# EDGAR Filing Document

**Accession Number:** 0002029168
**File Stem:** 0001213900-26-049960
**Filing Date:** 2026-4
**Character Count:** 923786
**Document Hash:** 73c3cfcb09eaac4e8bea2e2a607dfac0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-049960.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001213900-26-049960

**CONFORMED SUBMISSION TYPE**: 486BPOS

**PUBLIC DOCUMENT COUNT**: 26

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Callodine Specialty Income Fund
- **CENTRAL INDEX KEY:** 0002029168

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

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23984
- **FILM NUMBER:** 26922492

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

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

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Callodine Specialty Income Fund
- **CENTRAL INDEX KEY:** 0002029168

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

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-280841
- **FILM NUMBER:** 26922491

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

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

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

As filed with the Securities and Exchange Commission on April 30, 2026

1933 Act File No. 333-280841

1940 Act File No. 811-23984

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-2

---

| | |
|:---|:---|
|  **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
|  **Pre-Effective Amendment No. __** | ☐ |
|  **Post-Effective Amendment No. 1__** | ☒ |
|  **and** |  |
|  **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒  |
|  **Amendment No. _4_** | ☒  |

---

#### Callodine Specialty Income Fund
(Exact Name of Registrant as Specified in Charter)

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

(Address of Principal Executive Offices)

414-299-2217

(Registrant's Telephone Number)

Ann Maurer

235 West Galena Street

Milwaukee, WI 53212

(Name and Address of Agent for Service)

Copy to:

Joshua B. Deringer, Esq.

Faegre Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103-6996

215-988-2700

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED PUBLIC OFFERING:

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

_____________________________________________________________________________________________

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

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

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

------

[**Table of Contents**](#TOC001)

 ☐ 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

 ☒ Immediately upon filing pursuant to paragraph (b)

 ☐ On [&nbsp;&nbsp;&nbsp;&nbsp;] pursuant to paragraph (b)

 ☐ 60 days after filing pursuant to paragraph (a)

 ☐ On [&nbsp;&nbsp;&nbsp;&nbsp;] pursuant to paragraph (a)

#### If appropriate, check the following box:
 ☐ This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

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

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

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

#### Check each box that appropriately characterizes the Registrant:
 ☒ Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

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

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

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

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

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

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

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

------

[**Table of Contents**](#TOC001)

#### CALLODINE SPECIALTY INCOME FUND
PROSPECTUS

#### Class I Shares (CALIX)

#### Class A Shares (CALLX)

#### Class C Shares (CALSX)
April 30, 2026

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

The Fund operates under an Agreement and Declaration of Trust dated July 12, 2024 (the "Declaration of Trust"). Callodine Capital Management, LP serves as the investment adviser (the "Investment Adviser") of the Fund. The Investment Adviser is an investment adviser registered with the Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended. The Fund has qualified and intends to continue to qualify and elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code").

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Class I Shares** | **Class A Shares** | **Class C Shares** |
|  **Public Offering Price** | Current Net Asset Value | Current Net Asset Value | Current Net Asset Value |
|  **Sales Charge (Load) as a percentage of purchase amount** |  | 5.75%<sup>(2)</sup> |  |
|  **Proceeds to Fund**<sup>(3)</sup> | Current Net Asset Value | Current Net Asset Value<br> less applicable Sales<br> Charge | Current Net Asset Value |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; Distribution Services, LLC (the "Distributor") acts as the principal underwriter of the Fund's Shares. An indefinite amount of Shares are being offered on a commercially reasonable efforts basis through the Distributor and may also be offered through other brokers or dealers that have entered into selling agreements with the Distributor. The Investment Adviser pays the Distributor out of its own resources a fee for certain distribution-related services. The Investment Adviser, the Distributor and/or its affiliates may make payments to selected affiliated or unaffiliated third parties (including the parties who have entered into selling agreements with the Distributor) from time to time in connection with the distribution of Shares and/or the servicing of Shareholders (as defined herein) and/or the Fund. These payments will be made out of the Investment Adviser's and/or affiliates' own assets and will not represent an additional charge to the Fund. The amount of such payments may be significant in amount and the prospect of receiving any such payments may provide such third parties or their employees with an incentive to favor sales of Shares of the Fund over other investment options. See "DISTRIBUTOR." The minimum initial investment in Class I Shares by any Class I investor is $250,000, the minimum initial investment in Class A Shares by any Class A investor is $25,000, and the minimum initial investment in Class C Shares by any Class C investor is $25,000. However, the Fund, in its sole discretion, may accept investments below these minimums. See "FUND SUMMARY — The Offering."

(2)&nbsp;&nbsp;&nbsp;&nbsp; Sales charge may be reduced, modified or waived by the Fund or Investment Adviser for any Shareholder.

(3)&nbsp;&nbsp;&nbsp;&nbsp; The Fund's initial offering expenses are described under "FUND FEES AND EXPENSES" below.

This prospectus (the "Prospectus") applies to the offering of three separate classes of shares in the Fund, designated as Class I Shares, Class A Shares, and Class C Shares. The Fund has received an exemptive order from the SEC that permits the Fund to offer more than one class of Shares. The Shares will be offered in a continuous offering. The Shares will generally be offered for purchase on any business day, which is any day the New York Stock Exchange is open for business, in each case subject to any applicable sales charges and other fees, as described herein. The Shares will be issued at NAV per Share.

------

[**Table of Contents**](#TOC001)

The Fund's primary investment objective is to seek to provide high current income by investing directly or indirectly in a range of corporate, real estate and alternative credit opportunities. The Fund's secondary investment objective is to seek to provide capital preservation. Under normal market conditions, the Fund will seek to achieve its investment objectives by sourcing yield through a combination of interest, royalties, rent, dividends and fees through investments in a variety of income-producing asset classes. Specifically, the Fund will target investments in asset-based lending, real estate lending, life sciences finance, direct lending, entertainment lending, aviation finance, high yield debt and yielding equity securities. See "INVESTMENT OBJECTIVES AND STRATEGIES — INVESTMENT STRATEGIES AND OVERVIEW OF INVESTMENT PROCESS."

The Investment Adviser believes that by investing across multiple credit strategies, the Fund can achieve its investment objectives while demonstrating less correlation and lower volatility than if each investment strategy was pursued on a stand-alone basis. In pursuing its investment objectives, the Fund uses a "multi-strategy" approach whereby each credit sub-strategy will be managed by the Investment Adviser or by an affiliated sub-adviser (each, a "Sub-Adviser") with expertise in implementing that sub-strategy. The engagement of each current Sub-Adviser has been approved by the Board of Trustees (the "Board") and the initial Shareholder or Shareholders of the Fund. The Fund's engagement of a new sub-adviser will be subject to an approval of the Board and an approval by the holders of a majority of outstanding Shares (as defined in the Investment Company Act). **The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment objectives will be achieved or that its investment program will be successful. Investors should consider the Fund as a supplement to an overall investment program and should invest only if they are willing to undertake the risks involved. Investors could lose some or all of their investment (see "PRINCIPAL RISK FACTORS" BEGINNING ON PAGE 20).**

No holder of Shares (each, a "Shareholder") will have the right to require the Fund to redeem its Shares. The Fund is a closed-end investment company operating as an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class net asset value ("NAV"), of not less than 5% and not more than 25% of the Fund's outstanding Shares on the repurchase request deadline. The time between the notification to Shareholders and the repurchase request deadline is generally expected to be thirty (30) days, but may vary from no more than forty-two (42) days to no less than twenty-one (21) days. Payment for shares tendered for repurchase by Shareholders prior to any repurchase request deadline will be made no more than seven (7) days after the repurchase pricing date. If the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund (see "OFFERS TO REPURCHASE" beginning on page 66 and "REPURCHASE PROCEDURES" beginning on page 67).

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

This Prospectus concisely provides information that you should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including the Fund's statement of additional information (the "SAI"), dated April 30, 2026, has been filed with the SEC. You may request a free copy of this Prospectus, the SAI, annual report and semi-annual report (when available), and other information about the Fund, and make inquiries without charge by writing to the Fund, c/o UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, WI 53212, by calling the Fund at 1-833-701-2855 or by accessing the Fund's website at *www.callodinefunds.com*. The information on the Investment Adviser's website is not incorporated by reference into this Prospectus and investors should not consider it a part of this Prospectus. The SAI is incorporated by reference into this Prospectus in its entirety. The SEC maintains an internet site that contains reports, proxy and information statements, and other information filed electronically by issuers at the SEC's website at sec.gov. You may also obtain copies of the SAI, and the annual and semi-annual reports of the Fund, when available, as well as other information about the Fund at sec.gov. You may also email requests for these documents to publicinfo@sec.gov. The address of the SEC's internet site is provided solely for the information of prospective investors and is not intended to be an active link.

------

[**Table of Contents**](#TOC001)

*Shares are an illiquid investment.*

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The amount of distributions that the Fund may pay, if any, is uncertain.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds, borrowings, and amounts from the Fund's affiliates that are subject to repayment by investors.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**An investor will pay a sales load of up to 5.75% on the amounts it invests** in **Class A Shares. If you pay the maximum aggregate 5.75% for sales load, you must experience a total return on your net investment of 6.10% in order to recover these expenses.**

***Limited Prior History.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund has limited operating history and the Shares have no history of public trading.**

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

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

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

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

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

The date of this Prospectus is April 30, 2026

------

[**Table of Contents**](#TOC001)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [FUND SUMMARY](#T27) | 1 |
|  [FUND FEES AND EXPENSES](#T26) | 11 |
|  [FINANCIAL HIGHLIGHTS](#T25) | 13 |
|  [USE OF PROCEEDS](#T24) | 14 |
|  [INVESTMENT OBJECTIVES AND STRATEGIES](#T9951) | 14 |
|  [PRINCIPAL RISK FACTORS](#T23) | 20 |
|  [MANAGEMENT OF THE FUND](#T22) | 52 |
|  [INVESTMENT ADVISORY AND INCENTIVE FEES](#T21) | 56 |
|  [DISTRIBUTOR](#T20) | 60 |
|  [DISTRIBUTION AND SERVICE PLAN](#T19) | 61 |
|  [ADMINISTRATION](#T18) | 61 |
|  [CUSTODIAN](#T17) | 62 |
|  [FUND EXPENSES](#T16) | 62 |
|  [VOTING](#T15) | 64 |
|  [SHAREHOLDER RIGHTS](#T14) | 64 |
|  [CONFLICTS OF INTEREST](#T13) | 64 |
|  [OUTSTANDING SECURITIES](#T9953) | 66 |
|  [OFFERS TO REPURCHASE](#T12) | 66 |
|  [REPURCHASE PROCEDURES](#T11) | 67 |
|  [TRANSFERS OF SHARES](#T10) | 68 |
|  [ANTI-MONEY LAUNDERING](#T9) | 68 |
|  [CALCULATION OF NET ASSET VALUE](#T9955) | 69 |
|  [DIVIDEND REINVESTMENT PLAN](#T8) | 70 |
|  [TAXES](#T9956) | 71 |
|  [ERISA AND CODE CONSIDERATIONS](#T7) | 76 |
|  [DESCRIPTION OF SHARES](#T6) | 77 |
|  [PURCHASING SHARES](#T9957) | 77 |
|  [TERM, DISSOLUTION AND LIQUIDATION](#T5) | 78 |
|  [SUBSIDIARIES](#T299) | 78 |
|  [REPORTS TO SHAREHOLDERS](#T4) | 78 |
|  [FISCAL YEAR](#T3) | 79 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#T2) | 79 |
|  [INQUIRIES](#T1) | 79 |

---

i

[**Table of Contents**](#TOC001)

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

---

| | |
|:---|:---|
|  The Fund and the Shares | Callodine Specialty Income Fund (the "Fund") is a closed-end management investment company structured as an "interval fund" and registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), and organized as a Delaware statutory trust on July 1, 2024. Callodine Capital Management, LP serves as the investment adviser (the "Investment Adviser") of the Fund. The Investment Adviser provides day-to-day investment management services to the Fund. The Fund is non-diversified, which means that under the Investment Company Act, it is not limited in the percentage of its assets that it may invest in any single issuer of securities. |
|  | The Fund offers three separate classes of shares of beneficial interest ("Shares") designated as Class I Shares ("Class I Shares"), Class A Shares ("Class A Shares"), and Class C Shares ("Class C Shares"). Class I Shares, Class A Shares and Class C Shares are subject to different fees and expenses. The Fund may offer additional classes of Shares in the future. The Fund has received an exemptive order from the SEC with respect to the Fund's multi-class structure. <br> The Fund is an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class net asset value ("NAV"), of not less than 5% nor more than 25% of the Fund's outstanding Shares on the repurchase request deadline. The Fund will offer to purchase only a small portion of its Shares each quarter, and there is no guarantee that Shareholders will be able to sell all of the Shares that they desire to sell in any particular repurchase offer. If a repurchase offer is oversubscribed, the Fund may repurchase only a pro rata portion of the Shares tendered by each Shareholder. The potential for proration may cause some investors to tender more Shares for repurchase than they wish to have repurchased or result in investors being unable to liquidate all or a given percentage of their investment during the particular repurchase offer. |
|  | Shares in the Fund provide limited liquidity since Shareholders will not be able to redeem Shares on a daily basis. A Shareholder may not be able to tender its Shares in the Fund promptly after it has made a decision to do so. In addition, with very limited exceptions, Shares are not transferable, and liquidity will be provided only through repurchase offers made quarterly by the Fund. Shares in the Fund are therefore suitable only for investors who can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment. |
|  | The Fund has satisfied and intends to continue to satisfy the diversification requirements necessary to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"), which generally requires that, at the end of each quarter: (1) at least 50% of the Fund's total assets are invested in (i) cash and cash items (including receivables), Federal Government securities and securities of other regulated investment companies; and (ii) securities of separate issuers, each of which amounts to no more than 5% of the Fund's total assets (and no more than 10% of the issuer's outstanding voting shares), and (2) no more than 25% of the Fund's total assets are invested in (i) securities (other than Federal Government securities or the securities of other regulated investment companies) of any one issuer; (ii) the securities (other than the securities of other regulated investment companies) of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses; or (iii) the securities of one or more qualified publicly traded partnerships. |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  Investment Objectives and Strategies | The Fund's primary investment objective is to seek to provide high current income by investing directly or indirectly in a range of corporate, real estate and alternative credit opportunities. The Fund's secondary investment objective is to seek to provide capital preservation. Under normal market conditions, the Fund will seek to achieve its investment objectives by sourcing yield through a combination of interest, royalties, rent, dividends and fees through investments in a variety of income-producing asset classes. Specifically, the Fund will target investments in asset-based lending, real estate lending, life sciences finance, direct lending, entertainment lending, aviation finance, high yield debt and yielding equity securities, as described further below.<br> The Fund may make investments through wholly-owned subsidiaries (a "Subsidiary" or the "Subsidiaries"). Such Subsidiaries will not be registered under the Investment Company Act; however, the Fund will wholly own and control any Subsidiaries.<br> *Asset*-based *Lending*<br> The Fund expects to originate, structure, and invest in the private market debt of large, middle market and lower middle market companies on a secured basis in the senior portion of the capital structure of performing companies and companies that may be stressed. The Fund's portfolio is expected to be comprised of senior secured first lien, second lien, first lien last out and unitranche investments across a variety of sectors and collateral types. The Fund's investments are primarily expected to be collateralized by assets and/or enterprise value and may be governed by borrowing base structures. The Fund expects to provide financing to companies in need of capital, often to effect strategic change at the business, refinance existing indebtedness, help fund acquisitions or to provide incremental liquidity.<br> *Real Estate Lending*<br> The Fund plans to invest in commercial real estate securities, targeting commercial real estate loans and preferred equity investments, with the intended use of proceeds to support real estate acquisitions, recapitalizations, and opportunistic debt refinancings secured by properties that are changing use or could benefit from value-added improvements. The Fund expects to provide directly originated and privately negotiated financing solutions to thoroughly vetted borrowers secured by high-quality commercial real estate with meaningful equity positions across a variety of property types including, but not limited to, multifamily, industrial, retail, office, hospitality, self-storage and mixed-use, and may also make secondary purchases of debt secured by these property types.<br> *Life Sciences Finance*<br> The Fund intends to offer sophisticated, customized financing solutions to a broad range of life science companies, institutions, and inventors. This strategy is primarily focused on investing in senior secured loans, royalties, equity and equity-linked securities and other financial instruments tied to commercial-stage products and related intellectual property as well as revenue interests in commercialized products.<br> *Entertainment Lending*<br> The Fund intends to lend capital to borrowers across the music, sports, and entertainment industries secured by cash-flowing assets. Collateral includes, but is not limited to, music and media intellectual property ("IP"), sports franchises, broadcasting rights, and other contractual music, sports, and entertainment (collectively, "Entertainment") related cashflows and assets globally with an emphasis on North America, UK, and Europe. |

---

[**Table of Contents**](#TOC001)

---

| |
|:---|
|  *Aviation Finance*<br> The Fund intends to acquire commercial aircraft on lease to commercial airlines globally and lend capital to borrowers in the aviation industry secured by aviation assets such as aircraft, spare parts, and engines and operating companies in the aviation industry.<br> *Direct Lending*<br> The Fund intends to invest in directly originated and acquired loans to U.S. middle and lower middle market companies that may or may not be owned by private equity sponsors.<br> *High Yield Debt*<br> The Fund will primarily invest in bonds that are rated below investment grade and other financial instruments, principally derivative instruments collateralized loan obligations ("CLOs") and collateralized debt obligations ("CDOs"), and exchange-traded funds (ETFs), with economic characteristics similar to non-investment grade securities.<br> *Yielding Equity Securities*<br> The Fund plans to invest in certain publicly-traded equity income securities, which may include specialty niche investments such as publicly traded partnerships ("PTPs" including master limited partnerships ("MLPs"), American depository receipts ("ADRs"), ETFs, real estate investment trusts ("REITs") and business development companies ("BDCs"), distressed debt, preferred securities and convertible securities. |
|  The Investment Adviser believes that by investing across multiple credit strategies, the Fund can achieve its investment objectives while demonstrating less correlation and lower volatility than if each investment strategy was pursued on a stand-alone basis. In pursuing its investment objectives, the Fund uses a "multi-strategy" approach whereby each credit sub-strategy will be managed by the Investment Adviser or by an affiliated sub-adviser (each, a "Sub-Adviser" and together, the "Sub-Advisers") with expertise in implementing that sub-strategy. The Investment Adviser will seek to achieve the Fund's investment objectives by selecting and delegating the management of a portion of Fund assets to a group of experienced Sub-Advisers with expertise in managing portfolios of asset-based loans, commercial real estate loans, life sciences finance investments, directly originated corporate loans, high yield debt instruments and publicly traded equity income securities. The Investment Adviser's asset allocation process seeks to reduce the Fund's risk exposure by avoiding overlap among Sub-Advisers and limiting exposures to any one investment style. In reviewing a Sub-Adviser's investment style, the Investment Adviser may consider a Sub-Adviser's preference for (i) various loan terms, (ii) structure or industry, (iii) borrower size (e.g., lower middle market vs. upper middle market), (iv) sponsored or non-sponsored borrower (where "sponsored borrower" refers to companies with the backing of a financial sponsor, e.g., with investment from a private equity fund, and "non-sponsored borrower" refers to companies without the backing of a financial sponsor), (v) loan seniority (e.g., senior secured vs. second lien), and (vi) underlying loan collateral.  |

---

[**Table of Contents**](#TOC001)

 The Fund's assets will be allocated among the Investment Adviser and Sub-Advisers in percentages determined at the discretion of the Investment Adviser. Although actual exposure to any strategy will vary over time, under normal circumstances, the Fund expects its allocations to each strategy will be within the following ranges:<br>

---

| | |
|:---|:---|
|  Asset-Based Lending | 20 – 40% |
|  Real Estate Lending | 0 – 30% |
|  Life Sciences Finance | 0 – 25% |
|  Entertainment Lending | 0 – 30% |
|  Aviation Finance | 0 – 30% |
|  Direct Lending | 0 – 25% |
|  High Yield Debt | 0 – 20% |
|  Yielding Equity Securities | 0 – 20% |

---

---

| |
|:---|

|  There is no limit on the duration, maturity or credit quality of any investment in the Fund's portfolio including below-investment grade debt securities and non-rated debt securities (*i.e.*, "high yield" or "junk" bonds). These investments could constitute a material percentage of the Fund's holdings at any given point in time. The Fund may leverage its investments by "borrowing." The Fund anticipates engaging in borrowing during its first year of operations. The Fund may borrow cash for a number of reasons, including without limitation, in connection with its investment activities, to make distributions, to satisfy repurchase requests from Shareholders, and to otherwise provide the Fund with temporary liquidity. Borrowing will be limited to 33.33% of the Fund's total assets (50% of its net assets). The Fund may also invest up to 25% of its net assets directly in foreign debt and equity securities, including those from emerging markets, issued in both U.S. dollars and foreign currencies. The Fund's allocations among assets will vary over time in response to changing market opportunities. There can be no assurance that the Fund will achieve its investment objectives. |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  | Except as otherwise indicated, the Fund may change its investment objectives and any of its investment policies, restrictions, strategies, and techniques without Shareholder approval. The investment objectives of the Fund are not a fundamental policy of the Fund and may be changed by the Board of Trustees of the Fund (the "Board" and the members thereof, the "Trustees") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. The Fund will notify Shareholders of any changes to its investment objectives or any of its investment policies, restrictions or strategies. |
|  The Investment Adviser<br>and Sub-Advisers | As Investment Adviser, Callodine Capital Management, LP provides day-to-day investment management services to the Fund, including selecting Sub-Advisers and determining the amount of the Fund's assets to allocate to each Sub-Adviser. Its principal place of business is located at Two International Place, Suite 1830, Boston, Massachusetts 02110. The Investment Adviser is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). As of December 31, 2025, the Investment Adviser had assets under management of approximately $1.39 billion. |
|  | Each Sub-Adviser selected by the Investment Adviser, subject to Shareholder approval, will be primarily responsible for its investment strategy and the day-to-day management of the Fund's assets allocated to it by the Investment Adviser. Currently, Callodine Credit Management, LLC, Corrum Capital Management LLC, Thorofare, LLC, Rand Capital Management, LLC and Manning & Napier Advisors, LLC serve as Sub-Advisers to the Fund. Each current Sub-Adviser is an affiliate of the Investment Adviser. See "MANAGEMENT OF THE FUND." The engagement of each current Sub-Adviser has been approved by the Board and the initial Shareholder or Shareholders of the Fund. The engagement of a new Sub-Adviser will be subject to Board approval and an approval by the holders of a majority of outstanding Shares (as defined in the Investment Company Act). |
|  The Administrator | The Fund has retained UMB Fund Services, Inc. (the "Administrator") to provide it with certain administrative and accounting services. The Administrator also performs all actions related to the issuance and repurchase of Shares of the Fund. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. See "Fees and Expenses" below. |
|  Fees and Expenses | The Fund will bear its own operating expenses (including, without limitation, its offering expenses not paid by the Investment Adviser). A more detailed discussion of the Fund's expenses can be found under "FUND EXPENSES."<br> Investment Advisory and Incentive Fees. Pursuant to an investment advisory agreement (the "Investment Advisory Agreement") by and between the Fund and the Investment Adviser, and in consideration of the advisory services provided by the Investment Adviser to the Fund, the Investment Adviser is entitled to a fee consisting of two components — a base advisory fee (the "Investment Advisory Fee") and an incentive fee (the "Incentive Fee").<br> Pursuant to separate sub-advisory agreements among the Fund, the Investment Adviser and each Sub-Adviser, each Sub-Adviser receives a sub-advisory fee based on the Fund's assets managed by such Sub-Adviser, as well as a portion of the Incentive Fee attributable to those assets, if applicable. |

---

[**Table of Contents**](#TOC001)

---

| |
|:---|
|  The Investment Adviser compensates Callodine Credit Management, LLC, on a quarterly basis, in an amount of (i) 80% of the Investment Advisory Fee collected by the Fund with respect to the average daily net assets in the Allocated Portion (as defined in the Sub-Advisory Agreement), after giving effect to any applicable Fund fee waivers and expense limits and Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees and (ii) the lesser of: (a) 80% of the Incentive Fee calculated with respect to the Allocated Portion for the preceding quarter, if any, and (b) 80% of the pro rata portion of the Incentive Fee paid by the Fund in the preceding quarter based on the Incentive Fee calculated with respect to the Allocated Portion as a portion of the Fund's Incentive Fee for the preceding quarter, if any.<br> The Investment Adviser compensates Corrum Capital Management LLC on a quarterly basis, in an amount of (i) 80% of the Investment Advisory Fee collected by the Fund with respect to the average daily net assets in the Allocated Portion (as defined in the Sub-Advisory Agreement), after giving effect to any applicable Fund fee waivers and expense limits and Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees and (ii) the lesser of: (a) 80% of the Incentive Fee calculated with respect to the Allocated Portion for the preceding quarter, if any, and (b) 80% of the pro rata portion of the Incentive Fee paid by the Fund in the preceding quarter based on the Incentive Fee calculated with respect to the Allocated Portion as a portion of the Fund's Incentive Fee for the preceding quarter, if any. |
|  The Investment Adviser compensates Thorofare, LLC on a quarterly basis, in an amount of (i) 80% of the Investment Advisory Fee collected by the Fund with respect to the average daily net assets in the Allocated Portion (as defined in the Sub-Advisory Agreement), after giving effect to any applicable Fund fee waivers and expense limits and Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees and (ii) the lesser of: (a) 80% of the Incentive Fee calculated with respect to the Allocated Portion for the preceding quarter, if any, and (b) 80% of the pro rata portion of the Incentive Fee paid by the Fund in the preceding quarter based on the Incentive Fee calculated with respect to the Allocated Portion as a portion of the Fund's Incentive Fee for the preceding quarter, if any,<br> The Investment Adviser compensates Rand Capital Management, LLC on a quarterly basis, in an amount of (i) 80% of the Investment Advisory Fee collected by the Fund with respect to the average daily net assets in the Allocated Portion (as defined in the Sub-Advisory Agreement), after giving effect to any applicable Fund fee waivers and expense limits and Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees and (ii) the lesser of: (a) 80% of the Incentive Fee calculated with respect to the Allocated Portion for the preceding quarter, if any, and (b) 80% of the pro rata portion of the Incentive Fee paid by the Fund in the preceding quarter based on the Incentive Fee calculated with respect to the Allocated Portion as a portion of the Fund's Incentive Fee for the preceding quarter, if any, |
|  The Investment Adviser compensates Manning & Napier Advisors, LLC on a quarterly basis, in an amount of 0.40% of the average daily net assets in the Allocated Portion (as defined in the Sub-Advisory Agreement), after giving effect to any applicable Fund fee waivers and expense limits and the allocable portion of Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees. |

---

[**Table of Contents**](#TOC001)

---

| |
|:---|
|  The Sub-Advisers' fees are paid by the Investment Adviser out of the Investment Advisory Fee and the Incentive Fee it receives from the Fund. See "INVESTMENT ADVISORY AND INCENTIVE FEES." |
|  For its provision of advisory services to the Fund, the Fund will pay the Investment Adviser an Investment Advisory Fee equal to an annual rate of 1.35%, computed daily and payable monthly in arrears, based upon the Fund's average daily net assets. The Investment Advisory Fee paid to the Investment Adviser (a portion of which will be used by the Investment Adviser to pay the sub-advisory fees to the Sub-Advisers) will be paid out of the Fund's assets. Such fee is paid to the Investment Adviser before giving effect to any repurchase of Shares effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. The Investment Adviser has contractually agreed to waive the Investment Advisory Fee it would otherwise receive under the Investment Advisory Agreement until August 18, 2026. |
|  The Investment Adviser has entered into an expense limitation agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Adviser has contractually agreed to limit the amount of the total annual fund operating expenses (excluding Incentive Fees, acquired fund fees and expenses, distribution and service fees, interest and fees related to warehouse investments (if any) and leverage, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) so they do not exceed 2.00% of the average daily net assets for any Class (the "Expense Limit"). For a period not to exceed three years from the date on which a waiver under the Expense Limitation and Reimbursement Agreement is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation and Reimbursement Agreement has a term ending on April 30, 2027 and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees. The Expense Limitation and Reimbursement Agreement may be terminated by the Fund's Board upon thirty days' written notice to the Investment Adviser. The Expense Limitation and Reimbursement Agreement may not be terminated by the Investment Adviser without the consent of the Trustees. |
|  The Fund will also pay to the Investment Adviser an incentive fee (the "Incentive Fee") calculated and payable in arrears in an amount equal to 15% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on each class's average daily net asset value (calculated in accordance with GAAP), equal to 1.50% per quarter, or an annualized hurdle rate of 6%. "Pre-incentive fee net investment income" is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus the Fund's operating expenses for the quarter (including the Investment Advisory Fee, expenses payable to the Administrator and any interest expense but excluding the Incentive Fee, any realized gains, realized capital losses or unrealized capital appreciation or depreciation. See "INVESTMENT ADVISORY AND INCENTIVE FEES." |

---

[**Table of Contents**](#TOC001)

*Administration Fee*.&nbsp;&nbsp;&nbsp;&nbsp;The Fund pays the Administrator tiered fees based on the average monthly net asset value of the Fund, subject to a minimum annual fee (the "Administration Fees"). The Administration Fees are paid to the Administrator out of the assets of the Fund, and therefore, decrease the net profits or increase the net losses of the Fund. The Fund also reimburses the Administrator for certain out-of-pocket expenses and pays the Administrator a fee for transfer agency services. See "ADMINISTRATION."

The Fund has received exemptive relief from the SEC that allows the Fund, subject to certain conditions, to adopt a Distribution and Service Plan in compliance with Rule 12b-1 under the Investment Company Act. Under the Distribution and Service Plan, the Fund may charge a distribution and/or shareholder servicing fee up to a maximum of 0.25% per year on Class A Shares and up to a maximum of 1.00% per year on Class C Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class. 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 Class A Shares and Class C Shares of the Fund. Fees paid pursuant to the Distribution and Service Plan are excluded from both the Waiver and the Expense Limit. Class I Shares are not subject to a distribution and/or shareholder servicing fee. *See "DISTRIBUTION AND SERVICE PLAN."*

---

| | |
|:---|:---|
|  The Offering | The minimum initial investment in the Fund by any investor for Class I Shares is $250,000, the minimum initial investment by any investor for Class A Shares is $25,000 and the minimum initial investment by any investor for Class C Shares is $25,000. However, the Fund, in its sole discretion, may accept investments below these minimums.<br> Shares will generally be offered for purchase on any business day, which is any day the New York Stock Exchange is open for business, except that Shares may be offered more or less frequently as determined by the Board in its sole discretion. Once a prospective investor's purchase order is received, a confirmation is sent to the investor. Potential investors should send subscription funds by wire transfer pursuant to instructions provided to them by the Fund.<br> Whether investing directly from the Fund or investing through a financial intermediary, a prospective investor may be required to submit a completed investor application on or prior to the acceptance date set by the Fund. The Fund also reserves the right to suspend or terminate offerings of Shares at any time at the Board's discretion.<br> Class A Shares in the Fund are offered with a maximum sales charge of 5.75% of the subscription amount, which may be reduced, modified or waived by the Fund or Investment Adviser for any Shareholder. Class I Shares and Class C Shares are not subject to a sales charge. No sales charge is expected to be charged with respect to investments by the Investment Adviser and its respective affiliates, and their respective directors, principals, officers and employees and others in the Investment Adviser's sole discretion. The full amount of the sales charge may be reallowed to brokers or dealers participating in the offering. Your financial intermediary may impose additional charges when effecting transactions through them. |
|  Distribution Policy | The Fund intends to make regular quarterly distributions to its shareholders of substantially all of its income. The Fund is targeting a distribution rate of at least 8% annually of the Fund's NAV per Share, but this amount may vary. This dividend rate is not guaranteed and may be increased to the extent of the Fund's investment company taxable income that it is required to distribute in order to maintain its status as a regulated investment company (a "RIC"). |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  | The Fund's final distribution for each calendar year will include any remaining "investment company taxable income" and net tax-exempt interest income undistributed during the taxable year, as well as the remaining net capital gains realized during the year. If the total distributions made in any calendar year exceed investment company taxable income, net tax-exempt interest income and net capital gains, such excess distributed amount would be treated as ordinary dividend income to the extent of the Fund's current and accumulated earnings and profits. After such adjusted tax basis is reduced to zero, the payment would constitute capital gain (assuming the Shares are held as capital assets). |
|  | Each Shareholder whose Shares are registered in its own name will automatically be a participant under the Fund's dividend reinvestment program (the "DRIP") and have all income dividends and/or capital gains distributions automatically reinvested in Shares priced at the then-current NAV unless such Shareholder, at any time, specifically elects to receive income dividends and/or capital gains distributions in cash. A Shareholder receiving Shares under the DRIP instead of cash distributions may still owe taxes and, because Fund Shares are generally illiquid, may need other sources of funds to pay any taxes due. In the event that Shareholders submit elections in aggregate to receive more than the cap amount of such a distribution in cash, any such cap amount will be pro-rated among those electing Shareholders. Inquiries concerning income dividends and/or capital gains distributions should be directed to the Fund's Administrator, UMB Fund Services, Inc. at 1-833-701-2855 or 235 West Galena Street, Milwaukee, WI 53212. |
|  Repurchase Offers | The Fund provides a limited degree of liquidity to the Shareholders by conducting quarterly offers to repurchase at least 5% of its Shares at their NAV on the date on which the repurchase price for Shares is determined (the "Valuation Date"). **Each repurchase offer will be for no less than 5% nor more than 25% of the Fund's Shares outstanding. If the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund.** Shareholders tendering Shares for repurchase will be asked to give written notice of their intent to do so by the date specified in the notice describing the terms of the applicable repurchase offer, which date will be no more than fourteen (14) days prior to the Valuation Date. See "OFFERS TO REPURCHASE" and "REPURCHASE PROCEDURES." |
|  Transfer Restrictions | A Shareholder may assign, transfer, sell, encumber, pledge or otherwise dispose of (each, a "transfer") Shares only (i) by operation of law pursuant to the death, divorce, insolvency, bankruptcy, or adjudicated incompetence of the Shareholder; or (ii) under other limited circumstances, with the consent of the Board (which may be withheld in its sole discretion and is expected to be granted, if at all, only under extenuating circumstances). Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of the transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. Such notice of a proposed transfer of Shares must also be accompanied by properly completed subscription documents 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. |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  | Each transferring Shareholder and transferee may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer. See "TRANSFERS OF SHARES."<br> The Fund does not currently intend to list Shares on any exchange. As a result, Shareholders should look to the Fund's repurchase offer as their sole means of liquidating their investment, which may be limited as described above. Additional information regarding Share repurchases is set forth under "Repurchase Procedures." Accordingly, you should consider that you may not have access to the funds you invest in the Fund for an indefinite period of time. |
|  Risk Factors | The Fund is subject to substantial risks — including market risks and strategy risks. The Fund is also subject to the risks associated with the investment strategies employed by the Investment Adviser and the Sub-Advisers, which may include credit risks, prepayment risks, valuation risks, and interest rate risks. While the Investment Adviser and the Sub-Advisers will attempt to moderate any risks, there can be no assurance that the Fund's investment activities will be successful or that the investors will not suffer losses. There may also be certain conflicts of interest relevant to the management of the Fund, arising out of, among other things, activities of the Investment Adviser and the Sub-Advisers 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. |
|  | 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 "PRINCIPAL RISK FACTORS" section of this Prospectus*.* |
|  Summary of Taxation | The Fund has elected to be treated and to qualify as a RIC for federal income tax purposes. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that it distributes its net income and gains to Shareholders each year. See "TAXES." |

---

[**Table of Contents**](#TOC001)

#### FUND FEES AND EXPENSES
The following tables describe the aggregate fees and expenses that the Fund expects to incur and that the Shareholders can expect to bear, either directly or indirectly, through the Fund's investments. More information about these and other discounts is available from your financial professional and in the section titled "Purchasing Shares" on page 77 of this Prospectus.

