Advisor or Sub-Advisor on behalf of the Fund will be recorded as a Payable for offering costs in the Statement of Assets and Liabilities and accounted for as a deferred charge until commencement of operations. Thereafter these initial offering costs will be amortized over 12 months on a straight-line basis.

**4. Sub-Advisory Agreement**

The Advisor and the Fund have entered into a Sub-Advisory Agreement with Aksia LLC (the "Sub-Advisor"), pursuant to which the Sub-Advisor will provide general investment sub-advisory services for the Fund. For providing these services, the Sub-Advisor will receive a fee from the Advisor, payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 0.875%. The Sub-Advisor has agreed to waive their sub-advisory fee to 0.625% for the period June 30, 2025, through June 30, 2026

**5. Other Agreements**

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

The Fund has entered into a Custody Agreement with SSB (the "Custodian"). Under the terms of this agreement, the Custodian will serve as custodian of the Fund's assets.

The Fund has entered into a distribution agreement with Calamos Financial Services, LLC to act as the distributor for the sale of Shares. Calamos Financial Services, LLC is an affiliate of the Advisor.

**6. Limited Liquidity**

The Fund is a closed-end interval fund and, to provide liquidity and the ability to receive NAV on a disposition of at least a portion of Shares, makes semiannual offers to repurchase Shares. No Shareholder will have the right to require the Fund to repurchase its Shares, except as permitted by the Fund's interval structure. No public market for the Shares exists, and none is expected to develop in the future. Consequently, Shareholders will not be able to liquidate their investment other than as a result of repurchases of their Shares by the Fund, and then only on a limited basis.

The Fund has adopted, pursuant to Rule 23c-3 under the Investment Company Act, a fundamental policy, which cannot be changed without Shareholder approval, requiring the Fund to offer to repurchase at least 5% of its Shares at NAV on a regular schedule. The schedule adopted by the Fund currently requires the Fund to make repurchase offers every six months.

**7. Recent Accounting Pronouncements**

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This change is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

The Fund has adopted ASU 2023-07 as of May 29, 2025, with no material impact on the Funds' financial statements. As defined under ASU No. 2023-07 the chief operating decision maker ("CODM") consists of the members of Committees and Senior Executive Teams of the Advisors. The Fund operates as a single reportable segment, which reflects how the CODM monitors and manages the operating results of the Fund. The financial information used by the CODM to assess the segment's performance and to allocate resources, including total return, expense ratios, changes in net assets from operations and portfolio composition, is consistent with that presented within the Funds' financial statements and financial highlights.

**8. Subsequent Events**

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

![](tm2427768d4_saiimg03.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholders and Board of Trustees of

Calamos Aksia Private Equity and Alternatives Fund

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

We have audited the accompanying statement of assets and liabilities of Calamos Aksia Private Equity and Alternatives Fund (the "Fund") as of May 29, 2025, and the related statement of operations for the period April 30, 2025 (organization date) to May 29, 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 as of May 29, 2025 and the results of its operations for the period then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

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 audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial 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 procedures included confirmation of cash held as of May 29, 2025, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

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

![](tm2427768d4_saiimg04.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

June 6, 2025

![](tm2427768d4_saiimg05.jpg)

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

Consolidated Financial Statements and Independent Auditor's Report

for the period from September 20, 2024 (commencement of operations) to

December 31, 2024

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | |
|  | Page |
| **Independent Auditor's Report** | 1 - 2 |
| **Consolidated Financial Statements for the period from September 20, 2024 (commencement of operations) to December 31, 2024:** |  |
| &nbsp;&nbsp;&nbsp;Consolidated Schedule of Investments | 3 |
| &nbsp;&nbsp;&nbsp;Consolidated Statement of Assets and Liabilities | 4 |
| &nbsp;&nbsp;&nbsp;Consolidated Statement of Operations | 5 |
| &nbsp;&nbsp;&nbsp;Consolidated Statement of Changes in Partners' Capital | 6 |
| &nbsp;&nbsp;&nbsp;Consolidated Statement of Cash Flows | 7 |
| &nbsp;&nbsp;&nbsp;Notes to Consolidated Financial Statements | 8-16 |

---

![](tm2427768d4_saiimg01.jpg)

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

To the Partners of

Calamos Aksia Private Equity LP

***Opinion***

We have audited the accompanying consolidated financial statements of Calamos Aksia Private Equity LP (the "Fund"), which comprise the consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of December 31, 2024, and the related consolidated statements of operations, changes in partners' capital and cash flows for the period from September 20, 2024 (commencement of operations) to December 31, 2024, and the related notes to the consolidated financial statements (collectively referred to as the "financial statements").

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Calamos Aksia Private Equity LP as of December 31, 2024, and the results of its operations, changes in its partners' capital and its cash flows for the period from September 20, 2024 (commencement of operations) to December 31, 2024, in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

***Fund Reorganization***

As discussed in Note 1 to the financial statements, the Fund was formed by the General Partner with the expectation that the Fund will convert to an unlisted, closed-end interval fund that is registered under the Investment Company Act of 1940 (the "1940 Act"). The Fund's Limited Partners have authorized the General Partner to reorganize the Fund by contributing the Fund's assets to the newly formed interval fund in exchange for shares of the interval fund that will be distributed to the former Limited Partners as shareholders of the interval fund (a "Conversion"). On and after the date of the Conversion, the former Limited Partners will be subject to the terms of the interval fund's governing documents, supervision by the interval fund's board of directors, and other rules and provisions of the 1940 Act. Our opinion is not modified with respect to this matter.

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

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

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

![](tm2427768d4_saiimg02.jpg)

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

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

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

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

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

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

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

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

/s/ Cohen & Company, Ltd

Chicago, Illinois

June 4, 2025

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**CONSOLIDATED SCHEDULE OF INVESTMENTS**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **DECEMBER 31, 2024** | | | | |
| <br>**Description of Investment** | **Initial**<br>**Acquisition**<br>**Date** |<br>**Cost** |<br>**Fair Value** | **Percentage**<br>**of Partners'**<br>**Capital** |
| Investments in Private Equity Funds: |  |  |  |  |
| Co-investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSC Tiger LP <sup>(a)(b)(c)</sup> | 11/15/2024 | $3306020 | $3594794 | 4.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CD&R Raven Co-Investor, L.P. <sup>(a)(b)(c)</sup> | 11/15/2024 | 1761698 | 1754355 | 2.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reroof Partners SPV LLC <sup>(b)(c)(e)</sup> | 11/22/2024 | 4022960 | 6637555 | 7.88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Searchlight Capital IV LEAF Co-Invest Partners, L.P. <sup>(a)(b)(c)</sup> | 11/22/2024 | 5000000 | 4989401 | 5.92 |
| Primary Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PSC V (B), SCSp <sup>(a)(b)(c)</sup> | 12/18/2024 | 2723 | 178308 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Broadwing Capital Fund I LP <sup>(a)(b)(c)</sup> | 12/12/2024 | 3889930 | 4650916 | 5.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;OceanSound Partners Fund II (A), LP <sup>(a)(b)(c)</sup> | 10/21/2024 | 2724561 | 3542931 | 4.20 |
| Secondary Investment |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Europe |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Capital Partners 2023 Fund Aggregator (AIV V) LP <sup>(a)(b)(c)(d)</sup> | 9/27/2024 | 6468281 | 7976462 | 9.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;Global |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Secondaries Special Opportunities II B S.C.S. <sup>(a)(b)(c)(g)</sup> | 9/30/2024 | 923102 | 1085718 | 1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Crown Secondaries Special Opportunities II S.C.S. <sup>(a)(b)(c)(f)</sup> | 9/30/2024 | 2341796 | 2712222 | 3.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;North America |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blue Wolf Capital Fund IV, L.P. <sup>(a)(b)(c)(d)</sup> | 12/31/2024 | 2244013 | 3397832 | 4.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brentwood Associates Private Equity VI, L.P. <sup>(a)(b)(c)(d)</sup> | 12/31/2024 | 1906717 | 2891272 | 3.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeds Equity Partners VI, L.P. <sup>(a)(b)(c)(d)</sup> | 12/31/2024 | 2142484 | 2336465 | 2.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leeds Equity Partners VII-A, L.P. <sup>(a)(b)(c)(d)</sup> | 12/31/2024 | 2878874 | 3081965 | 3.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overbay Capital Partners 2023-B Fund US LP <sup>(a)(b)(c)(d)</sup> | 9/25/2024 | 2271731 | 2741029 | 3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sima Holdings (Offshore) LP Common Equity (Class B) <sup>(a)(b)(c)</sup> | 11/6/2024 | 2396419 | 2174484 | 2.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sima Holdings (Offshore) LP Preferred Equity (Class A) <sup>(a)(b)(c)</sup> | 11/6/2024 | 5553125 | 5991304 | 7.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Resolute Fund IV, L.P. <sup>(a)(b)(c)(d)</sup> | 12/31/2024 | 4568459 | 5180050 | 6.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Resolute III Continuation Fund, L.P. <sup>(a)(b)(c)</sup> | 9/27/2024 | 5383633 | 6140235 | 7.29 |
| Total investments in Private Equity Funds |  | $59786526 | $71057298 | 84.33% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Private equity fund does not issue
 shares or units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment valued
 using net asset value per share (or its equivalent) as a practical expedient. See Note 3
 for respective investment categories, unfunded commitments and redemptive restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Investment restricted for resale.
 The total value of these investments is $71,057,298, which represents 84.33% of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of this investment
 is held by a wholly-owned subsidiary. See Note 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Fund held 40,000 units of this investment
 as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Fund held 12,152 units of this investment
 as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Fund held 8,800 units of this investment
 as of December 31, 2024.

See the accompanying notes to the consolidated financial statements

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES**

---

| | |
|:---|:---|
| **DECEMBER 31, 2024** | |
| **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in private equity funds, at fair value (cost: $59,786,526) | $71057298 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | 15473991 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distributions receivable from private equity funds | 99997 |
| **TOTAL ASSETS** | 86631286 |
| **LIABILITIES AND PARTNERS' CAPITAL** |  |
| **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital calls payable to private equity funds | 1906717 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization cost payable to General Partner | 234800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees payable | 83079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued administration fees | 25392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 116749 |
| **TOTAL LIABILITIES** | 2366737 |
| **TOTAL PARTNERS' CAPITAL** | 84264549 |
| **TOTAL LIABILITIES AND PARTNERS' CAPITAL** | $86631286 |

---

See the accompanying notes to the consolidated financial statements

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**CONSOLIDATED STATEMENT OF OPERATIONS**

---

| | |
|:---|:---|
| **FOR THE PERIOD FROM SEPTEMBER 20, 2024 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2024** | |
| **INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $237147 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL INVESTMENT INCOME | 237147 |
| **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equalization interest paid to private equity funds (See Note 2) | 429856 |
| &nbsp;&nbsp;&nbsp;&nbsp;Organization costs | 234800 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal fees | 85079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 40000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administration fees | 25392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Custody fees | 10750 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 13999 |
| &nbsp;&nbsp;&nbsp;&nbsp;TOTAL EXPENSES | 889876 |
| **NET INVESTMENT LOSS** | (652729) |
| **NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Realized gain on investments | 46506 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain on investments | 11270772 |
| **NET GAIN ON INVESTMENTS** | 11317278 |
| **NET INCREASE IN PARTNERS' CAPITAL RESULTING FROM OPERATIONS** | $10664549 |

---

See the accompanying notes to the consolidated financial statements

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**CONSOLIDATED STATEMENT OF CHANGES IN PARTNERS' CAPITAL**

**FOR THE PERIOD FROM SEPTEMBER 20, 2024 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **General**<br>**Partner** | **Limited**<br>**Partners** |<br>**Total** |
| **PARTNERS' CAPITAL AS OF SEPTEMBER 20, 2024** | $- | $- | $- |
| **(COMMENCEMENT OF OPERATIONS)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contributions | 728713 | 72871287 | 73600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital distributions |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in partners' capital resulting from operations | 105589 | 10558960 | 10664549 |
| **PARTNERS' CAPITAL AS OF DECEMBER 31, 2024** | $834302 | $83430247 | $84264549 |

---

See the accompanying notes to the consolidated financial statements

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**CONSOLIDATED STATEMENT OF CASH FLOWS**

**FOR THE PERIOD FROM SEPTEMBER 20, 2024 (COMMENCEMENT OF OPERATIONS) TO DECEMBER 31, 2024**

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in partners' capital resulting from operations | $10664549 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net increase in partners' capital resulting from operations to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gain on investments | (46506) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized gain on investments | (11270772) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (60736225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from distributions from investments, net of change in distributions receivable from private equity funds | 896208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in organization cost payable | 234800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in legal fees payable | 83079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued expenses | 116749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in capital calls payable to private equity funds | 1906717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in accrued administration fees | 25392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (58126009) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital contributions | 73600000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 73600000 |
| NET INCREASE IN CASH | 15473991 |
| CASH AS OF SEPTEMBER 20, 2024 (COMMENCEMENT OF OPERATIONS) | - |
| **CASH AS OF DECEMBER 31, 2024** | $15473991 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash received during the year for interest | $237147 |

---

See the accompanying notes to the consolidated financial statements

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(1)** **Organization**

Calamos Aksia Private Equity LP (the "Fund") was organized on April 3, 2024 as a Delaware limited partnership and commenced operations on September 20, 2024. The General Partner of the Fund is Calamos Advisors LLC (the "General Partner"), a Delaware limited liability company. The General Partner also acts as the investment adviser to the Fund. The General Partner has also retained Aksia LLC (the "Sub-Advisor") to provide the Fund with investment sub-advisory services in connection with the Fund's investments. Subject to limitation in the Fund's limited partnership agreement ("Agreement"), the business and purposes of the Fund are primarily to achieve long- term capital appreciation by (a) making primary investments ("Primary Investments") in various strategies offered by third-party investment managers (the "Underlying Managers") and managers affiliated with the General Partner, the Sub-Advisor and/or their respective Affiliates (the "Affiliated Funds" and, together with the Underlying Managers, the "Alternative Funds"); (b) making Liquid Investments; (c) investing in Alternative Funds acquired on the secondary market (together, "Secondary Investments"); (d) making direct investments in equity, debt and other financial instruments and obligations that are consistent with the strategies pursued by underlying Alternative Funds or that provide access to private markets (together, "Direct Investments"); (e) making Direct Investments that include programmatic investment relationships with third-party investment managers outside of their commingled private funds ("Opportunistic Investments"); (f) making co-investments in the equity or debt of companies whose securities are not traded on any securities exchange, typically alongside private equity funds and other co-investment vehicles, including Affiliated Funds; (g) engaging in all other activities desirable, necessary, related or incidental to, or in connection with, any of the foregoing; and (g) engaging in any other lawful acts or activities consistent with the foregoing for which limited partnerships may be formed under the Delaware Act. The General Partner (not the Fund) is responsible for paying any fees payable to the Sub-Advisor or any other sub-advisor engaged by the General Partner to provide advisory services to the Fund.

The Fund was formed by the General Partner with the expectation that the Fund will convert to an unlisted, closed-end interval fund that is registered under the Investment Company Act. The Limited Partners have authorized the General Partner to reorganize the Fund into a closed- end, registered investment company that operates as an "interval fund," by contributing the Fund's assets to the newly formed interval fund in exchange for shares of the interval fund that will be distributed to the former Limited Partners as shareholders of the interval fund (a "Conversion"). On and after the date of the Conversion, the former Limited Partners will be subject to the terms of the interval fund's governing documents, supervision by the interval fund's board of directors, and other rules and provisions of the Investment Company Act. The General Partner will bear the legal costs of a Conversion and will undertake to obtain advice of qualified legal counsel that the Conversion will not result in any income tax obligation to the Limited Partners.

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Summary of Significant Accounting Policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Basis of Presentation*** 

 ****

The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") as detailed in the Financial Accounting Standards Board's ("FASB") Accounting Standards Codification ("ASC"). The Fund is an investment company and follows the accounting and reporting guidance in FASB ASC 946, *Financial Services - Investment Companies.* 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Consolidation of Subsidiaries*** 

 ****

The Fund has two wholly-owned subsidiaries that are used to invest in specific private equity funds that could potentially create unique tax situations once the Fund has undergone Conversion to a closed-end interval fund. These subsidiaries are Calamos Aksia Private Equity Sub 1 LLC and Calamos Aksia Private Equity Sub 2 Splitter LLC. The respective investments held by a subsidiary are footnoted on the consolidated schedule of investments. The investments of each subsidiary have been included in the Fund's balances and all inter-company accounts and transactions have been eliminated in the Fund's consolidated financial statements.

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Summary of Significant Accounting Policies (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Consolidation of Subsidiaries (continued)*** 

 ****

The following is a summary of the Fund's subsidiaries as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Subsidiary** | **Date of**<br>**Formation** | **Net Assets of**<br>**Subsidiary** | **Percentage of**<br>**Partners' Capital** |
| Calamos Aksia Private Equity Sub 1 LLC | 6/12/2024 | $10717491 | 12.72% |
| Calamos Aksia Private Equity Sub 2 Splitter LLC | 11/19/2024 | $16887584 | 20.04% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)***  ***Cash and Cash Equivalents*** 

 ****

Cash represents cash deposits held at a financial institution. Cash is held at a major financial institution and is subject to credit risk to the extent its balance exceeds applicable FDIC limitations. Cash is swept into an overnight interest-bearing demand deposit account. At December 31, 2024, the Fund held $14,973,991 in excess of the limit of $250,000.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(d)***  ***Organizational and Offering Costs*** 

 ****

Organizational costs consist of the costs of forming the Fund, drafting of bylaws, administration, custody and transfer agency agreements, legal services and the Fund's initial seed audit costs upon its conversion. Offering costs consist of the costs of preparation, review and filing with the SEC the Fund's registration statement, the costs of preparation, review and filing of any associated marketing or similar materials, the costs associated with the printing, mailing or other distribution of the fund documents and/or marketing materials, and the amount of associated with the offering. Organizational costs are expensed as incurred and borne by the Fund. There were $234,800 of organizational costs during the period as reflected on the consolidated statements of operations. Offering costs are accounted for as a deferred charge until Fund shares are offered to the public upon conversion and will thereafter, be amortized to expense over twelve months on a straight-line basis. There were no offering costs during the current period.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)***  ***Use of Estimates*** 

 ****

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including the fair value of investments and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(f)***  ***Investments in Private Equity Funds*** 

 ****

Investments in Private Equity Funds are recorded on a trade-date basis. Realized gains and losses on Private Equity Funds are recognized based on the specific-identification method. Unrealized gains and losses resulting from recording investments at fair value are included in net change in unrealized gain or loss on investments in the accompanying Consolidated Statement of Operations. The General Partner values investments in Private Equity Funds at fair value. Investments in Private Equity Funds are recorded at net asset value ("NAV") as a practical expedient for determining fair value.

 ****

As a practical expedient, fair value ordinarily represents the Fund's proportionate share of the Private Equity Funds' net asset values determined in accordance with each Private Equity Fund's valuation policies and reported at the time of the Fund's valuation by the management of each Private Equity Fund. Generally, the fair value of the Fund's investment in each Private Equity Fund represents the amount that the Fund could reasonably expect to receive from such Private Equity Fund if the Fund's investment was redeemed at the time of the valuation, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. The Fund records its proportionate share of each Private Equity Fund's gain or loss in the Consolidated Statement of Operations.

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Summary of Significant Accounting Policies (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(e)***  ***Investments in Private Equity Funds (continued)*** 

 ****

The gain/(loss) allocated from each Private Equity Fund is net of the Fund's proportionate share of fees and expenses charged or incurred by such Private Equity Fund.

 ****

The Fund will record distributions of cash from any Private Equity Fund using the details provided by the corresponding Private Equity Fund. The Fund would recognize within the Consolidated Statement of Operations its share of realized gains or (losses) reported by the Private Equity Funds.

 ****

Net change in unrealized gain or loss on investments, within the Consolidated Statement of Operations includes the Fund's share of interest and dividends, realized (but undistributed) and unrealized gains and losses on security transactions and expenses of the Private Equity Funds. Due to the nature of the Private Equity Funds, the Fund cannot liquidate any position in the Private Equity Funds and will be distributed invested capital per the terms described in each Private Equity Fund's operating or limited partnership agreement and as determined by each Private Equity Fund's general partner.

 ****

Subsequent closings for closed-end private equity funds afford such funds the option to launch the fund as soon as they have secured enough soft commitments and allow the general partner to increase the speed of the fund to take advantage of investments in the market. Rebalancing or equalization occurs each time capital is called after each subsequent closing has occurred and is the process of truing-up all investors as if they had joined the fund during the initial closing. period from September 20, 2024 (commencement of operations) to December 31, 2024, the Fund experienced equalization and resulted in the interest expense of $429,856, as noted in the Consolidated Statement of Operations and Consolidated Statement of Cash Flows as equalization interest paid to private equity funds.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(g)***  ***Expenses*** 

 ****

The Fund bears its own expenses, including, but not limited to: legal fees; accounting and auditing fees; custodial fees; administrator fees; organizational expenses; and other types of expenses approved by the General Partner.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)***  ***Income Taxes*** 

 ****

The Fund is treated as a partnership for tax purposes and is not subject to U.S. federal income taxes. Rather, the Fund's taxable income flows through to the partners, who are responsible for paying the applicable income taxes on the income allocated to them. The Fund is subject to partnership audit rules enacted as part of the Bipartisan Budget Act of 2015 (the "Centralized Partnership Audit Regime"). Under the Centralized Partnership Audit Regime, any IRS audit of the Fund would be conducted at the Fund level, and if the IRS determines an adjustment, the default rule is that the Fund would pay an "imputed underpayment" including interest and penalties, if applicable. The Fund may instead elect to make a "push-out" election, in which case the partners for the year that is under audit would be required to take into account the adjustments on their own personal income tax returns.

 ****

In accordance with GAAP, the General Partner is required to determine whether a tax position of the Fund is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions not meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon the ultimate settlement with the taxing authority. The Fund has elected an accounting policy to classify interest and penalties, if any, as interest expense. Based on its analysis, the General Partner has determined there is no tax expense or interest expense related to uncertainties in income tax positions and there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions for the period from September 20, 2024 (commencement of operations) to December 31, 2024.

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Summary of Significant Accounting Policies (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(h)***  ***Income Taxes (continued)*** 

 ****

The Fund files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Fund is subject to examination by federal, state, local and foreign jurisdictions, where applicable. As of December 31, 2024, the Fund remains subject to examination by various tax jurisdictions under their respective statutes of limitations. There are currently no examinations being conducted of the Fund by the Internal Revenue Service or any other taxing authority.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(i)***  ***Foreign Currency Exchange and Translation*** 

 ****

Investments in Private Equity Funds and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Commitments, contributions and distributions related to Private Equity Funds denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions.

 ****

The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;**(3)** **Fair Value of Investments** 

The Fund uses a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The objective of a fair value measurement is to determine the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). Accordingly, the fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows:

● Level 1 – Quoted prices in active markets for identical securities

● Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, credit risk, etc.)

● Level 3 – Significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments)

An individual investment level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Fair value is a market- based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when observable inputs are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(3)** **Fair Value of Investments (continued)**

The Fund uses authoritative guidance that permits the measurement of fair value of an investment fund, which does not have a readily determinable fair value, based on the NAV of the investment fund as a practical expedient, without further adjustment, unless it is probable that the investment fund will be sold at a value significantly less than the NAV. In using NAV as a practical expedient, certain attributes of the investment fund that may impact the fair value of the investment fund are not considered in measuring fair value. Attributes of those investment funds include the investment strategies of the investees and may also include, but are not limited to, restrictions on the investor's ability to redeem its investments at the measurement date and any unfunded commitments. The Fund's investment in the Private Equity Funds was measured using the practical expedient to determine fair value. There were no changes to the valuation policy for the period from September 20, 2024 (commencement of operations) to December 31, 2024.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of valuation, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed. Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In some cases, the inputs used to measure fair value might be categorized within different levels of the fair value hierarchy. In such cases, the fair value measurement is generally categorized in its entirety in the fair value hierarchy based on the lowest level input that is significant to the fair value measurement. There were no transfers into or out of Level 3 of the fair value hierarchy for the period ended. The Fund held no Level 3 investments as of December 31, 2024. Although investments in the Private Equity Funds measured using the NAV as a practical expedient are not categorized within the fair value hierarchy, they are included in the table below to permit reconciliation to the Consolidated Schedule of Investments.

The following is a summary of the Fund's assets at fair value as of December 31, 2024:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Investments** | **Level 1** | **Level 2** | **Level 3** | **Net Asset<br> Value** | **Total** |
| Investments in Investment Funds, Private Equity Funds <sup>(1)</sup> | $- | $- | $- | $71057298 | $71057298 |
| Total investment in Investments Funds | $- | $- | $- | $71057298 | $71057298 |

---

<sup>(1)</sup> Private Equity Funds are measured at fair value using the NAV per share (or its equivalent) as a practical expedient.

The following descriptions of investment categories should be read in conjunction with the consolidated schedule of investments.

***Co-investment -*** An investment made in the equity of a private company generally in parallel with a primary fund.

***Primary Investment -*** A newly established fund managed by a third-party manager which raises capital commitments from investors to invest in and acquire private companies.

***Secondary Investment*** - Investments in assets acquired on the secondary market, including the acquisition of existing primary fund interests, the acquisition of interest in one or more companies from an existing primary fund, and newly established private equity funds managed by third-party managers which raise capital commitments from investors to invest in and acquire assets on the secondary market.

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(3)** **Fair Value of Investments (continued)**

The following table represents investment categories, unfunded commitments and redemptive restrictions of investments that are measured using the NAV per share (or its equivalent) as a practical expedient.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Private Equity Funds** | **Investment Category** | **Unfunded Commitment** | **Fair Value** | **Fund Term** |
| Blue Wolf Capital Fund IV, L.P. <sup>(1)</sup> | Secondary Investment | $535253 | $3397832 | 10 years after Final Closing with 3 additional years possible. |
| Brentwood Associates Private Equity VI, L.P. <sup>(1)</sup> | Secondary Investment | 685931 | 2891272 | 10 years after Final Closing with up to two successive one-year periods and additional one-year extensions available |
| Broadwing Capital Fund I LP <sup>(1)</sup> | Primary Investment | 1110070 | 4650916 | 10 years after Initial Closing with 3 additional years possible. |
| CD&R Raven Co-Investor, L.P. <sup>(1)</sup> | Co-investment | 249842 | 1754355 | Perpetual life |
| Corsair Riva Munich Co-Investment, L.P. <sup>(1)(2)</sup> | Secondary Investment | 4797163 |  | 5 years after Initial Investment Date with 2 additional years possible. |
| Crown Secondaries Special Opportunities II B S.C.S. <sup>(1)</sup> | Secondary Investment | 168329 | 1085718 | Until dissolution of Crown Secondaries Special Opportunities II S.C.S with 3 additional years possible. |
| Crown Secondaries Special Opportunities II S.C.S. <sup>(1)</sup> | Secondary Investment | 386349 | 2712222 | 12 years after Initial Closing with 3 additional years possible. |
| Leeds Equity Partners VI, L.P. <sup>(1)</sup> | Secondary Investment | 215781 | 2336465 | 10 years after Admission Date with 2 additional years possible. |
| Leeds Equity Partners VII-A, L.P. <sup>(1)</sup> | Secondary Investment | 520676 | 3081965 | 10 years after Final Closing with 2 additional years possible. |
| OceanSound Partners Fund II (A), LP <sup>(1)</sup> | Primary Investment | 2277609 | 3542931 | 10 years after commencement date with 3 additional years possible |
| Overbay Capital Partners 2023 Fund Aggregator (AIV V) LP <sup>(1)</sup> | Secondary Investment | 1093903 | 7976462 | On December 31st, 5 years after Initial Closing with 4 additional years possible. |
| Overbay Capital Partners 2023-B Fund US LP <sup>(1)</sup> | Secondary Investment |  | 2741029 | On December 31st, 5 years after Initial Closing with 4 additional years possible. |
| Overbay Capital Partners 2024 Fund Offshore LP <sup>(1)(2)</sup> | Secondary Investment | 5000000 |  | On December 31st, 5 years after Initial Closing with 4 additional years possible. |
| PSC Tiger LP <sup>(1)</sup> | Co-investment | 1605651 | 3594794 | Perpetual life |
| PSC V (B), SCSp <sup>(1)</sup> | Primary Investment | 4702659 | 178308 | 10 years after Final Closing with 2 additional years possible. |
| Reroof Partners SPV LLC <sup>(1)</sup> | Co-investment |  | 6637555 | Perpetual life |
| Searchlight Capital IV LEAF Co-Invest Partners, L.P. <sup>(1)</sup> | Co-investment |  | 4989401 | Perpetual life |
| Sima Holdings (Offshore) LP Common Equity (Class B) <sup>(1)</sup> | Secondary Investment | 103581 | 2174484 | Perpetual life |
| Sima Holdings (Offshore) LP Preferred Equity (Class A) <sup>(1)</sup> | Secondary Investment | 1642077 | 5991304 | Perpetual life |
| The Resolute Fund IV, L.P. <sup>(1)</sup> | Secondary Investment | 213467 | 5180050 | 10 years after Effective Date with 3 additional years possible. |
| The Resolute III Continuation Fund, L.P. <sup>(1)</sup> | Secondary Investment | 488148 | 6140235 | 5 years after Transaction Closing Date with 3 additional years possible. |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investments in Private Equity Funds |  | $25796489 | $71057298 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) No redemptions permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Investment commitment to this private
 equity fund was 100% unfunded as of December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Partners' Capital** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(a)***  ***Capital Commitments*** 

 ****

On August 8, 2024 the Fund began accepting partners' commitments. Each partner's capital commitment represents the aggregate amount of capital that such partner has agreed to contribute to the Fund. The minimum capital commitment for each partner will be $250,000 although the General Partner, in consultation with the Sub-Advisor, may raise or lower this minimum requirement from time to time, and accept initial commitments in amounts below the established minimum, in its discretion.

 ****

As of December 31, 2024 the Fund has accepted $131,012,150 of partners' capital commitments.

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(4)** **Partners' Capital (continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Contributions*** 

 ****

Each partner shall make capital contributions from time to time to the Fund in amounts determined by the General Partner, but not to exceed such partner's unfunded capital commitment. The General Partner will provide each partner with written notice of each capital call at least five business days in advance of the capital call due date. The General Partner expects to make capital calls to the extent of available commitment through the date of conversion.

As of December 31, 2024 the Fund has called $73,600,000 of partners' capital commitments as contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(b)***  ***Profit and Loss Allocations*** 

 ****

Profits and losses are allocated to all partners of the Fund in accordance with the terms of the Agreement. In general, each partner's share of the profits and losses of the Fund are allocated in proportion to their respective interests in the Fund.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***(c)***  ***Capital Distributions*** 

 ****

No limited partner shall be entitled to receive distributions from the Fund, except as provided in the Agreement. The Fund does not anticipate making distributions to the partners. The General Partner may, in its sole discretion make distributions in cash or in kind at any time to all the Partners on a pro-rata basis in accordance with the partners' percentage of the Fund's interest.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** **Related Party Transactions** 

The General Partner and the Sub-Advisor will not charge any management or sub-advisory fees from the Initial Closing Date to the date that the Fund converts to an unlisted, closed end interval fund that is registered under the ICA. In the event that the Conversion is delayed or does not occur the Fund continues as a private fund, Limited Partners will be provided with advance written notice of any such fees to be assessed. No carried interest or other performance-based compensation is payable to any of the General Partner or the Sub-Advisor in connection with the net profits generated by the Fund.

As of December 31, 2024 the Fund owes the General Partner $234,800 for organization costs the General Partner paid on behalf of the Fund.

Certain limited partners are related parties of the General Partner. The aggregate value of limited partners' committed capital owned by related parties at December 31, 2024 is approximately $23,972,150 and $4,170,000 for the General Partner and the Sub-Advisor, respectively.

Additionally, the Fund may coinvest with other entities with the same General Partner as the Fund. At December 31, 2024, the Fund held an investment with a fair value of $8,165,788 that was coinvested with affiliated funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(6)** **Administrative Services** 

UMB Fund Services (the "Administrator") serves as the Fund's administrator and performs certain administrative and accounting services on behalf of the Fund. Administrative fees for the period from September 20, 2024 (commencement of operations) to December 31, 2024 were $25,392 and are reflected on the Consolidated Statement of Operations. At December 31, 2024, $25,392 of fees were owed to the administrator.

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

**(7)** **Financial Highlights**

Nonregistered investment funds are required to disclose certain financial highlights related to investment performance and operations. These financial highlights include net investment loss and expense ratios for the period from September 20, 2024 (commencement of operations) to December 31, 2024 applicable to the Fund's partners as follows:

---

| | |
|:---|:---|
| **Total return** | 18.98% |
| **Ratio to average partners' capital:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating expenses | 1.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (4.36)% |
| **Portfolio turnover rate** | 2.36% |

---

Financial highlights are calculated for each limited partner class taken as a whole. The net investment loss and expense ratios have been annualized, with the exception of non-recuring expenses that total $317,878.

The expense and net investment loss ratios do not reflect the income and expenses incurred by the underlying investment funds.

The ratios, excluding nonrecurring expenses to the General Partner, have been annualized.

&nbsp;&nbsp;&nbsp;&nbsp;**(8)** **Indemnifications** 

In the normal course of business, the Fund enters into contracts that provide general indemnifications. The Fund's maximum exposure under these agreements is dependent on future claims that may be made against the Fund, and therefore cannot be established; however, based on the General Partner's experience, the risk of loss from such claims is considered remote.

&nbsp;&nbsp;&nbsp;&nbsp;**(9)** **Market and Credit Risks** 

In the normal course of business, the Fund maintains its cash balance at a financial institution, which at times may exceed federally insured limits. The Fund is subject to credit risk to the extent any financial institution with which it conducts business is unable to fulfill contractual obligations on its behalf. The General Partner monitors the financial condition of each financial institution.

The Fund's portfolio may not generally be diversified at all times. Accordingly, the investment portfolio of the Fund may be subject to more rapid change in value than would be the case if the Fund was required to maintain a wide diversification among securities, companies, countries, or industry groups.

The Fund's investment in the Private Equity Funds is subject to the market and credit risks associated with the investments held by the Private Equity Funds.

The General Partner has established procedures to actively monitor market risk and minimize credit risk, although there can be no assurance that it will, in fact, succeed in doing so. The Partners bear the risk of loss only to the extent of the fair value of their respective investments and, in certain specific circumstances, distributions received.

**CALAMOS AKSIA PRIVATE EQUITY LP**

(a Delaware Limited Partnership)

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**(10)** **Subsequent Events** 

These financial statements were approved by management and available to be issued on June 4, 2025. Subsequent events have been evaluated through this date. On March 3, 2025 and April 1, 2025 the Fund issued capital calls to its partners totaling $31,000,000.

Management has determined that there were no other subsequent events requiring recognition or disclosure in the financial statements.

**PART C: OTHER INFORMATION**

**Calamos Aksia Private equity AND ALTERNATIVES FUND**

**(the "Registrant")**

---

| | |
|:---|:---|
|  | **Item 25. Financial Statements and Exhibits** |
| (1) | Financial Statements: |
|  | Financial statements are contained in the Fund's Statement of Additional Information filed herewith. |
| (2) | Exhibits: |

---

---

| | | |
|:---|:---|:---|
| [(a)](https://www.sec.gov/Archives/edgar/data/2047442/000110465924126674/tm2427768d2_ex99-2xax1.htm) | [(1)](https://www.sec.gov/Archives/edgar/data/2047442/000110465924126674/tm2427768d2_ex99-2xax1.htm) | [Certificate of Trust (1).](https://www.sec.gov/Archives/edgar/data/2047442/000110465924126674/tm2427768d2_ex99-2xax1.htm) |
|  | [(2)](tm2427768d4_ex99-2xax2.htm) | [Amended and Restated Declaration of Trust (2).](tm2427768d4_ex99-2xax2.htm) |

---

[(b)](https://www.sec.gov/Archives/edgar/data/2047442/000110465924126674/tm2427768d2_ex99-2xb.htm) [Bylaws (1).](https://www.sec.gov/Archives/edgar/data/2047442/000110465924126674/tm2427768d2_ex99-2xb.htm)

(c) Not applicable.

[(d)](tm2427768d4_ex99-2xd.htm) [Amended and Restated Multiple Class Plan Pursuant to Rule 18f-3 (2).](tm2427768d4_ex99-2xd.htm)

[(e)](tm2427768d4_ex99-2xe.htm) [Dividend Reinvestment Plan (2).](tm2427768d4_ex99-2xe.htm)

(f) Not applicable.

---

| | | |
|:---|:---|:---|
| (g) |  |  |
|  | [(1)](tm2427768d4_ex99-2xgx1.htm) | [Investment Advisory Agreement between the Registrant and Advisor (2).](tm2427768d4_ex99-2xgx1.htm) |
|  | [(2)](tm2427768d4_ex99-2xgx2.htm) | [Investment Sub-Advisory Agreement among the Registrant, Advisor and Sub-Advisor (2).](tm2427768d4_ex99-2xgx2.htm) |
| (h) |  |  |
|  | [(1)](tm2427768d4_ex99-2xhx1.htm) | [Distribution Agreement between the Registrant and the Distributor (2).](tm2427768d4_ex99-2xhx1.htm) |
|  | [(2)](tm2427768d4_ex99-2xhx2.htm) | [Distribution and Shareholder Services Plan (2).](tm2427768d4_ex99-2xhx2.htm) |

---

(i) Not applicable.

[(j)](tm2427768d4_ex99-2xj.htm) [Custody Agreement (2).](tm2427768d4_ex99-2xj.htm)

(k) nan

---

| | | |
|:---|:---|:---|
|  | [(1)](tm2427768d4_ex99-2xkx1.htm) | [Expense Limitation and Reimbursement Agreement (2).](tm2427768d4_ex99-2xkx1.htm) |
|  | [(2)](tm2427768d4_ex99-2xkx2.htm) | [Management Fee Waiver Agreement (2).](tm2427768d4_ex99-2xkx2.htm) |
|  | [(3)](tm2427768d4_ex99-2xkx3.htm) | [Sub-Advisory Fee Waiver Agreement (2).](tm2427768d4_ex99-2xkx3.htm) |
|  | [(4)](tm2427768d4_ex99-2xkx4.htm) | [Administration Agreement (2).](tm2427768d4_ex99-2xkx4.htm) |
| [(l)](tm2427768d4_ex99-2xl.htm) |  | [Opinion and Consent of Faegre Drinker Biddle & Reath LLP (2).](tm2427768d4_ex99-2xl.htm) |
| (m) |  | Not applicable. |
| [(n)](tm2427768d4_ex99-2xn.htm) |  | [Consent of Independent Registered Public Accounting Firm (2).](tm2427768d4_ex99-2xn.htm) |
| (o) |  | Not applicable. |
| (p) |  | Not applicable. |
| (q) |  | Not applicable. |

---

---

| | | |
|:---|:---|:---|
| [(r)](tm2427768d4_ex99-2xrx1.htm) | [(1)](tm2427768d4_ex99-2xrx1.htm) | [Code of Ethics of the Registrant (2).](tm2427768d4_ex99-2xrx1.htm) |
|  | [(2)](tm2427768d4_ex99-2xrx2.htm) | [Code of Ethics of the Advisor and the Distributor (2).](tm2427768d4_ex99-2xrx2.htm) |
|  | [(3)](tm2427768d4_ex99-2xrx3.htm) | [Code of Ethics of the Sub-Advisor (2).](tm2427768d4_ex99-2xrx3.htm) |

---

(s) Not applicable <br> [(t)](tm2427768d4_ex99-2xt.htm) [Powers of Attorney (2).](tm2427768d4_ex99-2xt.htm)

(1) Incorporated by reference from Registrant's
 Registration Statement on Form N-2, SEC File No. 333-283688, filed on December 9, 2024.

(2) Filed herewith.

**Item 26. Marketing Arrangements**

Reference is made to the Distribution Agreement, which is included as Exhibit (2)(h)(1) hereto.

**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:

---

| | |
|:---|:---|
| Securities and Exchange Commission Registration Fees | $0 |
| FINRA Fees | $0 |
| Blue Sky Fees | $70000 |
| Legal Fees and Expenses | $262000 |
| Printing Expenses | $50000 |
| Miscellaneous | $1000 |
| Total | $383000 |

---

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

No person is directly or indirectly controlled by or under common control with the Registrant, except that the Registrant may be deemed to be controlled by Calamos Advisors LLC (the "Advisor"), the investment advisor to the Registrant. The Advisor was formed under the laws of the State of Delaware. Additional information regarding the Advisor is set out in its Form ADV, as filed with the Securities and Exchange Commission (File No. 801-29688).

**Item 29. Number of Holder of Securities**

Set forth below is the number of holders of securities of the Registrant as of May 31, 2025:

---

| | | |
|:---|:---|:---|
| **Title of Class** | **Number of Record Holders** | **Number of Record Holders** |
| Shares of Beneficial Interest, Class A |  | 0 |
| Shares of Beneficial Interest, Class C |  | 0 |
| Shares of Beneficial Interest, Class I |  | 10000 |
| Shares of Beneficial Interest, Class M |  | 0 |

---

**Item 30. Indemnification**

Reference is made to Article 5.2 of the Registrant's Agreement and Declaration of Trust filed as Exhibit (2)(a)(2) to this Registration Statement (the "Declaration of Trust"). Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to the Advisor or one or more sub-advisors (each, a "Sub-Advisor" and collectively, the "Sub-Advisors" and collectively with the Advisor, the "Advisors"), including Calamos or Aksia LLC ("Aksia"), officers and controlling persons of the Registrant pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by the Advisors, officers or controlling persons of the Registrant in the successful defense of any action, suit or proceeding) is asserted by the Advisors, officers or controlling persons, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The Registrant hereby undertakes that it will apply the indemnification provisions of the Declaration of Trust in a manner consistent with Investment Company Act Release No. 11330 (Sept. 4, 1980) issued by the Securities and Exchange Commission, so long as the interpretation of Sections 17(h) and 17(i) of the Investment Company Act of 1940, as amended (the "1940 Act"), contained in that release remains in effect. The Registrant, in conjunction with the Advisors and the Registrant's Board of Trustees, maintains insurance on behalf of any person who is or was an Independent Trustee, officer, employee, or agent of the Registrant, against certain liability asserted against him or her and incurred by him or her or arising out of his or her position. In no event, however, will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person or any act for which the Registrant itself is not permitted to indemnify.

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

The Advisor serves as the investment advisor to the Registrant and is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which the Advisor, and its executive officers and directors is or has been, during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee, reference is made to the information set forth in the Advisor's Form ADV (File No. 801-29688), as filed with the SEC and incorporated herein by reference.

The Sub-Advisor serves as the investment sub-advisor to the Registrant and is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which the Sub-Advisor, and its executive officers and directors is or has been, during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee, reference is made to the information set forth in the Sub-Advisor's Form ADV (File No. 801-67661), as filed with the SEC and incorporated herein by reference.

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

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder are maintained at the office of the Registrant's administrator, State Street Bank and Trust Company ("State Street"), and custodian, State Street, except for certain transfer agency records which are maintained by State Street.

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

(1) The Registrant hereby undertakes to suspend the offering of its Shares until it amends its prospectus if (a) subsequent to the effective date of its Registration Statement, the net asset value declines more than ten percent from its net asset value as of the effective date of the Registration Statement or (b) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

(2) Not applicable.

(3) The Registrant hereby undertakes:

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

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

(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 Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective Registration Statement.

(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;

(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;

(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;

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

(1) if the Registrant is relying on Rule 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

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

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

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:

(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 of 1933;

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

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

(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) Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Naperville and State of Illinois on the 6th day of June, 2025.

---

| | |
|:---|:---|
| **CALAMOS AKSIA Private Equity and Alternatives FUND**<br>(A Delaware statutory trust) | **CALAMOS AKSIA Private Equity and Alternatives FUND**<br>(A Delaware statutory trust) |
| By: | /s/ Dan Dufresne |
|  | President and Principal Executive Officer |

---

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

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Dan Dufresne | President and Principal Executive Officer | June 6, 2025 |
| Dan Dufresne |  |  |
| \*Thomas E. Herman | Chief Financial Officer and Principal Financial Officer | June 6, 2025 |
| Thomas E. Herman |  |  |
| \*John Koudounis | Trustee | June 6, 2025 |
| John Koudounis |  |  |
| \*Jim Vos | Trustee | June 6, 2025 |
| Jim Vos |  |  |
| \*Bjorn Forfang | Trustee | June 6, 2025 |
| Bjorn Forfang |  |  |
| \*Sharmila Kassam | Trustee | June 6, 2025 |
| Sharmila Kassam |  |  |
| \*John Neal | Trustee | June 6, 2025 |
| John Neal |  |  |

---

---

| | |
|:---|:---|
| \*By | /s/ Dan Dufresne |
|  | Dan Dufresne |
|  | Attorney-in-Fact pursuant to Powers of Attorney |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [(a)(2)](tm2427768d4_ex99-2xax2.htm) | [Amended and Restated Declaration of Trust](tm2427768d4_ex99-2xax2.htm) |
| [(d)](tm2427768d4_ex99-2xd.htm) | [Multiple Class Plan Pursuant to Rule 18f-3.](tm2427768d4_ex99-2xd.htm) |
| [(e)](tm2427768d4_ex99-2xe.htm) | [Dividend Reinvestment Plan.](tm2427768d4_ex99-2xe.htm) |
| [(g)(1)](tm2427768d4_ex99-2xgx1.htm) | [Investment Advisory Agreement between the Registrant and Advisor.](tm2427768d4_ex99-2xgx1.htm) |
| [(g)(2)](tm2427768d4_ex99-2xgx2.htm) | [Investment Sub-Advisory Agreement among the Registrant, Advisor and Sub-Advisor.](tm2427768d4_ex99-2xgx2.htm) |
| [(h)(1)](tm2427768d4_ex99-2xhx1.htm) | [Distribution Agreement between the Registrant and the Distributor.](tm2427768d4_ex99-2xhx1.htm) |
| [(h)(2)](tm2427768d4_ex99-2xhx2.htm) | [Distribution and Shareholder Services Plan.](tm2427768d4_ex99-2xhx2.htm) |
| [(j)](tm2427768d4_ex99-2xj.htm) | [Custody Agreement.](tm2427768d4_ex99-2xj.htm) |
| [(k)(1)](tm2427768d4_ex99-2xkx1.htm) | [Expense Limitation and Reimbursement Agreement.](tm2427768d4_ex99-2xkx1.htm) |
| [(k)(2)](tm2427768d4_ex99-2xkx2.htm) | [Management Fee Waiver Agreement.](tm2427768d4_ex99-2xkx2.htm) |
| [(k)(3)](tm2427768d4_ex99-2xkx3.htm) | [Sub-Advisory Fee Waiver Agreement.](tm2427768d4_ex99-2xkx3.htm) |
| [(k)(4)](tm2427768d4_ex99-2xkx4.htm) | [Administration Agreement.](tm2427768d4_ex99-2xkx4.htm) |
| [(l)](tm2427768d4_ex99-2xl.htm) | [Opinion and Consent of Faegre Drinker Biddle & Reath LLP.](tm2427768d4_ex99-2xl.htm) |
| [(n)](tm2427768d4_ex99-2xn.htm) | [Consents of Independent Registered Public Accounting Firm.](tm2427768d4_ex99-2xn.htm) |
| [(r)(1)](tm2427768d4_ex99-2xrx1.htm) | [Code of Ethics of the Registrant.](tm2427768d4_ex99-2xrx1.htm) |
| [(r)(2)](tm2427768d4_ex99-2xrx2.htm) | [Code of Ethics of the Advisor and the Distributor.](tm2427768d4_ex99-2xrx2.htm) |
| [(r)(3)](tm2427768d4_ex99-2xrx3.htm) | [Code of Ethics of the Sub-Advisor.](tm2427768d4_ex99-2xrx3.htm) |
| [(t)](tm2427768d4_ex99-2xt.htm) | [Powers of Attorney.](tm2427768d4_ex99-2xt.htm) |

---

## Exhibit 99.2

**Exhibit 99.2(a)(2)**

**Calamos Aksia Private Equity and Alternatives Fund**

**AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST**

**Dated as of June 5, 2025**

**Table of Contents**

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| Article I THE TRUST | Article I THE TRUST | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 | Definitions | 1 |
| Article II TRUSTEES | Article II TRUSTEES | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | Number and Qualification | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | Term and Election | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 | Resignation and Removal | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 | Vacancies | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.5 | Meetings | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.6 | Trustee Action by Written Consent | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.7 | Chairperson | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.8 | Officers | 5 |
| Article III POWERS AND DUTIES OF TRUSTEES | Article III POWERS AND DUTIES OF TRUSTEES | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | General | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | Investments | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | Legal Title | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | Issuance and Repurchase of Shares | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 | Borrow Money or Utilize Leverage | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.6 | Delegation; Committees | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.7 | Collection and Payment | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.8 | Expenses | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.9 | By-Laws | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.10 | Miscellaneous Powers | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | Further Powers | 7 |
| Article IV ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | Article IV ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | Advisory and Management Arrangements | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | Distribution Arrangements | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | Parties to Contract | 8 |
| Article V LIMITATIONS OF LIABILITY AND INDEMNIFICATION | Article V LIMITATIONS OF LIABILITY AND INDEMNIFICATION | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | No Personal Liability of Shareholders, Trustees, etc. | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2 | Mandatory Indemnification | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3 | No Bond Required of Trustees | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.4 | No Duty of Investigation; No Notice in Trust Instruments, etc. | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.5 | Reliance on Experts, etc. | 10 |
| Article VI SHARES OF BENEFICIAL INTEREST | Article VI SHARES OF BENEFICIAL INTEREST | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1 | Beneficial Interest | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2 | Other Securities | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.3 | Rights of Shareholders | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.4 | Exchange and Conversion Privileges | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.5 | Trust Only | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.6 | Issuance of Shares | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.7 | Register of Shares | 12 |

---

i

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;6.8 | Transfer Agent and Registrar | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.9 | Transfer of Shares | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.10 | Notices | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.11 | Derivative Actions | 13.0 |
| Article VII DETERMINATION OF NET ASSET VALUE | Article VII DETERMINATION OF NET ASSET VALUE | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1 | Net Asset Value | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2 | Distributions to Shareholders | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.3 | Power to Modify Foregoing Procedures | 14.0 |
| Article VIII CUSTODIANS | Article VIII CUSTODIANS | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | Appointment and Duties | 14.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 | Central Certificate System | 15.0 |
| Article IX TRANSFERS AND REPURCHASES OF SHARES | Article IX TRANSFERS AND REPURCHASES OF SHARES | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 | Repurchases of Shares | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2 | Redemptions at the Option of the Trust | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.3 | Suspension of the Right of Repurchase | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.4 | Redemption of Shares to Qualify as a Regulated Investment Company | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.5 | Disclosure of Holding | 16.0 |
| Article X SHAREHOLDERS | Article X SHAREHOLDERS | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | Meetings of Shareholders | 16.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | Voting | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 | Notice of Meeting and Record Date | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4 | Quorum and Required Vote | 17.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.5 | Proxies, etc. | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.6 | Reports | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.7 | Inspection of Records | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.8 | Shareholder Action by Written Consent | 18.0 |
| Article XI DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS; ETC. | Article XI DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS; ETC. | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 | Duration | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.2 | Termination | 18.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.3 | Amendment Procedure | 19.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.4 | Merger, Consolidation and Sale of Assets | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.5 | Subsidiaries | 20.0 |
| Article XII MISCELLANEOUS | Article XII MISCELLANEOUS | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.1 | Filing | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.2 | Resident Agent | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.3 | Governing Law | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.4 | Exclusive Delaware Jurisdiction | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.5 | Counterparts | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.6 | Reliance by Third Parties | 22.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.7 | Provisions in Conflict with Law or Regulation | 22.0 |

---

ii

**Calamos Aksia Private Equity and Alternatives Fund**

**AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST**

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made as of the 22nd day of November, 2024, and as amended and restated as of June 5, 2025, by the Trustees hereunder.

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

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

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

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

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

Article I

<u>THE TRUST</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Name</u>. This Trust shall be known as the "Calamos Aksia Private Equity and Alternatives 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Definitions.</u> As used in this Declaration, the following terms shall have the following meanings: 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.

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.

"<u>By-Laws</u>" shall mean the By-Laws of the Trust as amended from time to time by the Trustees.

"<u>Class</u>" shall mean a class of Shares the Trust established in accordance with the provisions hereof.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"<u>Commission</u>" shall mean the Securities and Exchange Commission.

"<u>Declaration</u>" shall mean this Agreement and Declaration of Trust, as amended, supplemented or amended and restated from time to time.

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

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

"<u>Fiscal Year</u>" means each period commencing on April 1 of each year and ending on March 31 of that 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. The taxable year of the Trust will end on September 30 of each year, or on any other date designated by the Trustees that is a permitted taxable year-end for tax purposes, and need not be the same as the Fiscal Year.

"<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.

"<u>Majority Shareholder Vote</u>" shall mean a vote of "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Trust with all classes of Shares voting together as a single class, except as with respect to votes which affect only one or more Classes, as provided for herein, in which case it shall mean a vote of a majority of outstanding voting securities of such Class or Classes, as applicable.

"<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.

"<u>Prospectus</u>" shall mean the Prospectus and Statement of Additional Information of the Trust, if any, as in effect and as may be amended from time to time.

"<u>Registration Statement</u>" shall mean the Trust's registration statement or statements as filed with the Commission, as from time to time in effect and shall include any Prospectus or Statement of Additional Information forming a part thereof.