---

| | | | |
|:---|:---|:---|:---|
|  | **Class I<br>Shares** | **Class A<br>Shares** | **Class C<br>Shares** |
|  **SHAREHOLDER TRANSACTION EXPENSES:** |  |  |  |
|  Maximum Sales Charge (Load) (as a percentage of subscription amount)<sup>(1)</sup> |  | 5.75% |  |
|  Maximum Deferred Sales Charge (Load) (as a percentage of subscription amount)<sup>(2)</sup> |  |  | 1.00% |

---

---

| | | | |
|:---|:---|:---|:---|
|  **ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS ATTRIBUTABLE TO SHARES)**<sup>(3)</sup> |  |  |  |
|  Investment Advisory Fee<sup>(4)</sup> | 1.35% | 1.35% | 1.35% |
|  Incentive Fee<sup>(4)</sup> | 1.14% | 1.14% | 1.14% |
|  Distribution and Service Fees<sup>(5)</sup> | 0.00% | 0.25% | 1.00% |
|  Acquired Fund Fees and Expenses<sup>(6)</sup> | 0.27% | 0.27% | 0.27% |
|  Other Expenses<sup>(6)</sup> | 2.00% | 2.00% | 2.00% |
|  **Total Annual Expenses** | 4.76% | 5.01% | 5.76% |
|  Fee Waiver and/or Expense Reimbursement<sup>(7)</sup> | -1.35% | -1.35% | -1.35% |
|  **Total Annual Fund Operating Expenses (after Fee Waiver and/or <br>Expense Reimbursement)**<sup>(7)</sup> | 3.41% | 3.66% | 4.41% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp; Investors in Class A Shares may be charged a sales charge of up to 5.75% of the subscription amount. The table assumes the maximum sales load is charged. Sales charges may be reduced, modified or waived by the Fund or Investment Adviser for any shareholder. No upfront sales load will be paid with respect to Class C Shares or Class I Shares.

(2)&nbsp;&nbsp;&nbsp;&nbsp; Class C shares are subject to a deferred sales charge ("DSC") of up to 1.00% on any shares repurchased fewer than 365 days after their purchase. Sales charges may be reduced, modified or waived by the Fund or Investment Adviser for any shareholder.

(3)&nbsp;&nbsp;&nbsp;&nbsp; This table summarizes the expenses of the Fund and is designed to help investors understand the costs and expenses they will bear, directly or indirectly, by investing in the Fund. For purposes of determining net assets in fee table calculations, derivatives are valued at market value. This table assumes estimated average net assets of approximately $92 million, which represents the Fund's average net assets for the fiscal year.

(4)&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to the Investment Advisory Agreement, and in consideration of the advisory services provided by the Investment Adviser to the Fund, the Investment Adviser is entitled to a fee consisting of two components — the Investment Advisory Fee and the Incentive Fee. For its provision of advisory services to the Fund, the Fund will pay the Investment Adviser an Investment Advisory Fee equal to an annual rate of 1.35%, computed daily and payable monthly in arrears, based upon the Fund's average daily net assets. The Fund will also pay to the Investment Adviser an incentive fee (the "Incentive Fee") calculated and payable in arrears in an amount equal to 15% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on each class's average daily net asset value (calculated in accordance with GAAP), equal to 1.50% per quarter, or an annualized hurdle rate of 6%. "Pre-incentive fee net investment income" is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus the Fund's operating expenses for the quarter (including the Investment Advisory Fee, expenses payable to the Administrator and any interest expense but excluding the Incentive Fee, any realized gains, realized capital losses or unrealized capital appreciation or depreciation). The Fund expects the incentive fee to increase to the extent the Fund earns greater interest income through its investments. See "INVESTMENT ADVISORY AND INCENTIVE FEES" for a full explanation of how the Incentive Fee is calculated. Management fees also include portfolio management fees of the Sub-Advisers. The fees the Sub-Advisers charge the Fund are based on the Sub-Adviser's sub-advisory agreement. The Sub-Advisers' fees are paid by the Investment Adviser out of the Investment Advisory Fee and the Incentive Fee it receives from the Fund. The Investment Advisory Fee paid to the Investment Adviser (a portion of which will be used by the Investment Adviser to pay the sub-advisory fees to the Sub-Advisers) will be paid out of the Fund's assets. Such fee is paid before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders.

[**Table of Contents**](#TOC001)

(5)&nbsp;&nbsp;&nbsp;&nbsp; The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares and to adopt a distribution and service plan ("Distribution and Service Plan") for Class A Shares and Class C Shares. Under the Distribution and Service Plan, the Fund may charge a distribution and/or shareholder servicing fee up to a maximum of 0.25% per year on Class A Shares and up to a maximum of 1.00% per year on Class C Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class. 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 Class A Shares and Class C Shares of the Fund. See "DISTRIBUTION AND SERVICE PLAN."

(6)&nbsp;&nbsp;&nbsp;&nbsp; Fees and Interest Payments on Borrowed Funds, "Other Expenses" (as defined below), and Acquired Fund Fees and Expenses represent estimated amounts for the current fiscal year.

(7)&nbsp;&nbsp;&nbsp;&nbsp; The Investment Adviser has entered into an expense limitation and reimbursement agreement with the Fund (the "Expense Limitation and Reimbursement Agreement"), whereby the Investment Adviser has contractually agreed to limit the amount of the total annual fund operating expenses (excluding Incentive Fees, acquired fund fees and expenses, distribution and service fees, interest and fees related to warehouse investments (if any) and leverage, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) so they do not exceed 2.00% of the average daily net assets for any Class (the "Expense Limit"). For a period not to exceed three years from the date on which a waiver under the Expense Limitation and Reimbursement Agreement is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation and Reimbursement Agreement has a term ending on April 30, 2027 and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees. The Expense Limitation and Reimbursement Agreement may be terminated by the Fund's Board upon thirty days' written notice to the Investment Adviser. The Agreement may not be terminated by the Investment Adviser without the consent of the Trustees.

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

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

#### EXAMPLES

#### Class I Shares

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **You Would Pay the Following Expenses Based on a $1,000 Investment <br>in the Fund, Assuming a 5% Annual Return:** | **1<br>Year** | **3<br>Years** | **5<br>Years** | **10<br>Years** |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 |

---

#### Class A Shares

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **You Would Pay the Following Expenses Based on the Imposition of the <br>5.75% Sales Charge and a 0.25% Distribution and Service Fee on a <br>$1,000 Investment in the Fund, Assuming a 5% Annual Return:** | **1<br>Year** | **3<br>Years** | **5<br>Years** | **10<br>Years** |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 |

---

[**Table of Contents**](#TOC001)

#### Class C Shares

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **You Would Pay the Following Expenses Based on the Imposition of <br>the 1.00% Distribution and Service Fee on a $1,000 Investment in the <br>Fund, Assuming a 5% Annual Return:** | **1<br>Year** | **3<br>Years** | **5<br>Years** | **10<br>Years** |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 |

---

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

#### FINANCIAL HIGHLIGHTS
The information contained in the table below sets forth selected information derived from the Fund's financial statements. Financial statements for the fiscal period from August 18, 2025 (commencement of operations) through December 31, 2025, have been audited by PricewaterhouseCoopers LLP, the Fund's independent registered public accounting firm. PricewaterhouseCoopers LLP's report, along with the Fund's financial statements and notes thereto, are included in the Fund's annual report for the fiscal period ended December 31, 2025 ("Annual Report"), which is incorporated by reference into this Prospectus. You may obtain the Annual Report free of charge by writing to the Fund, c/o UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, WI 53212; by calling the Fund toll-free at 1-833-701-2855; or by visiting the following hyperlink: [*https://www.sec.gov/Archives/edgar/data/2029168/000121390026025002/ea0274876-01_ncsr.htm*](http://www.sec.gov/Archives/edgar/data/2029168/000121390026025002/ea0274876-01_ncsr.htm).

The information in the table below should be read in conjunction with each of those financial statements and the notes thereto.

Class A Shares and Class C Shares had not commenced operations as of the date of this Prospectus and the Fund's financial statements for the fiscal period ended December 31, 2025 relate only to Class I Shares of the Fund.

---

| | |
|:---|:---|
|  | **For the Period <br>August 18, <br>2025 <br>(Commencement of <br>Operations) <br>Through <br>December 31, <br>2025** |
|  **Net Asset Value, Beginning of Period** | $10.00<br><sup>(1)</sup> |
|  **Income from Investment Operations:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>(2)</sup> | 0.26 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)<sup>(2)</sup> | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from investment operations | 0.17 |
|  **Less Distributions:** |  |
| &nbsp;&nbsp;&nbsp; From net investment income | (0.20) |
| &nbsp;&nbsp;&nbsp; From net realized gain (loss) | (0.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions | (0.20) |
|  **Net asset value, end of period** | $9.97 |
|  **Total return**<sup>(3)</sup> | 1.69%<sup>(4)</sup> |
|  **Ratios and Supplemental Data:** |  |
|  Net assets, end of period (in thousands) | $66325 |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  | **For the Period <br>August 18, <br>2025 <br>(Commencement of <br>Operations) <br>Through <br>December 31, <br>2025** |
|  Ratio of expenses to average net assets before expense waivers | 5.74%<sup>(5)</sup> |
|  Ratio of expenses to average net assets after expense waivers | 1.16%<sup>(5)</sup> |
|  Ratio of net investment income to average net assets before expense waivers | 2.91%<sup>(5)</sup> |
|  Ratio of net investment income to average net assets after expense waivers | 7.49%<sup>(5)</sup> |
|  Portfolio turnover rate | 5%<sup>(4)</sup> |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; The Investment Adviser made the initial share purchase of $100,000 on December 9, 2024. The total initial share purchase of $100,000 included 10,000 Class I shares which were purchased at $10.00 per share.

(2)&nbsp;&nbsp;&nbsp;&nbsp; Based on average shares outstanding during the period.

(3)&nbsp;&nbsp;&nbsp;&nbsp; Based on the net asset value as of period end. The total return assumes an investment at net asset value at the beginning of the period and reinvestment of all distributions during the period, if any.

(4)&nbsp;&nbsp;&nbsp;&nbsp; Not annualized.

(5)&nbsp;&nbsp;&nbsp;&nbsp; Annualized for periods less than a year with the exception of non-recurring organizational costs and incentive fees.

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

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

#### INVESTMENT OBJECTIVES AND STRATEGIES

#### INVESTMENT OBJECTIVES
The Fund's primary investment objective is to seek to provide high current income by investing directly or indirectly in a range of corporate, real estate and alternative credit opportunities. The Fund's secondary investment objective is to seek to provide capital preservation. The Fund uses a "multi-strategy" approach whereby the Fund's assets are allocated among the Investment Adviser and one or more sub-advisers (each, a "Sub-Adviser" and together, the "Sub-Advisers"), in percentages determined at the discretion of the Investment Adviser. In contrast to certain other multi-strategy funds, each Sub-Adviser is an affiliate of the Investment Adviser. There can be no assurance that the Fund will achieve its investment objectives.

The Fund intends to rely on an order of exemptive relief from the provisions of Section 17(d) of the Investment Company Act to invest in certain privately negotiated investment transactions alongside other funds managed by the Investment Adviser or certain of its affiliates, subject to certain conditions. The Investment Adviser will not cause the

[**Table of Contents**](#TOC001)

Fund to engage in certain negotiated investments alongside affiliates unless such investments are not prohibited by Section 17(d) of the Investment Company Act or interpretations of Section 17(d) as expressed in SEC no-action letters or other available guidance.

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

#### INVESTMENT STRATEGIES AND OVERVIEW OF INVESTMENT PROCESS
Under normal market conditions, the Fund will seek to achieve its investment objectives by sourcing yield through a combination of interest, royalties, rent, dividends and fees through investments in a variety of income-producing asset classes. Specifically, the Fund will target investments in asset-based lending, real estate lending, life sciences finance, direct lending, entertainment lending, aviation finance, high yield debt and yielding equity securities, as described further below.

The Fund may make investments through wholly-owned subsidiaries (a "Subsidiary" or the "Subsidiaries"). Such Subsidiaries will not be registered under the Investment Company Act; however, the Fund will wholly own and control any Subsidiaries.

The Investment Adviser believes that by investing across multiple credit strategies, the Fund can achieve its investment objectives while demonstrating less correlation and lower volatility than if each investment strategy was pursued on a stand-alone basis. In pursuing its investment objectives, the Fund uses a "multi-strategy" approach whereby each credit sub-strategy will be managed by the Investment Adviser or by a Sub-Adviser with expertise in implementing that sub-strategy. The Investment Adviser will seek to achieve the Fund's investment objectives by selecting and delegating the management of a portion of Fund assets to a group of experienced Sub-Advisers with expertise in managing portfolios of asset-based loans, commercial real estate loans, life sciences finance investments, directly originated loans, high yield debt instruments and publicly traded equity income securities.

The Investment Adviser's asset allocation process seeks to reduce the Fund's risk exposure by avoiding overlap among Sub-Advisers and limiting exposures to any one investment style. In reviewing a Sub-Adviser's investment style, the Investment Adviser may consider a Sub-Adviser's preference for (i) various loan terms, (ii) structure or industry, (iii) borrower size (*e.g.*, lower middle market vs. upper middle market), (iv) sponsored or non-sponsored borrower (where "sponsored borrower" refers to companies with the backing of a financial sponsor, *e.g.*, with investment from a private equity fund, and "non-sponsored borrower" refers to companies without the backing of a financial sponsor), (v) loan seniority (*e.g.*, senior secured vs. second lien), and (vi) certain specialty niche investments such as master limited partnerships ("MLPs"), real estate investment trusts ("REITs") or business development companies ("BDCs"). The Fund's assets will be allocated among the Investment Adviser and Sub-Advisers in percentages determined at the discretion of the Investment Adviser.

The engagement of each current Sub-Adviser has been approved by the Board and the initial Shareholder or Shareholders of the Fund. The engagement of a new Sub-Adviser will be subject to Board approval and an approval by the holders of a majority of outstanding Shares (as defined in the Investment Company Act).

[**Table of Contents**](#TOC001)

#### Fund's Target Investment Portfolio
The Investment Adviser seeks to allocate to each Sub-Adviser a portion of the Fund's assets to invest and may retain a portion of the Fund's assets to invest directly. Each Sub-Adviser has discretion to invest its portion of the Fund's assets as it deems appropriate, subject to any investment guidelines in the Prospectus and as agreed upon with the Investment Adviser. While each Sub-Adviser is subject to the oversight of the Investment Adviser, the Investment Adviser does not attempt to coordinate or manage the day-to-day investments of the Sub-Advisers and may invest a portion of each sub-strategy's assets at any time. The Investment Adviser will pursue its investment objectives by investing in the following assets.

Although actual exposure to any strategy will vary over time, under normal circumstances, the Fund expects its allocations to each strategy will be within the following ranges:

---

| | |
|:---|:---|
|  Asset-Based Lending | 20 – 40% |
|  Real Estate Lending | 0 – 30% |
|  Life Sciences Finance | 0 – 25% |
|  Direct Lending | 0 – 25% |
|  Entertainment Lending | 0 – 30% |
|  Aviation Finance | 0 – 30% |
|  High Yield Debt | 0 – 20% |
|  Yielding Equity Securities | 0 – 20% |

---

*Asset-based Lending*

The Fund expects to primarily originate, structure, and invest in the private market debt of large, middle market and lower middle market companies on a secured basis in the senior portion of the capital structure of performing companies and companies that may be stressed. In some cases, the Fund will invest in misunderstood industries and/or complete or special situations where companies may not have significant access to traditional sources of capital. The Fund's portfolio is expected to be comprised of senior secured first lien, second lien, first lien last out and unitranche investments across a variety of sectors and collateral types. The Fund's investments are primarily expected to be collateralized by assets and/or enterprise value and may be governed by borrowing base structures. The Fund may selectively purchase loans and debt instruments in the secondary market. In addition, the Fund may purchase equity or debt tranches of collateralized loan obligations (CLO's) or other types of structured credit instruments. Sectors the Fund's portfolio may be invested in include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retail & Consumer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wholesale

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Textiles, Plastics & Timber

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pharma & Healthcare

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation/Logistics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Food & Beverage

The Fund expects to provide financing to companies in need of capital, often to effect strategic change at the business, refinancing existing indebtedness, help fund acquisitions or to provide incremental liquidity. The collateral and borrowing base for the Fund's investments are expected to typically include some or all of the following: accounts receivable, inventory, machinery and equipment, real estate and intellectual property.

[**Table of Contents**](#TOC001)

*Real Estate Lending*

The Fund plans to invest in commercial real estate securities, targeting commercial real estate loans and preferred equity investments, with the intended use of proceeds to support real estate acquisitions, recapitalizations, and opportunistic debt refinancings secured by properties that are changing use or could benefit from value-added improvements. The Fund expects to provide directly originated and privately negotiated financing solutions to thoroughly vetted borrowers secured by high-quality commercial real estate with meaningful equity positions across a variety of property types including, but not limited to: multifamily, industrial, retail, office, hospitality, self-storage and mixed-use, and may also make secondary purchases of debt secured by these property types.

The Fund intends to acquire or originate real estate mortgages consisting of the following types:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; *Senior Mortgage Loans*:&nbsp;&nbsp;&nbsp;&nbsp;These mortgage loans are typically secured by a first lien on commercial properties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;*Subordinated Debt*:&nbsp;&nbsp;&nbsp;&nbsp;These loans may include structurally subordinated first mortgage loans and junior participations in first mortgage loans or participations in these types of assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *Mezzanine Loans*:&nbsp;&nbsp;&nbsp;&nbsp;Subordinated loans that are usually secured by a pledge of the borrower's equity ownership in the entity that owns the property or by a second lien mortgage on the property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *Preferred Equity*:&nbsp;&nbsp;&nbsp;&nbsp;Typically subordinate to first mortgage loans and are not collateralized by the property underlying the investment, though often with a higher target return profile than subordinated debt.

*Life Sciences Finance*

The Fund intends to offer sophisticated, customized financing solutions to a broad range of life science companies, institutions, and inventors. This strategy is primarily focused on investing in senior secured loans, royalties, equity and equity-linked securities and other financial instruments tied to commercial-stage products and related intellectual property as well as revenue interests in commercialized products. The objective of Healthcare Finance strategy is to maximize our portfolio total return, and thus, increase our net income and net asset value by generating income from three sources: (i) receiving interest and other income by advancing capital in the form of secured debt to companies in the life science sector; (ii) primarily owning or financing through debt investments, royalties or revenue interests generated by the sales of life science products and related intellectual property; and (iii) to a lesser extent, realizing capital appreciation from equity-related investments in the life sciences sector. The Fund will target a segment of the market that the Sub-Adviser believes is underserved in the sub-$50 million transaction size range.

*Direct Lending*

The Fund also intends to invest in directly originated and acquired loans to U.S. middle and lower middle market companies that may or may not be owned by private equity sponsors. In describing this business, generally the term "middle and lower middle market" refers to companies with approximately $5 million to $25 million of earnings before interest, taxes, depreciations and amortization ("EBITDA"), which the Sub-Adviser believes is a useful proxy for cash flow. The Fund will seek to provide financing solutions that include secured debt, unsecured debt or structured capital solutions. In contrast to our Asset-Based Lending strategy, the Fund's Direct Lending strategy will focus on making loans supported by the cashflow of the underlying borrower, as opposed to reliance on asset collateral.

*Entertainment Lending*

The Fund intends to lend capital to borrowers across the music, sports, and entertainment industries secured by cash-flowing assets. Collateral includes, but is not limited to, music and media intellectual property ("IP"), sports franchises, broadcasting rights, and other contractual music, sports, and entertainment (collectively, "Entertainment") related cashflows and assets globally with an emphasis on North America, UK, and Europe.

*Aviation Finance*

The Fund intends to acquire commercial aircraft on lease to commercial airlines globally and lend capital to borrowers in the aviation industry secured by aviation assets such as aircraft, spare parts, and engines and operating companies in the aviation industry.

[**Table of Contents**](#TOC001)

*High Yield Debt*

The Fund will primarily invest in bonds that are rated below investment grade and other financial instruments, principally derivative instruments, CLOs, CDOs, and exchange-traded funds (ETFs), with economic characteristics similar to non-investment grade securities.

*Yielding Equity Securities*

The Fund expects to invest in certain publicly-traded equity income securities, which may include specialty niche investments such as PTPs, MLPS, REITs, BDCs, ADRS, ETFs, distressed debt, preferred securities and convertible securities.

There is no limit on the duration, maturity or credit quality of any investment in the Fund's portfolio. The Investment Adviser believes the Fund's investment strategy favors a modest amount of leverage consistent with the statutory limitations. Accordingly, the Fund utilizes and may continue to utilize leverage from borrowings to enhance yield within the 300% asset coverage (up to 50% of the Fund's net assets) requirements of an interval fund. The Fund is authorized to borrow cash in connection with its investment activities, to satisfy repurchase requests from Fund shareholders, and to otherwise provide the Fund with temporary liquidity. Borrowings will be limited to 33.33% of the Fund's total assets (50% of its net assets).

#### Multi-Strategy Approach
The Investment Adviser employs a multi-strategy approach for the Fund whereby the Investment Adviser selects as Sub-Advisers a combination of managers with different investment strategies and styles to seek to reduce the Fund's risk exposure to any one asset class and minimize overlap among Sub-Advisers. In contrast to certain other funds that invest in multiple asset classes, each Sub-Adviser is an affiliate of the Investment Adviser. The Investment Adviser believes this provides an advantage from an information flow, risk management and portfolio construction perspective.

By using a multi-strategy approach, the Investment Adviser seeks to construct an overall portfolio of corporate, real estate and alternative credit investments for the Fund that offers reduced investment risk exposure as compared to a fund that has only a single adviser or Sub-Adviser. The Investment Adviser also believes that the employment of multiple Sub-Advisers gives the Fund greater flexibility in tactically changing characteristics of the Fund to better take advantage of investment opportunities and may reduce risk. The portion of Fund assets allocated to each Sub-Adviser will be determined by the Investment Adviser based upon long term views on portfolio construction, the activities of other investment advisors, existing market conditions, availability of underlying investments and Sub-Adviser circumstances, and may be changed at any time by the Investment Adviser.

#### Investment Adviser Selection and Monitoring of Sub-Advisers
The Investment Adviser is responsible for hiring, terminating, and replacing Sub-Advisers, subject to the Board's oversight and approval. The engagement of a new Sub-Adviser will be subject to Board approval and an approval by the holders of a majority of outstanding Shares (as defined in the Investment Company Act). The Investment Adviser's selection of Sub-Advisers will be critical to the operation and performance of the Fund.

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

[**Table of Contents**](#TOC001)

The frequency and amount of portfolio purchases and sales (known as the "portfolio turnover rate") will vary from year to year as well as within a given year due to a variety of factors, including marketing conditions and changes in the Investment Adviser's investment outlook. The portfolio turnover rate will not be a limiting factor when the Investment Adviser or a Sub-Adviser deems portfolio changes appropriate. The Fund may engage in short-term trading strategies, and securities may be sold without regard to the length of time held when, in the opinion of the Investment Adviser or a Sub-Adviser, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund, which may result in more short-term capital gains, which are taxed at ordinary income tax rates. Additionally, if securities are not held for the applicable holding periods, capital gains will be short-term and taxable at ordinary income rates and dividends paid on them will not qualify for the advantageous federal tax rates.

[**Table of Contents**](#TOC001)

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

#### GENERAL RISKS
*LIMITED OPERATING HISTORY.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund was organized as a Delaware statutory trust on July 1, 2024. It has a limited operating history. The Fund may not succeed in meeting its investment objectives, and its NAV may decrease. As a new Fund, there is no assurance that the Fund will grow or maintain an economically viable size, which may result in increased Fund expenses or a determination to liquidate the Fund.

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

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

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

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

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

[**Table of Contents**](#TOC001)

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

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

*REGULATED INVESTMENT COMPANY RISK.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC under Subchapter M of Subtitle A, Chapter 1 of the Code. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary income or capital gains that is distributed as dividends for U.S. federal income tax purposes to Shareholders, as applicable. To qualify for and maintain its treatment as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain specified source-of-income and asset diversification requirements and is required to distribute dividends for U.S. federal income tax purposes of an amount at least equal to 90% of the sum of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses each tax year to Shareholders, as applicable. If the Fund does not meet these requirements, some or all of its net income could be taxable at corporate income tax rates. Additionally, if the Fund does not distribute specified amounts of its ordinary income and capital gains each calendar year, it will be subject to a 4% excise tax. See "TAXES."

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

[**Table of Contents**](#TOC001)

*DEPENDENCE ON THE INVESTMENT ADVISER AND SUB*-ADVISERS*.&nbsp;&nbsp;&nbsp;&nbsp;*The success of the Fund depends upon the ability of the Investment Adviser and Sub-Advisers to develop and implement investment strategies that achieve the investment objectives of the Fund. Shareholders will have no right or power to participate in the management or control of the Fund.

*RELIANCE ON THE SUB*-ADVISERS*.&nbsp;&nbsp;&nbsp;&nbsp;*Although the Fund and the Investment Adviser will evaluate regularly each Sub-Adviser to determine whether their respective investment programs are consistent with the Fund's investment objectives and whether the investment performance is satisfactory, the Investment Adviser will not have any control over the investments made by a Sub-Adviser. Even though the Sub-Advisers are subject to certain constraints, the Sub-Advisers may change certain aspects of their investment strategies. The Investment Adviser and the Board will engage in the necessary due diligence to ensure that the Fund's assets are invested with Sub-Advisers who provide reports that will enable them to monitor the Fund's investments as to their overall performance, sources of income, asset valuations and liabilities; however, there is no assurance that such efforts will necessarily detect fraud, malfeasance, inadequate back office systems or other flaws or problems with respect to a Sub-Adviser's operations and activities. The Investment Adviser will be dependent on information provided by the Sub-Advisers, which if inaccurate could adversely affect the Investment Adviser's ability to manage the Fund's investment portfolio in accordance with its investment objectives. Furthermore, inaccurate information provided by a Sub-Adviser could adversely affect the Fund's ability to comply with the requirements needed to qualify as a regulated investment company under the Code. See *"*PRINCIPAL RISK FACTORS-GENERAL RISKS-NON-QUALIFICATION AS A REGULATED INVESTMENT COMPANY*."*

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

*MULTI*-STRATEGY *RISK.&nbsp;&nbsp;&nbsp;&nbsp;*Fund performance is dependent upon the success of the Investment Adviser and the Sub-Advisers in implementing the Fund's investment strategies in pursuit of its investment objectives. To a significant extent, the Fund's performance will depend on the success of the Investment Adviser's methodology in allocating the Fund's assets to the Sub-Advisers and its selection and oversight of the Sub-Advisers. The Sub-Advisers selected by the Investment Adviser may underperform the market generally or other sub-advisers that could have been selected for the Fund. The Sub-Advisers' investment styles may not always be complementary, which could adversely affect the performance of the Fund. In addition, the Sub-Advisers invest independently of each other and may pursue investment strategies that "compete" with each other for investment opportunities, which could have the result of increasing an investment's cost.

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

*APPROVAL OF SUB*-ADVISORY *RELATIONSHIPS.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund and the Investment Adviser have entered into sub-advisory relationships with the Sub-Advisers. Such relationships were entered into upon Board approval and upon the approval of a majority (as defined under the Investment Company Act) of the Fund's outstanding voting securities (at such time) pursuant to the Investment Company Act. If the Investment Adviser seeks to replace or add a Sub-Adviser, the Investment Adviser must obtain Shareholder approval for any new Sub-Adviser identified as an attractive candidate for a sub-advisory relationship. If such approval is not received with respect to a particular Sub-Adviser, the Fund will be prohibited from allocating assets to such Sub-Adviser. As a result, there can be no assurance that the Fund or the Investment Adviser will be able to retain attractive institutional asset managers to sub-advise the Fund's assets.

[**Table of Contents**](#TOC001)

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

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

*NON*-QUALIFICATION *AS A REGULATED INVESTMENT COMPANY.&nbsp;&nbsp;&nbsp;&nbsp;*If for any taxable year the Fund were to fail to qualify as a regulated investment company under Subchapter M of Subtitle A, Chapter 1, of the Internal Revenue Code of 1986, as amended (the "Code"), all of its taxable income would be subject to tax at regular corporate rates without any deduction for distributions. To qualify as a regulated investment company, the Fund must meet three numerical requirements each year regarding (i) the diversification of the assets it holds, (ii) the income it earns, and (iii) the amount of taxable income that it distributes to Shareholders. These requirements and certain additional tax risks associated with investments in the Fund are discussed in "TAXES" in this Prospectus.

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

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

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

[**Table of Contents**](#TOC001)

*INCENTIVE FEE.&nbsp;&nbsp;&nbsp;&nbsp;*The Incentive Fee payable by the Fund to the Investment Adviser may create an incentive for the Investment Adviser to make investments on the Fund's behalf that are risky or more speculative than would be the case in the absence of such compensation arrangement. The way in which the Incentive Fee payable to the Investment Adviser is determined may encourage the Investment Adviser to use leverage to increase the return on Fund investments. Under certain circumstances, the use of borrowing may increase the likelihood of default, which would disfavor the Fund and Shareholders. Such a practice could result in the Fund investing in more speculative securities than would otherwise be in the Fund's best interests, which could result in higher investment losses, particularly during cyclical economic downturns.

#### INVESTMENT-RELATED RISKS

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

*Recent Market Circumstances.&nbsp;&nbsp;&nbsp;&nbsp;*The value of the Fund's investments may increase or decrease in response to expected, real or perceived economic, political or financial events in the U.S. or global markets. The frequency and magnitude of such changes in value cannot be predicted. Certain securities and other investments held by the Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation/deflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markers. U.S. or global markets may be adversely affected by uncertainties and events or the threat or potential of one or more such events and developments in the U.S. and around the world, such as major cybersecurity events, geopolitical events (including wars, terror attacks, natural disasters, spread of infectious disease (including epidemics or pandemics) or other public health emergencies), social unrest, political developments, and changes in government policies, taxation, threatened or actual imposition of tariffs, restrictions on foreign investment and currency repatriation, currency fluctuations and developments in the laws and regulations in the U.S. and other countries, or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market.

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.

The failure of certain financial institutions, namely banks, may increase the possibility of a sustained deterioration of financial market liquidity, or illiquidity at clearing, cash management and/or custodial financial institutions. The failure of a bank (or banks) with which the Fund and/or the Fund investments have a commercial relationship could adversely affect, among other things, the Fund and/or the Fund investment's ability to pursue key strategic initiatives, including by affecting the Fund's or a Fund investment's ability to borrow from financial institutions on favorable terms.

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

Additionally, various countries have seen significant internal conflicts and in some cases, civil wars may have had an adverse impact on the securities markets of the countries concerned. In addition, the occurrence of new disturbances due to acts of war or terrorism or other political developments cannot be excluded. Nationalization, expropriation or

[**Table of Contents**](#TOC001)

confiscatory taxation, currency blockage, political changes, government regulation, political, regulatory or social instability or uncertainty or diplomatic developments, including the imposition of sanctions or other similar measures, could adversely affect the Fund's investments.

Recent examples of the above include conflict, loss of life and disaster connected to ongoing armed conflict in Europe and the Middle East. The extent, duration and impact of these conflicts, related sanctions and retaliatory actions are difficult to ascertain, but could be significant and have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities and commodities. These impacts could negatively affect the Fund's investments in securities and instruments that are economically tied to the applicable region, and include (but are not limited to) declines in value and reductions in liquidity. In addition, to the extent new sanctions are imposed or previously relaxed sanctions are reimposed (including with respect to countries undergoing transformation), complying with such restrictions may prevent the Fund from pursuing certain investments, cause delays or other impediments with respect to consummating such investments or divestments, require divestment or freezing of investments on unfavorable terms, render divestment of underperforming investments impracticable, negatively impact the Fund's ability to achieve its investment objectives, prevent the Fund from receiving payments otherwise due, increase diligence and other similar costs to the Fund, render valuation of affected investments challenging, or require the Fund to consummate an investment on terms that are less advantageous than would be the case absent such restrictions. Any of these outcomes could adversely affect the Fund's performance with respect to such investments, and thus the Fund's performance as a whole.