"<u>SEC</u>" shall mean the Securities and Exchange Commission.

"<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares of the Trust, at such time.

"<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.

"<u>Transfer</u>" means the assignment, transfer, sale or other disposition of any Shares, including any right to receive any allocations and distributions attributable to Shares. Verbs, participles or adjectives such as "Transfer," "Transferred" and "Transferring" have correlative meanings.

"<u>Trust</u>" shall mean the trust established by this Declaration, as amended from time to time, inclusive of each such amendment.

"<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.

"<u>Trustees</u>" shall mean the signatories to this Declaration, so long as they 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

<u>TRUSTEES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Number and Qualification</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Term and Election</u>. The term of office of a Trustee shall continue until death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee. Subject to the provisions of the 1940 Act, the Trustees at any time may elect Trustees to fill vacancies in the number of Trustees. Each Trustee elected shall hold office until his or her successor shall have been elected and shall have qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Resignation and Removal</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chairperson (if any), the President, 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) for cause only, and not without cause, and only by action taken by a majority of the remaining Trustees (or, in the case of an Independent Trustee, only by action taken by a majority of the remaining Independent Trustees). 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chairperson, if any, or the President, the Secretary or any two Trustees. Regular meetings of the Trustees may be held without call or notice, except as may be otherwise required by law, at a time and place fixed by the By-Laws or by resolution 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 one-third, but not less than two, of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees 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.

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 a majority 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Chairperson</u>. The Trustees may designate a Chairperson and a Vice Chairperson of the Board of Trustees, who shall have such powers and duties as determined by the Board of Trustees from time to time. Any Chairperson or Vice Chairperson shall be a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 <u>Officers</u>. The Trustees shall elect a President, a Secretary and a Treasurer. 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 Chairperson, if any, or President to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. The President, Secretary and Treasurer may, but need not, be a Trustee.

Article III

<u>POWERS AND DUTIES OF TRUSTEES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General</u>. The Trustees shall owe to the Trust and its Shareholders the same fiduciary duties as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Declaration. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Legal Title</u>. Legal title to all the Trust Property shall be vested in the Trust except 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, or in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected.

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 his or her due election and qualification. Upon the ceasing of any person to be a Trustee for any reason, such person 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, convert, resell, reissue, classify and/or reclassify, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, subject to the more detailed provisions set forth in Articles VIII and IX, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property whether capital or surplus or otherwise, to the full extent now or hereafter permitted corporations formed under the Delaware General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Delegation; Committees</u>. The Trustees shall have the power, consistent with their continuing exclusive authority over the management of the Trust and the Trust Property, 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 or appropriate to the extent permitted by law. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. Except to the extent required for a corporation formed under the Delaware General Corporation Law, the Shareholders shall have no power to vote as to whether or not a court action, legal proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. The Trustees shall have the power, as frequently as they may determine, to cause each Shareholder to pay directly, in advance or arrears, for charges of distribution, of the custodian or of the transfer, Shareholder servicing or similar agent, a pro rata amount as defined from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>By-Laws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal By-Laws for the conduct of the business of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Miscellaneous Powers</u>. 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; and (i) adopt a seal for the Trust, even though the absence of such seal shall not impair the validity of any instrument executed on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

Article IV

<u>ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Advisory and Management Arrangements</u>. Subject to 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 the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 By-Laws; 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 By-Laws. 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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>No Personal Liability of Shareholders, Trustees, etc</u>. No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. 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 or her 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. No Trustee who has been determined to be an "audit committee financial expert" (for purposes of Section 407 of the Sarbanes-Oxley Act of 2002 or any successor provision thereto) by the Trustees shall be subject to any greater liability or duty of care in discharging such Trustee's duties and responsibilities by virtue of such determination than is any Trustee who has not been so designated. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Mandatory Indemnification</u>. (a) The Trust hereby agrees to indemnify each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he 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 or her having acted in any such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief that his or her action was in the best interest of the Trust or, in the case of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was unlawful, provided, 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 or her position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "disabling conduct"). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or (2) 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his or her undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under this Declaration, the By-Laws of the Trust, any statute, agreement, or vote of Shareholders or Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) 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;&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 to the full extent corporations organized under the Delaware General Corporation Law may indemnify or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 or her duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 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 as is required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

<u>SHARES OF BENEFICIAL INTEREST</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Beneficial Interest</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 interest of the beneficiaries shall be divided into an unlimited number of transferable shares of beneficial par value $0.001 per share. The Trustees may divide Shares into one or more Classes and the Trustees hereby establish the Classes listed in Schedule A hereto and made part hereof. Schedule A may be revised from time to time by resolution of a majority of the then Trustees, including in connection with the establishment and designation or re-designation of any Class and shall not constitute an amendment of this Declaration. 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, except as provided in the last sentence of Section 3.8, nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the further provisions of this Article VI, any restriction set forth in the By-Laws and any applicable requirements of the 1940 Act or any applicable exemptive relief issued by the SEC, 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The establishment and designation of any Class of Shares of the Trust shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Class of Shares of the Trust, whether directly in such resolution or by reference to another document including, without limitation, any Registration Statement of the Trust, or as otherwise provided in such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) With respect to any Class of Shares of the Trust, each such Class shall represent interests in the assets of the Trust and have the same voting, dividend, liquidation and other rights and terms and conditions as each other Class of Shares of the Trust, except that, subject to applicable law, expenses allocated to a Class may be borne solely by such Class as determined by the Trustees and as provided herein, and a Class may have exclusive voting rights with respect to matters affecting only that Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the fullest extent permitted by Section 3804 of the Delaware Statutory Trust Act and subject to the restrictions of the 1940 Act and any applicable exemptive relief issued by the SEC, the Trustees may allocate expenses of the Trust to a particular Class or to apportion the same between or among two or more Classes, provided that any expenses incurred by a particular Class shall be payable solely out of the assets belonging to that Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Other Securities</u>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and 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 persons as they see fit to offer and sell such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 hereinbefore described are vested exclusively in the Trustees on behalf of 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, subject to the right of the Trustees to charge certain expenses directly to Shareholders, as provided in the last sentence of Section 3.8, suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion, exchange or redemption rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Exchange and Conversion Privileges</u>. Subject to the provisions of the 1940 Act, any applicable exemptive relief, 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 convert such Shares for Shares of one or more other Classes. Subject to the provisions of the 1940 Act, any applicable exemptive relief, and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class may exchange their Shares for those of another fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Issuance of Shares.</u> The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares 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 divide 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. Each such register shall be conclusive as to who are the holders of the 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 or she has given his or her 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 therefor and rules and regulations as to their use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust 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 a Share certificate, if one is outstanding, and 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 the Trust, nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Each Shareholder will indemnify and hold harmless the Trust, the Trustees, each other Shareholder and any Affiliated Person of the Trust, the Trustees, and each of the other Shareholders against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer. Pursuant to Section 3.8 hereof, a Shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with the transfer.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 or her last known address as recorded on the applicable register of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Derivative Actions</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) 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;&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 advisers 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 advisers 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Sections 6.11(a) and 6.11(b) hereof do not apply to claims arising under the federal securities laws.

Article VII

<u>DETERMINATION OF NET ASSET VALUE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Net Asset Value</u>. The net asset value of each outstanding Share of each Class of the Trust 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 Prospectus 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Distributions to Shareholders</u>.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 each Class 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 Securities Exchange Act of 1934, as amended, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

Article VIII

<u>CUSTODIANS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 By-Laws of the Trust and the 1940 Act, including without limitation authority:

1) to hold the securities owned by the Trust and deliver the same upon written order;

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;

3) to disburse such funds upon orders or vouchers;

4) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Securities Exchange Act of 1934, as amended, 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

<u>TRANSFERS AND REPURCHASES OF SHARES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Repurchases of Shares</u>. Except to the extent included as part of the Trust's Fundamental Policies and subject to any restrictions or limitations contained therein, holders of Shares of the Trust shall not be entitled to require the Trust to repurchase or redeem Shares of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Redemptions at the Option of the Trust</u>. The Trust shall have the right at its option and at any time to redeem Shares of any Shareholder at the net asset value thereof, unless otherwise permitted by the 1940 Act, for any reason under the terms established by the Trustees from time to time including but not limited to: (i) if at such time such Shareholder owns Shares having an aggregate net asset value of less than an amount determined from time to time by the Trustees; (ii) to the extent that such Shareholder owns Shares equal to or in excess of a percentage of the outstanding Shares determined from time to time by the Trustees; (iii) the failure of a Shareholder to supply a tax identification number or other identification or if the Trust is unable to verify a Shareholder's identity; (iv) the failure of a Shareholder to pay when due the purchase price of Shares; (v) Shares have been transferred to, or have vested in, any person, by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of a Shareholder; (vi) when the Trust is requested or compelled to do so by governmental authority; (vii) ownership of the Shares by such Shareholder or other person will cause the Trust to be in violation of, or subject the Trust or the Trust's investment advisor or sub-advisor to additional registration or regulation under the securities, commodities, or other laws of the United States or any other jurisdiction; (viii) continued ownership of the Shares by such Shareholders may be harmful or injurious to the business or reputation of the Trust or the Trust's investment advisor, or may subject the Trust or any Shareholders to an undue risk of adverse tax or other fiscal consequences; (ix) any representation or warranty made by a Shareholder in connection with the acquisition of Shares was not true when made or has ceased to be true, or the Shareholder has breached any covenant made by it in connection with the acquisition of Shares; (x) the determination by the Trustees or pursuant to policies and procedures adopted by the Trustees that ownership of Shares is not in the best interest of the remaining Shareholders of the Trust or applicable Class; or (xi) it would be in the best interests of the Trust for the Trust to cause a mandatory redemption of such Shares in circumstances where the Trustees determine that doing so is in the best interests of the Trust in a manner as will not discriminate unfairly against any Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Suspension of the Right of Repurchase</u>. The Trustees may declare a suspension of the right of repurchase or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end. In the event that the Trust is divided into Classes, the provisions of this Section 9.3, to the extent applicable as determined in the discretion of the Trustees and consistent with the 1940 Act, may be equally applied to each such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 <u>Redemption of Shares to Qualify as a Regulated Investment Company</u>. If the Trustees shall, at any time and in good faith, be of the opinion that direct or indirect ownership of Shares has or may become concentrated in any Person to an extent that would disqualify the Trust as a regulated investment company under the Code, then the Trustees shall have the power (but not the obligation) by lot or other means deemed equitable by them (i) to call for redemption by any such Person of a number, or principal amount, of Shares sufficient to maintain or bring the direct or indirect ownership of Shares into conformity with the requirements for such qualification and (ii) to refuse to transfer or issue Shares to any Person whose acquisition of Shares in question would result in such disqualification. The redemption shall be effected at the redemption price and in the manner provided herein. The holders of Shares shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the requirements of any taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

<u>SHAREHOLDERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Meetings of Shareholders</u>. The Trust will not hold Shareholder meetings unless required by the 1940 Act, the provisions of this Declaration, the By-Laws or any other applicable law. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the Chairperson or the President and shall be called by any Trustee for any proper purpose upon written request of Shareholders of the Trust holding in the aggregate at least a majority of the outstanding Shares of the Trust, such request specifying the purpose or purposes for which such meeting is to be called. Any shareholder meeting, including a special meeting, shall be held at such places on such day and at such time as the Trustees shall designate. In the absence of any such designation, Shareholders' meetings shall be held at the principal office of the Trust at the time of such meetings. Notwithstanding the foregoing, if either the President or Secretary of the Trust, or in the absence or unavailability of the President and the Secretary, any officer of the Trust, determines that the date, time or place designated for a meeting or adjourned meeting of Shareholders is not reasonably practicable or available as a result of (a) fire, flood, elements of nature, or other acts of god, (b) acts of terrorism, (c) outbreak or escalation of hostilities, war, riots or civil disorders or (d) other similar events, such officer may, without further notice to Shareholders, designate such other date, time or place for such meeting or adjourned meeting as such officer shall, in his or her sole discretion, determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Voting</u>. (a) Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by applicable law, this Declaration or resolution of the Trustees. There shall be no cumulative voting in the election or removal of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Declaration, on any matters submitted to a vote of the Shareholders, all Shares of the Trust then-entitled to vote shall be voted in aggregate, except: (i) when required by the 1940 Act and/or other applicable law, Shares shall be voted by individual Class; (ii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Classes, then only the Shareholders of such Class or Classes shall be entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Notice of Meeting and Record Date</u>. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting, shall be given by the Trustees by mail to each Shareholder of record entitled to vote thereat at its registered address, mailed at least 10 days and not more than 90 days before the meeting or otherwise in compliance with applicable law. Only the business stated in the notice of the meeting shall be considered at such meeting; provided, however, that the foregoing shall in no way limit the ability of one or more adjournments to be considered at a meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than 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 90 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Quorum and Required Vote</u>. (a) The holders of one-third of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. When any one or more Classes is to vote separately from any other Classes of Shares, holders of one-third of the Shares entitled to vote of each such Class shall constitute a quorum at a Shareholders' meeting of that Class. 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;&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, 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; provided that, (i) where any provision of law or of this Declaration requires that the holders of any Class shall vote as a Class, then the affirmative vote of a majority of the Shares of such Class present in person or represented by proxy and entitled to vote on the subject matter shall decide that matter insofar as that Class is concerned, and provided that (ii) the Trustees shall be elected by a plurality of the votes of the Shares present in person or represented by proxy at the meeting and entitled to vote on the election of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Proxies, etc.</u> At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed 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 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 or she may vote by his or her guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Reports</u>. The Trustees shall cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. Copies of such reports shall be mailed to all Shareholders of record within the time required by the 1940 Act. The Trustees shall, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Inspection of Records</u>. The Trustees shall from time to time determine whether and to what extent, and at what times and places, and under what conditions and regulations the accounts and books of the Trust or any of them shall be open to the inspection of the Shareholders; and no Shareholder shall have any right to inspect any account or book or document of the Trust except as conferred by law or otherwise by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Shareholder Action by Written Consent</u>. Any action which may be taken by Shareholders by vote may be taken without a meeting if the holders, entitled to vote thereon, of the proportion of Shares required for approval of such action at a meeting of Shareholders pursuant to Section 10.4 consent to the action in writing and the written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

Article XI

<u>DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS; ETC.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Termination</u>. (a) The Trust may be dissolved, only upon approval of not less than 80% of the Trustees or, to the extent provided under those circumstances described in the Registration Statement, by the vote of the majority of the Shareholders. 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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees shall distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders on a pro rata basis, subject to any preferential rights of holders of the Trust's outstanding preferred Shares, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Amendment Procedure</u>. (a) Except as provided in subsection (b) of this Section 11.3, this Declaration may be amended, after a majority of the Trustees (including a majority of the independent Trustees if such a vote is required under the 1940 Act) have approved a resolution therefor, by the affirmative vote required by Section 10.4 of this Declaration. The Trustees also may amend this Declaration without any vote of Shareholders to change the name of the Trust, to change the U.S. federal income tax classification of the Trust from an association taxable as a corporation to a partnership if the Trust elects to cease qualifying as a regulated investment company under Subchapter M of the Code, to make any other change that does not adversely affect the relative rights or preferences of any Shareholder, as they may deem necessary, or to conform this Declaration to the requirements of the 1940 Act or any other applicable federal or state laws or regulations including pursuant to Section 6.2 or, if applicable, the requirements of the regulated investment company provisions of the Code, but the Trustees shall not be liable for failing to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment may be made to Section 2.1, Section 2.2, Section 2.3, Section 3.8, Section 5.1, Section 5.2, Section 11.2(a), this Section 11.3 or Section 11.4 of this Declaration and no amendment may be made to this Declaration which would change any rights with respect to any Shares of the Trust by reducing the amount payable thereon upon liquidation of the Trust or by diminishing or eliminating any voting rights pertaining thereto (except that this provision shall not limit the ability of the Trustees to authorize, and to cause the Trust to issue, other securities pursuant to Section 6.2), except after a majority of the Trustees have approved a resolution therefor, and such amendment has been approved by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares, unless such amendment has been approved by 80% of the Trustees, in which case approval by a Majority Shareholder Vote shall be required. Nothing contained in this Declaration shall permit the amendment of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or to permit assessments upon 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;(c) An amendment duly adopted by the requisite vote of the Board of Trustees and, if required under the 1940 Act or otherwise under this Declaration, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Board.

Notwithstanding any other provision hereof, until such time as Shares are issued and sold, this Declaration may be terminated or amended in any respect by the affirmative vote of a majority of the Trustees or by an instrument signed by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Merger, Consolidation and Sale of Assets</u>. The Trust may merge or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all or substantially all of the Trust Property or the property, including its goodwill, upon such terms and conditions and for such consideration when and as authorized by two-thirds of the Trustees and approved by a Majority Shareholder Vote to the extent required by the 1940 Act and any such merger, consolidation, sale, lease or exchange shall be determined for all purposes to have been accomplished under and pursuant to the statutes of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Subsidiaries</u>. Without approval 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.

Article XII

<u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 1209 Orange Street, Wilmington, New Castle County, Delaware 19801. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Governing Law</u>. This Declaration is executed by the Trustees and delivered in the State of Delaware and with reference to the laws thereof (except for conflict-of-laws provisions or doctrines thereof), and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to laws of said State, and reference shall be specifically made to the Delaware General Corporation Law as to the construction of matters not specifically covered herein or as to which an ambiguity exists, although such law shall not be viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer, each Shareholder and each Person beneficially owning an interest in the Trust (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 Statutory Trust Act, (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Trust or its business and affairs, the Statutory Trust Act, this Declaration or the Bylaws or asserting a claim governed by the internal affairs (or similar) doctrine (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 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 Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Statutory Trust Act, this Declaration or the Bylaws relating in any way to the Trust (regardless, in every 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 submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) 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. In the event that any claim, suit, action or proceeding is commenced outside of the Court of Chancery of the State of Delaware in contravention of this Section 12.4, all reasonable and documented out of pocket fees, costs and expenses, including reasonable attorneys' fees and court costs, incurred by the prevailing party in such claim, suit, action or proceeding shall be reimbursed by the non-prevailing party. This Section 12.4 shall not apply to claims arising under federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 By-Laws 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Provisions in Conflict with Law or Regulation</u>. (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If 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.

IN WITNESS WHEREOF, the undersigned, being the Trustees of the Trust, has caused these presents to be executed as of the day and year first above written.

---

| |
|:---|
| /s/ John S. Koudounis |
| John S. Koudounis, as Trustee and not individually |
| <br> /s/ Jim Vos |
| Jim Vos, as Trustee and not individually |
| <br> /s/ Bjorn Forfang |
| Bjorn Forfang, as Trustee and not individually |
| <br> /s/ Sharmila Kassam |
| Sharmila Kassam, as Trustee and not individually |
| <br> /s/ John E. Neal |
| John E. Neal, as Trustee and not individually |

---

**Schedule A**

Class A

Class C

Class I

Class M

## Exhibit 99.2

**Exhibit 99.2(d)**

**CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND**

**AMENDED AND RESTATED MULTIPLE CLASS PLAN**

**Adopted as of April 30, 2025**

**Amended and Restated as of June 5, 2025**

WHEREAS, Calamos Aksia Private Equity and Alternatives Fund (the "Fund") is engaged in business as a closed-end management investment company and is registered as such under the Investment Company Act of 1940 (the "1940 Act"); and

WHEREAS, the Fund, in reliance upon that certain exemptive order issued to the Calamos - Avenue Opportunities Fund and Calamos Avenue Management LLC by the Securities and Exchange Commission, is permitted to offer multiple classes of shares (the "Exemptive Relief")<sup>1</sup>; and

WHEREAS, pursuant to the conditions of the Exemptive Relief, the Fund complies with Rule 18f-3 ("Rule 18f-3") under the 1940 Act, as if it were an open-end management investment company.

NOW, THEREFORE, the Fund hereby adopts this multiple class plan pursuant to Rule 18f-3 (the "Plan").

The provisions of the Plan are:

**A.**  **<u>General Description of Classes</u>** 

As of the effective date of the Plan as set forth above, the Fund will offer four (4) classes of shares of beneficial interest: Class A Shares, Class C Shares, Class I Shares, and Class M Shares. In addition, pursuant to Rule 12b-1 under the 1940 Act, the Fund has adopted a Distribution and Shareholder Services Plan (the "12b-1 Plan") under which shares of certain classes are subject to a sales load and a distribution and/or shareholder servicing fee. A general description of the fees applicable to each class of shares is set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;1.  **<u>Class A</u>** . Class A Shares are subject to a front-end sales load of up to 3.50%
 of the investment amount. Class A Shares are subject to a shareholder servicing fee of up to 0.25% per year of the Fund's
 average daily net assets attributable to Class A Shares under the 12b-1 Plan. Class A Shares generally require a minimum
 initial investment of $2,500 and a minimum subsequent investment of $100. Class A shareholders, who purchase an investment of
 $250,000 or more, may pay a contingent deferred sales charge of 1.00% on these Class A Shares sold within 18 months after
 purchase.

&nbsp;&nbsp;&nbsp;&nbsp;2.  **<u>Class C</u>** . Class C Shares are not subject to a front-end sales load. Class C Shares are subject to a distribution
fee at an annual rate of 1.00% of the Fund's average daily net assets attributable to Class C under the 12b-1 Plan. Class C
Shares are subject to a shareholder servicing fee of up to 0.25% per year
of the Fund's average daily net assets attributable to Class C Shares under the 12b-1 Plan. Class C Shares generally require
a minimum initial investment of $2,500 and a minimum subsequent investment of $100. Class C shareholders who tender for repurchase
of such shareholder's Class C Shares such that they will have been held less than 365 days after purchase, as of the time of repurchase,
will be subject to a contingent deferred sales charge of 1.00% of the original purchase price.

<sup>1</sup> In the Matter of Calamos-Avenue Opportunities Fund and Calamos Avenue Management, LLC, Inv. Co. Act of 1940 Release No. 34327/July 12, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;3.  **<u>Class I</u>** . Class I Shares are not subject to a front-end sales load. Class I Shares are not subject to
a distribution or shareholder servicing fee under the 12b-1 Plan. Class I Shares generally require a minimum initial investment of
$1 million with no minimum subsequent investment.

&nbsp;&nbsp;&nbsp;&nbsp;4.  **<u>Class M</u>** . Class M Shares are not subject to a front-end sales load. Class M Shares are subject to a distribution
fee at an annual rate of 0.75% of the Fund's average daily net assets attributable to Class M under the 12b-1 Plan. Class M
Shares generally require a minimum initial investment of $10,000 and a minimum subsequent investment of $100.

**B.**  **<u>Expense Allocation of Each Class</u>** 

All expenses incurred by the Fund will be allocated among its classes of shares based on the respective net assets of the Fund attributable to each such class, except that the net asset value and expenses of each class will reflect the expenses associated with the 12b-1 Plan of that class (if any) and shareholder services fees attributable to a particular class (including transfer agency fees, if any). Fund expenses will be allocated to the respective share classes in a manner consistent with Rule 18f-3(c)(1)(iii) as now or hereafter in effect, subject to the oversight of the Board of Trustees (the "Board" and each member of the Board, a "Trustee").

**C.**  **<u>Voting Rights</u>** 

Each share of the Fund entitles the shareholder of record to one vote. Shareholders of each class will vote separately as a class to approve any material increase in payments applicable to each class authorized under the 12b-1 Plan and on other matters for which class voting is required under applicable law. In addition, each class shall 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.

**D.**  **<u>Exchanges</u>** 

A class of shares of the Fund may be exchanged without payment of any exchange fee for another class of shares of the Fund at their respective net asset values, to the extent provided in the Fund's prospectus.

**E.**  **<u>Waivers and Reimbursements</u>** 

Fees and expenses may be waived or reimbursed by Calamos Advisors LLC, the Fund's investment adviser, or any other service provider. 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.

**F.**  **<u>Income, Gains and Losses</u>** 

Income and realized and unrealized capital gains and losses 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.

The Fund may allocate income and realized and unrealized capital gains and losses to each share based on relative net assets (settled shares) of each class, as permitted by Rule 18f-3 under the 1940 Act.

**G.**  **<u>Dividends</u>** 

Dividends paid by the Fund, with respect to its classes of shares, to the extent any dividends are paid, will be calculated in the same manner, at the same time and will be in the same amount, except that any expenses relating to a class of shares will be borne exclusively by that class.

**H.**  **<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.

**I.**  **<u>Additional Information</u>** 

This Plan is qualified by and subject to the terms of the then-current prospectus and Statement of Additional Information for the applicable classes; provided, however, that none of the terms set forth in any such prospectus and Statement of Additional Information shall be inconsistent with the terms of the classes contained in this Plan.

**J.**  **<u>Effective Date</u>** 

This Plan is effective upon the date set forth above, provided that this Plan shall not become effective with respect to the Fund or a class of shares of the Fund unless first approved by a majority of the Trustees, including a majority of the Trustees who are not considered "interested persons" (as defined in the 1940 Act) of the Fund (the "Independent Trustees"). This Plan may be terminated or amended at any time with respect to the Fund or a class of shares thereof by a majority of the Independent Trustees.

## Exhibit 99.2

**Exhibit 99.2(e)**

**CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND**

**DIVIDEND REINVESTMENT PLAN**

Calamos Aksia Private Equity and Alternatives Fund ("Fund"), hereby adopts the following Dividend Reinvestment Plan (the "Plan") with respect to distributions declared by its board of trustees (the "Board") on its shares of beneficial interest (the "Shares"):

1. <u>Participation</u>. The Fund's Plan is available to shareholders of record of the Shares. State Street Bank and Trust Company ("State Street") acting as agent for each participant in the Plan, will apply income dividends or capital gains or other distributions (each, a "Distribution" and collectively, "Distributions"), net of any applicable U.S. withholding tax, that become payable to such participant on Shares (including shares held in the participant's name and shares accumulated under the Plan), to the purchase of additional whole and fractional Shares for such participant.

2. <u>Eligibility and Election to Participate</u>. Participation in the Plan is limited to registered owners of Shares. The Fund's Board reserves the right to amend or terminate the Plan. Shareholders automatically participate in the Plan, unless and until an election is made to terminate participation in the Plan on behalf of such participating shareholder. If participating in the Plan, a shareholder is required to include all of the Shares owned by such shareholder in the Plan.

3. <u>Share Purchases</u>. When the Fund declares a Distribution, State Street, on the shareholder's behalf, will receive additional authorized shares from the Fund either newly issued or repurchased from shareholders by the Fund. The number of shares to be received when Distributions are reinvested will be determined by dividing the amount of the Distribution by the Fund's net asset value per share on the next valuation date following the ex-distribution date. There will be no sales load charged on Shares issued to a shareholder under the Plan, but shareholder servicing fees and distribution fees will be charged where applicable. In making purchases for the accounts of participants, State Street may commingle the funds of one participant with those of other participants in the Plan. All shares purchased under the Plan will be held in the name of each participant. In the case of shareholders, such as banks, brokers or nominees, that hold shares for others who are beneficial owners participating under the Plan, State Street 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.

4. <u>Timing of Purchases</u>. The Fund expects to issue Shares pursuant to the Plan, immediately following each Distribution payment date and State Street will make every reasonable effort to reinvest all Distributions on the day the Distribution is paid (except where necessary to comply with applicable securities laws) by the Fund. If, for any reason beyond the control of State Street, reinvestment of the Distributions cannot be completed within 30 days after the applicable Distribution payment date, funds held by State Street on behalf of a participant will be distributed to that participant.

5. <u>Account Statements</u>. State Street will maintain all shareholder accounts and furnish or cause to be furnished written confirmations of all transactions in the accounts, including information needed by shareholders for personal and tax records. State Street 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. State Street will confirm to each participant each acquisition made pursuant to the Plan as soon as practicable after calculating the Fund's net asset value. No less frequently than quarterly, State Street will provide to each participant an account statement showing the Distribution, the number of shares purchased with the Distribution, and the year-to-date and cumulative Distributions paid. State Street will distribute or cause to be distributed all proxy solicitation materials, if any, to participating shareholders.

Adopted May 21, 2025

6. <u>Expenses</u>. There will be no direct expenses to participants for the administration of the Plan. There is no direct service charge to participants with regard to purchases under the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. Administrative fees associated with the Plan will be paid by the Fund.

7. <u>Taxation of Distributions</u>. The reinvestment of Distributions does not relieve the participant of any taxes which may be payable on such Distributions.

8. <u>Share Certificates</u>. State Street will hold shares in the account of the shareholders in non-certificated form in the name of the participant.

9. <u>Voting of Shares</u>. Shares issued pursuant to the Plan will have the same voting rights as the Shares issued pursuant to the Fund's public offering.

10. <u>Absence of Liability</u>. Neither the Fund nor State Street shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither the Fund nor State Street shall be liable for any act done in good faith or for any good faith omission to act, including, without limitation, any claims of liability: (a) arising out of the failure to terminate a participant's account prior to receipt of written notice of such participant's death, or (b) with respect to prices at which shares are purchased or sold for the participant's account and the terms on which such purchases and sales are made. NOTWITHSTANDING THE FOREGOING, LIABILITY UNDER THE U.S. FEDERAL SECURITIES LAWS CANNOT BE WAIVED.

11. <u>Termination of Participation</u>. A shareholder who does not wish to have Distributions automatically reinvested may terminate participation in the Plan at any time by written instructions to that effect to State Street. Such written instructions must be received by State Street at least five business days prior to the record date of the Distribution or the shareholder will receive such Distribution in Shares through the Plan. Any written request received later than such time may be processed by State Street but is not guaranteed.

12. <u>Amendment, Supplement, Termination, and Suspension of Plan</u>. This Plan may be amended, supplemented, or terminated by the Fund at any time upon 30 days' notice to shareholders. The amendment or supplement shall be filed with the Securities and Exchange Commission as an exhibit to a subsequent appropriate filing made by the Fund and shall be deemed to be accepted by each participant unless, prior to its effective date thereof, State Street receives written notice of termination of the participant's account. Amendment may include an appointment by the Fund or State Street with the approval of the Fund of a successor agent, in which event such successor shall have all of the rights and obligations of State Street under this Plan. The Fund may suspend the Plan at any time without notice to the participants.

13. <u>Governing Law</u>. This Plan and the authorization form signed by the participant (which is deemed a part of this Plan) and the participant's account shall be governed by and construed in accordance with the laws of the State of New York.

## Exhibit 99.2

**Exhibit 99.2(g)(1)**

**CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND**

**INVESTMENT ADVISORY AGREEMENT**

**THIS AGREEMENT** made as of the <u>30th day of April</u> 2025, by and between Calamos Aksia Private Equity and Alternatives Fund (the "<u>Fund</u>") and Calamos Advisors LLC (the "<u>Advisor</u>").

**WHEREAS,** the Fund is a closed-end, management investment company registered as such with the U.S. Securities and Exchange Commission (the "<u>Commission</u>") pursuant to the U.S. Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), operating as an interval fund under the 1940 Act; and

**WHEREAS**, the Advisor is registered as an investment advisor under the U.S. Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>").

**NOW, THEREFORE,** in consideration of the mutual promises and covenants hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is agreed by and between the parties, as follows:

1. **General Provision.**

The Fund hereby employs the Advisor, and the Advisor hereby undertakes to act as the investment advisor of the Fund and to perform for the Fund such other duties and functions as are hereinafter set forth. The Advisor shall, in all matters, give to the Fund and its Board of Trustees (the "<u>Board</u>" and each trustee of the Fund, a "<u>Trustee</u>" and collectively, the "<u>Trustees</u>") the benefit of its judgment, effort, advice and recommendations and shall, at all times conform to, and use its best efforts to enable the Fund to conform to: (a) the provisions of the 1940 Act and any rules or regulations thereunder; (b) any other applicable provisions of state or federal law; (c) the provisions of the Fund's Declaration of Trust ("<u>Declaration of Trust</u>") and By-Laws ("<u>By-Laws</u>") as amended from time to time; (d) policies and determinations of the Board; (e) the Fund's fundamental policies and investment restrictions as reflected in its registration statement under the 1940 Act or as such policies may, from time to time, be amended by the Fund's shareholders; and (f) the Fund's prospectus ("<u>Prospectus</u>") and statement of additional information ("<u>Statement of Additional Information</u>") in effect from time to time. The appropriate officers and employees of the Advisor shall be available upon reasonable notice for consultation with any of the Trustees and officers of the Fund with respect to any matters dealing with the business and affairs of the Fund.

2. **Investment Management.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Advisor shall, subject to the oversight of the Board, (i) regularly provide, or arrange for and oversee the provision of, investment advice and recommendations to the Fund with respect to its investments, investment policies and the purchase and sale of securities and other investments; (ii) supervise the investment program of the Fund and the composition of its portfolio and determine, or oversee the determination of, what securities and other investments shall be purchased or sold by the Fund; and (iii) arrange, subject to the provisions of paragraph 7 hereof, for the purchase of securities and other investments for the Fund and the sale of securities and other investments held in the portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provided that the Fund shall not be required to pay any compensation other than as provided by the terms of this Agreement and subject to the provisions of subparagraph (c) of paragraph 7 hereof, the Advisor may obtain investment information, research or assistance from any other person, firm or corporation to supplement, update or otherwise improve its investment management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the extent permitted by applicable law, the Advisor may, from time to time with Board approval, appoint one or more sub-advisors, including without limitation affiliates of the Advisor, to perform investment advisory services with respect to the Fund (including, without limitation, those set forth in subparagraph (a) of this paragraph 2). In performing its duties under this Section 2, the Advisor has delegated some or all of its duties and obligations under this Agreement to Aksia LLC ("<u>Aksia</u>") pursuant to the Subadvisory Agreement among Aksia, the Advisor and the Fund ("<u>Aksia Subadvisory Agreement</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor shall have the authority to: (i) enter into, on behalf of the Fund and as its advisor and/or agent in fact, (A) any agreement, and any supporting documentation, with any futures commission merchant registered with the U.S. Commodity Futures Trading Commission to provide execution and clearing services for exchange-traded commodity futures contracts, options on futures contracts and cleared swaps for the Fund and (B) futures (including security futures) contracts, forward foreign currency exchange contracts, options on securities (listed and over-the-counter), options on indices (listed and over the-counter), options on foreign currency and other foreign currency transactions, swap transactions (cleared or un-cleared) (including, without limitation, interest rate, credit default, total return, and related types of swap and notional rate agreements), options on swap transactions, forward rate agreements, TBA transactions and other transactions involving the forward purchase or sale of securities, repurchase and reverse repurchase transactions, buy/sell back transactions and other similar types of investment contracts or transactions, and any agreements, instruments or documentation governing any of the foregoing (including, without limitation, brokerage agreements, execution agreements, ISDA master agreements, master securities forward transactions agreements, master repurchase agreements, master securities lending agreements, security or collateral agreements, control agreements and any other agreements, instruments or documents similar or incidental to the foregoing that currently are, or in the future become, customary or necessary with respect to the documentation of any of the foregoing, and any schedules and annexes to the aforementioned agreements, instruments and documents, and any releases, consents, waivers, amendments, elections or confirmations to any of the aforementioned agreements, instruments and documents (collectively, "<u>Investment Instruments</u>"); (ii) pledge and deliver cash, securities, commodities or other assets of the Fund as collateral security in connection with any Investment Instrument; and (iii) otherwise act on behalf of the Fund in connection with the exercise of any rights or the satisfaction of any obligations and liabilities of the Fund under any Investment Instruments or other agreement or documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Provided that nothing herein shall be deemed to protect the Advisor from its willful misfeasance, lack of good faith or gross negligence in the performance of its duties, or reckless disregard of its obligations and duties under the Agreement, the Advisor, each of its affiliates and all respective partners, members, directors, officers, trustees and employees and each person, if any, who within the meaning of Section 15 of the U.S. Securities Act of 1933, as amended ("<u>1933 Act</u>"), controls, is controlled by or is under common control with the Advisor ("<u>Control Persons</u>") shall not be liable for any error of judgment or mistake of law and shall not be subject to any expenses or liability to the Fund or any of the Fund's shareholders, in connection with the matters to which this Agreement relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund shall indemnify and hold harmless the Advisor and each of its respective officers, managers, partners, agents, employees, controlling persons, trustees, members and any other person affiliated with any of them (collectively, the "<u>Indemnified Parties</u>") against any and all losses, claims, damages, liabilities or litigation (including without limitation reasonable attorneys' fees and other expenses), to which such persons may become subject under the 1940 Act, 1933 Act, the U.S. Securities Exchange Act of 1934, as amended (the "<u>1934 Act</u>"), the Advisers Act, the U.S. Commodity Exchange Act, as amended ("<u>CEA</u>"), or any other statute, law, rule or regulation, arising out of or otherwise based upon the performance of any of the Advisor's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the foregoing provisions of this Section 2(f), 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 willful misfeasance, bad faith or gross negligence in the performance of any Indemnified Party's duties or by reason of the reckless disregard of the Advisor'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). The parties agree that each Indemnified Party shall be a third-party beneficiary of the terms of this subparagraph (f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing in this Agreement shall prevent the Advisor or any officer thereof from acting as investment advisor for any other person, firm or corporation and shall not in any way limit or restrict the Advisor or any of its directors, officers or employees from buying, selling or trading any securities or other instruments for its own account or for the account of others for whom it or they may be acting, provided that such activities will not adversely affect or otherwise impair the performance by the Advisor of its duties and obligations under this Agreement and under the Advisers Act.

3. **Other Duties of the Advisor.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Advisor shall, at its own expense, maintain such staff and employ or retain such personnel and consult with such other persons as it shall from time to time determine to be necessary or useful to the performance of its obligations under this Agreement. Without limiting the generality of the foregoing, the staff and personnel of the Advisor shall be deemed to include persons employed or otherwise retained by the Advisor to furnish statistical and other factual data, advice regarding economic factors and trends, information with respect to technical and scientific developments, and such other information, advice and assistance as the Advisor may desire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Advisor shall also furnish such reports, evaluations, information or analyses to the Fund as the Board may request from time to time or as the Advisor may deem to be desirable. The Advisor shall make recommendations to the Board with respect to Fund policies and shall carry out such policies as are adopted by the Trustees. The Advisor shall, subject to review by the Board, furnish such other services as the Advisor shall from time to time determine to be necessary or useful to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund will, from time to time, furnish or otherwise make available to the Advisor such financial reports, proxy statements and other information relating to the business and affairs of the Fund as the Advisor may reasonably require in order to discharge its duties and obligations hereunder. The Advisor shall as agent for the Fund maintain the Fund's records required in connection with the performance of its obligations under this Agreement and required to be maintained under the Investment Company Act. All such records so maintained shall be the property of the Fund and, upon request therefore, the Advisor shall surrender to the Fund such of the records so requested; provided that the Advisor may, at its own expense, make and retain copies of any such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor shall bear the cost of rendering the investment advisory and supervisory services to be performed by it under this Agreement, and shall, at its own expense, pay the compensation of the officers and employees, if any, of the Fund who are also directors, officers or employees of the Advisor.

4. **Fund Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise provided in this Agreement or by law, the Advisor shall not be responsible for the Fund's expenses and the Fund assumes and shall pay or cause to be paid all of its expenses, including, without limitation: expenses for legal, accounting and auditing services (including expenses of legal counsel to the Trustees who are not interested persons (as defined in the 1940 Act) of the Fund or the Advisor); taxes (including without limitation securities and commodities issuance and transfer taxes) and governmental fees (including without limitation fees payable by the Fund to Federal, State or other governmental agencies and associated filing costs); dues and expenses incurred in connection with membership in investment company organizations (including without limitation membership dues of the Investment Company Institute); costs of printing and distributing shareholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Fund's custodians and sub-custodians, administrators and sub-administrators, registrars, depositories, transfer agents, dividend disbursing agents and dividend reinvestment plan agents (including under the custody, administration and other agreements); costs of valuation service providers retained by the Fund or the Advisor; payment for portfolio pricing services to a pricing agent, if any; registration and filing fees of the Commission and various states and other jurisdictions (including filing fees and legal fees and disbursements of counsel); fees and expenses of registering or qualifying securities of the Fund for sale in the various states; fees and expenses incident to listing of the Fund's shares on any exchange; postage, freight and other charges in connection with the shipment of the Fund's portfolio securities; fees and expenses of Trustees who are not interested persons (as defined in the 1940 Act) of the Fund or the Advisor and of any other trustees or members of any advisory board or committee who are not employees of the Advisor or any corporate affiliate of the Advisor; salaries of shareholder relations personnel; costs of shareholders meetings; insurance (including, without limitation, insurance premiums on property or personnel (including, without limitation, officers and Trustees) of the Fund which inure to its benefit); interest; brokerage costs (including, without limitation, brokers' commissions or transactions costs chargeable to the Fund in connection with portfolio securities transactions to which the Fund is a party); any costs and expenses associated with or related to due diligence performed with respect to the Fund's offering of its shares, including, but not limited to, costs associated with or related to due diligence activities performed by, on behalf of, or for the benefit of broker-dealers, registered investment advisers, distribution platforms and third-party due diligence providers, to the extent contemplated in the Fund's distribution plan; the Fund's proportionate share of expenses related to co-investments; broken deal expenses (including, without limitation, research costs, fees and expenses of legal, financial, accounting, consulting or other advisers (including the Advisor or its affiliates) in connection with conducting due diligence or otherwise pursuing a particular non-consummated transaction, fees and expenses in connection with arranging financing for a particular non-consummated transaction, travel costs, deposits or down payments that are forfeited in connection with, or amounts paid as a penalty for, a particular non-consummated transaction and other expenses incurred in connection with activities related to a particular non-consummated transaction); all expenses incident to the payment of any dividend, distribution (including any dividend or distribution program), withdrawal or redemption, whether in shares or in cash; the costs associated with the Fund's share repurchase program; the cost of making investments (including third-party fees and expenses with respect to or associated with negotiating any such investments) purchased or sold for the Fund; litigation and other extraordinary or non-recurring expenses (including, without limitation, legal claims and liabilities and litigation costs and any indemnification related thereto) (subject, however, to paragraph 2 hereof); the cost of any valuation service provider engaged on the Fund's behalf or with respect to the Fund's assets (including engagement of such valuation service provider by the Advisor or its affiliates) and all other charges and costs of the Fund's operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall reimburse the Advisor or its affiliates for any expenses of the Fund as may be reasonably incurred as specifically provided for in this Agreement (including, for the avoidance of doubt, any of the above expenses incurred by the Advisor or its affiliates on the Fund's behalf) or as specifically agreed to by the Board. The Advisor shall keep and supply to the Fund reasonable records of all such expenses.

5. **Compensation of the Advisor.**

The Fund agrees to pay the Advisor and the Advisor agrees to accept as full compensation for the performance of all functions and duties on its part to be performed pursuant to the provisions hereof, a fee as set forth on <u>Exhibit A</u>. If this Agreement expires or is terminated, the Advisor shall be entitled to receive all amounts (including any accrued by unreimbursed expenses) payable to it and not yet paid pursuant to this Section.

6. **Use of Names.**

The Fund agrees and consents that: (i) the name "Calamos" is proprietary to Calamos Advisors LLC (or one or more of its affiliates); (ii) it will only use the name "Calamos" as a component of its name and for no other purpose; (iii) it will not purport to grant to any third party the right to use the name for any other purpose; (iv) Calamos Advisors LLC, or one or more of its affiliates may use or grant to others the right to use the name "Calamos" as all or a portion of a corporate or business name or for any commercial purpose, including, without limitation, a grant of such right to any other investment company or other pooled vehicle; (v) upon termination of this Agreement, the Fund shall promptly take whatever action may be necessary to change its name and discontinue any further use of the name "Calamos" in the name of the Fund or otherwise.

7. **Portfolio Transactions and Brokerage.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Advisor is authorized, subject to the supervision and oversight of the Board, to establish and maintain accounts on behalf of the Fund with, and place orders for the purchase and sale of the Fund's portfolio securities or other investments with or through, such persons, brokers or dealers, futures commission merchants or other counterparties ("<u>brokers</u>") as the Advisor may elect and negotiate commissions to be paid on such transactions; provided, however, that a broker affiliated with the Advisor shall be used only in transactions permissible under applicable laws, rules and regulations, including without limitation the 1940 Act and the Advisers Act and the rules and regulations promulgated thereunder, as well as permitted by the Policies adopted by the Fund. The Advisor, upon reasonable request of the Board, shall promptly provide the Board with copies of all agreements regarding brokerage arrangements related to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) On occasions when the Advisor deems the purchase or sale of a security to be in the best interests of the Fund as well as other clients of the Advisor, the Advisor, to the extent permitted by applicable laws and regulations (including, without limitation, any applicable exemptive orders or Commission guidance) and subject to the trade allocation procedures, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions or spreads and efficient execution. In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Advisor in accordance with the approved procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Advisor shall render reports to the Board as requested regarding commissions generated as a result of trades executed by the Advisor for the Fund, as well as information regarding third-party services, if any, received by the Advisor as a result of trading activity relating to the Fund with brokers and dealers.

8. **Duration.**

This Agreement will take effect on the date first set forth above. Unless earlier terminated pursuant to paragraph 9 hereof, this Agreement shall remain in effect until two years from the date hereof, and thereafter will continue in effect from year to year, so long as such continuance shall be approved at least annually by the Board, including, without limitation, the vote of the majority of the Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or by the holders of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of the Fund and by such a vote of the Board.

9. **Termination.**

This Agreement may be terminated: (a) by the Advisor at any time without penalty upon giving the Fund at least sixty days' written notice (which notice may be waived by the Fund); (b) by the Fund at any time without penalty upon at least sixty days' written notice to the Advisor (which notice may be waived by the Advisor); or (c) by the Fund upon delivery of written notice from the Fund to the Advisor in the event of a material breach of any provision of this Agreement by the Advisor, provided that, to the extent such material breach is capable of being cured, the Fund shall have first provided the Advisor written notice of the material breach and the Advisor shall have failed to cure such breach to the reasonable satisfaction of the Fund within 10 days after the delivery of such notice; provided, however, that termination by the Fund under (b) or (c) above shall be directed or approved by the vote of a majority of all of the Trustees then in office or by the vote of the holders of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of the Fund; provided further, that if the Aksia Subadvisory Agreement is not continued by the Fund's Board or is terminated in accordance with Section 11(b)(i) or (ii) thereof, this Agreement shall be terminated at the time the Aksia Subadvisory Agreement is terminated.

10. **Assignment or Amendment.**

This Agreement may not be amended without the affirmative vote of the Board, including a majority of the Trustees who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purposes of voting on such approval and, where required by the 1940 Act, by a vote or written consent of a "majority" of the outstanding voting securities of the Fund, and shall automatically and immediately terminate in the event of its "assignment," as defined in the 1940 Act.

11. **Disclaimer of Shareholder Liability.**

The Advisor understands that the obligations of the Fund under this Agreement are not binding upon any Trustee or shareholder of the Fund personally but bind only the Fund and the Fund's property. The Advisor represents that it has notice of the provisions of the Declaration of Trust of the Fund disclaiming shareholder liability for acts or obligations of the Fund.

12. **Definitions.**

The terms and provisions of this Agreement shall be interpreted and defined in a manner consistent with the provisions and definitions of the 1940 Act.

13. **Counterparts**

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken altogether shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (*e.g*., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

14. **Governing Law, Arbitration, *etc*.**

a. Notwithstanding anything contrary in this Agreement, any and all disputes (including any ancillary claims)
arising out of relating to or connecting with this Agreement, including the breach, termination or validity thereof (including the validity,
scope and enforceability of this arbitration), shall be submitted to and finally resolved by arbitration in accordance with the CPR Institute
for Dispute Resolution Rules for Non-Administered Arbitration ("CPR Rules") then currently in effect, except the scope
of discovery, if any, shall be in accordance with the Federal Rules of Civil Procedure then currently in effect (as interpreted and
enforced by the applicable arbitration panel). The composition of the arbitration panel shall be determined in accordance with CPR Rule 5.4.
The arbitration panel shall consist of three arbitrators.

b. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq., and
judgment upon the award rendered by the arbitrators may be entered by any court having jurisdiction thereof; provided, however, performance
under this Agreement shall continue if reasonably possible during any arbitration proceedings. The place of arbitration shall be in New
York City, New York. The language of the arbitration shall be in English.

c. The arbitral panel's award shall be final, conclusive, and binding upon the parties to the arbitration
subject only to the right (if any) of any party to commence proceedings to vacate the award on any ground permitted under 9 U.S.C. §
10. d. The procedures specified in this section shall be the sole and exclusive procedures for the resolution
of disputes of the nature described in clause (a) above; provided, however, that a party may file a complaint to seek a preliminary
injunction or other provisional judicial relief, including for the purpose of compelling a party to arbitrate, or enforcing an arbitration
award hereunder, if in its sole judgment such action is necessary. Despite such action, the parties will continue to participate in good
faith pursuant to the procedures set forth in this section.

e. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL
BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

15. **Severability**

If any provision of this Agreement shall be held or made invalid by a court decision or applicable law, the remainder of the Agreement shall not be affected adversely and shall remain in full force and effect.

16. **Entire Agreement**

This Agreement contains the entire understanding and agreement of the parties with respect to the subject matter hereof. Each party shall perform such further actions and execute such further documents as are necessary to effectuate the purpose of this Agreement.

17. **Survival**

The provisions of Sections 5, 6, 11, 14 and 17 shall survive termination of this Agreement.

[*Remainder of page left intentionally blank*. *The signature page follows.*]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

---

| | |
|:---|:---|
| **CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND** | **CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND** |
| By: | /s/ Dan Dufresne |
| Name: | Dan Dufresne |
| Title: | President |
| **CALAMOS ADVISORS LLC** | **CALAMOS ADVISORS LLC** |
| By: | /s/ Thomas Herman |
| Name: | Thomas Herman |
| Title: | Executive Vice President, Chief Financial Officer |

---

**EXHIBIT A TO**

**ADVISORY AGREEMENT**

The Fund shall pay the Advisor a management fee payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 1.75%.

## Exhibit 99.2

**Exhibit 99.2(g)(2)**

**CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND**

**SUB-ADVISORY AGREEMENT**

**THIS AGREEMENT** is made and entered into on this 30th day of April, 2025 by and among Calamos Advisors LLC, a Delaware limited liability company (the "<u>Advisor</u>"), Aksia LLC, a Delaware limited liability company (the "<u>Sub-Advisor</u>"), and Calamos Aksia Private Equity and Alternatives Fund, a Delaware statutory trust (the "<u>Fund</u>"), solely as a party with respect to Section 10.

**W I T N E S S E T H:**

**WHEREAS**, the Fund is registered with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") as a closed-end investment company under the U.S. Investment Company Act of 1940, as amended (the "<u>1940</u> <u>Act</u>"), operating as an interval fund under the 1940 Act;

**WHEREAS**, the Fund has appointed the Advisor as the investment advisor for the Fund pursuant to the terms of an Investment Advisory Agreement (the "<u>Advisory Agreement</u>");

**WHEREAS**, the Advisor and Sub-Advisor are registered investment advisors under the U.S. Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"), and are engaged in the business of rendering investment advice; and

**WHEREAS**, the Advisory Agreement permits the Advisor, at its option, subject to approval by the Fund's Board of Trustees (the "<u>Board</u>") and, to the extent necessary, shareholders of the Fund, to delegate certain of its duties under the Advisory Agreement to other investment advisors, subject to the requirements of the 1940 Act.

**NOW, THEREFORE**, the parties do mutually agree and promise as follows:

1. <u>Appointment and Acceptance as Sub-Advisor.</u> The Advisor hereby retains the Sub-Advisor to act as Sub-Advisor and manage on a discretionary
 basis the portion of the Fund's assets and investments allocated by the Advisor to
 the Sub-Advisor (the " <u>Allocated Portion</u> "), and to provide investment advice
 to the Fund as hereinafter set forth, subject to the oversight of the Advisor and the Board
 and subject to the terms of this Agreement; and the Sub-Advisor hereby accepts such appointment.

2. <u>Duties of Sub-Advisor. The parties agree that the Sub-Advisor shall have the following duties under the terms of this Agreement:</u> 

a. <u>Investments</u>. The Sub-Advisor
 is hereby authorized and directed and hereby agrees, subject to the stated investment objectives,
 investment policies and restrictions of the Fund as set forth in the Fund's registration
 statement, prospectus and Statement of Additional Information as currently in effect and
 as supplemented or amended from time to time (collectively referred to hereinafter as the
 " <u>Prospectus</u> ") along with the requirements applicable to registered investment
 companies under applicable laws (including the 1940 Act), the oversight and direction (excluding,
 for the avoidance of doubt, any direction with respect to the selection and management of
 the specific investments) of the Advisor and the Board, and any portfolio guidelines (including
 the list of securities permitted to be and/or restricted from trading) agreed from time to
 time in writing by the Advisor and Sub-Advisor (" <u>Guidelines</u> "), at its
 own expense as provided in Section 4 hereof in consideration of the fees payable as
 provided in Section 5 hereof, with respect to the Allocated Portion to: (i) regularly
 provide investment advice, research and recommendations to the Fund; (ii) furnish, supervise
 and monitor a continuous investment program for the Fund and the composition of its portfolio
 to determine in its discretion what securities,
cash and other investments shall be purchased, retained or sold; and (iii) arrange, subject to the provisions of paragraph (d) below,
for the purchase and sale of securities and other investments. The Advisor shall provide the Sub-Advisor with such assistance as may
be reasonably requested by the Sub-Advisor in connection with its activities under this Agreement, including, without limitation, information
concerning the Fund and the Fund's affairs.

The Advisor hereby authorizes the Sub-Advisor, at all times in accordance with the Prospectus and the Guidelines, with respect to the Allocated Portion to: (i) enter into, on behalf of the Fund and as its Sub-Advisor and/or agent in fact, (A) any agreement, and any supporting documentation, with any futures commission merchant registered with the U.S. Commodity Futures Trading Commission ("<u>CFTC</u>") to provide execution and clearing services for exchange-traded commodity futures contracts, options on futures contracts and cleared swaps for the Fund and (B) futures (including security futures) contracts, forward foreign currency exchange contracts, options on securities (listed and over-the-counter), options on indices (listed and over-the-counter), options on foreign currency and other foreign currency transactions, swap transactions (cleared or un-cleared) (including, without limitation, interest rate, credit default, total return, and related types of swap and notional rate agreements), options on swap transactions, forward rate agreements, TBA transactions and other transactions involving the forward purchase or sale of securities, repurchase and reverse repurchase transactions, buy/sell back transactions and other similar types of investment contracts or transactions, and any agreements, instruments or documentation governing any of the foregoing (including, without limitation, brokerage agreements, execution agreements, ISDA master agreements, master securities forward transactions agreements, master repurchase agreements, master securities lending agreements, security or collateral agreements, control agreements and any other agreements, instruments or documents similar or incidental to the foregoing that currently are, or in the future become, customary or necessary with respect to the documentation of any of the foregoing, and any schedules and annexes to the aforementioned agreements, instruments and documents, and any releases, consents, waivers, amendments, elections or confirmations to any of the aforementioned agreements, instruments and documents (collectively, "<u>Investment Instruments</u>"); (ii) pledge and deliver cash, securities, commodities or other assets of the Allocated Portion as collateral security in connection with any Investment Instrument; and (iii) otherwise act on behalf of the Fund in connection with the exercise of any rights or the satisfaction of any obligations and liabilities of the Fund under any Investment Instruments or other agreement or documentation.

Nothing in this Agreement shall prevent the Sub-Advisor or any officer thereof from acting as investment advisor for any other person, firm or corporation and shall not in any way limit or restrict the Sub-Advisor or any of its directors, officers or employees from buying, selling or trading any securities or other instruments for its own account or for the account of others for whom it or they may be acting, provided that such activities will not adversely affect or otherwise impair the performance by the Sub-Advisor of its duties and obligations under this Agreement and under the Advisers Act.

b. <u>Allocations to be set by Advisor</u>.
 The Advisor shall oversee the allocation of the Fund's assets across the various investment
 strategies permitted under the Fund's Prospectus. The Sub-Advisor shall manage the
 portfolio securities in the Allocated Portion in a manner consistent with target investment
 strategy weightings indicated by the Advisor.

c. <u>Compliance with Applicable Laws and Governing Documents</u>. In the performance of its duties and obligations under this Agreement
 or otherwise, the Sub-Advisor shall act in conformity with the Fund's Declaration of
 Trust (as it may be amended or modified from time to time), By-Laws (as they may be amended
 or modified from time to time), procedures and policies (" <u>Policies</u> ") adopted by the Board and/or by the Advisor,
the Guidelines, and the Prospectus and with instructions and directions received in writing from the Advisor or the Board and will conform
to and comply with the requirements of the 1940 Act, the Advisers Act and, to the extent applicable, the U.S. Commodity Exchange Act,
as amended (" <u>CEA</u> "), and the rules and regulations adopted under the 1940 Act, the Advisers Act and, to the extent
applicable, the CEA, from time to time, the Internal Revenue Code of 1986, as amended (the " <u>Code</u> "), and all applicable
federal and state laws and regulations necessary to allow the Fund to qualify as a "regulated investment company" as defined
in Subchapter M of the Code. The Sub-Advisor shall maintain compliance procedures and processes that are reasonably designed to ensure
compliance with all laws, rules, regulations and requirements applicable to the investment advisor of a closed-end investment company
like the Fund under the Advisers Act, including Rule 206(4)-7 thereunder, and the 1940 Act. No supervisory activity undertaken by
the Advisor shall limit the Sub-Advisor's full responsibility for all of its obligations and responsibilities hereunder. To the
extent that the CEA and the CFTC regulations require: (A) registration by the Sub-Advisor as a commodity pool operator or commodity
trading advisor and/or membership with the National Futures Association (" <u>NFA</u> ") with respect to the Fund, (B) specific
disclosure, as applicable to the investors in the Fund, or (C) filing of reports and other documents with respect to the Fund, Sub-Advisor
shall promptly and fully comply, or work with the Advisor to take reasonable steps to cause the Fund to comply, with all such requirements.

The Advisor shall provide the Sub-Advisor with copies of the Fund's Declaration of Trust, By-Laws, Policies, the Guidelines, and the Prospectus, and shall not make any changes to the Fund's investment objectives, policies and restrictions as stated in the Prospectus or in any Policies or Guidelines, and the Sub-Advisor shall not be obligated to manage the Fund's portfolio in compliance with such changes, unless the Sub-Advisor has provided its prior written approval of such changes, which approval will not be unreasonably withheld, delayed or conditioned. The Advisor shall provide to the Sub-Advisor a copy of a modified Prospectus reflecting such changes.

The Sub-Advisor shall not delegate investment advisory services to any third-party concerning transactions for the Fund without the prior written consent of the Advisor or the Board.

d. <u>Voting of Proxies</u>. Absent specific
 written instructions to the contrary provided to the Sub-Advisor by the Advisor, the Sub-Advisor
 shall vote, either in person or by proxy, all securities in which the Fund may be invested
 from time to time with respect to the Allocated Portion in accordance with its proxy voting
 procedures and provide a record of votes cast containing all of the voting information required
 by Form N-PX in an electronic format to enable the Fund to file Form N-PX as required.
 The Sub-Advisor shall provide its proxy voting policy (" <u>Proxy Policy</u> ")
 to the Board and the Advisor, and, if requested by the Advisor, shall provide a summary of
 the Proxy Policy suitable for including in the Prospectus. The Sub-Advisor shall provide
 the Board and the Advisor with any material amendment to the Proxy Policy within a reasonable
 time after such amendment has taken effect. The Sub-Advisor shall promptly inform the Advisor
 of all tender offers, rights offerings and other voluntary corporate action requests affecting
 securities in the Fund with respect to the Allocated Portion and, absent specific written
 instructions to the contrary provided to the Sub-Advisor by the Advisor, shall respond on
 behalf of the Fund to all such corporate action requests and shall complete and file notices
 of claims in connection with class action lawsuits concerning securities in the Fund with
 respect to the Allocated Portion.

e. <u>Brokerage</u>. With respect to the
 Allocated Portion, the Sub-Advisor is authorized, subject to the supervision and oversight
 of the Advisor and the Board, to establish and maintain accounts on behalf of the Fund with,
 and place orders for the purchase and sale of the Fund's portfolio securities or other
 investments with or through, such persons, brokers or dealers, futures commission merchants or other counterparties (" <u>brokers</u> ")
as the Sub-Advisor may elect and negotiate commissions to be paid on such transactions; provided, however, that a broker affiliated with
the Sub-Advisor shall be used only in transactions permissible under applicable laws, rules and regulations, including, without
limitation, the 1940 Act and the Advisers Act and the rules and regulations promulgated thereunder, as well as permitted by the
Policies adopted by the Fund. The Sub-Advisor, upon reasonable request of the Advisor, shall promptly provide the Advisor with copies
of all agreements regarding brokerage arrangements related to the Fund.

On occasions when the Sub-Advisor deems the purchase or sale of a security to be in the best interests of the Fund as well as other clients of the Sub-Advisor, the Sub-Advisor, to the extent permitted by applicable laws and regulations (including any applicable exemptive orders or SEC guidance) and subject to the trade allocation procedures approved by the Fund's Board or the Advisor, may, but shall be under no obligation to, aggregate the securities to be sold or purchased in order to obtain the most favorable price or lower brokerage commissions or spreads and efficient execution. In such event, allocation of securities so sold or purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Advisor in accordance with the approved procedures.

The Advisor and Sub-Advisor agree that for the placement of orders for the purchase and sale of certain identified portfolio investments in respect of the Allocated Portion (e.g., FX transactions, certain publicly traded securities, etc.), the Sub-Advisor may instruct the Advisor, and the Advisor shall place orders for the purchase and sale of such investments (each, a "<u>Sub-Advisor Directed Trade</u>"), subject to the terms and conditions set forth in the Advisory Agreement. Each of the Advisor and Sub-Advisor shall keep true and accurate records for each Sub-Advisor Directed Trade, including, all required books and records set forth under the Advisers Act and 1940 Act.

The Sub-Advisor shall render reports to the Advisor and/or to the Board as reasonably requested regarding commissions generated as a result of trades executed for the Fund, as well as information regarding third-party services, if any, received by the Sub-Advisor as a result of trading activity relating to the Fund with brokers and dealers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Code of Ethics</u>. The Sub-Advisor,
 including its Access Persons (as defined in subsection (e) of Rule 17j-1 under
 the 1940 Act), shall observe and comply with Rule 17j-1 and the Sub-Advisor's
 written code of ethics, as the same may be amended from time to time (" <u>Code of Ethics</u> ").
 On at least a quarterly basis, the Sub-Advisor shall, at the request of the Advisor, either
 (i) certify to the Advisor that the Sub-Advisor and its Access Persons have complied
 in all material respects with the Sub-Advisor's Code of Ethics or (ii) identify
 any (A) material violations which have occurred with respect to the Code of Ethics or
 (B) with respect to any Access Persons who provide services to the Fund, multiple violations
 (whether or not material) by the same individual(s) which have occurred with respect
 to the Code of Ethics. Quarterly, the Sub-Advisor shall furnish a written report, which complies
 with the requirements of Rule 17j-1, concerning its Code of Ethics, to the Fund and
 the Advisor. The Sub-Advisor shall notify the Advisor promptly of any material violation
 of the Code of Ethics involving employees providing services to the Fund and provide information
 relevant to the Fund related to any such violation. Further, the Sub-Advisor represents that
 it has policies and procedures regarding the detection and prevention of the misuse of material,
 nonpublic information by the Sub-Advisor and its employees. Upon the written request of the
 Advisor or Sub-Advisor, the Sub-Advisor shall permit the Advisor, its employees or agents,
 to examine the reports (or summaries of the reports) required to be made by the Sub-Advisor
 under Rule 17j-1(c)(1) and other records evidencing enforcement of the Code of
 Ethics.

g. <u>Books and Records</u>. The Sub-Advisor
 shall maintain, and provide to the Fund's Administrator for inclusion in the Fund's
 records, all records that are required of an investment advisor of a registered investment
 company pursuant to the applicable laws, rules and regulations, including, without limitation,
 the 1940 Act, the Advisers Act, the 1934 Act, the CEA and the rules and regulations
 under the 1940 Act, the Advisers Act and, to the extent applicable, the CEA. The Sub-Advisor
 acknowledges that the records that it maintains with respect to the Fund that are included
 in the Fund's records are property of the Fund and further agrees that all accounts,
 books and other records maintained and preserved by it shall be surrendered promptly to the
 Fund, or to any third party at the Fund's direction, including the Advisor or any governmental
 agency or other instrumentality having regulatory authority over the Advisor or the Fund;
 provided, that the Sub-Advisor may at its own expense make and retain copies of any such
 records.

h. <u>Information Concerning the Fund's Assets and Sub-Advisor</u>. From time to time as the Advisor or the Board may request, the
 Sub-Advisor shall furnish the requesting party information and reports on portfolio transactions
 and on the securities and other assets held in the portfolio, all in such detail, form and
 frequency as the Advisor or the Board may reasonably request and subject to the execution
 by the Advisor and/or the Fund of any required non-disclosure agreement(s). The Sub-Advisor
 shall respond in writing to any request or questionnaire from the Fund's Board under
 Section 15(c) of the 1940 Act.

The Advisor shall furnish to the Sub-Advisor the Prospectus, proxy statements, reports to shareholders, financial statements, Declaration of Trust and By-Laws, and any amendments thereto, and such other information with regard to the affairs of the Fund as the Sub-Advisor may reasonably request.

The Advisor acknowledges and agrees that, provided that the Sub-Advisor has provided the Advisor with complete, accurate and timely information regarding the Sub-Advisor's activities relating to the Fund, the Prospectus will at all times be in compliance with all disclosure requirements under all applicable federal and state laws and regulations relating to the Fund, including, without limitation, the 1940 Act, the Securities Act of 1933, as amended (the "<u>1933 Act</u>"), and the rules and regulations thereunder, and that the Sub-Advisor shall have no liability in connection therewith, except as to the accuracy of (x) material information furnished in writing by the Sub-Advisor to the Fund or to the Advisor specifically for inclusion in the Prospectus, or (y) information which was provided to the Sub-Advisor to review and which the Sub-Advisor approved as to the accuracy of such information. The Sub-Advisor shall provide to the Advisor in a timely manner such information relating to the Sub-Advisor and its relationship to, and actions for, the Fund as may be required to be contained in the Prospectus. The Sub-Advisor shall review all disclosure about the Fund and the Sub-Advisor contained in the Fund's Prospectus and certain advertisements for accuracy and shall approve or disapprove of such disclosure within seven (7) business days of receiving such disclosure.

The Sub-Advisor shall further provide to the Advisor, the Fund or the Board in a timely manner with such information and assurances (including certifications and sub-certifications) and with such assistance as the Advisor, the Fund or the Board may reasonably request from time to time (subject to the Sub-Advisor's receipt of any necessary information from issuers held in the Fund's portfolio) in order to assist it in complying with applicable laws, rules, regulations and exemptive orders, including requirements in connection with the Advisor's, the Sub-Advisor's or the Board's fulfillment of its responsibilities under Section 15(c) of the 1940 Act and the preparation and/or filing of periodic and other reports and filings required to maintain the registration and qualification of the Fund, or to meet other regulatory or tax requirements applicable to the Fund. The Sub-Advisor shall review all draft reports to shareholders, Prospectus or amendments thereto or portions thereof that relate to the Sub-Advisor and its relationship to the Fund (including the Fund's investments, strategies and risks) and other documents related to the Fund provided to the Sub-Advisor and shall provide comments on such drafts and/or certifications or sub-certifications as to the accuracy of the information provided by the Sub-Advisor and/or contained in such reports or other documents within seven (7) business days of receiving such draft report, Prospectus (including any amendment to the Prospectus) or other document.

The Sub-Advisor shall report regularly on a timely and ongoing basis to the Advisor and to the Board and shall make appropriate persons, including portfolio managers, available for the purpose of reviewing with representatives of the Advisor and the Board on a regular basis at reasonable times the management of the Fund, the performance of the Fund in relation to standard industry indices and the Fund's own performance benchmark, and general conditions affecting the marketplace. The Sub-Advisor shall render to the Advisor and the Board on a timely basis such other periodic and special reports regarding its activities under this Agreement as the Advisor or the Board may reasonably request. The Sub-Advisor shall, (i) on a continuing basis, provide the distributor of the Fund (the "<u>Distributor</u>") with assistance with diligence, educational and informational efforts of consultants, financial advisors, other intermediaries and possible investors in the Fund in such amount and form as the Distributor may reasonably request from time to time, and (ii) upon reasonable notice from the Distributor, use reasonable efforts to cause the portfolio manager(s) or other appropriate person to provide such diligence, educational and informational assistance to the Distributor, including, without limitation, by participating in conference calls, meetings and road trips.

The Sub-Advisor shall further notify the Advisor promptly upon detection of any (i) material error in connection with its management of the Fund, including, but not limited to, any trade errors, (ii) breach of any of the Policies or Guidelines, (iii) violation of any applicable law or regulation, including the 1940 Act and the Code, or (iv) material violation of the Sub-Advisor's own compliance policies and procedures, in each case that relate to the Fund. In the event of detection of such an error, breach or violation, the Sub-Advisor shall promptly inform the Advisor and also provide a memorandum to the Advisor that sufficiently describes any such error and the action to be taken to prevent future occurrences of such error or, alternatively, a statement that the Sub-Advisor has reviewed the relevant controls, and has determined those controls are reasonably designed to prevent additional errors in the future (and, to the extent relevant, that such controls are reasonably designed to prevent violations of the federal securities laws). The Sub-Advisor shall maintain errors and omission insurance coverage and fidelity insurance coverage, each in at least such minimum amounts as agreed upon from time to time by the Advisor and the Sub-Advisor, and from insurance providers that are in the business of regularly providing insurance coverage to investment advisors. The Sub-Advisor shall provide prior written notice to the Advisor: (A) of any material changes in its insurance policies or insurance coverage; or (B) if any material claims will be made on its insurance policies.

The Sub-Advisor shall, upon becoming aware, promptly notify the Advisor and the Fund in writing if: (i) there is a material breach of this Agreement; (ii) any of the representations and warranties of the Sub-Advisor contained herein (x) that are qualified by materiality becomes inaccurate after the execution of this Agreement or (y) that are not qualified by materiality becomes materially inaccurate after the execution of this Agreement; (iii) the Sub-Advisor is, or likely will become subject to, any statutory disqualification pursuant to Section 9(b) of the 1940 Act or otherwise that would prevent the Sub-Advisor from serving as an investment advisor or performing its duties pursuant to this Agreement. The Sub-Advisor shall notify the Advisor and the Fund promptly if any statement regarding the Sub-Advisor contained in the Fund's Prospectus with respect to the Fund, or any amendment or supplement thereto, becomes untrue or incomplete in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Custody Arrangements</u>. The
 Sub-Advisor shall at no time have custody or physical control of any assets or cash of the
 Fund. The Sub-Advisor shall on each business day provide the Advisor, the Fund and the Fund's
 custodian such information as the Advisor, the Fund and the Fund's custodian may reasonably
 request relating to all transactions and portfolio holdings of the Fund. The Sub-Advisor
 shall advise the Fund's custodian and the Advisor on a prompt basis of each purchase
 and sale of a portfolio investment specifying the name of the issuer, the description and
 amount purchased or sold, the market price, commission or spread and gross or net price,
 trade date, settlement date and identity of the effecting broker or dealer and such other
 information as may reasonably be required. The Sub-Advisor shall arrange for the transmission
 to the custodian and accounting agent on a daily basis such confirmation, trade tickets (with
 the exception of a Sub-Advisor Directed Trade for which the Advisor will provide such confirmation
 and trade ticket), and other documents and information as may be reasonably necessary to
 enable the custodian and accounting agent to perform their administrative and recordkeeping
 responsibilities with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. <u>Assistance with Valuation</u>. The Advisor and the Board are responsible for the accuracy,
 reliability, and completeness of any market or fair market value determinations of the Fund's portfolio investments. The
 Sub-Advisor shall provide information and assistance reasonably required by the Advisor or its designated agent(s) in determining or
 assessing the market value of securities or other instruments held in the Fund in respect of the Allocated Portion, including those
 securities or instruments for which market quotations are not readily available or for which the Advisor or the Board has otherwise
 determined are to be fair valued. In addition, in order to assist in the Fund's obligation to value its portfolio assets to
 determine the Fund's net asset value and upon the request of the Advisor, the Sub-Advisor shall assist the Fund or the Advisor
 and their designated agent(s) in their determination of whether, for investments made in respect of the Allocated Portion,
 prices obtained for valuation purposes accurately reflect the fair value of the Fund's assets at such times as the Advisor or
 its agents shall reasonably request. Without limiting the foregoing, the Sub-Advisor shall provide the reasonable portfolio
 investments data and relevant information underlying its market or fair value recommendations to the Advisor or its designated
 agents as the Advisor reasonably requests. The Sub-Advisor shall also provide the Advisor and its designated agent(s) with
 notice and analysis of any material events that may materially affect the valuation of the Fund's investments in respect of
 the Allocated Portion on a daily basis and undertakes to monitor for such events with respect to such investments.

k. <u>Compliance Program</u>. The Sub-Advisor
 shall cooperate fully with the Fund's Chief Compliance Officer in executing his/her
 responsibilities to monitor service providers of the Fund pursuant to Rule 38a-1 under
 the 1940 Act, including, but not limited to, providing copies of the Sub-Advisor's
 compliance policies and procedures, and reporting information as reasonably requested by
 the Advisor and the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. <u>Interaction With Other Service Providers</u>. The Sub-Advisor shall cooperate with and provide reasonable assistance to
 the Advisor, the Board, the Fund's administrator, the Fund's custodian and foreign
 custodians, the Fund's transfer agent and pricing agents and all other agents and representatives
 of the Fund and the Advisor, keep all such persons fully informed as to such matters as may
 be reasonably necessary to the performance of their obligations to the Fund and the Advisor,
 provide prompt responses to reasonable requests made by such persons and maintain any appropriate
 interfaces with each so as to promote the efficient exchange of information.

m. <u>Insurance</u>. The Sub-Advisor agrees
 that it shall maintain at all times during the course of this Agreement and for the period
 thereafter in which indemnification obligations thereto could be triggered, an insurance
 policy with respect to the Sub-Advisor in a commercially reasonable amount and on commercially
 reasonable terms taking into account the aggregate amount that it could potentially be required
 to pay based on actual or potential liabilities in connection with its indemnification or
 other obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Independent Contractor</u>.
 In the performance of its duties hereunder, the Sub-Advisor is and shall be an independent
 contractor and unless otherwise expressly provided herein or otherwise authorized in writing,
 shall have no authority to act for or represent the Fund or the Advisor in any way or otherwise
 be deemed an agent of the Fund or the Advisor. The Sub-Advisor shall perform its obligations
 under this Agreement and will require any individual performing work on its behalf to perform
 such work (i) in a diligent, professional and commercially reasonable manner and (ii) in
 compliance with all applicable laws, rules and regulations, including, without limitation,
 applicable anti-corruption, anti-bribery, anti-money laundering and data privacy laws.

4. <u>Expenses</u>. During the term of
 this Agreement, the Sub-Advisor shall pay all expenses incurred by it in connection with
 its activities under this Agreement, including, without limitation, all costs associated
 with attending or otherwise participating in regular or special meetings of the Board, shareholders
 and with the Advisor, as requested, additions or modifications to the Sub-Advisor's
 operations necessary to perform its services under this Agreement and all costs associated
 with any information or proxy statements and/or other
disclosure materials that are for the primary benefit of the Sub-Advisor (including any legal fees and any shareholder meeting and/or
solicitation costs, if applicable). The Sub-Advisor shall, at its sole expense, provide the office space, furnishings, equipment and
personnel required, and employ or associate itself with such persons or firms as it believes to be qualified, to execute its duties under
this Agreement. The Sub-Advisor shall not be responsible for the cost of making investments (including third-party fees and expenses
with respect to or associated with finders' fees (or similar costs associated with identifying investments), negotiating, evaluating/performing
due diligence on, and investing in, any such investments (including third-party research and legal expenses incurred in connection therewith))
purchased or sold for the Fund.

Except as otherwise provided in this Agreement or by law, or as otherwise agreed between the Advisor, the Sub-Advisor, and the Fund (to the extent applicable) the Sub-Advisor shall not be responsible for the Fund's or Advisor's expenses, which shall include, but not be limited to: expenses for legal, accounting and auditing services (including expenses of legal counsel to the Trustees of the Fund who are not interested persons (as defined in the 1940 Act) of the Fund, the Advisor or the Sub-Advisor); taxes (including, without limitation, securities and commodities issuance and transfer taxes) and governmental fees (including, without limitation, fees payable by the Fund to Federal, State or other governmental agencies and associated filing costs); dues and expenses incurred in connection with membership in investment company organizations (including, without limitation, membership dues of the Investment Company Institute); costs of printing and distributing shareholder reports, proxy materials, prospectuses, stock certificates and distribution of dividends; charges of the Fund's custodians and sub-custodians, administrators and sub-administrators, registrars, depositories, transfer agents, dividend disbursing agents and dividend reinvestment plan agents (including under the custody, administration and other agreements); costs of valuation service providers retained by the Fund or the Advisor; payment for portfolio pricing/valuation/modeling services to a pricing/valuation agent, if any; registration and filing fees of the SEC and various states and other jurisdictions (including filing fees and legal fees and disbursements of counsel); fees and expenses of registering or qualifying securities of the Fund for sale in the various states; fees and expenses incident to listing of the Fund's shares on any exchange; postage, freight and other charges in connection with the shipment of the Fund's portfolio securities; fees and expenses of Trustees of the Fund who are not interested persons (as defined in the 1940 Act) of the Fund, the Advisor or the Sub-Advisor and of any other trustees or members of any advisory board or committee who are not employees of the Advisor or Sub-Advisor or any corporate affiliate of the Advisor or Sub-Advisor; salaries of shareholder relations personnel; costs of shareholders meetings; insurance (including, without limitation, insurance premiums on property or personnel (including, without limitation, officers and Trustees of the Fund) of the Fund which inure to its benefit); cost of third-party background checks; research-related travel expenses; interest; brokerage costs (including, without limitation, brokers' commissions or transactions costs chargeable to the Fund in connection with portfolio securities transactions to which the Fund is a party); any costs and expenses associated with or related to due diligence performed with respect to the Fund's offering of its shares, including, but not limited to, costs associated with or related to due diligence activities performed by, on, on behalf of, or for the benefit of broker-dealers, registered investment advisers, distribution platforms and third-party due diligence providers, to the extent contemplated in the Fund's distribution plan; the Fund's proportionate share of expenses related to co-investments; cost of third-party legal counsel incurred in connection with negotiating and making investments; broken deal expenses (including, without limitation, research costs, fees and expenses of legal, financial, accounting, consulting or other advisers (including the Advisor or its affiliates) in connection with conducting due diligence or otherwise pursuing a particular non-consummated transaction, fees and expenses in connection with arranging financing for a particular non-consummated transaction, travel costs, deposits or down payments that are forfeited in connection with, or amounts paid as a penalty for, a particular non-consummated transaction and other expenses incurred in connection with activities related to a particular non-consummated transaction); all expenses incident to the payment of any dividend, distribution (including any dividend or distribution program), withdrawal or redemption, whether in shares or in cash; the costs associated with the Fund's share repurchase program; the cost of making investments (including third-party fees and expenses with respect to or associated with negotiating any such investments) purchased or sold for the Fund; litigation and other extraordinary or non-recurring expenses (including, without limitation, legal claims and liabilities and litigation costs and any indemnification related thereto) (subject, however, to Section 10 hereof); and all other charges and costs of the Fund's operations.

The Fund or the Advisor, as the case may be, shall reimburse the Sub-Advisor or its affiliates for any expenses of the Fund or the Advisor as may be reasonably incurred by the Sub-Advisor as specifically provided for in this Agreement (including, for the avoidance of doubt, any of the above expenses incurred by the Sub-Advisor or its affiliates on the Fund's behalf or as specifically agreed to beforehand by the Advisor). The Sub-Advisor shall keep and supply to the Fund and the Advisor reasonable records of all such expenses.

5. <u>Compensation</u>. For the services
 provided and the expenses assumed pursuant to this Agreement, the Sub-Advisor shall be entitled
 to the fee as described on Exhibit A. Such fee shall be payable monthly from the Advisor,
 computed and calculated as described in Exhibit A. Advisor shall pay or cause the Fund
 to pay, as appropriate, such amounts directly to the Sub-Advisor at the same time (or promptly
 following such time) fees are paid to the Advisor pursuant to the Advisory Agreement.

The method of determining net assets of the Fund for purposes hereof shall be the same as the method of determining net assets for purposes of establishing the offering and repurchase price of the shares as described in the Fund's Prospectus. If this Agreement shall be effective for only a portion of a month, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect.

6. <u>Representations and Warranties of Sub-Advisor</u>. The Sub-Advisor represents and warrants to the Advisor and the Fund as follows:

a. The Sub-Advisor is registered as an
 investment advisor under the Advisers Act and is registered or licensed as an investment
 advisor under the laws of all jurisdictions in which its activities require it to be so registered
 or licensed and will continue to be so registered for so long as this Agreement remains in
 effect;

b. The Sub-Advisor is duly organized and
 properly registered and operating under the laws of the State of Delaware with the power
 to own and possess its assets, perform its obligations under this Agreement, and to carry
 on its business as it is now being, and to be, conducted;

c. The execution, delivery and performance
 by the Sub-Advisor of this Agreement are within the Sub-Advisor's powers and have been
 duly authorized by all necessary action and no action by or in respect of, or filing with,
 any governmental body, agency or official is required on the part of the Sub-Advisor for
 the execution, delivery and performance by the Sub-Advisor of this Agreement, and the execution,
 delivery and performance by the Sub-Advisor of this Agreement do not contravene or constitute
 a default under (i) any provision of applicable law, rule or regulation, (ii) the
 Sub-Advisor's governing instruments, or (iii) any agreement, judgment, injunction,
 order, decree or other instrument binding upon the Sub-Advisor; and

d. The Sub-Advisor has reviewed the registration
 requirements of the CEA and the NFA relating to commodity trading advisors and is either
 appropriately registered with the CFTC and a member of the NFA or exempt or excluded from
 CFTC registration requirements and has provided the Advisor and the Fund with a copy of any
 document evidencing its application for or receipt of such exemption or exclusion, and any
 amendments thereto;

e. The Sub-Advisor has adopted and implemented
 a written code of ethics complying with the requirements of Rule 17j-1 under the 1940
 Act (the " <u>Code of Ethics</u> ") and has provided the Advisor and the Fund with
 a copy of such Code of Ethics and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Sub-Advisor has adopted and
 implemented written policies and procedures, as required by Rule 206(4)-7 under the
 Advisers Act, which are reasonably designed to prevent violations of federal securities laws
 by the Sub-Advisor, its employees and officers (" <u>Compliance Procedures</u> ")
 and has provided the Advisor and the Fund with a copy of such Compliance Procedures and any
 amendments thereto;

g. The Sub-Advisor is in compliance with
 all applicable laws, rules and regulations, including, without limitation, applicable
 anti-corruption, anti-bribery, anti-money laundering and data privacy laws, and has policies
 and procedures to ensure compliance with all such laws, rules and regulations;

h. The Form ADV of the Sub-Advisor
 provided to the Advisor is and all amendments and annual updates to the Sub-Advisor's
 Form ADV to be provided to the Advisor shall be a true and complete copy of the form
 as currently in effect and to the extent required, filed with the SEC, and the information
 contained therein is accurate and complete in all material respects and does not omit to
 state any material fact necessary in order to make the statements made, in light of the circumstances
 under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Sub-Advisor has reviewed the
 Prospectus, and represents and warrants that, with respect to the disclosure about the Sub-Advisor
 or information relating to the Sub-Advisor, such Prospectus contains, as of the date hereof,
 no untrue statement of any material fact and does not omit any statement of material fact
 necessary to make the statements contained therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The Sub-Advisor has in place, and
 shall have in place during the entire term of this Agreement, a business continuity plan,
 which may be updated from time to time, that governs the Sub-Advisor's treatment of
 (i) material data processed by the Sub-Advisor's computer system in the performance
 of its duties hereunder and the retrieval of any such material data from the Sub-Advisor's
 back-up facilities and (ii) the performance of its duties under this Agreement relating
 to contingency planning, disaster recovery, back-up processing, recovery time objective,
 resumption operating capacities, escalation, activation and crisis management procedures;
 and

k. This Agreement is enforceable against
 the Sub-Advisor in accordance with its terms, subject as to enforcement to bankruptcy, insolvency,
 reorganization, arrangement, moratorium and other similar laws of general applicability relating
 to or affecting creditors' rights and to general equity principles.

7. <u>Representations and Warranties of Advisor</u>. The Advisor represents and warrants to the Sub-Advisor as follows:

a. The Advisor is registered as an investment
 advisor under the Advisers Act and is registered or licensed as an investment advisor under
 the laws of all jurisdictions in which its activities require it to be so registered or licensed and will continue to
be so registered for so long as this Agreement remains in effect;

b. The Advisor is duly organized and validly
 existing under the laws of the State of Delaware with the power to own and possess its assets,
 perform its obligations under this Agreement, and to carry on its business as it is now being,
 and to be, conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The execution,delivery and performance by the Advisor of this Agreement are within the
 Advisor's powers and have been duly authorized by all necessary action, and no action by or in respect of, or filing with, any
 governmental body, agency or official is required on the part of the Advisor for the execution, delivery and performance by the
 Advisor of this Agreement, and the execution, delivery and performance by the Advisor of this Agreement do not contravene or
 constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Advisor's governing
 instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Advisor;

d. The Advisor acknowledges that it received
 a copy of the Sub-Advisor's Form ADV prior to the execution of this Agreement;

e. The Advisor has duly entered into the
 Advisory Agreement pursuant to which the Fund authorized the Advisor to enter into this Agreement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Agreement is enforceable against
 the Advisor in accordance with its terms, subject as to enforcement to bankruptcy, insolvency,
 reorganization, arrangement, moratorium and other similar laws of general applicability relating
 to or affecting creditors' rights and to general equity principles.

8. <u>Delivery of Documents to the Advisor.</u> The Sub-Advisor has furnished the Advisor with true, accurate and complete copies of
 the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Sub-Advisor's Form ADV,
 as of the date hereof;

b. Separate lists of persons who the Sub-Advisor
 wishes to have authorized to give written and oral instructions to custodian(s) of the
 Fund; and

c. The Sub-Advisor's Code of Ethics,
 Proxy Voting Policy, Valuation Policy and Procedures, 206(4)- 7 Policies and Procedures,
 and other Compliance Policies and Procedures of the Sub-Advisor, if any, as in effect on
 the date hereof.

The Sub-Advisor shall furnish the Advisor from time to time with copies of all amendments of or supplements to the foregoing.

9. <u>Survival of Representations and Warranties; Duty to Update Information</u>. All representations and warranties made by the Sub-Advisor
 and the Advisor pursuant to Sections 6 and 7, respectively, shall survive the termination
 of this Agreement. In the event that any of the foregoing representations and warranties
 of the parties are no longer true, the applicable party shall promptly notify the other and/or
 update all information and documents which such party is required to provide to the other
 party hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Liability and Indemnification.</u> 

a. <u>Standard of Care and Liability</u>.
 The Sub-Advisor shall act in good faith, use reasonable care and act in a manner consistent
 with applicable federal and state laws and regulations, and the documents and instruments
 governing the Fund, in rendering services in accordance with the terms of this Agreement.
 Except as set forth in (b) below, in the absence of willful misfeasance, bad faith or
 gross negligence on the part of the Sub-Advisor or a reckless disregard of its duties hereunder,
 the Sub-Advisor, each of its affiliates and all respective partners, members, directors,
 officers, trustees and employees (" <u>Affiliates</u> ") and each person, if any,
 who within the meaning of Section 15 of the 1933 Act controls, is controlled by or is
 under common control with the Sub-Advisor (" <u>Control Persons</u> ") shall not
 be liable for any error of judgment or mistake of law and shall not be subject to any expenses
 or liability to the Advisor, the Fund or any of the Fund's shareholders, in connection
 with the matters to which this Agreement relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Indemnification.</u> Subject to sub-section
 (a) hereof, the Sub-Advisor, its members and their respective officers, managers, partners,
 agents, employees, controlling persons, members and any Affiliates (collectively, the " <u>Indemnified Parties</u> "), shall not be liable to the Advisor, the Fund or any of the Fund's
 shareholders for any action taken or omitted to be taken by the Sub-Advisor 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.
 The Fund shall indemnify, defend and protect the Indemnified Parties (each of whom shall
 be deemed a third party beneficiary hereof) and hold them harmless from and against all damages,
 liabilities, costs 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 or otherwise based
 upon the performance of any of the Sub-Advisor's duties or obligations under this Agreement
 or otherwise as an investment adviser of the Fund. Notwithstanding the foregoing provisions
 of this sub-section (b), 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 willful misfeasance, bad
 faith or gross negligence in the performance of any Indemnified Party's duties or by
 reason of the reckless disregard of the Sub-Advisor'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;11. <u>Duration and Termination.</u> 

a. <u>Duration</u>. Unless sooner terminated,
 this Agreement shall remain in effect until two years from the date hereof, and thereafter
 shall continue automatically for successive annual periods, provided such continuance is
 specifically approved at least annually by the Fund's Board or vote of a majority of
 the outstanding voting securities of the Fund (as required by the 1940 Act); provided that
 in either event its continuance also is approved by a majority of the Fund's Trustees
 who are not "interested persons" (as defined in the 1940 Act) of any party to
 this Agreement, by vote cast in person at a meeting called for the purpose of voting on such
 approval.

b. <u>Termination</u>. Notwithstanding
 whatever may be provided herein to the contrary, this Agreement may be terminated at any
 time, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by vote of a majority of the
 Fund's Board, or by vote of a majority of the outstanding voting securities of the
 Fund upon at least 60 days' written notice to the Sub-Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by the Advisor, upon at least
 60 days' written notice to the Sub-Advisor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) by the Sub-Advisor upon at
 least 60 days' written notice to the Advisor and the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) by the non-defaulting party
 upon delivery of written notice from the non-defaulting party to the defaulting party in
 the event of a material breach of any provision of this Agreement by the defaulting party,
 provided that, to the extent such material breach is capable of being cured, the non-defaulting
 party shall have first provided the defaulting party written notice of the material breach
 and the defaulting party shall have failed to cure such breach to the reasonable satisfaction
 of the non-defaulting party within 10 days after the delivery of such notice.

The notice provided for in (i), (ii), (iii) and (iv) above may be waived by the party required to be notified.

This Agreement shall not be assigned (as such term is defined in the 1940 Act) and shall terminate automatically in the event of its assignment or upon the termination of the Advisory Agreement. In the event of an assignment that occurs solely due to the change of control of the Sub-Advisor, any necessary approvals or notices to continuation of this Agreement will be obtained or made at the sole expense of the Sub-Advisor.

c. <u>Effect of Expiration or Termination</u>.
 If this Agreement expires or is terminated, then the Sub-Advisor shall be entitled to receive
 all amounts (including any accrued but unreimbursed expenses) payable to it and not yet paid
 pursuant to Sections 4 and 5 hereof, as applicable. If this Agreement is not continued by
 the Fund's Board or is terminated pursuant to Sections 11(b)(i) or (ii) above,
 the Advisory Agreement between the Advisor and the Fund shall be terminated at the same time
 this Agreement is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Transactions in Progress Upon Termination</u>. The Advisor and the Sub-Advisor shall cooperate with each other to ensure
 that portfolio or other transactions in progress at the date of termination of this Agreement
 shall be completed by the Sub-Advisor in accordance with the terms of such transactions,
 and to this end the Sub-Advisor shall provide the Advisor with all necessary information
 and documentation to secure the implementation thereof.

e. <u>Delivery of Records Upon Termination</u>.
 In the event of termination for any reason, all records of the Fund shall promptly be returned
 to the Advisor or the Fund, free from any claim or retention of rights in such records by
 the Sub-Advisor, although the Sub-Advisor may, at its own expense, make and retain copies
 of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Duties of the Advisor</u>. The
 Advisor shall continue to have responsibility for all services to be provided to the Fund
 pursuant to the Advisory Agreement and shall oversee and review the Sub-Advisor's performance
 of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Brand Usage.</u> 

a. Other than (i) in connection with
 required disclosures in the Prospectus or other Fund materials, and (ii) as necessary
 to identify relevant parties in Advisor and/or Fund related regulatory filings, agreements
 or other documents, neither the Advisor nor the Fund shall use the Sub-Advisor's actual
 or fictitious name(s), mark, derivative and/or logo (or that of any affiliate of the Sub-Advisor,
 other than that of the Advisor or of the Fund or any affiliate of the Sub-Advisor that is
 an affiliate of the Sub-Advisor solely by reason of the
Sub-Advisor's provision of services pursuant to this Agreement) or otherwise refer to the Sub-Advisor in any materials distributed
to third parties, including the Fund's shareholders, without prior review and written approval by the Sub-Advisor, which may not
be unreasonably withheld or delayed. Upon termination of this Agreement, the Advisor and the Fund, shall, to the extent applicable and
as soon as is reasonably possible, cease to use the Sub-Advisor's actual or fictitious name(s), mark, derivative and/or logo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Other than (i) in connection
 with required disclosures in the Prospectus or other Fund materials, and (ii) as necessary
 to identify relevant parties in Sub-Advisor and/or Fund related regulatory filings, agreements
 or other documents, the Sub-Advisor shall not use the Advisor's or Fund's actual
 or fictitious name(s) (or that of any other affiliate of the Advisor) or otherwise refer
 to the Advisor or the Fund in any materials distributed to third parties, including the Fund's
 shareholders, without prior review and written approval by the Advisor, which may not be
 unreasonably withheld or delayed. Upon termination of this Agreement, the Sub-Advisor shall,
 to the extent applicable and as soon as is reasonably possible, cease to use the actual or
 fictitious name(s), mark, derivative and/or logo of the Advisor and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment</u>. This Agreement
 may be amended only by mutual written consent of the parties, provided that the terms of
 any material amendment shall not be effective unless and until approved, if such approval
 is required by applicable law, by: (a) the Board or by a vote of a majority of the outstanding
 voting securities of the Fund (as required by the 1940 Act) and (b) the vote of a majority
 of those Trustees of the Fund who are not "interested persons" of any party to
 this Agreement cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Confidentiality</u>. Subject
 to their obligations under this Agreement and the duties of the Sub-Advisor or Advisor to
 comply with applicable law, including any demand of any regulatory or taxing authority having
 jurisdiction, each party shall treat as confidential and not disclose any information pertaining
 to the Fund and the actions of the Sub-Advisor, the Advisor and the Fund in respect thereof
 (collectively, " <u>Fund Information</u> "). The Sub-Advisor and Advisor each shall
 not use knowledge of non-public information regarding the Fund's portfolio as a basis
 to place or recommend any securities transactions for its own benefit to the detriment of
 the Fund.

Subject to its obligations under this Agreement and the duties to comply with applicable law, including any request or demand of any regulatory or taxing authority having jurisdiction, the Advisor shall treat as confidential and not disclose any information (including information relating to investment strategy, portfolio investments, product plans, ideas, concepts, processes, developments, algorithms, formulas, technology and private investment fund and fund manager information and due diligence) produced or provided by the Sub-Advisor and/or its Affiliates or Control Persons relating to any such persons (excluding, for the avoidance of doubt, any Fund Information) (collectively, "<u>Sub-Advisor Information</u>").

Subject to its obligations under this Agreement and the duties to comply with applicable law, including any request or demand of any regulatory or taxing authority having jurisdiction, the Sub-Advisor shall treat as confidential and not disclose any information produced or provided by the Advisor and/or its Affiliates or Control Persons (collectively, "<u>Advisor Information</u>").

Notwithstanding the foregoing, the terms "Fund Information," "Sub-Advisor Information" and "Advisor Information" shall not, for the purposes of this Agreement, include any information which (a) at the time of disclosure or thereafter is or becomes available to and known by the public other than as a result of a disclosure by a party, its Affiliates or Control Persons in breach of this Agreement, (b) was or becomes available to a party on a non-confidential basis from a source other than the Advisor, the Sub-Advisor or the Fund or any of their Affiliates or Control Persons; provided that such source is not known to the party to be bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation of secrecy to, the Advisor, Sub-Advisor or the Fund, or (c) has been independently developed by a party or any of its Affiliates or Control Persons without using Fund Information and without violating any of its obligations under this Agreement.

In the event that a party is requested or required to disclose any Fund Information, Sub-Advisor Information or Advisor Information pursuant to applicable law, governmental rule or regulation, court order, administrative or arbitral proceeding or by any regulatory authority having jurisdiction over the party or its Affiliates or Control Persons, the disclosing party shall provide (unless prohibited by law or regulation or not reasonably practicable) the non-disclosing party with prompt written notice in advance, if possible, but otherwise promptly thereafter, of any such request or requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Notice</u>. Any notice that is
 required to be given by the parties to each other under the terms of this Agreement shall
 be in writing, delivered, or mailed postpaid to the other parties, or transmitted by facsimile
 or e-mail with acknowledgment of receipt, to the parties at the following addresses or facsimile
 numbers, which may from time to time be changed by the parties by notice to the other party:

If to the Sub-Advisor:

Aksia LLC

599 Lexington Avenue

Floor 37

New York, NY 10022

Attention: Office of the General Counsel

Email: Maya.Fishman@aksia.com

If to the Advisor:

Calamos Advisors LLC

2020 Calamos Court

Naperville, Illinois 60563

Attention: Secretary

Email: eojala@calamos.com

If to the Fund:

Calamos Aksia Private Equity and Alternatives Fund

2020 Calamos Court

Naperville, Illinois 60563

Attention: Chief Legal Officer

E-mail: eojala@calamos.com

with copies to:

Faegre Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103

Attention: Joshua B. Deringer and Joshua M. Lindauer

Email: joshua.deringer@faegredrinker.com and joshua.lindauer@faegredrinker.com

Such notice shall be deemed effective when provided in accordance with this Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law, Arbitration, etc</u>.
 This Agreement shall be governed by and construed in accordance with substantive laws of
 the State of New York without reference to choice of law principles thereof and in accordance
 with the 1940 Act. In the case of any conflict, the 1940 Act shall control.

&nbsp;&nbsp;&nbsp;&nbsp;a. Notwithstanding anything contrary
 in this Agreement, any and all disputes (including any ancillary claims) arising out of relating
 to or connecting with this Agreement, including the breach, termination or validity thereof
 (including the validity, scope and enforceability of this arbitration), shall be submitted
 to and finally resolved by arbitration in accordance with the CPR Institute for Dispute Resolution
 Rules for Non-Administered Arbitration ("CPR Rules") then currently in effect,
 except the scope of discovery, if any, shall be in accordance with the Federal Rules of
 Civil Procedure then currently in effect (as interpreted and enforced by the applicable arbitration
 panel). The composition of the arbitration panel shall be determined in accordance with CPR
 Rule 5.4. The arbitration panel shall consist of three arbitrators.

&nbsp;&nbsp;&nbsp;&nbsp;b. The arbitration shall be governed
 by the Federal Arbitration Act, 9 U.S.C. §§ 1 et seq., and judgment upon the award
 rendered by the arbitrators may be entered by any court having jurisdiction thereof; provided,
 however, performance under this Agreement shall continue if reasonably possible during any
 arbitration proceedings. The place of arbitration shall be in New York City, New York. The
 language of the arbitration shall be in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The arbitral panel's award
 shall be final, conclusive, and binding upon the parties to the arbitration subject only
 to the right (if any) of any party to commence proceedings to vacate the award on any ground
 permitted under 9 U.S.C. § 10.

&nbsp;&nbsp;&nbsp;&nbsp;d. The procedures specified in this
 section shall be the sole and exclusive procedures for the resolution of disputes of the
 nature described in clause (a) above; provided, however, that a party may file a complaint
 to seek a preliminary injunction or other provisional judicial relief, including for the
 purpose of compelling a party to arbitrate, or enforcing an arbitration award hereunder,
 if in its sole judgment such action is necessary. Despite such action, the parties will continue
 to participate in good faith pursuant to the procedures set forth in this section.

&nbsp;&nbsp;&nbsp;&nbsp;e. EACH PARTY HEREBY IRREVOCABLY
 AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT
 OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR
 THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Counterparts</u>. This Agreement
 may be executed in one or more counterparts, each of which shall be deemed an original, all
 of which shall together constitute one and the same instrument. The parties may exchange
 facsimiles or .pdf images by email of actual signatures in lieu of mailing physical copies
 of counterparts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Certain Definitions</u>. For
 the purposes of this Agreement and except as otherwise provided herein, "interested
 person," "affiliated person," "assignment" and "vote
 of a majority of the outstanding voting securities" shall have their respective meanings
 as set forth in the 1940 Act, subject, however, to such exemptions as may be granted or guidance
 as may be issued by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Captions</u>. The captions herein
 are included for convenience of reference only and shall be ignored in the construction or
 interpretation hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Severability</u>. If any provision
 of this Agreement shall be held or made invalid by a court decision or applicable law, the
 remainder of the Agreement shall not be affected adversely and shall remain in full force
 and effect.

22. <u>Entire Agreement</u>. This Agreement
 contains the entire understanding and agreement of the parties with respect to the subject
 matter hereof. Each party shall perform such further actions and execute such further documents
 as are necessary to effectuate the purpose of this Agreement. The Fund is an intended third-party
 beneficiary of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Survival</u>. The provisions
 of Sections 2(h), 2(k), 9, 10, 11(c), 11(d), 11(e), 11(f), 13, 15, 16, 17 and 23 shall survive
 termination of this Agreement.

[*Remainder of page left intentionally blank. The signature page follows.*]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year first written above.

**CALAMOS ADVISORS LLC**

---

| | |
|:---|:---|
| By: | /s/ Thomas Herman |
| Name: | Thomas Herman |
| Title: | Executive Vice President, Chief Financial Officer |

---

**AKSIA LLC**

---

| | |
|:---|:---|
| By: | /s/ Jim Vos |
| Name: | Jim Vos |
| Title: | Chief Executive Officer |

---

**CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND**, solely as a party with respect to Section 10

---

| | |
|:---|:---|
| By: | /s/ Dan Dufresne |
| Name: | Dan Dufresne |
| Title: | President |

---

**EXHIBIT A TO**

**SUB-ADVISORY AGREEMENT**

<u>Sub-Advisory Fee</u>

The Advisor shall pay the Sub-Advisor a sub-advisory fee payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 0.875%.

## Exhibit 99.2

**Exhibit 99.2(h)(1)**

**CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND**

**DISTRIBUTION AGREEMENT**

This Distribution Agreement (the "**Agreement**") made as of the 30th day of April 2025, between Calamos Financial Services LLC, a limited liability company organized under the laws of the State of Delaware and having its principal office and place of business in Naperville, Illinois (the "**Distributor**"), and Calamos Aksia Private Equity and Alternatives Fund, a Delaware statutory trust having its principal office and place of business in Naperville, Illinois (the "**Trust**").

WITNESSETH:

In consideration of the agreements herein contained and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by the parties, it is agreed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Appointment of Distributor.** The Trust hereby appoints the Distributor as its exclusive agent to sell and distribute shares of the Trust (the "**Shares**") at the offering price thereof as from time to time determined in the manner herein provided. The Distributor hereby accepts such appointment and agrees during the term of this Agreement to provide the services and to assume the obligations set forth herein. The Trust agrees that it will not, without the Distributor's consent, sell or agree to sell any Shares otherwise than through the Distributor, except that (a) the Trust may itself sell Shares as an investment to the trustees, officers, directors and bona fide full-time employees of the Trust, the Distributor and the Trust's investment advisors and sub-advisor; and (b) the Trust may issue Shares in connection with a merger, consolidation or acquisition of assets on such basis as may be authorized or permitted under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"); provided that in no event as to any of the foregoing exceptions shall the Shares be issued and sold at less than the net asset value thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Basis of Sale of Shares.** The Distributor does not agree to sell any specific number of Shares. Shares will be sold by the Distributor as agent for the Trust only against orders therefore. The Distributor will not purchase Shares from anyone other than the Trust except as agent for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Offering Price.** All Shares offered for sale by the Distributor shall be offered for sale at a price per share (the "**Offering Price**") equal to the net asset value per Share of the applicable class of Shares of the Trust plus any applicable sales charge as set forth in the then current Prospectus (as defined below). The Offering Price, if not an exact multiple of one cent, shall be adjusted to the nearest cent. "<u>Prospectus</u>" means any prospectus, registration statement or statement of additional information, as appropriate, including all amendments or supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Manner of Offering.** The Distributor will conform to the terms of the Prospectus and the securities laws of any jurisdiction in which it sells, directly or indirectly, any Shares. The Distributor also agrees to furnish to the Trust sufficient copies of any agreements, plans or sales literature it intends to use in connection with any sales of Shares in adequate time for the Trust 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.

The Distributor shall have the right to accept or reject orders for the purchase of Shares. Any consideration that the Distributor may receive in connection with a rejected purchase order will be returned promptly to the prospective purchaser. The Trust or its transfer agent or shareholder servicing agent is authorized to confirm sales of Shares on behalf of the Distributor. The Trust shall register or cause to be registered all Shares sold by the Distributor pursuant to the provisions hereof in such name or names and amounts as the Distributor may request from time to time and the Trust shall issue or cause to be issued certificates evidencing such Shares for delivery to Distributor or pursuant to Distributor's direction if and to the extent that the Trust contemplates the issuance of such share certificates. All Shares, when so issued and paid for, shall be fully paid and nonassessable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Securities Laws.** The Trust has delivered to the Distributor a copy of the current Prospectus relating to Shares. The Trust agrees that it will use its best efforts to continue the effectiveness of the Trust's Registration Statement under the Securities Act of 1933, as amended (the "**Securities Act**"). The Trust further agrees to prepare and file any amendments to its Registration Statement as may be necessary and any supplemental data in order to comply with the Securities Act. Once registered under the Investment Company Act as an investment company, the Trust will use its best efforts to maintain such registration and to comply with the requirements of said Act.

At the Distributor's request, the Trust will take such steps as may be necessary and feasible to qualify Shares for sale in states, territories or dependencies of the United States of America, in the District of Columbia and in foreign countries, in accordance with the laws thereof, and to renew or extend any such qualification; provided, however, that the Trust shall not be required to qualify Shares or to maintain the qualification of Shares in any state, territory, dependency, district or country where it shall deem such qualification disadvantageous to the Trust.