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

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

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

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

[**Table of Contents**](#TOC001)

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

#### INVESTMENT STRATEGY-SPECIFIC INVESTMENT-RELATED RISKS
In addition to the risks generally described in this Prospectus and the SAI, the following are some of the specific risks associated with the styles of investing which may be utilized by the Investment Adviser and one or more Sub-Advisers:

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

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

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

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

A portion of the loans in which the Fund may invest will not be secured by any collateral, will not be guaranteed or insured by a third party and will not be backed by any governmental authority. The Fund may need to rely on the collection efforts of third parties, which also may be limited in their ability to collect on defaulted loans. The Fund may not have direct recourse against borrowers, may not be able to contact a borrower about a loan and may not be able to pursue borrowers to collect payment under loans. To the extent a loan is secured, there can be no assurance as to the amount of any funds that may be realized from recovering and liquidating any collateral or the timing of such recovery and liquidation and hence there is no assurance that sufficient funds (or, possibly, any funds) will be available

[**Table of Contents**](#TOC001)

to offset any payment defaults that occur under the loans. Loans are credit obligations of the borrowers, and the terms of certain loans may not restrict the borrowers from incurring additional debt. If a borrower incurs additional debt after obtaining a loan through a platform, the additional debt may adversely affect the borrower's creditworthiness generally, and could result in financial distress, insolvency or bankruptcy of the borrower. This circumstance would ultimately impair the ability of that borrower to make payments on its loans and the Fund's ability to receive the principal and interest payments that it expects to receive on such loan. To the extent borrowers incur other indebtedness that is secured, the ability of the secured creditors to exercise remedies against the assets of that borrower may impair the borrower's ability to repay its loans, or it may impair a third party's ability to collect, on behalf of the Fund, on the loan upon default. To the extent that a loan is unsecured, borrowers may choose to repay obligations under other indebtedness (such as loans obtained from traditional lending sources) before repaying an unsecured loan because the borrowers have no collateral at risk. The Fund will not be made aware of any additional debt incurred by a borrower or whether such debt is secured.

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

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

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

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

*SECOND LIEN AND SUBORDINATED LOANS.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund may invest in secured subordinated loans, including second and lower lien loans. Second lien loans are generally second in line in terms of repayment priority. A second lien loan may have a claim on the same collateral pool as the first lien or it may be secured by a separate set of assets. Second lien loans generally give investors priority over general unsecured creditors in the event of an asset sale. The priority of the collateral claims of third or lower lien loans ranks below holders of second lien loans and so on. Such junior loans are subject to the same general risks inherent to any loan investment, including credit risk, market and liquidity risk, and interest rate risk. Due to their lower place in the borrower's capital structure and possible unsecured or partially secured status, such loans involve a higher degree of overall risk than senior loans of the same borrower. In addition, the rights the Fund may have with respect to the collateral securing the loans the Fund makes to borrowers with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that

[**Table of Contents**](#TOC001)

the Fund may enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: (i) the ability to cause the commencement of enforcement proceedings against the collateral; (ii) the ability to control the conduct of such proceedings; (iii) the approval of amendments to collateral documents; (iv) releases of liens on the collateral; and (v) waivers of past defaults under collateral documents. The Fund may not have the ability to control or direct such actions, even if the Fund's rights are adversely affected.

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

*General Risks of Lending, Secured Lending and Loan Origination.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund's investment strategy is subject to general market, credit and interest rate risks. Secured lending is also subject to the risk of inadequate collateral, and lending generally is subject to the risk of default.

Credit risk refers to the likelihood that an obligor will default on the payment of principal, interest or other amounts owed on an instrument. Financial strength and solvency of an obligor are the primary factors influencing credit risk. In addition, lack or inadequacy of collateral or other assets expected to be the source of repayment or credit enhancement for a debt instrument may affect its credit risk. Credit risk may change over the life of an instrument, and debt instruments that are rated by rating agencies are subject to downgrade at a later date.

Interest rate risk refers to the risks associated with market changes in interest rates. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of fixed rate obligations) or directly (especially in the case of instruments whose rates are adjustable). In general, rising interest rates will negatively affect the price of a fixed rate debt instrument and falling interest rates will have a positive effect on the price of a fixed rate debt instrument.

Adjustable rate instruments also react to interest rate changes in a similar manner, although generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen, frequency of reset and reset caps or floors, among other factors). Interest rate sensitivity is generally more pronounced and less predictable in instruments with uncertain payment or prepayment schedules.

While loans originated by the Fund are intended to be over-collateralized, the lack, or inadequacy, of collateral or other assets expected to be the source of repayment or credit enhancement for a debt instrument may affect its credit risk, and the Fund may be exposed to losses resulting from default. A defaulted or otherwise distressed Fund investment may become subject to workout negotiations or restructuring, which may entail, among other things, a substantial reduction in interest rate, a substantial write-down of principal and a substantial change in the terms, conditions and covenants with respect to the investment. The Fund may incur additional expenses if it is required to seek recovery upon default or to negotiate new terms with a defaulting issuer.

Additionally, in the event of a default, the value of the underlying collateral, the creditworthiness of the borrower and the priority of the lien are each of great importance. The Fund's interests, including the validity or enforceability of the loan and the maintenance of the anticipated priority and perfection of the applicable security interests, may not be adequately protected. Furthermore, claims may be asserted that could interfere with the enforcement of the Fund's rights. Under certain circumstances, the Fund or its affiliate may assume direct ownership of the underlying asset. The liquidation proceeds upon a sale of such asset may not satisfy the entire outstanding balance of principal and interest on the loan, resulting in a loss to the Fund. Any costs or delays involved in the effectuation of the liquidation of the underlying collateral regarding a defaulted loan may further reduce the proceeds and thus increase the loss.

[**Table of Contents**](#TOC001)

*Syndication and/or Transfer of Debt Instruments.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund may originate and/or purchase secured debt assets. The Fund may also purchase secured debt assets (including, participation interests or other indirect economic interests) that have been originated by the Fund or from other parties and/or trading on the secondary market. The Fund may, in certain circumstances, originate or purchase such secured debt assets with the intent of syndicating and/or otherwise transferring a significant portion thereof. In such instances, the Fund will bear the risk of any decline in value prior to such syndication and/or other transfer. In addition, the Fund will also bear the risk of any inability to syndicate or otherwise transfer such secured debt assets or such amount thereof as originally intended, which could result in the Fund owning a greater interest therein than anticipated.

*Investments in Highly Leveraged Companies.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund will invest in companies with capital structures involving significant leverage. Additionally, some of the debt positions acquired by the Fund may be the most junior in what could be a complex capital structure, and, thus, subject the Fund to the greatest risk of loss.

Investments in highly leveraged entities are inherently more sensitive to declines in revenues, increases in expenses and interest rates and adverse economic, market, and industry developments. Furthermore, a portfolio company's significant indebtedness could, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject the portfolio company to a number of restrictive covenants, terms, and conditions, any violation of which could be viewed by creditors as an event of default and could materially impact the Fund's ability to realize value from the investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cause even moderate reductions in operating cash flow to render the portfolio company unable to service its indebtedness, leading to the portfolio company's bankruptcy or other reorganization and a loss of part or all of the Fund's investment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Give rise to an obligation to make mandatory prepayments of debt using excess cash flow, which might limit the portfolio company's ability to respond to changing industry conditions if additional cash is needed for the response, to make unplanned but necessary capital expenditures or to take advantage of growth opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limit the portfolio company's ability to adjust to changing market conditions, thereby placing it at a competitive disadvantage compared to its competitors that have relatively less debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limit the portfolio company's ability to engage in strategic acquisitions that might be necessary to generate attractive returns or further growth; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limit the portfolio company's ability to obtain additional financing or increase the cost of obtaining such financing, including for capital expenditures, working capital or other general corporate purposes.

As a result, the risk of loss associated with a leveraged portfolio company is generally greater than for companies with comparatively less debt.

*UNITRANCHE DEBT SECURITIES.&nbsp;&nbsp;&nbsp;&nbsp;*Unitranche debt securities are generally unrated or below investment grade rated investments that may have greater credit and liquidity risk than more highly rated debt obligations. Unitranche debt securities are often issues in traditional private placements or in connections with acquisitions and other business combinations and have no trading market. Unitranche debt securities may combine secured and unsecured, subordinated debt. Issuers of such debt securities may be highly leveraged, and their relatively high debt to equity ratios, create increased risks that their operations might not generate sufficient cash flow to service their debt obligations.

*DISTRESSED BORROWERS.&nbsp;&nbsp;&nbsp;&nbsp;*The Funds may invest in loans and debt instruments of companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings. Although such investments may result in significant returns to the Funds, they involve a substantial degree of risk. Distressed borrowers may be less likely to meet their obligations in connection with such loans or debt instruments, and the inability to meet such obligations may result in certain loans of the Funds becoming nonperforming. The level of legal and financial sophistication necessary for successful investment in the loans issued to, or the debt instruments of, companies experiencing significant business and financial difficulties is unusually high. There is no assurance that the Investment Adviser will correctly evaluate the value of the assets collateralizing the loans invested in by the Funds or the prospects for a successful reorganization or similar action,

[**Table of Contents**](#TOC001)

if any, or the general performance of such loans. In addition, to the extent that the Funds invest in loans or debt instruments with respect to companies that subsequently undergo bankruptcy or similar liquidation proceedings, such investments may be subject to additional risks. Many of the events within a bankruptcy case are adversarial and often beyond the control of creditors. Although creditors generally are afforded an opportunity to object to significant actions, there is the possibility that a bankruptcy court could approve actions that may be contrary to the interests of the Funds. The duration of bankruptcy proceedings is often difficult to accurately predict, and such proceedings may be lengthy. The administrative costs in connection with bankruptcy proceedings are frequently high and will be paid out of the debtor's estate (other than out of assets or proceeds thereof that are subject to valid and enforceable liens and other security interests) prior to any return to unsecured creditors and equity holders. In connection with a bankruptcy proceeding, the Investment Adviser, on behalf of the Funds, may seek representation on creditors' committees or other groups to ensure preservation or enhancement of the Funds' position as a creditor. If the Funds are represented on a committee or group, it may be restricted or prohibited under applicable law from disposing of their investments in such company while it continues to be represented on such committee or group. In addition, the Funds' return on investment can be adversely affected by the passage of time during which the plan of reorganization of a bankrupt debtor is being negotiated, approved by the creditors and confirmed by the bankruptcy court. Reorganizations outside of bankruptcy are also subject to unpredictable and potentially lengthy delays.

*DISTRESSED INVESTMENTS; RESTRUCTURINGS.&nbsp;&nbsp;&nbsp;&nbsp;*Fund investments may include privately negotiated investments in distressed situations involving companies that are experiencing significant financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation proceedings (e.g., investments in defaulted, out-of-favor or distressed bank loans and debt securities). Certain of the Funds' investments therefore may include specific investments of issuers that are highly leveraged, with significant burdens on cash flow, and, therefore, involve a high degree of financial risk although they also may offer the potential for correspondingly high returns. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. There is no assurance that Callodine Credit will evaluate correctly the value of the assets collateralizing such investments or the prospects for a successful reorganization or similar action. In certain periods, there may be little or no liquidity in markets for these securities. The public market prices of distressed securities may be subject to abrupt and erratic market movements and above-average price volatility, and the spread between the bid and ask prices of such securities may be greater than normally expected. It may take a substantial period of time for the market price of such securities to reflect what the Investment Adviser believes is their intrinsic value. Troubled companies and other asset-based investments also require active monitoring and may, at times, require participation in business strategy or reorganization proceedings by the Investment Adviser.

*HEALTHCARE INDUSTRY RISKS.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund's financing of a broad range of life science companies, institutions, and inventors, subjects it to the risks of the healthcare industry. The laws and rules governing the business of healthcare companies and interpretations of those laws and rules are subject to frequent change. Broad latitude is given to the agencies administering those regulations. Existing or future laws and rules could force industry participants to change how they do business, restrict revenue, increase costs, change reserve levels and change business practices.

Healthcare companies and other participants in the healthcare industry often must obtain and maintain regulatory approvals to market many of their products, change prices for certain regulated products and consummate some of their acquisitions and divestitures. Delays in obtaining or failing to obtain or maintain these approvals could reduce revenue or increase costs. Policy changes on the local, state and federal level, such as the expansion of the government's role in the healthcare arena and alternative assessments and tax increases specific to the healthcare industry or healthcare products as part of federal health care reform initiatives, could fundamentally change the dynamics of the healthcare industry.

The Fund's investments will include royalties and royalty-linked debt that are paid on sales of pharmaceutical products, which are subject to numerous risks. The successful and timely implementation of the business model of our specialty pharmaceutical and drug discovery partner companies depends on their ability to adapt to changing technologies and introduce new products. As competitors continue to introduce competitive products, the ability of our partner companies to continue effectively marketing their existing product portfolio, and to develop and acquire innovative products and technologies that improve efficacy, safety, patients' and clinicians' ease of use and cost-effectiveness is important to the success of such partner companies. The success of new product offerings will depend on many factors, including the ability to properly anticipate and satisfy customer needs, obtain regulatory approvals on a timely basis, develop and manufacture products in an 5 economical and timely manner, obtain or

[**Table of Contents**](#TOC001)

maintain advantageous positions with respect to intellectual property, and differentiate products from competitors. Failure by our partner companies to successfully commercialize existing or planned products, or acquire other new products, could have a material adverse effect on our business, financial condition and results of operations. In addition, the ability of generic manufactures to invalidate a partner company's patents protecting its products or to invalidate the patents supporting products in which we receive royalty-related income could have a material adverse effect on our business.

The Fund intends to hold royalties, debt backed by royalties, and revenue interests that are issued by our partner companies. As such, The Fund does not, and does not expect to, control any of our partner companies, even though we may have board representation or board observation rights, and the debt agreements may contain certain restrictive covenants that limit the business and operations of our partner companies. As a result, The Fund is subject to the risk that a partner company may make business decisions with which we disagree, and the management of such company may take risks or otherwise act in ways that do not serve the Fund's interests. These business decisions or risks may lead to adverse business or financial consequences for our partner companies, which in turn could adversely affect the performance of the Fund's finance receivables segment.

*LIFE SCIENCES ROYALTIES.&nbsp;&nbsp;&nbsp;&nbsp;*The assets in the finance receivables segment are expected to be royalty streams or debt backed by royalty streams or revenue interests paid by small and middle-market life sciences businesses, which are highly speculative and involve a high degree of risk of credit loss. In addition, we own royalties or invest in debt backed by royalties or revenue interests that are derived by pharmaceutical and biologic products that are early in their commercial launch, face intense competition or are subject to other risks, which similarly involve a high degree of risk of principal loss. If the underlying products do not generate anticipated revenues, we may suffer a loss of our investment.

*RISKS OF INVESTMENTS IN SPORTS AND ENTERTAINMENT.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund may invest in the sports and entertainment business. Investments in these types of businesses are subject to risks that include, among others, destruction, loss, terrorist attacks, industry-specific regulation, operating failures and labor relations. Financial stability of sports clubs and leagues are affected by factors such as global supply and demand, investors' expectations with respect to the rate of inflation, currency exchange rates, interest rates, and global or regional political, economic or financial events and situations. Markets can be volatile at times, and there may be sharp fluctuations in prices even during periods of rising prices.

Competition for an Entertainment loan is based principally upon loan interest rate, tenor, amortization profile, covenants and other structuring, reputation, management expertise, speed of execution, and other factors. The Fund's competitors may have greater resources than it has, and some competitors have significantly greater operating and financial resources. In addition, some competing Entertainment lenders may have a lower overall cost of capital and may provide inducements to potential borrowers that the Fund cannot provide. There can be no assurance that the Fund will be able to compete effectively against present and future competitors or that the competitive pressures will not have an adverse effect on the Fund's business or financial condition.

*Consumer and Advertising Spending.&nbsp;&nbsp;&nbsp;&nbsp;*The Entertainment industry is heavily dependent on various spending factors that are not within the Fund's control, including but not limited to general economic conditions affecting consumers' and corporate spending, spending on streaming subscriptions, physical and other music types, global content and/or content subscriptions, advertising, live events, and any other consumer spending. Any decline in this spend may negatively impact borrowers' ability to make timely payments of principal and interest and valuation of collateral, among other factors.

*Borrower Concentration.&nbsp;&nbsp;&nbsp;&nbsp;*A concentration of loans with the same borrower can pose increased risks. For instance, if a borrower that is a significant obligor experiences financial difficulty, it could attempt to avert performance under a loan by filing a bankruptcy petition that might have the effect of interrupting loan payments for an indefinite period. Such a disruption of loan payments would have a greater impact on revenues than if revenues were more widely distributed across borrowers. Local economic and political conditions can influence the performance of borrowers located in a particular region.

*Entertainment Industry Technology.&nbsp;&nbsp;&nbsp;&nbsp;*The Entertainment industry is becoming increasingly innovative and new technology are constantly being introduced. The Fund may derive significant royalty revenues from industry technologies such as streaming, which may be subject to continuous technological change. Technology may continue to alter consumer tastes, preferences, behavior and the means by which entertainment is consumed.

[**Table of Contents**](#TOC001)

Certain technological advancements, such as an increase in use and efficacy of artificial technology, could impact the production, distribution and consumption of Entertainment assets. Any technology changes that negatively impact entertainment consumption volume and price may adversely impact the investment performance of the Fund.

*Royalties.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund anticipates maintaining significant exposure to assets that derive their value from rights to music royalty cash flow streams. Investing in royalties involves specific risks, which include: limited royalty performance histories and uncertainty regarding future royalty performance; rapidly changing technologies and products which may quickly become obsolete or impact the rate and amount of associated royalty cash flow; cyclical patterns in entertainment industry spending which may result in lower levels of royalty cash flow; changes in the availability of and economics provided by distribution, including distribution provided by record labels, terrestrial radio stations, streaming radio stations, streaming content platforms, and video advertising (TV, film, and streaming content); the possibility of lawsuits related to copyrights; and changing investors' sentiments and preferences with regard to investments in royalties (which may generally be perceived as risky) with their resultant effect on the price of underlying securities.

In addition, adherence to copyright law in the U.S. and foreign markets may disproportionately affect the asset value and revenue streams of royalties. The cash flows provided to royalties are highly dependent upon the willingness of consumers, brands, and other revenue sources. Royalties are inherently illiquid assets and the Fund may be subject to fluctuations in market value of assets in general. The Fund is thus subject to these and other risks associated with royalties to a much greater extent than a fund that does not emphasize these investments.

*Piracy.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund may make investments in copyright assets. These types of assets are subject to risks associated with intellectual property piracy. Technology has facilitated both the positive distribution of Entertainment assets and the negative unauthorized use and reproduction of such assets. Authorized use and reproduction of own copyright may not come with required royalty payments, thus negative impacting revenues otherwise due to the Fund.

The Napster-era of 1999 to 2002 epitomized music piracy on a global scale. The subsequent rise of Digital Service Providers ("DSPs") has negatively impacted the economics of unauthorized distribution of pirated music. Consumer behavior has similarly shift to paid-for music distribution services. DSPs have sought to enhance their value propositions by offering premium services, premium access, and premium content, further drawing consumers into positive economic authorized consumption relationships.

If consumers once again turn to unauthorized distribution services of pirated content, royalty revenues of the Fund may be adversely affected. The inability to successfully enforce copyright law may adversely affect royalty revenues due to the Fund.

*Distribution Partner Profitability.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund's borrowers may derive significant royalty revenues from DSP partners. As such, the Fund may be affected by the economic health and profitability of such DSP partners. As DSPs adjust the prices of their products to attract consumers in a competitive market, the DSPs ability to pay higher royalty rates to the Fund's borrowers may be negatively impacted. The positive or negative adjustment to consumer prices at the DSP may negatively impact the DSPs profitability and the DSPs ability to pay higher royalty rates. A negative impact to DSP profitability and its ability to pay higher royalty rates may negatively impact the profitably of the Fund's borrowers. Any resulting default by borrowers due to a decrease in profitability will impact the investment performance of the Fund.

*Distribution Partner Concentration.&nbsp;&nbsp;&nbsp;&nbsp;*The entertainment distribution ecosystem is concentrated amongst a small group of competitors. Increased market share and market power by a particular distribution partner may negatively impact the investment performance of the Fund. Concentrated share of a particular distribution partner may subject the Fund to the success or failure of such distribution partner. Dominant and abusive market power by any particular upstream ecosystem partner may negatively affect downstream partners, including the Fund.

*Performance Rights Organizations.&nbsp;&nbsp;&nbsp;&nbsp;*Performance rights organizations ("PROs") provide intermediary functions, principally the collection of royalties, between copyright holders and parties who wish to use copyrighted works publicly in locations such as bars and restaurants. Changes in the performance, policies, and

[**Table of Contents**](#TOC001)

royalty splits set by PROs may negatively impact the royalty revenues collected by the Fund's borrowers. More than 100 PROs exist globally. If a particular PRO changes the way it collects royalties or changes royalty rates, the royalty revenues paid to the Fund's borrowers through that PRO may be negatively affected. If a particular PRO changes the way it collects royalties or changes royalty rates, the royalty revenues paid to the Fund's borrowers for a particular asset may be lower than when the Fund unwrote the acquisition of such asset.

PROs are predominantly comprised of artists, songwriters, and music publishers. Major music publishers have historically had significant control and influence over individual PROs. Such control and influence may lead to decisions that negatively impact the investment performance of the Fund's borrowers. Any resulting default by borrowers due to a decrease in profitability will impact the investment performance of the Fund.

*Risks related to Aircraft Leasing.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund may invest in aircraft leasing. Aircraft leasing and re-marketing of commercial aircraft is highly competitive. The Fund may encounter competition from other entities that selectively compete with it, including airlines, manufacturers, financial institutions and other aircraft owners. The Fund's competitors may have greater resources than it has. Some of the Fund's competitors have significantly greater operating and financial resources than the Fund. In addition, some competing aircraft lessors may have a lower overall cost of capital and may provide financial services, maintenance services or other inducements to potential lessees that the Fund cannot provide. There can be no assurance that the Fund will be able to compete effectively against present and future competitors or that the competitive pressures will not have an adverse effect on the Fund's financial condition.

*Re*-Leasing*.&nbsp;&nbsp;&nbsp;&nbsp;*In order to continue to generate revenues, the Fund will need to re-lease aircraft as the leases expire or are prematurely terminated. The Fund's ability to re-lease aircraft, as well as its ability to obtain lease rates and terms comparable to those contained in the current leases, may be impaired by the supply and demand, the economic condition of the carrier industry, cyclical changes in interest rates and the availability of credit, fluctuations in the cost of fuel and other materials, the supply of competing aircraft, other factors affecting the demand and lease rates for aircraft generally and for particular aircraft types, the ability to repossess the aircraft from a defaulted lessee, the ability to export an aircraft from or import the aircraft to a given jurisdiction, the effect of recent changes in lease accounting standards for lessees, and competition from other aircraft lessors.

*Lessee Concentration.&nbsp;&nbsp;&nbsp;&nbsp;*A concentration of leases with the same lessee can pose increased risks. For instance, if a lessee that is a significant obligor experiences financial difficulty, it could attempt to avert performance under a lease by filing a bankruptcy petition that might have the effect of interrupting lease payments on the related aircraft for an indefinite period. Such a disruption of lease payments would have a greater impact on revenues than if revenues were more widely distributed across lessees. Local economic and political conditions can influence the performance of lessees located in a particular region.

*Lease Defaults; Lease Terminations and Repossessions.&nbsp;&nbsp;&nbsp;&nbsp;*Although the Fund will have the contractual right to repossess aircraft and to exercise remedies upon a lessee default, it may incur significant costs in the process in excess of those costs normally incurred in connection with an aircraft returned at the end of a lease. Those costs include legal and other expenses of court or other governmental proceedings (including the cost of posting surety bonds or letters of credit necessary to effect repossession of the aircraft), to obtain possession and/or re-registration of the aircraft and flight and export permissions, particularly if the lessee is contesting the proceedings or is the subject of insolvency proceedings. Delays resulting from any of these proceedings would also increase the period of time during which the relevant aircraft are not generating revenue under the lease. In addition, the Fund may incur substantial maintenance or repair costs that a defaulting lessee has failed to pay and may need to pay any debt secured by liens, taxes and governmental charges on the aircraft to obtain clear possession and to remarket the aircraft effectively. Fund may also incur costs in connection with the physical repossession of the aircraft and the direct costs of storing the aircraft and ultimately returning the aircraft to an appropriate jurisdiction. These costs are in addition to the acceleration of costs of transitioning the aircraft to a new lessee.

*Airline Reorganizations.&nbsp;&nbsp;&nbsp;&nbsp;*In recent years, various airlines around the world have filed for protection under their local bankruptcy and insolvency laws and, in recent years, certain airlines went into liquidation. Any further bankruptcies, liquidations, consolidations or reorganizations may result in large numbers of aircraft becoming available for lease or purchase at reduced lease values or acquisition prices and reduce the number of potential lessees and operators of particular models of aircraft, either of which would result in inflated supply levels and consequently decreased aircraft values for any such models and lease rates in general. Bankruptcies

[**Table of Contents**](#TOC001)

and reorganizations may lead to the grounding of significant numbers of aircraft, rejection or other termination of leases and negotiated reductions in aircraft lease rentals, with the effect of depressing aircraft market values. In addition, requests for labor concessions may result in significant labor disputes which could lead to strikes, slowdowns or may otherwise adversely affect labor relations, thereby worsening the financial condition of the airline industry and further reducing aircraft values and lease rates. Additional reorganizations or liquidations by airlines under applicable bankruptcy or reorganization laws or further rejection or abandonment of aircraft and aircraft leases by airlines in bankruptcy proceedings may depress aircraft values and aircraft lease rates.

*Impairment of Lessees' Ability to Finance Operations.&nbsp;&nbsp;&nbsp;&nbsp;*As demonstrated in the recent past, the global capital markets can be highly volatile and available credit from the capital markets and financial institutions can be significantly constrained. Many of the lessees have expanded their airline operations through borrowings and are leveraged. Such lessees will depend on banks and the capital markets to provide working capital and to refinance existing indebtedness. To the extent such funding is unavailable or available only at high interest costs or on unfavorable terms, and if the capital markets do not allow equity financing as an alternative, lessees operations and operating results may be adversely affected and they may not comply with their respective payment obligations to a lessor, including the Fund.

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

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

*SMALL AND MIDDLE*-MARKET *COMPANIES.&nbsp;&nbsp;&nbsp;&nbsp;*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 Sub-Advisers' 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. Small and middle-market companies may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that the Fund holds, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund realizing any guarantees it may have obtained in connection with its investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns. Additionally, small and middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on one or more of the portfolio companies in which 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 obsolescence.

*PIK INTEREST.&nbsp;&nbsp;&nbsp;&nbsp;*To the extent that the Fund invests in loans with a payment in kind ("PIK") interest component and the accretion of PIK interest constitutes a portion of the Fund's income, the Fund will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following: (i) loans with a PIK interest component may have higher interest rates that reflect the

[**Table of Contents**](#TOC001)

payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans; (ii) loans with a PIK interest component may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral; (iii) the deferral of PIK interest increases the loan-to-value ratio, which is a fundamental measure of loan risk; and (iv) even if the accounting conditions for PIK interest accrual are met, the borrower could still default when the borrower's actual payment is due at the maturity of the loan.

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

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

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

*Payment*-In-Kind *and Original Issue Discount Risk ("OID").&nbsp;&nbsp;&nbsp;&nbsp;*To the extent that the Fund invests in OID instruments, including PIK loans, zero coupon bonds, and debt securities with attached warrants, investors will be exposed to the risks associated with the inclusion of such non-cash income in taxable and accounting income prior to receipt of cash, including the following risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the use of PIK and OID securities may provide certain benefits to the Adviser and the Sub-Advisers, including increasing management fees and incentive fees;

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

*INTEREST RATE RISK.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund is subject to the risks of changes in interest rates. While it is expected that the majority of the Fund's loan investments will be in floating rate loans some of the Fund's investments may be in fixed rate loans and similar debt obligations. The value of such fixed rate loans is susceptible to general changes in interest rates. A decline in interest rates could reduce the amount of current income the Fund is able to achieve from interest on fixed-income securities and convertible debt. An increase in interest rates could reduce the value of any fixed income securities and convertible securities owned by the Fund. To the extent that the cash flow from a fixed income security is known in advance, the present value (*i.e.*, discounted value) of that cash flow decreases as interest rates increase; to the extent that the cash flow is contingent, the dollar value of the payment may be linked to then

[**Table of Contents**](#TOC001)

prevailing interest rates. Moreover, the value of many fixed income securities depends on the shape of the yield curve, not just on a single interest rate. Thus, for example, a callable cash flow, the coupons of which depend on a short term rate, may shorten (*i.e.*, be called away) if the long rate decreases. In this way, such securities are exposed to the difference between long rates and short rates.

The Fund expects to invest in variable and floating rate securities. Variable and floating rate securities generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. When the Fund holds variable or floating rate securities, a decrease in market interest rates will adversely affect the income received from such securities and the NAV of the Fund's shares.

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

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

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

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

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

*INFLATION/DEFLATION RISK.&nbsp;&nbsp;&nbsp;&nbsp;*Inflation risk is the risk that the value of assets or income from the Fund's investments will be worth less in the future as inflation decreases the value of payments at future dates. As inflation increases, the real value of the Fund's portfolio could decline. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

[**Table of Contents**](#TOC001)

*ILLIQUID PORTFOLIO INVESTMENTS.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund is expected to invest in securities that are subject to legal or other restrictions on transfer or for which no liquid market exists. The market prices, if any, for such securities may be volatile and the Fund may not be able to sell them when the Investment Adviser or a Sub-Adviser desires to do so or to realize what the Investment Adviser or a Sub-Adviser perceives to be their fair value in the event of a sale. The sale of restricted and illiquid securities often requires more time and results in higher brokerage charges or dealer discounts and other selling expenses than does the sale of securities eligible for trading on national securities exchanges or in the over the counter markets. Restricted securities may sell at prices that are lower than similar securities that are not subject to restrictions on resale.

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

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

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

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

*LENDER LIABILITY CONSIDERATIONS AND EQUITABLE SUBORDINATION.&nbsp;&nbsp;&nbsp;&nbsp;*A number of U.S. judicial decisions have upheld judgments obtained by borrowers against lending institutions on the basis of various evolving legal theories, collectively termed "lender liability." Generally, lender liability is founded on the premise that a lender has violated a duty (whether implied or contractual) of good faith, commercial reasonableness and fair dealing, or a

[**Table of Contents**](#TOC001)

similar duty owed to the borrower or has assumed an excessive degree of control over the borrower resulting in the creation of a fiduciary duty owed to the borrower or its other creditors or shareholders. Because of the nature of certain of its investments, the Fund may be subject to allegations of lender liability.

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

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

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

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

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

*MORTGAGE*-BACKED *AND ASSET*-BACKED *SECURITIES RISK.&nbsp;&nbsp;&nbsp;&nbsp;*Asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. For instance, asset-backed securities may be particularly sensitive to changes in prevailing interest rates. The ability of the Fund to successfully utilize these instruments may depend on the ability of the Fund's Investment Adviser to forecast interest rates and other economic factors correctly. These securities may have a structure that makes their reaction to interest rate changes and other factors difficult to predict, making their value highly volatile. In addition, the underlying assets are subject to prepayments that shorten the securities' weighted average maturity and may lower their return. Asset-backed securities are also subject to risks associated with their structure and the nature of the assets underlying the security and the servicing of those assets. Payment of interest and repayment of principal on asset-backed securities is largely dependent upon the cash flows generated by the assets backing the securities and, in certain cases, supported by letters of credit, surety bonds or other credit enhancements. The values of asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to

[**Table of Contents**](#TOC001)

risks associated with the negligence by, or defalcation of, their servicers. Furthermore, debtors may be entitled to the protection of a number of state and federal consumer credit laws with respect to the assets underlying these securities, which may give the debtor the right to avoid or reduce payment. In addition, due to their often complicated structures, various asset-backed securities may be difficult to value and may constitute illiquid investments. If many borrowers on the underlying loans default, losses could exceed the credit enhancement level and result in losses to investors in asset-backed securities.

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

In addition to the risks associated with other asset-backed securities as described above, mortgage-backed securities are subject to the general risks associated with investing in real estate securities; that is, they may lose value if the value of the underlying real estate to which a pool of mortgages relates declines. Mortgage-backed securities may be issued by governments or their agencies and instrumentalities, such as, in the United States, Ginnie Mae, Fannie Mae and Freddie Mac. They may also be issued by private issuers but represent an interest in or are collateralized by pass-through securities issued or guaranteed by a government or one of its agencies or instrumentalities. In addition, mortgage-backed securities may be issued by private issuers and be collateralized by securities without a government guarantee. Such securities usually have some form of private credit enhancement.

*REAL ESTATE RELATED RISK.&nbsp;&nbsp;&nbsp;&nbsp;*The main risk of real estate related investments is that the value of the underlying real estate may go down. Many factors may affect real estate values. These factors include both the general and local economies, the amount of new construction in a particular area, the laws and regulations (including zoning and tax laws) affecting real estate and the costs of owning, maintaining and improving real estate. The availability of mortgages and changes in interest rates may also affect real estate values. If the Fund's real estate-related investments are concentrated in one geographic area or in one property type, the Fund will be particularly subject to the risks associated with that area or property type. The Fund may invest in a wide array of real estate exposures that involve equity or equity-like risk in the underlying properties. Real estate historically has experienced significant fluctuation and cycles in value, and specific market conditions may result in a permanent reduction in value. The value of the real estate will depend on many factors beyond the control of the Fund, including, without limitation: changes in general economic or local conditions; changes in supply of or demand for competing properties in an area (as a result, for instance, of over-building); changes in interest rates; the promulgation and enforcement of governmental regulations relating to land use and zoning restrictions, environmental protection and occupational safety; unavailability of mortgage funds which may render the construction, leasing, sale or refinancing of a property difficult; the financial condition of borrowers and of tenants, buyers and sellers of property; changes in real estate tax rates and other operating expenses; the imposition of rent controls; energy and supply shortages; various uninsured or uninsurable risks; and natural disasters.

The Fund intends to engage in real estate lending. The Fund's performance with respect to real estate lending will depend on the ability of its borrowers to repay their loans. In turn, the Fund's borrowers are subject to local, regional, and national real estate market and economic conditions beyond their control and beyond the control of the Fund. Such risks include, but are not limited to the risks associated with the general economic

[**Table of Contents**](#TOC001)

climate, local real estate conditions (including the availability of excess supply of properties relative to demand), demographic changes, changes in the availability of financing, credit risk arising from the financial condition of tenants, buyers, and sellers of properties, geographic market concentration, competition from other space, vacancy, tenant defaults, construction related risks, condemnation, taxes, government regulations (such as changes in regulations governing land usage, improvements, zoning, and environmental issues), natural and man-made disasters, liability arising out of the presence of certain construction materials, uninsurable losses, and fluctuations in interest rates. The Fund intends to lend to borrowers who own a variety of types of property, including office property, industrial property, retail property, multifamily property and mixed-use property. The foregoing real estate risks may be more prevalent or pronounced in one or more of these property types from time to time.

Investments in real estate debt involve many unique risks. For example, debt instruments may be "non-recourse" loans where the sole recourse for the repayment will be the underlying real estate-related asset. As a result, the ability of obligors to make payments is dependent upon the underlying real estate related asset rather than upon the existence of independent income or assets of such obligors or any parent guarantees. These debt securities and instruments may be subject to early redemption features, refinancing options, pre-payment options or similar provisions which, in each case, could result in obligors of such securities or loans repaying principal earlier than expected, resulting in a lower return to the Fund than projected (even taking into consideration any make-whole or similar feature). In addition, certain of these debt securities and instruments may be structured so that all or a substantial portion of the principal will not be paid until maturity, which increases the risk of default at that time.

The Fund faces substantial competition from other lenders. Real estate lending is a highly competitive business. The Fund will be competing for business against other lenders, including traditional institutional lenders, other real estate lending funds, individual lenders, and other so-called private lenders. If the Fund fails to source an adequate number of secured real estate loans in the face of such competition, it may be unable to accumulate a substantial enough loan portfolio to support its financial objectives.

The Fund may also invest in real estate investment trusts ("REITs"), which are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so the Fund will bear its proportionate share of the costs of the REITs' operations. There are three general categories of REITs: equity REITs, mortgage REITs and hybrid REITs. Equity REITs, which invest primarily in direct fee ownership or leasehold ownership of real property and derive most of their income from rents, are generally affected by changes in the values of and incomes from the properties they own. Mortgage REITs invest mostly in mortgages on real estate, which may secure, for example, construction, development or long-term loans, and the main source of their income is mortgage interest payments. Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. A hybrid REIT combines the characteristics of equity REITs and mortgage REITs, generally by holding both ownership interests and mortgage interests in real estate, and thus may be subject to risks associated with both real estate ownership and investments in mortgage-related investments.

Along with the risks common to different types of real estate-related investments, REITs, no matter the type, involve additional risk factors. REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders. REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. REITs also can be adversely affected by their failure to qualify for tax-free pass-through treatment of their income under the Code, or their failure to maintain an exemption from registration under the Investment Company Act. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

*BORROWER RISK, GENERAL MARKET & REAL PROPERTY RISK AND COMPETITION.&nbsp;&nbsp;&nbsp;&nbsp;*Investments related to real property carry specific risks, including but not limited to: foreclosure risk and local rules and regulations affecting the ability to foreclose on properties; vacancy rates and general financial condition of buyers and sellers; condemnation, environmental contamination and eminent domain; state and local regulations and/or ordinances affecting the purchase, sale or management of properties; litigation and insurance risk; geographic market concentrations, general credit risk, and other risks. The Funds' investments are speculative, and profitability depends on the ability of their borrowers to repay their loans. The ability of a borrower to repay may be affected by local, regional, and national real estate market and economic conditions beyond the control of the Fund. Delinquencies and

[**Table of Contents**](#TOC001)

defaults are sensitive to local and national business and economic conditions. Favorable real estate and economic conditions may not necessarily enhance a borrower's ability to repay due to circumstances specific to a borrower and are beyond the Fund's control. Each type of property on which the Fund underwrite loans has their own specific set of risks, including general economic conditions, business conditions, local market competition and conditions. Competition amongst loan originators can vary from market to market, and the Fund's returns can be affected by heavy competition in the loan origination space. The Funds may also rely on representations of borrowers and counterparties as to the accuracy and completeness of such information and, with respect to financial statements, on reports of independent auditors. While the Fund intends to conduct due diligence regarding the value of properties and the information provided by borrowers and counterparties, it may rely on, or be unable to identify, inaccurate or fraudulent information. Of paramount concern in originating loans is the possibility of fraudulent and negligent acts or a material misrepresentation or omission on the part of a third-party including borrowers, brokers, sellers, vendors, tenants, co-lenders, loan participants, servicers and the boards and management teams of operating companies. Such act, omission, inaccuracy, or incompleteness may adversely affect the valuation of the collateral underlying the transactions or may adversely affect the ability of the Fund to perfect or effectuate a lien on the collateral securing the transaction. The Fund will rely upon the accuracy and completeness of representations made by counterparties to the extent reasonable but cannot guarantee such accuracy or completeness.

Rising or falling interest rates may increase risk associated with the Fund's investment strategy, including but not limited to increased competition, the Fund's ability to close loans at targeted interest rates; a borrower's ability to refinance an existing loan, lower investment returns due to the inability to close loans at higher interest rates. Some countries, including the United States, are currently and may in the future experience substantial rates of inflation, which may have negative effects on the economies and securities markets of their economies. Governmental efforts to curb inflation (such as price controls) may involve drastic economic measures affecting the level of economic activities. There can be no assurance that the relevant governments will be able to exercise effective control over inflation rates or that a high rate of inflation will not have a materially adverse effect on the Fund or its investments. The Funds invest in loans secured by properties undergoing repositioning novation and significant construction (including ground up or new construction), whereby the LTV is based off an "as stabilized" valuation methodology. New construction or "ground up" development opportunities include, but are not limited to, risks related to the availability and timely receipt of zoning and other regulatory approvals, the cost and timely completion of construction (including risks such as weather, labor conditions, or material shortages), and changes in supply and demand. These risks could result in substantial unanticipated delays or expenses and, under certain circumstances, could prevent the completion of development activities once undertaken. Accordingly, if the borrower fails to complete the construction of a project, there could be adverse consequences associated with the loan, including but not limited to: a loss of the value of the property securing the loan; a borrower claim against the Funds for failure to perform under the loan documents; increased costs to the borrower that the borrower is unable to pay; a bankruptcy filing by the borrower; and abandonment by the borrower of the collateral for the loan. As described above, the process of foreclosing on a property is time-consuming and may incur significant expense if the Investment Adviser or a Sub-Adviser must foreclose on a property securing a loan when construction is not complete. Under these circumstances, the Funds may incur redevelopment costs.

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

[**Table of Contents**](#TOC001)

such issuers by inhibiting their ability to refinance their debt at maturity. High yield debt is often less liquid than higher rated securities. Because investment in high yield debt involves greater investment risk, achievement of the Fund's investment objectives will be more dependent on the relevant Sub-Adviser's analysis than would be the case if the Fund were investing in higher quality debt securities.

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

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

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

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

*MASTER LIMITED PARTNERSHIPS ("MLPs") RISK.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund may invest in MLP securities. MLPs typically are characterized as "publicly traded partnerships" that qualify to be treated as partnerships for U.S. federal income tax purposes and are principally engaged in one or more aspects of the exploration, production, processing, transmission, marketing, storage or delivery of energy-related commodities, such as natural gas, natural gas liquids, coal, crude oil or refined petroleum products (collectively, the energy industry). As a result, holders of MLP securities will be subject to risks related to the energy industry, including: (i) fluctuations in commodity prices; (ii) reduced volumes of natural gas or other energy commodities available for transporting, processing, storing or distributing; (iii) slowdowns in new construction and acquisitions; (iv) reduced demand for commodities such as crude oil, natural gas and refined petroleum products; (v) depletion of natural gas reserves or other commodities; (vi) extreme weather and environmental hazards; (vii) stricter laws, regulations or enforcement policies; and (viii) dangers inherent to the energy industry, such as leaks, fires, explosions, damage to facilities and equipment resulting from natural disasters, inadvertent damage to facilities and equipment and terrorist acts. In addition, holders of MLP securities have limited control and voting rights on matters affecting the partnership. There are certain tax risks associated with an investment in MLP securities. In particular, if an MLP is reclassified as a corporation instead of a partnership for U.S. federal income tax purposes, the MLP would be required to pay U.S. federal income tax on its taxable income. Such reclassification would reduce the amount of cash available for distribution by the MLP and, in turn, the value of your investment in the Fund. Additionally, if the Fund retains an MLP Investment until the Fund's basis in the MLP interest is reduced to zero, subsequent distributions from the MLP will be taxable at ordinary income rates. If an MLP in which the Fund invests amends its partnership tax return, Shareholders may receive a corrected 1099 from the Fund and could be subject to interest and penalties if they do not amend their returns and have understated their taxable income as a result. The Fund does not intend to invest in MLP general partnership interests. Additionally, conflicts of interest exist between common unit holders and the general partner, including those arising from incentive distribution payments.

[**Table of Contents**](#TOC001)

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

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

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

To comply with the Investment Company Act, the Investment Adviser or a Sub-Adviser may be required to vote shares of a BDC held by the Fund in the same general proportion as shares held by other shareholders of the BDC. Please see "*UNDERLYING FUND RISK*" for additional information regarding recent SEC regulations with respect to the Fund's investments in other investment companies.

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

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

[**Table of Contents**](#TOC001)

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

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

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

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

*LOAN PARTICIPATIONS AND ASSIGNMENTS.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund may acquire interests in loans either directly (by way of sale or assignment) or indirectly (by way of participation). The purchaser of an assignment typically succeeds to all the rights and obligations of the assigning institution and becomes a lender under the credit agreement with respect to the debt obligation; however, its rights can be more restricted than those of the assigning institution.

[**Table of Contents**](#TOC001)

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

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

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

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

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

[**Table of Contents**](#TOC001)

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

*STRUCTURED PRODUCTS.&nbsp;&nbsp;&nbsp;&nbsp;*The CLOs and other CDOs in which the Fund may invest are structured products. Holders of structured products bear risks of the underlying assets and are subject to counterparty risk.

The Fund may have the right to receive payments only from the structured product and generally does not have direct rights against the issuer or the entity that sold the assets to be securitized. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product's administrative and other expenses. Although it is difficult to predict whether the prices of assets underlying structured products will rise or fall, these prices (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. If the issuer of a structured product uses shorter-term financing to purchase longer-term securities, the issuer may be forced to sell its securities at below-market prices if it experiences difficulty in obtaining short-term financing, which may adversely affect the value of the structured products owned by the Fund.

Certain structured products may be thinly traded or have a limited trading market. CLOs, CDOs and credit-linked notes are typically privately offered and sold.

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

*UNDERLYING FUND RISK.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund will incur higher and duplicative expenses, including advisory fees, when it invests in shares of mutual funds (including money market funds), BDCs, closed-end funds, exchange-traded funds ("ETFs") and other registered and private investment companies ("Underlying Funds"). There is also the risk that the Fund may suffer losses due to the investment practices of the Underlying Funds (such as the use of derivatives). The ETFs in which the Fund invests that attempt to track an index may not be able to replicate exactly the performance of the indices they track, due to transactions costs and other expenses of the ETFs. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in such shares trading at a significant premium or discount to their NAV. The shares of listed closed-end funds may also frequently trade at a discount to their NAV. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease, and it is possible that the discount may increase.

The SEC adopted revisions to the rules permitting funds to invest in other investment companies to streamline and enhance the regulatory framework applicable to fund of funds arrangements. While new Rule 12d1-4 permits more types of fund of fund arrangements without reliance on an exemptive order or no-action letters, it imposes new

[**Table of Contents**](#TOC001)

conditions, including limits on control and voting of acquired funds' shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures. The requirements of Rule 12d1-4 have been implemented by the Fund with respect to its fund of funds arrangements.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign Currency Forwards.*&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts do not eliminate fluctuations in the value of non-U.S. securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. This strategy can have the effect of reducing returns and minimizing opportunities for gain. In order to execute such an agreement, the Fund would contract with a foreign or domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a particular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers are not required to continue to make markets in such contracts. There have been periods during which certain banks or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually widespread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell. Governmental imposition of credit controls might limit any such forward contract trading. With respect to its trading of forward contracts, if any, the Fund will be subject to the risk

[**Table of Contents**](#TOC001)

of bank or dealer failure and the inability of, or refusal by, a bank or dealer to perform with respect to such contracts. Any such default would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the then market price and could result in a loss to the Fund.

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

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

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

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

[**Table of Contents**](#TOC001)

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

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

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

[**Table of Contents**](#TOC001)

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

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

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

*CONFLICTS OF INTEREST RELATING TO CO*-INVESTING*.&nbsp;&nbsp;&nbsp;&nbsp;*The Fund intends to rely on an order of exemptive relief from the SEC (the "Order") that permits the Fund to participate in certain negotiated investments alongside other funds managed by the Investment Adviser or certain of its affiliates outside the parameters of Section 17 of the Investment Company Act. The Order imposes various conditions on the Fund and the Investment Adviser intended to ensure that any co-investment transactions are done in a fair and equitable manner.

The Investment Adviser's investment allocation policy is designed to manage the potential conflicts of interest between its fiduciary obligations to the Fund and its similar fiduciary obligations to other clients; however, there can be no assurance that the Investment Adviser's efforts to allocate any particular investment opportunity fairly among all clients for whom such opportunity is appropriate will result in an allocation of all or part of such opportunity to the Fund.

The allocation of investment opportunities among the Fund and any of the other investment funds sponsored or accounts managed by the Investment Adviser may not always, and often will not, be proportional. In general, pursuant to the Investment Adviser's investment allocation policy, the process for making an allocation determination includes an assessment as to whether a particular investment opportunity (including any follow-on investment in, or disposition from, an existing investment held by the Fund or another investment fund or account) is suitable for the Fund or another investment fund or accounts. In making this assessment, the Investment Adviser may consider a variety of factors, including, without limitation: the investment objectives, guidelines and strategies applicable to the investment fund or account; the nature of the investment, including its risk-return profile and expected holding period; portfolio diversification and concentration concerns; the liquidity needs of the investment fund or account; the ability of the investment fund or account to accommodate structural, timing and other aspects of the investment process; the life cycle of the investment fund or account; legal, tax and regulatory requirements and restrictions, including, as applicable, compliance with the Investment Company Act (including requirements and restrictions pertaining to co-investment opportunities); compliance with existing agreements of the investment fund or account; the available capital of the investment fund or account; diversification requirements for RICs; the gross asset value and net asset value of the investment fund or account; the current and targeted leverage levels for the investment fund or account; and portfolio construction considerations. The relevance of each of these criteria will vary from investment opportunity to investment opportunity.

[**Table of Contents**](#TOC001)

Also, conflicts may nonetheless arise, including, but not limited to, the following:

The Investment Adviser may be incentivized to pursue a co-investment transaction for reputational or other reasons that are not directly advantageous to the Fund. For example, the Investment Adviser may receive a higher advisory fee from an affiliated fund that would be a participant in a co-investment transaction with the Fund, in which case the Investment Adviser might be incentivized to recommend that the Fund participate in riskier co-investment transactions than would be the case if the Fund was the only participant.

By reason of the various activities of the Investment Adviser and its affiliates, the Investment Adviser 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.

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

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

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

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

\* \* \*

[**Table of Contents**](#TOC001)

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

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

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

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

*THE INVESTMENT ADVISER AND SUB*-ADVISERS*.&nbsp;&nbsp;&nbsp;&nbsp;*Callodine Capital Management, LP serves as the investment adviser (the "Investment Adviser") of the Fund and will be responsible for determining and implementing the Fund's overall investment strategy, including selecting each Sub-Adviser and determining the amount of the Fund's assets to allocate to each Sub-Adviser. The Investment Adviser is located at Two International Place, Suite 1830, Boston, Massachusetts and is an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended. As of December 31, 2025, the Investment Adviser had assets under management of approximately $1.39 billion.

Each Sub-Adviser selected by the Investment Adviser, subject to Shareholder approval, will be primarily responsible for its investment strategy and the day-to-day management of the Fund's assets allocated to it by the Investment Adviser. Each Sub-Adviser is an affiliate of the Investment Adviser.

Callodine Credit Management, LLC, located at 545 Boylston Street, 10<sup>th</sup> Floor, Boston, MA 02116, is registered with the SEC as an investment adviser and manages, as of December 31, 2025, approximately $437.9 million in assets.

Corrum Capital Management LLC, located at 1300 South Church Street, Charlotte, NC 28203, is registered with the SEC as an investment adviser and manages, as of December 31, 2025, with approximately $1.4 billion in assets.

Thorofare, LLC, located at 100 N. Pacific Coast Highway, Suite 2050, El Segundo, CA 90245, is registered with the SEC as an investment adviser and manages, as of December 31, 2025, approximately $964.2 million in assets.

Rand Capital Management, LLC, located at 14 Lafayette Square, Suite 1405, Buffalo, NY 14203, is registered with the SEC as an investment adviser and manages, as of December 31, 2025, approximately $113.2 million in assets.

Manning & Napier Advisors, LLC, located at 290 Woodcliff Drive, Fairport, NY 14450, is registered with the SEC as an investment adviser and manages, as of December 31, 2025, approximately $17.9 billion in assets.

[**Table of Contents**](#TOC001)

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

#### Investment Adviser
The Investment Adviser is an asset management firm specializing in yield-oriented investment strategies. Through its dedicated and experienced investment teams, the firm seeks to invest across the capital structure and pursue yielding equity investments that provide high cash yields and the potential for equity-like upside.

*PORTFOLIO MANAGERS.&nbsp;&nbsp;&nbsp;&nbsp;*The key personnel of the Investment Adviser who currently have primary responsibility for management of the Fund and the key personnel of each Sub-Adviser who currently have primary responsibility for management of the portion of the Fund's assets allocated to the Sub-Adviser (the "Portfolio Managers") are as follows:

***James Morrow.&nbsp;&nbsp;&nbsp;&nbsp;***Mr. Morrow is the Co-Portfolio Manager of the Fund and manages the Fund's Yielding Equity Securities sub-strategy. Mr. Morrow is the founder of the Investment Adviser and has been its portfolio manager and Chief Investment Officer (CIO) since its inception in 2018. He is also the CEO of Callodine Group, which is the parent entity of the Investment Adviser and each Sub-Adviser. Mr. Morrow spent nineteen (19) years at Fidelity Investments (FMRCo) ("Fidelity") where at peak he managed $45 billion of assets across multiple equity-income strategies. He announced his retirement in February 2017 and remained with the firm through January 2018 as he transitioned all portfolio management responsibilities to his successors. In his role as a portfolio manager at Fidelity, Mr. Morrow managed a wide array of funds, the largest of which include Fidelity Series Equity-Income Fund, Fidelity Equity-Income Fund, Fidelity Advisor Equity-Income Fund, VIP Equity-Income Portfolio, Fidelity Equity-Income Strategy SMA, U.S. Dividend and Fidelity Advisor Diversified Stock Fund. In addition, he was a member of the three-person investment team on Fidelity Multi-Asset Income Fund and Fidelity Tactical High Income Fund. Mr. Morrow joined Fidelity Investments as an equity research analyst following the broadcasting and wireless towers industries in 1999. During his time as an Analyst, Mr. Morrow managed Select Technology Portfolio, Select Electronics Portfolio and Select IT Services Portfolio. Before serving as an equity research summer intern with Fidelity in 1998, Mr. Morrow worked as a distressed debt analyst for Chase Manhattan Bank from 1995 to 1997. Mr. Morrow earned his Master of Business Administration degree from the University of Chicago and his Bachelor of Science degree in finance from the University of Buffalo.

***Gene Martin.&nbsp;&nbsp;&nbsp;&nbsp;***Mr. Martin is the Co-Portfolio Manager of the Fund and manages the Fund's Asset-Based Lending sub-strategy. Mr. Martin serves as the President & Chief Executive Officer (CEO) of Callodine Credit Management, LLC, and is responsible for leading and growing its asset-based lending business. Prior to serving as President & CEO of Callodine Credit Management, LLC beginning in 2020, Mr. Martin filled the same role at the company's predecessor firm, Gordon Brothers Finance Company (GBFC) since 2016. He is a senior, global capital markets and credit investment professional with over 31 years of experience in leveraged credit spanning from regional, middle-market companies to global enterprises. Prior to joining GBFC, Mr. Martin was the Co-Head of Global Leveraged and Acquisition Finance at Morgan Stanley where he was also a senior member of the firm's Capital Commitments Committee and served as Chairman of Morgan Stanley's High Yield Underwriting Committee. Before his ten-year tenure at Morgan Stanley, Mr. Martin was a Managing Director in Leveraged Finance at Donaldson, Lufkin and Jenrette (DLJ) and Credit Suisse First Boston. Mr. Martin also previously worked as a Vice President in Bank of America's Financial Sponsors Group and as an Assistant Vice President and Credit Analyst/Officer at Shawmut Bank. Mr. Martin earned his Bachelor of Science degree from the University of Connecticut and subsequently received his Master of Business Administration degree from the University of Connecticut School of Business. He is a Chartered Financial Analyst (CFA).

***Marc Bushallow.&nbsp;&nbsp;&nbsp;&nbsp;***Mr. Bushallow manages the Fund's High Yield Debt sub-strategy and is the Managing Director of Fixed Income Group at Manning & Napier Advisors, LLC. As the Managing Director of Fixed Income Group, he works on economic overviews and the top-down positioning of the firm's fixed income portfolios. He oversees the firm's high-yield, non-traditional, and core fixed income strategies, and is also a member of the firm's Investment Policy Group. In addition, Marc is a member of the firm's Executive Committee, which is responsible for the strategic management and vision of the firm. Prior to becoming Managing Director, Marc was a Senior Analyst

[**Table of Contents**](#TOC001)

in the Fixed Income Group, concentrating on analysis of below investment-grade corporate bonds. He also spent some time at the firm as an Assistant performing quantitative and macroeconomic research. Marc joined Manning & Napier in 1999 and left to pursue a master's degree in 2002, returning to the firm in 2008. Before returning to Manning & Napier, Marc spent four years at Barclays Capital, gaining sell-side experience requiring the evaluation and recommendation of high-yield credit, including both cash and derivative products. He acquired and applied detailed understanding of new issue syndication, trading, bond structure and covenants.

***Scott Barfield.&nbsp;&nbsp;&nbsp;&nbsp;***Mr. Barfield co-manages the Fund's Direct Lending sub-strategy and serves as Co-CEO and Managing Director at Rand Capital Management, LLC. He has served as a portfolio manager at Rand Capital Management, LLC and a predecessor firm since 2020 and is responsible for the origination, execution, monitoring, and realization of investments. With more than 20 years' experience working with middle market companies, Mr. Barfield has executed M&A, capital raise, and principal investment transactions. Mr. Barfield previously was a Managing Director at BlueArc Mezzanine Partners from 2016-2020. Prior to joining BlueArc Mezzanine Partners, Mr. Barfield was a Principal in the debt investment arm of H.I.G. Capital, a $18 billion private equity and debt investment firm. Prior to H.I.G. Capital, he was a Partner at Nancy Creek Capital, a mezzanine debt fund focused on the lower middle market. Prior to Nancy Creek Capital, Mr. Barfield worked within the Investment Banking group of Wachovia Securities where he worked within various M&A and debt capital market groups, including private equity and mezzanine placement, high yield, investment grade senior notes, and origination. Prior to Wachovia Securities, he began his career at Ernst & Young. He has a Bachelor of Science degree in Business Administration and a Master of Accounting degree, both from the Kenan-Flagler Business School at University of North Carolina at Chapel Hill.

***Steven Brannon.&nbsp;&nbsp;&nbsp;&nbsp;***Mr. Brannon co-manages the Fund's Direct Lending sub-strategy and serves as a Managing Director at Rand Capital Management, LLC. He has served as a portfolio manager at Rand Capital Management, LLC and a predecessor firm since 2020 and is responsible for the origination, execution, monitoring, and realization of investments. Mr. Brannon has more than 20 years of experience in a variety of roles working with middle market companies, including mezzanine and private equity investing, direct operating, investment banking, commercial lending, and business valuation consulting. Prior to joining Rand Capital Management, LLC and its predecessor firm, Mr. Brannon was a Managing Director at BlueArc Mezzanine Partners from 2016 to 2020. From 2006 until joining BlueArc Mezzanine Partners, he was a Partner at Nancy Creek Capital, a mezzanine debt fund focused on the lower middle market. From 2002 to 2006, he was an owner and operator of Action Air, LLC, a privately held restaurant equipment and services company. Prior to Action Air, Mr. Brannon worked in the Investment Banking Group at Raymond James & Associates, where his activities included executing public and private capital raises, mergers and acquisitions transactions, and strategic advisory assignments. Prior to receiving his MBA, Mr. Brannon spent two years in the Business Valuation Group at KPMG Peat Marwick. He also spent over two years in the Commercial Banking Group at NationsBank. Mr. Brannon holds a Bachelor of Business Administration from the University of Georgia and a Master of Business Administration degree with concentrations in finance and accounting from the University of Chicago Booth School of Business.

***Winston Black.&nbsp;&nbsp;&nbsp;&nbsp;***Mr. Black manages the Fund's Life Sciences Finance sub-strategy and serves as Head of Life Sciences Finance Strategy at Rand Capital Management, LLC. Mr. Black has over 25 years of investment and operations experience and has been active in the life sciences finance space since 2005. Prior to Rand Capital Management, LLC, Mr. Black co-founded and executed a similar life sciences finance strategy at SWK Holdings from 2012-2022, serving in the capacity of Chief Executive Officer and Chairman. Prior to that, Mr. Black was a Co-Founder and Investment Principal at PBS Capital Management, where he was focused on originating and investing in structured, asset-based transactions in the biotech, pharmaceutical and medical device space. Additionally, Mr. Black worked for Highland Capital Management from 2007-2009, where he managed a $2.3 billion portfolio of healthcare leveraged loans, high-yield bonds, distressed debt, public and private equity and pharmaceutical royalties, and prior to that worked at a biotech hedge fund in New York City. Mr. Black began his career in investment banking. Mr. Black earned Master of Business Administration degrees from the Columbia Business School and London Business School, and Bachelor of Arts degree in economics at Duke University.

***Brendan Miller.&nbsp;&nbsp;&nbsp;&nbsp;***Mr. Miller co-manages the Fund's Real Estate Lending sub-strategy and is the Chief Investment Officer ("CIO") of Thorofare Capital, LLC and has been with the firm since 2011, months after its inception. As the CIO, he leads the company's investment committee and is directly responsible for overseeing the underwriting and due diligence processes, approval of the credit structure for each of the firm's investments, supervision of asset management activities and the development of and adherence to the firm's investment strategy. With over 20 years of experience in commercial real estate, first at Cushman & Wakefield and then managing The Walt Disney Company's

[**Table of Contents**](#TOC001)

Asia Pacific real estate portfolio out of Hong Kong, Mr. Miller's diverse background and real estate aptitude provide Thorofare Capital, LLC with the expertise needed to successfully execute each of its investment strategies. Mr. Miller is an alumnus of The University of Arizona and Loyola High School of Los Angeles.

***Kevin Miller.&nbsp;&nbsp;&nbsp;&nbsp;***Mr. Miller co-manages the Fund's Real Estate Lending sub-strategy and is the Chief Executive Officer and founding member of Thorofare Capital, LLC and has been responsible for establishing the foundation of the firm's core investment philosophy since its inception in 2010. Under his leadership, Thorofare Capital has launched a series of private discretionary credit funds as well as institutional joint ventures and separate accounts. As CEO, Mr. Miller is responsible for the oversight of all aspects of the firm and is embedded in the capital formation and execution of each strategy the firm undertakes. Mr. Miller graduated from University of Southern California where he received a Bachelor of Arts in economics.

***Jason Cipriani.&nbsp;&nbsp;&nbsp;&nbsp;***Jason Cipriani is the Chief Executive Officer of Corrum Capital Management LLC ("Corrum Capital") and a voting member of the Firm's Investment Committee. Prior to founding Corrum Capital in 2013, Jason was at Bank of America with responsibility for the company's alternative investments portfolio. Jason previously held other roles within Bank of America's Global Corporate and Investment Bank. Prior to joining Bank of America, he held various corporate finance positions at Paramount/VIACOM, Time Warner Cable, and PL Industries where he had responsibility for financial operations in Mexico. Jason currently serves on the Boards of Directors of the following Corrum Capital portfolio companies: AvAir LLC, Carolous Aviation Leasing LLC, and Wings Capital Partners LLC. He is active in the Charlotte, NC community and in 2008 was named as one of Charlotte's 40 Under 40 by the Charlotte Business Journal. Jason is a founding board member and Chair of The Gift of Adoption of the Carolinas and is a member of the Board of Directors and Treasurer of HoopTee Charities, Inc, and previously served on the Board of Trustees of the Urban Ministry Center. Jason received a BS from Virginia Polytechnic Institute and State University and an MBA from the University of North Carolina at Chapel Hill.

***Jonathan Mandle, CFA.&nbsp;&nbsp;&nbsp;&nbsp;***Jonathan Mandle is the Chief Investment Officer of Corrum Capital and a voting member of the Firm's Investment Committee. Prior to founding Corrum Capital in 2013, Jonathan was a Managing Director and the Head of Credit and Absolute Return at an affiliate of Bank of America where he worked with the Corrum Capital team. Previously, he was a Director at the University of California, Office of the Treasurer of the Regents, where he built and managed a multi-billion-dollar absolute return, credit, and opportunistic portfolio. Prior to that, he built and managed customized investment portfolios at NEPC. Jonathan began his career as a Research Associate focused on domestic and international equity, credit, and fixed income investments at Fidelity Investments. Jonathan currently is a board member of Peace First and was formerly an adjunct professor at the University of San Francisco. Jonathan received a BS and an MBA from Boston College and is a Chartered Financial Analyst Charterholder.

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

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

The Investment Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations to the Fund, the Investment Adviser and any partner, member, manager, director, officer or employee of the Investment Adviser, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, will not be subject to liability to the Fund or otherwise under the Investment Advisory Agreement for any act or omission in the course of, or connected with, rendering services under the Investment Advisory Agreement or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund, including, without limitation, for any error of judgment, for any mistake of law, or for any act or omission by the Investment Adviser or any affiliate of the Investment Adviser or by any Sub-Adviser, except as may otherwise

[**Table of Contents**](#TOC001)

be provided under provisions of applicable state law or Federal securities law which cannot be waived or modified. The Investment Advisory Agreement also provides for indemnification, to the fullest extent permitted by law, by the Fund, of the Investment Adviser or any partner, member, manager, officer or employee of the Investment Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any claim, loss, damage, liability, reasonable cost, or reasonable expense (including reasonable attorney's fees, judgments, and other related expenses in connection therewith and amounts paid in defense and settlement thereof) (individually, the "Liability," and collectively, the "Liabilities") to which the person may be liable that arises or results from (i) the Investment Advisory Agreement or the performance of any services under the Investment Advisory Agreement, so long as such Liabilities did not arise primarily from such person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties under the Investment Advisory Agreement or (ii) the Investment Adviser's obligation to indemnify a Sub-Adviser or any partner, member, manager, officer or employee of the Sub-Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives under the terms of such Sub-Adviser's Sub-Advisory Agreement so long as such indemnification obligations did not arise primarily from the such Investment Adviser's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties under the Investment Advisory Agreement.

A discussion regarding the basis for the Board's approval of the Investment Advisory Agreement and each Sub-Advisory Agreement is available in the Fund's annual report to Shareholders for the period from August 18, 2025 (commencement of operations) through December 31, 2025.

See "INVESTMENT MANAGEMENT AND OTHER SERVICES — The Sub-Advisers" in the SAI for a discussion of the sub-advisory agreements among the Fund, the Investment Adviser and each Sub-Adviser.

#### INVESTMENT ADVISORY AND INCENTIVE FEES
Pursuant to the Investment Advisory Agreement, and in consideration of the advisory services provided by the Investment Adviser to the Fund, the Investment Adviser is entitled to a fee from the Fund consisting of two components — a base management fee (the "Investment Advisory Fee") and an incentive fee (the "Incentive Fee").

Pursuant to the Investment Advisory Agreement, the Fund will pay the Investment Adviser an Investment Advisory Fee equal to an annual rate of 1.35%, computed daily and payable monthly in arrears, based upon the Fund's average daily net assets. The Investment Advisory Fee will be paid to the Investment Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund; provided that for purposes of determining the Investment Advisory Fee payable to the Investment Adviser for any day, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that day, including, without limitation, the Investment Advisory Fee payable to the Investment Adviser for that day. The Investment Adviser has contractually agreed to waive the Investment Advisory Fee it would otherwise receive under the Investment Advisory Agreement until August 18, 2026.

The Investment Adviser has entered into an expense limitation agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Adviser has contractually agreed to limit the amount of the total annual fund operating expenses (excluding Incentive Fees, acquired fund fees and expenses, distribution and service fees, interest and fees related to warehouse investments (if any) and leverage, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) so they do not exceed 2.00% of the average daily net assets for any Class (the "Expense Limit"). For a period not to exceed three years from the date on which a waiver under the Expense Limitation and Reimbursement Agreement is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation and Reimbursement Agreement has a term ending on April 30, 2027 and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees. The Expense Limitation and Reimbursement Agreement may be terminated by the Fund's Board upon thirty days' written notice to the Investment Adviser. The Expense Limitation and Reimbursement Agreement may not be terminated by the Investment Adviser without the consent of the Trustees.

[**Table of Contents**](#TOC001)

In addition, the Investment Adviser will be entitled to receive an Incentive Fee calculated and payable in arrears in an amount equal to 15% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on each class's average daily net asset value (calculated in accordance with GAAP), equal to 1.50% per quarter, or an annualized hurdle rate of 6%. "Pre-incentive fee net investment income" is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus the Fund's operating expenses for the quarter (including the Investment Advisory Fee, expenses payable to the Administrator and any interest expense but excluding the Incentive Fee, any realized gains, realized capital losses or unrealized capital appreciation or depreciation).

The Incentive Fee is based on Pre-Incentive Fee Net Investment Income (as defined below) earned on direct investments (and excluding short-term investments) attributable to each Class and is determined and payable in arrears as of the end of each fiscal quarter. With respect to each Class, the Incentive Fee for each fiscal quarter is calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; No incentive fee is payable in any fiscal quarter in which the Pre-Incentive Fee Net Investment Income attributable to the Class does not exceed a quarterly return of 1.50% per quarter based on the Class's average daily net assets (calculated in accordance with GAAP) (the "Quarterly Return").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;All Pre-Incentive Fee Net Investment Income attributable to the Class (if any) that exceeds the Quarterly Return, but is less than or equal to 1.765% of the average daily net assets of that Class (calculated in accordance with GAAP) for the fiscal quarter will be payable to the Investment Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For any fiscal quarter in which Pre-Incentive Fee Net Investment Income attributable to the Class exceeds 1.765% of the Class's average daily net assets (calculated in accordance with GAAP), the Incentive Fee with respect to that Class will equal 15% of Pre-Incentive Fee Net Investment Income attributable to the Class.