The Distributor agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** Neither the Distributor nor any of it officers will take any long or short position in the Shares, but this provision shall not prevent the Distributor or its officers from acquiring Shares for investment purposes only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Distributor shall furnish to the Trust any pertinent information required to be inserted with respect to the Distributor as the Distributor within the purview of the Securities Act in any reports or registration required to be filed with any governmental authority; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The Distributor will not make any representations inconsistent with the Registration Statement or Prospectus filed under the Securities Act, as in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Compensation to Distributor.** As compensation for providing the services under this Agreement, the Distributor will receive from the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** all distribution and service fees, as applicable, at the rate and under the terms and conditions set forth in the Trust's distribution plan established pursuant to Rule 12b-1 under the Investment Company Act (the "**Distribution Plan**") and/or shareholder services and similar plans applicable to the appropriate class of shares of the Trust, as such plans may be amended from time to time, and subject to any further limitations on such fees as the Board of Trustees of the Trust may impose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** all front-end sales charges, if any, on purchases of Shares sold subject to such charges as described in the Prospectus, as amended from time to time. The Distributor, or brokers, dealers and other financial institutions and intermediaries that have entered into sub-distribution agreements with the Distributor, may collect the gross proceeds derived from the sale of such Shares, remit the net asset value thereof to the Trust upon receipt of the proceeds and retain the applicable sales charge; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** all contingent deferred sales charges ("**CDSC**"), if any, applied on redemptions of Shares subject to such charges on the terms and subject to such waivers as are described in the Prospectus, or as otherwise required pursuant to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Allocation of Expenses.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(a)** The Trust, either directly or through its investment advisor, will be responsible for, and shall pay the expenses incurred in connection with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) providing all necessary services, including fees and disbursements of counsel, related to the preparation, setting in type, printing and filing of any registration statement and/or prospectus and statement of additional information required under the Securities Act, or under state securities laws, covering its Shares, and all amendments and supplements thereto, the mailing of any such prospectus and statement of additional information to existing shareholders, and preparing, setting in type, printing and mailing periodic reports to existing shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the cost of all registration or qualification fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the cost of preparing temporary and permanent share certificates for Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) all the Federal and state (if any) issue and/or transfer taxes payable upon the issue by or transfer from the Trust to the Distributor of any and all Shares distributed hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)** The Distributor shall bear all sales, promotion or distribution expenses in connection with the distribution of Shares and shall be the sole judge of the extent to which sales or promotion expenses shall be incurred. Expenses incurred in complying with laws regulating the issue or sale of securities shall not be deemed to be sales, promotion or distribution expenses. The Distributor agrees that, after the prospectus, statement of additional information and periodic reports have been set in type, it will bear the expense of printing and distributing any copies thereof that are to be used in connection with the offering of Shares to investors. The Distributor further agrees that it will bear the expenses of preparing, printing and distributing any other literature used by the Distributor or furnished by it for use in connection with the offering of the Shares for sale to the public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** The Trust will be responsible for, and shall pay the expenses of, maintaining shareholder accounts and furnishing or causing to be furnished to each shareholder a statement of his account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Agreements with Financial Intermediaries.** The Distributor will have the right to enter into agreements with financial intermediaries of its choice for the sale of Shares and to fix therein the portion of the sales charge, if any, that may be allocated to the financial intermediaries on such terms and conditions as the Distributor will deem necessary or appropriate. Shares sold to financial intermediaries will be for resale by such intermediaries only at the public offering price and on the terms set forth in the Prospectus or as otherwise permissible under the federal and state securities laws. With respect to financial intermediaries who are acting as brokers or dealers within the United States, the Distributor will offer and sell Shares, as agent for the Trust, only to such financial intermediaries who are members in good standing of the Financial Industry Regulatory Authority, Inc. (FINRA). The Trust acknowledges that the Distributor may act as the Trust's agent for transmitting, or arranging for transmission of, distribution and/or shareholder servicing fees to be paid to financial intermediaries in accordance with arrangements between the Trust and such financial intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Payments to Financial Intermediaries.** The Distributor may re-allow any or all of the distribution or service fees, front-end sales charges and CDSCs that it is paid by the Trust to such brokers, dealers and other financial institutions and intermediaries as the Distributor may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. The Distributor is an Independent Contractor.** The Distributor shall be an independent contractor. The Distributor is responsible for its own conduct, for the employment, control and conduct of its agents and employees and for injury to such agents or employees or to others through its agents or employees. The Distributor assumes full responsibility for its agents and employees under applicable statutes and agrees to pay all employer taxes thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Term of Contract.** This Agreement shall go into effect on the date hereof and shall continue in effect until two years from the date hereof, and thereafter for successive periods of one year each if such continuance is approved at least annually thereafter (i) either by an affirmative vote of a majority of the outstanding Shares or by the Trustees, (ii) in either case by a majority of the Trustees who are not interested persons of the Distributor or (otherwise than as Trustees) of the Trust, at a meeting called for the purpose of voting on such approval consistent with the requirements under the Investment Company Act. Written notice of discontinuance of this Agreement may be given by one party hereto to the other upon not less than 60 days' notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Assignment.** This Agreement may not be assigned by the Distributor and shall automatically terminate in the event of an attempted assignment by the Distributor; provided, however, that the Distributor may employ or enter into agreements with such other person, persons, corporation, or corporations, as it shall determine in order to assist it in carrying out this Agreement, as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Indemnification by Distributor.** The Distributor agrees to indemnify and hold harmless the Trust or any other person who has been, is, or may hereafter be an officer, Trustee or employee of the Trust against any loss, damage or expense reasonably incurred by any of them in connection with any claim or in connection with any action, suit, or proceeding to which any of them may be a party, which arises out of or is alleged to arise out of or is based upon any untrue statement or alleged untrue statement of a material fact, or the omission or alleged omission to state a material fact necessary to make the statements made not misleading, on the part of the Distributor or any agent or employee of the Distributor or any other person for whose acts the Distributor is responsible or is alleged to be responsible, such as any dealer or person through whom sales are made pursuant to an agreement with the Distributor, unless such statement or omission was made in reliance upon written information furnished by the Trust. The term "expenses" for purposes of this and the next paragraph includes attorney's fees and amounts paid in satisfaction of judgments or in settlements that are made with the Distributor's consent. The foregoing rights of indemnification shall be in addition to any other rights to which the Trust or a Trustee may be entitled as a matter of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Indemnification by Trust.** The Trust agrees to indemnify and hold harmless the Distributor and each person who has been, is, or may hereafter be an officer, director, employee or agent of the Distributor against any loss, damage or expense reasonably incurred by any of them in connection with any claim or in connection with any action, suit or proceeding to which any of them may be a party, which arises out of or is alleged to arise out of or is based upon any untrue or alleged untrue statement of material fact, or the omission or alleged omission to state a material fact necessary to make the statements therein not misleading, contained in a registration statement or prospectus, or any amendment or supplement thereto, unless such statement or omission was made in reliance upon written information furnished by the Distributor. The foregoing rights of indemnification shall be in addition to any other rights to which the Distributor may be entitled as a matter of law. Nothing contained herein shall relieve the Distributor of any liability to the Trust or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Books and Records**. The books and records pertaining to the Trust, which are in the possession or under the control of Distributor, will be prepared and maintained as required under the Investment Company Act and other applicable securities laws, rules and regulations. The Trust and its authorized persons will have access to such books and records at all times during the Distributor's normal business hours. Upon the reasonable request of the Trust, the Distributor will provide copies of such books and records to the Trust or its authorized persons, at the Trust's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Non-exclusive Agreement.** The services of the Distributor to the Trust hereunder shall not be deemed to be exclusive, and the Distributor shall be free to (a) render similar services to, and act as underwriter or distributor in connection with the distribution of shares of, other investment companies, and (b) engage in any other businesses and activities from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Entire Agreement; Amendment.** This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement, draft or agreement or proposal with respect to the subject matter hereof. This Agreement may be amended at any time by mutual agreement in writing of the parties hereto, provided that any such amendment is approved by a majority of the Trustees who are not interested persons of the Distributor or by the holders of a majority of the outstanding Shares affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Dispute Resolution**. Whenever either party desires to institute legal proceedings against the other party concerning this Agreement, it will provide written notice to that effect to such other party. The party providing such notice will refrain from instituting said legal proceedings for a period of thirty (30) days following the date of provision of such notice. During such period, the parties will attempt in good faith to amicably resolve their dispute by negotiation among their executive officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. Governing Law.** This Agreement shall be construed in accordance with the laws of the State of Illinois.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Notices**. All notices provided for or permitted under this Agreement will be deemed effective upon receipt, and will be in writing and (a) delivered personally, (b) sent by commercial overnight courier with written verification of receipt, (c) sent via electronic mail, or (d) sent by certified or registered U.S. mail, postage prepaid and return receipt requested, to the party to be notified, at the address for such party set forth below. Notices to the Distributor will be sent to:

Calamos Financial Services LLC

Attn: Thomas Kiley

2020 Calamos Court

Naperville, Illinois 60563

Notices to the Trust will be sent to:

Calamos Aksia Private Equity and Alternatives Fund

Attn: Chief Legal Officer

2020 Calamos Court

Naperville, Illinois 60563

Email notices to the Distributor and to the Trust will be sent to eojala@calamos.com.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. Counterparts**. This Agreement may be executed in two or more counterparts, all of which will constitute one and the same instrument. Each such counterpart will be deemed an original, and it will not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. This Agreement will be deemed executed by both parties when any one or more counterparts hereof or thereof, individually or taken together, bears the original, scanned or facsimile signatures of each of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Force Majeure**. No breach of any obligation of a party to this Agreement (other than obligations to pay amounts owed) will constitute an event of default or breach to the extent it arises out of a cause, existing or future, that is beyond the control and without negligence of the party otherwise chargeable with breach or default, including without limitation: work action or strike; pandemic or epidemic; lockout or other labor dispute; flood; war; riot; theft; act of terrorism, earthquake or natural disaster. Either party desiring to rely upon any of the foregoing as an excuse for default or breach will, when the cause arises, give to the other party prompt notice of the facts which constitute such cause; and, when the cause ceases to exist, give prompt notice thereof to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. Severability**. Any provision of this Agreement that is determined to be invalid or unenforceable in any jurisdiction will be ineffective to the extent of such invalidity or unenforceability in such jurisdiction, without rendering invalid or unenforceable the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. If a court of competent jurisdiction declares any provision of this Agreement to be invalid or unenforceable, the parties agree that the court making such determination will have the power to reduce the scope, duration, or area of the provision, to delete specific words or phrases, or to replace the provision with a provision that is valid and enforceable and that comes closest to expressing the original intention of the parties, and this Agreement will be enforceable as so modified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. Limitation of Liability.** It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Trust, personally, but shall bind only the assets and property of the Trust as provided in the Trust's Declaration of Trust. The execution and delivery of this Agreement have been authorized by the Trustees and shareholders of the Trust and signed by an authorized officer of the Trust, acting as such, and neither such authorization by the Trustees and shareholders nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the assets and property of the Trust as provided in its Declaration of Trust.

[*The remainder of this page has been intentionally left blank. The signature page follows.*]

IN WITNESS WHEREOF, this Agreement has been executed for the Distributor and the Trust by their duly authorized officers, as of the date first set forth above.

---

| | |
|:---|:---|
| CALAMOS FINANCIAL SERVICES LLC | CALAMOS FINANCIAL SERVICES LLC |
| By | /s/ Thomas Kiley |
|  | Name: Thomas Kiley |
|  | Title: Principal Executive Officer |
| ATTEST: |  |
| By: | /s/ Thomas Herman |
|  | Name: Thomas Herman |
|  | Title: Chief Financial Officer |
| CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND | CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND |
| By | /s/ Erik D. Ojala |
|  | Name: Erik D. Ojala |
|  | Title: Secretary and Chief Legal Officer |

---

## Exhibit 99.2

**Exhibit 99.2(h)(2)**

**CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND**

**DISTRIBUTION AND SHAREHOLDER SERVICES PLAN**

WHEREAS, Calamos Aksia Private Equity and Alternatives Fund (the "Fund") is engaged in business as a closed-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "Act"); and

WHEREAS, the Fund, in reliance upon that certain exemptive order issued to the Calamos – Avenue Opportunities Fund and Calamos Avenue Management LLC by the Securities and Exchange Commission, is permitted to offer multiple classes of shares (the "Exemptive Relief") <sup>1</sup>; and

WHEREAS, pursuant to the Exemptive Relief, the Fund complies with Rule 12b-1 ("Rule 12b-1") under the Act as though it were an open-end management investment company.

NOW, THEREFORE, the Fund hereby adopts, and Calamos Financial Services LLC, the Fund's distributor (the "Distributor"), hereby agrees to the terms of this Distribution and Shareholder Services Plan (the "Plan") under Rule 12b-1, with respect to the classes of shares of beneficial interest (each, a "Class") listed on Schedule A hereto, as such Schedule A may be amended from time to time, on the following terms and conditions:

1. The Fund may pay to the Distributor and other affiliated broker-dealers, unaffiliated broker-dealers, financial institutions and/or intermediaries (collectively, "Service Agents") as compensation for the services provided and expenses incurred relating to the distribution, offering and marketing of a Class, fees as set forth in Schedule A hereto, as may be amended from time to time. Such fees shall be calculated and accrued monthly and paid monthly or at such other intervals as the Fund and the Distributor shall mutually agree. In addition to the payment of the fees, the Fund may pay for: (i) due diligence expenses; (ii) the expenses in connection with the printing and mailing of prospectuses to other than current shareholders and the printing and mailing of sales literature; and (iii) expenses related to offering the Fund as an option on any distribution "platform" a Service Agent administers, including expenses for any services provided in connection therewith.

2. Any shareholder service fees may be paid for the provision of "personal service and/or the maintenance of shareholder accounts" as provided for in the Financial Industry Regulatory Authority ("FINRA") Rule 2341. If FINRA amends the definition of "service fee" or adopts a related definition intended to define the same concept, the services provided under the Plan shall be automatically amended, without further action of the parties, to conform to such definition.

3. This Plan must be approved, together with any related agreements, by votes of a majority of both (a) the Board of Trustees of the Fund (the "Board" and each member of the Board, a "Trustee") and (b) those Trustees of the Fund who are not "interested persons" of the Fund, as defined in the Act, and who have no direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan (the "Independent Trustees"), cast in person at a meeting (or meetings) called for the purpose of voting on the Plan and related agreements.

<sup>1</sup> In the Matter of Calamos-Avenue Opportunities Fund and Calamos Avenue Management, LLC, Inv. Co. Act of 1940 Release No. 34327/July 12, 2021.

4. This Plan shall continue in full force and effect for so long as such continuance is specifically approved at least annually in the manner provided for approval of this Plan in Paragraph 3 hereof.

5. The Distributor shall provide to the Board and the Board shall review, at least quarterly, a written report of Fund payments made in accordance with this Plan and the purposes for which such payments were made.

6. This Plan may be terminated at any time without penalty with respect to a Class of the Fund by the vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities of such Class.

7. This Plan may not be amended to increase materially the amount payable hereunder by a Class unless such amendment is approved by a vote of at least a majority (as defined in the Act) of the outstanding voting securities of such Class, and no material amendment to this Plan shall be made unless approved in the manner provided in Paragraph 3 hereof.

8. While this Plan is in effect, the selection and nomination of the Independent Trustees shall be committed to the discretion of the Independent Trustees then in office.

9. The Distributor may direct that all or any part of the amounts receivable by it under this Plan be paid directly to affiliated broker-dealers, unaffiliated broker-dealers, financial institutions and/or intermediaries. All payments made hereunder pursuant to the Plan shall be in accordance with the terms and limitations of the rules of FINRA.

10. The Fund shall preserve copies of this Plan (including any amendments thereto) and any related agreements and all reports made pursuant to Paragraph 5 hereof for a period of not less than six years from the date of this Plan, the first two years in an easily accessible place.

11. The obligations of the Fund hereunder are not personally binding upon, nor shall be held to the private property of, any of the Trustees, shareholders, officers, employees or agents of the Fund, but only the Fund's property allocable to the applicable Class(es) shall be bound.

12. This Plan only relates to those Classes stated on Schedule A hereto and the fees determined in accordance with Paragraph 1 hereof shall be based upon the average monthly net assets of the Fund attributable to the applicable Class.

IN WITNESS WHEREOF, the Fund and the Distributor have executed this Plan as of the day and year set forth below.

Dated: April 30, 2025

**CALAMOS AKSIA PRIVATE EQUITY AND ALTERNATIVES FUND**

---

| | |
|:---|:---|
| By: | /s/ Erik D. Ojala |
| Name: | Erik D. Ojala |
| Title: | Secretary and Chief Legal Officer |

---

**CALAMOS FINANCIAL SERVICES LLC**

---

| | |
|:---|:---|
| By: | /s/ Thomas Kiley |
| Name: | Thomas Kiley |
| Title: | Principal Executive Officer |

---

**SCHEDULE A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Class A** – Shareholders of Class A shares shall pay a fee at the annual rate of
0.25% of the Fund's average monthly net assets attributable to Class A shares, all 0.25% of which shall be a "shareholder
servicing fee." Such fee shall be calculated and accrued monthly (before repurchases of any Class A shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Class C** – Shareholders of Class C shares shall pay a fee at the annual rate of
1.00% of the Fund's average monthly net assets attributable to Class C shares, 0.75% of which shall be a "distribution
fee" and 0.25% of which shall be a "shareholder service fee." Such fee shall be calculated and accrued monthly (before
repurchases of any Class C shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Class I** – Shareholders of Class I shares will not be subject to a fee under this
Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Class M** – Shareholders of Class M shares shall pay a fee at the annual rate of
0.75% of the Fund's average monthly net assets attributable to Class M shares, all 0.75% of which shall be a "distribution
fee." Such fee shall be calculated and accrued monthly (before repurchases of any Class M shares).

## Exhibit 99.2

**Exhibit 99.2(j)**

**CUSTODY AGREEMENT**

**This Agreement** (the "Agreement") is made as of May 30, 2025 (the "Effective Date") **between**:

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| | |
|:---|:---|
| **(1)** | Each entity identified on <u>Appendix A</u>, whose jurisdiction of formation is identified opposite its name (the "Client"); and |
| **(2)** | **STATE STREET BANK AND TRUST COMPANY**, a bank and trust company organized under the laws of The Commonwealth of Massachusetts, U.S.A. (the "Custodian"). |
| **1** | **Definitions and Interpretation** |
|  | Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1. |
| **2** | **Appointment of the Custodian** |
|  | The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15 below (the "Services") subject to and in accordance with the terms of this Agreement. |
| **3** | **Safekeeping Securities** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3.1** **Holding Securities.** The Custodian will hold Securities delivered or credited to its account under
this Agreement directly or through accounts at Subcustodians or CSDs. In turn, Subcustodians will hold Securities directly or through
accounts at CSDs.

&nbsp;&nbsp;&nbsp;&nbsp;**3.2** **Client Entitlements and Segregation.** The Custodian will take the following steps to reflect the
Client's ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian,
Subcustodians, and CSDs, in accordance with Local Market Practice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.1** **Accounts at the Custodian**. Open and maintain on the records of the Custodian one or more securities
 accounts in the name of the Client or such other name as the Client may reasonably request (each, a "Securities Account")
 and credit Securities to them;

**3.2.2** **Accounts at the Subcustodians or CSDs**. Open and maintain securities accounts at the Subcustodians or CSDs in which the Custodian is a direct participant,
cause Subcustodians to open and maintain securities accounts at CSDs in which the Subcustodian is a participant, and cause Securities
to be credited to the relevant accounts. Such accounts: (i) may be commingled (or omnibus) accounts for Securities of multiple customers
of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian at a CSD) or, in limited markets, segregated (or
separate) accounts for Securities of the Client; and (ii) must not include any proprietary securities of the Custodian, the Subcustodian
or the CSD;

**3.2.3** **Physical Securities**. Physically segregate bearer Securities from the proprietary assets of
 the Custodian, and require that the Subcustodians physically segregate bearer Securities from the Subcustodian's and the Custodian's
 proprietary assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2.4** **Registration Names**. Register certificated Securities (other than bearer securities) in the
 name of the Client or in the name of the Custodian, a Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance
 with Local Market Practice and the laws and regulations applicable to the Custodian; and

**3.2.5** **Records of Transactions; Reconciliation**. Maintain records of the Client's transactions
 in the Securities Accounts and reconcile its records of clients' securities holdings against the records of its Subcustodians
 and CSDs in which it is a direct participant in accordance with the Custodian's standard procedures and Local Market Practice.
 Subcustodians will likewise maintain records of their client's transactions and reconcile their records of the securities holdings
 of their clients against the records of the CSDs in which they are a direct participant in accordance with the Subcustodians'
 standard procedures and Local Market Practice.

&nbsp;&nbsp;&nbsp;&nbsp;**3.3** **Securities Interchangeable**. Securities of the Client (whether
 held in separate or commingled accounts) are fungible with
all other securities of the same issue held in such accounts by the Custodian and its Subcustodians. This means that the Client's
redelivery rights in respect of the Securities are not in respect of the Securities actually deposited with the Custodian or a Subcustodian
from time to time, but rather in respect of Securities of the same number, class, denomination and issue as those Securities.

**3.4** **Acceptance of Securities**. Except as otherwise agreed in writing with the Client, the Custodian
 will only accept custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market
 where it provides custodial services either directly or through an existing Subcustodian and may decline to accept custody of certain
 securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally
 equipped or permitted to hold under any law or regulation.

---

| | |
|:---|:---|
| **4** | **Cash** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**4.1** Cash Accounts. The Custodian will open and maintain in the name of
 the Client one or more cash deposit accounts (each a "Cash
Account") in such currencies as may be required in connection with the investment activity of the Client.

**4.2** **Location of Cash Deposits.** Cash received for the Client will
be deposited with the Custodian, or with a Subcustodian, depending on the currency and/or the market. The Custodian will designate
each currency in a particular market as On Book Cash or Off Book Cash. "On Book Cash" means the currency is maintained in
a deposit account with, and recorded as a liability on the balance sheet of, the Custodian (through any of its branches) and "Off
Book Cash" means the currency is maintained in a deposit account with, and recorded as a liability on the balance sheet of, a Subcustodian
(through any of its branches). The Custodian may change the designation of a currency as On Book or Off Book from time to time. Clients
will find the designation of currencies as On Book Cash and Off Book Cash, and any changes to such designations, in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;**4.3** **Cash Records**. The Custodian will reflect Cash balances held
 in all On Book and Off Book Client deposit accounts on its books and records and report the balances to the Client.

**4.4** **Banking Relationship**. In accepting deposits under this Agreement,
 the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash) acts as banker and (i) does not hold
 the money deposited on trust or segregated from its proprietary assets and (ii) does not collateralize such deposits. Accordingly,
 the Client is an unsecured creditor of the Custodian (for On Book Cash) or the relevant Subcustodian (for Off Book Cash), subject
 to such rights as may arise in an Insolvency Event as determined under the laws of the jurisdiction of the Custodian or relevant
 Subcustodian. With respect to Off Book Cash, the Custodian is only responsible for returning the actual amount that the Custodian
 receives from the Subcustodian.

**4.5** **Interest and Charges**. Cash Accounts may be interest bearing
 or non-interest bearing and may be subject to charges or fees on the deposit balance or on a per account basis. The Custodian
 or the relevant Subcustodian will determine on a periodic basis:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.1** the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid
or charged to the Client from time to time with respect to a Cash Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5.2** the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that
will trigger interest charges from time to time for overdrafts,

in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request.

&nbsp;&nbsp;&nbsp;&nbsp;**4.6** **Overdrafts**. The Client must maintain sufficient funds in the
 Cash Accounts to settle all transactions in the applicable currencies
in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under this Agreement. The Custodian
reserves the right to decline to process any Proper Instruction or settle any transaction that would result in an overdraft of the Cash
Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the overdraft upon demand by the
Custodian or within five Business Days, whichever is earlier, plus any applicable overdraft fees and interest on the principal overdraft.

---

| | |
|:---|:---|
| **5** | **Transaction Settlement** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**5.1** **Settlement**. The Custodian will settle all transactions in accordance
 with Local Market Practice, which may not always be on a delivery-versus-payment or receipt-versus-payment basis. Except as
 otherwise provided below regarding Contractual Settlement, the Custodian will credit or debit the appropriate Cash Account on an
 actual settlement or payment basis.

**5.2** **Contractual Settlement**. In order to facilitate transaction settlement,
 the Custodian may provisionally credit settlement, maturity or redemption proceeds, or income, dividends and other distributions,
 on a contractual settlement or predetermined income basis ("Contractual Settlement"), for markets, securities and eligible
 clients as determined and notified by the Custodian in the Client Publications. The Custodian can terminate or suspend Contractual
 Settlement for markets, securities or particular clients at any time.

&nbsp;&nbsp;&nbsp;&nbsp;**5.3** **Use of Funds.** Where Contractual Settlement applies, the Custodian
will credit or debit the appropriate Cash Account on the contractual settlement date or payable date for the relevant transaction. This
means that (i) the Client will have use of the funds from the date that a sale was contracted to settle or the payable date, which
may be earlier than the date payment actually occurs and (ii) the Custodian will have use of the funds debited from the Cash Account
from the date that a purchase was contracted to settle until the date that settlement actually occurs.

&nbsp;&nbsp;&nbsp;&nbsp;**5.4** **Reversal.** The Custodian may reverse any Contractual Settlement credit
at any time before actual receipt of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement,
that such payment will not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of
Contractual Settlement for those Securities in that market. The Custodian will generally notify the Client two Business Days before any
such reversal.

&nbsp;&nbsp;&nbsp;&nbsp;**5.5** **Secured Liability.** To the extent that the Custodian has not received
the cash payment associated with a credit, the amount credited remains a Secured Liability under this Agreement.

---

| | |
|:---|:---|
| **6** | **Corporate Actions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.1** **Transmit Information.** The Custodian will promptly transmit or make
available to the Client all material written information customarily provided by a professional global custodian regarding an applicable
Corporate Action, or a brief synopsis of that information, affecting Securities then being held under this Agreement, where (i) that
information is received directly from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly
available in the relevant market from standard vendors routinely used by professional global custodians provided that the Custodian can
verify the accuracy of such information. The Custodian will transmit or make available such Corporate Action data it receives from primary
sources (issuers, CSDs and Subcustodians) without further review although it will generally note if such information is single sourced.
The Custodian generally will not transmit or make available such Corporate Action data it receives from secondary sources (vendors) unless
the accuracy of that information can be verified against at least one additional source.

&nbsp;&nbsp;&nbsp;&nbsp;**6.2** **Exercise.** The Custodian will process the Client's elections
with respect to any voluntary Corporate Action at the direction of the Client provided it has actual possession of the relevant Securities
and it has received Proper Instructions by the deadline specified in the Custodian's Corporate Action notification ("Corporate
Actions Deadline Date"). The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline but
will have no responsibility for any failure to exercise such instructions accurately or timely. In the absence of receiving Proper Instructions
by the Corporate Actions Deadline Date, the Custodian may take the default action specified in the corporate action notification. In the
event of a mandatory Corporate Action, the Custodian will act without Proper Instructions in accordance with Section 22.10.

&nbsp;&nbsp;&nbsp;&nbsp;**6.3** **Class Actions.** The Custodian will transmit written information
received by the Custodian regarding any class action litigation to the extent set out in the Client Publications. The Custodian will not
support class action participation by the Client beyond such forwarding of written information. In no event will the Custodian act as
a lead plaintiff in a class action.

&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Fractional Positions.** Fractional positions resulting from Corporate
Actions will be dealt with in accordance with the Client Publications.

---

| | |
|:---|:---|
| **7** | **Proxy Servicing** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.1** **Transmit Information.** The Custodian will forward to the Client, or
its agent or proxy service provider as designated by the Client in accordance with the Custodian's standard procedures, all proxies
and all notices of meetings that are received by the Custodian relating to the Securities then held under this Agreement, for the markets
designated in the Client Publications, unless otherwise instructed by the Client. The Custodian will use an agent to assist in the receipt
and distribution of proxies and will share the Client's position and contact information to facilitate such collection and distribution.

&nbsp;&nbsp;&nbsp;&nbsp;**7.2** **Voting.** The Custodian provides proxy voting services for the markets
designated in the Client Publications. The Custodian will cause eligible proxies to be promptly executed by the registered holder in accordance
with Proper Instructions and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to provide
the voting services, the Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities,
and all requirements set out in the Client Publications must have been met, including where applicable receiving an executed power of
attorney, in each case by the deadline specified in the Custodian's proxy notification.

---

| | |
|:---|:---|
| **8** | **Income Collection** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**8.1** **Monitoring and Crediting.** The Custodian will use commercially reasonable
efforts to monitor and collect on a timely basis, in accordance with Local Market Practice, all income and other payments to which the
Client is entitled in respect of the Securities held under this Agreement and Securities on loan through the securities lending program
sponsored by the Custodian or its Affiliates. The Custodian will credit such amounts to the Cash Account of the Client as received, except
where Contractual Settlement applies.

&nbsp;&nbsp;&nbsp;&nbsp;**8.2** **Repatriation of Income.** The Client is responsible for directing the
repatriation of income into the base currency of the Portfolio or another currency selected by the Client, and may enter into separate
arrangements to do so, as set out in Section 13 of this Agreement.

---

| | |
|:---|:---|
| **9** | **Statements and Reports** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**9.1** **Contents.** The Custodian will make available reports to the Client
regarding the Portfolio on a periodic basis as selected by the Client from certain online tools made available from time to time by the
Custodian or as otherwise agreed with the Client. The reports will include Cash balances, an itemized statement of Securities and Cash
and Securities transaction activity. Market values contained in these reports are unaudited and based on the Custodian's standard
pricing vendors and practices. These reports will not include net asset value calculations.

&nbsp;&nbsp;&nbsp;&nbsp;**9.2** **Cash and Securities Not Held.** The Custodian may agree to incorporate
information in respect of cash or securities not held by the Custodian. In making available such information to the Client, the Custodian
will rely upon the information provided by the Client or a third party without any requirement to verify the accuracy of such information.
The Custodian will not perform any other Services in relation to such cash or securities.

---

| | |
|:---|:---|
| **10** | **Tax Withholding and Tax Relief** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**10.1** **Withholding.** The Custodian will withhold (or cause to be withheld)
the amount of any tax which is required to be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian
based on the Client's domicile and entity type in respect of any dividend, interest income or other distribution in relation to
any Security, and/or the proceeds or income from the sale or other transfer of any Security held by the Custodian. If the Client has not
provided the requisite information and documentation, the Custodian is obligated to arrange for maximum withholding. In certain markets,
the Client will be required to hire a local tax agent to calculate withholding, as set out in the Client Publications.

&nbsp;&nbsp;&nbsp;&nbsp;**10.2** **Tax Relief.** The Custodian will apply for a reduction of withholding
tax and refund of any tax paid or tax credits in respect of income payments on Securities based on the Client's entitlement under
relevant tax treaties or laws which apply in each market that supports a standard tax reclaim process, in all cases as may be set out
from time to time in the Client Publications *.* The Custodian does not facilitate tax reclaims for tax transparent or pass-through
(i.e., multiple-beneficiary) entities such as partnerships, LLCs, common trusts or any other types of entities that are generally ineligible
for tax treaty or domestic law tax entitlements, even where the partners or beneficial holders of such entities may be eligible.

&nbsp;&nbsp;&nbsp;&nbsp;**10.3** **Documentation.** In order for the Custodian to perform the services
in this Section 10, the Client will provide the Custodian such information and documentation as may be required from time to time
by the Custodian for tax purposes, including documentary evidence of its tax domicile, and its entity type and details of any special
ruling or treatment to which the Client may be entitled in relation to countries where the Client engages or proposes to engage in investment
activity or where Securities are or will be held. The Client is responsible for ensuring the documentation and information provided is
true and accurate in all material respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming
aware of any changes or inaccuracies in the documentation or information supplied. The provision of documentation and information under
this Section 10.3 will be taken to be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under
this Section 10, including calculating withholding and determining available tax relief, without the need to undertake any further
inquiries or verification.

&nbsp;&nbsp;&nbsp;&nbsp;**10.4** **Client Responsible for Taxes.** The Client will be liable for all
 taxes, levies or similar obligations which arise as a result of the Client's investment activity, including in relation to any
 Cash or Securities held by the Custodian on behalf of the Client, or any related transactions. If any taxes become payable in
 relation to any prior payment made to the Client by the Custodian, the Custodian may withhold any credit balance in the
 Client's Cash Accounts to the extent necessary to satisfy such tax obligation. The Client will also remain liable for any tax deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;**10.5** **No Tax Advice**. The Client acknowledges that the Custodian is not, and will not be deemed to be, providing tax advice or tax counsel.

---

| | |
|:---|:---|
| **11** | **Physical Safekeeping of Investment Documents** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**11.1** **Document Safekeeping**. The Custodian may agree to provide physical safekeeping for Investment
 Documents delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to
 additional documentation and other requirements as the Custodian may specify from time to time.

**11.2** **No Other Services**. The Custodian will not otherwise perform
 any other Services in relation to such Investment Documents.

---

| | |
|:---|:---|
| **12** | **Alternative Asset Servicing** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**12.1** **Alternative Assets**. The Custodian may agree to reflect the Client's
 Alternative Assets on its books, records or statements. Unless otherwise agreed in writing, the Custodian will not perform
 any other services or assume any obligations in relation to Alternative Assets. The Custodian may, in limited cases, agree in a separate
 Registration Services Agreement to register the Client's interests in Alternative Assets in the name of the Custodian, subject
 to additional documentation and other requirements as the Custodian may specify from time to time.

---

| | |
|:---|:---|
| **13** | **Foreign Exchange** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**13.1** **Role of Custodian**. The role of the Custodian with respect to
 foreign exchange transactions is limited to facilitating the processing and settlement of such transactions. The Custodian
 does not have any agency, trust or fiduciary obligation to the Client or any other person in connection with the execution of any
 foreign exchange transactions, other than the obligation as agent to process the Proper Instructions given by the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**13.2** **Role of Counterparties**. If the Client enters into any foreign
 exchange transaction with State Street Bank and Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the
 basis that these entities are acting as a principal dealer and counterparty, and not as fiduciary or agent to the Client, and the
 execution services are governed by separate arrangements (including pricing) and do not form part of the Services provided by the
 Custodian under this Agreement. This applies to foreign exchange transactions entered into by the Client directly with the trading
 desk of these entities or by Proper Instruction to the Custodian using the indirect foreign exchange services described in the Client
 Publications.

---

| | |
|:---|:---|
| **14** | **Subcustodians** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**14.1** **Use of Subcustodians**. The Custodian is authorized to utilize
 Subcustodians in connection with its performance of the Services, and will notify the Client of the Subcustodians so employed
 from time to time through the Client Publications.

**14.2** **Selection and Monitoring**. The Custodian will use reasonable
 skill, care and diligence in the selection, monitoring and continued utilization of Subcustodians by taking the following
 actions: (i) annually assess the financial condition of each Subcustodian by reviewing their publicly available financial information,
 (ii) on a daily basis monitoring the performance by each Subcustodian' of its duties relative to the Services, and (iii) confirming
 on an annual basis that each Subcustodian is licensed to act as a subcustodian in its relevant market.

&nbsp;&nbsp;&nbsp;&nbsp;**14.3** **Special Subcustodians**. At the request of the Client, the Custodian
 may agree to appoint one or more qualified banks, trust companies or other entities designated by the Client to act as a subcustodian
 (each a "Special Subcustodian") for purposes specified by the Client. In connection with the appointment of a Special
 Subcustodian, the Custodian shall enter into a tri-party subcustodian agreement with the Special Subcustodian and the Client in form
 and substance approved the Custodian, provided that such agreement shall comply with Law applicable to the Client and shall be consistent
 with the terms and provisions of this Agreement, to the extent practicable.

---

| | |
|:---|:---|
| **15** | **Central Securities Depositories** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **Use of Central Securities Depositories**. The Custodian and its
 Subcustodians will use CSDs in connection with the performance of the Services, and will notify the Client of the CSDs so
 employed from time to time through the Client Publications **.** 

**15.2** **Rules of Central Securities Depositories**. Where the Custodian
 or its Subcustodians use CSDs, the Client acknowledges that they will do so in accordance with the terms and conditions of
 participation or membership in such CSDs and the rules and procedures governing the operation thereof.

---

| | |
|:---|:---|
| **16** | **Delegation** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**16.1** **Use of Delegates**. The Custodian will have the right, without
 prior notice to or the consent of the Client, to employ Delegates to provide or assist it in the provision of any part of the Services
 other than Services required by Law applicable to either Party to be performed by a qualified custodian or CSD. Unless otherwise
 agreed in a fee schedule, the Custodian will be responsible for the compensation of its Delegates.

**16.2** **Provision of Information Regarding Delegates**. The Custodian
 will provide or make available to the Client on a quarterly or other periodic basis information regarding its global operating
 model for the delivery of the Services, which information will include the identities of Delegates affiliated with the Custodian
 that perform or may perform any part of the Services, and the locations from which such Delegates perform Services, as well as such
 other information about its Delegates as the Client may reasonably request from time to time.

**16.3** **Third Parties**. Nothing in this Section limits or restricts
 the Custodian's right to use Affiliates or third parties to perform or discharge, or assist it in the performance or
 discharge of, any obligations or duties under this Agreement other than the provision of the Services.

---

| | |
|:---|:---|
| **17** | **Standard of Care and Liability** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**17.1** **Standard of Care**. The Custodian will at all times exercise the
 reasonable skill, care and diligence expected of a professional provider of custody services to institutional investors and
 act in good faith and in accordance with generally applicable industry standards and practices in the performance of its duties under
 this Agreement.

**17.2** **Liability for Losses**. Subject to the limitations and exclusions
 of liability in this Agreement, the Custodian will be liable for Losses suffered or incurred by the Client to the extent such
 Losses are caused by the negligence, wilful default, reckless disregard or fraud of the Custodian in the performance of its obligations
 under this Agreement. The parties agree that "negligence" will mean a breach by the Custodian of its obligation to exercise
 the standard of care described in Section 17.1 above.

**17.3** **Responsibility for Subcustodians**. The Custodian will be liable
 to the Client for the acts and omissions of its Subcustodians as if it had committed such acts and omissions itself; provided that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.1** compliance with the standard of care set out in Section 17.1 will be assessed in accordance with
the standards and circumstances prevailing at the time of the act or omission in the local market or jurisdiction in which the Subcustodian
is providing the relevant Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.3.2** the Custodian will have no liability for Losses resulting from the insolvency or other financial default
of a Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian
to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of the Subcustodian as required
under Section 14.2.

&nbsp;&nbsp;&nbsp;&nbsp;**17.4** **Responsibility for Special Subcustodians**. Notwithstanding the
 provisions of Section 17.3 to the contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred
 by the Client resulting from the acts or omissions of a Special Subcustodian, except to the extent such Losses are caused by the
 negligence, wilful default, reckless disregard or fraud of the Custodian. In the event of any such Loss, the Custodian shall use
 commercially reasonable efforts to enforce such rights as it may have against any Special Subcustodian.

**17.5** **Responsibility for Delegates**. The Custodian will be liable to
 the Client for the acts and omissions of its Delegates as if it had committed such acts and omissions itself.

**17.6** **Force Majeure**. Neither Party will be in breach of this Agreement
 or liable for Losses arising by reason of the occurrence of a Force Majeure Event that prevents, hinders or delays it from or in
 performing its obligations under this Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable
 to its breach of its business continuity obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**17.7** **No Liability for Certain Losses.** The Custodian will not be liable to the Client for any Losses to the extent they arise from or are caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.7.1** the Custodian complying with any (i) Proper Instruction or (ii) if a Proper Instruction is not
required in a particular circumstance, any other instruction, information, notice, request, consent, certificate, instrument or other
writing that the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of a person authorized
to do so, so long as and to the extent that compliance itself is executed by the Custodian in accordance with the standard of care set
forth in Section 17.1;

**17.7.2** a delay in processing or any failure to process any Proper Instruction to the extent permitted under Section 22,
subject to the satisfaction of the conditions set out in that Section and to the extent that such delay or failure is not caused
by the Custodian's failure to act in accordance with the standard of care set forth in Section 17.1, as applicable;

**17.7.3** the failure of the Client or any person authorized by it to comply with the Client's obligations
under this Agreement; or

**17.7.4** any other acts and omissions of the Client, any person authorized by it or any third party, including
any Third Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility.

&nbsp;&nbsp;&nbsp;&nbsp;**17.8** **Mutual Exclusion of Indirect and Other Loss**. Notwithstanding
 any other provision of this Agreement, neither Party will be liable to the other for: (i) indirect, consequential, speculative,
 punitive or special Loss or (ii) loss of profit, revenue, opportunity, business, anticipated savings, goodwill and damage to
 reputation, or Loss of any similar kind; in each case whether or not a Party has been advised of or otherwise could have anticipated
 the possibility of such losses, except to the extent any such losses cannot be excluded or limited as a matter of Law applicable
 to either Party.

---

| | |
|:---|:---|
| **18** | **Error Correction** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**18.1** **Error Correction**. If an error results from an act or omission
 of the Custodian in performing the services under this Agreement, the Custodian may take such remedial action as it considers
 appropriate under the circumstances, which may include effecting corrective transactions involving the Client's assets, where
 and to the extent reasonably necessary to place the Client in the position (or its equivalent) it would have been had the error not
 occurred. The Custodian will be responsible for Losses arising from its errors in accordance with the terms of this Agreement and
 will be entitled to retain gains arising from its errors or related remedial actions unless otherwise prohibited by Law. Where an
 error results in a series of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted
 by Law. The Custodian shall use commercially reasonable efforts to notify the Client within a reasonable period of time based on
 the facts and circumstances of any Loss or gain associated with any material error that has accrued to the Client.

---

| | |
|:---|:---|
| **19** | **Limits on the Scope of the Services** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**19.1** **No Fiduciary or Implied Duties**. The Custodian is responsible
 only for the duties it has expressly undertaken under this Agreement and no other duties will be implied or inferred, including
 any fiduciary duties, except to the extent such fiduciary duties may not be disclaimed as a matter of Law.

&nbsp;&nbsp;&nbsp;&nbsp;**19.2** **Investment and Other Risk, Client Compliance Matters**. The Client
 bears the risk of investing in Securities or other assets or holding cash denominated in any currency or holding assets in a particular
 market, including investment risk and risk arising from the political, regulatory, legal or financial infrastructure of such market
 or otherwise arising from Local Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client
 or its Investment Manager(s) with any investment or other restriction, guideline or requirement imposed by the Client's
 constituent documents or by contract or Law applicable to the Client in connection with investment activity undertaken by or on behalf
 of the Client.

&nbsp;&nbsp;&nbsp;&nbsp;**19.3** **Data Accuracy**. The Custodian has no responsibility for, or duty
 to review, verify or otherwise perform any investigation as to the completeness, accuracy or sufficiency of, any data or information
 provided by or on behalf of the Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any
 Authorized Data Sources, except to the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance
 checks or other specific forms of data review under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**19.4** **Title**. The Custodian is not responsible for title or entitlement
 to, validity or genuineness, including good deliverable form, of any asset received by the Custodian.

**19.5** **Proceedings**. The Custodian is not responsible for commencing
 legal or administrative proceedings on behalf of the Client or relating to the assets held under this Agreement, including
 in respect of the late payment of income or other payments due to the Client or amounts payable on Securities in default if payment
 is refused after due demand and presentment.

**19.6** **Laws Applicable to the Custodian or Subcustodian**. Laws applicable
 to the Custodian or a Subcustodian may from time to time prohibit or cause delays in the Custodian holding assets, acting on Proper
 Instructions or providing the Services to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or
 Subcustodian will be entitled to comply with the Law and, where permitted by such Law, the Parties will seek to resolve the situation
 to the Parties' mutual satisfaction.

**19.7** **Securities on Loan**. Asset servicing is not generally performed
 for securities on loan unless otherwise noted in this Agreement or agreed by the Parties in writing. Provision of such services
 with respect to securities on loan may be covered by a separate securities lending or services agreement.

---

| | |
|:---|:---|
| **20** | **Indemnity** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**20.1** **Indemnity by Client**. Subject to this Section 20 and the
 exclusions and limitations of liability elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian
 against any direct Losses incurred by the Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian
 is liable) in connection with the performance of its duties under this Agreement, including acting on Proper Instructions and Losses
 incurred by virtue of being the holder of record of the Client's Securities, except, in each case, to the extent such Losses
 result from the Custodian's negligence, wilful default, reckless disregard or fraud (or that of its Subcustodians or Delegates)
 in the discharge of the Custodian's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**20.2** **Indemnity by Custodian**. Subject to this Section 20 and
 the exclusions and limitations of liability elsewhere in this Agreement, including Section 17.7 and 17.8, the Custodian
 will indemnify the Client against any direct Losses incurred by the Client, in each case, to the extent such Losses result from the
 negligence, wilful default, reckless disregard or fraud of the Custodian (or that of its Subcustodians or Delegates) in the discharge
 of the Custodian's duties under this Agreement.

**20.3** **Duty to Mitigate**. Each Party will use reasonable efforts to
 mitigate any Losses in respect of which it claims indemnification under this Agreement.

**20.4** **Notice of Claims**. A Party seeking indemnification under this
 Section ("Indemnified Party") against a third-party claim ("Indemnified Claim") will promptly
 provide written notice of such claim to the Party obligated to indemnify ("Indemnifying Party"). The failure to notify
 the Indemnifying Party will not relieve such Party of any liability under this Section, except to the extent that such failure materially
 prejudices the investigation and/or defense of the Indemnified Claim.

**20.5** **Right to Control Third Party Claims**. The Indemnifying Party
 will, at its own expense, be entitled but not obligated to control and direct the investigation and defense of any Indemnified
 Claim, except where the Custodian is the Indemnified Party and is seeking indemnification from multiple customers for claims based
 on common facts or otherwise related to the Indemnified Claim, in which case the Custodian will have the right to control and direct
 the investigation and defense of such claim, at the expense of (i) the Indemnifying Party or (ii) all of the customers
 from which indemnification is sought, including the Indemnifying Party, pro rata, as appropriate. Where the Indemnifying Party controls
 and directs the investigation of the defence of the Indemnified Claim, the Indemnified Party may retain separate counsel at its own
 expense. If a conflict of interest exists between the Parties with respect to the defense of such claim, the reasonable cost of separate
 counsel will be an indemnified expense.

**20.6** **Settlement of Claims**. Neither Party may settle an Indemnified
 Claim without the consent of the other Party, which consent will not be unreasonably withheld, conditioned or delayed, provided that
 the Indemnifying Party will have the right to settle an Indemnified Claim without the consent of the Indemnified Party if such settlement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.1** involves only the payment of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.2** fully and unconditionally releases the Indemnified Party from any liability in exchange for the amount
paid in settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.3** does not include any admission of fault or liability in relation to the Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;**20.7** **Cooperation**.
 In all cases, each Party will, as applicable, provide reasonable cooperation and assistance
 to the other Party and keep the other Party apprised as to the status of the Indemnified
 Claim, including any discussions relating to the settlement of the claim and the details
 of any settlement offer.

---

| | |
|:---|:---|
| **21** | **Obligations of the Client** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**21.1** **Provide Information**. The Client will provide or cause to be
 provided to the Custodian all data, information, documents and instructions concerning the Client and the investment activity
 of the Client in relation to the Portfolio as may be reasonably necessary or as the Custodian may reasonably request, in each case
 in a complete, accurate and timely manner, in order to enable the Custodian to discharge its duties under this Agreement.

**21.2** **AML Compliance**. The Client will comply with all applicable anti-money
 laundering, sanctions or other financial crime legislation applicable to it and will provide the Custodian with all necessary
 sanctions questionnaires, declarations and other documentation in order for the Custodian to comply with its anti-money laundering
 policy.

**21.3** **Pass Through Representations**. To the extent that the Custodian is required to give (or is
 deemed to have given) any representation, warranty or undertaking to a third party relating to the Client in accordance with normal
 market practice in connection with the execution of transaction documents or the issuance or transmission of trade notifications,
 confirmations and/or settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or
 the proprietary software of Third Party Agents and Market Participants, CSDs or other Financial Market Utilities, the Client will
 be deemed to have made such representation, warranty or undertaking to the Custodian.

**21.4** **Operational Requirements**. The Client will adhere to the deadlines
 and other operational requirements set out in the Client Publications, to facilitate meeting the requirements of CSD's, Third
 Party Agents and Market Participants.

**21.5** **Client Review and Notification**. In accordance with standard
 market practice, the Client will employ commercially reasonable review and control measures with respect to information provided
 by the Custodian under this Agreement and give the Custodian prompt written notice of any suspected error or omission or the Client's
 inability to access any such Information so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate
 data or the inaccessibility of data.

**21.6** **Fees**. In consideration for the Services provided by the Custodian,
 the Client will pay the Fees as agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time.
 The Fees and any other amounts payable under this Agreement are stated exclusive of any sales, use, excise, value-added, services,
 consumption, withholding or other similar tax that is assessed on the supply of the Services under an agreement. Any such tax will
 be payable by the Client as permitted by applicable Law.

**21.7** **Client Publications**. The Client will ensure that it provides
 the Custodian with and regularly updates, as necessary, e-mail and other contact details for its representatives to enable
 timely distribution and receipt of the Client Publications.

---

| | |
|:---|:---|
| **22** | **Proper Instructions** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**22.1** **Dealings in Cash and Securities**. The Custodian will effect all transactions and dealings in Cash and Securities under this Agreement in accordance with Proper Instructions, subject
 to any other rights it may have under this Agreement.

**22.2** **Appointment of Authorized Persons**. The Client and each Investment Manager will provide the Custodian
 with a list of the names and (if applicable) signatures, of Authorized Persons in a form
 agreed by the parties from time to time. The Custodian may rely upon the authority of each
 Authorized Person until it receives written notice to the contrary from the Client and has
 had a reasonable time to act on such notice.

**22.3** **Authentication Procedure** s. The Custodian will implement Authentication Procedures. The Client
 acknowledges that the Authentication Procedures are intended to provide a commercially reasonable
 degree of protection against unauthorized transactions of certain types and are not designed
 to detect errors. Any purported Proper Instruction received by the Custodian in accordance
 with an Authentication Procedure will be taken to have originated from an Authorized Person
 and will constitute a Proper Instruction under this Agreement for all purposes.

**22.4** **Security Measures by Client**. The Client is responsible for ensuring that commercially reasonable
 security measures are implemented to prevent unauthorized disclosure or use of any Authentication
 Procedure made available to it or an Investment Manager in connection with this Agreement.

**22.5** **No Duty to Verify**.
 Except to the extent the Custodian is required to comply with Authentication Procedures
 under Section 22.3 above, the Custodian has no duty to verify that personnel of the
 Client or any Investment Manager engaged in investment activity are authorized to do so or
 that any instructions received by the Custodian are duly authorized.

**22.6** **Decline/Delay in Processing**. The Custodian reserves the right to decline to process or delay
 the processing of any purported Proper Instruction where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.1** the Custodian, in good faith, determines that the instruction may not have been properly authorized;

**22.6.2** the instruction is inaccurate,
incomplete, or unclear;

**22.6.3** the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, or Local
Market Practice or the Custodian's standard operating procedures as communicated to the Client; or

**22.6.4** the Custodian has not been given a reasonable time period to effect the instruction.

In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;**22.7** **Cancellation and Amendment**. The Custodian will use reasonable efforts to act on Proper Instructions
 to cancel or amend previously issued Proper Instructions if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.1** the Custodian has not already acted on the previously issued Proper Instructions; and

**22.7.2** the Proper Instruction to cancel or amend is received before the applicable deadlines specified from time
to time in the Client Publications or applicable event notification.

The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;**22.8** **Oral Instructions**. If applicable, the Custodian may act on an
 oral instruction (given in accordance with an agreed Authentication Procedure) before receipt of any written confirmation
 and irrespective of whether any subsequent written confirmation conforms to the oral instruction.

&nbsp;&nbsp;&nbsp;&nbsp;**22.9** **Conflicting Claims**. If there is a dispute or conflicting claim
 with respect to Securities or Cash held by the Custodian under this Agreement, the Custodian is entitled to refuse to act
 on a Proper Instruction of the Client or any Investment Manager in relation to the particular Securities or Cash until either (i) the
 dispute or conflicting claims have been finally determined by a court of competent jurisdiction or settled by agreement between the
 conflicting parties, and the Custodian has received written evidence satisfactory to it of such determination or agreement, or (ii) the
 Custodian has received an indemnity, security or both, satisfactory to it and sufficient to hold it harmless from and against any
 and all Losses which the Custodian may incur as a result of its actions.

**22.10** **Matters Not Requiring Proper Instructions**. The Client authorises
 the Custodian in the absence of Proper Instructions to attend to all matters which may be necessary or appropriate to discharge its
 duties and give effect to the terms of this Agreement, including the execution, in the Client's name or on its behalf, of any
 affidavits, certificates of ownership and other certificates and documents relating to Securities.

---

| | |
|:---|:---|
| **23** | **Creditors Rights** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**23.1** **Security**. To secure the full and timely satisfaction of all
 Secured Liabilities, the Client hereby grants to the Custodian a security interest in and a right of retention, sale and set
 off, as applicable, against (i) all of the Client's Cash, Securities, and other assets, whether now existing or hereafter
 acquired, in the possession or under the control of the Custodian or its Subcustodians pursuant to this Agreement and (ii) any
 and all cash proceeds of any of the above (collectively, the "Collateral").

**23.2** **Rights of the Custodian**. In the event that the Client fails
 to satisfy in full any of the Secured Liabilities as and when due and payable, the Custodian will have, in addition to all
 other rights and remedies arising under this Agreement or under applicable Law, the rights and remedies of a secured party under
 applicable Law. Without prejudice to the Custodian's other rights and remedies, the Custodian will be entitled, in each case
 as and to the extent reasonably necessary to satisfy in full the Secured Liabilities and any related transaction expenses, to (a) exercise
 its right of retention and withhold delivery of any Collateral and otherwise refuse to act on any Proper Instruction relating to
 such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the net proceeds of such sale or realization
 of Collateral and/or the amount of any deposit balances standing to the credit of the Client in any Cash Account(s) against
 such Secured Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23.3** **Exercise of Rights**. The Custodian may exercise its rights and remedies against the Collateral in any manner (including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market price in the relevant market. Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other things: (i) accelerate or cause the acceleration of the maturity of any fixed term deposits comprised in the Collateral and (ii) effect any necessary currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion, which rates may include a mark-up from the rates the Custodian receives on the interbank market.