"Pre-Incentive Fee Net Investment Income" for a Class means interest income, dividend income and any other income accrued (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from an investment) during the fiscal quarter and allocated to the Class, minus the Class's operating expenses for the quarter and the distribution and/or shareholder servicing fees (if any) applicable to the Class accrued during the quarter. For such purposes, the Fund's operating expenses will include the Investment Advisory Fee but will exclude the Incentive Fee. Pre-Incentive Fee Net Investment Income does not include income earned on short-term investments.

The following is a graphical representation of the calculation of the Incentive Fee:

#### Quarterly Incentive Fee

#### Class's Pre-Incentive Fee Net Investment Income

#### (expressed as a percentage of the Class's average daily net asset value)

#### Examples of Quarterly Incentive Fee Calculation :

#### Example 1 — Income Earned on Direct Investments Incentive Fee <sup>(1)</sup> :
*Assumptions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hurdle Rate<sup>(2)</sup> =1.5%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management fee<sup>(3)</sup> = .3375%

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating expenses (legal, accounting, custodian, transfer agent, etc.)<sup>(4)</sup> = 0.1625%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Initial management fee waiver and expense limitation does not apply

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The hypothetical amount of pre-incentive fee net investment income shown is based on a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Represents the 1.5% quarterly hurdle rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Represents a quarter of the 1.35% annualized management fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Estimated other expenses. The examples assume that the Class does not incur a 12b-1 fee and other operating expenses are capped at 0.65% annually (0.1625% per quarter) following the initial management fee waiver and expense limitation.

#### Alternative 1
*Additional Assumptions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income (including interest, dividends, fees, etc.) = 1.00%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-incentive fee net investment income (investment income – (management fee + other expenses)) = 0.50%

Pre-incentive fee net investment income does not exceed the hurdle rate, therefore there is no income based fee.

#### Alternative 2
*Additional Assumptions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income (including interest, dividends, fees, etc.) = 2.25%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-incentive fee net investment income (investment income – (management fee + other expenses)) = 1.75%

Pre-incentive fee net investment income exceeds hurdle rate, therefore there is an income-based fee.

Income Based Fee = 100% × (all pre-incentive fee net investment income that is greater than 1.5% but less than or equal to 1.765%) + the greater of 0% AND (15% × (pre-incentive fee net investment income – 1.765%))

= (100% × (1.75% – 1.5%)) + 0%

= 100% × 0.25%

= 0.25%

#### Alternative 3
*Additional Assumptions*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income (including interest, dividends, fees, etc.) = 4%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pre-incentive fee net investment income (investment income – (management fee + other expenses)) = 3.50%

Pre-incentive fee net investment income exceeds hurdle rate, therefore there is an income-based fee.

Income Based Fee = 100% × (all pre-incentive fee net investment income that is greater than 1.5% but less than or equal to 1.765%) + the greater of 0% AND (15% × (pre-incentive fee net investment income – 1.765%))

= (100% × (1.765% – 1.5%)) + (15% × (3.50% – 1.765%))

= 0.265% + (15% × 1.735%)

= 0.265% + 0.26025%

= 0.52525%

[**Table of Contents**](#TOC001)

Pursuant to separate sub-advisory agreements among the Fund, the Investment Adviser and each Sub-Adviser, each Sub-Adviser receives a sub-advisory fee based on the Fund's assets managed by such Sub-Adviser, as well as a portion of the Incentive Fee attributable to those assets, if applicable. The Sub-Advisers' fees are paid by the Investment Adviser out of the Investment Advisory Fee and the Incentive Fee it receives from the Fund. The Investment Advisory Fee paid to the Investment Adviser (a portion of which will be used by the Investment Adviser to pay the sub-advisory fees to the Sub-Advisers) will be paid out of the Fund's assets. Such fee is paid to the Investment Adviser before giving effect to any repurchase of Shares effective as of that date and will decrease the net profits or increase the net losses of the Fund.

The Investment Adviser compensates Callodine Credit Management, LLC, on a quarterly basis, in an amount of (i) 80% of the Investment Advisory Fee collected by the Fund with respect to the average daily net assets in the Allocated Portion (as defined in the Sub-Advisory Agreement), after giving effect to any applicable Fund fee waivers and expense limits and Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees and (ii) the lesser of: (a) 80% of the Incentive Fee calculated with respect to the Allocated Portion for the preceding quarter, if any, and (b) 80% of the pro rata portion of the Incentive Fee paid by the Fund in the preceding quarter based on the Incentive Fee calculated with respect to the Allocated Portion as a portion of the Fund's Incentive Fee for the preceding quarter, if any.

The Investment Adviser compensates Corrum Capital Management LLC on a quarterly basis, in an amount of (i) 80% of the Investment Advisory Fee collected by the Fund with respect to the average daily net assets in the Allocated Portion (as defined in the Sub-Advisory Agreement), after giving effect to any applicable Fund fee waivers and expense limits and Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees and (ii) the lesser of: (a) 80% of the Incentive Fee calculated with respect to the Allocated Portion for the preceding quarter, if any, and (b) 80% of the pro rata portion of the Incentive Fee paid by the Fund in the preceding quarter based on the Incentive Fee calculated with respect to the Allocated Portion as a portion of the Fund's Incentive Fee for the preceding quarter, if any.

The Investment Adviser compensates Thorofare, LLC on a quarterly basis, in an amount of (i) 80% of the Investment Advisory Fee collected by the Fund with respect to the average daily net assets in the Allocated Portion (as defined in the Sub-Advisory Agreement), after giving effect to any applicable Fund fee waivers and expense limits and Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees and (ii) the lesser of: (a) 80% of the Incentive Fee calculated with respect to the Allocated Portion for the preceding quarter, if any, and (b) 80% of the pro rata portion of the Incentive Fee paid by the Fund in the preceding quarter based on the Incentive Fee calculated with respect to the Allocated Portion as a portion of the Fund's Incentive Fee for the preceding quarter, if any,

The Investment Adviser compensates Rand Capital Management, LLC on a quarterly basis, in an amount of (i) 80% of the Investment Advisory Fee collected by the Fund with respect to the average daily net assets in the Allocated Portion (as defined in the Sub-Advisory Agreement), after giving effect to any applicable Fund fee waivers and expense limits and Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees and (ii) the lesser of: (a) 80% of the Incentive Fee calculated with respect to the Allocated Portion for the preceding quarter, if any, and (b) 80% of the pro rata portion of the Incentive Fee paid by the Fund in the preceding quarter based on the Incentive Fee calculated with respect to the Allocated Portion as a portion of the Fund's Incentive Fee for the preceding quarter, if any,

The Investment Adviser compensates Manning & Napier Advisors, LLC on a quarterly basis, in an amount of 0.40% of the average daily net assets in the Allocated Portion (as defined in the Sub-Advisory Agreement), after giving effect to any applicable Fund fee waivers and expense limits and the allocable portion of Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees.

[**Table of Contents**](#TOC001)

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

Under a Distribution Agreement with the Fund, the Distributor acts as the agent of the Fund in connection with the continuous offering of Shares of the Fund. The Distributor continually distributes Shares of the Fund on a commercially reasonable efforts basis. No arrangement has been made to place funds received in an escrow, trust or similar account. The Distributor has no obligation to sell any specific quantity of Fund Shares. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Fund.

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

The Fund, the Distributor and the transfer agent may enter into arrangements with one or more financial intermediaries to provide non-distribution related sub-transfer agency, sub-administration, sub-accounting, and other services associated with Shareholders whose Shares are held of record in omnibus accounts, including platforms that facilitate trading and recordkeeping by financial intermediaries. In return for these services, the Fund may pay sub-transfer agency fees to such financial intermediaries in an amount not to exceed 0.15% of the average daily net assets. If paid by the Fund, these expenses will be included in "Other Expenses" under "Summary of Fund Expenses" in this prospectus and will not be used for distribution purposes. Such amounts will be in addition to, rather than in lieu of, Distribution and Servicing Fees payable under the Fund's Distribution and Service Plan as described below.

Investors who purchase Shares through financial intermediaries, brokers or agents will be subject to the procedures of those intermediaries through which they purchase Shares, which may include charges, investment minimums, cutoff times, and other restrictions in addition to, or different from, those listed herein payable to those intermediaries and/or other parties. Those intermediaries are authorized to designate other intermediaries to receive purchase and repurchase orders on the Fund's behalf. Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase Shares. Investors purchasing Shares of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read the Prospectus in conjunction with any materials and information provided by their financial intermediary. The financial intermediary, and not its customers, will be the shareholders of record, although customers may have the right to vote Shares depending upon their arrangement with the intermediary. The Fund has adopted a Distribution and Service Plan with respect to Class A Shares and Class C Shares in compliance with Rule 12b-1 under the Investment Company Act. The Distribution and Service Plan allows the Fund to pay Distribution and Servicing Fees for the sale and servicing of its Class A Shares and Class C Shares to the Fund's Distributor and/or other qualified recipients.

Pursuant to the Distribution Agreement, the Distributor is solely responsible for its costs and expenses incurred in connection with its qualification as a broker-dealer under state or federal laws. The Distribution Agreement also provides that the Fund will indemnify the Distributor and its affiliates and certain other persons against certain liabilities. Specifically, the Distribution Agreement provides that the Fund shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the Securities Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur, arising out of or relating to (i) the Distributor serving as principal underwriter of the Fund pursuant to this Agreement; (ii) the Fund's breach of any of its obligations, representations, warranties or covenants contained in the Distribution Agreement; (iii) the Fund's failure to comply with any applicable securities laws or regulations; or (iv) any claim that the registration statement, prospectus, shareholder reports, sales literature and advertising materials or other information filed or made public by the Fund

[**Table of Contents**](#TOC001)

(as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under the Securities Act, or any other statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Fund are sold, provided, however, that the Fund's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the registration statement, prospectus, annual or interim report, or any such advertising materials or sales literature in reliance upon and in conformity with information relating to the Distributor and furnished to the Fund or its counsel by the Distributor in writing for use in such registration statement, prospectus, shareholder reports, or sales literature and advertising materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Fund or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under the Distribution Agreement or by reason of its reckless disregard of its obligations under the Distribution Agreement.

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

#### DISTRIBUTION AND SERVICE PLAN
The Fund has adopted a Distribution and Service Plan with respect to Class A Shares and Class C Shares in compliance with Rule 12b-1 under the Investment Company Act. The Distribution and Service Plan will allow the Fund to pay distribution and servicing fees for the sale and servicing of its Class A Shares and Class C Shares. Under the Distribution and Service Plan, the Fund may charge a distribution and/or shareholder servicing fee up to a maximum of 0.25% per year on Class A Shares and up to a maximum of 1.00% per year on Class C Shares on an annualized basis of the aggregate net assets of the Fund attributable to each class. The Fund or the Distributor may pay all or a portion of these fees to any registered securities dealer, financial institution or any other person who renders assistance in distributing or promoting the sale of the respective Class of Shares or who provides certain Shareholder services, pursuant to a written agreement. The Distribution and Servicing Fee is paid out of the Fund's assets attributable to the applicable Class and decreases the net profits or increases the net losses of such Class. Class I Shares are not subject to the Distribution and Servicing Fee.

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

[**Table of Contents**](#TOC001)

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

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

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

#### Compliance and Treasurer Services
PINE Advisors LLC ("PINE") provides compliance and treasurer services to the Fund pursuant to service agreements. In consideration for these services, PINE is paid a monthly fee out of the assets of the Fund. The Fund also reimburses PINE for certain out-of-pocket expenses.

#### FUND EXPENSES
The Fund will pay all of its expenses or reimburse the Investment Adviser or its affiliates to the extent they have previously paid such expenses on behalf of the Fund. The expenses of the Fund include, but are not limited to, any fees and expenses in connection with the organization of the Fund and the offering and issuance of Shares; all fees and expenses reasonably incurred in connection with the operation of the Fund; all fees and expenses directly related to portfolio transactions and positions for the Fund's account such as direct and indirect expenses associated with the Fund's investments, and enforcing the Fund's rights in respect of such investments; quotation or valuation expenses; the Investment Advisory Fee, the Incentive Fee, the Administration Fee, distribution fees and expenses; servicing and other similar fees and expenses; out-of-pocket costs directly relating to investment transactions that are not consummated (dead-deal costs); other investment-related expenses, such as brokerage commissions, transfer fees; fees on any borrowings or any expenses relating to leverage or indebtedness (including any interest thereon); professional fees including accounting, audit legal, and tax preparation; out-of-pocket costs directly relating to investment transactions that are not consummated; other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments; reasonable research and due diligence expenses relating to the identification and selection of investments (including expenses of news and quotation subscriptions, market or industry research, consultants or experts); investment-related software and databases relating thereto; fees and expenses of outside legal counsel (including fees and expenses associated with the review of documentation for prospective investments by the Fund), including foreign legal counsel; litigation costs and expenses, judgments and settlements directly related to the preservation of the value of investments; reasonable legal, third party consultant, and investment-related software and databases expenses incurred in relation to entering into, the reviewing, reporting, monitoring, confirming and/or administration of the investments (including expenses of engaging third party valuation consultants and agents and

[**Table of Contents**](#TOC001)

expenses of loan administration with non-affiliates) and other matters (including online systems used to obtain pricing and trading information and systems used for the allocation of investments); accounting, auditing and tax preparation expenses; fees and expenses in connection with repurchase offers and any repurchases or redemptions of Shares; taxes and governmental fees (including tax preparation fees); fees and expenses of any custodian, subcustodian, transfer agent, and registrar, and any other agent of the Fund; all costs and charges for equipment or services used in communicating information regarding the Fund's transactions with any custodian or other agent engaged by the Fund; bank services fees; costs and expenses relating to any amendment of the Declaration of Trust or other organizational documents of the Fund; expenses of preparing, amending, printing, and distributing the Prospectus and any other sales material (and any supplements or amendments thereto), reports, notices, other communications to Shareholders, and proxy materials; all taxes, fees or other governmental charges and expenses of preparing, printing, and filing reports and other documents with government agencies; expenses incurred by the Investment Adviser or Sub-Advisers in responding to a legal, administrative, judicial or regulatory action, claim, or suit relating to the Fund; expenses of Shareholders' meetings, including the solicitation of proxies in connection therewith; shareholder recordkeeping and account services, fees, and disbursements; expenses relating to investor and public relations; fees and expenses of the members of the Board who are not employees of the Investment Adviser or its affiliates; insurance premiums; and ad hoc expenses incurred at the specific request of the Investment Adviser or the Board; Extraordinary Expenses (as defined below); and all costs and expenses incurred as a result of dissolution, winding-up and termination of the Fund. The Fund may need to sell portfolio securities to pay fees and expenses, which could cause the Fund to realize taxable gains.

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

The Investment Adviser will bear all of its expenses and costs incurred in providing investment advisory services to the Fund, including travel and certain other expenses. In addition, the Investment Adviser is responsible for the payment of the compensation and expenses of those officers of the Fund affiliated with the Investment Adviser, and making available, without expense to the Fund, the services of such individuals, subject to their individual consent to serve and to any limitations imposed by law. The Sub-Advisers' fees are paid by the Investment Adviser out of the Investment Advisory Fee and the Incentive Fee it receives from the Fund.

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

The Investment Adviser has entered into an expense limitation agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Adviser has contractually agreed to limit the amount of the total annual fund operating expenses (excluding Incentive Fees, acquired fund fees and expenses, distribution and service fees, interest and fees related to warehouse investments and leverage, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) so they do not exceed 2.00% of the average daily net assets for any Class (the "Expense Limit"). For a period not to exceed three years from the date on which a waiver under the Expense Limitation and Reimbursement Agreement is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation and Reimbursement Agreement has a term ending on April 30, 2027 and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees. The Expense Limitation and Reimbursement Agreement may be terminated by the Fund's Board upon thirty days' written notice to the Investment Adviser. The Expense Limitation and Reimbursement Agreement may not be terminated by the Investment Adviser without the consent of the Trustees.

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

[**Table of Contents**](#TOC001)

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

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

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

#### CONFLICTS OF INTEREST
The Fund, the Investment Adviser and the Sub-Advisers may be subject to a number of actual and potential conflicts of interest.

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

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

[**Table of Contents**](#TOC001)

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

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

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

Many of the Fund's portfolio investments are expected to be loans and other securities that are not publicly traded and for which no market-based price quotation is available. The participation of the investment professionals of the Investment Adviser and/or the Sub-Advisers in the Fund's valuation process could result in a conflict of interest as the Investment Advisory Fee and the portfolio management fees paid to the Sub-Advisers are based on the value of the Fund's assets. A conflict of interest may also result when the Investment Adviser and/or Sub-Advisers determine the amount of leverage used by the Fund, as leverage will increase the Fund's assets, and in the case of assets managed by Sub-Advisers, the management fee.

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

The Investment Adviser and the Sub-Advisers may receive more compensation with respect to certain similarly managed accounts or funds than that received with respect to the Fund or may receive compensation based in part on the performance of those similar accounts or funds. This may create a potential conflict of interest for the Investment Adviser and the Sub-Advisers or the respective portfolio managers by providing an incentive to favor these similar accounts or funds when, for example, placing securities transactions. In addition, a Sub-Adviser or its affiliates could be viewed as having a conflict of interest to the extent that the Sub-Adviser or an affiliate has a proprietary investment

[**Table of Contents**](#TOC001)

in similar accounts or funds, the portfolio managers have personal investments in similar accounts or the similar accounts are investment options in the Sub-Adviser's or its affiliates' employee benefit plans. Potential conflicts of interest may arise with both the aggregation and allocation of securities transactions and allocation of investment opportunities because of market factors or investment restrictions imposed upon the Sub-Adviser and its affiliates by law, regulation, contract or internal policies. Allocations of aggregated trades, particularly trade orders that were only partially completed due to limited availability and allocation of investment opportunities generally, could raise a potential conflict of interest, as a Sub-Adviser or its affiliates may have an incentive to allocate securities that are expected to increase in value to favored accounts or funds.

The Investment Adviser is an affiliate of the current Sub-Advisers and may have other relationships, including significant financial relationships, with potential Sub-Advisers or their affiliates or other third parties, which may create a conflict of interest, including recommending clients invest in investment products sponsored by a Sub-Adviser or its affiliates or other third parties. However, in making recommendations to the Board to appoint or to change a Sub-Adviser, or to change the terms of a sub-advisory agreement, the Investment Adviser considers the Sub-Adviser's investment process, risk management, and historical performance with the goal of retaining Sub-Advisers for the Fund that the Investment Adviser believes are skilled and can deliver appropriate risk-adjusted returns.

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

#### OUTSTANDING SECURITIES\*

---

| | | | |
|:---|:---|:---|:---|
|  **(1) <br>Title of Class** | **(2) <br>Amount Authorized** | **(3) <br>Amount Held by Fund or <br>for its Account** | **(4) <br>Amount Outstanding <br>Exclusive of Amount <br>Shown Under** |
|  Class I Shares | Unlimited |  | 7139219 |
|  Class A Shares | Unlimited |  |  |
|  Class C Shares | Unlimited |  |  |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of April 1, 2026. Class A Shares and Class C Shares had not commenced operations as of the date of this Prospectus.

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

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

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

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

[**Table of Contents**](#TOC001)

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

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

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

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

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

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

The Fund must maintain liquid assets equal to the Repurchase Offer Amount from the time that the Shareholder Notification is sent to Shareholders until the Repurchase Pricing Date. The Fund will ensure that a percentage of its net assets equal to at least 100% of the Repurchase Offer Amount consists of assets that can be sold or disposed of in the ordinary course of business at approximately the price at which the Fund has valued the investment within the time period between the Repurchase Request Deadline and the Repurchase Payment Deadline. The Board has adopted procedures that are reasonably designed to ensure that the Fund's assets are sufficiently liquid so that the Fund can

[**Table of Contents**](#TOC001)

comply with the repurchase offer and the liquidity requirements described in the previous paragraph. If, at any time, the Fund falls out of compliance with these liquidity requirements, the Board will take whatever action it deems appropriate to ensure compliance.

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

#### TRANSFERS OF SHARES
No person shall become a substituted Shareholder of the Fund without the consent of the Fund, which consent may be withheld in its sole discretion. Shares held by Shareholders may be transferred only: (i) by operation of law in connection with the death, divorce, bankruptcy, insolvency, or adjudicated incompetence of the Shareholder; or (ii) under other limited circumstances, with the consent of the Board or the authorized officers of the Fund (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 $10,000. Each transferring Shareholder and transferee may be charged reasonable expenses, including, but not limited to, attorneys' and accountants' fees, incurred by the Fund in connection with the transfer.

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

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

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

[**Table of Contents**](#TOC001)

#### CALCULATION OF NET ASSET VALUE

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

Investments in securities that are listed on the NYSE are valued, except as indicated below, at market value. Market value is generally determined on the basis of the official closing prices or the latest reported sales prices. Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Investment Company Act.

As a general matter, to value the Fund's investments, the Valuation Designee will use current market values when available, and otherwise value the Fund's investments with fair value methodologies that the Investment Adviser believes to be consistent with those used by the Fund for valuing its investments. These fair value calculations will involve significant professional judgment by the Valuation Designee with the help of the Sub-Advisers in the application of both observable and unobservable attributes, and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. There is no single standard for determining fair value of an investment. Likewise, there can be no assurance that the Fund will be able to purchase or sell an investment at the fair value price used to calculate the Fund's NAV. Rather, in determining the fair value of an investment for which there are no readily available market quotations, the Fund and the Valuation Designee may consider several factors, including: (1) evaluation of all relevant factors, including but not limited to, pricing history, current market level, supply and demand of the respective investment; (2) comparison to the values and current pricing of investments that have comparable characteristics; (3) knowledge of historical market information with respect to the investment; (4) other factors relevant to the investment which would include, but not be limited to, collateral, duration, yield, fundamental analytical data, the Treasury yield curve, and credit quality. The Valuation Designee may also consider periodic financial statements (audited and unaudited) or other information provided by the investment's borrower. The Sub-Advisers will attempt to obtain current valuation information from the borrower to value all fair valued investments, but it is anticipated that such information could be available on no more than a quarterly basis. This is especially true as it relates to direct loans. Furthermore, the Board and the Valuation Designee may not have the ability to assess the accuracy of the valuation information from the borrowers.

The Valuation Designee will monitor the valuations of Fund investments and report any material changes in valuation to the Board. The Valuation Designee and the Board will consider, no less frequently than quarterly, all relevant information and the reliability of pricing information.

Additionally, the values of the Fund's direct loan investments are adjusted daily based on the estimated total return that the asset will generate during the current quarter. The Investment Adviser monitors these estimates regularly and update them as necessary if macro or individual changes warrant any adjustments. The Investment Adviser seeks to evaluate on a daily basis material information about the Fund's investments; however, for the reasons noted herein, the Investment Adviser may not be able to acquire and/or evaluate properly such information on a daily basis for certain investments. 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.

#### SUSPENSION OF CALCULATION OF NET ASSET VALUE
As noted above, the Administrator calculates the Fund's NAV as of the close of business on each Business Day. However, there may be circumstances where it may not be practicable to determine an NAV, including, but not limited to during any period when the principal stock exchanges for securities in which the Fund has invested its assets are closed other than for weekends and customary holidays (or when trading on such exchanges is restricted or suspended), or an emergency exists as determined by the SEC, making securities sales or determinations of NAV not practicable,

[**Table of Contents**](#TOC001)

or the SEC permits a delay for the protection of shareholders. In such circumstances, the Board (after consultation with the Investment Adviser) may suspend the calculation of NAV. The Fund will not accept subscriptions for Shares if the calculation of NAV is suspended, and the suspension may require the termination of a pending repurchase offer by the Fund (or the postponement of the Valuation Date for a repurchase offer). Notwithstanding a suspension of the calculation of NAV, the Fund will be required to determine the value of its assets and report NAV in its semi-annual and annual reports to Shareholders and in its reports on Form N-PORT filed with the SEC after the end of the first and third quarters of the Fund's fiscal year. The Administrator will resume calculation of the Fund's NAV after the Board (in consultation with the Investment Adviser) determines that conditions no longer require suspension of the calculation of NAV.

#### DIVIDEND REINVESTMENT PLAN
The Fund has a dividend reinvestment plan (the "DRIP"). Unless a Shareholder elects to receive cash by contacting the Fund's Administrator, UMB Fund Services, Inc. at 1-833-701-2855 or 235 West Galena Street, Milwaukee, WI 53212, all dividends and/or capital gains distributions declared on Shares will be automatically reinvested in full and fractional Shares at the Fund's then current NAV. Shareholders who elect not to participate in the DRIP will receive all dividends and capital gains distributions in cash paid by check mailed directly to the shareholder of record or via electronic funds transfer (or, if the Shares are held in street or other nominee name, then to such nominee) by the Administrator as dividend disbursing agent. Participation in the DRIP is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Such notice will be effective with respect to a particular dividend or other distribution (together, a "Dividend"). Some brokers or dealers may automatically elect to receive cash on behalf of Shareholders who hold their Shares in the broker or dealer's name and may re-invest that cash in additional Shares. Reinvested Dividends will increase the Fund's assets on which the Investment Advisory Fee is payable to the Investment Adviser.

Whenever the Fund declares a dividend and/or capital gain payable in cash, non-participants in the DRIP will receive cash and participants in the DRIP will receive the equivalent in Shares. The Shares will be acquired by the Administrator for the DRIP participants' accounts through receipt of additional unissued but authorized Shares from the Fund ("Newly Issued Shares").

The Administrator maintains all Shareholders' accounts in the DRIP and furnishes written confirmation of all transactions in the accounts, including information needed by Shareholders for tax records. Shares in the account of each DRIP participant will be held by the Administrator on behalf of the DRIP participant, and each Shareholder proxy will include those Shares purchased or received pursuant to the DRIP. The Administrator will forward all proxy solicitation materials to participants and vote proxies for Shares held under the DRIP in accordance with the instructions of the participants.

Beneficial owners of Shares who hold their Shares in the name of a broker or dealer should contact the broker or nominee to determine whether and how they may participate in, or opt out of, the DRIP. In the case of Shareholders such as banks, brokers or dealers that hold shares for others who are the beneficial owners, the Administrator will administer the DRIP on the basis of the number of Shares certified from time to time by the record Shareholder's name and held for the account of beneficial owners who participate in the DRIP.

There will be no brokerage charges with respect to Shares issued directly by the Fund. The automatic reinvestment of dividends and/or capital gains in Shares under the DRIP will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends and/or capital gains, even though such participants have not received any cash with which to pay the resulting tax. See "TAXATION OF THE FUND — Distributions to Shareholders" below.

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

All correspondence or questions concerning the Plan should be directed to the Fund's Administrator, UMB Fund Services, Inc. at 1-833-701-2855 or 235 West Galena Street, Milwaukee, WI 53212.

[**Table of Contents**](#TOC001)

#### TAXES

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

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

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

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

#### TAXATION OF THE FUND
The below is a summary of certain U.S. federal income tax considerations relevant under current law, which is subject to change. Except where otherwise specifically indicated, the discussion relates to investors who are individual U.S. citizens or residents. You should consult your own tax adviser regarding tax considerations relevant to your specific situation, including federal, state, local and non-U.S. taxes.

The Fund intends to qualify as a RIC under federal income tax law. As a RIC, the Fund will generally not be subject to federal corporate income taxes, provided that it distributes out to Shareholders its net income and gain each year. To qualify for treatment as a RIC, the Fund must meet three important tests each year.

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

Second, generally, at the close of each quarter of its taxable year, at least 50% of the value of the Fund's assets must consist of cash and cash items, U.S. government securities, securities of other RICs, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of its total assets in securities of the issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer), and no more

[**Table of Contents**](#TOC001)

than 25% of the value of the Fund's total assets may be invested in the securities of (1) any one issuer (other than U.S. government securities and securities of other RICs), (2) two or more issuers that the Fund controls and which are engaged in the same or similar trades or businesses, or (3) one or more qualified publicly traded partnerships.

Third, the Fund must distribute an amount equal to at least the sum of 90% of its investment company taxable income (net investment income and the excess of net short-term capital gain over net long-term capital loss) and 90% of its tax-exempt income, if any, for the year.

The Fund intends to comply with this distribution requirement. If the Fund were to fail to make sufficient distributions, it could be liable for corporate income tax and for excise tax in respect of the shortfall or, if the shortfall is large enough, the Fund could be disqualified as a RIC. If for any taxable year the Fund were not to qualify as a RIC, all its taxable income would be subject to tax at regular corporate rates without any deduction for distributions to Shareholders. In that event, taxable Shareholders would recognize dividend income on distributions to the extent of the Fund's current and accumulated earnings and profits, and corporate Shareholders could be eligible for the dividends-received deduction.

The Code imposes a nondeductible 4% excise tax on RICs that fail to distribute each year an amount equal to specified percentages of their ordinary taxable income and capital gain net income (excess of capital gains over capital losses). The Fund intends to make sufficient distributions or deemed distributions each year to avoid liability for this excise tax.

Certain of the Fund's investments will require the Fund to recognize taxable income in a taxable year in excess of the cash generated on those investments during that year. In particular, the Fund expects to invest in debt obligations that will be treated as having "market discount" and/or OID for U.S. federal income tax purposes. Additionally, some of the CLOs in which the Fund may invest may constitute passive foreign investment companies, or under certain circumstances, controlled foreign corporations. Because the Fund may be required to recognize income in respect of these investments before, or without receiving, cash representing such income, the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes. Accordingly, the Fund may be required to sell assets, including at potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable distributions of its Shares or debt securities, or reduce new investments, to obtain the cash needed to make income distributions and/or meet repurchase requests. If the Fund liquidates assets to raise cash, the Fund may realize gain or loss on such liquidations. In the event the Fund realizes net capital gains from such liquidation transactions, the Shareholders may receive larger capital gain distributions than they would in the absence of such transactions. Additionally, liquidation of Fund assets in order to meet Share repurchases may impact the Fund's ability to qualify as a RIC under the Code as described above.

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

To the extent that the Fund makes investments in assets that are expected to earn income that is not Qualifying Income, the Fund may make such investments indirectly, through a wholly-owned corporate subsidiary. If a subsidiary is a U.S. corporation, it will pay tax on its net income at corporate tax rates, and distributions from the subsidiary's earnings and profits will be qualified dividend income. If a subsidiary is a non-U.S. corporation, such subsidiary will be a controlled foreign corporation ("CFC") for U.S. federal income tax purposes. It would not expected to be subject to U.S. income tax unless it earns U.S.-source income. However, as a wholly-owned CFC, such subsidiary's net income and capital gains, to the extent of its earnings and profits, will be included each year in the Fund's investment company taxable income even if the CFC does not distribute the income. In 2019, the Treasury and the IRS issued regulations that provide that the income from a foreign subsidiary that is a CFC is qualifying income for purposes of a fund remaining qualified as a RIC for U.S. federal income tax purposes (1) that the income is actually distributed by the foreign subsidiary to the RIC each year and (2) even if not distributed, to extent the income is derived with respect to the fund's business of investing in stock, securities or currencies. Accordingly, the Fund believes that income of a

[**Table of Contents**](#TOC001)

CFC would be Qualifying Income, but there is a risk that the IRS could assert that the income derived from the Fund's investment in such a foreign subsidiary is not Qualifying Income. If the Fund were to fail to qualify as a RIC and became subject to federal income tax, shareholders of the Fund would be subject to diminished returns.

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

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

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

Shareholders should contact the Fund's Administrator, at 1-833-701-2855 or at 235 West Galena Street, Milwaukee, WI 53212 to make elections to receive income dividends and/or capital distributions in cash; to terminate their participation in the program; and for any other inquiries related to the DRIP.

**Expenses.&nbsp;&nbsp;&nbsp;&nbsp;**As long as the Fund is not continuously offered pursuant to a public offering, regularly traded on an established securities market or does not have at least five hundred (500) Shareholders at all times during the taxable year, certain expenses incurred by the Fund that if paid by an individual would be treated only as "miscellaneous itemized deductions" are generally not deductible by the Fund. Instead, each Shareholder will be treated as if it received a dividend in an amount equal to its allocable share of the Fund's expenses and then having paid such expenses itself. For non-corporate taxpayers, such expenses will generally be "miscellaneous itemized deductions" and the ability of non-corporate taxpayers to deduct miscellaneous itemized deductions is now permanently disallowed.

**Certain Withholding Taxes.&nbsp;&nbsp;&nbsp;&nbsp;**The Fund may be subject to taxes, including foreign withholding taxes, attributable to investments of the Fund. The Fund does not expect to be eligible to elect, for federal income tax purposes, to pass through foreign tax credits or deductions to its Shareholders.

**Sales, Exchanges and Redemptions.&nbsp;&nbsp;&nbsp;&nbsp;**Shareholders will recognize a taxable gain or loss on a sale, exchange or redemption of Shares in an amount equal to the difference between the Shareholder's tax basis in the Shares and the amount the Shareholder receives for them. Generally, this gain or loss will be long-term or short-term depending on whether the holding period for such Shares in the hands of the Shareholder exceeds twelve (12) months, except that a capital loss on Shares held for six (6) months or less will be treated as long-term capital loss to the extent of any capital gains dividends received on the Shares during that holding period. Additionally, any loss realized on a disposition of Shares of the Fund may be disallowed under "wash sale" rules to the extent the Shares disposed of are

[**Table of Contents**](#TOC001)

replaced with other Shares of the Fund within a period of sixty-one (61) days beginning thirty (30) days before and ending thirty (30) days after the Shares are disposed of, such as pursuant to a dividend reinvestment in Shares of the Fund. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Shares acquired.

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

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

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

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

Distributions of "investment company taxable income" to Non-U.S. Shareholders (including interest income and realized net short-term capital gains in excess of realized long-term capital losses, which generally would be free of withholding if paid to Non-U.S. Shareholders directly) will be subject to withholding of U.S. federal tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Fund's current and accumulated earnings and profits unless the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder. If the distributions are effectively connected with a U.S. trade or business of a Non-U.S. Shareholder, and, if required by an applicable income tax treaty, attributable to a permanent establishment in the United States, the distributions will be subject to U.S. federal income tax at the rates applicable to the U.S. Shareholder, and the Fund will not be required to withhold U.S. federal tax if the Non-U.S. Shareholder complies with applicable certification and disclosure requirements. Special certification requirements apply to a Non-U.S. Shareholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their tax advisers.

Properly designated dividends received by a Non-U.S. Shareholder are generally exempt from U.S. federal withholding tax when they (i) are paid in respect of the Fund's "qualified net interest income" (generally, the Fund's U.S.-source interest income, other than certain contingent interest and interest from obligations of a corporation or partnership in which the Fund is at least a 10% shareholder, reduced by expenses that are allocable to such income), or (ii) are paid in connection with the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gain over its long-term capital loss for such taxable year). In order to qualify for this exemption from withholding, a Non-U.S. Shareholder must comply with applicable certification requirements relating to its Non-U.S. Shareholder status (including, in general, furnishing an IRS Form W-8BEN (for individuals), IRS

[**Table of Contents**](#TOC001)

Form W-8BEN-E (for entities) or an acceptable substitute or successor form). In the case of Shares held through an intermediary, the intermediary may withhold even if the Fund designates the payment as qualified net interest income or qualified short-term capital gain. Non-U.S. Shareholders should contact their intermediaries with respect to the application of these rules to their accounts.

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

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

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

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

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

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

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

[**Table of Contents**](#TOC001)

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

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

Because the Fund will be registered as an investment company under the Investment Company Act, the underlying assets of the Fund will not be considered "plan assets" of the Plans investing in the Fund for purposes of ERISA's fiduciary responsibility rules and ERISA and the Code's prohibited transaction rules. Thus, neither the Investment Adviser nor any Sub-Adviser will be a fiduciary within the meaning of ERISA and the Code with respect to the assets of any Plan that becomes a Shareholder of the Fund, solely as a result of the Plan's investment in the Fund.

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

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

[**Table of Contents**](#TOC001)

#### DESCRIPTION OF SHARES
The Fund is authorized to offer three separate classes of Shares designated as Class I Shares, Class A Shares, and Class C Shares. The Fund has received exemptive relief from the SEC permitting it to offer multiple classes of Shares. The Fund may offer other classes of Shares as well in the future. From time to time, the Board may create and offer additional classes of Shares, or may vary the characteristics of Class I Shares, Class A Shares and/or Class C Shares described herein, including without limitation, in the following respects: (1) the amount of fees permitted by a distribution and/or service plan as to such class; (2) voting rights with respect to a distribution and/or service plan as to such class; (3) different class designations; (4) the impact of any class expenses directly attributable to a particular class of Shares; (5) differences in any dividends and NAVs resulting from differences in fees under a distribution and/or service plan or in class expenses; (6) any sales load structure; and (7) any conversion features, as permitted under the Investment Company Act. The Fund's repurchase offers will be made to all of its classes of Shares at the same time, in the same proportional amounts and on the same terms, except for differences in NAVs resulting from differences in fees under a distribution and/or service plan or in class expenses.

#### PURCHASING SHARES

#### PURCHASE TERMS
The minimum initial investment in the Fund by any investor for Class I Shares is $250,000, the minimum initial investment by any investor for Class A Shares is $25,000 and the minimum initial investment by any investor for Class C Shares is $25,000. However, the Fund, in its sole discretion, may accept investments below these minimums. Shares may be purchased by principals and employees of the Investment Adviser or its affiliates and their immediate family members without being subject to the minimum investment requirements. The purchase price for each class of Shares will be based on the NAV per Share of that Class as of the date such Shares are purchased.

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

#### Class A Shares — Sales Charge Schedule

---

| | | | |
|:---|:---|:---|:---|
|  **Your Investment** | **Front-End Sales Charge As a% of Offering Price\*** | **Front-End Sales Charge As a% of Net Investment** | **Dealer Reallowance As a% of Offering Price** |
|  Up to $99,999 | 5.75% | 6.1% | 5% |
| $100000 – $249999 | 4.75% | 4.99% | 4% |
| $250000 – $499999 | 3.75% | 3.9% | 3% |
| $500000 – $999999 | 2.5% | 2.56% | 2% |
|  $1 million or more | 1.5% | 1.52% | 1% |

---

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The offering price includes the sales charge.

Class I Shares and Class C Shares are not subject to an initial sales charge.

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

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

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

[**Table of Contents**](#TOC001)

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

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

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

#### Subsidiaries
The Fund may make investments through wholly-owned subsidiaries. Subsidiaries will not be registered under the Investment Company 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 direct or indirect 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. Furthermore, the Fund complies with Section 8 and Section 18 of the Investment Company Act, governing investment policies and capital structure and leverage, respectively, on an aggregate basis with the Subsidiaries. The Subsidiaries also comply with Section 17 of the Investment Company Act relating to affiliated transactions and custody. In addition, the Fund does not intend to create or acquire primary control of any entity which primarily 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 Investment Company 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.

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

[**Table of Contents**](#TOC001)

#### FISCAL YEAR
For accounting purposes, the Fund's fiscal and tax year ends on December 31.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL
PricewaterhouseCoopers LLP, located at 101 Seaport Boulevard, Suite 500, Boston, MA 02210, serves as the independent registered public accounting firm of the Fund.

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

#### INQUIRIES
Inquiries concerning the Fund and Shares (including procedures for purchasing Shares) should be directed to the Fund's Administrator, UMB Fund Services, Inc. at 1-833-701-2855 or 235 West Galena Street, Milwaukee, WI 53212.

[**Table of Contents**](#TOC001)

#### CALLODINE SPECIALTY INCOME FUND
c/o UMB Fund Services, Inc.,

235 West Galena Street

Milwaukee, WI 53212

---

| | |
|:---|:---|
|  **Investment Adviser**<br> Callodine Capital Management, LP<br>Two International Place, Suite 1830<br> Boston, MA 02110 | **Transfer Agent/Administrator**<br> UMB Fund Services, Inc.<br> 235 West Galena Street<br> Milwaukee, WI 53212 |
|  **Sub**-Adviser<br> Thorofare, LLC<br> 100 N. Pacific Coast Highway, Suite 2050<br> El Segundo, CA 90245 | **Sub**-Adviser<br> Rand Capital Management, LLC<br> 14 Lafayette Square, Suite 1405<br> Buffalo, NY 14203 |
|  **Sub**-Adviser<br> Manning & Napier Advisors, LLC<br> 290 Woodcliff Drive<br> Fairport, NY 14450 | **Sub**-Adviser<br> Callodine Credit Management, LLC<br> 545 Boylston Street, 10<sup>th</sup> Floor<br> Boston, MA 02116 |
|  **Sub**-Adviser<br> Corrum Capital Management LLC<br> 1300 South Church Street<br> Charlotte, NC 28203 |  |
|  **Custodian Bank**<br> UMB Bank, n.a.<br> 1010 Grand Boulevard<br> Kansas City, MO 64106 | **Distributor**<br> Distribution Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, ME 04101 |
|  **Independent Registered Public Accounting Firm**<br> PricewaterhouseCoopers LLP<br> 101 Seaport Boulevard, Suite 500, <br> Boston, MA 02210 | **Fund Counsel**<br> Faegre Drinker Biddle & Reath LLP<br>One Logan Square, Suite 2000<br>Philadelphia, PA 19103-6996 |

---

[**Table of Contents**](#TOC001)

#### STATEMENT OF ADDITIONAL INFORMATION

#### Class I Shares (CALIX)

#### Class A Shares (CALLX)

#### Class C Shares (CALSX)
April 30, 2026

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

414-299-2270

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the prospectus (the "Prospectus") of the Callodine Specialty Income Fund (the "Fund") dated April 30, 2026, and as it may be further amended or supplemented from time to time. This SAI is incorporated by reference in its entirety into the Prospectus.

The Fund's audited financial statements and financial highlights appearing in the Annual Report to Shareholders for the fiscal period ended December 31, 2025 (the "[Annual Report](http://www.sec.gov/Archives/edgar/data/2029168/000121390026025002/ea0274876-01_ncsr.htm)") are incorporated by reference into this SAI. No other part of the Annual Report is incorporated by reference herein. A copy of the Prospectus as well as the Annual Report may be obtained without charge by contacting the Fund at the telephone number or address set forth above. You may also obtain the Prospectus, annual report and semi-annual report once available by visiting the Fund's website at *www.callodinefunds.com*. The information on the Fund's website is not incorporated by reference into this SAI and investors should not consider it a part of this SAI.

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

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

Shares are distributed by Distribution Services, LLC ("Distributor") to institutions and financial intermediaries who may distribute Shares to clients and customers (including affiliates and correspondents) of the Fund's investment adviser, Callodine Capital Management, LP (the "Investment Adviser") or of any sub-adviser (each, a "Sub-Adviser and collectively, the "Sub-Advisers"), and to clients and customers of other organizations. The Fund's Prospectus, which is dated April 30, 2026, provides basic information investors should know before investing. This SAI is intended to provide additional information regarding the activities and operations of the Fund and should be read in conjunction with the Prospectus.

------

[**Table of Contents**](#TOC001)

#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
|  [GENERAL INFORMATION](#T101) | 1 |
|  [INVESTMENT POLICIES AND PRACTICES](#T102) | 1 |
|  [FUNDAMENTAL POLICIES](#T103) | 1 |
|  [BOARD OF TRUSTEES AND OFFICERS](#T104) | 4 |
|  [CODES OF ETHICS](#T105) | 8 |
|  [INVESTMENT MANAGEMENT AND OTHER SERVICES](#T106) | 8 |
|  [BROKERAGE](#T107) | 13 |
|  [CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS](#T108) | 13 |
|  [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL](#T109) | 15 |
|  [ADMINISTRATOR](#T110) | 15 |
|  [CUSTODIAN](#T111) | 15 |
|  [DISTRIBUTOR](#T112) | 15 |
|  [PROXY VOTING POLICIES AND PROCEDURES](#T113) | 16 |
|  [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#T114) | 16 |
|  [FINANCIAL STATEMENTS](#T115) | 16 |
|  [APPENDIX A — PROXY VOTING POLICIES AND PROCEDURES](#T116) | Appendix A-1 |

---

i

[**Table of Contents**](#TOC001)

#### GENERAL INFORMATION
The Callodine Specialty Income Fund (the "Fund") is a newly organized Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund operates as an interval fund.

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;Not invest in commodities and commodity contracts, except that the Fund (i) may purchase and sell non-U.S. currencies, options, swaps, futures and forward contracts, including those related to indexes, options and options on indexes, as well as other financial instruments and contracts that are commodities or commodity contracts, (ii) may also purchase or sell commodities if acquired as a result of ownership of securities or other instruments, (iii) may invest in commodity pools and other entities that purchase and sell commodities and commodity contracts, and (iv) may make such investments as otherwise permitted by the Investment Company Act, and as interpreted, modified or otherwise permitted by regulatory authority having jurisdiction, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&nbsp;&nbsp;&nbsp;&nbsp;Not concentrate investments in a particular industry or group of industries, as concentration is defined under the Investment Company Act, the rules and regulations thereunder or any exemption therefrom, as such statute, rules or regulations may be amended or interpreted from time to time, except that the Fund may invest without limitation in securities issued or guaranteed by the U.S. government, its agencies or instrumentalities and repurchase agreements involving such securities or tax-exempt obligations of state or municipal governments and their political subdivisions.

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7)&nbsp;&nbsp;&nbsp;&nbsp;Engage in short sales, purchases on margin and the writing of put and call options to the fullest extent permitted by applicable law, including the Investment Company Act, the rules or regulations thereunder or applicable orders of the SEC, as such statute, rules, regulations or orders may be amended from time to time.

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

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

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

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

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

Shareholders can obtain the date of the next repurchase request deadline by writing to the Fund, c/o UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, WI 53212, or by calling the Fund at 1-833-701-2855.

#### THE FUND MAY CHANGE ITS INVESTMENT OBJECTIVES, POLICIES, RESTRICTIONS, STRATEGIES, AND TECHNIQUES.
Except as otherwise indicated, the Fund may change its investment objectives and any of its policies, restrictions, strategies, and techniques without Shareholder approval. The Fund's investment objectives and investment strategies are not fundamental policies of the Fund and may be changed by the Board of Trustees of the Fund (the "Board") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares.

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

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

**<u>Commodities</u>.&nbsp;&nbsp;&nbsp;&nbsp;**The Investment Company Act does not directly restrict an investment company's ability to invest in commodities or contracts related to commodities, but does require that every investment company have a fundamental investment policy governing such investments. The extent to which the Fund can invest in commodities or contracts related to commodities is set out in the investment strategies and policies described in the Prospectus and this SAI.

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

[**Table of Contents**](#TOC001)

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

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

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

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

#### OTHER POTENTIAL RISKS AND ADDITIONAL INVESTMENT INFORMATION

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

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

#### Suspensions of Trading
Each exchange typically has the right to suspend or limit trading in all securities that it lists. Such a suspension could render it impossible for the Fund to liquidate its positions and thereby expose it to losses. In addition, there is no guarantee that non-exchange markets will remain liquid enough for the Fund to close out positions.

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

[**Table of Contents**](#TOC001)

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

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

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

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

#### INDEPENDENT TRUSTEES

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name, Address and <br>Year of Birth** | **Position(s) <br>Held<br>with the <br>Fund** | **Length <br>of Time <br>Served** | **Principal Occupation(s) <br>During Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex\* <br>Overseen** | **Other <br>Directorships <br>Held by Trustees** |
|  J. Michael Fields <br>Year of Birth: 1973 <br>c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. <br>Milwaukee, WI 53212 | Trustee | Since Inception | Independent Consultant, (2023 – present); Chief Operating Officer, The Strategic Group (financial consultant firm) (2017 – 2023) | 6 | Independent Board Member, Constitution Capital Access Fund, LLC (2022 – Present); Constitution Capital Evergreen Partnership Fund, LLC (2025 – Present); Sound Point Alternative Income Fund, (2025 – Present); Tap US Private Equity Fund of Funds (2025 – Present); RoboStrategy Inc. (2025 – Present) |

---

[**Table of Contents**](#TOC001)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name, Address and <br>Year of Birth** | **Position(s) <br>Held<br>with the <br>Fund** | **Length <br>of Time <br>Served** | **Principal Occupation(s) <br>During Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex\* <br>Overseen** | **Other <br>Directorships <br>Held by Trustees** |
|  Stephen A. Mace <br>Year of Birth: 1957 <br>c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. <br>Milwaukee, WI 53212 | Trustee | Since Inception | Special General Counsel, American Life Financial Partners, LLC (a Delaware insurance holding company), and its subsidiaries (2020 – Present); President, Admiralty Advisors, LLC (2020 – Present); President, ACR Alpine Capital Research, LLC (an SEC-registered investment adviser) (2016 – 2020) | 6 |  |
|  Stacy Roode <br>Year of Birth: 1968 c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. Milwaukee, WI 53212 | Trustee | Since Inception | Senior Vice President, Fidelity Investments (2018 – 2020); Global Transfer Agent Manager, Shareholder Services Inc. (financial services firm) (2009 – 2018); President, Oppenheimer Funds (financial services firm) (1992 – 2018) | 6 | Independent Board of Trustee, XD Fund Trust (2023 – Present) |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fund complex consists of the Fund, Alpha Summit Strategic Alternatives Fund, CIBC Private Lending Securities, Megacorn Fund, Pursuit Asset-Based Income Fund, and the Redwood Private Real Estate Debt Fund.

#### INTERESTED TRUSTEE AND OFFICERS

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name, Address and <br>Year of Birth** | **Position(s) <br>Held <br>with the <br>Fund** | **Length <br>of Time <br>Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex\*<br>Overseen** | **Other <br>Directorships <br>Held by Trustees** |
|  Amy Small\*\* <br>Year of Birth: 1982 <br>c/o UMB Fund Services, Inc. <br>235 W. Galena St. Milwaukee, WI 53212 | Initial Trustee | Since Inception | Executive Vice President, Executive Director – Institutional Custody Business Line, Director of Institutional Banking Operations, UMB Bank, n.a.; (2018 – present); Director of Finance (2016 – 2018), Director of Financial Control, Operations, and Business Development, DST Systems, Inc. (2000 – 2018) | 6 |  |
|  Jay Lyons <br>Year of Birth: 1967 <br>c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. Milwaukee, WI 53212 | President | Since Inception | Chief Operating Officer, Callodine Capital Management, LP (2024 – present); Independent Consultant (2023 – 2024); Chief Operating Officer, Cambridge Associates (2019 – 2023) | N/A | N/A |

---

[**Table of Contents**](#TOC001)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Name, Address and <br>Year of Birth** | **Position(s) <br>Held <br>with the <br>Fund** | **Length <br>of Time <br>Served** | **Principal Occupation(s)<br>During Past 5 Years** | **Number of <br>Portfolios <br>in Fund <br>Complex\*<br>Overseen** | **Other <br>Directorships <br>Held by Trustees** |
|  Ann Maurer <br>Year of Birth: 1972 c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. Milwaukee, WI 53212 | Secretary | Since Inception | Senior Vice President, Client Services (2017 – Present); Vice President, Senior Client Service Manager (2013 – 2017); Assistant Vice President, Client Relations Manager (2002 – 2013), each with UMB Fund Services, Inc. | N/A | N/A |
|  Madeline Arment <br>Year of Birth: 1989 <br>c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. Milwaukee, WI 53212 | Treasurer | Since Inception | Director, PINE Advisors LLC (2022 – Present); Fund Controller, ALPS Fund Services, Inc., (2018 – 2022) | N/A | N/A |
|  Amy Siefer <br>Year of Birth: 1977 <br>c/o UMB Fund <br>Services, Inc. <br>235 W. Galena St. <br>Milwaukee, WI 53212 | Chief <br>Compliance <br>Officer | Since Inception | Director of Fund CCO <br>Services, PINE Advisors LLC <br>(2024 – present); <br>Vice President Citi Fund <br>Services Ohio, Inc. (2012 – 2024). | N/A | N/A |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The fund complex consists of the Fund, Alpha Summit Strategic Alternatives Fund, CIBC Private Lending Securities, Megacorn Fund, Pursuit Asset-Based Income Fund, and the Redwood Private Real Estate Debt Fund.

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

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

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

[**Table of Contents**](#TOC001)

The Board has appointed Stephen A. Mace, an Independent Trustee, to serve in the role of Chairman. The Chairman's role is to preside at all meetings of the Board and to act as liaison with the Investment Adviser, the Sub-Advisers, and other service providers, counsel and other Trustees generally between meetings. The Chairman serves as a key point person for dealings between management and the Trustees. The Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board has determined that the Board's leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview and it allocates areas of responsibility among committees of Trustees and the full Board in a manner that enhances effective oversight.

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

#### Committees of the Board of Trustees
*Audit Committee*

The Board has formed an Audit Committee that is responsible for overseeing the Fund's accounting and financial reporting policies and practices, its internal controls, and, as appropriate, the internal controls of certain service providers; overseeing the quality and objectivity of the Fund's financial statements and the independent audit of those financial statements; and acting as a liaison between the Fund's independent auditors and the full Board. In performing its responsibilities, the Audit Committee selects and recommends annually to the entire Board a firm of independent certified public accountants to audit the books and records of the Fund for the ensuing year, and reviews with the firm the scope and results of each audit. The Audit Committee currently consists of each of the Fund's Independent Trustees. The Audit Committee held one meeting during the fiscal period ended December 31, 2025.

*Nominating Committee*

The Board has formed a Nominating Committee that is responsible for selecting and nominating persons to serve as Trustees of the Fund. The Nominating Committee is responsible for both nominating candidates to be appointed by the Board to fill vacancies and for nominating candidates to be presented to Shareholders for election. In performing its responsibilities, the Nominating Committee considers candidates recommended by management of the Fund and by Shareholders and evaluate them both in a similar manner, as long as the recommendation submitted by a Shareholder includes at a minimum: the name, address and telephone number of the recommending Shareholder and information concerning the Shareholder's interests in the Fund in sufficient detail to establish that the Shareholder held Shares on the relevant record date; and the name, address and telephone number of the recommended nominee and information concerning the recommended nominee's education, professional experience, and other information that might assist the Nominating Committee in evaluating the recommended nominee's qualifications to serve as a trustee. The Nominating Committee may solicit candidates to serve as trustees from any source it deems appropriate. With the Board's prior approval, the Nominating Committee may employ and compensate counsel, consultants or advisers to assist it in discharging its responsibilities. The Nominating Committee currently consists of each of the Fund's Independent Trustees. The Nominating Committee did not hold any meetings during the fiscal period ended December 31, 2025.

[**Table of Contents**](#TOC001)

#### Trustee Ownership of Securities
As of December 31, 2025, none of the Trustees owned Shares of the Fund.

#### Independent Trustee Ownership of Securities
As of December 31, 2025, none of the Independent Trustees (or their immediate family members) owned securities of the Investment Adviser, the Sub-Advisers, the Distributor, or of an entity (other than a registered investment company) controlling, controlled by or under common control with the Investment Adviser, the Sub-Advisers, or the Distributor.

#### Trustee Compensation
Effective January 1, 2026, in consideration of the services rendered by the Independent Trustees, the Fund will pay each Independent Trustee an annual retainer of $20,000, payable in quarterly installments of $5,000. Each Independent Trustee will each receive an additional $1,000 per sub-adviser annually should the Fund opt to make such additions. Each Independent Trustee will also receive an additional $1,500 for any special meeting. Interested Trustees will be compensated by the Fund's administrator and/or its affiliates and will not be separately compensated by the Fund. Prior to January 1, 2026, the Fund paid each Independent Trustee a retainer of $2,500 per quarter and Messrs. Mace and Fields and Ms. Roode each received an additional $500 for their service as chair of the Board, chair of the Audit Committee and chair of the Nominating Committee, respectively. Each Independent Trustee also received an additional $1,000 for each meeting of the Audit Committee and $1,500 for any special meeting.

During the fiscal period from August 18, 2025 (commencement of operations) through December 31, 2025, the Independent Trustees were each paid $8,000.

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

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

#### INVESTMENT MANAGEMENT AND OTHER SERVICES

#### The Investment Adviser
Callodine Capital Management, LP ("Callodine" or the "Investment Adviser") serves as the investment adviser to the Fund. The Investment Adviser is an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended. Subject to the general supervision of the Board, and in accordance with the investment objectives, policies, and restrictions of the Fund, the Investment Adviser is responsible for the management and operation of the Fund and the investment of the Fund's assets. The Investment Adviser provides such services to the Fund pursuant to the Investment Advisory Agreement (the "Investment Advisory Agreement").

The Investment Advisory Agreement became effective as of the Fund's commencement of operations and will continue in effect for an initial two-year term. Thereafter, the Investment Advisory Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities (as defined in the Investment Company Act) of the Fund or a majority of the Board, and (ii) the vote of a majority of the Independent Trustees of the Fund, cast in person at a meeting called for the purpose of voting on such approval. A discussion regarding the basis for the Board's approval of the Investment Advisory Agreement, or any other investment advisory contracts, is available in the Fund's first annual report to Shareholders for the period from August 18, 2025 (commencement of operations) through December 31, 2025.

[**Table of Contents**](#TOC001)

Pursuant to the Investment Advisory Agreement, and in consideration of the advisory services provided by the Investment Adviser to the Fund, the Investment Adviser is entitled to a fee from the Fund consisting of two components — a base management fee (the "Investment Advisory Fee") and an incentive fee (the "Incentive Fee").

Pursuant to the Investment Advisory Agreement, the Fund will pay the Investment Adviser an Investment Advisory Fee equal to an annual rate of 1.35%, computed daily and payable monthly in arrears, based upon the Fund's average daily net assets. The Investment Advisory Fee will be paid to the Investment Adviser before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund; provided that for purposes of determining the Investment Advisory Fee payable to the Investment Adviser for any day, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that day, including, without limitation, the Investment Advisory Fee payable to the Investment Adviser for that day. The Investment Adviser has contractually agreed to waive the Investment Advisory Fee it would otherwise receive under the Investment Advisory Agreement until August 18, 2026.

The Investment Adviser has entered into an expense limitation agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Adviser has contractually agreed to limit the amount of the total annual fund operating expenses (excluding Incentive Fees, acquired fund fees and expenses, distribution and service fees, interest and fees related to warehouse investments (if any) and leverage, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) so they do not exceed 2.00% of the average daily net assets for any Class (the "Expense Limit"). For a period not to exceed three years from the date on which a waiver under the Expense Limitation and Reimbursement Agreement is made, the Investment Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (a) the expense limit in effect at the time of the waiver, and (b) the expense limit in effect at the time of the recoupment. The Expense Limitation and Reimbursement Agreement has a term ending on April 30, 2027 and will automatically renew thereafter for consecutive twelve-month terms, provided that such continuance is specifically approved at least annually by a majority of the Trustees. The Expense Limitation and Reimbursement Agreement may be terminated by the Fund's Board upon thirty days' written notice to the Investment Adviser. The Expense Limitation and Reimbursement Agreement may not be terminated by the Investment Adviser without the consent of the Trustees.

In addition, the Investment Adviser will be entitled to receive an Incentive Fee calculated and payable in arrears in an amount equal to 15% of the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on each class's average daily net asset value (calculated in accordance with GAAP), equal to 1.50% per quarter, or an annualized hurdle rate of 6%. "Pre-incentive fee net investment income" is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus the Fund's operating expenses for the quarter (including the Investment Advisory Fee, expenses payable to the Administrator and any interest expense but excluding the Incentive Fee, any realized gains, realized capital losses or unrealized capital appreciation or depreciation).

For the period from August 18, 2025 (commencement of operations) through December 31, 2025, the Fund incurred $253,748 of Investment Advisory fees, and $208,085 of Incentive Fee. For the period from August 18, 2025 (commencement of operations) through December 31, 2025, the Investment Adviser waived $253,748 of its Investment Advisory Fee, which is not subject to recoupment.

#### The Sub-Advisers
Callodine Credit Management, LLC, Corrum Capital Management LLC, Thorofare, LLC, Rand Capital Management, LLC and Manning & Napier Advisors, LLC serve as Sub-Advisers to the Fund. Each Sub-Adviser is an affiliate of the Investment Adviser. The engagement of each current Sub-Adviser has been approved by the Board of the Fund and the initial Shareholder or Shareholders of the Fund. The engagement of a new sub-adviser will be subject to Board approval and an approval by the holders of a majority of outstanding Shares (as defined in the Investment Company Act).

Pursuant to separate sub-advisory agreements among the Fund, the Investment Adviser and each Sub-Adviser, each Sub-Adviser receives a sub-advisory fee based on the Fund's assets managed by such Sub-Adviser, as well as a portion of the Incentive Fee attributable to those assets, if applicable. The Sub-Advisers' fees are paid by the Investment Adviser out of the Investment Advisory Fee and Incentive Fees it receives from the Fund.

[**Table of Contents**](#TOC001)

Callodine Credit Management, LLC, located at 545 Boylston Street, 10<sup>th</sup> Floor, Boston, MA 02116, is registered with the SEC as an investment adviser and manages, as of December 31, 2025, with approximately $1.39 billion in assets.

Corrum Capital Management LLC, located at 1300 South Church Street, Charlotte, NC 28203, is registered with the SEC as an investment adviser and manages, as of December 31, 2025, with approximately $1.4 billion in assets.

Thorofare, LLC, located at 100 N. Pacific Coast Highway, Suite 2050, El Segundo, CA 90245, is registered with the SEC as an investment adviser and manages, as of December 31, 2025, with approximately $964.2 million in assets.

Rand Capital Management, LLC, located at 14 Lafayette Square, Suite 1405, Buffalo, NY 14203, is registered with the SEC as an investment adviser and manages, as of December 31, 2025, with approximately $113.2 million in assets.

Manning & Napier Advisors, LLC, located at 290 Woodcliff Drive, Fairport, NY 14450, is registered with the SEC as an investment adviser and manages, as of December 31, 2025, with approximately $17.9 billion in assets.

#### The Portfolio Managers
The personnel of the Investment Adviser and the Sub-Advisers who will have primary responsibility for the day-to-day management of the Fund's portfolio (the "Portfolio Managers") are:

Investment Adviser: James Morrow and Gene Martin are the Co-Portfolio Managers for the Fund and are responsible for the management of the Fund's portfolio, including the allocation of capital to the Sub-Advisers. Mr. Morrow manages the Fund's Yielding Equity Securities sub-strategy and Mr. Martin manages the Fund's Asset-Based Lending strategy, as described below.

Callodine Credit Management, LLC: Subject to the oversight of the Investment Adviser's portfolio management team, Gene Martin is Portfolio Manager for the Fund's Asset-Based Lending sub-strategy.

Corrum Capital Management LLC: Subject to the oversight of the Investment Adviser's portfolio management team, Jason Cipriani and Jonathan Mandle are Portfolio Managers for the Fund's Entertainment Lending and Aviation Finance sub-strategies.

Manning & Napier Advisors, LLC: Subject to the oversight of the Investment Adviser's portfolio management team, Marc Bushallow is Portfolio Manager for the Fund's High Yield Debt sub-strategy.

Rand Capital Management, LLC: Subject to the oversight of the Investment Adviser's portfolio management team, Scott Barfield and Steven Brannon are Portfolio Managers for the Fund's Direct Lending sub-strategy. Subject to the oversight of the Investment Adviser's portfolio management team, Winston Black is Portfolio Manager for the Fund's Life Sciences Finance sub-strategy.

Thorofare, LLC: Subject to the oversight of the Investment Adviser's portfolio management team, Brendan Miller and Kevin Miller are Portfolio Managers for the Fund's Real Estate Lending sub-strategy.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Type of Accounts** | **Total # of <br>Accounts <br>Managed** | **Total Assets <br>($mm)** | **# of Accounts <br>Managed that <br>Advisory Fee <br>Based on <br>Performance** | **Total Assets <br>that Advisory <br>Fee Based on <br>Performance <br>($mm)** |
|  1.James | Registered Investment Companies: | 2 | $290.58 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Morrow | Other Pooled Investment Vehicles: | 2 | $562.58 | 1 | $511.56 |
|  | Other Accounts: | 8 | $467.89 | 7 | $445.08 |
|  2.Gene | Registered Investment Companies: | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Martin | Other Pooled Investment Vehicles: | 2 | $437.94 | 2 | $437.94 |
|  | Other Accounts: | 0 | $0 | 0 | $0 |
|  3.Marc | Registered Investment Companies: | 10 | $3210.40 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Bushallow | Other Pooled Investment Vehicles: | 4 | $811.72 | 0 | $0 |
|  | Other Accounts: | 3230 | $9793.00 | 1 | $599.47 |

---

[**Table of Contents**](#TOC001)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Type of Accounts** | **Total # of <br>Accounts <br>Managed** | **Total Assets <br>($mm)** | **# of Accounts <br>Managed that <br>Advisory Fee <br>Based on <br>Performance** | **Total Assets <br>that Advisory <br>Fee Based on <br>Performance <br>($mm)** |
|  4.Scott | Registered Investment Companies: | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Barfield | Other Pooled Investment Vehicles: | 2 | $61.01 | 2 | $61.01 |
|  | Other Accounts: | 0 | $0 | 0 | $0 |
|  5.Steven | Registered Investment Companies: | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Brannon | Other Pooled Investment Vehicles: | 2 | $61.01 | 2 | $61.01 |
|  | Other Accounts: | 0 | $0 | 0 | $0 |
|  6.Winston | Registered Investment Companies: | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Black | Other Pooled Investment Vehicles: | 0 | $0 | 0 | $0 |
|  | Other Accounts: | 0 | $0 | 0 | $0 |
|  7.Brendan | Registered Investment Companies: | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Miller | Other Pooled Investment Vehicles: | 2 | $964.18 | 2 | $964.18 |
|  | Other Accounts: | 0 | $0 | 0 | $0 |
|  8.Kevin | Registered Investment Companies: | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Miller | Other Pooled Investment Vehicles: | 2 | $964.18 | 2 | $964.18 |
|  | Other Accounts: | 0 | $0 | 0 | $0 |
|  9.Jason | Registered Investment Companies: | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Cipriani | Other Pooled Investment Vehicles: | 17 | $893.67 | 17 | $893.37 |
|  | Other Accounts: | 9 | $505.64 | 3 | $190.72 |
|  10. Jonathan | Registered Investment Companies: | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mandle | Other Pooled Investment Vehicles: | 17 | $893.67 | 17 | $893.37 |
|  | Other Accounts: | 9 | $505.64 | 3 | $190.72 |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; As of December 31, 2025.

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

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

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

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

[**Table of Contents**](#TOC001)

#### Compensation of the Portfolio Managers
Each Portfolio Manager is expected to be compensated through a combination of salary and bonus. Salary adjustments have historically been driven by cost-of-living changes, though salary adjustments may also be influenced by overall firm performance, including fund performance. Bonus determinations are expected to be tied, in part, to asset values or performance of the Fund given that it may influence overall profitability of the Investment Adviser and the Sub-Advisers.

#### Portfolio Managers' Ownership of Shares

---

| | |
|:---|:---|
|  **Name of Portfolio Manager:** | **Dollar Range of Shares <br>Beneficially Owned by Portfolio Manager<sup>(1)</sup>:**  |
|  James Morrow |  |
|  Gene Martin |  |
|  Marc Bushallow |  |
|  Scott Barfield |  |
|  Steven Brannon |  |
|  Winston Black |  |
|  Brendan Miller |  |
|  Kevin Miller |  |
|  Jason Cipriani |  |
|  Jonathan Mandle |  |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; As of December 31, 2025.

[**Table of Contents**](#TOC001)

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

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

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

While it is the Fund's general policy to seek to obtain the most favorable price and execution available in selecting a broker-dealer to execute portfolio transactions for the Fund, weight is also given to the ability of a broker-dealer to furnish brokerage and research services as defined in Section 28(e) of the Securities Exchange Act of 1934, as amended, to the Fund or to the Investment Adviser or the Sub-Advisers, even if the specific services are not directly useful to the Fund and may be useful to the Investment Adviser and the Sub-Advisers in advising other clients. When one or more brokers is believed capable of providing the best combination of price and execution, the Investment Adviser and the Sub-Advisers may select a broker based upon brokerage or research services provided to the Investment Adviser. In negotiating commissions with a broker or evaluating the spread to be paid to a dealer, the Fund may therefore pay a higher commission or spread than would be the case if no weight were given to the furnishing of these supplemental services, provided that the amount of such commission or spread has been determined in good faith by the Investment Adviser and the Sub-Advisers to be reasonable in relation to the value of the brokerage and/or research services provided by such broker-dealer. The standard of reasonableness is to be measured in light of the Investment Adviser's and the Sub-Advisers' overall responsibilities to the Fund. For the period from August 18, 2025 (commencement of operations) through December 31, 2025, the Fund paid $29,987 in brokerage commission. As of December 31, 2025, the Fund held no securities of its regular brokers or dealers (or their parents).

#### CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS
The following summarizes certain additional tax considerations generally affecting the Fund and its shareholders that are not described in the Prospectus. No attempt is made to present a detailed explanation of the tax treatment of the Fund or its shareholders, and the discussions here and in the Prospectus are not intended as a substitute for careful tax planning. Potential investors should consult their tax advisers with specific reference to their own tax situations.

The discussions of the federal tax consequences in the Prospectus and this SAI are based on the Internal Revenue Code of 1986, as amended (the "Code") and the regulations issued under it, and court decisions and administrative interpretations, as in effect on the date of this SAI. Future legislative or administrative changes or court decisions may significantly alter the statements included herein, and any such changes or decisions may be retroactive.

[**Table of Contents**](#TOC001)

#### TAXATION OF THE FUND
The Fund intends to qualify as a regulated investment company ("RIC") under federal income tax law. As a RIC, the Fund will generally not be subject to federal corporate income taxes, provided that it distributes out to Shareholders its taxable income and gain each year. To qualify for treatment as a RIC, the Fund must meet three important tests each year.

First, the Fund must derive with respect to each taxable year at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, gains from the sale or other disposition of stock or securities or foreign currencies, other income derived with respect to its business of investing in stock, securities or currencies, or net income derived from interests in qualified publicly traded partnerships ("Qualifying Income").

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

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

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

The Code imposes a nondeductible 4% excise tax on RICs that fail to distribute each year an amount equal to specified percentages of their ordinary taxable income and capital gain net income (excess of capital gains over capital losses). The Fund intends to make sufficient distributions or deemed distributions each year to avoid liability for this excise tax, although no assurance can be given that this will always be accomplished.

Certain of the Fund's investments will require the Fund to recognize taxable income in a taxable year in excess of the cash generated on those investments during that year. Additionally, the Fund may invest in passive foreign investment companies, or under certain circumstances, controlled foreign corporations. Because the Fund may be required to recognize income in respect of these investments before, or without receiving, cash representing such income, the Fund may have difficulty satisfying the annual distribution requirements applicable to RICs and avoiding Fund-level U.S. federal income and/or excise taxes. Accordingly, the Fund may be required to sell assets, including at potentially disadvantageous times or prices, raise additional debt or equity capital, make taxable distributions of its shares or debt securities, or reduce new investments, to obtain the cash needed to make these income distributions. If the Fund liquidates assets to raise cash, the Fund may realize gain or loss on such liquidations; in the event the Fund realizes net capital gains from such liquidation transactions, the Fund shareholders may receive larger capital gain distributions than they would in the absence of such transactions.

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

[**Table of Contents**](#TOC001)

To the extent that the Fund makes investments in assets that are expected to earn income that is not Qualifying Income, the Fund may make such investments indirectly, through a wholly-owned corporate subsidiary. If a subsidiary is a U.S. corporation, it will pay tax on its net income at corporate tax rates, and distributions from the subsidiary's earnings and profits will be qualified dividend income. If a subsidiary is a non-U.S. corporation, such subsidiary will be a controlled foreign corporation ("CFC") for U.S. federal income tax purposes. It would not expected to be subject to U.S. income tax unless it earns U.S.-source income. However, as a wholly-owned CFC, such subsidiary's net income and capital gains, to the extent of its earnings and profits, will be included each year in the Fund's investment company taxable income even if the CFC does not distribute the income.

The Fund (and any subsidiaries through which it invests) also may be subject to state, local, and foreign taxes that could reduce cash distributions to Shareholders.

#### INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL
PricewaterhouseCoopers LLP, located at 101 Seaport Boulevard, Suite 500, Boston, MA 02210, serves as the Fund's independent registered public accounting firm.

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

#### ADMINISTRATOR
The Fund has contracted with UMB Fund Services, Inc. (the "Administrator"), 235 West Galena Street, Milwaukee, WI 53212, to provide it with certain administrative and accounting services. For the period from August 18, 2025 (commencement of operations) through December 31, 2025, the Fund paid the Administrator $49,593 in accounting and administration fees.

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

#### DISTRIBUTOR
Distribution Services, LLC, (the "Distributor") is the distributor of Shares and is located at 190 Middle Street, Suite 301 Portland, ME 04101. The Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. Pursuant to the Distribution Agreement, the Distributor acts as the agent of the Fund in connection with the continuous offering of Shares of the Fund. The Distributor continually distributes Shares of the Fund on a commercially reasonable 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.

[**Table of Contents**](#TOC001)

#### PROXY VOTING POLICIES AND PROCEDURES
The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to the Investment Adviser. The Investment Adviser will vote such proxies in accordance with its proxy voting policies and procedures. The Investment Adviser has delegated the responsibility for determining how to vote proxies with respect to each sub-strategy to the relevant Sub-Adviser. Copies of the Investment Adviser's and the Sub-Adviser's proxy policies and procedures are included as Appendix A to this SAI. The Board will periodically review the Fund's proxy voting record.

The Fund will be required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Fund's Form N-PX filing, once available, will be available: (i) without charge, upon request, by calling the Fund at 1-833-701-2855, or on the Fund's website at *www.callodinefunds.com*, or (ii) by visiting the SEC's website at *www.sec.gov*.

#### CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS
A control person is a shareholder that (1) beneficially owns, directly or indirectly through controlled companies, more than 25% of the voting securities of a company, (2) acknowledges or asserts the existence of control, or (3) has a final adjudication under section 2(a)(9) of the Investment Company Act that control exists. A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding Shares of any class of the Fund. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by Shareholders of the Fund. Any control person of a class, as noted below, may be able to significantly influence the outcome of any item presented to Shareholders for approval. As of April 1, 2026, the following were the only record owners (or to the knowledge of the Fund, beneficial owner) of 5% or more of the Fund's Class I Shares. Class A Shares and Class C Shares had not commenced operations as of the date of this SAI.

The following table lists the principal shareholders of the Fund as of April 1, 2026. The principal shareholders are holders of record of 5% or more of the outstanding shares of the indicated class of the Fund, including the listed shareholders that are financial intermediaries.<sup>(1)</sup>

---

| | |
|:---|:---|
|  **Principal Shareholders** | **% of Total Outstanding Shares of <br>the Class as of April 1, 2026** |
|  **Class I** |  |
|  National Financial Services LLC | 36.25% |
|  Jersey City, NJ 07310 |  |
|  Charles Schwab and Co. Inc. | 32.25% |
|  San Francisco, CA 94105 |  |
|  BNY Mellon NA | 15.86% |
|  Pittsburgh, PA 15253 |  |

---

____________

(1)&nbsp;&nbsp;&nbsp;&nbsp; The Fund has no information regarding the beneficial owners of Fund shares owned through accounts with financial intermediaries.

#### FINANCIAL STATEMENTS
The Fund's audited financial statements and financial highlights for the period from August 18, 2025 (commencement of operations) through December 31, 2025, including the report of PricewaterhouseCoopers LLP, the Fund's independent public accounting firm, as included in the Fund's annual report for such period (the "[Annual Report](http://www.sec.gov/Archives/edgar/data/2029168/000121390026025002/ea0274876-01_ncsr.htm)"), are incorporated by reference into this SAI. No other parts of the Annual Report are incorporated by reference herein. A copy of the Annual Report may be obtained without charge by writing to the Fund, c/o UMB Fund Services, Inc., 235 West Galena Street, Milwaukee, WI 53212, by calling the Fund toll-free at 1-833-701-2855.

[**Table of Contents**](#TOC001)

#### APPENDIX A — Proxy Voting Policies and Procedures

#### CORRUM CAPITAL MANAGEMENT LLC

#### PROXY VOTING POLICY
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.&nbsp;&nbsp;&nbsp;&nbsp; General**

Corrum Capital's investment strategy typically involves private investments. As a result, Corrum Capital does not usually hold Fund investments in public equity securities and therefore does not generally receive proxies on behalf of Clients. However, in the event that a proxy vote request is received, Corrum Capital will vote proxies in accordance with this policy. This policy has been reasonably designed to vote proxies (or similar instruments) in the best interest of Clients, including where there may be material conflicts of interest in voting proxies, in accordance with Rule 206(4)-6 of the Advisers Act. Additionally, the Company will maintain certain records required to be maintained by Rule 206(4)-6 relating to all voted proxies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.&nbsp;&nbsp;&nbsp;&nbsp; Determination of Vote**

The Company's proxy voting procedures are reasonably designed to vote proxies in a manner that is in the best interest of Clients. Most proxy-related issues generally fall within the following five categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Corporate Governance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Takeover Defenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; Compensation Plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; Capital Structure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; Social Responsibility

The Company will generally vote in favor of matters that follow an agreeable corporate strategic direction, support an ownership structure that enhances shareholder value without diluting management's accountability to shareholders and/or present compensation plans that are commensurate with enhanced manager performance and market practices.

While proxy voting on all issues presented should be considered, voting on all issues is not required. Some issues presented for a proxy vote of security holders are not deemed relevant to the Company's voting objective, or it is not reasonably possible to ascertain what effect, if any, a vote on a given issue may have on a Client's investment. Additionally, the Company may decide that avoiding further expense and investigation and not voting at all on a presented proposal may be in the best interest of a Client. Accordingly, the Company may abstain from voting in certain circumstances. Generally, Corrum Capital will not seek investor or Client approval or direction when voting proxies unless there is a material conflict of interest as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.&nbsp;&nbsp;&nbsp;&nbsp; Conflicts of Interest**

Conflicts of interest involved in a proxy vote shall be addressed though the following three-step process:

#### Identification of all potential conflicts of interest
Examples of potential conflicts of interest include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company or an affiliate manages a pension plan, administers Employee benefit plans, or provides brokerage, underwriting, insurance, or banking services to a Company whose management is soliciting proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company or an affiliate has a substantial business relationship (separate from the Company's investment strategy) with a portfolio company or a proponent of a proxy proposal and this business relationship may influence how the proxy vote is cast;

Appendix A-1

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company or an affiliate has a business relationship (separate from the Company's investment strategy) or personal relationship with participants in a proxy contest, corporate directors or candidates for directorships; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An officer or Employee of the Company or an affiliate may have a familial relationship to a portfolio company (e.g. a spouse or other relative who serves as a director of a public company).

#### Determination of material conflicts
The SEC has not provided any specific guidance as to how an investment adviser should analyze or determine whether a conflict is "material" for purposes of proxy voting. Thus, traditional analysis of questions of materiality under the federal securities laws should be used.

#### Establishment of procedures to address material conflicts
If a material conflict of interest with respect to a particular vote is encountered, contact the CCO to determine how to vote the proxy consistent with the best interests of a Client and in a manner not affected by any conflicts of interest. Corrum Capital may address the conflict using several alternatives, including by seeking the approval or concurrence of an advisory board on the proposed proxy vote where applicable, seeking Client consent, or through other alternatives. Corrum Capital does not consider service on Portfolio Fund boards by Corrum Capital personnel or receipt of management or other fees from Portfolio Funds to create a material conflict of interest in voting proxies with respect to such Portfolio Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.&nbsp;&nbsp;&nbsp;&nbsp; Recordkeeping**

Pursuant to Rule 204-2, the Company shall retain the following five types of records relating to proxy voting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy voting policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proxy statements received for Client securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Records of votes cast on behalf of Clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written Client requests for proxy voting information and written adviser responses to any Client request (whether oral or written) for proxy voting information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any documents prepared by the Company that were material to making a proxy voting decision or that memorialized the basis for the decision.

#### Callodine Capital Management Proxy Voting and Class Actions

#### Background
An investment adviser that exercises voting authority over client proxies is required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adopt and implement policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interest of clients, including how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclose to clients' information about those policies and procedures and, upon request, furnish a copy to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclose to clients how they may obtain information on how the adviser has voted their proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain certain records related to proxy voting.

The Advisers Act lacks specific guidance regarding an investment adviser's duty to direct clients' participation in class actions. However, many investment advisers adopt policies and procedures regarding class actions.

Appendix A-2

[**Table of Contents**](#TOC001)

#### Policies and Procedures
This Policy has been adopted by Callodine to facilitate the voting of proxies in what we perceive to be the best interests of our clients. We recognize our fiduciary obligation and will comply with our obligations under Rule 206(4)-6 under the Advisers Act.

This Policy defines procedures for voting securities in the portfolios managed by Callodine, for the benefit of and in the best interest of the clients. The objective of voting a security in each case under this Policy is to seek to enhance the value of the security, or to reduce potential for a decline in the security's value. This Policy does not prescribe specific voting requirements or specific voting considerations. Instead, this Policy provides procedures for applying the informed expertise and judgment of our investment professionals on a timely basis in pursuit of the above stated voting objectives.

Callodine is not responsible for voting proxies not received in a timely manner or in circumstances where there is a lack of information provided in the proxy statement by the issuer or other resolution sponsor. In addition, should we feel that the costs of voting a particular proxy exceed the expected benefits to clients or where our clients no longer hold investments in the relevant issuer, we may choose not to vote in that particular circumstance. However, it is generally our intent to vote all proxies.

Callodine does not consider it feasible or desirable to prescribe in advance comprehensive guidelines as to how it will exercise proxy voting authority in all circumstances. The primary aim of our approach to corporate governance issues is to encourage a culture of performance among the companies in which we manage investments in order to add value to our portfolios, rather than one of mere conformance with a prescriptive set of rules and constraints.

<u><u>Responsibility</u></u>

The Controller, in consultation with the Portfolio Manager and the Investment Analysts, is responsible for making decisions with respect to voting proxies and is responsible for facilitating the overall voting process — from receipt of the proxies to casting the votes, and for working with the CCO to ensure accurate and adequate disclosure.

<u><u>Procedures</u></u>

Callodine uses both an electronic proxy management system and a manual tracking system to assist in the receipt, tracking, voting and recording of proxies received by the Firm. Given the holding periods of securities, the portfolios' may not be in a position to vote proxies. However, proxies received will be reviewed by the Controller to determine if it is prudent to exercise our voting authority, all decisions will be made in the best interest of our clients.

The Firm has engaged Broadridge to aggregate proxy communications from the various brokers into the ProxyEdge system. The Controller uses the ProxyEdge online platform to retrieve any relevant proxy materials and saves them to the Callodine network. The Controller then coordinates with the Investment Analysts to provide recommendations to the Portfolio Manager regarding how to vote the proxy. After coordination with the Portfolio Manager regarding how to vote the proxy, votes are entered electronically online and a record of the vote is saved to the network. The ProxyEdge online platform contains all current and upcoming proxy votes which the Controller reviews.

Callodine will vote the majority of proxies electronically. Proxies which are not voted through the electronic proxy management system will be voted in accordance with instructions provided in the proxy materials. Once the vote is cast, documentation is maintained in a file in accordance with regulatory requirements.

A proxy voting log is maintained within the ProxyEdge system. The Controller may run periodic reports of votes cast within the system.

Appendix A-3

[**Table of Contents**](#TOC001)

<u><u>Conflicts of Interest</u></u>

Callodine will use reasonable efforts to determine whether a potential conflict may exist, and a potential conflict shall be deemed to exist only if management actually knew or should have known of the conflict. We are sensitive to conflicts of interest that may arise in the proxy decision-making process and have identified the following potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A principal of Callodine or any person involved in the proxy decision-making process currently serves on the Board of the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An immediate family member of a principal of Callodine or any person involved in the proxy decision-making process currently serves as a director or executive officer of the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callodine, any Fund managed by Callodine, or any affiliate holds a significant ownership interest in the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any matter involving an investor that generates substantial revenue for Callodine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other issue that the CCO determines is an actual or potential conflict.

This list is not intended to be exclusive. All employees are obligated to disclose any potential conflict to the CCO. Materiality determinations will be based on an assessment of the particular facts and circumstances and consultation with outside counsel, as necessary. One or more of the following methods may be used to resolve the conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting in accordance with the recommendation of another independent third party/fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosing the conflict to the investor and obtaining consent before voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suggesting to the investor that it engage another party to vote the proxy on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a conflict of interest resulting from a particular employee's personal relationships, removing such employee from the decision-making process with respect to such proxy vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other method as is deemed appropriate under the particular facts and circumstances, given the nature of the conflict.

The CCO shall document the method used to resolve conflicts of interest and maintain supporting documentation in accordance with regulatory requirements.

<u><u>Form N-PX</u></u>

Form N-PX is an annual report on proxy voting records with a reporting period of July 1 through June 30 and requires institutional investment managers<sup>1</sup>, that are also required to file Form 13F, to disclose certain information about its votes related to issuers' executive compensation practices (also referred to as "say on pay" votes).

Institutional investment managers are required to disclose their "say-on-pay" votes on Form N-PX. Under the rule, "say-on-pay" votes include the approval of executive compensation, the frequency of such executive compensation, as well as votes to approve "golden parachute" compensation in connection with a merger or acquisition. However, votes on executive compensation that are not required by sections 14A(a) and (b) of the Exchange Act, such as in the case of

____________

1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term "institutional investment manager" includes any person, other than a natural person, investing in or buying and selling securities for its own account, and any person exercising investment discretion with respect to the account of any other person. The term "person" includes any natural person, company, government, or political subdivision, agency, or instrumentality of a government. Entities serving as managers could include, for example: banks, insurance companies, and broker-dealers that invest in, or buy and sell, securities for their own accounts; corporations and pension funds that manage their own investment portfolios; or investment advisers that manage private accounts, mutual fund assets, or pension plan assets.

Appendix A-4

[**Table of Contents**](#TOC001)

foreign private issuers (as defined in rule 3b-4(c) under the Exchange Act) that are exempt from the proxy solicitation rules, will not be required to be reported on Form N-PX. Institutional investment managers that are required to file Form 13F must comply with the Form N-PX requirement. The filing requirement is not limited to those securities that are listed on the manager's Form 13F; it applies to any security of a company over which it exercised voting power on a say-on-pay matter presented under Section 14A.

The Rule provides a two-part test for determining whether an institutional investment manager "exercised voting power" over a security and must therefore report a say-on-pay vote on Form N-PX:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The institutional investment manager has the power to vote, or direct the voting of, a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The institutional manager "exercises" this power to influence a voting decision for the security.

The Rule also considers an institutional investment manager "determining not to vote on a say-on-pay matter" as exercising its voting power. An institutional investment manager does not have any reporting obligation to file with respect to a voting decision that is entirely determined by its client or another party. However, institutional investment managers who have a disclosed policy of not voting proxies, and who did not in fact vote during the reporting period, are required to file a notice report on Form N-PX. The manager does not have to report any information on a security-by-security basis but rather file an executed Form N-PX's cover page.

Form N-PX prompts institutional investment advisers to disclose not only their securities lending practices but also how such lending practices interplay with their proxy voting practices. Specifically, institutional investment advisers now have to weigh the benefits of participating in a securities lending arrangement against the benefits of being able to vote on a proxy matter. Moreover, advisers that participate in securities lending arrangements now have to determine if, or when, loaned securities should be recalled for proxy voting purposes.

Form N-PX requires annual disclosure of certain proxy matters voted during July 1 through June 30 of the following year ("reporting period"). The deadline to submit the annual Form N-PX is August 31 for the reporting period. Lastly, the Rule requires Form N-PX to be filed using Extensible Markup Language (XML), a structured data language that makes the form machine-readable within the SEC's EDGAR system.

The CCO is responsible for monitoring the Firm's reporting obligations under section Form N-PX to ensure that the Firm meets its reporting obligations within the regulatory deadlines.

The Firm has the authority to vote proxies on behalf of its Clients, where authority is granted to Callodine in the Fund Governing Documents and Separately Managed Account agreements. Certain Clients have elected to vote proxies on their own behalf. The Firm will retain all documentation of proxies that were or were not voted. If any proxies voted included say-on-pay, Firm will file a Form N-PX by August 31<sup>st</sup> of each year.

<u><u>Securities Litigation</u></u>

From time to time, Callodine may receive notification of securities held in a fund that are subject to litigation/class action lawsuits. The Firm utilizes Financial Recovery Technologies, LLC ("FRT") to identify potential claims and assist with participation. FRT will review the details of the lawsuit and will consult with Callodine to determine if and how to file any claims. FRT will then assist in asserting, filing, submitting claims and facilitating participation on behalf of Callodine. Callodine will consider the potential impact on the client/shareholder, without considering any benefit to ourselves, our employees or our affiliates.

<u><u>Recordkeeping</u></u>

The Firm shall maintain the following records in accordance with regulatory requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies of this Policy as from time to time revised or supplemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each proxy statement received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of any document that was material to making a decision how to vote proxies or that memorializes the basis for the decision;

Appendix A-5

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each written request for information on how Callodine voted proxies on behalf of the investor and a copy of any written response by Callodine to any investor request for information on how proxies were voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications/documentation surrounding conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written reports arising from review of the proxy function.

<u><u>Disclosures to Clients and Investors</u></u>

Callodine will include a description of its policies and procedures regarding proxy voting and class actions in Part 2 of Form ADV, along with a statement that Clients and Investors can contact the CCO to obtain a copy of these policies and procedures and information about how Callodine voted with respect to the Client's securities.

Any request for information about proxy voting or class actions should be promptly forwarded to the CCO who will respond to any such requests.

As a matter of policy, Callodine does not disclose how it expects to vote on upcoming proxies. Additionally, Callodine does not disclose the way it voted proxies to unaffiliated third parties without a legitimate need to know such information.

<u><u>Annual and Ongoing Reviews</u></u>

The CCO will periodically review the adequacy of the firm's proxy voting policies and procedures to make sure they have been implemented effectively, including whether the policies and procedures continue to be reasonably designed to ensure that proxies are voted in the best interests of Clients.

#### Callodine Credit Management Proxy Voting and Class Actions

#### Background
An investment adviser that exercises voting authority over client proxies is required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adopt and implement policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interest of clients, including how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclose to clients' information about those policies and procedures and, upon request, furnish a copy to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclose to clients how they may obtain information on how the adviser has voted their proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain certain records related to proxy voting.

The Advisers Act lacks specific guidance regarding an investment adviser's duty to direct clients' participation in class actions. However, many investment advisers adopt policies and procedures regarding class actions.

#### Policies and Procedures
The investment strategy of the Firm generally does not include long holdings in publicly traded equities; therefore, it is uncommon for Callodine to acquire any voting rights or related proxies. However, Callodine has adopted this policy to facilitate the voting of proxies in what Callodine perceives to be the best interests of our clients, if applicable. Callodine recognizes our fiduciary obligation and will comply with our obligations under Rule 206(4)-6 under the Advisers Act.

This Policy defines procedures for voting securities in the portfolios managed by Callodine, for the benefit of and in the best interest of the clients. The objective of voting a security in each case under this Policy is to seek to enhance the value of the security, or to reduce potential for a decline in the security's value. This Policy does not prescribe specific voting requirements or specific voting considerations. Instead, this Policy provides procedures for applying the informed expertise and judgment of our investment professionals on a timely basis in pursuit of the above stated voting objectives.

Appendix A-6

[**Table of Contents**](#TOC001)

We believe that an important consideration in the framing of a proxy voting policy is the need to avoid unduly diverting resources from our primary responsibilities to add value to our clients' investments through portfolio management and client service. This policy has been prepared on this basis.

Callodine is not responsible for voting proxies not received in a timely manner or in circumstances where there is a lack of information provided in the proxy statement by the issuer or other resolution sponsor. In addition, should we feel that the costs of voting a particular proxy exceed the expected benefits to clients, we may choose not to vote in that particular circumstance. However, it is generally our intent to vote all proxies.

Callodine does not consider it feasible or desirable to prescribe in advance comprehensive guidelines as to how it will exercise proxy voting authority in all circumstances. The primary aim of our approach to corporate governance issues is to encourage a culture of performance among the companies in which we manage investments in order to add value to our portfolios, rather than one of mere conformance with a prescriptive set of rules and constraints.

<u><u>Responsibility</u></u>

The Head of Credit is responsible for making decisions with respect to voting proxies and is responsible for facilitating the overall voting process — from receipt of the proxies to casting the votes, and for working with the CCO to ensure accurate and adequate disclosure.

<u><u>Procedures</u></u>

Callodine intends to vote on the following issues arising in company General Meetings where it has the authority to do so on behalf of clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contentious issues (e.g. issues of perceived national interest, or where there has been extensive press coverage or public comment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of changes of substantial shareholdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mergers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of major asset sales or purchases.

As a general rule, Callodine will vote against any actions that will reduce the rights or options of shareholders, reduce shareholder influence over the board of directors and management, reduce the alignment of interests between management and shareholders, or reduce the value of shareholders' investments, unless balanced by reasonable increase in net worth of the shareholding.

Where appropriate, Callodine will use voting powers to influence companies to adopt generally accepted best corporate governance practices in areas such as board composition, disclosure policies and the other areas of recommended corporate governance practice. Our approach to significant proxy voting issues which fall outside these areas will be addressed on their merit.

<u><u>Conflicts of Interest</u></u>

Callodine will use reasonable efforts to determine whether a potential conflict may exist, and a potential conflict shall be deemed to exist only if management actually knew or should have known of the conflict. We are sensitive to conflicts of interest that may arise in the proxy decision-making process and have identified the following potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A principal of Callodine or any person involved in the proxy decision-making process currently serves on the Board of the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An immediate family member of a principal of Callodine or any person involved in the proxy decision-making process currently serves as a director or executive officer of the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Callodine, any Fund managed by Callodine, or any affiliate holds a significant ownership interest in the portfolio company.

Appendix A-7

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any matter involving an investor that generates substantial revenue for Callodine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other issue that the CCO determines is an actual or potential conflict.

This list is not intended to be exclusive. All Supervised Persons are obligated to disclose any potential conflict to the CCO. Materiality determinations will be based on an assessment of the particular facts and circumstances and consultation with outside counsel, as necessary. One or more of the following methods may be used to resolve the conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting in accordance with the recommendation of another independent third party/fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosing the conflict to the investor and obtaining consent before voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suggesting to the investor that it engage another party to vote the proxy on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a conflict of interest resulting from a particular employee's personal relationships, removing such Supervised Person from the decision-making process with respect to such proxy vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other method as is deemed appropriate under the particular facts and circumstances, given the nature of the conflict.

The CCO shall document the method used to resolve conflicts of interest and maintain supporting documentation in accordance with regulatory requirements.

<u><u>Receipt of Proxies/Process for Voting</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Adviser personnel will maintain documentation of all proxies received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investment personnel will follow the directions provided on the proxy to cast the vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once the vote is cast, a copy is printed and maintained in a file in accordance with regulatory requirements.

<u><u>Securities Litigation</u></u>

From time to time, Callodine may receive notification of securities held in a fund that are subject to litigation/class action lawsuits. Callodine will review the details of the lawsuit and, in determining how to file any claims, will consider the potential impact on the client/shareholder, without considering any benefit to ourselves, our Supervised Persons or our affiliates.

<u><u>Recordkeeping</u></u>

The Firm shall maintain the following records in accordance with regulatory requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies of this Policy as from time to time revised or supplemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each proxy statement received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of any document that was material to making a decision how to vote proxies or that memorializes the basis for the decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each written request for information on how Callodine voted proxies on behalf of the investor and a copy of any written response by Callodine to any investor request for information on how proxies were voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications/documentation surrounding conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written reports arising from review of the proxy function.

Appendix A-8

[**Table of Contents**](#TOC001)

<u><u>Disclosures to Clients and Investors</u></u>

Callodine will include a description of its policies and procedures regarding proxy voting and class actions in Part 2 of Form ADV, if applicable, along with a statement that Clients and Investors can contact the CCO to obtain a copy of these policies and procedures and information about how Callodine voted with respect to the Client's securities.

Any request for information about proxy voting or class actions should be promptly forwarded to the CCO who will respond to any such requests.

As a matter of policy, Callodine does not disclose how it expects to vote on upcoming proxies. Additionally, Callodine does not disclose the way it voted proxies to unaffiliated third parties without a legitimate need to know such information.

<u><u>Annual and Ongoing Reviews</u></u>

The CCO will periodically review the adequacy of the firm's proxy voting policies and procedures to make sure they have been implemented effectively, including whether the policies and procedures continue to be reasonably designed to ensure that proxies are voted in the best interests of Clients.

Form N-PX

Form N-PX is an annual report on proxy voting records with a reporting period of July 1 through June 30 and requires institutional investment managers<sup>1</sup>, that are also required to file Form 13F, to disclose certain information about its votes related to issuers' executive compensation practices (also referred to as "say on pay" votes). Institutional investment managers are required to disclose their "say-on-pay" votes on Form N-PX.

Due to Callodine's investment strategy, the Firm does not anticipate meeting the criteria for a required filing. The CCO is responsible for monitoring the Firm's reporting obligations under section Form N-PX to ensure that the Firm meets its reporting obligations within the regulatory deadlines.

____________

1&nbsp;&nbsp;&nbsp;&nbsp; The term "institutional investment manager" includes any person, other than a natural person, investing in or buying and selling securities for its own account, and any person exercising investment discretion with respect to the account of any other person. The term "person" includes any natural person, company, government, or political subdivision, agency, or instrumentality of a government. Entities serving as managers could include, for example: banks, insurance companies, and broker-dealers that invest in, or buy and sell, securities for their own accounts; corporations and pension funds that manage their own investment portfolios; or investment advisers that manage private accounts, mutual fund assets, or pension plan assets.

Appendix A-9

[**Table of Contents**](#TOC001)

#### MANNING & NAPIER PROXY VOTING POLICIES AND PROCEDURES

#### February 23, 2026

#### GENERAL POLICY
This policy applies to Manning & Napier Advisors, LLC ("MNA") and Rainier Investment Management, LLC ("Rainier"), collectively "Manning & Napier", in their capacity as affiliated discretionary advisors to separate account clients, collective investment trust funds, and advisor and sub-advisor, respectively, to the Manning & Napier Fund, Inc. Manning & Napier is a fiduciary that owes duties of care and loyalty to each client with respect to its exercise of proxy voting authority. Manning & Napier is committed to effective stewardship of client assets and will engage with the companies in which we invest to vote proxies in a manner that we believe will maximize the long-term value of the investment. Manning & Napier has adopted and implemented the following policies and procedures, which it believes are reasonably designed to ensure that proxies are voted in the best interest of clients, in accordance with its fiduciary duties and applicable rules and regulations.

Proxy votes are the property of Manning & Napier's clients. It is presumed, however, that Manning & Napier, pursuant to its discretionary authority, will vote proxies on each client's behalf. Clients typically delegate authority and responsibility for proxy voting to Manning & Napier through their written investment management agreement. Manning & Napier uses Broadridge Financial Solutions, Inc. ("Broadridge") to execute proxy votes in accordance with this policy and Glass Lewis & Co. ("Glass Lewis") guidelines for those ballot issues that this policy does not address. Manning & Napier's analysts may override these guidelines or Glass Lewis recommendations in accordance with and adherence to the procedure mandates set forth below. All conflicts or potential conflicts will be resolved by Manning & Napier's Proxy Conflicts and Oversight Committee (the "Committee").

It is Manning & Napier's overarching policy regarding proxies to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Discharge our duties prudently, in the interest of plans, plan fiduciaries, plan participants, beneficiaries, clients and shareholders (together "clients").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Act prudently in voting of proxies by considering those factors that would affect the value of client assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; Maintain accurate records as to voting of such proxies that will enable clients to periodically review voting procedures employed and actions taken in individual situations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; Provide, upon request, a report of proxy activity for clients reflecting the activity of the portfolio requested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; By following our procedures for reconciling proxies, take reasonable steps under the particular circumstances to ensure that proxies for which we are responsible are received by us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; Make available, upon request, this policy to all plan fiduciaries, client, and shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; Comply with all current and future applicable laws, rules, and regulation governing proxy voting.

#### POLICY LIMITATIONS
Voting proxies with respect to shares of foreign companies may involve significantly greater effort and corresponding cost due to the variety of regulatory schemes and corporate practices in foreign countries. Each country has its own rules and practices regarding shareholder notification, voting restrictions, registration conditions and share blocking. These conditions present challenges such as but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The shares in some countries may be "blocked" by the custodian or depository for a specified number of days before or after the shareholder meeting. When blocked, shares typically may not be traded until the day after the blocking period. Manning & Napier may refrain from voting shares of foreign stocks subject to blocking restrictions where, in its judgment, the benefit from voting the shares is outweighed by the interest of maintaining client liquidity in the shares;

Appendix A-10

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Often it is difficult to ascertain the date of a shareholder meeting and time frames between notification and the actual meeting date may be too short to allow timely action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Language barriers will generally mean that an English translation of proxy information must be obtained or commissioned before the relevant shareholder meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The lack of "proxy voting service" or the imposition of voting fees may limit our ability to lodge votes in such countries.

Manning & Napier will make best efforts to vote foreign proxies in accordance with the guidelines set forth herein. There may be times, however, when Manning & Napier is unable to vote foreign proxies due to the practical limitations stipulated above. Manning & Napier might also refrain from voting a foreign proxy when doing so is in the clients' best interests, such as when the explicit (e.g., travel) or imputed (e.g., trading limitations) cost of voting the proxy exceeds the expected benefit to the client.

#### PROCEDURES
Proxies for companies held in MNA's qualitative, bottom-up investment strategies follow the Guidelines set forth in this policy and certain custom decisions provided to Broadridge. At times, MNA's analysts may wish to override pre-determined voting protocols. The analyst who recommended the security for client portfolios is most familiar with the company and is in the best position to determine how to vote the proxy ballot. Therefore, MNA will defer to its analysts to vote the proxy ballot in the best economic interest of the client even if they vote contrary to these Guidelines. When voting contrary to the pre-determined voting Guidelines an analyst will be required to document their rationale and complete a conflicts questionnaire to ensure that the analyst is singularly focused on the client's best interests.