**23.4** **Notice.** The Custodian will use reasonable efforts to give the Client prior notice of any exercise of the right to sell or otherwise realize Collateral set forth above, provided that the Custodian will not be obligated to give prior notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its reasonable judgment, giving such notice or any such delay would prejudice its ability to obtain satisfaction in full of the Secured Liabilities.

---

| | |
|:---|:---|
| **24** | **Confidentiality and Use of Data** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.1.1** **No Disclosure Without Consent.** Subject to Section 24.2 and Section 24.3, Confidential
Information will not be disclosed by the Receiving Party to any third party without the prior consent of the Disclosing Party.

**24.1.2** **No limitations of obligations under Agreement or at Law**.
 Except as expressly contemplated by this Agreement, nothing in this Section 24 will limit the
 confidentiality and data-protection obligations of the Custodian and its Affiliates under this Agreement
 and Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2** **Use of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2.1** **Use of Confidential Information and Data generally**. Subject to this Section 24.2 and
 Section 24.4, all Confidential Information, including Data, will be used by the Receiving Party for the purpose of providing
 or receiving services, as applicable, pursuant to this Agreement or otherwise discharging its obligations under this Agreement.

**24.2.2** **RESERVED** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3** **Disclosure of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.1** **Disclosure of Confidential Information to Representatives.** The Receiving Party may disclose the Disclosing Party's Confidential Information without the Disclosing Party's consent to its attorneys, accountants, auditors, consultants and other similar advisors that have a reasonable need to know such Confidential Information ("Representatives"), provided such Confidential Information is disclosed under obligations of confidentiality that prohibit the disclosure or use of such Confidential Information by the Representatives for any purpose other than the specific engagement with the Receiving Party for which the Representative has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The Parties acknowledge that use of Confidential Information by a Representative to represent its other clients in dealing with the Disclosing Party would constitute a breach of this Section 24.3. Where the Custodian is the Receiving Party, "Representatives" will include its Affiliates and Service Providers (as defined below).

---

| | | |
|:---|:---|:---|
| **24.3.2** | **Disclosure and Use of Confidential Information by Custodian.** The Custodian may disclose and permit use (as applicable) of Confidential Information of the Client without the Client's consent: | **Disclosure and Use of Confidential Information by Custodian.** The Custodian may disclose and permit use (as applicable) of Confidential Information of the Client without the Client's consent: |
|  | **24.3.2.1** | to its Affiliates and any of its third-party agents and service providers ("Service Providers") in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any Proper Instruction, including in accordance with the standard practices or requirements of any Financial Market Utility or in connection with the settlement, holding or administration of Cash, Securities or other instruments; |
|  | **24.3.2.2** | .to its Affiliates in connection with the management of the businesses of the Custodian and its Affiliates, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management and marketing. |

---

Where possible, such Confidential Information must be disclosed under obligations of confidentiality or in a manner consistent with industry practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.3** **Confidential Information and Cloud Computing and Storage**. Each
 Party may store Confidential Information with third-party providers of information technology services, and permit access
 to Confidential Information by such providers as reasonably necessary for the receipt of cloud computing and storage services and
 related hardware and software maintenance and support. Such Confidential Information must be disclosed under obligations of confidentiality.

**24.3.4** **Disclosure of Confidential Information to comply with law**. The
 Receiving Party may disclose the Disclosing Party's Confidential Information to the extent such disclosure is required to
 satisfy any legal requirement (including in response to court-issued orders, investigative demands, subpoenas or similar processes
 or to satisfy the requirements of any applicable regulatory authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.5** **Harm of Unauthorized Disclosure of Confidential Information**.
 Each Party acknowledges that the disclosure to any non-authorized third party of Confidential Information or the use of Confidential
 Information in breach of this Agreement, may immediately give rise to continuing irreparable injury inadequately compensable in damages
 at law, and in such cases the Receiving Party agrees to waive any defense that an adequate remedy at law is available if the Disclosing
 Party seeks to obtain injunctive relief against any such breach or any threatened breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.6** **Responsibility for Representatives**. Each Party will be responsible
 for any use or disclosure of Confidential Information of the Disclosing Party in breach of this Agreement by its Representatives
 as though such Party had used or disclosed such Confidential Information itself.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.7** **No Disclosure to Custodian Asset Manager Division.** In no event will the Custodian allow representatives of its asset management or index divisions or
Affiliates engaged in asset management or indices to have access to or to use Confidential Information of the Client, including Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.8** **Marketing Materials.** The
Custodian agrees that it will not utilize the name of the Client in any marketing materials or press release without the express
written consent of the Client.

---

| | |
|:---|:---|
| **25** | **Term and Termination** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**25.1** **Term.** This Agreement
will commence on the Effective Date and will continue in full force and effect for an initial term ending December 31, 2028
(the "Initial Term"). After expiration of the Initial Term, this Agreement shall automatically renew for successive 1-year
terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than
ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;**25.2** **Termination Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.1** **Reserved** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.2** **Immediate Effect.** A
Party may terminate this Agreement with immediate effect at any time (for the avoidance of doubt, during the Initial Term or a
Renewal Term) by written notice to the other Party, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.1 an Insolvency Event occurs in relation to the other Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.2 such other Party is the Client and fails to pay any undisputed
Fees as and when due and has failed to cure such breach within 30 days of receipt of written notice from the Custodian requesting it
to do so; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.3 such other Party commits a material breach of an obligation
under this Agreement and has failed to cure such breach within 30 days of receipt of written notice requesting it to do so.

If the Custodian terminates this Agreement pursuant to sub-sections 25.2.2.1 or 25.2.2.2, the Custodian will continue to provide the Services for a period of up to 270 days subject to payment in full of any overdue undisputed Fees and prepayment of the Fees reasonably expected to be incurred during such 270-day period, or such other financial assurance reasonably acceptable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3 Actions on Termination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.1** **Successor Custodian.** Upon
termination of the Agreement, the Custodian will deliver the Portfolio to the successor custodian designated by the Client in
Proper Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.2** **Remaining Portfolio.** If any part of the Portfolio
remains in the possession of the Custodian or its Subcustodians after the date of termination because the Client fails to designate a
successor custodian or otherwise, the Custodian may continue to provide the Services to the Client in consideration of the Fees, as if
the Agreement had not terminated. However, the Custodian may, after not less than 90 days' notice in writing to the Client, cease
providing the Services and transfer the Portfolio to the Client, and the Client will do all things and execute all documents necessary
or desirable in order to effect the transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.3** **Payment of Fees.** Upon termination of this Agreement,
Fees will become due and payable for the period to the date of such termination, or, if later, to the date at which any part of the Portfolio
held by the Custodian has been fully transferred to a successor custodian or to the Client, other than Fees subject to a bona fide good
faith dispute.

---

| | |
|:---|:---|
| **26** | **Representations and Warranties** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**26.1** **Each Party.** Each Party
represents and warrants to the other that: (i) it has the power to enter into and perform its obligations under this Agreement;
and (ii) it has duly executed this Agreement by duly authorized persons so as to constitute valid and binding obligations of that
Party.

&nbsp;&nbsp;&nbsp;&nbsp;**26.2** **Client.** The Client further
represents and warrants to the Custodian that: (i) it is the beneficial owner of the assets comprising the Portfolio or is entitled
to deal with the assets comprising the Portfolio under this Agreement as if it were beneficial owner; and (ii) unless otherwise
agreed, the Client acts as principal for the purposes of this Agreement and not as agent for another person.

&nbsp;&nbsp;&nbsp;&nbsp;**26.3** **Custodian.** The Custodian
further represents and warrants to the Client that: (i) it holds such authorisations and licences as are necessary to lawfully perform
its obligations under this Agreement; and (ii) it will seek to maintain such authorisations and licenses for the term of this Agreement.

---

| | |
|:---|:---|
| **27** | **Record Retention and Audit Rights** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**27.1** **Records.** The Custodian will retain the records it is required
 to maintain under this Agreement in accordance with the Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;**27.2** **Client and Regulator Access.** The Custodian will allow the Client and the Client's regulators or supervisory authorities to perform periodic on-site audits
as may be reasonably required to examine the Custodian's performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;**27.3** **Frequency and Scope.** For
inspections requested by the Client (such request will include reasonable advance notice) and agreed to by the Custodian, the Custodian
reserves the right to impose reasonable limitations on the number, frequency, timing, and scope of such audits.

&nbsp;&nbsp;&nbsp;&nbsp;**27.4** **Limitations on Disclosure.** Nothing contained in this Section will obligate the Custodian to provide access to or otherwise disclose: (i) any information
that is unrelated to the Client and the provision of the Services to the Client; (ii) any information that is treated as confidential
under the Custodian's corporate policies, including, without limitation, internal audit reports, compliance or risk management
plans or reports, work papers and other reports, and information relating to management functions; or (iii) any other documents,
reports, or information that the Custodian is obligated or entitled to maintain in confidence as a matter of law or regulation. In addition,
any access provided to technology will be limited to a demonstration by the Custodian of the functionality thereof and a reasonable opportunity
to communicate with the Custodian's personnel regarding such technology.

---

| | |
|:---|:---|
| **28** | **Business Continuity, Internal Controls and Information Security** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**28.1** **Business Continuity Plans.** The Custodian will at all times maintain a business contingency plan and a disaster recovery plan and will take commercially reasonable
measures to maintain and periodically test such plans. The Custodian will implement such plans following the occurrence of an event which
results in an interruption or suspension of the Services to be provided by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;**28.2** **Internal Controls Review and Repor** t. The Custodian will retain a firm of independent auditors to perform an annual review of certain internal controls and
procedures employed by the Custodian in the provision of the Services and issue a standard System and Organization Controls 1 or equivalent
report based on such review. The Custodian will provide a copy of the report to the Client upon request.

&nbsp;&nbsp;&nbsp;&nbsp;**28.3** **Information Security Systems and Controls.** The Custodian will maintain commercially reasonable information security systems and controls, which include administrative,
technical, and physical safeguards that are designed to: (i) maintain the security and confidentiality of the Client's data;
(ii) protect against any anticipated threats or hazards to the security or integrity of the Client's data, including appropriate
measures designed to meet legal and regulatory requirements applying to the Custodian; and (iii) protect against unauthorized access
to or use of the Client's data.

&nbsp;&nbsp;&nbsp;&nbsp;**28.4** **Virus Detection.** The
Custodian will at all times employ a current version of one of the leading commercially available virus detection software programs to
test the hardware and software applications used by it to deliver the Services for the presence of any computer code designed to disrupt,
disable, harm, or otherwise impede operation.

---

| | |
|:---|:---|
| **29** | **General** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**29.1** **Services Not Exclusive; Acting in Various Capacities.** The Custodian, its Subcustodians and their Affiliates are part of groups of companies and businesses
that, in the ordinary course of their business:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.1** provide a wide range of financial services to many clients
of different kinds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.2** engage in transactions for their own account (including acting
as banker as outlined in Section 4.4 and acting as foreign exchange counterparty as outlined in Section 13) or for the account
of other clients;

which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;**29.2** **Disclosure of Conflicts.** In connection with the matters outlined in Section 29.1.1, the Custodian, its Subcustodians and their Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.1** may do business with each client on different contractual
or financial terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.2** will seek to profit and is entitled to receive and retain
profits and compensation in connection with such activities without any obligation to account to the Client for the same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.3** may act as principal in its own interests, or as agent for
its other clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.4** may act or refrain from acting based upon information derived
from such activities that is not available to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.5** are not under a duty to notify or disclose to the Client
any information which comes to their notice as a result of such activities unless required under applicable law or regulation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.6** do not have an obligation to consider, act in, or provide
information to the Client in respect of, the interests of the Client in connection with such activities, except to the extent (if any)
expressly agreed in writing with the Client under the contractual arrangements governing those activities.

The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via publication on MyStateStreet.com or other notification mechanism.

&nbsp;&nbsp;&nbsp;&nbsp;**29.3** **Notice.** Unless otherwise
specified, all notices, requests, demands and other communications under this Agreement (other than routine operational communications),
will be in writing and will be taken to have been given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.1** when delivered by hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.2** on the next Business Day after being sent by e-mail (unless
the sender receives an automated message that the e-mail has not been delivered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.3** on the next Business Day after being sent by overnight courier
service for next Business Day delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.4** on the third Business Day after being sent by certified or
registered mail, return receipt requested;

in each case to the applicable Party at the address or e-mail address specified on <u>Schedule 2</u>, or such other address or e-mail address as a Party may specify by written notice from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;**29.4** **Waiver.** No failure on
the part of any Party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement will operate as a
waiver, nor will any single or partial exercise of any right or remedy preclude any other or further exercise of that right or remedy,
or the exercise of any other right or remedy.

&nbsp;&nbsp;&nbsp;&nbsp;**29.5** **RESERVED** 

&nbsp;&nbsp;&nbsp;&nbsp;**29.6** **Assignment and Successors.** The terms of this Agreement are binding on the Parties' representatives, successors and permitted assigns and this Agreement
and any rights or obligations under this Agreement may not be assigned or transferred without the prior written consent of the other
Party. However, in the event that either Party becomes the subject of an Insolvency Event, then such Party will have the right to assign
or transfer its rights and obligations under this Agreement to any entity to which the Party transfers its business and assets (including
a bridge bank or similar entity) and the other Party irrevocably consents to such assignment or transfer.

&nbsp;&nbsp;&nbsp;&nbsp;**29.7** **Entire Agreement.** This
Agreement is the complete and exclusive agreement of the Parties regarding the Services and supersedes, as of the Effective Date, all
prior oral or written agreements, arrangements or understandings between the parties relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;**29.8** **Amendments.** This Agreement
may be amended by written agreement between the Parties. However, the Custodian may amend this Agreement by giving written notice to
the Client of such proposed amendment and the Client will be taken to have consented to the amendment if the Client does not affirmatively
object in writing within thirty (30) days.

&nbsp;&nbsp;&nbsp;&nbsp;**29.9** **Counterparts and Electronic Signatures.** This Agreement may be executed in separate counterparts, each of which will be an original, but which together will constitute
one and the same agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed
portable document format (PDF) form), and the Parties adopt as original any signatures received in electronically transmitted form. This
Agreement may be executed by electronic signature (whatever form the electronic signature takes) and the Parties agree that this method
of signature is as conclusive of the intention to be bound by this Agreement as if signed by the Parties' manuscript signatures.

&nbsp;&nbsp;&nbsp;&nbsp;**29.10** **Severance.** In the event
that any part of this Agreement will be determined to be void or unenforceable for any reason, the rest of this Agreement will
be unaffected (unless the essential purpose hereof is substantially frustrated by such determination) and will be enforceable in accordance
with the rest of its terms as if the void or unenforceable part were not a part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**29.11** **Survival.** The provisions
of Sections 10 (Tax Withholding and Tax Relief), 17 (Standard of Care and Liability), 20 (Indemnity), 21 (Obligations of the Client-Fees),
23 (Creditors Rights), 24 (Confidentiality and Use of Data) and 25.3 (Actions on Termination) are continuing obligations and will survive
termination of this Agreement for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;**29.12** **Governing Law and Jurisdiction.** This Agreement is governed by and interpreted in accordance with the laws of the Commonwealth of Massachusetts, and any disputes
which may arise out of, under or in connection with this Agreement will be determined by the exclusive jurisdiction of the Massachusetts
courts.

&nbsp;&nbsp;&nbsp;&nbsp;**29.13** **Jurisdiction-Specific Terms.** The additional Jurisdiction-Specific Terms set out on Schedule 3 will apply with respect to Clients domiciled in a designated
jurisdiction or subject to a designated regulatory regime, as applicable, listed beside the Client's name on <u>Appendix A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**29.14** **Qualified Financial Contracts**.
In the event that the Client is domiciled and organized outside of the United States, such Client and the Custodian hereby agree
to be bound by the terms of the QFC addendum attached hereto as <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**29.15** **The Parties; Additional Clients** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.15.1** All references in this Agreement to the "Client"
are to each of the client entities listed on <u>Appendix A</u>, individually, as if this Agreement were between the relevant individual
Client and the Custodian. Any reference in this Agreement to "the Parties" shall mean the Custodian and the individual Client
as to which the matter relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.15.2** If any entity in addition to those listed on <u>Appendix A</u> would like the Custodian to render Services under the terms of this Agreement, the entity may notify the Custodian in writing. If the
Custodian agrees in writing to provide the services, <u>Appendix A</u> will be taken to be amended to include such entity as a Client
and that entity (together with the Custodian) will be bound by all Sections of this Agreement, with the addition of any new Jurisdiction-Specific
Terms in <u>Schedule</u> 3 for any new designated jurisdiction.

Signed by the Parties:

**EACH OF THE ENTITIES SET FORTH ON APPENDIX A HERETO**

---

| | |
|:---|:---|
| By: | /s/ Stephen M. Atkins |
| Name: | Stephen M. Atkins |
| Title: | Treasurer |
| Date: | 5/30/2025 |

---

**STATE STREET BANK AND TRUST COMPANY**

---

| | |
|:---|:---|
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Managing Director |
| Date: | 06/05/2025 |

---

**Schedule 1**<br> **Definitions**

In this Agreement:

**"Affiliate"** means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the time in question. For these purposes. "Control" and its derivatives "Controlled" and "Controlling" mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty per cent (50%) or more of the voting power in relation to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership

**"Alternative Assets"** means derivatives, real estate, commodities, private placements, loans, infrastructure holdings, private equity holdings, hedge fund holdings or such other assets (i) not typically held in book-entry form and (ii) not typically held in accounts registered in the name of the Custodian or a Subcustodian, in each case as determined by the Custodian.

"**Authentication Procedures**" means the use of security codes, passwords, tested communications or other authentication procedures as may be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination Policy Agreement.

"**Authorized Data Sources**" means third party sources of data and information utilized by the Custodian in the provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action, dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services.

"**Authorized Person**" means a person authorized to give Proper Instructions and otherwise act on the Client's behalf in connection with this Agreement.

"**Business Day**" means a day on which the Custodian or the relevant Subcustodian is open for business in the market or country in which a transaction or an action by a Party takes place.

"**Cash**" means cash in any currency from time to time deposited with the Custodian or Subcustodian under this Agreement.

"**Cash Account**" has the meaning given to it in Section 4.1.

"**Client**" means the party named in the preamble.

**"Client Publications"** means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers' Guide, Client Guide, Guide to Custody in World Markets, and FX Client Guide.

**"Collateral"** has the meaning given to it in Section 23.1.

**"Confidential Information"** means all information provided by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that: (i) is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential Information; (iv) is rightfully obtained on a non-confidential basis from a third party source.

**"Contractual Settlement"** has the meaning given to it in Section 5.2.

**"Corporate Actions"** means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions.

"**Corporate Actions Deadline Date**" has the meaning given to it in Section 6.2.

"**CSD**" or "**Central Securities Depository**" means an entity or generally recognised book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD.

"**Data**" means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement.

"**Delegate**" means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian. The term Delegate does not include Subcustodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities.

**"Effective Date"** has the meaning given to it in the preamble.

"**Fees**" means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the Custodian to be reimbursed by the Client, as agreed between the parties from time to time in a separate written fee schedule, or as otherwise agreed in writing.

"**Financial Market Utility**" means any multilateral system for transferring, clearing, and settling payments, securities, and other financial transactions among or between financial institutions, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

"**Force Majeure Event**" means any event or circumstances beyond the reasonable control of the Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts.

"**Indemnified Claim**", "**Indemnified Party**" **and** "**Indemnifying Party**" each have the meaning given to them in Section 20.4.

"**Insolvency Event**" means the occurrence of any of the following events in relation to any person: (i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction.

"**Investment Document**" means any agreement, subscription, assignment or other document evidencing in physical form an investment of the Client, or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank.

"**Investment Manager**" means each person specified as such by the Client, including its agents and delegates.

"**Law**" means any statute, ordinance, order, judgment, decree, subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or obligations under this Agreement.

"**Local Market Practice**" means the customary or established practices, procedures and terms in the jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realisation of entitlements or the sale, exchange, purchase, transfer or delivery of Cash or Securities.

"**Losses**" means all direct losses, damages, claims, costs, expenses or other liabilities (including reasonable attorneys' fees and other litigation expenses).

"**Market Participant**" means any issuer, intermediary, exchange, transaction counterparty or other market participant.

"**Off Book Cash**" has the meaning given to it in Section 4.2.

"**On Book Cash**" has the meaning given to it in Section 4.2.

"**Parties"** means the parties set out at the beginning of this Agreement.

"**Portfolio**" means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the Custodian provides the Services pursuant to this Agreement.

"**Proper Instructions**" means instructions (which may be standing instructions and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms:

(i) in writing given by an Authorized Person including a facsimile transmission;

(ii) in an electronic communication as may be agreed upon between the Custodian and the Client in writing from
time to time; or

(i) by
such other means as may be agreed from time to time by the Custodian and the Client .

"**Schedule" or "Schedules"** are all of the schedules referenced herein and attached to this Agreement.

**"Secured Liabilities"** means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement, including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20.

"**Securities**" means securities and such other similar assets as the Custodian may from time to time accept into custody under this Agreement.

"**Securities Account**" has the meaning given to it in Section 3.2.

"**Services**" means the services to be provided by the Custodian to the Client in accordance with this Agreement.

"**Special Subcustodian**" has the meaning given to it in Section 14.3.

"**Subcustodian**" means any qualified bank, credit institution, trust company or other entity appointed by the Custodian to perform safekeeping, processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian.

"**Third Party Agent**" means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement) including any Investment Manager, adviser or sub-advisor, distributor, broker, dealer, transfer agent, administrator, accounting agent, audit firm, tax firm, or law firm.

<u>Interpretation</u>: Capitalised terms used in this Agreement have the meanings given to them in this Schedule 1 unless otherwise defined. In this Agreement references to "persons" will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine pronoun will include the feminine, use of the terms "include", "includes" or "including" shall be deemed to be followed by the phrase "without limitation" and any specific examples given following the use of such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference.

**Schedule 2** **<br> Notices**

**(Section 29)**

CUSTODIAN: STATE STREET BANK AND TRUST COMPANY

Attention: Senior Vice President – Custody Operations

CC: Legal Department

Address: One Congress Street, Suite 1

Telephone No:

Email:

CLIENT: Calamos Aksia Private Equity and Alternatives Fund c/o Calamos Askia Advisors LLC

Attention: Legal Department

Address: 2020 Calamos Court <br>Naperville, IL 60563Telephone No:

Email: legalnotices@calamos.com

**Schedule 3<br> Jurisdiction-Specific Terms**

Schedule 3.1 – U.S. Registered Fund Schedule

**SCHEDULE 3.1**

**U.S. REGISTERED FUND SCHEDULE TO CUSTODY AGREEMENT**

The following provisions apply for Clients that are management investment companies registered under the 1940 Act contracting with Street Bank and Trust Company (SSBT). To the extent of any inconsistency between this Schedule and the terms of the Custody Agreement, the terms of this Schedule will prevail.

The following modifications are made to the Agreement:

A. In Section 14 (Subcustodians), add a new Section 14.4 to the
Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.** **Provisions Relating to Rule 17f-5** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.1** **Delegation**. Each Client, by resolution of its Board,
delegates to the Custodian, pursuant to Rule 17f-5(b), the obligations to perform as the Client's Foreign Custody Manager
and, unless the Custodian advises the Customer that it does not accept such delegation with respect to a country, the Custodian accepts
such delegation. The Custodian acting in this capacity shall be referred to as the "Foreign Custody Manager."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.2** **Exercise of Care as Foreign Custody Manager**. The Foreign
Custody Manager will exercise such reasonable care, prudence and diligence in performing the delegated responsibilities as a person having
responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.3** **Foreign Custody Arrangements.** The Foreign Custody Manager
will perform the delegated responsibilities only with respect to Covered Foreign Countries and will provide the Client with a list on
Schedule A of the Eligible Foreign Custodian(s) it selects to maintain the Client's Foreign Assets in each Covered Foreign
Country. The Foreign Custody Manager may amend the list from time to time in its sole discretion upon notice to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.4** **Scope of Delegated Responsibilities**. The Foreign Custody
Manager, when placing and maintaining Foreign Assets in the care of an Eligible Foreign Custodian, will determine that: (i) the
Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign
Assets will be held by the Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including,
without limitation the factors specified in Rule 17f-5(c)(1), and (ii) the contract between the Foreign Custody Manager and
the Eligible Foreign Custodian governing the foreign custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The
Foreign Custody Manager will establish a system to monitor (a) the appropriateness of maintaining the Foreign Assets with the Eligible
Foreign Custodian, and (b) the performance of the contract governing the foreign custody arrangements. The Foreign Custody Manager
will notify the Client if it determines that the custody arrangements with an Eligible Foreign Custodian are no longer appropriate and
will act in accordance with the Client's Proper Instructions with respect to the disposition of the affected Foreign Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.5** **Reporting Requirements**. The Foreign Custody Manager
will (i) report the withdrawal of Foreign Assets from an Eligible Foreign Custodian and the placement of Foreign Assets with another
Eligible Foreign Custodian by providing to the Client an updated Schedule A at the end of the calendar quarter in which the action has
occurred, and (ii) after the occurrence of any other material change in the foreign custody arrangements of the Client, make a written
report available to the Client containing a notification of the change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.6** **Representations of Foreign Custody Manager and Client**.
The Foreign Custody Manager represents to Client that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7).
Client represents to the Custodian that its Board has (i) determined that it is reasonable for the Board to rely on the Custodian
to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Client, and
(ii) considered and determined to accept the risk described in the first sentence of Section 19.2 as is incurred by placing
and maintaining the Client's Foreign Assets in each Covered Foreign Country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.7.** **Withdrawal of Acceptance of Delegation as Foreign Custody Manager.** Upon reasonable prior written notice to the Client, the Foreign Custody Manager may withdraw its acceptance of such delegated
responsibilities generally or with respect to a specified Covered Foreign Country, and the Custodian will have no further responsibility
in its capacity as Foreign Custody Manager to the Client generally or with respect to the designated Covered Foreign Country, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.8.** **Settlement Practices.** The Custodian will provide to
each Client the information with respect to custody and settlement practices in countries in which the Custodian employs an Eligible
Foreign Custodian described on Schedule C at the time or times set out on the Schedule. The Custodian may revise Schedule C from time
to time, but no revision will result in a Client being provided with substantively less information than had been previously provided
on Schedule C.

B. In Section 15 (Central Securities Depositaries), add
a new Section 15.3 and Section 15.4 to the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **Provisions Relating to Rule 17f-4**. The Custodian may deposit and maintain securities or other
financial assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.4.** **Provisions Relating to Rule 17f-7.** The Custodian
will (i) provide the Client or its Investment Manager with an analysis of the custody risks associated with maintaining assets with
the Eligible Securities Depositories set out on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor
such risks on a continuing basis and promptly notify the Client or its Investment Manager of any material change in such risks, in accordance
with Section (a)(1)(i)(B) of Rule 17f-7, and (iii) exercise reasonable care, prudence and diligence in performing
the requirements in subsections (i) and (ii) above.

C. RESERVED

D. In Section 25 (Term and Termination), replace Section 25.3.2
with the following Section 25.3.2:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3.2** **Remaining Portfolio.** If any part of the Portfolio remains in the possession of the Custodian or
its Subcustodians after the date of termination because the Client fails to designate a successor custodian or otherwise, the Custodian
may continue to provide the Services to the Client in consideration of the Fees, as if the Agreement had not terminated. If no successor
custodian has been appointed on or before the termination of this Agreement, then the Custodian will have the right to deliver to a bank
or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New
York, of its own selection, all Cash and Securities of the Client then held by the Custodian, and to transfer to an account of the bank
or trust company all of the Securities of the Client held in any CSD. The transfer will be on such terms as are contained in this Agreement
or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company,
and any cost or expense incurred by the Custodian, in connection with the transfer will be for the account of the Client.

E. In <u>Schedule I</u>, insert the following definitions:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended from time to time.

"**Board**" means, in relation to a Client, the board of directors, trustees or other governing body of the Client.

"**Covered Foreign Country**" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Client and with the agreement of the Foreign Custody Manager.

"**Eligible Foreign Custodian**" has the meaning set out in Section (a)(1) of Rule 17f-5.

"**Eligible Securities Depository**" has the meaning set out in section (b)(1) of Rule 17f-7.

"**Foreign Assets**" means a Client's Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"**Foreign Custody Manager**" has the meaning set forth in section (a)(3) of Rule 17f-5.

"**Foreign Securities System**" means an Eligible Securities Depository listed on Schedule B.

"**Rule 17f-4, Rule 17f-5, and Rule17f-7**" means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the 1940 Act.

"**UCC**" means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time.

"**U.S.**" shall mean the United States of America.

"**U.S. CSD**" means a CSD authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

**Appendix A**

**List of Funds Client Entities**

---

| | |
|:---|:---|
| **<u>Fund Name</u>** | **<u>Jurisdiction of Formation</u>** |
| Calamos Aksia Private Equity and Alternatives Fund ... | Delaware statutory trust that is or intends to be registered under the Securities Act of 1933 and the Investment Company Act of 1940 |
| Calamos Aksia Private Equity Sub 1 LLC | Delaware limited liability company |
| Calamos Aksia Private Equity Sub 2 Splitter LLC | Delaware limited liability company |

---

**Appendix B<br> QFC Addendum**

**Opt-In to U.S. Special Resolution Regime**. Notwithstanding anything to the contrary in this Agreement or any other agreement, the parties hereto expressly acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event the Custodian becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer or assignment of this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) by the Custodian will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event the Custodian or an Affiliate of the Custodian becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights with respect to this Agreement that may be exercised against the Custodian are permitted to be exercised to no greater extent than the Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States.

**Adherence to the ISDA Protocol.** At such times as the parties to this Agreement have adhered to the ISDA Protocol and this Agreement is or is deemed modified or amended by the ISDA Protocol, the terms of the ISDA Protocol will supersede the terms of this QFC Addendum as included as part of this Agreement, and in the event of any inconsistency between this QFC Addendum and the ISDA Protocol, the ISDA Protocol will prevail.

**Definitions**. As used in this QFC Addendum:

"Affiliate" has the meaning given in section 2(k) of the Bank Holding Company Act (12 U.S.C. §1841(k)) and section 225.2(a) of the Federal Reserve Board's Regulation Y (12 CFR § 225.2(a)).

"Default Right" means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) right of a party, whether contractual or otherwise (including, without limitation, rights incorporated by reference to any other contract, agreement, or document, and rights afforded by statute, civil code, regulation, and common law), to liquidate, terminate, cancel, rescind, or accelerate such agreement or transactions thereunder, set off or net amounts owing in respect thereto (except rights related to same-day payment netting), exercise remedies in respect of collateral or other credit support or property related thereto (including the purchase and sale of property), demand payment or delivery thereunder or in respect thereof (other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure), suspend, delay, or defer payment or performance thereunder, or modify the obligations of a party thereunder, or any similar rights; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) right or contractual provision that alters the amount of collateral or margin that must be provided with respect to an exposure thereunder, including by altering any initial amount, threshold amount, variation margin, minimum transfer amount, the margin value of collateral, or any similar amount, that entitles a party to demand the return of any collateral or margin transferred by it to the other party or a custodian or that modifies a transferee's right to reuse collateral or margin (if such right previously existed), or any similar rights, in each case, other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure.

"ISDA" refers to the International Swaps and Derivatives Association, Inc.

"ISDA Protocol" means the ISDA 2018 U.S. Resolution Stay Protocol as published by ISDA as of July 31, 2018.

"U.S. Special Resolution Regime" means the Federal Deposit Insurance Act (12 U.S.C. §1811–1835a) and regulations promulgated thereunder and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. § 5381–5394) and regulations promulgated thereunder.

## Exhibit 99.2

**Exhibit 99.2(k)(1)**

**EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

April 30, 2025

Calamos Aksia Private Equity and Alternatives Fund

2020 Calamos Court

Naperville, Illinois 60563

Dear Ladies and Gentlemen:

Calamos Advisors LLC (the "Advisor"), as investment advisor to the Calamos Aksia Private Equity and Alternatives Fund (the "Fund"), and Aksia LLC (the "Sub-Advisor") as investment sub-advisor to the Fund, agree on a monthly basis to pay or otherwise bear the Fund's operating expenses to the extent that the Fund's monthly "Specified Expenses" (as defined below) in respect of each class of the Fund (each, a "Class") exceed 0.35% of the average daily net asset value of such Class (the "Expense Limitation"). This agreement ("Agreement") shall commence on the date first set forth above. Any such expenses paid or otherwise borne shall be shared 50/50 between the Advisor and the Sub-Advisor. This Agreement shall continue in effect for a period of three years. Thereafter, this Agreement may be annually renewed with the written agreement of the Advisor, the Sub-Advisor and the Fund. The Board of Trustees of the Fund may terminate this Agreement at any time upon notice to the Advisor and Sub-Advisor, and this Agreement shall automatically terminate upon the termination of the Investment Advisory Agreement between the Advisor and the Fund or the termination of the Investment Sub-Advisory Agreement among the Fund, the Advisor and the Sub-Advisor.

For purposes of this Agreement, the Fund's "Specified Expenses" in respect of a Class mean all other expenses incurred in the business of the Fund and allocated to the Class, including the Fund's annual operating expenses, with the exception of: (i) the Investment Management Fee (as defined in the Fund's prospectus), (ii) the Shareholder Servicing Fee (as defined in the Fund's prospectus), (iii) the Distribution Fee (as defined in the Fund's prospectus), (iv) certain costs associated with the acquisition, ongoing investment and disposition of the Fund's investments and unconsummated investments, including legal costs, professional fees, travel costs and brokerage costs, (v) acquired fund fees and expenses; (vi) dividend and interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Fund), (vii) taxes and costs to reclaim foreign taxes, and (viii) extraordinary expenses (as determined in the discretion of the Advisor and Sub-Advisor).

If, while the Advisor is the investment advisor to the Fund and the Sub-Advisor is investment sub-advisor to the Fund, the Fund's estimated annualized Specified Expenses in respect of a Class for a given month are less than the Expense Limitation, the Advisor and Sub-Advisor shall be entitled to reimbursement by the Fund on a 50/50 basis of the other expenses borne by the Advisor and Sub-Advisor on behalf of the Fund pursuant to this Agreement (the "Reimbursement Amount") during any of the previous thirty-six (36) months, but only to the extent that the Fund's estimated annualized Specified Expenses in respect of a Class are less than, for such month, the lesser of the Expense Limitation or any other relevant expense limit then in effect with respect to the Class, and provided that such amount paid to the Advisor and Sub-Advisor will in no event exceed the total Reimbursement Amount and will not include any amounts previously reimbursed. The Advisor and Sub-Advisor may recapture a Specified Expense in any year within the thirty-six month period after the Advisor and Sub-Advisor bear the expense. The Fund's obligation to make reimbursement payments shall survive the termination of this Agreement.

The Advisor and Sub-Advisor agree that it shall look only to the assets of the Fund for performance of this Agreement and for any claims for payment. No trustees, officers, employees, agents or shareholders of the Fund shall be personally liable for performance by the Fund under this Agreement.

This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling. Any amendment to this Agreement shall be in writing signed by the parties hereto. Subject to approval by the Advisor, this Agreement may be amended by the Fund's Board of Trustees without the approval of Fund shareholders.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **Calamos Advisors LLC** | **Calamos Advisors LLC** |
| By: | /s/ Thomas Herman |
| Name: | Thomas Herman |
| Title: | EVP, Chief Financial Officer |
| **Aksia LLC** | **Aksia LLC** |
| By: | /s/ Jim Vos |
| Name: | Jim Vos |
| Title: | Chief Executive Officer |
| **Calamos Aksia Private Equity and Alternatives Fund** | **Calamos Aksia Private Equity and Alternatives Fund** |
| By: | /s/ Dan Dufresne |
| Name: | Dan Dufresne |
| Title: | President |

---

## Exhibit 99.2

**Exhibit 99.2(k)(2)**

![](tm2427768d4_ex99-2xkx2img1.jpg)

June 5, 2025

To: Calamos Aksia Private Equity and Alternatives Fund (the "Fund")<br> c/o Calamos Advisors LLC

2020 Calamos Court<br> Naperville, Illinois 60563

---

| | |
|:---|:---|
| Re: | **Waiver of Investment Management Fee** |

---

Ladies and Gentlemen:

Pursuant to the Investment Advisory Agreement between the Fund and Calamos Advisors LLC (the "Advisor"), dated April 30, 2025 (the "Advisory Agreement"), the Fund has agreed to pay the Advisor an investment management fee, payable monthly in arrears and accrued daily based upon the Fund's average daily net assets, at an annual rate of 1.75% ("Investment Management Fee"). By our execution of this letter agreement, intending to be legally bound hereby, the Advisor irrevocably agrees that it shall waive, for the period from June 30, 2025 to June 30, 2026, all or a portion of the Investment Management Fee that would otherwise be payable to it so that after such waiver, the Investment Management Fee shall be payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate equal to 1.25%.

Calamos Advisors LLC

---

| | |
|:---|:---|
| By: | /s/ Erik D. Ojala |
| Name: | Erik D. Ojala |
| Title: | SVP, General Counsel and Secretary |

---

Your signature below acknowledges<br> acceptance of this Agreement:

Calamos Aksia Private Equity and Alternatives Fund

---

| | |
|:---|:---|
| By: | /s/ Erik D. Ojala |
| Name: | Erik D. Ojala |
| Title: | Secretary and Chief Legal Officer |

---

## Exhibit 99.2

**Exhibit 99.2(k)(3)**

Aksia LLC

June 5, 2025

To: Calamos Advisors LLC

Calamos Aksia Private Equity and Alternatives Fund (the "Fund")<br> c/o Calamos Advisors LLC

2020 Calamos Court<br> Naperville, Illinois 60563

---

| | |
|:---|:---|
| Re: | **Sub-Advisory Fee Waiver** |

---

Pursuant to the Sub-Advisory Agreement by and among the Fund, Calamos Advisors LLC (the "Advisor") and Aksia LLC (the "Sub-Advisor"), dated April 30, 2025 (the "Sub-Advisory Agreement"), the Advisor has agreed to pay the Sub-Advisor a sub-advisory fee, payable monthly in arrears and accrued daily based upon the Fund's average daily net assets, at an annual rate of 0.875% ("Sub-Advisory Fee"). By our execution of this letter agreement, intending to be legally bound hereby, the Sub-Advisor irrevocably agrees that it shall waive, for the period from June 30, 2025 to June 30, 2026, all or a portion of the Sub-Advisory Fee that would otherwise be payable to it from the Advisor so that after such waiver, the Sub-Advisory Fee shall be payable monthly in arrears and accrued daily based upon the Fund's average daily net assets at an annual rate of 0.625%.

[Signature page follows]

---

| | |
|:---|:---|
| Aksia LLC | Aksia LLC |
| By: | /s/ Jim Vos |
| Name: | Jim Vos |
| Title: | Chief Executive Officer |

---

Your signature below acknowledges<br> acceptance of this Agreement:

Calamos Aksia Private Equity and Alternatives Fund

---

| | |
|:---|:---|
| By: | /s/ Erik D. Ojala |
| Name: | Erik D. Ojala |
| Title: | Secretary and Chief Legal Officer |

---

Calamos Advisors LLC

---

| | |
|:---|:---|
| By: | /s/ Erik D. Ojala |
| Name: | Erik D. Ojala |
| Title: | SVP, General Counsel and Secretary |

---

## Exhibit 99.2

**Exhibit 99.2(k)(4)**

**ADMINISTRATION AGREEMENT**

This Administration Agreement ("Agreement") dated and effective as of May 30, 2025, is by and between State Street Bank and Trust Company, a Massachusetts trust company (the "Administrator"), and each fund listed on Schedule A attached hereto, as may be amended from time to time (each, a "Fund"). All references in this Agreement to a "Fund" are to each of the funds listed on Schedule A, including its respective subsidiary, individually, as if this Agreement were between the relevant individual Fund and the Administrator.

WHEREAS, each Fund is a non-diversified, closed-end management investment company (that is operated as an interval fund under the Investment Company Act of 1940, as amended (the "1940 Act") and is or intends to be registered with the U.S. Securities and Exchange Commission ("SEC") by means of a registration statement ("Registration Statement") under the Securities Act of 1933, as amended ("1933 Act"), and the 1940 Act (each, an "Interval Fund"), or a wholly-owned subsidiary thereof (each, an "SPV"); and

WHEREAS, each Fund desires to retain the Administrator to furnish certain administrative services to the Fund, and the Administrator is willing to furnish such services, on the terms and conditions set forth in this Agreement.

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

**1. A** **PPOINTMENT OF ADMINISTRATOR**

Each Fund hereby appoints the Administrator to act as administrator to such Fund for purposes of providing certain administrative services for the period and on the terms set forth in this Agreement. The Administrator accepts such appointment and agrees to render the services stated herein.

In the event that one or more additional funds sponsored or advised by the investment adviser to a Fund or an affiliate of the investment adviser to a Fund are established that wish to retain the Administrator to act as administrator under the terms hereof, such fund shall notify the Administrator in writing. Upon written acceptance by the Administrator, such fund shall become subject to the provisions of this Agreement as a "Fund" to the same extent as the existing Fund, except to the extent that such provisions (including those relating to compensation and expenses payable) may be modified with respect to such Fund in writing by the Fund and the Administrator at the time of the addition of such Fund.

**2. D** **ELIVERY OF DOCUMENTS**

Each Fund will promptly deliver to the Administrator copies of each of the following documents and all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Fund's Declaration of Trust and By-laws with respect to each Fund that is an Interval Fund,
or such other applicable constituent documents with respect to each Fund that is an SPV ("Governing Documents");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Fund's Registration Statement under the 1933 Act and the 1940 Act, which will be effective before
the Fund will issue shares, and all amendments and supplements thereto as in effect from time to time, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Copies of the resolutions of the Board of Trustees of the Fund (the "Board") certified by
the Fund's Secretary authorizing (1) the Fund to enter into this Agreement and (2) certain individuals on behalf of the
Fund to (a) give instructions to the Administrator pursuant to this Agreement and (b) sign checks and pay expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A copy of the investment advisory agreement between the Fund and its investment adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Such other certificates, documents or opinions which the Administrator may, in its reasonable discretion,
deem necessary or appropriate in the proper performance of its duties.

---

| | |
|:---|:---|
| **3.** | **R** **EPRESENTATIONS AND WARRANTIES OF THE ADMINISTRATOR** |
|  | The Administrator represents and warrants to each Fund that: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is a Massachusetts trust company, duly organized and existing under the laws of The Commonwealth of
Massachusetts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It has the requisite power and authority to carry on its business in The Commonwealth of Massachusetts
and to provide the services contemplated hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. No legal or administrative proceedings have been instituted or threatened which would materially impair
the Administrator's ability to perform its duties and obligations under this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Its entrance into this Agreement shall not cause a material breach or be in material conflict with any
other agreement or obligation of the Administrator or any law or regulation, rule, order or judgment applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Administrator shall maintain at all times a program reasonably designed to prevent violations of the
federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect to the Services provided.

**4. R** **EPRESENTATIONS AND WARRANTIES OF THE FUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Fund that is an Interval Fund represents and warrants to the Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is a statutory trust, duly organized, existing and in good standing under the laws of the State of
Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It has the requisite power and authority under applicable laws and by its Declaration of Trust and By-laws
to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All requisite proceedings have been taken to authorize it to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. It is an investment company properly registered with the SEC under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. A Registration Statement under the 1933 Act and 1940 Act is or will become effective before the Fund will
issue shares and will remain effective during the term of this Agreement. The Fund also warrants to the Administrator that as of the effective
date of this Agreement, all necessary filings under the securities laws of the states in which the Fund offers or sells its shares will
be made before shares are issued in any jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each Fund that is an SPV represents and warrants to the Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The SPV (i) is not, and throughout the term of this Agreement will not, be required to be registered
as an "investment company" under the 1940 Act, as amended from time to time, (ii) is relying on one or more exemptions
from registration of its shares of beneficial interest under the Securities Act of 1933, as amended, and (iii) will continue to rely
on each of such exclusions and exemptions throughout the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The SPV is a wholly-owned investment vehicle of the corresponding Interval Fund set forth on Appendix
A hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The SPV is duly organized and validly existing under the laws of its domicile, and it is in compliance
with all laws, rules, and regulations having application to its business, properties, and assets the violation of which could materially
adversely affect the SPV's performance of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each Fund represents and warrants to the Administrator that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. No legal or administrative proceedings have been instituted or threatened which would impair the Fund's
ability to perform its duties and obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Its entrance into this Agreement will not cause a material breach or be in material conflict with any
other agreement or obligation of the Fund or any law or regulation applicable to it; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Fund will be authorized to issue shares of beneficial interest before the Fund will issue such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Where information provided by the Fund or the Fund's shareholders includes information about an
identifiable individual ("Personal Information"), the Fund represents and warrants that it has obtained all consents and approvals,
as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing, use or disclosure of
Personal Information, necessary to disclose such Personal Information to the Administrator, and as required for the Administrator to use
and disclose such Personal Information in connection with the performance of the services hereunder. The Fund acknowledges that the Administrator
may perform any of the services, and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected
by the Fund, including the United States, in accordance with applicable law and in the manner permitted in this Agreement, and that information
relating to the Fund, including Personal Information, may be accessed by national security authorities, law enforcement and the courts.

**5. A** **DMINISTRATION SERVICES**

The Administrator shall provide the services as listed on Schedule B, subject to the authorization and direction of a Fund and, in each case where appropriate, the review and comment by a Fund's independent accountants and legal counsel and in accordance with procedures which may be established from time to time between a Fund and the Administrator.

The Administrator shall perform such other services for a Fund that are mutually agreed to by the parties from time to time, for which a Fund will pay such fees as may be mutually agreed upon, including the Administrator's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

Subject to Section 6 and at no additional cost to the Fund, the Administrator shall provide the office facilities and the personnel determined by it to perform the services contemplated herein.

**6. C** **OMPENSATION OF ADMINISTRATOR; EXPENSE REIMBURSEMENT; FUND EXPENSES**

The Administrator shall receive from a Fund such compensation and expense reimbursement for the services as set forth in a separate fee schedule signed by the parties (the "Fee Schedule"). The Fee Schedule may only be amended upon the mutual written agreement of the Administrator and a Fund. The fees shall be due and payable as set forth in the Fee Schedule, except for any fee that a Fund disputes in good faith, provided that both parties will work diligently and in good faith to effect an expeditious resolution of the dispute ("Good Faith Dispute"). A Good Faith Dispute will be deemed to exist only if (1) a Fund has given written notice of the dispute to Administrator promptly after receiving the invoice and (2) the notice explains a Fund's position in reasonable detail. A Good Faith Dispute will not exist as to an invoice in its entirety merely because certain amounts on the invoice have been disputed.

Each Fund will bear all expenses that are incurred in its operation and not specifically assumed by the Administrator. For the avoidance of doubt, Fund expenses not assumed by the Administrator include, but are not limited to: organizational expenses; cost of services of independent accountants and outside legal and tax counsel (including such counsel's review of the Registration Statement, Form N-CSR, Form N-PORT, Form N-PX, Form N-MFP, Form N-CEN, proxy materials, federal and state tax qualification as a regulated investment company and other notices, registrations, reports, filings and materials prepared by the Administrator under this Agreement); cost of any services contracted for by a Fund directly from parties other than the Administrator; cost of trading operations and brokerage fees, commissions and transfer taxes in connection with the purchase and sale of securities for a Fund; investment advisory fees; taxes, insurance premiums and other fees and expenses applicable to its operation; costs incidental to any meetings of shareholders including, but not limited to, legal and accounting fees, proxy filing fees and the costs of preparation (e.g., typesetting, XBRL-tagging, page changes and all other print vendor and EDGAR charges, collectively referred to herein as "Preparation"), printing, distribution and mailing of any proxy materials; costs incidental to Board meetings, including fees and expenses of Board members; the salary and expenses of any officer, director\trustee or employee of a Fund; costs of Preparation, printing, distribution and mailing, as applicable, of a Fund's Registration Statements and any amendments and supplements thereto and shareholder reports; cost of Preparation and filing of the Fund's tax returns, Form N-1A, Form N-CSR, Form N-PORT, Form N-PX, Form N-MFP and Form N-CEN, and all notices, registrations and amendments associated with applicable federal and state tax and securities laws; all applicable registration fees and filing fees required under federal and state securities laws; the cost of fidelity bond and D&O/E&O liability insurance; and the cost of independent pricing services used in computing the Fund(s)' net asset value.

**7. I** **NSTRUCTIONS AND ADVICE**

At any time, the Administrator may apply to any officer of a Fund or his or her designee for instructions or the independent accountants for a Fund, with respect to any matter arising in connection with the services to be performed by the Administrator under this Agreement. The Administrator shall be entitled to rely on and may act upon advice of counsel on matters arising in connection with its duties hereunder

The Administrator shall not be liable, and shall be indemnified by the Fund, for any action taken or omitted by it in good faith in reliance upon any such instructions or advice or upon any paper or document believed by it to be genuine and to have been signed by the proper person or persons. The Administrator shall not be held to have notice of any change of authority of any person until receipt of written notice thereof from a Fund(s). Nothing in this section shall be construed as imposing upon the Administrator any obligation to seek such instructions or advice, or to act in accordance with such advice when received.

**8.** **STANDARD OF CARE; LIMITATION OF LIABILITY AND INDEMNIFICATION**

The Administrator shall be responsible for the performance only of such duties as are set forth in this Agreement and, except as otherwise provided under Section 14, shall have no responsibility for the actions or activities of any other party, including other service providers other than Delegates (as defined in Section 14 below) of the Administrator. The Administrator shall, at all times, act in good faith and without willful misconduct or negligence in performing the services contemplated hereunder. The Administrator shall have no liability in respect of any loss, damage or expense suffered by the Fund insofar as such loss, damage or expense arises from the performance of the Administrator's duties hereunder in reliance upon records that were maintained for the Fund by entities other than the Administrator prior to the Administrator's appointment as administrator for the Fund. The Administrator shall have no liability for any error of judgment or mistake of law or for any loss or damage resulting from the performance or nonperformance of its duties hereunder unless solely caused by or resulting from the negligence or willful misconduct of the Administrator, its officers or employees. Neither party shall be liable for any special, indirect, incidental, punitive or consequential damages, including lost profits, of any kind whatsoever (including, without limitation, attorneys' fees) under any provision of this Agreement or for any such damages arising out of any act or failure to act hereunder, each of which is hereby excluded by agreement of the parties regardless of whether such damages were foreseeable or whether either party or any entity had been advised of the possibility of such damages. In any event, unless otherwise agreed, the Administrator's cumulative liability for each calendar year (a "Liability Period") with respect to the Fund under this Agreement regardless of the form of action or legal theory shall be limited to its total annual compensation earned and fees payable hereunder during the preceding Compensation Period, as defined herein, for any liability or loss suffered by the Fund including, but not limited to, any liability relating to qualification of the Fund as a regulated investment company or any liability relating to the Fund's compliance with any federal or state tax or securities statute, regulation or ruling during such Liability Period. "Compensation Period" shall mean the calendar year ending immediately prior to each Liability Period in which the event(s) giving rise to the Administrator's liability for that period have occurred. Notwithstanding the foregoing, the Compensation Period for purposes of calculating the annual cumulative liability of the Administrator for the Liability Period commencing on the date of this Agreement and terminating on December 31, 2025 shall be the date of this Agreement through December 31, 2025, calculated on an annualized basis, and the Compensation Period for the Liability Period commencing January 1, 2026 and terminating on December 31, 2026, shall be the date of this Agreement through December 31, 2026, calculated on an annualized basis. The foregoing provisions on the annual cumulative liability shall not apply if such liability arises from or is caused by the Administrator's willful misconduct or gross negligence.

Provided the Administrator has maintained a business continuity and disaster recovery plan, the Administrator shall not be responsible or liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster, governmental action or communication disruption.

The Fund shall indemnify and hold the Administrator and its directors, officers, employees and agents harmless from all loss, cost, damage and expense, including reasonable fees and expenses for counsel, incurred by the Administrator resulting from any claim, demand, action or suit in connection with the Administrator's acceptance of this Agreement, any action or omission by it in the performance of its duties hereunder, or as a result of acting upon any instructions reasonably believed by it to have been duly authorized by the Fund or upon reasonable reliance on information or records given or made by the Fund or its investment adviser, provided that this indemnification shall not apply to actions or omissions of the Administrator, its officers or employees in cases of its or their own negligence, willful misconduct, fraud or reckless disregard.

The limitation of liability and indemnification contained herein shall survive the termination of this Agreement.

**9. C** **ONFIDENTIALITY**

All information provided under this Agreement by a party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business and operations shall be treated as confidential. Subject to Section 10 below, all confidential information provided under this Agreement by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers, solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement or managing the business of the Receiving Party and its Affiliates (as defined in Section 10 below), including financial and operational management and reporting, risk management, legal and regulatory compliance and client service management in accordance with law, rule or regulation applicable to the Receiving Party. The foregoing shall not be applicable to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Administrator or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets subject to this Agreement), or (e) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld.

Upon termination of this Agreement, each party shall return to the other party or, at the option of the other party, destroy, all confidential information of the other party that such party or its agents may then possess or have under its control. Notwithstanding the foregoing, each party may retain copies of the other party's confidential information to the extent required for regulatory compliance or audit purposes, to comply with applicable laws and/or regulations or for the purpose of maintaining appropriate business records subject to observance of its confidentiality obligations hereunder.

**10. U** **SE OF DATA**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with the provision of the services and the discharge of its other obligations under this Agreement, the Administrator (which term for purposes of this Section 10 includes each of its parent company, branches and affiliates ("Affiliates")) may collect and store information regarding the Fund and share such information with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services contemplated under this Agreement and other agreements between the Fund and the Administrator or any of its Affiliates and (ii) to carry out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing in this Section 10 shall limit the confidentiality and data-protection obligations of the Administrator and its Affiliates under this Agreement and applicable law. The Administrator shall cause any Affiliate, agent or service provider to which it has disclosed client data pursuant to this Section 10 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In no event will the Administrator allow representatives of its asset management or index divisions or Affiliates engaged in asset management or indices to have access to or to use Confidential Information of the Client, including client data

**11. C** **OMPLIANCE WITH GOVERNMENTAL RULES AND REGULATIONS; RECORDS**

The Fund assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it. The Administrator will materially comply with all laws applicable to the Administrator and all rules and regulations of governmental authorities having jurisdiction over the Administrator (collectively, the "Laws and Regulations"), to the extent such Laws and Regulations are directly applicable to Administrator and the services performed by Administrator hereunder.

The Administrator shall act in good faith to implement such changes to the services contemplated herein as may be reasonably necessary to comply with changes in laws or regulations directly applicable to the Administrator in providing the services that become effective after the effective date of this Agreement; provided, however, that prior to making any such change to the services, the Fund and the Administrator shall negotiate in good faith any increase in fees payable to the Administrator. If the Fund notifies the Administrator in writing of changes in laws or regulations applicable to the Fund, the Fund and Administrator shall negotiate in good faith any changes to the services (including the fees and expenses payable hereunder) necessary to support the Fund's compliance with those laws or regulations. The Fund and the Administrator shall, if practicable, work in good faith to have any changes in the services (including the fees and expenses payable hereunder) necessitated by changes in laws or regulations in place before the changes in law or regulations become effective.

In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Administrator agrees that all records which it maintains for the Fund shall at all times remain the property of the Fund, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request. The Administrator further agrees that all records that it maintains for the Fund pursuant to Rule 31a-1 under the 1940 Act will be preserved for the periods prescribed by Rule 31a-2 under the 1940 Act unless any such records are earlier surrendered as provided above. Records may be surrendered in either written or machine-readable form, at the option of the Administrator. In the event that the Administrator is requested or authorized by the Fund, or required by subpoena, administrative order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination or inspection of the Fund by state or federal regulatory agencies, to produce the records of the Fund or the Administrator's personnel as witnesses or deponents, the Fund agrees to pay the Administrator for the Administrator's reasonable time and expenses, as well as the reasonable fees and expenses of the Administrator's counsel incurred in such production.

**12. S** **ERVICES NOT EXCLUSIVE**

The services of the Administrator are not to be deemed exclusive, and the Administrator shall be free to render similar services to others. The Administrator shall be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by a Fund from time to time, have no authority to act or represent a Fund in any way or otherwise be deemed an agent of a Fund.

**13. E** **FFECTIVE PERIOD AND TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall remain in full force and effect for an initial term ending December 31, 2028 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive 1-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be, or unless and until terminated as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be terminated (i) at any time after the expiration of the Initial Term, without cause, by provision of a written notice of termination to the other Party at least 120 days prior to the termination date, or (ii) at any time, (A) by mutual written agreement of the Parties, or (B) for "cause," as defined below and following any applicable notice and opportunity to remedy requirements under that definition. For purposes of this Section 13, "cause" shall mean (i) a material breach (including non-payment of fees or expenses by a Fund other than by reason of a Good Faith Dispute) of this Agreement that has not been remedied for thirty (30) days following written notice of such breach from the non-breaching Party; (ii) a final, unappealable judicial, regulatory or administrative ruling or order in which the Party to be terminated has been found guilty of criminal or unethical behavior in the conduct of its business; or (iii) the authorization or commencement of, or involvement by way of pleading, answer, consent or acquiescence in, a voluntary or involuntary case against the other Party under Title 11 of the United States Code, as from time to time is in effect, or any applicable law, other than said Title 11, of any jurisdiction relating to the liquidation or reorganization of debtors or to the modification or alteration of the rights of creditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Upon termination of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Fund shall pay to the Administrator such compensation and any reimbursable expenses as may be due
under the terms hereof as of the date of such termination; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Administrator shall reasonably cooperate with the service provider designated by the Fund in the transfer
of the terminated Services to such other service provider in order to facilitate the transfer of the Services to such other service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The assistance provided by the Administrator under Section 13(c)(2) will be provided at the Fund's sole expense, unless this Agreement is terminated: (i) by mutual written agreement of the Parties pursuant to Section 13(b)(ii)(A), whereby the Parties will cooperate in good faith to agree to reasonable apportionment of the costs of termination expenses; or (ii) by the Administrator pursuant to Section 13(b)(i) or by the Fund pursuant to Section 13(b)(ii)(B), in which case the reasonable costs of such assistance provided by the Administrator shall be provided at Administrator's sole expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement may be modified or amended from time to time by mutual written agreement of the Parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Termination of this Agreement with respect to any one particular Fund shall in no way affect the rights and duties under this Agreement with respect to the Fund.

**14. D** **ELEGATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.*,* The Administrator shall have the right, without the consent or approval of the Fund, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated, to provide or assist it in the provision of any part of the services stated herein other than services required by applicable law to be performed by the Administrator (each, a "Delegate" and collectively, the "Delegates"), without the consent or approval of the Fund. The Administrator shall be responsible for the services delivered by, and the acts and omissions of, any such Delegate as if the Administrator had provided such services and committed such acts and omissions itself. Unless otherwise agreed in a Fee Schedule, the Administrator shall be responsible for the compensation of its Delegates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Administrator will provide the Fund with information regarding its global operating model for the delivery of the services on a quarterly or other periodic basis, which information shall include the identities of Delegates affiliated with the Administrator that perform or may perform parts of the services, and the locations from which such Delegates perform services, as well as such other information about its Delegates as the Fund may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Nothing in this Section 14 shall limit or restrict the Administrator's right to use affiliates or third parties to perform or discharge, or assist it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

**15. I** **NTERPRETIVE AND ADDITIONAL PROVISIONS**

In connection with the operation of this Agreement, the Administrator and the Fund, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Fund's Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of the Agreement.

**16. N** **OTICES**

Any notice, instruction or other instrument required to be given hereunder will be in writing and may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following address or such other address as may be notified by any party from time to time:

If to the Fund:

c/o Calamos Advisors LLC

2020 Calamos Court

Naperville, IL 60563

Attention: Legal Department (legalnotices@calamos.com)

If to the Administrator:

STATE STREET BANK AND TRUST COMPANY

One Congress Street, Suite 1

Boston, MA 02114

Attention:

Telephone:

Telecopy:

with a copy to:

STATE STREET BANK AND TRUST COMPANY

Legal Division – Global Services Americas

One Congress Street

Boston, MA 02114-2016

Attention: Senior Vice President and Senior Managing Counsel

**17. A** **MENDMENT**

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

**18. A** **SSIGNMENT**

This Agreement may not be assigned by any Party hereto without the prior consent in writing of the other Parties, except that the a Party may assign this Agreement to a successor of all or a substantial portion of its business, or to a party controlling, controlled by or under common control with such Party.

**19. S** **UCCESSORS**

This Agreement shall be binding on and shall inure to the benefit of the Fund and the Administrator and their respective successors and permitted assigns.

**20. D** **ATA PROTECTION**

The Administrator shall implement and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal information of the Fund's shareholders, employees, directors and/or officers that the Administrator receives, stores, maintains, processes or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal information" shall not include information that is lawfully obtained from publicly available information, or from federal, state or local government records lawfully made available to the general public.

The Administrator will at all times maintain a business contingency plan and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Administrator will implement such plans following the occurrence of an event which results in an interruption or suspension of the services to be provided by the Administrator.

**21. E** **NTIRE AGREEMENT**

This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof and supersedes all previous representations, warranties or commitments regarding the services to be performed hereunder whether oral or in writing.

**22. W** **AIVER**

The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this Agreement or the failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies, and no single or partial exercise of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise or any other right or remedy. Any waiver must be in writing signed by the waiving party.

**23. S** **EVERABILITY**

If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

**24. G** **OVERNING LAW**

This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts, without regard to its conflicts of laws rules.

**25. R** **EPRODUCTION OF DOCUMENTS**

This Agreement and all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, xerographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

**26. C** **OUNTERPARTS**

This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

*[Remainder of page intentionally left blank.]*

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first written above.

**EACH OF THE ENTITIES SET FORTH ON SCHEDULE A HERETO** 

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| | |
|:---|:---|
| By: | /s/ Stephen M. Atkins |
| Name: | Stephen M. Atkins |
| Title: | Treasurer |

---

**STATE STREET BANK AND TRUST COMPANY**

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| | |
|:---|:---|
| By: | /s/ Michael A. Foutes |
| Name: | Michael A. Foutes |
| Title: | Senior Managing Director |

---

**ADMINISTRATION AGREEMENT**

**SCHEDULE A<br> Listing of Fund(s)**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Fund Type** | &nbsp;&nbsp;**Service Schedule** |
| &nbsp;&nbsp;Calamos Aksia Private Equity and Alternatives Fund | &nbsp;&nbsp;Interval Fund | &nbsp;&nbsp;Schedules B1, B3, B6 and B7 |
| &nbsp;&nbsp;Calamos Aksia Private Equity Sub 1 LLC | &nbsp;&nbsp;SPV | &nbsp;&nbsp;Schedule B7 |
| &nbsp;&nbsp;Calamos Aksia Private Equity Sub 2 Splitter LLC | &nbsp;&nbsp;SPV | &nbsp;&nbsp;Schedule B7 |

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State Street: Select Classification Level

**ADMINISTRATION AGREEMENT**

**SCHEDULE B**

**LIST OF SERVICES**

I. Fund Administration Treasury Services as described in Schedule B1 attached hereto;

II. RESERVED

III. Fund Administration Legal Services as described in Schedule B3 attached hereto;

IV. RESERVED

V. RESERVED

VI. N-PORT Services as described in Schedule B6 attached hereto; and

VII. Fund Accounting Services as described in Schedule B7 attached hereto.

State Street: Select Classification Level

**Schedule B1**

**<u>Fund Administration Treasury Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare for the review by designated officer(s) of the Trust financial information regarding the
Fund(s) that will be included in the Trust's semi-annual and annual shareholder reports, and other quarterly reports (as mutually
agreed upon), including tax footnote disclosures where applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Coordinate the audit of the Trust's financial statements by the Trust's independent accountants,
including the preparation of supporting audit workpapers and other schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare for the review by designated officer(s) of the Trust financial information required by Form N-2,
proxy statements and such other reports, forms or filings as may be mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare for the review by designated officer(s) of the Trust annual fund expense budgets, perform
accrual analyses and roll-forward calculations and recommend changes to fund expense accruals on a periodic basis, arrange for payment
of the Trust's expenses, review calculations of fees paid to the Trust's investment adviser, custodian, fund accountant, distributor
and transfer agent, and obtain authorization of accrual changes and expense payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Provide periodic testing of the Fund(s) with respect to compliance with the Internal Revenue Code's
mandatory qualification requirements, the requirements of the 1940 Act and limitations for the Fund(s) contained in the Registration
Statement for the Fund(s) as may be mutually agreed upon, including quarterly compliance reporting to the designated officer(s) of
the Trust as well as preparation of Board compliance materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Prepare and furnish total return performance information for the Fund(s), including such information on
an after-tax basis, calculated in accordance with applicable U.S. securities laws and regulations, as may be reasonably requested by Trust
management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Prepare and disseminate vendor survey information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare and coordinate the filing of Rule 24f-2 notices, including coordination of payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Provide sub-certificates in connection with the certification requirements of the Sarbanes-Oxley Act of
2002 with respect to the services provided by the Administrator; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Maintain certain books and records of the Trust as required
under Rule 31a-1(b) of the 1940 Act, as may be mutually agreed upon.

State Street: Select Classification Level

**SCHEDULE B3**

**<u>Fund Administration Legal Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Prepare minutes for quarterly Board of Trustees and committee
meetings

B6-1

**SCHEDULE B6**

**<u>Fund Administration Form N-PORT (the "Form N-PORT Services") and Form N-CEN (the "Form N-CEN Services") Support Services (collectively, the "Form N-PORT and Form N-CEN Support Services") (collectively, with the Form N-PORT and Form N-CEN Support Services, and for purposes of this Schedule B6, the "Services")</u>**

(a) **<u>Standard N-PORT and N-CEN Reporting Solution (Data and Filing)</u>**<u>:</u>

&nbsp;&nbsp;&nbsp;&nbsp;· Subject to the receipt of all required data, documentation, assumptions, information and assistance from
the Trust (including from any third parties with whom the Trust will need to coordinate in order to produce such data, documentation,
and information), the Administrator will use required data, documentation, assumptions, information and assistance from the Trust, the
Administrator's internal systems and, in the case of Trusts not administered by the Administrator or its affiliates, third party
Trust administrators or other data providers, including but not limited to Third Party Data (as defined below) (collectively, the "Required
Data") to perform necessary data aggregations (including any applicable aggregation of risk metrics) and calculations and prepare,
as applicable: (i) a monthly draft Form N-PORT standard template for review and approval by the Trust and (ii) annual updates
of Form N-CEN for review and approval by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;· Each Trust acknowledges and agrees that it will be responsible for reviewing and approving each such draft
N-PORT template and N-CEN update.

&nbsp;&nbsp;&nbsp;&nbsp;· Following review and final approval by the Trust of each such draft Form N-PORT template and N-CEN
update, and at the direction of and on behalf of each Trust, the Administrator will (i) produce an .XML formatted file of the completed
Form N-PORT and Form N-CEN and (ii) electronically submit such filing to the SEC.

The Form N-PORT Services will be provided to each portfolio (the "Portfolio") of the Trust(s) as set forth in the attached <u>Annex 1</u>, which shall be executed by the Administrator and the Trust(s). The Form N-CEN Services will be provided to each Trust as set forth in the attached <u>Annex 1</u>. <u>Annex 1</u> may be updated from time to time upon the written request of the Trust and by virtue of an updated <u>Annex 1</u> that is signed by both parties.

(b) **<u>Quarterly Portfolio of Investments Services</u>:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Subject to the receipt of all Required Data, and as a component of the Form N-PORT and Form N-CEN
Support Services, the Administrator will use such Required Data from the Trust, the Administrator's internal systems and other data
providers to prepare a draft portfolio of investments (the "Portfolio of Investments"), compliant with GAAP, as of the Trust's
first and third fiscal quarter-ends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Following review and final approval by the Trust of each such draft Portfolio of Investments, and at the
direction of and on behalf of each Trust, the Administrator will attach each Portfolio of Investments to the first and third fiscal quarter-end
N-PORT filing that is submitted electronically to the SEC.

**<u>Trust Duties, Representations and Covenants in Connection with (i) Form N-PORT and Form N-CEN Support Services and (ii) Quarterly Portfolio of Investments Services</u>**<u>.</u>

The provision of the Services to each Trust by the Administrator is subject to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The parties acknowledge and agree on the following matters:

The Services depend, directly or indirectly, on: (i) Required Data and (ii) information concerning the Trust or its affiliates or any Fund, pooled vehicle, security or other investment or portfolio regarding which the Trust or its affiliates provide services or is otherwise associated ("Trust Entities") that is generated or aggregated by the Administrator or its affiliates in connection with services performed on the Trust's behalf or otherwise prepared by the Administrator ("State Street Data," together with Required Data and Third Party Data (as defined below), "Services-Related Data"). The Administrator's obligations, responsibilities and liabilities with respect to any State Street Data used in connection with other services received by the Trust shall be as provided in such respective other agreements between the Administrator or its affiliates and the Trust relating to such other services (e.g., administration and/or custody services, etc.) from which the State Street Data is derived or sourced ("Other Trust Agreements"). Nothing in this Agreement or any service schedule(s) shall limit or modify the Administrator's or its affiliates' obligations to the Trust under the Other Trust Agreements.

In connection with the provision of the Form N-PORT and Form N-CEN Support Services and Quarterly Portfolio of Investments Services by the Administrator, the Trust acknowledges and agrees that it will be responsible for providing the Administrator with any information requested by the Administrator, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Arranging for the regular provision of all Required Data (including State Street Data, where applicable) and related information to the Administrator, in formats compatible with Administrator-provided data templates including, without limitation, Required Data and the information and assumptions required by the Administrator in connection with a Trust reporting profile and onboarding checklist, as it, or the information or assumptions required, may be revised at any time by the Administrator, in its discretion (collectively, the "Onboarding Checklist") and such other forms and templates as may be used by the Administrator for such purposes from time to time, for all Funds receiving services under this Agreement, including but not limited to those to be reported on Form N-PORT and Form N-CEN (as determined by the Trust), including, without limitation, arranging for the provision of data from the Trust, its affiliates, third party administrators, prime brokers, custodians, and other relevant parties. If and to the extent that Required Data is already accessible to the Administrator (or any of its affiliates) in its capacity as administrator to one or more Trusts, the Administrator and the Trust will agree on the scope of the information to be extracted from the Administrator's or any of its affiliate's systems for purposes of the Administrator's provision of Form N-PORT and Form N-CEN Support Services and Quarterly Portfolio of Investments Services, subject to the discretion of the Administrator, and the Administrator is hereby expressly authorized to use any such information as necessary in connection with providing the Form N-PORT and Form N-CEN Support Services and Quarterly Portfolio of Investments Services, hereunder; and

State Street: Select Classification Level

B6-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Providing all required information and assumptions not otherwise included in Trust data and assumptions provided pursuant to Section 1(A) above, including but not limited to the Required Data, as may be required in order for the Administrator to provide the Services.

The following are examples of certain types of information that each Trust is likely to be required to provide pursuant to Sections 1(A) and 1(B) above, and each Trust hereby acknowledges and understands that the following categories of information are merely illustrative examples, are by no means an exhaustive list of all such required information, and are subject to change as a result of any amendments to Form N-PORT and Form N-CEN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEC filing classification of the Trust (i.e., small or large filer);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of any data sourced from third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of any securities reported as Miscellaneous; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Explanatory Notes included in N-PORT Section E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Each Trust acknowledges that it has provided to the Administrator all material assumptions used by the Trust or that are expected to be used by the Trust in connection with the completion of Form N-PORT and Form N-CEN and Quarterly Portfolio of Investments Services, and that it has approved all material assumptions used by the Administrator in the provision of the Services prior to the first use of the Services. The Trust will also be responsible for promptly notifying the Administrator of any changes in any such material assumptions previously notified to the Administrator by the Trust or otherwise previously approved by the Trust in connection with the Administrator's provision of the Services. The Trust acknowledges that the completion of Form N-PORT and Form N-CEN and Quarterly Portfolio of Investments Services, and the data required thereby, requires the use of material assumptions in connection with many different categories of information and data, and the use and/or reporting thereof, including, but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment classification of positions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions necessary in converting data extracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· General operational and process assumptions used by the Administrator in performing the Services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Assumptions specific to the Trust.

Each Trust hereby acknowledges and understands that the foregoing categories of information that may involve the use of material assumptions are merely illustrative examples of certain subject matter areas in relation to which the Trust (and/or the Administrator on its behalf in connection with the Services) may rely on various material assumptions, and are by no means an exhaustive list of all such subject matter areas.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Each Trust acknowledges and agrees on the following matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each Trust has independently reviewed the Services (including, without limitation, the assumptions, market data, securities prices, securities valuations, tests and calculations used in the Services), and the Trust has determined that the Services are suitable for its purposes. None of the Administrator or its affiliates, nor their respective officers, directors, employees, representatives, agents or service providers (collectively, including the Administrator, "State Street Parties") make any express or implied warranties or representations with respect to the Services or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Each Trust assumes full responsibility for complying with all securities, tax, commodities and other laws, rules and regulations applicable to it. The Administrator is not providing, and the Services do not constitute, legal, tax, investment, or regulatory advice, or accounting or auditing services advice. Unless otherwise agreed to in writing by the parties to this Agreement, the Services are of general application and the Administrator is not providing any customization, guidance, or recommendations. Where the Trust uses Services to comply with any law, regulation, agreement, or other Trust obligation, the Administrator makes no representation that any Service complies with such law, regulation, agreement, or other obligation, and the Administrator has no obligation of compliance with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) Each Trust may use the Services and any reports, charts, graphs, data, analyses and other results generated by the Administrator in connection with the Services and provided by the Administrator to the Trust ("Materials") (a) for the internal business purpose of the Trust relating to the applicable Service or (b) for submission to the U.S. Securities and Exchange Commission, as required, of a Form N-PORT template and a Form N-CEN update, including any Portfolio of Investments, if applicable. The Trust may also redistribute the Materials, or an excerpted portion thereof, to its investment managers, investment advisers, agents, clients, investors or participants, as applicable, that have a reasonable interest in the Materials in connection with their relationship with the Trust (each a "Permitted Person"); provided, however, (i) the Trust may not charge a fee, profit, or otherwise benefit from the redistribution of Materials to Permitted Persons, (ii) data provided by third party sources such as but not limited to market or index data ("Third Party Data") contained in the Materials may not be redistributed other than Third Party Data that is embedded in the calculations presented in the Materials and not otherwise identifiable as Third Party Data, except to the extent the Trust has separate license rights with respect to the use of such Third Party Data, or (iii) the Trust may not use the Services or Materials in any way to compete or enable any third party to compete with the Administrator. No Permitted Person shall have any further rights of use or redistribution with respect to, or any ownership rights in, the Materials or any excerpted portion thereof.

State Street: Select Classification Level

B6-5

Except as expressly provided in this Section 3(C), the Trust, any of its affiliates, or any of their respective officers, directors, employees, investment managers, investment advisers, agents or any other third party, including any client of, or investor or participant in the Trust or any Permitted Persons (collectively, including the Trust, "Trust Parties"), may not directly or indirectly, sell, rent, lease, license or sublicense, transmit, transfer, distribute or redistribute, disclose display, or provide, or otherwise make available or permit access to, all or any part of the Services or the Materials (including any State Street Data or Third Party Data contained therein, except with respect to Third Party Data to the extent the Trust has separate license rights with respect to the use of such Third Party Data). Without limitation, Trust Parties shall not themselves nor permit any other person to in whole or in part (i) modify, enhance, create derivative works, reverse engineer, decompile, decompose or disassemble the Services or the Materials; (ii) make copies of the Services, the Materials or portions thereof; (iii) secure any source code used in the Services, or attempt to use any portions of the Services in any form other than machine readable object code; (iv) commercially exploit or otherwise use the Services or the Materials for the benefit of any third party in a service bureau or software-as-a-service environment (or similar structure), or otherwise use the Services or the Materials to perform services for any third party, including for, to, or with consultants and independent contractors; or (v) attempt any of the foregoing or otherwise use the Services or the Materials for any purpose other than as expressly authorized under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) The Trust shall limit the access and use of the Services and the Materials by any Trust Parties to a need-to-know basis and, in connection with its obligations under this Agreement, the Trust shall be responsible and liable for all acts and omissions of any Trust Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) The Services, the Materials and all confidential information of the Administrator (as confidential information is defined in the Agreement and other than Third Party Data and Required Data), are the sole property of the Administrator. The Trust has no rights or interests with respect to all or any part of the Services, the Materials or the Administrator's confidential information, other than its use and redistribution rights expressly set forth in Section 3(C) herein. The Trust automatically and irrevocably assigns to the Administrator any right, title or interest that it has, or may be deemed to have, in the Services, the Materials or the Administrator's confidential information, including, for the avoidance of doubt and without limitation, any Trust Party feedback, ideas, concepts, comments, suggestions, techniques or know-how shared with the Administrator (collectively, "Feedback") and the State Street Parties shall be entitled to incorporate any Feedback in the Services or the Materials or to otherwise use such Feedback for its own commercial benefit without obligation to compensate the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) The Administrator may rely on Services-Related Data used in connection with the Services without independent verification. Services-Related Data used in the Services may not be available or may contain errors, and the Services may not be complete or accurate as a result.

*[Remainder of Page Intentionally Left Blank]*

**<u>ANNEX I</u>**

**Calamos Aksia Private Equity and Alternatives Fund**

Further to the Administration Agreement dated as of June __, 2025 between Calamos Aksia Private Equity and Alternatives Fund (the "Trust") and State Street Bank and Trust Company (the "Administrator"), the Trust and the Administrator mutually agree to update this <u>Annex 1</u> by adding/removing Funds as applicable:

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| | |
|:---|:---|
| **Form N-PORT Services <br> and Quarterly Portfolio of <br> Investments Services** | |
| **Calamos Aksia Private Equity and <br> Alternatives Fund** | **Service Type**<br>**Standard N-**<br> **PORT and N-**<br> **CEN<br> Reporting<br> Solution (Data<br> and Filing)** |
| Calamos Aksia Private Equity and<br> Alternatives Fund | |

---

---

| |
|:---|
| **Form N-CEN Services** |
| **Calamos Aksia Private Equity and Alternatives Fund** |

---

B6-7

IN WITNESS WHEREOF, the undersigned, by their authorized representatives, have executed this <u>Annex 1</u> as of the last signature date set forth below.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Calamos Aksia Private Equity and Alternatives Fund** | **Calamos Aksia Private Equity and Alternatives Fund** | **Calamos Aksia Private Equity and Alternatives Fund** | **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | /s/ Daniel Bourke | /s/ Daniel Bourke | By: | /s/ Scott Shirrell | /s/ Scott Shirrell |
|  | Name: | Daniel Bourke |  | Name: | Scott Shirrell |
|  | Title: | Assistant Treasurer |  | Title: | Managing Director |
|  | Address: | Chicago, IL |  | Address: | One Congress Street, Suite 1, Boston, MA 02114 |
|  | Date: June 5, 2025 | Date: June 5, 2025 |  | Date: June 5, 2025 | Date: June 5, 2025 |

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**SCHEDULE B7**

**Fund Accounting Services**

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| | |
|:---|:---|
| **Core Services** | **Core Services** |
| • | Maintain daily market value of assets in each Fund, using the Authorized Data Sources and in accordance with the methodologies and tolerance checks agreed with the Trust. |
| • | Calculate daily market value of assets in each Fund, using the Authorized Data Sources and in accordance with the methodologies and tolerance checks agreed with the Trust. |
| • | Notify the Fund of any securities that cannot be priced in accordance with the agreed methodology and Authorized Price Sources whenever any security cannot be priced for the period agreed with the Trust (e.g. 5 consecutive days). |
| • | Record the accrual of income to be received by each Fund and the receipt of all income by each Fund. |
| • | Amortize the fixed income assets for each Fund in accordance with the amortization methodology agreed with the Fund. |
| • | Accrue expenses for each Fund in accordance with methodology agreed with the Fund, including accruals for tax provisions and management / performance fees and fees for all other service providers (as relevant). |
| • | Review any significant differences between accruals and payments. |
| • | Record investment transactions (e.g. purchases, sales and transfers) for each Fund as notified by the Fund or its investment manager/other agents (including transactions in derivatives, foreign currencies and unlisted pooled funds, as relevant). |
| • | Record capital activity as required for each Fund. |
| • | Record the impact of corporate actions on the securities in each Fund, using information received from the Fund, its custodian/broker and/or standard commercial services. |
| • | Calculate the daily net asset value of each Fund and net asset value per share or unit of ownership (as applicable) of each Fund in accordance with the valuation methodology agreed with the Fund / in the Governing Documents. |
| • | Publish/distribute NAV information as agreed with the Trust. |
| • | Perform agreed reconciliations of the accounting books and records to the records maintained by the investment manager or the Fund's other service providers and counterparties (e.g., custodians, prime brokers, investment managers, banks etc.) at the frequency agreed with the Fund. |

---

· Work with relevant third party and/or the Fund to resolve any identified exceptions.

State Street: Select Classification Level

B6-9

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| | |
|:---|:---|
| **Core Services** | **Core Services** |
| · | Record value of derivatives for each Fund in the accounting books and records from Authorized Data Sources and reconcile the derivatives so recorded to the positions reported by brokers/counterparties |
| · | If applicable, calculate and record initial margin and variation margin in the accounting books and records and reconcile to initial margin and variation margin reported by brokers/counterparties. |

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## Exhibit 99.2

**Exhibit 99.2(l)**

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| | |
|:---|:---|
| ![](tm2427768d4_ex99-2xlimg001.jpg) | **Faegre Drinker Biddle & Reath LLP**<br> One Logan Square, Suite 2000<br> Philadelphia, Pennsylvania 19103<br> +1 215 988 2700 main<br> +1 215 988 2757 fax |

---

June 6, 2025

Calamos Aksia Private Equity and Alternatives Fund

2020 Calamos Court

Naperville, Illinois 60563

RE: Calamos Aksia Private Equity and Alternatives Fund

Ladies and Gentlemen:

We have acted as counsel to Calamos Aksia Private Equity and Alternatives Fund (the "Fund"), a Delaware Statutory Trust, in connection with the filing of the Fund's registration statement on Form N-2, including any amendment thereto (the "Registration Statement") (File Nos. 333-283688 and 811-24034), to register under the Securities Act of 1933, as amended (the "1933 Act"), shares of beneficial interest (the "Shares") representing interests in the Fund. The Fund offers four classes of shares, Class A Shares, Class C Shares, Class I Shares and Class M Shares. The Fund is authorized to issue an unlimited number of Shares.

We have examined the originals or copies, certified or otherwise identified to our satisfaction, of the Fund's Amended and Restated Agreement and Declaration of Trust and By-Laws (collectively, the "Governing Documents") and the resolutions adopted by the Board of Trustees of the Fund (the "Resolutions") relating to the authorization of the sale and issuance of the Shares in a continuous public offering, and have considered such other legal and factual matters as we have deemed appropriate.

In all cases, we have assumed the legal capacity of each natural person signing the Registration Statement, the genuineness of signatures, the authenticity of documents submitted to us as originals, the conformity to authentic original documents of documents submitted to us as copies and the accuracy and completeness of all corporate records and other information made available to us by the Fund. We have assumed that the Resolutions will still be in effect at the time the Shares are issued and have not been amended or rescinded. As to questions of fact material to this opinion, we have relied upon the accuracy of any certificates and other comparable documents of officers and representatives of the Fund, upon statements made to us in discussions with the Fund's management and upon statements and certificates of public officials.

This opinion is based exclusively on the laws of the State of Delaware.

We have assumed the following for this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Shares will be issued in accordance with the Governing Documents and the Resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares will be issued against consideration therefor as described in the Registration Statement, and that such consideration will have been at least equal to the applicable net asset value.

Based on the foregoing, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Shares to be issued pursuant to the Registration Statement have been duly authorized for issuance by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When issued and paid for upon the terms provided in the Registration Statement, the Shares to be issued pursuant to the Registration Statement will be validly issued, fully paid and non-assessable by the Fund and that the holders of the Shares will be entitled to the same limitation of personal liability extended to shareholders of private corporations for profit organized under the general corporation law of the State of Delaware (except that we express no opinion as to such holders who are also Trustees of the Fund).

We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement of the Fund.

We hereby consent to the use of our name and to the references to our firm under the caption "Independent Registered Public Accounting Firm; Legal Counsel" in the Prospectus and Statement of Additional Information included in the Registration Statement. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations of the Securities and Exchange Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Faegre Drinker Biddle & Reath |
| FAEGRE DRINKER BIDDLE & REATH LLP |

---

## Exhibit 99.2

**Exhibit 99.2(n)**

![](tm2427768d4_ex99-2xnimg001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion in this Pre-Effective Amendment to Registration Statement on Form N-2 of our report dated June 6, 2025, relating to the financial statements of Calamos Aksia Private Equity and Alternatives Fund, as of May 29, 2025, and for the period April 30 (organization date) to May 29, 2025, and to the references to our firm under the heading "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information.

![](tm2427768d4_ex99-2xnimg002.jpg)

Cohen & Company, Ltd.

Philadelphia, Pennsylvania

June 6, 2025

![](tm2427768d4_ex99-2xnimg003.jpg)

![](tm2427768d4_ex99-2xnimg001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the inclusion in this Pre-Effective Registration Statement on Form N-2 of our report dated June 4, 2025, relating to the consolidated financial statements of Calamos Aksia Private Equity LP**,** for the period ended December 31, 2024, and to the references to our firm under the headings "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information.

![](tm2427768d4_ex99-2xnimg002.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

June 6, 2025

## Exhibit 99.2

**Exhibit 99.2(r)(1)**

**INTERNAL USE ONLY**

**CODE OF ETHICS**

**FOR**

**Calamos Aksia Alternative Credit and Income Fund**

**Calamos Aksia Private Equity and Alternatives Fund**

Adopted: February 20, 2025

**Section I** **Statement of General Fiduciary Principles**

This Code of Ethics (the "Code") has been adopted by Calamos Aksia Alternative Credit and Income Fund and Calamos Aksia Private Equity and Alternatives Fund<sup>1</sup> (collectively "the Funds"), in compliance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "Act"). The purpose of the Code is to establish standards and procedures for the detection and prevention of activities by which persons having knowledge of the investments and investment intentions of the Fund may abuse their fiduciary duty to the Fund, and otherwise to deal with the types of conflict of interest situations to which Rule 17j-1 is addressed. All Access Persons must read this Code of Ethics.

The Code is based on the principle that the trustees and officers of the Fund, and the managers, partners, officers, employees and/or shared employees of the Advisor, who provide services to the Fund, owe a fiduciary duty to the Fund to conduct their personal securities transactions in a manner that does not interfere with the Fund's transactions or otherwise take unfair advantage of their relationship with the Fund. All Access Persons are expected to adhere to this general principle, as well as to comply with all of the specific provisions of this Code that are applicable to them. Any Access Persons who are affiliated with the Advisor or another entity that is a registered investment advisor is, in addition, expected to comply with the provisions of the code of ethics that has been adopted by the Advisor or such other investment adviser.

All Access Persons must seek to avoid any actual or potential conflicts between their personal interests and the interests of the Fund and its shareholders. In sum, all Access Persons shall place the interests of the Fund before their own personal interests.

**Section II** **Definitions**

(A) "Access Person" means any director, trustee, officer, general partner or Advisory Person (as defined below) of the Fund or the Advisor.

(B) An "Advisory Person" of the Fund or the Advisor means: (i) any director, trustee, officer, general partner or employee of the Fund or the Advisor, or any Fund in a Control (as defined below) relationship to the Fund or the Advisor, who in connection with his or her regular functions or duties makes, participates in, or obtains information regarding the purchase or sale of any Covered Security (as defined below) by the Fund, or whose functions relate to the making of any recommendation with respect to such purchases or sales; (ii) any natural person in a Control relationship to the Fund or the Advisor, who obtains information concerning recommendations made to the Fund with regard to the purchase or sale of any Covered Security by the Fund and (iii) any other person deemed to be an Advisory Person by the Chief Compliance Officer.

(C) "Beneficial Ownership" is interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended (the "1934 Act") in determining whether a person is a beneficial owner of a security for purposes of Section 16 of the 1934 Act and the rules and regulations thereunder.

<sup>1</sup> Expected to launch as a '40 Act fund in 2Q2025

(D) "Chief Compliance Officer" means the Chief Compliance Officer of the Fund (who also may serve as the compliance officer of the Advisor and/or one or more affiliates of the Advisor) and his or her delegate.

(E) "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the Act.

(F) "Covered Security" means any stock, bond, future, investment contract, shares of closed-end funds, shares of open-end mutual funds for which Calamos Advisors LLC (CAL) is the adviser or exchange traded funds, or any other instrument that is considered a "security" under the 1940 Act. The term "Covered Security" is very broad and includes items you might not ordinarily think of as "securities," such as: options on securities, indexes, and currencies; limited partnership interests; interests in a foreign unit trust or foreign mutual fund; municipal securities; interests in a private investment fund, hedge fund, or investment club; or any right to acquire any security such as a warrant or convertible. In addition, purchase and sale transactions of Covered Securities in any 401(k) plan are considered transactions in Covered Securities.

Except that "Covered Security" does not include: direct obligations of the U.S. government (U.S. treasury bills, notes and bonds), money market instruments (including bank certificates of deposit, bankers' acceptances, commercial paper and repurchase agreements), shares of open-end mutual funds not advised or sub advised by the Adviser or units in 529 College Savings Plans.

(G) "Independent Trustee" means a trustee of the Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the Act.

(H) "Initial Public Offering" means an offering of securities registered under the Securities Act of 1933, as amended (the "1933 Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the 1934 Act.

(I) "Limited Offering" means an offering that is exempt from registration under the 1933 Act pursuant to Section 4(2) or Section 4(5) thereof or pursuant to Rule 504, Rule 505, or Rule 506 thereunder.

(J) "Security Held or to be Acquired" by the Fund means: (i) any Covered Security which, within the most recent 5 days: (A) is or has been held by the Fund; or (B) is being or has been considered by the Fund or the Advisor for purchase by the Fund; and (ii) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security described in Section II (F).

(K) "17j-1 Organization" means the Fund or the Advisor, as the context requires.

**Section III** **Objective and General Prohibitions**

Access Persons may not engage in any investment transaction under circumstances in which such Access Persons benefits from or interferes with the purchase or sale of investments by the Fund. In addition, Access Persons may not use information concerning the investments or investment intentions of the Fund, or their ability to influence such investment intentions, for personal gain or in a manner detrimental to the interests of the Fund.

Access Persons may not engage in conduct that is deceitful, fraudulent or manipulative, or that involves false or misleading statements, in connection with the purchase or sale of investments by the Fund. In this regard, Access Persons should recognize that Rule 17j-1 makes it unlawful for any affiliated person of the Fund, or any affiliated person of the Advisor, in connection with the purchase or sale, directly or indirectly, by the person of a Security Held or to be Acquired by the Fund to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make any untrue statement of a material fact to the Fund or omit to state to the Fund a material fact
necessary in order to make the statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage in any act, practice or course of business that operates or would operate as a fraud or deceit
upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage in any manipulative practice with respect to the Fund.

Access Persons should also recognize that a violation of this Code or of Rule 17j-1 may result in the imposition of: (1) sanctions as provided by Section VII below; or (2) administrative, civil and, in certain cases, criminal fines, sanctions or penalties.

**Section IV** **Prohibited Transactions**

(A) Other than securities purchased or acquired by a fund affiliated with the Fund and pursuant to an exemptive order under Section 57(i) of the Act permitting certain types of co-investments, an Access Person may not purchase or otherwise acquire direct or indirect Beneficial Ownership of any Covered Security, and may not sell or otherwise dispose of any Covered Security in which he or she has direct or indirect Beneficial Ownership, if he or she knows or should know at the time of entering into the transaction that: (1) the Fund has purchased or sold such Covered Security within the last 5 calendar days, or is purchasing or selling or intends to purchase or sell such Covered Security in the next 5 calendar days; or (2) the Advisor has within the last 5 calendar days considered purchasing or selling such Covered Security for the Fund or within the next 5 calendar days intends to consider purchasing or selling such Covered Security for the Fund.

(B) No Access Person may purchase a Covered Security without first obtaining preapproval from the Chief Compliance Officer of the Fund or his/her designee. From time to time, the Chief Compliance Officer of the Fund or the Adviser may exempt individual Covered Securities or categories of Covered Securities from this requirement.

(C) Access Persons of the Fund or the Advisor must obtain approval from the Fund or the Advisor, as the case may be, before directly or indirectly acquiring Beneficial Ownership in any securities in an Initial Public Offering or in a Limited Offering, except when such securities are acquired by a fund affiliated with the Fund and pursuant to an exemptive order under Section 57(i) of the Act permitting certain types of co-investments. Such approval must be obtained from the Chief Compliance Officer, unless he or she is the person seeking such approval, in which case it must be obtained from the President of the 17j-1 Organization.

(D) No Access Person shall recommend any transaction in any Covered Securities by the Fund without having disclosed to the Chief Compliance Officer his or her interest, if any, in such Covered Securities or the issuer thereof, including: the Access Person's Beneficial Ownership of any Covered Securities of such issuer, except when such securities transactions are to be made by a fund affiliated with the Fund and pursuant to an exemptive order under Section 57(i) of the Act permitting certain types of co-investments; any contemplated transaction by the Access Person in such Covered Securities; any position the Access Person has with such issuer; and any present or proposed business relationship between such issuer and the Access Person (or a party which the Access Person has a significant interest).

**Section V** **Reports by Access Persons**

(A) Personal Securities Holdings Reports.

All Access Persons shall within 10 days of the date on which they become Access Persons, and thereafter, within 30 days after the end of each calendar year, disclose the title, number of shares and principal amount of all Covered Securities in which they have a direct or indirect Beneficial Ownership as of the date the person became an Access Person, in the case of such person's initial report, and as of the last day of the year, as to annual reports. Such report is hereinafter called a "Personal Securities Holdings Report." Each Personal Securities Holdings Report must also disclose the name of any broker, dealer or bank with whom the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person or as of the last day of the year, as the case may be. Each Personal Securities Holdings Report shall state the date it is being submitted.

(B) Quarterly Transaction Reports.

Within 30 days after the end of each calendar quarter, each Access Person shall make a written report to the Chief Compliance Officer of all transactions occurring in the quarter in a Covered Security in which he or she had any direct or indirect Beneficial Ownership. Such report is hereinafter called a "Quarterly Securities Transaction Report." A Quarterly Securities Transaction Report shall be in the form approved by the Chief Compliance Officer.

(C) Independent Trustees.

Notwithstanding the reporting requirements set forth in this Section V, an Independent Trustee who would be required to make a report under this Section V solely by reason of being a trustee of the Fund is not required to file a Personal Securities Holding Report upon becoming a trustee of the Fund or annually thereafter. Such Independent Trustee also need not file a Quarterly Securities Transaction Report unless such trustee knew or, in the ordinary course of fulfilling his or her official duties as a trustee of the Fund, should have known that during the 15-day period immediately preceding or after the date of the transaction in a Covered Security by the trustee such Covered Security is or was purchased or sold by the Fund or the Fund or the Advisor considered purchasing or selling such Covered Security.

(D) Brokerage Accounts and Statements.

Access Persons, except Independent Trustees, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) instruct the brokers, dealers or banks with whom they maintain such an account to provide duplicate account
statements to the Chief Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) on an annual basis, certify that they have complied with the requirements of (1) above.

(E) Form of Reports.

A Quarterly Securities Transaction Report may consist of broker statements or other statements that provide a list of all personal Covered Securities holdings and transactions in the time period covered by the report and contain the information required in a Quarterly Securities Transaction Report.

(F) Responsibility to Report.

Access Persons will be informed of their obligations to report, however, it is the responsibility of each Access Person to take the initiative to comply with the requirements of this Section V. Any effort by the Fund, or by the Advisor and its affiliates, to facilitate the reporting process does not change or alter that responsibility. A person need not make a report hereunder with respect to transactions effected for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control.

(G) Where to File Reports and Forms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) All Quarterly Securities Transaction Reports and Personal Securities Holdings Reports, as well as Private
Fund Securities and IPO Request and Reporting Forms, must be filed with the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Chief Compliance Officer may, from time to time, adopt new methods to submit all Quarterly Securities
Transaction Reports and Personal Securities Holdings Reports, as well as Private Fund Securities and IPO Request and Reporting Forms.
These new methods, which could include electronic submission of information equivalent to the information currently required under this
Code, will be deemed to satisfy the reporting obligations under this Code.

(H) Disclaimers.

Any report required by this Section V 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 Covered Security to which the report relates.

**Section VI** **Annual Certification**

(A) Access Persons.

Access Persons who are directors, trustees, managers, partners, officers or employees of the Fund or the Advisor shall be required to certify annually that they have read this Code, and that they understand the applicable code and recognize that they are subject to it. Further, such Access Persons shall be required to certify annually that they have complied with the requirements of this Code.

(B) Board Review.

No less frequently than annually, the Fund and the Advisor must furnish to the Fund's board of trustees, and the board must consider, a written report that: (A) describes any material issues arising under this Code or procedures since the last report to the board, including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to violations; and (B) certifies that the Fund or the Advisor, as applicable, has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

**Section VII** **Sanctions**

Any violation of this Code shall be subject to the imposition of such sanctions by the 17j-1 Organization as may be deemed appropriate under the circumstances to achieve the purposes of Rule 17j-1 and this Code. The sanctions to be imposed shall be determined by the board of trustees, including a majority of the Independent Trustees, provided, however, that with respect to violations by persons who are directors, managers, partners, officers or employees of the Advisor (or of a Fund that controls the Advisor), the sanctions to be imposed shall be determined by the Advisor (or the controlling person thereof). Sanctions may include, but are not limited to, suspension or termination of employment, a letter of censure and/or restitution of an amount equal to the difference between the price paid or received by the Fund and the more advantageous price paid or received by the offending person

Appendix A– In-Scope Entities

This policy pertains to the entities and dates listed in the following tables.

Funds for U.S. Investors

---

| |
|:---|
| &nbsp;&nbsp;**Closed-End Fund Name** |
| &nbsp;&nbsp;Calamos Aksia Alternative Credit and Income Fund |
| &nbsp;&nbsp;Calamos Aksia Private Equity and Alternatives Fund |

---

*Table 2 - List of In-Scope U.S. Funds*

Adopted and Amended Dates

<u>Adopted: April 28, 2023</u> <br> Amended: February 20, 2025

*Table 3 - Dates*

## Exhibit 99.2

**Exhibit 99.2(r)(2)**

![](tm2427768d4_ex99-2xrx2img001.jpg)

---

| | |
|:---|:---|
| **Table of Contents** |  |
|  | <u>Page</u> |
| **UNDERSTANDING AND APPLYING THE CODE** | **3** |
| 1. Understanding the Terms | 3 |
| 2. Purpose of the Code of Ethics and Insider Trading Policy | 8 |
| 3. Scope | 9 |
| 4. Reporting Violations of the Code | 9 |
| **CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE** | **9** |
| **RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL** | **9** |
| 1. Insider Trading and Tipping | 9 |
| 2. General Prohibitions | 10 |
| 3. Material Nonpublic Information about Other Companies | 10 |
| 4. Information about Calamos Exchange Traded Funds ("ETFs") | 11 |
| 5. Public Disclosure of Information about Calamos, its Closed-End Funds and ETFs | 11 |
| 6. Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations | 12 |
| **REPORTING REQUIREMENTS** | **13** |
| 1. Initial Disclosure of Accounts and Covered Securities | 13 |
| 2. Confirmations and Statements for all Brokerage and Investment Accounts | 13 |
| 3. Quarterly Transactions Reports (Quarterly Account Statements) | 14 |
| 4. Annual Holdings Reports | 14 |
| 5. Certification of Compliance | 15 |
| 6. Report to Fund Board | 15 |
| **THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL** | **15** |
| 1. Pre-Clearance of Covered Securities Transactions | 16 |
| 2. Holding Period Requirement | 17 |
| 3. Trading Restrictions | 17 |
| 4. Trading Calamos Closed-End Funds and Exchange Traded ETFs | 19 |
| 5. Private Securities Transactions | 19 |
| 6. Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions | 20 |
| **TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS** | **21** |
| 1. No Transactions with Clients | 21 |
| 2. No Conflicting Transactions | 21 |
| 3. Section 16 Reporting and Prohibitions | 21 |

---

---

| | |
|:---|:---|
| **OTHER REGULATORY REQUIREMENTS** | **23** |
| 1. Outside Employment or Outside Business Activity | 23 |
| 2. Service as a Director or Officer | 24 |
| 3. Gifts and Entertainment | 24 |
| 4. Identifying and Reporting Conflicts of Interest and Other Ethical Concerns | 25 |
| **RECORD RETENTION** | **26** |
| **APPENDIX A: IN-SCOPE ENTITIES** | **27** |
| **APPENDIX B: SECTION 16 INDIVIDUALS** | **28** |
| **APPENDIX C: FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE MONITORING SYSTEM** | **29** |

---

**UNDERSTANDING AND APPLYING THE CODE**

**1. <u>Understanding the Terms</u>**

Capitalized terms used in this Code have special meanings defined below. It is important for you to read and become familiar with each definition used in the Code.

**"Access Person"**

Access Persons means any director, officer, employee of Calamos or an investment company advised or sub-advised by Calamos with the exception of Outside Trustees, Unaffiliated Trustees or Outside Directors or as otherwise provided under this Code. Access Persons includes consultants and agents to Calamos who have access to Material Nonpublic Information. **All** employees of Calamos and investment companies managed by Calamos are also Access Persons.

**"Automatic Investment Plan"**

Automatic Investment Plan means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**"Beneficial Ownership Interest"**

Beneficial Ownership Interest shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 in determining whether a person is a beneficial owner of a security for the purposes of Section 16 of the Securities Exchange Act of 1934 and Section 30(h) of the Investment Company Act of 1940 ("the 1940 Act") and the rules and regulations thereunder. As a general matter, you have Beneficial Ownership Interest in a Covered Security, defined below, if you have or share a direct or indirect Pecuniary Interest (as defined below) in the security, including through any contract, arrangement, understanding, relationship or otherwise. Although this list is not exhaustive, you generally would be the beneficial owner of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Securities held in your own name;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities held with another in joint tenancy, as tenants in common, or in other joint ownership arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities held by a bank or broker as a nominee or custodian on your behalf or pledged as collateral
for a loan; and

&nbsp;&nbsp;&nbsp;&nbsp;· Securities owned by a corporation which is directly or indirectly Controlled by, or under common Control
with, you.

(See also the definitions of Immediate Family and Related Persons)

**"Broad-based Security"**

A Broad-based Security generally refers to any security index that would not be classified as a narrow-based security index under the definitions or exclusions set forth in the Commodity Exchange Act and the Securities Exchange Act of 1934 or that meets certain criteria specified jointly by the U.S. Commodities Futures Trading Commission and the U.S. Securities and Exchange Commission. Examples include but are not limited to; the S&P 500, NASDAQ-100, Wilshire 5000, Russell 3000, AMEX Major Market and the Value Line Composite indices.

**"Control"**

Control means the power to exercise a controlling influence, which is intended to include situations where there is less than absolute and complete domination and includes not only the active exercise of power, but also the latent existence of power (e.g., the ability to exercise power). Anyone who beneficially owns, either directly or through one or more controlled entities, more than 25% of the voting securities of an entity is presumed to control that entity. In interpreting "Control," the CCO will interpret the term consistent with Section 2(a)(9) of the 1940 Act.

**"Corporate Account"**

Corporate Account means any account maintained by any Calamos entity for the investment in Covered Securities, including Calamos-sponsored registered investment companies.

**"Covered Security"**

Covered Security means any stock, bond, future, investment contract, shares of closed-end funds, shares of open-end mutual funds for which Calamos is the adviser or sub adviser, exchange traded funds or products, or any other instrument that is considered a "security" under the 1940 Act. The term "Covered Security" is very broad and includes items you might not ordinarily think of as "securities," such as: **options** on securities, indexes, and currencies; **limited partnership interests**; **interests in a foreign unit trust** or **foreign mutual fund**; **municipal securities**; **interests in a private investment fund**, **hedge fund**, or **investment club**; or any **right to acquire any security** such as a warrant or convertible. In addition, purchase and sale transactions of **Covered Securities in any 401(k) plan** are considered transactions in Covered Securities.

The term Covered Security **does not include** commodities including Bitcoin and other cryptocurrencies, direct obligations of the U.S. government (U.S. treasury bills, notes and bonds), money market instruments (including bank certificates of deposit, bankers' acceptances, commercial paper and repurchase agreements), shares of open-end mutual funds not advised or sub advised by Calamos or units in 529 College Savings Plans.

**"Fund"**

Fund means an investment company, or series of investment companies, advised or sub-advised by Calamos.

**"Immediate Family"**

Immediate Family means family members sharing the same household, which could include any child, stepchild, grandchild, parent, stepparent, grandparent, spouse or equivalent domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships. (See also the definition of Beneficial Ownership Interest and Related Persons).

**"Investment Person"**

Investment Person means each person who makes, or participates in making, investment decisions or recommendations for Calamos clients, or who, in connection with his or her regular functions or duties with Calamos, makes, participates in, or obtains information regarding the purchase or sale of securities by a client. Investment Person includes each Calamos portfolio manager, each research analyst, each support staff member working directly with portfolio managers and analysts, and each trader. This definition also includes outside consultants, contractors or agents hired by Calamos to perform investment related activities; as well as IT or systems' consultants who have access to trading or investment systems.

**"Material Information"**

Information should be regarded as material if it could be important to decisions to buy, sell or hold a company's securities. Any information that could reasonably be expected to affect the price of company securities should be considered material. Material information can be positive or negative, and can relate to historical facts, projections, or future events. Material information can pertain to a company, as a whole, or to divisions or subsidiaries of a company.

During their employment, Calamos personnel might learn material information about many companies. Information dealing with the following subjects is likely to be found material in particular situations. See below:

**Financial Related Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;· Financial results

&nbsp;&nbsp;&nbsp;&nbsp;· Changes in earnings forecasts

&nbsp;&nbsp;&nbsp;&nbsp;· Unusual significant gains, losses or charges

&nbsp;&nbsp;&nbsp;&nbsp;· Significant write-downs in assets

&nbsp;&nbsp;&nbsp;&nbsp;· Significant changes in revenues

&nbsp;&nbsp;&nbsp;&nbsp;· Significant liquidity issues

&nbsp;&nbsp;&nbsp;&nbsp;· Changes in dividends

&nbsp;&nbsp;&nbsp;&nbsp;· Stock splits

&nbsp;&nbsp;&nbsp;&nbsp;· Stock repurchases

&nbsp;&nbsp;&nbsp;&nbsp;· Changes in debt ratings

&nbsp;&nbsp;&nbsp;&nbsp;· Significant new equity or debt offerings

**Corporate Developments:**

&nbsp;&nbsp;&nbsp;&nbsp;· Proposals, plans or agreements, even if preliminary in nature, involving significant mergers, acquisitions, divestitures, recapitalizations,
or strategic alliances

· Major changes in directors or executive officers

**Product Related Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;· Important new product offerings

&nbsp;&nbsp;&nbsp;&nbsp;· Significant developments related to a company's product offerings

&nbsp;&nbsp;&nbsp;&nbsp;· Significant developments related to a company's distribution relationships

&nbsp;&nbsp;&nbsp;&nbsp;· Significant developments related to intellectual property

**Other Subjects:**

&nbsp;&nbsp;&nbsp;&nbsp;· Developments regarding significant litigation

&nbsp;&nbsp;&nbsp;&nbsp;· Developments regarding government agency actions

&nbsp;&nbsp;&nbsp;&nbsp;· Execution or termination of significant contracts

This list is only illustrative, and certainly is not all-encompassing. Many other types of information may be considered material.

**"Material Nonpublic Information"**

Material Nonpublic Information ("MNPI") is information that is not known to the general public, that, if known to the public, could reasonably be expected to affect the price of a company's securities, or be considered important in deciding whether to buy, sell or hold a security. It is often referred to as "inside information"

*When in doubt about whether particular information about another company is material, exercise caution and consult with the CCO or the General Counsel.*

An Access Person who receives Material Nonpublic Information may not act on it nor share it. The information must be kept confidential. The Access Person should inform the Global Head Trader (or his designee in his absence) of the security so it may be added to the Restricted List until such time as the information is publicly released.

*It is illegal to trade using MNPI; it is also illegal to share MNPI.*

**"Nonpublic Information"**

Information about a company is considered nonpublic if it is not available to the general public. In order for information to be considered available to the general public, it must have been widely disseminated in a manner designed to reach investors. This is generally done by the company issuing a national press release or making a publicly available filing with the SEC. The circulation of rumors, even if accurate and reported in the media, does not constitute effective public dissemination.

**"Outside Directors"**

Outside Directors means those directors of Calamos Asset Management, Inc. ("CAM") who are not officers or employees of CAM.

"**Outside Trustees"**

Outside Trustees means those trustees of a fund who are not "interested persons" of the Fund, as that term is defined in Section 2(a)(19) of the 1940 Act.

**"Pecuniary Interest"**

Pecuniary Interest in a security means the opportunity, directly or indirectly, to profit or share in any profit or fees derived from a transaction in the security. An indirect Pecuniary Interest includes:

&nbsp;&nbsp;&nbsp;&nbsp;· Covered Securities held by a member of an Access Person's "Immediate Family". For example,
you would be presumed to have an indirect Pecuniary Interest in Covered Securities held by your minor child who lives with you but not
in Covered Securities held by your adult child who does not live with you. You may request that a member of your Immediate Family be excluded from the
Code's reach by contacting the CCO and demonstrating why it would be appropriate. For example, it may be appropriate to exclude
your adult uncle who lives with you from the Code's reach.

&nbsp;&nbsp;&nbsp;&nbsp;· A general partner's proportionate interest in the portfolio's Covered Securities held by a
general or limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;· A person's right to dividends that are separated or separable from the Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;· A beneficiary's pecuniary interest in Covered Securities holdings of a trust and any pecuniary interest
of any Immediate Family member of such beneficiary (such Pecuniary Interest being to the extent of the
person's pro rata interest in the trust).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Remainder interests do not create a pecuniary interest unless the person with such interest has the power,
directly or indirectly, to exercise or share investment Control over the trust.

&nbsp;&nbsp;&nbsp;&nbsp;· A settlor or grantor of a trust (i.e., you establish the trust) if you reserve the right to revoke the
trust without the consent of another person, unless you do not exercise or share investment Control over the Covered Securities.

A shareholder will not be deemed to have a Pecuniary Interest in the portfolio Covered Securities held by a corporation or similar entity in which the person owns Covered Securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment Control over the entity's portfolio.

**"Related Person"**

Related Person includes your spouse or equivalent domestic partner, minor children, relative living in your home, and certain trusts under which you or a related party is a beneficiary or held under other arrangements, including a sharing of financial interest. **Calamos personnel are responsible for ensuring that their Related Persons comply with the personal trading and reporting provisions of the Code.**

(See also definitions for Beneficial Ownership Interest and Immediate Family.)

**"Supervised Person"**

Supervised Person means any partner, officer, director (or other person occupying a similar status or performing similar functions) or employee of Calamos. It may also include other persons who provide investment advice on behalf of Calamos and are subject to Calamos' supervision and control. For purposes of this Code, all Supervised Persons are considered Access Persons.

**"Tipping"**

Tipping is the disclosure of Material Nonpublic Information to another person in breach of a fiduciary or other obligation for the purpose of enabling the recipient (the tipee) to engage in insider trading or other improper activity. Tipping can result in liability for both the tipper and tipee.

**"Unaffiliated Trustees"**

Unaffiliated Trustees means those Trustees of a Fund who are not affiliated persons of Calamos but are not Outside Trustees.

**2. <u>Purpose of the Code of Ethics and Insider Trading Policy</u>**

The financial services industry is highly regulated and is subject to many laws and regulations designed to protect investors. Rule 17j-1 of the 1940 Act, as amended and Rule 204A-1 of the

Investment Advisers Act of 1940, as amended (the "Advisers Act") require that funds and advisers adopt a Code of Ethics that set forth standards of conduct and require compliance with federal securities laws.

Rule 17j-1 makes it unlawful for investment company personnel and other "Access Persons" to engage in fraudulent, deceptive, or manipulative practices in connection with their personal transactions in securities when those securities are held or to be acquired by an investment company. The Rule also requires every investment company, the investment company's investment adviser, and, in certain cases, the investment company's principal underwriter to adopt a Code of Ethics containing provisions "reasonably necessary to prevent" such prohibited practices.

Calamos and its subsidiaries and affiliated companies are primarily involved in the investment management, registered investment companies, consisting of open-end mutual funds and closed-end funds (the "Funds"), and financial services industries. Therefore, the Firm is adopting this Code of Ethics and Insider Trading Policy (the "Code").

The Code outlines the fiduciary principles governing an investment adviser's fiduciary obligations to clients and personal trading by Access Persons of funds and investment advisers. These principles reflect:

&nbsp;&nbsp;&nbsp;&nbsp;· The duty of Access Persons to place the interests of shareholders and clients ahead of their own interests;

&nbsp;&nbsp;&nbsp;&nbsp;· The requirement that Access Persons comply with applicable Federal Securities Laws and to report any violations
of the Code promptly to the Chief Compliance Officer ("CCO") of Calamos;

&nbsp;&nbsp;&nbsp;&nbsp;· The requirement that all Access Persons of a fund or investment adviser engage in personal securities
transactions in accordance with the Code and in such a manner as to avoid any actual or potential conflict of interest or any abuse of
an individual's position of trust and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;· The fundamental standard that Access Persons should not take inappropriate advantage of their positions.

The Code supplements the Code of Business Conduct and Ethics and the Calamos Employee Handbook.

**3. <u>Scope</u>**

The Code applies to all directors, officers, employees, and other Access Persons of Calamos. The Code also applies to any outsiders, including agents and consultants that have access through Calamos to Material Nonpublic Information. Supervised Persons are considered Access Persons under this Code.

Questions regarding the Code or its application to specific transactions should be directed to the CCO or General Counsel of Calamos.

**4. <u>Reporting Violations of the Code</u>**

Access Persons must promptly report any known or suspected violations of the Code to the CCO or General Counsel of Calamos.

A Supervised Person's reporting obligations do not prevent him or her from (i) initiating communications directly with, cooperating with, providing relevant information to or otherwise assisting in an investigation by any governmental or regulatory body regarding a possible violation of any applicable law, rule, or regulation; (ii) responding to any inquiry from any such governmental or regulatory body; or (iii) testifying, participating in, or otherwise assisting in an action or proceeding relating to a possible violation of any such law, rule, or regulation. A Supervised Person is not required to notify Calamos of any such communications, cooperation, assistance, responses to inquiries, testimony, or participation.

**CONSEQUENCES OF FAILURE TO COMPLY WITH THE CODE**

Compliance with the provisions of the Code is a condition of employment of Calamos. Taking into consideration all relevant circumstances, the CCO and management of Calamos will determine what action is appropriate for any breach of the provisions of the Code. Possible actions include disgorgement of profits, monetary fines, letters of sanction, suspension of trading privileges, and suspension or termination of employment.

The Board of Trustees of any investment company for which Calamos Advisors LLC ("CAL") is the investment adviser or subadviser will determine what action is appropriate for any breach of the provisions of the Code by an Outside Trustee or Unaffiliated Trustee, which may include removal from the Board. The Board of Directors of CAM will determine what action is appropriate for any breach of the provisions of the Code by an Outside Director, which may include removal from the Board.

***It is the responsibility of each Access Person to make sure that a transaction in any Covered Security by any Related Person complies with the provisions of the Code.***

**RESTRICTIONS ON THE USE AND DISCLOSURE OF CONFIDENTIAL INFORMATION BY CALAMOS PERSONNEL**

**1. <u>Insider Trading and Tipping</u>**

Calamos Access Persons may not act on Material Nonpublic Information. Calamos Access Persons may not share Material Nonpublic Information, except in accordance with the provisions of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations."

Legal penalties for trading on or tipping Material Nonpublic Information are severe. They include criminal fines, civil fines of several times the profits gained, or losses avoided, imprisonment and private party damages. The penalties also may apply to anyone who directly or indirectly controlled the person who committed the violation, including the employer and its management and supervisory personnel. Significant penalties have been imposed even when the disclosing person did not profit from the trading.

In addition to these possible outside sanctions, Calamos Access Persons who violate prohibitions on insider trading or tipping will face additional action from Calamos itself, up to and including termination of employment.

**2. <u>General Prohibitions</u>**

Material Nonpublic Information is an important type of confidential information, but it is only one type of confidential information. Our clients and suppliers entrust Calamos with important information relating to their personal and business matters. The nature of these relationships requires Calamos' strict confidentiality and trust. In safeguarding the information received, Calamos earns the respect and further trust of our clients and suppliers. All employees, agents and consultants will be required to sign a Confidentiality Agreement at the time they are hired and this agreement carries an obligation to maintain strict confidentiality of confidential information, even after an Access Person's employment is terminated.

Any violation of confidentiality seriously injures Calamos' reputation and effectiveness. Therefore, except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations," personnel are not to discuss confidential Calamos business with anyone who does not work for Calamos and should never discuss business transactions with another Calamos employee who does not have a direct association with the transaction. Even casual remarks can be misinterpreted and repeated; therefore, employees should develop the personal discipline necessary to maintain confidentiality. If an employee becomes aware of anyone breaking this trust, they should report the incident immediately to the CCO or General Counsel.

If someone outside Calamos or the employee's department asks questions regarding confidential matters, you are not required to answer, and you *should not* answer except as permitted under the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Instead, you should refer the request to the department supervisor or a member of senior management which includes the Chairman, CEO, General Counsel, Head of Human Resources, Chief Financial Officer and the CCO of Calamos (collectively, "Senior Management"). Inquiries to Calamos from Regulators should be immediately referred to the CCO or General Counsel.

No one is permitted to remove or make copies of any Calamos records, reports, or documents without prior approval from management.

**3. <u>Material Nonpublic Information about Other Companies</u>**

Calamos personnel may become aware of confidential information concerning another company. This information may be Material Nonpublic Information and, as noted above, trading of securities, including futures or options of the company, based on this information is a violation of federal securities law.

Even after public disclosure of material information regarding a company, an insider with prior knowledge of the information must wait a period of one full trading day after the publication for the information to be absorbed before that person can treat the information as public.

For purposes of the Code, a full trading day means from the opening of trading on NASDAQ to the closing of trading on NASDAQ on that day. Accordingly, and by way of example, if an announcement is made before the commencement of trading on a Tuesday, an employee in possession of such information may trade in the company securities starting on Wednesday of that week (subject to any applicable blackout period and assuming the employee is not aware of other Material Nonpublic Information at that time), because one full trading day would have elapsed by then (all of Tuesday). If the announcement is made on Tuesday after trading has begun on NASDAQ, an employee in possession of the information may not trade in the company securities until Thursday of that week. If the announcement is made on Friday after trading begins, an employee may not trade in the company securities until Tuesday of the following week. NASDAQ holidays do not count as trading days and will impact this schedule.

**4. <u>Information about Calamos Exchange Traded Funds ("ETFs")</u>**

Calamos has erected a "firewall" between Calamos Advisors LLC on the one hand, and Calamos Financial Services LLC ("CFS"), an affiliated broker-dealer, on the other, with respect to access to information regarding the portfolio composition of Calamos ETFs, or changes thereto, for which Calamos Advisors LLC is the investment adviser prior to when this information is published on the Funds' website. No partner, officer, director, or other employee or agents and consultants of Calamos Advisors LLC may communicate with or provide information about the portfolio composition of Calamos ETFs, or changes thereto, with any partner, officer, director, or other employee of CFS.

The Code addresses the use of Material Nonpublic Information by any director, officer, or partner of Calamos Advisors LLC, or any supervised person of Calamos Advisors LLC regarding the portfolio composition of Calamos ETFs, or changes thereto. Such director, officer, partner, or Supervised Person who has Material Nonpublic Information regarding the portfolio composition of any Calamos ETF, or changes thereto, is prohibited from purchasing, selling, or recommending the purchase or sale of that ETF, and from purchasing, selling, or recommending the purchase or sale of any securities that are a part of the Calamos ETF's portfolio. In addition, such director, officer, partner, or Supervised Person may not disclose ("tip") Material Nonpublic Information about the portfolio composition of a Calamos ETF, or any changes thereto, to any persons, including any Related Persons, not authorized by Calamos to have such information.

**5. <u>Public Disclosure of Information about Calamos, its Closed-End Funds and ETFs</u>**

In the event any director, officer, employee, agent, or consultant of Calamos receives any inquiry from outside the company, such as from the media, a stock analyst or investors, for information that may be Nonpublic Information (particularly financial results or projections), the inquiry must be referred to the Director of Marketing other than where the communications are within the scope of the Code section entitled "Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations." Since Calamos' closed-end funds and ETFs are also publicly traded, the same restrictions apply to disclosure of information about those products. The Head of Marketing is responsible for coordinating and overseeing the release of such information to the media, investing public, analysts and others in compliance with applicable laws and regulations, including Regulation FD<sup>1</sup>.

<sup>1</sup> Reg FD – Regulation Fair Disclosure, promulgated by the SEC, mandates that all publicly traded companies must disclose material information to all investors at the same time.

In communicating with the general public, Calamos will observe the following practices:

&nbsp;&nbsp;&nbsp;&nbsp;· Communications to the general public regarding Calamos should be made only by the Chairman, the Chief
Executive Officer, the Chief Financial Officer, or the Head of Marketing.

&nbsp;&nbsp;&nbsp;&nbsp;· Calamos will not issue projections of, or comment on, future investment performance of itself or any of
its products.

&nbsp;&nbsp;&nbsp;&nbsp;· All disclosure of material information made by Calamos about the closed-end funds and ETFs will be broadly
disseminated to the public.

Ordinary communications of material information by and about Calamos generally will be through press release, through regular channels. The Firm will not issue materials regarding itself "for broker-dealer use only" or with similar restrictions; instead, any such materials will be distributed as press releases. If conference telephone calls to discuss material information are scheduled by Calamos with analysts, Calamos will provide adequate notice of the calls, and permit investors to listen in by telephone or internet web casting.

If any Calamos Access Person inadvertently discloses Material Nonpublic Information to analysts or other market professionals about the closed-end funds, open-end funds, or the ETFs managed by Calamos, Calamos is obligated to provide that information to the general public no later than 24 hours after the statement is made, or the commencement of the next day's trading on NASDAQ, NYSE and CBOE. The Head of Marketing and the Legal Department must be notified immediately of any such inadvertent disclosure that comes to the attention of any Calamos personnel. The same obligation applies if the disclosure is intentional.

**6.** **<u>Permitted Disclosures to Governmental Agencies and Entities and Self-Regulatory Organizations</u>**

The Code does not prohibit or restrict any person from reporting possible violations of federal, state, or local law or regulation to, or discussing any such possible violations with, any governmental agency or entity or self-regulatory organization, including by initiating communications directly with, responding to any inquiry from, or providing testimony before any federal, state, or local regulatory authority or agency or self-regulatory organization, including without limitation the Securities and Exchange Commission ("SEC"), the Equal Employment Opportunity Commission, Financial Industry Regulatory Authority ("FINRA"), and the Occupational Safety and Health Administration, or making any other disclosures that are protected by the whistleblower provisions of any federal, state, or local law or regulation.

**REPORTING REQUIREMENTS**

As part of its obligations under the securities laws, Calamos is required to obtain and maintain information about the trading activity of its Access Persons. Access Persons and their Related Persons are required to have personal trading accounts at brokers, dealers or banks with which Calamos has an electronic connection established so that information about account transactions is systematically sent to Calamos (eliminates paper statements). The Compliance Department maintains a current list of available firms, which is attached hereto as Appendix C. Access Persons and their Related Persons must transfer existing accounts to one of the available firms within one calendar quarter of the date of employment unless otherwise approved in writing by the CCO or General Counsel.

**1. <u>Initial Disclosure of Accounts and Covered Securities</u>**

When an Access Person *begins employment* with Calamos, the Access Person must, within 10 days, provide a holdings report regarding all investment or brokerage accounts with Covered Securities in which he or she has a Beneficial Ownership Interest. The information required should be input into the Firm's compliance monitoring system. This report must contain the following information which must be current as of a date no more than 45 days prior to the date the person becomes an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;· The issuer name 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 had any direct or indirect Beneficial Ownership Interest;

&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker, dealer or bank with whom the Access Person maintained an account in which any
Covered Securities were held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;· The date that the Access Person submits the report. (This will be the date the report is submitted into
the Firm's compliance monitoring system.)

In addition, a current Access Person must notify the Compliance Department via the "Brokerage

Account Pre-Approval" form within the Firm's compliance monitoring system and wait for approval from Compliance *BEFORE* opening a new investment or brokerage account in which the Access Person will have a Beneficial Ownership Interest. The Compliance Department will issue an approval for an account opening letter to the brokerage firm and request that the account be added to the electronic feed. Once the account is open the Access Person must disclose the details of the account by completing a "Brokerage Account Disclosure" form in the Firm's compliance monitoring system within 10 days.

**2. <u>Confirmations and Statements for all Brokerage and Investment Accounts</u>**

Until the electronic feed is set up, each Access Person is required to direct brokers, dealers or banks to supply to the Compliance Department, on a timely basis, duplicate copies of all confirmations of personal securities transactions and copies of periodic statements for all Covered Securities accounts in which he or she has a Beneficial Ownership Interest.

**You are responsible for ensuring initially that the Compliance Department receives these confirmations and statements and for following up subsequently if Compliance notifies you that they are not being received. The Compliance Department will direct you to close an account if it is not on an electronic feed.<sup>2</sup>**

<sup>2</sup> An exception may be made if the account is managed by a financial advisor and is held on a discretionary basis.

**3. <u>Quarterly Transaction Reports (Quarterly Account Statements)</u>**

Each Access Person shall report all personal transactions in Covered Securities in which he or she has a Beneficial Ownership Interest during a quarter to the CCO no later than 30 days after the end of the calendar quarter. Quarterly transaction reports shall include the following information for each individual transaction:

&nbsp;&nbsp;&nbsp;&nbsp;· the date of the transaction, issuer name, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, and number of shares and principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;· the nature of the transaction (i.e., purchase, sale, exchange, gift, or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;· the price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;· the name of the broker, dealer or bank with or through which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;· the account number; and

&nbsp;&nbsp;&nbsp;&nbsp;· the date that the Access Person submits the report.

In addition, each quarter an Access Person must review the list of accounts and certify its accuracy. If a new account was opened in the previous quarter, the Access Person must ensure the applicable information including the date the account was established and the name of the broker, dealer or bank with whom the account has been established has been entered into the Firm's compliance monitoring system and is included on the list for which they are certifying.

In addition, quarterly transaction reports are not required to include transactions in Covered Securities made pursuant to an Automatic Investment Plan and reported in broker trade confirmations or account statements received by the Compliance Department.

Note that although all Access Persons must complete the quarterly affirmation, specific information (quarterly transaction report) relating to trading activity need not be submitted under this section if it would duplicate information contained in electronic feeds.

**4. <u>Annual Holdings Reports</u>**

On an annual basis, Access Persons are required to provide a annual holdings report to the CCO that contains certain information which must be current as of a date no more than 45 days before the report is submitted. Annual holdings reports shall be delivered to the Compliance Department between January 2 and January 30 of each year. This report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· the issuer name 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 had any direct or indirect Beneficial Ownership Interest;
and

&nbsp;&nbsp;&nbsp;&nbsp;· the name of any broker, dealer or bank with which the Access Person maintained an account in which any
securities were held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;· the date that the Access Person submits the report.

This report will be distributed to Access Persons annually via the Firm's compliance monitoring system in which they are responsible for reviewing and affirming the accuracy of the information.

Note that although all Access Persons must complete the annual affirmation, the annual holding report need not be submitted if it will duplicate information contained in the electronic feeds to the Firm's compliance monitoring system.

The CCO's accounts and reports are approved and reviewed by General Counsel.

**5. <u>Certification of Compliance</u>**

The CCO shall annually distribute a copy of the Code and any amendment and require certification by all Access Persons as described below. The CCO shall be responsible for ensuring that all personnel comply with the certification requirement. Each Access Person is required to certify annually that: (i) he or she has read and understands the Code; (ii) recognizes that he or she is subject to the Code; (iii) he or she has complied with the requirements of the Code; and (iv) he or she has disclosed or reported all personal securities transactions required to be disclosed or reported under the Code.

Any Access Person who has not engaged in any personal securities transaction during the preceding year for which a report was required to be filed pursuant to the Code shall include a certification to that effect in his or her annual certification.

**6. <u>Report to Fund Board</u>**

The CCO of the Calamos Funds shall provide an annual written report to the Board of Trustees of the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· summarizes existing procedures concerning personal investing and any changes in those procedures during
the past year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· describes issues that arose during the previous year under the Code or related procedures concerning personal
investing, including but not limited to information about material violations of the Code and sanctions imposed in response to the material
violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certifies to the board that the Fund has adopted procedures reasonably necessary to prevent its Access
Persons from violating the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· identifies any recommended changes in existing restrictions or procedures based upon experience under
the Code, evolving industry practices, or developments in applicable laws or regulations.

In addition, the Fund CCO shall report to the Board of the Fund on a quarterly basis any material violations of the Code.

**THE PURCHASE AND SALE OF SECURITIES BY CALAMOS PERSONNEL**

Persons involved in the financial services industry are subject to restrictions on the way in which they can buy and sell securities for their own accounts. These restrictions are imposed by the SEC and other regulators on the assumption that industry employees have a greater opportunity for access to Material Nonpublic Information than do employees in other types of businesses and have a fiduciary obligation with respect to trading vis-à-vis client accounts. All personal trading must be done in a manner consistent with the provisions of this Code.

**1. <u>Pre-Clearance of Covered Securities Transactions</u>**

EACH transaction in a Covered Security must be pre-cleared by the employee and approved by the Compliance Department via the Compliance monitoring system.

Access Persons and Related Persons must obtain approval from the Compliance Department before acquiring a Beneficial Ownership Interest in any Covered Securities unless the transaction is subject to one of the exclusions below. If the transaction is not approved, the Access Person or Related Person shall not participate in the transaction in any manner, whether directly or indirectly.

For Investment Personnel certain of their trades (e.g., securities in their sector) may require approval by their team's CIO or his designee prior to the Investment Personnel's pre-clearance request via the compliance monitoring system. The written approval by the CIO should be attached to the pre-clearance request.

A pre-clearance request is submitted via the Firm's compliance monitoring system and reviewed by the Compliance Department, which will either approve or deny the request. If approved, the transaction may *<u>not</u>* be placed for a share amount greater than that which was pre-cleared. Generally, any approved trade must be executed prior to the NASDAQ close the same business day when pre-clearance was approved.

When an Access Person *begins employment* with Calamos, the Access Person will be given a 10 business day grace period to sell their security positions in which the Firm is continuously trading. These trade exceptions must be pre-cleared via the Firm's compliance monitoring system and when denied, they will be approved by the CCO. The Access Person must receive the approval from the Compliance monitoring system prior to making his/her transaction in his/her brokerage account.

**Exceptions to the Pre-Clearance Requirement:**

The provisions of this Code are intended to limit the personal investment activities of Access Persons only to the extent necessary to accomplish the purposes of the Code. Therefore, the pre-clearance provisions of the Code *shall not apply to*:

&nbsp;&nbsp;&nbsp;&nbsp;· *Purchases* of shares of open-end mutual funds advised or sub-advised by Calamos (sales must be precleared)<sup>3</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales made in any account over which Access Persons or Related Persons have no direct or
indirect influence or control, including discretionary accounts and managed account programs. See "Exceptions and Exemptions to
Trading Policies, Procedures and Restrictions" below for further discussion of the policies, procedures and restrictions relating
to discretionary and managed accounts;

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales that are non-volitional on the part of either the Access Person or Related Person (including
transactions pursuant to preexisting Rule 10b5-1 plans, discussed below) such as assignment of options or an exercise of an option
at expiration,

<sup>3</sup> Sales of shares of Calamos Funds or subadvised funds are subject to the pre-clearance requirement and cannot be made prior to the required 60 calendar day holding period.

This exemption does *not* apply to margin calls satisfied by the broker selling securities in your account;

&nbsp;&nbsp;&nbsp;&nbsp;· Automatic dividend reinvestment plan;

&nbsp;&nbsp;&nbsp;&nbsp;· Reoccurring automatic investment plan purchases (*<u>excluding</u> the initial purchase* of the covered
security);

&nbsp;&nbsp;&nbsp;&nbsp;· Purchases affected upon the exercise of rights issued by an issuer *pro rata* to all holders of a
class of securities to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

**2.**  **<u>Holding Period Requirement</u>** 

The Code requires each Access Person to *avoid excessive, short-term and speculative trading* in their Covered Account(s) that may cause undue financial risk or reduce their effectiveness in carrying out responsibilities at Calamos. It is important to note that market fluctuation in leveraged securities may require you to liquidate within a relatively short window of time. Access Persons are further prohibited from conducting transactions for the purpose of market timing in any Covered Security.

To avoid instances of excessive, short-term and speculative trading, **a minimum holding period of 60 calendar days** is required from the time of purchase. For purpose of counting the 60 calendar days, the beginning of the holding period for all transactions starts with the most recent transaction or LIFO ("last-in-first-out"). This prohibition includes short sales and applies without regard to tax lot considerations and without regard to profitability. The 60-day holding period may be waived by Compliance if the security is trading at a significant loss (20% or greater) from where the Access Person purchased the security. The 60 calendar day holding period also applies to Calamos advised or subadvised open-end mutual funds.

If a long call option is exercised after being held for 60 days, the holding period for the equity shares resulting from the exercised option will be satisfied.<sup>4</sup> Please note these transactions must be precleared and meet the other requirements of the Code.

**3. <u>Trading Restrictions</u>**

The trading limitations described below are designed to prevent violations of the federal securities laws, as well as to avoid even the appearance of impropriety in trading by Calamos Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **No Transactions with Clients** 

No Access Person shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

<sup>4</sup> The Firm's compliance monitoring system does not recognize the new shares resulting from the exercised option as an equivalent security. The system restarts the holding period when the shares are created.Therefore, if the Access Person wishes to sell the shares, the Access Person must contact the Compliance Department for approval of the "sell" request (All other trading rules apply).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **No Conflicting Transactions** 

No Access Person, nor any Related Person shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or sub advised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered": (a) when a recommendation to purchase or sell has been made for the client and is pending; or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

A personal securities transaction of the same *(or equivalent<sup>5</sup>)* securities (excluding a Broad-based Security<sup>6</sup>) shall not be executed until the ***sixth business day*** following the completion of any transaction for a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The purchase and redemption of shares of any Calamos advised or sub advised open-end fund by an Investment
Person, Access Person, Outside Trustee or Outside Director shall not be viewed as a conflicting transaction for the purpose of this section.

**Restricted List**

When Calamos has access to Material Nonpublic Information on a security, the security will be placed on the Restricted List. NO personal trading is allowed in the security until it is removed from the Restricted List. The trading and compliance departments are not required to answer your questions about what is on the restricted list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Event Specific Trading Restrictions** 

Calamos reserves the right to impose other trading restrictions from time to time on specified securities and on groups of its directors, officers, employees, consultants, Related Persons or the entire firm when, in the judgment of the General Counsel, restrictions are warranted. Calamos will notify those affected by such trading restriction, when it begins and when it ends. Those affected should not disclose to others the fact of such trading suspension.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Other Trading Restrictions** 

Calamos reserves the right to impose other trading restrictions from time to time on types of securities, specified securities and on individual Access Persons, groups of its directors, officers, employees, consultants, Related Persons, or the entire firm when the CCO, General Counsel, Chairman, or CEO believe it is warranted for any reason. These may be short-term or permanent restrictions.

<sup>5</sup> For the purposes of identifying an equivalent security, for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day.

<sup>6</sup> Trades in Broad-based Securities require pre-clearance approval subject to the 60 day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **No Initial Public Offerings** 

No Access Person or Related Person, and as provided by FINRA Rule 5130, no director, officer, or registered representative of CFS, shall acquire a Beneficial Ownership Interest in any security in an Initial Public Offering ("IPO"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Margin Accounts** 

Although margining and pledging securities as collateral is not prohibited, ***it is strongly discouraged.*** In any margin or loan account, the securities used as collateral may be sold without your consent to meet a margin call or to satisfy a loan. If such a sale occurs when a security is on the restricted list, during a black out period or when you have access to Material Nonpublic Information, it may raise questions of whether unlawful insider trading and/or violations to the provisions of Section 16 of the Securities and Exchange Act of 1934, as amended (the "Exchange Act") have occurred.

If you are unable to meet a margin call, you must contact the CCO in advance of the call date to discuss plausible exit strategies.

**4. <u>Trading Calamos Closed-End Funds and Exchange Traded Funds</u>**

**Closed-end Funds and** **<u>ETFs</u> are Covered Securities and therefore require employees to obtain pre-clearance within the Firm's Compliance Monitoring System to purchase or sell shares of these funds.** In addition, those persons identified as Section 16 individuals (Appendix B) must consult with an attorney in the Legal Department, prior to engaging in such transactions to ensure the security is not on the restricted list, and must notify the Legal Department on the day such transaction was made so the appropriate filing can be made with the SEC. This excludes dividend or capital gain reinvestments pursuant to a dividend or capital gain reinvestment plans. Such notification is required to meet reporting obligations under Section 16 of the Exchange Act and the rules thereunder. *See the Policy and Procedures for Filings under the Exchange Act Sections 13 and 16 for more information.*

**<u>Private Securities Transactions</u>**

No Access Person shall acquire a Beneficial Ownership Interest in any security in a private securities transaction without the *express written prior approval* of the Chairman or CEO of Calamos (FINRA Rule 3280). Access persons must notify the Compliance Department via the Firm's compliance monitoring system and await receipt of the written approval before engaging in any private securities transaction.

Private securities transactions are any non-publicly traded securities transactions including, transactions in unregistered offerings of securities, and purchases or sales of limited partnership interests.

In deciding whether that approval should be granted, consideration will be given to whether the investment opportunity should be reserved for clients and whether the opportunity has been offered because of the person's relationship with Calamos or its clients.

An Investment Person who holds a private security must disclose that investment to a Co-Chief Investment Officer *and* the CCO if he or she later participates in consideration of an investment in that issuer for a client's account. Any investment decision for the client relating to that security must be made by *other* Investment Persons.

**5.**  **<u>Additional Exceptions and Exemptions to Trading Policies, Procedures and Restrictions</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Discretionary and Managed Account Exemptions** 

Security transactions in an account in which an Access Person or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code *if* the Access Person or a Related Person **has no direct or indirect influence or control over the account (i.e., the account is managed on a discretionary basis) and the Access Person or Related Person does not have knowledge of the transaction until after it has been executed and provided the Access Person has previously identified the account to the Compliance Department via the Firm's compliance monitoring system.**

Discretionary Accounts must be requested within the Compliance monitoring system and approved by Compliance. For an account to be deemed discretionary, supporting documentation must be provided, from the financial adviser of the discretionary or managed account as well as a copy of the most recent account statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;·  ***De Minimis* Exceptions** 

Purchases or sales in an amount of no more than $10,000<sup>7</sup> in a Covered Security<sup>8</sup> of an issuer (other than shares of mutual funds) that has a market capitalization of at least $100 billion are exempt from the prohibitions with respect to whether Calamos is trading the same or equivalent security for the accounts of its clients, however pre-clearance is still required. Further, trades falling within this *de minimis* exception still must be reported pursuant to the requirements of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Hardships or other Exceptions** 

Under unusual circumstances, such as a personal financial emergency, or when it is determined that no conflict of interest or other breach of duty is involved, application for an exemption from certain restrictions on trading (but not pre-clearance or reporting requirements) under this Code may be made to the CCO, which application may be denied or granted in the CCO's discretion. To request consideration of an exemption, submit a written request containing details on your circumstances and the reason(s) for the exception requested.

The CCO may approve such exceptions from the Code applicable to an individual, based on the unique circumstances of such individual and based on a determination that the exceptions can be granted (i) consistent with the individual's fiduciary obligations to clients and (ii) pursuant to procedures that are reasonably designed to avoid a conflict of interest for the individual.

<sup>7</sup> May not exceed an aggregate of $10,000 within 30 calendar days. In calculating the value of options for purposes of the *de minimis* exception, the calculation is based on the market value of the shares underlying the option contract (notional value), and not the value of the option contract itself.

<sup>8</sup> This excludes trades in Broad-based Securities which require pre-clearance approval subject to the 60 day holding period.

In addition, the CCO may exempt from Access Person status any individual or class of individual employee that is not required under Rule 204A-1 or Rule 17j-1 to be covered by the Code in circumstances that are deemed likely to not raise any conflicts with Calamos clients.

Any such exceptions shall be subject to such additional procedures, reviews and reporting as determined appropriate by the CCO in connection with granting such exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Corporate Accounts Hedging Transactions** 

Certain affiliates of Calamos and its owners ("Calamos Family") may invest in and hedge<sup>9</sup> investments made by them in products managed by Calamos to support the continued growth of our investment products and strategies, including investments to seed new products. Notwithstanding any provision to the contrary in this Code, investments, and the corresponding hedging transactions, made by certain Calamos affiliates and the Calamos Family in Calamos products (excluding Closed-End Funds and ETFs) are not subject to the substantive restrictions in this Code, such as the short-term trading ban. However, the hedging transactions are subject to pre-clearance by the Corporate Investment Committee. The Adviser's CCO and Funds' CCO are copied in the approval process. In addition, these entities do not receive preferential treatment over clients (They may, however, be traded together with discretionary client transactions).

The General Counsel may approve additional strategies or instruments based on unusual market circumstances and on the determination that the transactions would not impact on the broader market or conflict with any client activity.

**TRADING POLICIES AND PROCEDURES FOR OUTSIDE TRUSTEES, UNAFFILIATED TRUSTEES, OUTSIDE DIRECTORS AND THEIR RELATED PERSONS**

Although an Outside Trustee, or an Unaffiliated Trustee, or Outside Director are generally exempt from certain reporting requirements, they are required to file quarterly transaction reports under certain circumstances. They shall report in writing to the CCO of the Calamos Funds, within 30 days after the end of a calendar quarter, any transaction by him or her or a Related Person in a Covered Security if, at the time of the transaction he or she knew, or in the ordinary course of fulfilling his or her duties as a Trustee or Director should have known, that on the day of the transaction or within 15 days before or after that day a purchase or sale of that Covered Security was made by or considered for a Fund. Such reporting, if required, shall contain the same information required for Access Persons (as described above in the Section entitled: "Reporting Requirements").

An Outside Trustee or Unaffiliated Trustee or Related Persons shall also report in writing to the Fund CCO and the Calamos Legal Department, for the filing of Form 3 and Form 4, **<u>within one business day</u>**, any personal securities transaction by him or her or a Related Person of any of him or her in shares of Calamos Closed-End Funds and ETFs. Such reporting is required to meet obligations under Section 16 of the Exchange Act and the rules thereunder.

<sup>9</sup> For purposes of the Code, hedging transactions, or a series of hedging transactions, are defined as instruments used to reduce the overall risk and volatility of investments made in Calamos products only. The instruments used to complete the hedging transactions must be Broad-based Securities which can be long and/or short instruments that may include, but not limited to, indices, ETFs, and futures as well as options on these instruments. Hedging transactions may also include index collars which are commonly employed in order to add downside protection while making a trade-off and limiting upside profit potential by writing calls to help finance the cost of the puts.

**1. <u>No Transactions with Clients</u>**

No Outside Trustee or Related Persons shall knowingly sell to or purchase from a client any security or other property except securities issued by that client.

**2. <u>No Conflicting Transactions</u>**

No Outside Director, Outside Trustee, Unaffiliated Trustee nor any Related Person of any of them**,** shall purchase or sell, directly or indirectly, any Covered Security in which such persons has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership Interest (other than shares of an open-end fund advised or sub advised by Calamos) that the person knows or has reason to believe is being purchased or sold or considered for purchase or sale by a client, until the client's transactions have been completed or consideration of such transactions has been abandoned.

A security is being "actively considered" (a) when a recommendation to purchase or sell has been made for the client and is pending or (b) with respect to the person making the recommendation, when that person is seriously considering making the recommendation.

Absent extraordinary circumstances, a personal securities transaction of the same *(or equivalent<sup>10</sup>)* securities (excluding a Broad-based Security) shall not be executed until the ***<u>sixth business day</u>*** following the completion of any transaction for a client.

The purchase and sale of shares of any open-end fund advised or sub advised by Calamos by an Investment Person, Outside Trustee, Outside Director or Related Persons shall not be viewed as a conflicting transaction for the purpose of this section.

A purchase or sale of securities in an account in which an Outside Trustee or a Related Person has a Beneficial Ownership Interest shall not be subject to the prohibitions of the Code if the Outside Trustee or a Related Person of the Outside Trustee **has no direct or indirect influence or control over the account** (i.e., the account is managed on a discretionary basis by someone other than the Outside Trustee or the Related Person, and the Outside Trustee or Related Person does not have knowledge of the transaction until after it has been executed).

**3. <u>Section 16 Reporting and Prohibitions</u>**

Under the requirements of Section 16 of the Exchange Act and the rules thereunder, certain parties are required to report any transactions in the Calamos Advised Closed-End Funds and Calamos Advised ETFs or other than acquisitions resulting from the reinvestment of dividends or interest pursuant to a dividend or interest reinvestment plan.

<sup>10</sup> For the purposes of identifying an equivalent security, for individual entities, the Compliance Department will review client transactions at the issuer level. Therefore, a request for an equity purchase will be denied if a conflicting convertible security in the same name has been placed for a client within **five** business days. Barring any further activity or conflicts, the associate could trade on the sixth business day.

These persons include:

&nbsp;&nbsp;&nbsp;&nbsp;· CEO

&nbsp;&nbsp;&nbsp;&nbsp;· Funds principal financial officer or principal accounting officer

&nbsp;&nbsp;&nbsp;&nbsp;· Any trustee of the Funds, including Outside Trustees

&nbsp;&nbsp;&nbsp;&nbsp;· Any directors of CAM, including Outside Directors

&nbsp;&nbsp;&nbsp;&nbsp;· Any vice-president of Calamos in charge of a principal business unit, division, or function (such as sales,
administration or finance)

&nbsp;&nbsp;&nbsp;&nbsp;· Any other officer or person of Calamos who performs a policy-making function.

Individuals subject to this requirement are listed in Appendix B, which may be amended from time to time.

Directors, officers, and principal shareholders of the Funds are subject to the "short swing" trading provisions of Section 16. Subject to certain exceptions, an officer, director, or principal shareholder who engages in any combination of purchase and sale, or sale and purchase, of the Funds within any period of less than six months must turn over to the Funds any profit realized, or loss avoided by such a combination of transactions. ***This is an absolute penalty imposed by law, and it is imposed regardless of any intention on the part of the director, officer, or owner.***

Transactions of Immediate Family members of the persons listed above are generally subject to the reporting requirements, on the theory that such persons will financially benefit from these transactions.

These persons must also file an Initial Statement of Beneficial Ownership of Securities (known as "Form 3") to report share ownership, or when becoming a reporting party, and Statement of Changes of Beneficial Ownership of Securities (known as "Form 4") for subsequent reports of transactions. Although the Legal Department is prepared to assist these persons in preparing such filings, *the responsibility for such filings*, including notifying the Legal Department of the transaction and obtaining prior approval, as stated above, *is that of the individual.*

**OTHER REGULATORY REQUIREMENTS**

Certain other restrictions are imposed upon Calamos personnel, other than Outside Trustees, Unaffiliated Trustees and Outside Directors, as a result of being in a highly regulated industry.

**1. <u>Outside Employment or Outside Business Activity</u>**

What employees do outside the office on their own time is their business as long as it does not reflect negatively on or otherwise conflict with the company and its activities. However, for full-time employees of Calamos, it is expected that their position with the company is their primary employment. Any outside activity must not interfere with an employee's ability to properly perform his or her job responsibilities.

Personnel contemplating a second job or other outside activity must notify their supervisor immediately. The supervisor will thoroughly discuss this opportunity with the employee to ensure it will not interfere with job performance at Calamos, nor pose a conflict of interest. All outside business activities must be preapproved by your supervisor and reported to the CCO via the Firm's compliance monitoring system *before* you engage in the activity.

**2. <u>Service as a Director or Officer</u>**

No Access Person may serve as a member of the board of directors or trustees, or as an officer, of any publicly held company without the prior written approval of the Chairman, CEO, President or the CCO, based on a determination that the board service would not be inconsistent with the interests of Calamos clients. If an Investment Person is serving as a board member, that Investment Person shall not participate in making investment decisions relating to the securities of the company on whose board he or she sits. Because of the potential for real or apparent conflicts of interests, such service is strongly discouraged.

**3. <u>Gifts and Entertainment</u>**

Conflicts of interest may arise when employees are presented with gifts or entertainment from persons doing business with Calamos or hoping to do business with same. The Advisers Act as well as the 1940 Act require that Firms address these potential conflicts by adopting policies and procedures pertaining to Gifts and Entertainment. If a conflict does arise, the burden of proof falls on Calamos to prove they acted in the best interest of the client(s). So, if ever there is a doubt regarding if a conflict exists, an employee should assume a conflict does exist, and therefore, he or she should not give or accept a gift or entertainment.

Regulations require Calamos to monitor gifts and entertainment. See also the separate policy on Gifts and Entertainment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Gifts** 

Employees may not give or receive a gift with a value greater than $100 per year, per giver or recipient. If multiple gifts are given or received, their combined value may not exceed $100 per year.

Cash or cash equivalents are not allowed to be given or accepted. This includes a gift card that may be converted into cash. Any gift accepted must only be accepted by an employee who is certain that there is no conflict of interest, or appearance of same, raised by the acceptance of such gift. No gifts in poor taste may be given or accepted.

Pre-approval is required when giving gifts. An employee should enter the gift via the Firm's compliance monitoring system providing the recipient's name, title, and company, as well as a description of the gift and its actual or estimated value. The employee must await approval from the Compliance Department *before* giving the gift.

Gifts *received* must be reported upon occurrence to the Compliance Department via the Firm's compliance monitoring system. The report should include the name of the giver, with title and company name as well as a description of the gift and its' actual or estimated value. The CCO reserves the right to require the employee to return any gift if it determines such return is appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Entertainment** 

Entertainment provided or accepted must be appropriate and reasonable. The employee must consider any conflicts or potential conflicts prior to providing or participating in entertainment.

Employees may obtain Calamos owned tickets to, for example, a sporting event. When the tickets are used by an employee with a client or vendor, it is considered entertainment. If the employee gives the tickets to a client (or vendor, etc.) and does not attend the event himself, the tickets are considered a gift and the $100 limit applies. The same is true if a Calamos employee accepts tickets from a client or vendor and attends the event without that client or vendor, this is a gift and it should be pre-approved by the Compliance Department.

An employee should not provide or accept entertainment to or from the same client (or vendor, etc.) on a frequent basis. Invitations for excessive or extravagant entertainment must be declined. If such entertainment is accepted inadvertently, it must be reported to the Compliance Department via the Firm's compliance monitoring system.

**4. <u>Identifying and Reporting Conflicts of Interest and Other Ethical Concerns</u>**

Calamos believes that the interests of Calamos and its clients can and should be aligned, despite the potential for conflicts of interest in the investment adviser/client relationship. In addition to being in the best interests of our clients to avoid conflicts of interest, it is in the best interest of Calamos itself to avoid actual and even, if possible, potential conflicts of interest.

In a company of our size and complexity, it can become difficult to identify conflicts of interest and other potential problems. But identification is the first and most necessary step in resolving those issues. Calamos believes that those dealing with the details of running its business operations are in just as good a position – often a better one – as Calamos' management to identify potential problems.

All Calamos employees have an interest in identifying and solving potential problems. Each employee should feel free to raise questions and analyze what he or she is doing. In the end, Calamos is paying all of us to think and use our best judgment, and that includes raising questions and joining the discussion that shapes our business policies and practices. If any person subject to the Code is concerned about an apparent conflict of interest, or any other legal or ethical question involving our businesses, that person should raise their concerns with the CCO or General Counsel.

An employee may report concerns directly to his or her manager or to Senior Management".

Calamos encourages open-door, in-person reporting of concerns but also recognizes that some individuals may feel uncomfortable raising issues, especially if they question the propriety of something that is occurring. Thus, as an alternative to direct reporting, a person may report concerns via EthicsPoint, which is an independent third-party service provider contracted to facilitate anonymous reporting of concerns. Ethics Point is described more completely on the Calamos intranet site and also is accessible through <u>https://secure.ethicspoint.com/domain/media/en/gui/6143/index.html</u>.

Calamos will not tolerate retaliation in any form against employees, contractors or agents who in good faith report actual or suspected concerns under this policy or against individuals who assist in the investigation of reported illegal or unethical conduct. Any act of retaliation should be reported immediately. Unless the employee, contractor or agent was involved in illegal or unethical conduct, Calamos will not take adverse action against such person for good faith reporting or investigation assistance.

This policy should be read in conjunction with the "Calamos Internal Whistleblower Policy", accessible on the Calamos intranet site.

This policy is intended to encourage persons subject to the Code to raise any concerns regarding illegal or unethical conduct. However, consistent with SEC Rule 21F-17, nothing in this policy or any other policy or agreement, limits an individual from initiating communications directly with, responding to any inquiry from, volunteering information to, or providing testimony before, the SEC, the Department of Justice, FINRA., any other self-regulatory organization or any other governmental, law enforcement, or regulatory authority, in connection with any reporting of, investigation into, or proceeding regarding suspected violations of law, and no individual is required to advise or seek permission before engaging in any such activity. In connection with such activity, individuals should identify any information that is confidential and ask the government agency for confidential treatment of such information. Despite the foregoing, individuals are not permitted to reveal to any third party, including any governmental, law enforcement, or regulatory authority, information that is protected from disclosure by any applicable confidentiality provisions or privilege, including but not limited to the attorney-client privilege, attorney work product doctrine and/or other applicable legal privileges. Calamos does not waive any applicable privileges or the right to continue to protect its privileged attorney-client information, attorney work product, and other confidential or privileged information. Additionally, an individual's ability to disclose information may be limited or prohibited by applicable law and Calamos does not consent to disclosures that would violate applicable law. Applicable laws include, without limitation, laws and regulations restricting disclosure of confidential supervisory information or disclosures subject to the Bank Secrecy Act (31 U.S.C. §§ 5311-5330), including information that would reveal the existence or contemplated filing of a suspicious activity report. Confidential supervisory information includes any information or materials relating to the examination and supervision of Calamos by applicable regulatory agencies, materials responding to or referencing non-public information relating to examinations or supervision by regulatory agencies and correspondence to or from applicable regulators.

**RECORD RETENTION**

The Compliance Department shall maintain the records listed below for a period of five years in a readily accessible place:

&nbsp;&nbsp;&nbsp;&nbsp;· a copy of each Code that has been adopted or been in effect at any time during the past five years;

&nbsp;&nbsp;&nbsp;&nbsp;· a record of any violation of the Code and any action taken as a result of such violation for five years
from the end of the fiscal year in which the violation occurred;

&nbsp;&nbsp;&nbsp;&nbsp;· a record of all written acknowledgements of receipt of the Code and amendments for each person who is
currently, or within the past five years was, a Supervised Person;

&nbsp;&nbsp;&nbsp;&nbsp;· a record of each holding and transaction report made pursuant to the Code, including any brokerage confirmation
and account statements made in lieu of these reports;

&nbsp;&nbsp;&nbsp;&nbsp;· a record of any decision and supporting reasons for approving the acquisition of securities in limited
offerings for at least five years after the end of the fiscal year in which approval was granted; and

&nbsp;&nbsp;&nbsp;&nbsp;· a copy of each SEC Form 3, Form 4, and Annual Statement of Beneficial Ownership of Securities.

**Appendix A – In-Scope Entities**

This policy pertains to the entities listed in the following tables (collectively referred herein as "Calamos" or "the Firm").

Companies

---

| | |
|:---|:---|
| **Company name** | **Description** |
| Calamos Asset Management, Inc. | Holding company |
| Calamos Investments LLC | Consolidated company managed by CAM |
| Calamos Advisors LLC | U.S. Investment Advisor |
| Calamos Wealth Management LLC | U.S. Investment Advisor |
| Calamos Financial Services LLC | U.S. Distributor |

---

*Table 1 - List of In-Scope Companies*

Funds for U.S. Investors

---

| |
|:---|
| **Open-End Fund Name** |
| Calamos Investment Trust |
| Calamos Advisors Trust |
| Calamos ETF Trust (excluding the Calamos Antetokounmpo Global Sustainable Equities ETF series) |
| **Closed-End Fund Name** |
| Calamos Convertible Opportunities and Income Fund |
| Calamos Convertible and High Income Fund |
| Calamos Strategic Total Return Fund |
| Calamos Global Total Return Fund |
| Calamos Global Dynamic Income Fund |
| Calamos Dynamic Convertible and Income Fund |
| Calamos Long/Short Equity & Dynamic Income Trust |

---

*Table 2 - List of In-Scope U.S. Funds*

Funds for non-U.S. Investors

---

| |
|:---|
| **UCIT Name** |
| Calamos Global Convertible Fund |
| Calamos Growth and Income Fund |

---

*Table 3 - List of In-Scope E.U. Funds*

Revision Date

---

| |
|:---|
| **Date** |
| Adopted: June 30, 2005 |
| Revised: March 17, 2009 |
| Revised: December 04, 2013 |
| Revised: June 23, 2014 |
| Revised: September 25, 2014 |
| Revised: July 1, 2016 effective August 1, 2016 |
| Revised: November 1, 2016 |
| Revised: January 24, 2017 |
| Revised: December 12, 2017 |
| Revised: October 12, 2018 |
| Revised: July 9, 2019 |
| Revised: September 25, 2019 |
| Revised: June 30, 2020 |
| Revised: March 24, 2021 |
| Revised: June 30, 2021 |
| Revised: October 31, 2022 |
| Revised: January 26, 2023 |
| Revised: September 26, 2023 |
| Revised: December 12, 2023 |
| Revised: March 28, 2024 |
| Revised: April 10, 2025 |

---

*Table 4 – List of Revision Dates for Policy*

**<u>APPENDIX B</u>**

<u>SECTION 16 INDIVIDUALS</u>

(Dated: 12/17/24)

John P. Calamos, Sr., Chairman, Trustee and President, Calamos Funds

John S. Koudounis, Vice President, Calamos Funds

Erik D. Ojala, Vice President and Secretary, Calamos Funds

Thomas Kiley, Vice President, Calamos Funds

Thomas E. Herman, Vice President and Chief Financial Officer, Calamos Funds

Daniel L. Dufresne, Vice President, Calamos Funds

Mark J. Mickey, Chief Compliance Officer, Calamos Funds

Stephen Atkins, Treasurer, Calamos Funds

John E. Neal, Trustee

William R. Rybak, Trustee

Virginia G. Breen, Trustee

Lloyd A. Wennlund, Trustee

Karen L. Stuckey, Trustee

Christopher M. Toub, Trustee

**<u>APPENDIX C</u>**

<u>FIRMS WITH ELECTRONIC FEEDS TO FIRM'S COMPLIANCE</u>

<u>MONITORING SYSTEM</u>

(Updated 12/12/2024)

Ameriprise

Charles Schwab

Chase Investment Services

Citigroup Global Markets Inc.

Edward Jones

E\*Trade

Fidelity

Interactive Brokers

JP Morgan

Merrill Lynch

Morgan Stanley Smith Barney

Raymond James & Associates

RBC Wealth Management

TD Ameritrade

T. Rowe Price

UBS

U S Bank

Vanguard

Wells Fargo

William Blair

## Exhibit 99.2

**Exhibit 99.2(r)(3)**

**<u>APPENDIX A</u>**

**<u>CODE OF ETHICS</u>**

**<u>INTRODUCTION</u>**

High ethical standards are essential for the success of Aksia and to maintain the confidence of Aksia's Clients. Aksia's long-term business interests are best served by adherence to the principle that the interests of Advisory Clients come first. We have a fiduciary duty to Advisory Clients to act solely for the benefit of such Clients. All Supervised Persons of Aksia must put the interests of Aksia's Advisory Clients before their own personal interests and must act honestly and fairly in all respects in dealings with Advisory Clients. All personnel of Aksia must also comply with all federal securities laws. In recognition of Aksia's fiduciary duty to its Advisory Clients and Aksia's desire to maintain its high ethical standards, Aksia has adopted this Code of Ethics (the "**Code**") containing provisions designed to prevent improper personal trading, identify conflicts of interest and provide a means to resolve any actual or potential conflicts in favor of Aksia's Clients. Aksia will use reasonable diligence and institute procedures reasonably necessary to prevent violations of the Code. No less frequently than annually, Aksia will furnish to the CCO a written report that (i) describes any issues arising under the Code since the last report, including information about material violations of the code or procedures, and sanctions imposed in response to the material violations, and (ii) certifies that Aksia has adopted procedures reasonably necessary to prevent its access persons from violating its code.

Adherence to the Code and the related restrictions on personal investing is considered a basic condition of employment by Aksia. If you have any doubt as to the propriety of any activity, you should consult with Compliance, who is charged with the administration of the Code.

**I.** **PERSONAL TRADING POLICY**

**A.** **Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Automatic Investment Plan</u> means a program in which regular periodic purchases (or
 withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation,
 including a dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Beneficial Ownership</u> includes ownership by any person who, directly or indirectly, through any
contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect power to vote or influence the transaction
decisions regarding a specific account.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Fund</u> means an investment company registered under the Investment Company Act to which Aksia provides
investment advice.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Immediate Family Member</u> means any child, stepchild, grandchild, parent, stepparent, grandparent,
spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships.

5. <u>Small Cap Stock</u> means any equities in publicly traded companies which have a market value of less
than $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Reportable Security</u> means a security as defined in Section 202(a)(18) of the Act (15 U.S.C.
80b-2(a)(18)) and includes any derivative, options or forward contracts relating thereto, securities-based swaps, interests in limited
partnerships and other private funds, shares of exchange-traded funds, and shares of registered funds managed by the Adviser or registered
funds whose adviser or principal underwriter controls the Adviser, is controlled by the Adviser, or is under common control with the Adviser
(each a "Reportable Fund") except that it does <u>not</u> include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt
instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** Currencies, including cryptocurrencies and any derivatives thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** Commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** Indices and index futures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**f.** Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**g.** Shares issued by registered open-end funds other than Reportable Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**h.** Shares issued by unit investment trusts that are invested exclusively in one or more registered open-end
funds, none of which is a Reportable Fund.

7. <u>Restricted Security</u> means any security that is (1) a publicly listed Client of Aksia; (2) a
security Aksia is researching, analyzing or considering buying or selling for a Client; or (3) a security on which Aksia currently
is or may become in possession of material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Short Sale</u> means the sale of securities that the seller does not own. A Short Sale is "against
the box" to the extent that the seller contemporaneously owns or has the right to obtain securities identical to those sold short,
at no added cost.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Supervised Person</u>, as defined on Page 1 of the Manual, includes Aksia's partners, officers,
and employees and any other person who provides advice on behalf of the Adviser and is subject to the Adviser's supervision and
control in preventing violations of the Advisers Act and the rules promulgated thereunder. For the avoidance of doubt, all of Aksia's
Access Persons, as defined in the Investment Company Act of 1940, shall be considered Supervised Persons.

**B.** **Applicability**

The Code, and the personal trading policy, applies to **<u>all</u>** of a Supervised Person's "Personal Accounts" unless Compliance has granted an exception.

In addition to accounts maintained by and for the Supervised Person themselves, a "Personal Account" also includes all accounts maintained by or for any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Supervised Person's spouse (other than a legally separated or divorced spouse of the Supervised
Person), minor children, and step-children, regardless of whether they are living in the Supervised Person's household (other than
a legally separated or divorced spouse);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other Immediate Family Members who live in the Supervised Person's household (e.g., siblings,
parents and in-laws);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any persons to whom the Supervised Person provides primary financial support, and either (i) whose financial affairs the Supervised
Person controls, or (ii) for whom the Supervised Person provides discretionary advisory services (regardless of whether such persons
are living in the Supervised Person's household); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any partnership, corporation or other entity in which the Supervised Person has a 25% or greater beneficial
interest, or in which the Supervised Person exercises effective control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Restrictions on Personal Investing Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General** 

Each Supervised Person is responsible for ensuring that a particular securities transaction being considered for any Personal Account is not subject to a restriction contained in the Code or otherwise prohibited by any applicable laws. Securities transactions in any Personal Account may be effected **<u>only</u>** in accordance with the provisions of this policy absent an exception from Compliance.

It is unlawful for a Supervised Person of Aksia, in connection with a purchase or sale by the person of a security held or to be acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make any untrue statement of a material fact to the Fund or omit to state a material fact necessary in
order to make the statements made to the Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage in any act, practice or course of business that operates or would operate as a fraud or deceit
on the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engage in any manipulative practice with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Prohibitions on Trading Certain Securities** 

Supervised Persons may not execute any personal transaction of any kind in any security that is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A security that Aksia is researching, analyzing or considering buying or selling for a client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A security on which Aksia currently is or may become in possession of material non-public information;
or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Restricted Security, except with the prior written approval of Compliance. A list of Restricted Securities
is maintained by Compliance on the MCO portal through the Personal Trading tab (the Restricted List link is on the left) and is amended
from time to time. Please refer to the Restricted List on a regular basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 60-Day Holding Requirement

All securities must be held for at least 60 days from the time of purchase and may not be re-purchased within 60 days following a sale except with the prior written approval of Compliance. This 60-day holding restriction is NOT lot-specific, applies to any and all trading in the name and also applies to options, bonds, short sales, and covers (but does not apply to ETFs or mutual funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Small Cap Trading

Personal Accounts may not be used to purchase Small Cap stock, except with the prior written approval of Compliance. This Small Cap purchasing restriction applies to equities, options and bonds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Initial Public Offerings ("**IPOs**")

Personal Accounts may not be used to acquire any direct or indirect beneficial ownership in any securities in any initial public offering, except with the prior written approval of Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Hedge Fund, Fund of Hedge Funds, Private Equity Fund or Private Credit Fund

Personal Accounts may not be used to acquire ownership, or the ownership of any type of fund shares that are offered pursuant to a private placement (each, a "**Private Fund**"), except with the prior written approval of Compliance.

**IF A PERSONAL ACCOUNT HAS DIRECT OR INDIRECT BENEFICIAL OWNERSHIP IN A PRIVATE FUND, BY VIRTUE OF THE FACT THAT SUCH BENEFICIAL OWNERSHIP EXISTED PRIOR TO A SUPERVISED PERSON BEING AFFILIATED WITH AKSIA, THE SUPERVISED PERSON MUST NOTIFY COMPLIANCE IMMEDIATELY. A FULL REDEMPTION OF SUCH INVESTMENT MAY BE REQUIRED.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Private Placements and Investment Opportunities of Limited Availability

Personal Accounts may not be used to acquire any beneficial ownership in any private placement of securities (including Private Funds or venture capital funds) (collectively, "**Private Placement Interests**") or investment opportunity of limited availability, except with the prior written approval of Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Management of Non-Adviser Accounts

Supervised Persons are prohibited from managing accounts for third parties who are not Clients of Aksia or serving as a trustee for third parties unless Compliance pre-clears the arrangement and finds that the arrangement would not harm any Client. Compliance may require the Supervised Person to report transactions for such account and may impose such conditions or restrictions as are warranted under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Subsequent Breaches

Supervised Persons may not engage in transactions that, while initially compliant, have a high likelihood of causing a future violation of any part of the Personal Trading Policy. For example, avoid engaging in a transaction in which an option may be exercised or expire in less than 60 days (long or short). Also, positions established as a result of an option expiration must meet the 60-day holding period requirement from the date of exercise.

**D.** **Exceptions from Reporting Requirements**

In recognition of the *de minimis* or involuntary nature of certain transactions, and the nature of certain financial instruments, this section sets forth exceptions from the reporting requirements. Accordingly, the following transactions will be exempt only from the reporting requirements in Section II.E. below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales in a Personal Account that are non-volitional such as purchases that are made pursuant
to a merger, tender offer or exercise of rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales in a Personal Account that are made pursuant to an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions in securities in a Personal Account that are not Reportable Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions effected in, and the holdings of, any account over which the Supervised Person has no direct
or indirect influence or control (i.e., blind trust, discretionary account, 529 Plan, or trust managed by a third party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure of Brokerage Accounts** 

Except as otherwise approved by Compliance, all Supervised Persons will, generally, within 10 days of commencement of employment with Aksia, submit through MCO a listing all of the names and account numbers of any brokerage firms or banks that constitute Personal Accounts in which any Reportable Securities are held. **Except as otherwise approved by Compliance, Personal Accounts are only permitted at the following five brokerage firms: Fidelity, Morgan Stanley/E\*Trade, Vanguard, Charles Schwab or Interactive Brokers.** Compliance may require an employee to close any Personal Accounts held at any other brokerage firm. For any Personal Accounts approved by Compliance which are not held at an approved brokerage firm or cannot be set up in MCO, Supervised Persons must otherwise provide and/or direct the relevant brokers or custodians or any persons managing the Personal Account in which any Reportable Securities are held to supply Compliance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An Initial Holdings Report, including the title, number of shares and principal amount of each holding,
the name of any broker, dealer or bank with whom the Supervised Person holds an account, and the date that the report is submitted. Information
in an Initial Holdings Report must be current as of a date no more than 45 days prior to the date the report was submitted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Monthly or quarterly brokerage statements for such Personal Account; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A report of the securities transactions effected through such Personal Account no later than 30 days after
the end of each calendar quarter, which provides a list of each transaction in a Reportable Security covered by the report (including
the date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount,
the nature of the transaction (purchase, sale, or any other type of acquisition or disposition), the price, the name of the broker, dealer
or bank with or through which the transaction was effected, the date the report was submitted) unless all information required to be included
in such transaction report is contained in brokerage account statements provided by the broker to Aksia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An Annual Holdings Report in the same format as the Initial Holdings Report but submitted on an annual
basis, with information current as of a date no more than 45 days prior to the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **New Accounts** 

New Personal Accounts may only be opened at one of the six approved brokerage firms listed above. Each Supervised Person must promptly disclose through MCO any new account in which any securities are held with a broker or custodian or if he or she moves such an existing account to a different broker or custodian. **As a reminder, life events such as a marriage, children, or other change in a Supervised Person's household may warrant disclosure of additional accounts to which this Code applies because the definition of a "Personal Account" includes more than just a Supervised Person's own account(s).**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Exceptions to Reporting Requirements** 

A Supervised Person need not submit any report with respect to securities held in Personal Accounts over which the Supervised Person or account holder of the Personal Account has no direct or indirect influence or control or transaction reports with respect to transactions effected pursuant to an automatic investment plan. However, these accounts must still be disclosed through MCO with either (1) a letter from the brokerage firm confirming a lack of direct or indirect influence or (2) a representation from the Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Reporting of Violations** 

Supervised Persons must immediately report any suspected violations of the above policy to Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Transactions Subject to Review** 

The Reportable Securities transactions will be continuously compared against the Restricted List as well as monitored for any other violations.

**F.** **Enforcement** 

At the discretion of Compliance, violations of this Personal Trading policy may result in consequences for the violating employee, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· First offense: Warning;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Second Offense: Six-month suspension of personal trading in Reportable Securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Third Offense: Permanent suspension of personal trading in Reportable Securities.

**G.** **Recordkeeping** 

Aksia will maintain at its principal place of business the following records:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A copy of each Code of Ethics that is in effect, or was in effect at any time within the past 5 years
(in an easily accessible place);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A record of any violation of the code, and of any action taken as a result of the violation, for at least
5 years after the end of the fiscal year in which the violation occurs (in an easily accessible place);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A copy of each holdings and transaction report made by a Supervised Person, including any information
provided in lieu of the reports, for at least five years after the end of the fiscal year in which the report is made or the information
is provided (the first two years in an easily accessible place);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A record of all persons, currently or within the past 5 years, who are or were required to make such reports,
or who are or were responsible for reviewing these reports (in an easily accessible place);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A Copy of each report to the CCO for at least 5 years after the end of the fiscal year in which the report
is made (the first two years in an easily accessible place); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A record of any decision, and the reasons supporting the decision, to approve the acquisition by investment
personnel of securities in an IPO or limited offering for at least 5 years after the end of the fiscal year in which the approval is granted.

**II. GIFTS AND BUSINESS ENTERTAINMENT POLICY**

In order to address conflicts of interest that may arise when a Supervised Person accepts or gives a gift, favor, special accommodation, or other items of value, Aksia places restrictions on gifts and certain types of business entertainment. Aksia is of the view that its Supervised Persons (and their Immediate Family Members) should not accept (in the context of their business activities for Aksia) excessive benefits or gifts. In general, a Supervised Person should not accept any gifts or benefits that may influence the decisions that he or she must make in business transactions involving Aksia, or that others may reasonably believe would influence those decisions. Set forth below is Aksia's policy relating to gifts and business entertainment.

**A.** **Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts mean anything of value given or received from a counterparty which Aksia does or potentially may
have a business relationship with.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entertainment constitutes anything of value given or received from a counterparty which Aksia does or
potentially may have a business relationship with and the counterparty is present.

As a point of clarification, tickets to a game in which the counterparty is not present would be deemed a "gift" whereas if the counterparty were present, the tickets would be deemed "entertainment."

**B.** **No Solicited Gifts**

No Supervised Person may intentionally use his or her position with Aksia to obtain anything of value from a Client, prospective Client, fund manager, supplier, person, or entity to which the Supervised Person refers business, or any other entity with which Aksia does business.

**C.** **No Cash Gifts**

No Supervised Person may give or accept cash gifts or cash equivalents (including gift certificates) to or from a fund manager, supplier, Client, prospective client, person or any entity that does business with or potentially could conduct business with or on behalf of Aksia.

**D.** **No Extravagant Gifts**

No Supervised Person may provide or accept gifts that is or may be viewed as, so extravagant, frequent or of such a high value as to raise a question of impropriety (reasonably determined to be a value greater than $50 per item and subject to Section III.F.2.) to or from a fund manager, supplier, Client, prospective client, person, or entity that does or potentially could do business with or on behalf of Aksia without the prior written approval of Compliance.

**E.** **No Extravagant Entertainment**

No Supervised Person may provide or accept entertainment that is or may be viewed as, so extravagant, excessive, frequent or of such a high value as to raise a question of impropriety (reasonably determined to be a value greater than $100 per instance and subject to Section III.F.2.) to or from a fund manager, supplier, Client, prospective client, person, or entity that does or potentially could do business with or on behalf of Aksia without the prior written approval of Compliance.

**F.** **No Gifts or Entertainment involving Public or Government Pensions**

No Supervised Person may provide or accept gifts or entertainment at any value to or from a trustee, member of board, staff member, or individual affiliated with any public or government pension Client or prospective client does or potentially could do business with, or on behalf of Aksia, without the prior written approval of Compliance.

**G.** **Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Pre-clearance Requirements** 

All Supervised Persons must submit for *pre-clearance* by Compliance any entertainment to or from any fund manager, general partner Client, or prospective client with a value in excess of $100 per instance (if foreign, then US equivalent) and all gifts to or from any fund manager, general partner, Client, or prospective client in excess of $50 per item (e.g. the value of a gift basket with 5 items would be the total value of each item in the basket) irrespective of face value (e.g., a game ticket with a face value of $75 but a reasonably estimated market value of $150 would need to be submitted for pre-clearance). Where the Supervised Person does not anticipate receiving a gift that is later given to such Supervised Person, approval must be sought after the gift is received.

Pre-clearance by Compliance must be obtained *at least 48 hours prior* to the receipt of expected entertainment or gift and *immediately* after receipt of an unexpected gift or entertainment that would have otherwise required pre-clearance, or as soon as practicable. Requests for pre-approval must be submitted through the MCO portal by completing the Gifts and Entertainment Request/Disclosure form found on the homepage. Compliance may require that any gift in excess of the *de minimis* value be returned to the provider or that an expense be repaid by the Supervised Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Pre-Clearance Requirements with respect to Public or Government Pension Clients or Prospective Clients** 

Some state regulations strictly prohibit or limit the value of gifts of entertainment received by trustees, members of the board, or staff of public or government pension programs. In order to ensure compliance with such regulations, Supervised Persons must disclose and pre-clear to Compliance <u>ALL</u> gifts and entertainment, irrespective of value, to or from any trustee, member of board, staff member, or individual affiliated with any public or government pension Client or prospective client.

For the avoidance of doubt, Compliance may elect to deny acceptance of a gift or entertainment below the *de minimis* threshold based on the totality of circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Disclosure Requirements with respect to Union Personnel; LM-10 Reporting** 

The Labor-Management Reporting and Disclosure Act ("LMRDA") requires that investment managers report gifts and entertainment expenses provided to union personnel, including personnel associated with union sponsored pension plans, annually on Form LM-10 with the Department of Labor's Office of Labor-Management Standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **There is an annual de minimis exemption for $250 or less provided that:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Benefits provided to the same union official by different employees of the same investment manager are
to be aggregated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Benefits provided to different union officials are not aggregated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· When an investment manager pays for a union official to attend an educational conference, the costs of
the official's meals, refreshments, travel, and lodging are counted towards reportable benefits; the costs of conference rooms and
audio-visual equipment are not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Special Rules for Widely-Attended Gatherings:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the cost of the gathering, excluding facility rental, security, and staff time, is $20 or less per
person, no Form LM-10 reporting is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the cost of the gathering, as described above, is $125 or less per person (but more than $20), an investment
manager may have the same union officials in attendance at two such gatherings during its fiscal year without any Form LM-10 reporting.
If the same union official attends three or more such gatherings, the cost attributable to all such gatherings during the fiscal year
must be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Monitoring** 

Compliance will periodically monitor reimbursement requests for gifts and business entertainment and electronic communications of Supervised Persons to review compliance with this policy.

**I.** **Recordkeeping**

Compliance will maintain records of gifts and/or business entertainment events so reported on MCO.

If Compliance identifies circumstances where a Supervised Person's receipt of gifts becomes so frequent or extensive so as to raise any question of impropriety, Compliance will review the facts of the situation and may rely upon the advice of legal counsel. Gifts or entertainment from third parties that are received by Aksia as a firm, and not any one individual, are excluded from this Policy unless deemed excessive by Compliance (in which case Compliance may opt to reject the gift(s) or entertainment).

**III. ELECTRONIC COMMUNICATIONS AND SOCIAL NETWORKING POLICY**

**A.** **Electronic Communications**

The SEC has stated that the substantive requirements and liability provisions of the Advisers Act, including the antifraud provisions of Section 206 of the Advisers Act and the rules promulgated thereunder, apply equally to electronic and paper based media.<sup>1</sup>

Accordingly, Aksia will retain all electronic communications that are required to be maintained in accordance with Rule 204-2 under the Advisers Act until an affirmative determination has been made that any particular communication can be deleted. All such electronic communications, including e-mail communications and "instant messages", will be subject to the same record retention and review policies as paper-based communications. Supervised Persons may "Instant Messaging" application Microsoft Teams as a form of communication for general business matters but may not be used for the placing or execution of any order to purchase or sell any security. Supervised Persons may not use unapproved electronic messaging systems, including text messaging, WhatsApp, WeChat or other communication applications, for business purposes, unless otherwise pre-approved by Compliance. In the event that a Supervised Person receives a business-related electronic message using a form of communication prohibited by Aksia, the Supervised Person is required to promptly alert Compliance so that appropriate steps can be taken. Electronic communications sent and received by Supervised Persons will be subject to random periodic inspections by Compliance to ensure that such communications do not violate Aksia's policies and procedures, any of the provisions of the Advisers Act, or the rules promulgated thereunder. Supervised Persons are not permitted to use personal e-mail accounts to communicate business matters of Aksia.

Electronic communications sent or received by Supervised Persons that would be required to be maintained under Rule 204-2 will be electronically maintained in Aksia's files in accordance with this Policy. Rule 204-2 requires the retention of communications with Clients and communications that relate to the following topics, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any recommendation made or proposed to be made, and any advice given or proposed to be given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any receipt, disbursement or delivery of funds or securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the placing or execution of any order to purchase or sell any security.

Supervised Persons are advised that they should have no expectation of privacy in any communication that enters, leaves, is accessed through or is stored in Aksia's communications systems, including the e-mail system or any other system accessed through Aksia's communications system. Aksia expressly reserves the right to monitor its communications systems in its sole discretion including any activities engaged in while on work time and on equipment provided by Aksia. Supervised Persons are also reminded that all electronic communications, including personal communications, may be subject to examination by the Securities and Exchange Commission.

As stated above, Supervised Persons are prohibited from using unapproved electronic messaging platforms, including, but not limited to, text messaging applications, to conduct Aksia business without prior approval from Compliance. Supervised Persons are also prohibited from using their personal e-mail accounts to conduct Aksia business. If it is discovered that a Supervised Person has violated this Policy, Compliance will request copies of all business-related e-mails from the personal e-mail account of such Supervised Person.

<sup>1</sup> United States Securities and Exchange Commission, Interpretive Release No. 33-7288, ("Use of Electronic Media by Broker-Dealers, Transfer Agents and Investment Advisers for Delivery of Information.")

A detailed description of the books and records Aksia is required to maintain under Rule 204-2 is set forth in **Appendix J** to Aksia's Compliance Manual. Any questions regarding whether a communication or other document constitutes a book or record required to be maintained should be directed to Compliance.

**B.** **Social Networking Policy** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **General** 

Supervised Persons must be mindful of how they represent themselves on social networks as the lines between public and private, personal and professional are becoming increasingly blurred. The use of social networking websites may have implications under securities laws, including but not limited to, the Advisers Act and the Securities Act of 1933, as amended. In addition, the use of social media is subject to restrictions on advertising under the Advisers Act and the 1940 Act. Supervised Persons who identify themselves as Aksia employees in a social network must ensure that such content is consistent with their role in the organization and does not compromise Aksia's brand and reputation.

"**Social media**" and "**social networks**" include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Facebook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Facebook Messenger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· X (fka Twitter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· LinkedIn;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Instagram;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Blogs and micro-blogs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· YouTube;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Snapchat;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· WeChat;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gchat;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Flickr;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Digg;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reddit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· RSS; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Participation in interactive electronic forums such as chat rooms and online seminars.

The specific websites and messaging applications referenced above are provided by way of example only, and the absence of, or lack of explicit reference to, any particular site shall not limit the extent of the application of this Policy. These sites are allowed for personal networking and may not be used for any business-related purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Permitted Activities** 

Supervised Persons shall be permitted to post Approved Content on LinkedIn. Approved Content includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Content that has been posted to Aksia's corporate LinkedIn page;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other content that has received pre-approval from Compliance. Such content may include, but is not limited
to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Third-party articles that mention Aksia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Third-party articles that mention a Supervised Person in his or her capacity as an employee of Aksia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additional text, beyond a basic description, accompanying content that has been posted to Aksia's
corporate LinkedIn page; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Prohibited Activities** 

When using social media for personal use (including professional purposes (e.g., listing individual work experience on LinkedIn.com in accordance with Section 4 below)) or on behalf of Aksia or with respect to activities relating to Aksia's business, no Supervised Person may (unless approved in accordance with Section 2, above, and except in certain circumstances with the prior written approval of Compliance):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discuss, mention or otherwise communicate any information relating to: (i) Aksia's business;
(ii) an existing, former or prospective client or investor; (iii) members of management of Aksia or other Supervised Persons;
(iv) portfolio information or potential investment opportunities; (v) a recommendation or guidance with respect to a specific
security or other investment; or (vi) confidential manager information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make any forward-looking or predictive statement about the performance or specific future results of Aksia's
monitored funds or any of its Clients' portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use superlatives to describe Aksia or our services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Host or maintain a blog or website that covers, in whole or in part, the financial industry, financial
advice or topics related thereto, or any blog or website that will (or is likely to) mention Aksia and its business or a competitor of
Aksia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide a link to the Firm's internal or external website on any blog, social networking site or
other website;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Communicate through social networking on behalf of Aksia or indicate that the views or comments being
expressed by the Supervised Person through social networking are a reflection or representation of the views of Aksia, its personnel,
or its Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Solicit clients, or conduct Firm business on social networking sites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Place marketing content on any social networking site;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide or receive a recommendation or referral to or from any other person on the site with respect to
the investment management services provided by Aksia; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Use the email or messaging function on any site other than LinkedIn to conduct business or to solicit
or communicate with Clients on any social networking site. With respect to LinkedIn, employees are permitted to use the email or messaging
function to contact individuals as part of the reference check process, but employees that wish to do so must update their LinkedIn settings,
so any emails or messages received are sent to their Aksia email accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Guidelines for Personal Use of Social Media Sites** 

Even when making posts in personal accounts, Supervised Persons may still be representing Aksia. Public perception is very important to keep in mind. The use of a personal social media account does not absolve Supervised Persons from their commitments to the Firm or applicable securities regulations. When utilizing social media, Supervised Persons should adhere to the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All information listed on sites such as LinkedIn or similar professional networking sites must be limited
to factual data such as name, title, dates of employment, and contact information but may not contain any other information about Aksia
unless specifically authorized in advance by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain social networking websites, such as LinkedIn, provide a mechanism to allow "connections"
to "recommend" or "endorse" a user who has posted a profile. Such a recommendation may be considered to be an
impermissible "testimonial" under the Advisers Act. As a result, Supervised Persons must disable
any "recommendation", "endorsement" or similar feature associated with a social networking website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Be consistent with the Firm's values, brand, and public image.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Be respectful and courteous; do not use insulting or obscene language.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Avoid conflicts of interest. The Supervised Person must bring any conflicts of interest to Compliance
immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Social media accounts used for recreational or personal purposes may not mention any affiliation with
the Firm unless specifically authorized in advance by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Refrain from using social media while on work time or equipment provided by Aksia unless specifically
authorized in advance by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consider all policies regarding confidentiality, privacy, and all applicable rules and regulations
in connection with your status as a Supervised Person of Aksia.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Monitoring** 

Supervised Persons should have no expectation of privacy when using social media on Aksia's equipment or systems. Aksia reserves the right to monitor all communications, including social media activity, using the Firm's equipment and systems. Aksia may use content management tools to monitor, review or block content on social media sites that violate Adviser's policies and guidelines. Aksia will perform a quarterly, risk-based review of the LinkedIn accounts of Supervised Persons, in order to monitor for compliance with this Policy. On a quarterly basis, Supervised Persons will be required to attest that their social media activity complies with this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Sanctions** 

Upon a determination that a violation of this Policy has occurred, Compliance may impose such sanctions or remedial action as it deems appropriate or to the extent required by law. Such remedial action may include immediate termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Use of Company Equipment and Systems** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Prohibition on Use of Cloud-Based Storage** 

Supervised Persons are prohibited from using cloud-based storage systems such as Dropbox on any device provided by Aksia. Supervised Persons will be required to immediately delete such systems upon its discovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Prohibition of Downloading Files for Personal Use** 

Supervised Persons are prohibited from using peer to peer file sharing sources such as torrents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Use of Network Resources** 

Supervised Persons should use best efforts to avoid unnecessarily burdening Aksia's network resources for non-business related content on any device. This includes streaming onto a mobile device over the Wi-Fi network.

**IV. POLITICAL CONTRIBUTIONS AND PAYMENTS TO THIRD PARTY SOLICITORS**

**A.** **Definitions**

&nbsp;&nbsp;&nbsp;&nbsp;1. " <u>Contributions</u> " means gifts, subscriptions, loans, advances, deposits of money, or
anything of value made for: (i) the purpose of influencing any election for federal, state or local office; (ii) payments of
debt incurred in connection with any such election; or (iii) transition or inaugural expenses of the successful candidate for state
or local office.

&nbsp;&nbsp;&nbsp;&nbsp;2. " <u>Covered Associates</u> " means (i) Aksia's general partners, managing members,
executive officers and other individuals with a similar status or function; (ii) Aksia's Supervised Persons and any immediate
family members living in their households; and (iii) any political action committee controlled by Aksia or by any person described
in (i) or (ii) above. An "executive officer" of Aksia means the president, any vice president in charge of a principal
business unit, division or function (such as sales, administration or finance), any other officer of Aksia who performs a policy-making
function or any other person who performs similar policy-making functions for Aksia.

3. " <u>Covered Investment Pool</u> " means (i) an investment company registered under the
Investment Company Act of 1940 that is an investment option of a plan or program of a government entity or (ii) any company that
would be an investment company under section 3(a) of the Investment Company Act of 1940, but for the exclusion provided from that
definition by either section 3(c)(1), section 3(c)(7) or section 3(c)(11) of that Act.

4. " <u>Foreign Official</u> " means any officer or employee of a foreign government or any department,
agency or instrumentality thereof, or of a public international organization, or any person acting in an official capacity for or on behalf
of any such government or department, agency or instrumentality, or for or on behalf of any such public international organization.

5. " <u>Government Entity</u> " means any state or political subdivision of a state, including
(i) any agency, authority or instrumentality of the state or political subdivision; (ii) a pool of assets sponsored or established
by the state or political subdivision or any agency, authority or instrumentality thereof, including, but not limited to, a "defined
benefit plan" as defined in section 414(j) of the Internal Revenue Code, or a state general fund; (iii) a plan or program
of a government entity; and (iv) officers, agents or employees of the state or political subdivision or any agency, authority or
instrumentality thereof, acting in their official capacity.

6. " <u>Official</u> " means any person (including any election committee for the person) who was,
at the time of the contribution, an incumbent, candidate or successful candidate for elective office of a government entity if the office
(i) is directly or indirectly responsible for, or can influence the outcome of, the hiring of Aksia by the government entity or (ii) has
the authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of Aksia
by the government entity

7. " <u>Payments</u> " means gifts, subscriptions, loans, advances or deposits of money or anything
of value.

8. " <u>Regulated Person</u> " means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an investment adviser registered with the SEC that has not, and whose covered associates have not, within two years of soliciting a government entity, (A) made a contribution to an official of that government entity other than as permitted by Rule 206(4)-5(b)(1), and (B) coordinated or solicited any person or political action committee to make any contribution to an official of a government entity to which Aksia is providing or seeking to provide investment advisory services or payment to a political party of a state or locality where Aksia is providing or seeking to provide investment advisory services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a "broker"<sup>1</sup>, as defined in section 3(a)(4) of the Securities Exchange Act of 1934 (the "**Exchange Act**"), or a "dealer", as defined in section 3(a)(5) of that Act, that is registered with the SEC and is a member of a national securities association registered under section 15A of that Act (e.g., FINRA), provided that (A) the rules of the association prohibit members from engaging in distribution or solicitation activities if certain political contributions have been made and (B) the SEC, by order, finds that such rules impose substantially equivalent or more stringent restrictions on broker-dealers than the restrictions imposed by Rule 206(4)-5 of the Advisers Act and that such rules are consistent with the objectives of such Rule; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a "municipal advisor"<sup>2</sup> registered with the SEC under section 15B of the Exchange Act and subject to the rules of the Municipal Securities Rulemaking Board, provided that (A) such rules prohibit municipal advisors from engaging in distribution or solicitation activities if certain political contributions have been made and (B) the SEC, by order, finds that such rules impose substantially equivalent or more stringent restrictions on municipal advisors than the restrictions imposed by Rule 206(4)-5 of the Advisers Act and that such rules are consistent with the objectives of such Rule.

9. " <u>Solici</u> t" means (i) with respect to investment advisory services, to communicate,
directly or indirectly, for the purpose of obtaining or retaining a Client for, or referring a Client to, Aksia, and (ii) with respect
to a contribution or payment, to communicate, directly or indirectly, for the purpose of obtaining or arranging a contribution or payment.

**B.** **Statement of Policy**

To the extent Aksia provides or seeks to provide investment advisory services to a government entity,<sup>3</sup> Aksia will take the measures described herein to seek to ensure that contributions to an official of such Government Entity and payments to any third party who is engaged to solicit advisory business from such Government Entity are not made with the purpose of influencing the award of an advisory contract or the decision to invest in a Covered Investment Pool managed by Aksia. All italicized terms used in these procedures are defined in Section A, "Definitions".

In this regard, Aksia has adopted policies and procedures in order to comply with Rule 206(4)-5 under the Advisers Act (the "**Rule**").<sup>4</sup> The Rule, with certain exceptions, prohibits Aksia from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· receiving compensation for providing investment advisory services to a Government Entity, directly or
indirectly, for two years after Aksia or any of its Covered Associates makes a contribution to an official of such Government Entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· coordinating, or soliciting any person or political action committee to make, (a) contributions to
an official of a Government Entity to which Aksia is providing or seeking to provide advisory services or (b) payments to a political
party of a state or locality where Aksia is providing or seeking to provide advisory services to a Government Entity; and

<sup>1</sup> FINRA has not adopted pay to play rules applicable to brokers; thus, until the later of (i) the effective date of such FINRA pay to play rule or (ii) the effective date of an MSRB pay to play rule, the SEC will not recommend enforcement action against an investment adviser or its covered associates under such rule. See supra Section II(B).

<sup>2</sup> The MSRB has not adopted pay to play rules applicable to municipal advisors; thus, until the later of (i) the effective date of a FINRA pay to play rule or (ii) the effective date of such MSRB pay to play rule, the SEC will not recommend enforcement action against an investment adviser or its covered associates under such rule. See supra Section II(B).

<sup>3</sup> Aksia will be deemed to be seeking to provide investment advisory services to a Government Entity when it responds to a request for proposal, communicates with the Government Entity regarding the entity's formal selection process for investment advisers or engages in some other solicitation of the Government Entity for the purpose of providing advisory services to such Government Entity, either directly or through a Government Entity's investment in a Covered Investment Pool managed by Aksia.

<sup>4</sup> Aksia may have additional responsibilities under the code of conduct of a government program or plan it manages and/or the laws of the state or city in which such program or plan is located. (See, for example, the Code of Conduct of the New York State and Local Employees' Retirement System, the New York State and Local Police and Fire Retirement System and the New York State Common Retirement Fund at www.osc.state.ny.us/pension/codeofconduct.pdf.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· making or agreeing to make payments to third parties to solicit advisory business from a Government Entity
on behalf of Aksia unless such third parties are registered investment advisers or registered broker-dealers who are themselves subject
to similar restrictions regarding contributions to officials of Government entities as Aksia.

The Rule applies only to the extent that Aksia provides or seeks to provide investment advisory services to a Government Entity, either directly or through a Government Entity's investment in a Covered Investment Pool managed by Aksia.

**C.** **Procedures**

These procedures seek to ensure that neither Aksia nor any of its Covered Associates makes or has made a contribution in violation of the restrictions on political contributions that Aksia has adopted herein on or after March 14, 2011. In addition, these procedures prohibit Aksia from paying or entering into an agreement to pay a third party to solicit advisory business from a government entity on its behalf unless such third party has affirmed its status as a regulated person.<sup>5</sup>

**D.** **Political Contributions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Preclearance of Political Contributions** 

Aksia and each Covered Associate must obtain the prior written approval of Compliance before the Covered Associate may make a contribution to any person (including any election committee for the person) who is an incumbent, candidate or successful candidate for state or local office, including any such person who is running for federal office (a "**Candidate**").

As a matter of policy, Compliance expects not to approve any contributions by any Covered Associates. In seeking preclearance under this paragraph (i) and under paragraphs (ii) and (iii) of this **Section II (A)**, Aksia and each Covered Associate should speak directly with Compliance. Compliance will not approve any contribution that would result in serious adverse consequences to Aksia under the Rule. Any approval granted under this sub-section shall remain in effect for thirty (30) days from the date of approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Preclearance of Coordination and Solicitation of Contributions and Payments** 

Aksia and each Covered Associate must obtain the prior written approval of Compliance prior to the Covered Associate coordinating or soliciting any person or political action committee to make (a) a contribution to a Candidate, or (b) a payment to a political party of a state or locality. In this regard, Aksia and each Covered Associate must obtain the prior written approval of Compliance prior to consenting to the use of the Covered Associate name on any fundraising literature for a Candidate or sponsoring a meeting or conference which features a Candidate as an attendee or guest speaker, and which involves fundraising for such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Preclearance of Contributions to Political Action Committees and State and Local Political Parties** 

Aksia and each Covered Associate must obtain the prior written approval of Compliance prior to the Covered Associate making any contribution to a political action committee or a state or local political party. Compliance will inquire as to how the contribution will be used in order to determine whether the political action committee or political party is closely associated with an official of a Government Entity. In the event Compliance determines that the political action committee or political party is closely associated with an official of a Government Entity, Compliance will make a determination as to whether to permit the contribution to such political action committee or political party. As a matter of policy, Compliance expects not to approve any such contributions.

<sup>5</sup> Although the third-party solicitation ban compliance date was July 31, 2015, the staff of the SEC Division of Investment Management has indicated that it will not recommend enforcement action against an investment adviser or its covered associates under Rule 206(4)-5(a)(2)(i) for the payment to any person who is not a regulated person to solicit a government entity for investment advisory services until the later of (i) the effective date of a FINRA pay to play rule or (ii) the effective date of an MSRB pay to play rule. See U.S. Securities and Exchange Commission, Staff Responses to Questions About the Pay to Play Rule, Question I.4. (June 25, 2015), available at https://www.sec.gov/divisions/investment/pay-to-play-faq.htm. See also infra Section II(B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Special Disclosure Prior to Hire, Promotion or Transfer** 

Prior to the hiring, promotion or transfer of a person that would result in such person serving as a Covered Associate of Aksia, such person will be required to disclose, as a condition of the hiring, promotion or transfer, all of the contributions and payments made by such person to Candidates, political action committees and state and local political parties within the preceding two years (if the person will solicit clients for Aksia) or six months (if the person will not solicit clients for Aksia), but not prior to March 14, 2011. To the extent Aksia is aware that a contribution or payment was made in violation of these procedures, Aksia will make a determination as to whether to hire, promote or transfer such person to serve as a Covered Associate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Exception for Certain Returned Contributions** <sup>6</sup>

The prohibition on receiving compensation for providing advisory services to a Government Entity for two years after Aksia or a Covered Associate has made a contribution to an official of such Government Entity will not apply in certain instances where the triggering contribution is returned. In the event Compliance discovers that a Covered Associate has made a contribution in violation of these procedures, Compliance will make a determination as to whether it will require the Covered Associate to seek to obtain a return of the contribution. In the event Compliance determines that a return is necessary, it will, within four months after the date of the contribution and 60 days after discovering the contribution, take all available steps to cause the Covered Associate to seek to obtain a return of such contribution and will take such other remedial or preventive measures that it determines are appropriate under the circumstances. Aksia's reliance on this exception for returned contributions is limited to no more than two times per a 12-month period and no more than once for each Covered Associate, regardless of the time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Indirect Violations** 

Neither Aksia nor any of its Covered Associates may do anything indirectly that would result in a violation of these procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Reporting of Political Contributions and Payments** 

In the event that a Covered Associate (or any immediate family member living in the household) makes a direct or indirect contribution or payment to a Candidate, a political action committee or a political party of a state or political subdivision thereof, such Covered Associate must immediately notify Compliance, disclosing the amount and date of such contribution or payment and the name and title of the recipient. Compliance will periodically monitor political contributions through public records to ensure all such contributions are reported. Failure to immediately report such direct or indirect political contribution or payment may result in severe disciplinary action.

<sup>6</sup> In addition to the limited exceptions for certain returned contributions provided for in Rule 206(4)-5(a)(3), the SEC has the authority to grant and in very limited circumstances has granted exemptions from the prohibitions set forth in Rule 206(4)-5(a)(1). See In the Matter of Davidson Kempner Capital Mgmt. LLC, Release No. IA-3715/603-00215 (Nov. 13, 2013); see also In the Matter of T. Rowe Price Assoc., Inc. and T. Rowe Price Intl. Ltd., Release No. IA-4058/803-00224 (Apr. 8, 2015); In the Matter of Crestview Advisors, L.L.C., Release No. IA-3997 (Jan. 14, 2015); In the Matter of Ares Real Estate Mgmt. Holdings, LLC, Release No. IA-3969/803-00221 (Nov. 18, 2014).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Recordkeeping** 

Compliance will compile and keep a list of (a) the names, titles and business and residence addresses of all Covered Associates of Aksia, (b) all Government entities to which Aksia seeks to provide or has provided investment advisory services, or which are or were investors in any Covered Investment Pool to which Aksia provides seeks to provide or has provided investment advisory services, as applicable, in the past five years (but not prior to March 14, 2011)<sup>7</sup>, and (c) all direct or indirect contributions made by Aksia or any of its Covered Associates to an official of a Government Entity, or direct or indirect payments to a political party of a state or political subdivision thereof, or a political action committee on or after March 14, 2011. The records described in (c) above will be listed in chronological order and will indicate (1) the name and title of each contributor, (2) the name and title (including any city/county/state or other political subdivision) of each recipient of a contribution or payment, (3) the amounts and date of each contribution or payment, and (4) whether any such contribution was the subject of the exception for certain returned contributions.

With respect to any Covered Investment Pool Client that is a registered investment company in which a government entity may invest through an omnibus account (each, a "registered covered investment pool"), Aksia may make and keep, as an alternative to the records relating to a Covered Investment Pool described in (viii)(b) above, a list or other record that includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Government Entity that invests in a registered Covered Investment Pool, where the account of such
Government Entity can reasonably be identified as being held in the name of or for the benefit of the Government Entity on the records
of the registered Covered Investment Pool or its transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Government Entity, the account of which was identified as that of a Government Entity – at
or around the time of the initial investment – to Aksia or one of its Client servicing Supervised Persons, Regulated Persons or
Covered Associates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Government Entity that sponsors or establishes a 529 Plan and has selected a specific registered
Covered Investment Pool as an option to be offered by such 529 Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Government Entity that has been solicited to invest in a registered Covered Investment Pool either
(1) by a Covered Associate or Regulated Person of Aksia; or (2) by an intermediary or affiliate of the registered Covered Investment
Pool if a Covered Associate, regulated person or Client servicing Supervised Person of Aksia participated in or was involved in such solicitation,
regardless of whether such Government Entity invested in the registered Covered Investment Pool; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A list of each Government Entity to which Aksia markets, whether successfully or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Payments to Third Parties to Solicit Advisory Business from Government Entities** 

Review and Approval of Third Party Solicitation Agreements: Compliance will review and approve each third party solicitation agreement or arrangement prior to Aksia entering into such agreement or arrangement.

Required Disclosure by Regulated Persons: Prior to Aksia providing or agreeing to provide Payment to a third party to Solicit advisory business from a Government Entity on its behalf, Compliance will require the third party to provide, as a condition to Aksia engaging such third party, a written representation regarding its status as a Regulated Person. In addition, Compliance will take any additional measures it deems necessary to verify such third party's status as a Regulated Person.

<sup>7</sup> Note that if Aksia provides advice to a registered investment company that is a Covered Investment Pool, then Aksia must comply with the recordkeeping requirements with respect to such registered investment company beginning on September 13, 2011.

Ongoing Review of Regulated Person Status: In the event Aksia provides or agrees to provide payment to a third party to solicit advisory business from a Government Entity, Aksia will require such third party to provide Aksia with satisfactory representations that the third party meets and will continue to meet the definition of a Regulated Person as of such date or will obtain such other evidence as Aksia deems satisfactory to verify such third party's status as a Regulated Person as of such date.

Recordkeeping: Aksia will keep a list of the name and business address of each Regulated Person to whom Aksia provides or agrees to provide, on or after September 13, 2011, directly or indirectly, payment to solicit a Government Entity for investment advisory services on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Sub-Advisory Arrangements** 

&nbsp;&nbsp;&nbsp;&nbsp;1. Serving as Sub-adviser: In the event Aksia enters into an agreement or other arrangement with a third
party whereby Aksia will serve as a sub-adviser to an account or a Covered Investment Pool managed by such third party, Compliance will
obtain all necessary information from the third party in order to determine whether a Government Entity invests in such account or Covered
Investment Pool. In the event a Government Entity does invest in such account or Covered Investment Pool, Compliance will take appropriate
measures with respect to such Government Entity in order to ensure compliance with these procedures. In addition, Compliance will use
reasonable efforts to require the third party to obtain the prior written approval of Aksia prior to admitting a Government Entity as
an investor in a Covered Investment Pool to which Aksia is providing sub-advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;2. Hiring of Sub-adviser: In the event Aksia hires a third party to serve as a sub-adviser to an account
or a Covered Investment Pool in which a Government Entity invests, Compliance will require such third party to disclose whether it or
any of its Covered Associates has made a contribution or payment that would result in a serious adverse consequence to such third party
under the Rule. In addition, Compliance will require the third party to verify on an ongoing basis that neither the third party nor any
of its Covered Associates has made a contribution or payment that would result in a serious adverse consequence to such third party under
the Rule.

**G.** **FCPA** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Policy Statement** 

The Foreign Corrupt Practices Act of 1997, as amended ("FCPA"), is a U.S. criminal statute that prohibits improper payment to, or other improper transactions with, foreign government officials to influence performance of official duties. More specifically, the FCPA prohibits offering to pay, paying, promising to pay, or authorizing the payment, directly or indirectly through a third party, of money or "anything of value" to any "foreign official" in order to influence any act or decision of the foreign official in his or her official capacity or to secure any other improper advantage in order to obtain or retain business.

Aksia is committed to complying with applicable provisions of the FCPA. Failure to comply with this Policy may lead to disciplinary action, including dismissal, demotion or reprimand and other serious consequences, including possible criminal penalties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Prohibition** 

Supervised Persons are prohibited from making to a Foreign Official a payment of anything of value, including in-kind contributions, investment opportunities, subcontracts, positions in joint ventures, favorable contracts, consulting fees, business opportunities, political contributions, and/or charitable donations and sponsorships with the intent to induce the recipient to misuse his or her official position, to obtain any improper advantage or to direct business wrongfully to Aksia or any other person (a "Prohibited Payment"). Supervised Persons are also prohibited from making any Prohibited Payment to a family member, charitable organization of choice, political campaign, political party or political organization of a Foreign Official.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Pre Clearance** 

Each FCPA Covered Person will obtain written approval from Compliance prior to making any payment to a Foreign Official, his or her family member, charitable organization of choice, political campaign, political party or political organization. It is important to remember that pre-clearance must be obtained prior to the offer or promise of any payment and without regard to the purpose or motivation behind the giving of such payment. Compliance will track requests for pre-approval and all pre-approvals that have been granted in MCO.

**V.** **OUTSIDE BUSINESS ACTIVITIES**

Supervised Persons are not permitted to serve on the board of directors of any company, including a publicly traded company (but excluding charitable organizations), without prior written authorization from the Compliance Officer. Supervised Persons are not permitted to act as consultants or experts for primary research/expert networks (e.g., GLG, Third Bridge) or to receive payment or compensation of any kind in exchange for serving as experts.

In order to monitor for conflicts of interest, Supervised Persons are required to submit to Compliance via the form on MCO a description of any business activities outside of the scope of their employment with Aksia in which they have a significant role, including all board of directors seats or offices that they hold. Additionally, Supervised Persons must include information as to whether any family members serve on the boards of directors of any company, including a publicly traded company. Relevant information includes such family member's name, their relation to the Supervised Person, the company for which such family member serves on the board, and their title within the organization.

**VI. RECORDKEEPING**

**A.** **General Requirements**

Aksia will maintain and preserve the information necessary to perform the investment supervisory or account management services provided by it to its Clients in an easily accessible place for a period of not less than five (5) years, as more fully described below. Generally, information concerning such Clients' financial condition, investment objectives, investment policies and restrictions, and degree of acceptable risk will be obtained as part of each Advisory Client's investment guidelines. This information will be reviewed periodically and updated (as needed) by the Supervised Persons primarily responsible for such Advisory Client. Compliance will supervise the keeping of all records required to be kept by the Firm pursuant to Rule 204-2 of the Advisers Act. All Supervised Persons will be required to follow the procedures in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Records in Electronic Format** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Storage of Electronic Records** 

Records required to be maintained and preserved that are stored on electronic storage media will be arranged and indexed in a way that permits easy location, access and retrieval. All such records that are solely kept in electronic format (no paper back-up) will be properly backed-up (i.e., server and back-up server or disk).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **All Supervised Persons of Aksia will adhere to the following procedures for records on electronic media:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Records will be maintained and preserved so as to reasonably safeguard them from loss, alteration or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access to the records will be limited to properly authorized Supervised Persons and the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It will be reasonably ensured that any reproduction of a non-electronic record on an electronic storage
media is complete, true and legible when retrieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **E-Mail Transmissions** 

To the extent that any of the following topics, covered by Rule 204-2 of the Advisers Act, are transmitted via e-mail, all Supervised Persons should note that they are required to keep such e-mails in accordance with the guidelines set for "electronic media" (as described in this Section):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any recommendation made or proposed to be made, and any advice given or proposed to be given;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any receipt, disbursement or delivery of funds or securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the placing or execution of any order to purchase or sell any security.

In addition, all e- mails sent to/from Aksia's e-mail server are retained on Aksia's email retention program, Global Relay, Inc. and will be subject to a periodic audit or review by the Compliance. Such Supervised Person may or may not be notified in advance of such review. If there are any questions about this directive or policy, please direct them to Compliance.

**C.** **Record Retention**

Section 204-2 under the Advisers Act imposes various requirements for the creation and maintenance of records. The chart in **Appendix K** sets forth records required to be maintained under the federal securities laws, the required retention periods and the Supervised Person(s) responsible for maintaining the records. The source of the legal requirements for creation and maintenance of records is indicated in brackets after the description of each record. In some cases, best practices in the industry are the source of the requirement.

Generally, records required to be kept pursuant to Rule 204-2 of the Advisers Act <u>will be</u> retained for a period of not less than five (5) years from the end of the fiscal year during which the last entry was made on such record, the first two (2) years in an appropriate office of Aksia. Such records <u>must be</u> retained for a period of not less than five (5) years from the end of the fiscal year during which Aksia last published or otherwise disseminated, directly or indirectly, the notice, circular, advertisement, newspaper article, investment letter, bulletin, or other communication. In addition, Aksia's organizational structure documents (e.g., articles of incorporation, by-laws, and stock certificate books) must be maintained in Aksia's principal office and preserved until at least three (3) years after termination of Aksia's business as an investment adviser.

Compliance will maintain a list of all Supervised Persons (which includes all Access Persons) of Aksia currently and for the last five (5) years.

All brokerage statements related to Personal Accounts may be kept electronically in a computer database.

**VII. OVERSIGHT OF CODE OF ETHICS**

**A.** **Acknowledgment**

Compliance will annually distribute a copy of the Code of Ethics to all Supervised Persons (this distribution may be electronic in nature and executed through MCO). Compliance will also distribute promptly all amendments to the Code of Ethics. All Supervised Persons are required annually to sign and acknowledge their receipt of this Code of Ethics by signing the form of acknowledgment available on MCO or such other form as may be approved by Compliance. Compliance may also require interim certifications as policy changes occur.

**B.** **Review of Transactions**

Transactions in each Personal Account will be reviewed by Compliance on a regular basis and compared with transactions made on behalf of the Advisory Clients and against the Restricted List. Any Personal Account transactions that are believed to be a violation of this Code of Ethics will be reported promptly to the management of Aksia.

**C.** **Sanctions**

Aksia's management, with advice of legal counsel, at their discretion, will consider reports made to them and upon determining that a violation of this Code of Ethics has occurred, may impose such sanctions or remedial action as they deem appropriate or to the extent required by law. These sanctions may include, among other things, disgorgement of profits, suspension or termination of employment and/or criminal or civil penalties.

**D.** **Authority to Exempt Transactions**

Compliance has the authority to exempt any Supervised Person or any personal securities transaction of a Supervised Person from any or all of the provisions of this Code of Ethics if Compliance determines that such exemption would not be against any interests of a Client and in accordance with applicable law.

**E.** **ADV Disclosure**

Compliance will ensure that Aksia's Form ADV (a) describes the Code of Ethics within Part 2 and (b) offers to provide a copy of the Code of Ethics to any Client or prospective client upon request.

**VIII. CONFIDENTIALITY**

All reports of personal securities transactions and any other information filed pursuant to this Code of Ethics will be treated as confidential to the extent permitted by law.

## Exhibit 99.2

**Exhibit 99.2(t)**

**POWER OF ATTORNEY**

Each of the undersigned, in his or her capacity listed below and not individually, constitutes and appoints Erik Ojala, J. Christopher Jackson, Susan Schoenberger, Nadia Persaud and Daniel Dufresne (as well as Thomas Herman for the Trustees) to act as attorneys-in-fact and agents with full power of substitution and resubstitution of their respective names, places and steads, to sign any and all registration statements on Form N-2 applicable to the Calamos Aksia Private Equity and Alternatives Fund, and any amendment or supplement thereto, and any other filings in connection therewith, and to file the same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as they might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitutes, may lawfully do or cause to be done by virtue thereof.

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. As to each of the undersigned, this Power of Attorney shall be valid from the date hereof until revoked by such individual.

IN WITNESS WHEREOF, each of the undersigned has executed this Power of Attorney as of this 7th day of March, 2025.

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| | |
|:---|:---|
| /s/ Jim Vos | /s/ Sharmila Kassam |
| Jim Vos (Trustee) | Sharmila Kassam (Trustee) |
| /s/ John Koudounis | /s/ Bjorn Forfang |
| John Koudounis (Trustee, Vice President) | Bjorn Forfang (Trustee) |
| /s/ John Neal | /s/ Thomas Herman |
| John Neal (Trustee) | Thomas Herman (Principal Financial Officer) |

---