MNA votes proxies in the Disciplined Value ("DV") strategy in accordance with Glass Lewis recommendations. However, when a security is held in DV and in one of MNA's qualitatively driven strategies, an analyst's decision to vote contrary to Glass Lewis in the qualitatively driven strategy will extend to the vote in DV. With regards to Custom Solution portfolios that contain a mix of Manning & Napier's investment strategies, voting will occur pursuant to the strategy-level procedures set forth above. Callodine Capital Management ("Callodine") votes proxies on securities held in the Callodine Equity Income Series of the Fund.

#### GUIDELINES
These guidelines reflect Manning & Napier's general views and serve to help Manning & Napier's customers understand how we tend to vote typical ballot issues. Fundamentally, these guidelines are shaped by Manning & Napier's desire and responsibility to preserve and enhance the value of securities for clients and to protect the long-term interests of our clients.

This list is not exhaustive and is subject to revision as new issues arise. Actual proxy votes may differ from these guidelines because Manning & Napier may determine that voting in contravention of these guidelines on a particular issue(s) is in the best interest of our clients. In all circumstances, however, Manning & Napier will discharge its proxy duties prudently, solely in the best interest of our clients, and for the exclusive purpose of providing benefits to those clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.&nbsp;&nbsp;&nbsp;&nbsp; <u>BOARDS AND DIRECTORS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Election of Directors</u>*

Generally, if not contested, we will vote "FOR" the nominated directors. For each director, care must be taken to determine from the proxy statement each director's: attendance at meetings, investment in the company, status inside and outside company, governance profile, compensation, independence from management, and related/relevant parameters. If the director's actions are questionable on any of these items, the analyst may vote "AGAINST" the election of the director.

Appendix A-11

[**Table of Contents**](#TOC001)

In a contested race, voting decisions are based on the track record of both slates of candidates, an analysis of what each side is offering to shareholders, assessment of the likelihood of each slate to fulfill promises, and evaluation of the economic benefits that a new board verses old board could generate for shareholders. Candidate backgrounds and qualifications should be considered, along with benefit to shareholders of diversity on the board. If the proposed election of directors would change the number of directors, the change should not diminish the overall quality and independence of the board.

Because of the complexity and specific circumstances of issues concerning a contested race, Manning & Napier's analysts will evaluate and decide these issues on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Appointment of Auditors</u>*:

We will vote "AGAINST" a change of auditors that compromises the integrity of the independent audit process or a change of auditors due to the auditors' refusal to approve a company's financial statement. We also will vote "AGAINST" the re-appointment of an auditor if we believe their independence has been compromised.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Re-election of Directors</u>*

In order to hold directors accountable, they should be subject to frequent reelection — ideally, on an annual basis. Therefore, we recommend a vote "AGAINST" any proposal to extend the terms of directors beyond one year and a vote "FOR" annual election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.&nbsp;&nbsp;&nbsp;&nbsp; <u>Classified Boards</u>*

A classified board is one in which directors are divided into two (sometimes more) classes, with each serving two-year (sometimes more) terms, with each class re-election occurring in a different year. A non-staggered Board serves a one-year term and Directors stand for re-election each year.

We will vote "FOR" proposals to declassify currently staggered boards and "AGAINST" proposals to retain or institute classified boards. Likewise, we will vote "FOR" proposals to re-elect directors annually. In our view, staggered boards are less accountable to shareholders than boards that are elected annually because directors who are elected annually are more focused on shareholder interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.&nbsp;&nbsp;&nbsp;&nbsp; <u>Majority Vote in Director Elections</u>*

We would generally vote "FOR" binding resolutions requesting that the board change the company's bylaws to stipulate that directors need to be elected with an affirmative majority of votes cast, provided it does not conflict with the state law where the company is incorporated. Binding resolutions need to allow for a carve-out for a plurality vote standard when there are more nominees than board seats. Companies should also adopt a post-election policy (also known as a director resignation policy) that will provide guidelines so that the company will promptly address the situation of a holdover director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Cumulative Voting</u>*

Cumulative voting permits proportional representation on the board of directors. Without it, a group with a simple majority could elect all directors. Cumulative voting is meant to enhance minority shareholder decision making power but may not always be beneficial depending on the independence of the existing board and the operations of the majority voting structure. Accordingly, we will vote in accordance with Glass Lewis recommendations on a given company's ballot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Director/Management Liability</u>*

Directors must be accountable to shareholders and liable for misdeeds. Therefore, we will vote "AGAINST" proposals that limit director liability or unreasonably indemnify directors. We recognize, however, that directors must be afforded certain protections in order to perform their duties and, therefore support a company taking certain measures, such as enrolling in liability insurance, to encourage directors to take measured risks designed to benefit shareholders.

Appendix A-12

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Independent Chair</u>*

We believe that a separation of roles between a CEO and a chairman create a better governance structure than a combined CEO/chairman position. A separation of roles enables the chairman and other board members to oversee the CEO, evaluate CEO performance and hold the CEO accountable. As such, we will vote "FOR" proposals to separate the roles of CEO and chairman. However, we will not automatically vote against the election of a CEO as chairman because we recognize the inevitability and necessity of this structure in smaller companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*9.&nbsp;&nbsp;&nbsp;&nbsp; <u>Committee Independence</u>*

Where practical, we believe that chairpersons of nominating, compensation, or audit committees should be independent of management. Therefore, we recommend a vote "FOR" requirements that these committees have a majority of independent directors and "AGAINST" interested directors seeking appointment to one of these positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.&nbsp;&nbsp;&nbsp;&nbsp; COMPENSATION and BENEFITS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.&nbsp;&nbsp;&nbsp;&nbsp; <u>General</u>*

Executive compensation and benefit packages can vary significantly across companies and the details of company plans can be quite nuanced and difficult to comprehend. We generally believe that companies are in the best position to determine the compensation and benefits that align with the company's size, maturity, financial condition, and industry peers and that will attract and retain the talent required to execute company strategy and grow its value for shareholders. However, we also believe that companies must adopt policies and practices to link compensation and benefits with well-defined and clearly disclosed performance measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Incentive Compensation</u>*

Incentive compensation plans reward an executive's performance through a combination of cash compensation and stock awards. Typically, Manning & Napier will vote "FOR" incentive compensation plans that are reasonable relative to peer groups, derive from comprehensive and measurable performance metrics, are designed to attract and retained skilled executives, are sufficiently linked to an executive's tenure and value-add, and are adequately disclosed to shareholders. We generally will vote "AGAINST" incentive compensation plans that dilute shareholder value, are disconnected from management performance, or offer management an opportunity to purchase stock below market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Say on Pay</u>*

"Say on Pay" proposals give shareholders a non-binding vote on executive compensation. Manning & Napier will vote in accordance with Glass Lewis recommendations. Glass Lewis evaluates Say on Pay ballot measures on a case-by-case basis, considering an analysis of a company's current executive compensation model, adequacy of the company's disclosures around compensation and the specific terms of the say on pay proposal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.&nbsp;&nbsp;&nbsp;&nbsp; <u>Pay for Performance</u>*

Pay for performance refers to the link between an executive's performance and their pay. Glass Lewis evaluates shareholder-initiated pay for performance proposals on a case-by-case basis, factoring in the alignment between the company's long-term interests and its executives' financial incentives and the methodology for setting executive compensation. Manning & Napier will defer to Glass Lewis voting recommendations on a given ballot.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.&nbsp;&nbsp;&nbsp;&nbsp; <u>Golden Parachute</u>*

Golden parachutes are severance payments made to departing executives after a termination or change in control. We will typically vote "AGAINST" such payments because these payments are often made despite an executive's or company's poor performance. We will vote "FOR" proposals that require shareholder ratification of company severance agreements and executive death benefits. While we generally recommend voting "AGAINST" golden parachutes, an analyst might vote FOR such an award if the analyst believes that it ultimately benefits shareholders.

Appendix A-13

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.&nbsp;&nbsp;&nbsp;&nbsp; <u>Clawback Provisions</u>*

A clawback provision allows a company to recoup or "claw back" incentive compensation paid to an executive under certain circumstances such as when a company later determines that the executive failed to meet applicable performance goals, or the company must restate financials. Glass Lewis assesses each company's clawback policies and we will vote in accordance with the Glass Lewis recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.&nbsp;&nbsp;&nbsp;&nbsp; <u>Anti-gross-up Provisions</u>*

We will vote "FOR" anti-gross-up policies that prohibit companies from paying executives an additional sum of money intended to reimburse them for tax liabilities. Likewise, we will vote "AGAINST" ballot measures that seek to instate a tax gross-up payment. In our view, gross-up payments often are not transparent, making it difficult for shareholders to discern total compensation paid to executives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.&nbsp;&nbsp;&nbsp;&nbsp; SHAREHOLDER RIGHTS and ANTI**-TAKEOVER **MEASURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Supermajority Voting Provisions</u>*

Supermajority voting provisions require more than a simple shareholder majority in order to ratify a proposal. We believe that supermajority provisions impede shareholder action on critical ballot items and limit the voice of shareholders in making crucial decisions. As such, we will vote "AGAINST" proposals to add a supermajority vote requirement and "FOR" proposals to remove supermajority provisions at non-controlled companies. At controlled companies we may vote "AGAINST" removing supermajority vote requirements in order to preserve our shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Special Meetings of Shareholders</u>*

We oppose unreasonable limitations on shareholder rights but recognize management's authority to limit shareholder proposals under certain circumstances. As such, we will vote these ballots in accordance with Glass Lewis recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Shareholder recovery of proxy contest costs</u>*

We will vote in accordance with Glass Lewis case-by-case determinations on shareholder proposals that seek to require companies to reimburse shareholders for expenses they incurred by initiating proxy contents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*4.&nbsp;&nbsp;&nbsp;&nbsp; <u>Confidential Voting</u>*

Confidential voting is the best way to guarantee an independent vote. Shareholders must be able to vote all proxies on the merits of each proposal. Open voting alters the concept of free choice in corporate elections and proxy proposal by providing management the opportunity to influence the vote outcome — they can see who has voted for or against proposals before the final vote is taken and therefore management can pressure institutional shareholders, suppliers, customers, and other shareholders with which it maintains a business relationship. This process, which would give management the opportunity to coerce votes from its shareholders, destroys the concept of management accountability. Therefore, we recommend a vote "FOR" confidential voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*5.&nbsp;&nbsp;&nbsp;&nbsp; <u>Multiple Classes of Stocks</u>*

Multiple classes of stock, which would give more voting rights to one class of shareholders at the expense of another, would clearly affect the rights of all shareholders. We recommend a vote "AGAINST" any proposal which divides common equity into more than one class of stock, or which limits the voting rights of certain shareholders of a single class of stock. The exception would only occur if a subsidiary of a company issued its own class of common stock, such as General Motor's class E (for EDS) and H (for Hughes) stock.

Similarly, we recommend a vote "AGAINST" any proposal to give the board of director's broad powers with respect to establishing new classes of stock and determining voting, dividend, and other rights without shareholder review. An example would be requests to authorize "blank check" preferred stock.

Appendix A-14

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*6.&nbsp;&nbsp;&nbsp;&nbsp; <u>Shareholder Rights Plans</u>*

Shareholder Rights Plans ("Poison Pills") give shareholders the ability to purchase shares from or sell shares back to the company or, in the case of a hostile acquisition, to the potential acquirer at a price far out of line with their fair market value, effectively making the company more expensive and less attractive to potential acquirers. Typically, we will vote "AGAINST" poison pill proposals and "FOR" proposals to eliminate existing poison pills and proposals that require companies to submit poison pills for shareholder ratification. However, there may be circumstances in which Glass Lewis recommends a vote FOR a poison pill and we will vote in accordance with Glass Lewis' recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*7.&nbsp;&nbsp;&nbsp;&nbsp; <u>Greenmail</u>*

We will vote "FOR" anti-greenmail proposals that prevent company management from buying back company stock from a greenmailer at a significant premium without shareholder approval. However, anti-greenmail measures cannot be bundled with other proposals designed to entrench existing management or discourage attractive takeovers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.&nbsp;&nbsp;&nbsp;&nbsp; CHANGES IN CAPITAL STRUCTURE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Increased Authorized Common Stock</u>*

Requests to authorize increases in common stock can be expected from time-to-time, and when handled in a disciplined manner such requests can be for beneficial purposes such as stock splits, cost-effective means of raising capital, or reasonable incentive programs. However, increases in common stock can easily become dilutive, so by no means are they always in the best interest of shareholders. Purpose and scale are the determining factors with respect to increases in common stock. We will vote in accordance with Glass Lewis' case-by-case evaluation of these factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2.&nbsp;&nbsp;&nbsp;&nbsp; <u>Reincorporation</u>*

We believe that corporate jurisdiction is an issue better suited to board determinations than shareholder determinations. Companies seek reincorporation to obtain more favorable tax treatment or reap other benefits that a new corporate jurisdiction affords. Reincorporation can, however, negatively affect shareholder rights. Accordingly, Manning & Napier's analysts will vote on such matters on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Approving Other Business</u>*

Management may, on occasion, seek broad authorization to approve business resolution without shareholder consent. Management typically already has the authority needed to make routine business decisions, so shareholders should avoid granting blanket authority to management, which may reduce management accountability and/or shareholders rights. Manning & Napier's analysts will evaluate these proposals on a case-by-case basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.&nbsp;&nbsp;&nbsp;&nbsp; ENVIRONMENTAL, SOCIAL, GOVERNANCE MATTERS**

Material environmental and social issues can have an impact on the value of a company's stock. Manning & Napier believes that companies must adequately disclose policies and any data related to such issues in a consistent manner so that they may be appropriately analyzed. To this end Manning & Napier will generally support proposals seeking company disclosures in line with those proposed by The Task Force on Climate-related Financial Disclosure (TCFD) and the Sustainability Accounting Standards Board (SASB). As not all proposals seek such broad disclosures Manning & Napier would also support reasonable proposals seeking the disclosure of policies related to other Environmental and Social issues including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Climate Change

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bribery/Corruption

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Human Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversity

Appendix A-15

[**Table of Contents**](#TOC001)

As well as data points including those related to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Greenhouse Gas emissions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Worker Safety

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diversity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Political Spending

Shareholder proposals on Environmental and Social issues may also seek to implement changes at the company which seek to lower the potential for boycotts, lawsuits, regulatory penalties, or other financially adverse outcomes. When we believe the impact on the overall shareholders would be neutral or positive, we recommend a vote FOR such proposals.

Examples may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Resolution to establish shareholder advisory committees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Corporate conduct and human rights policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adoption of the "MacBride Principles" of equal employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adoption of "CERES Principles" of environmental responsibility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal and regulatory compliance policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplier standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair lending

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.&nbsp;&nbsp;&nbsp;&nbsp; FOREIGN SECURITIES**

While the international proxies generally follow the same guidelines listed above, there are several issues which are not normally a part of the domestic proxies and as such are addressed separately below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1.&nbsp;&nbsp;&nbsp;&nbsp; <u>Receiving Financials</u>*

We recommend voting "FOR" such routine, non-controversial items. Most companies around the world submit their financials to shareholders for approval, and this is one of the first items on most agendas. When evaluating a company's financial statements, unless there are major concerns about the accuracy of the financial statements, we would vote "FOR" this item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; *<u>Accepting the acts or performance of the managing board or supervisory board</u>*

We recommend voting "FOR" such items. The annual formal discharge of board and management represents shareholder approval of actions taken during the year. Discharge is a vote of confidence in the company's management and policies. It does not necessarily eliminate the possibility of future shareholder action, but it does make such action more difficult to pursue. Meeting agendas normally list proposals to discharge both the board and management as one agenda item.

Discharge is generally granted unless a shareholder states a specific reason for withholding discharge and plans to undertake legal action. Withholding discharge is a serious matter and is advisable only when a shareholder has concrete evidence of negligence or abuse on the part of the board or management, has plans to take legal action, or has knowledge of other shareholders' plans to take legal action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3.&nbsp;&nbsp;&nbsp;&nbsp; <u>Capital Increase per the following</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. with rights, 2. without rights, 3. bonds with rights, or 4. bond without rights. In the majority of cases, we would vote "FOR" capital increases. There may be cases where the analyst deems the capital increase inappropriate and would then vote "AGAINST" such an item.

Appendix A-16

[**Table of Contents**](#TOC001)

Companies can have one of two types of capital systems. The authorized capital system sets a limit in a company's articles on the total number of shares that can be issued by the company's board. The system allows companies to issue shares from this pre-approved limit, although in many markets shareholder approval must be obtained prior to an issuance. Companies also request shareholder approval for increases in authorization when the number of shares contained in the articles is inadequate for issuance authorities. When looking at such issues, we need to review the following: the history of issuance requests; the size of the request; and the purpose of the issuance associated with the increase in authorization.

Under the conditional capital system, companies seek authorizations for pools of capital with fixed periods of availability. If a company seeks to establish a pool of capital for general issuance purposes, it requests the creation of a certain number of shares with or without preemptive rights, issuable piecemeal at the discretion of the board for a fixed period of time. Unissued shares lapse after the fixed time period expires. This type of authority would be used to carry out general rights issue or small issuances without preemptive rights.

Requests for a specific issuance authority are tied to a specific transaction or purpose, such as an acquisition or the servicing of convertible securities. Such authorities cannot be used for any purpose other than that specified in the authorization. This pool of conditional capital also carries a fixed expiration date.

In reviewing these proposals, we need to look at the existence of pools of capital from previous years. Because most capital authorizations are for several years, new requests may be made on top of the existing pool of capital. While most requests contain a provision to eliminate earlier pools and replace them with the current request, this is not always the case. Thus, if existing pools of capital are being left in place, the total potential dilution amount from all capital should be considered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.&nbsp;&nbsp;&nbsp;&nbsp; CONFLICTS OF INTEREST**

There are potential conflicts of interest that may arise in connection with the Firm or the Analyst responsible for voting a company's proxy. Examples of potential conflicts may include the following: (1) the voting Analyst is aware that a client of the advisor or its affiliates is a public company whose shares are held in client portfolios; (2) the voting Analyst (or a member of their immediate family) of the advisor or its affiliates also has a personal interest in the outcome of a matter before shareholders of a particular security that they cover as an Analyst; (3) an employee (or a member of their immediate family) of the advisor or its affiliates is a Director or Officer of such security; (4) an employee (or a member of their immediate family) is a Director candidate on the proxy; or (5) the voting Analyst (or a member of their immediate family), the advisor or its affiliates have a business relationship with a participant in a proxy contest, corporate director or director candidates.

In recognizing the above potential conflicts, the following controls have been put in place: (1) analysts provide written confirmation that no conflict of interest exists with respect to each proxy vote on which the analyst opines. If an Analyst indicates a conflict of interest, then the analyst will not be permitted to vote the proxy; instead (2) the Committee will resolve any apparent or potential conflicts of interest. The Committee may utilize the following to assist in seeking resolution (including, without limitation, those instances when the Advisor potentially has an institutional conflict): (1) voting in accordance with the guidance of an independent consultant or outside counsel; (2) designation of a senior employee or committee member to vote that has neither a relationship with the company nor knowledge of any relationship between the advisor or its affiliates with such company; (3) voting in proportion to other shareholders of the issuer; (4) voting in other ways that are consistent with the advisor's and its affiliates' obligation to vote in clients' collective best interest.

With respect to proxies solicited by a Series of the Manning & Napier Fund, Inc. held by separate account clients of Manning & Napier that have delegated proxy voting responsibility to Manning & Napier pursuant to the terms of their investment advisory agreements with Manning & Napier, the Committee will determine if any material conflicts of interest arise with respect to Manning & Napier voting the proxy. If the Committee determines that a material conflict of interest arises with respect to Manning & Napier voting the proxy, Manning & Napier will vote the proxy in accordance with Glass Lewis & Co.'s proxy voting policies and procedures. If the Committee determines that no material conflicts of interest arise with respect to Manning & Napier voting the proxy, then the Committee will determine how to vote the proxy and document its rationale for making the conflict of interest and voting determinations.

Appendix A-17

[**Table of Contents**](#TOC001)

When required by law or SEC exemptive order (if applicable), Manning & Napier will also "echo vote" proxies of an unaffiliated mutual fund or exchange traded fund ("ETF"). When not required to "echo vote," Manning & Napier will defer to Glass Lewis procedures and recommendations for voting proxies of an unaffiliated mutual fund or ETF, subject to any custom policies of Manning & Napier set forth herein. If Manning & Napier and/or its affiliates own greater than a 5% position in an iShares Exchange Traded Fund, we will vote the shares in the same proportion as the vote of all other holders of shares of such iShares fund.

#### OVERSIGHT
Manning & Napier has a responsibility to oversee its proxy voting processes including those functions delegated to its service providers. Accordingly, Manning & Napier has adopted the following processes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee or persons that the Committee designates will review these Guidelines annually

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conjunction with the annual Guideline review, the Committee will review the Glass Lewis guidelines and reassess the prudence of relying on Glass Lewis research and voting recommendations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Committee or persons that the Committee so designates will conduct due diligence on Glass Lewis to assess conflicts, review current voting methodology and research development processes, among other variables

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Manning & Napier's Vendor Oversight Committee will review Broadridge as a service provider, evaluating such factors as contract fulfillment, error occurrences, financial stability, control infrastructure, among other variables. This review will be conducted in accordance with the Vendor Oversight Committee's risk-based review cycle.

#### ISSUER and LOBBYIST COMMUNICATION
Periodically, analysts may receive calls from lobbyists or solicitors trying to persuade them to vote a certain way on a proxy issue, or from other large stockholders trying to persuade Manning & Napier to join a voting conglomerate in order to exercise control of a company. We will take their opinions into consideration, but our policy is simply to vote in accordance with what we feel is in the best interest of our clients and shareholders and which maximizes the value of the investment.

#### RECORDKEEPING
Manning & Napier retains records of the following: (i) these and other related Policies and procedures; (ii) copies of each proxy statement received regarding client securities (except that Manning & Napier may rely on the SEC's Electronic Data Gathering, Analysis, and Retrieval (EDGAR) system; (iii) a record of every vote cast on behalf of a client, which may be maintained by a third-party provider under certain conditions; (iv) documents, if any, that Manning & Napier prepared that were material to its proxy voting decisions; (v) all requests for proxy voting records and Manning & Napier's reply to such requests; and (vi) documentation of conflicts of interests and resolutions thereto. These records will be maintained in accordance with applicable rules and regulations to which Manning & Napier is subject.

#### INQUIRIES
Information regarding these policies and procedures or voting records specific to your account may be obtained through your Financial Consultant or Relationship Manager.

#### Rand Capital Management Proxy Voting Policy
<u><u>Overview of Requirements</u></u>

An investment adviser that exercises voting authority over client proxies is required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adopt and implement policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interest of clients, including how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients;

Appendix A-18

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclose to clients information about those policies and procedures and, upon request, furnish a copy to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclose to clients how they may obtain information on how the adviser has voted their proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain certain records related to proxy voting.

<u><u>Policy</u></u>

The investment strategy of RCM's Clients generally does not include long holdings in publicly traded equities, but may have limited holdings in publicly traded securities. RCM has adopted this policy to facilitate the voting of proxies in what RCM perceives to be the best interests of our Clients, if applicable. RCM recognizes our fiduciary obligation and will comply with our obligations under Rule 206(4)-6 under the Advisers Act.

This policy defines procedures for voting securities for the benefit of and in the best interest of the Client. The objective of voting a security in each case under this policy is to seek to enhance the value of the security, or to reduce the potential for a decline in the security's value. This policy does not prescribe specific voting requirements or specific voting considerations. Instead, this policy provides procedures for applying the informed expertise and judgment of our investment professionals on a timely basis in pursuit of the above stated voting objectives.

RCM believes that an important consideration in the framing of a proxy voting policy is the need to avoid unduly diverting resources from our primary responsibilities to add value to our Clients' investments through portfolio management and client service. This policy has been prepared on this basis.

RCM is not responsible for voting proxies not received in a timely manner or in circumstances where there is a lack of information provided in the proxy statement by the issuer or other resolution sponsor. In addition, should RCM feel that the costs of voting a particular proxy exceed the expected benefits to Clients, RCM may choose not to vote in that particular circumstance. However, it is generally our intent to vote all proxies.

RCM does not consider it feasible or desirable to prescribe in advance comprehensive guidelines as to how it will exercise proxy voting authority in all circumstances. The primary aim of our approach to corporate governance issues is to encourage a culture of performance among the companies in which RCM manages investments in order to add value to our portfolios, rather than one of mere conformance with a prescriptive set of rules and constraints.

<u><u>Responsibility</u></u>

Investment personnel are responsible for making decisions with respect to voting proxies. RCM's Co-Chief Executive Officer ("CEO"), or designee, is responsible for facilitating the overall voting process — from receipt of the proxies to casting the votes.

<u><u>Procedures</u></u>

RCM has identified a limited range of issues upon which the Firm intends to exercise proxy voting authority — either to register disapproval of management proposals or to demonstrate support for company initiatives through positive use of voting powers. These issues are outlined as follows.

<u><u>Major Corporate Proposals</u></u>

RCM intends to vote on the following issues arising in company General Meetings where it has the authority to do so on behalf of Clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contentious issues (e.g. issues of perceived national interest, or where there has been extensive press coverage or public comment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of changes of substantial shareholdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mergers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of major asset sales or purchases.

Appendix A-19

[**Table of Contents**](#TOC001)

As a general rule, RCM will vote against any actions that will reduce the rights or options of shareholders, reduce shareholder influence over the Board of Directors and management, reduce the alignment of interests between management and shareholders, or reduce the value of shareholders' investments, unless balanced by reasonable increase in net worth of the shareholding.

Where appropriate, RCM will use voting powers to influence companies to adopt generally accepted best corporate governance practices in areas such as board composition, disclosure policies and the other areas of recommended corporate governance practice. Our approach to significant proxy voting issues which fall outside these areas will be addressed on their merit.

<u><u>Conflicts of Interest</u></u>

In connection with each exercise of voting authority, the Compliance Team will assess whether any material conflicts of interest exist between the interests of RCM and the interests of its Clients with respect to the matters to be voted upon. A conflict of interest typically arises where there is a business or personal relationship between the person(s) executing voting authority, on the one hand, and the proponents of a voting proposal or director candidates standing for election at the portfolio company, on the other. A conflict might arise for RCM, for example, where RCM or a Supervised Person has a separate business relationship with the portfolio company or the challenger in a proxy contest, or where a Supervised Person has a personal relationship with an officer or director (such as a close family member serving in such position) of the portfolio company or the challenger in a proxy contest. In such cases, the Managing Member of RCM or the Supervised Person will raise any potential conflict of interest with the Compliance Team who will work to determine whether alternative voting procedures need to be implemented. In the event of a material conflict of interest, RCM will look to a proxy voting service, or other independent third party, to determine the manner in which our votes will be cast. In the event of any such material conflict of interest, the Compliance Team will document the nature of the conflict and the alternative voting procedure employed to address such conflict.

<u><u>Receipt of Proxies/Process for Voting</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RCM personnel will maintain documentation of all proxies received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The investment personnel will follow the directions provided on the proxy to cast the vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once the vote is cast, a copy is maintained in a file in accordance with regulatory requirements.

<u><u>Form N-PX</u></u>

Form N-PX is an annual report on proxy voting records with a reporting period of July 1 through June 30 and requires institutional investment managers<sup>1</sup>, that are also required to file Form 13F, to disclose certain information about its votes related to issuers' executive compensation practices (also referred to as "say on pay" votes). Institutional investment managers are required to disclose their "say-on-pay" votes on Form N-PX. Due to the limited public security holdings for the Firm, RCM does not meet the definition of institutional money manager and does not need to file Form N-PX. If this position changes in the future, RCM will develop procedures for complying with the filing requirements.

____________

1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term "institutional investment manager" includes any person, other than a natural person, investing in or buying and selling securities for its own account, and any person exercising investment discretion with respect to the account of any other person. The term "person" includes any natural person, company, government, or political subdivision, agency, or instrumentality of a government. Entities serving as managers could include, for example: banks, insurance companies, and broker-dealers that invest in, or buy and sell, securities for their own accounts; corporations and pension funds that manage their own investment portfolios; or investment advisers that manage private accounts, mutual fund assets, or pension plan assets.

Appendix A-20

[**Table of Contents**](#TOC001)

<u><u>Recordkeeping</u></u>

RCM shall maintain the following records in accordance with regulatory requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies of this Policy as from time to time revised or supplemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each proxy statement received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of any document that was material to making a decision how to vote proxies or that memorializes the basis for the decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each written request for information on how RCM voted proxies on behalf of the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of any written response by RCM to any Client request for information on how proxies were voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications/documentation surrounding conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written reports arising from review of the proxy function.

#### Thorofare, LLC Proxy Voting and Class Actions

#### Background
An investment adviser that exercises voting authority over client proxies is required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adopt and implement policies and procedures reasonably designed to ensure that the adviser votes proxies in the best interest of clients, including how an adviser addresses material conflicts that may arise between an adviser's interests and those of its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclose to clients' information about those policies and procedures and, upon request, furnish a copy to clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclose to clients how they may obtain information on how the adviser has voted their proxies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maintain certain records related to proxy voting.

The Advisers Act lacks specific guidance regarding an investment adviser's duty to direct clients' participation in class actions. However, many investment advisers adopt policies and procedures regarding class actions.

#### Policies and Procedures
The investment strategy of the Firm generally does not include long holdings in publicly traded equities; therefore, it is uncommon for Thorofare to acquire any voting rights or related proxies. However, Thorofare has adopted this policy to facilitate the voting of proxies in what Thorofare perceives to be the best interests of our clients, if applicable. Thorofare recognizes our fiduciary obligation and will comply with our obligations under Rule 206(4)-6 under the Advisers Act.

This Policy defines procedures for voting securities in the portfolios managed by Thorofare, for the benefit of and in the best interest of the clients. The objective of voting a security in each case under this Policy is to seek to enhance the value of the security, or to reduce potential for a decline in the security's value. This Policy does not prescribe specific voting requirements or specific voting considerations. Instead, this Policy provides procedures for applying the informed expertise and judgment of our investment professionals on a timely basis in pursuit of the above stated voting objectives.

We believe that an important consideration in the framing of a proxy voting policy is the need to avoid unduly diverting resources from our primary responsibilities to add value to our clients' investments through portfolio management and client service. This policy has been prepared on this basis.

Appendix A-21

[**Table of Contents**](#TOC001)

Thorofare is not responsible for voting proxies not received in a timely manner or in circumstances where there is a lack of information provided in the proxy statement by the issuer or other resolution sponsor. In addition, should we feel that the costs of voting a particular proxy exceed the expected benefits to clients, we may choose not to vote in that particular circumstance. However, it is generally our intent to vote all proxies.

Thorofare does not consider it feasible or desirable to prescribe in advance comprehensive guidelines as to how it will exercise proxy voting authority in all circumstances. The primary aim of our approach to corporate governance issues is to encourage a culture of performance among the companies in which we manage investments in order to add value to our portfolios, rather than one of mere conformance with a prescriptive set of rules and constraints.

<u><u>Responsibility</u></u>

The General Counsel is responsible for making decisions with respect to voting proxies and is responsible for facilitating the overall voting process — from receipt of the proxies to casting the votes, and for working with the CCO to ensure accurate and adequate disclosure.

<u><u>Procedures</u></u>

Thorofare intends to vote on the following issues arising in company General Meetings where it has the authority to do so on behalf of clients:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contentious issues (e.g. issues of perceived national interest, or where there has been extensive press coverage or public comment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of changes of substantial shareholdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mergers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of major asset sales or purchases.

As a general rule, Thorofare will vote against any actions that will reduce the rights or options of shareholders, reduce shareholder influence over the board of directors and management, reduce the alignment of interests between management and shareholders, or reduce the value of shareholders' investments, unless balanced by reasonable increase in net worth of the shareholding.

Where appropriate, Thorofare will use voting powers to influence companies to adopt generally accepted best corporate governance practices in areas such as board composition, disclosure policies and the other areas of recommended corporate governance practice. Our approach to significant proxy voting issues which fall outside these areas will be addressed on their merit.

<u><u>Conflicts of Interest</u></u>

Thorofare will use reasonable efforts to determine whether a potential conflict may exist, and a potential conflict shall be deemed to exist only if management actually knew or should have known of the conflict. We are sensitive to conflicts of interest that may arise in the proxy decision-making process and have identified the following potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A principal of Thorofare or any person involved in the proxy decision-making process currently serves on the Board of the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An immediate family member of a principal of Thorofare or any person involved in the proxy decision-making process currently serves as a director or executive officer of the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thorofare, any Fund managed by Thorofare, or any affiliate holds a significant ownership interest in the portfolio company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any matter involving an investor that generates substantial revenue for Thorofare.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other issue that the CCO determines is an actual or potential conflict.

Appendix A-22

[**Table of Contents**](#TOC001)

This list is not intended to be exclusive. All Supervised Persons are obligated to disclose any potential conflict to the CCO. Materiality determinations will be based on an assessment of the particular facts and circumstances and consultation with outside counsel, as necessary. One or more of the following methods may be used to resolve the conflict:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting in accordance with the recommendation of another independent third party/fiduciary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Disclosing the conflict to the investor and obtaining consent before voting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suggesting to the investor that it engage another party to vote the proxy on its behalf;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the case of a conflict of interest resulting from a particular employee's personal relationships, removing such Supervised Person from the decision-making process with respect to such proxy vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any other method as is deemed appropriate under the particular facts and circumstances, given the nature of the conflict.

The CCO shall document the method used to resolve conflicts of interest and maintain supporting documentation in accordance with regulatory requirements.

*<u>*<u>Receipt of Proxies/Process for Voting</u>*</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The General Counsel will maintain documentation of all proxies received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The General Counsel will follow the directions provided on the proxy to cast the vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once the vote is cast, a copy is printed and maintained in a file in accordance with regulatory requirements.

*<u>*<u>Securities Litigation</u>*</u>*

From time to time, Thorofare may receive notification of securities held in a fund that are subject to litigation/class action lawsuits. Thorofare will review the details of the lawsuit and, in determining how to file any claims, will consider the potential impact on the client/shareholder, without considering any benefit to ourselves, our Supervised Persons or our affiliates.

*<u>*<u>Recordkeeping</u>*</u>*

The Firm shall maintain the following records in accordance with regulatory requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies of this Policy as from time to time revised or supplemented;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each proxy statement received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Voting results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of any document that was material to making a decision how to vote proxies or that memorializes the basis for the decision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A copy of each written request for information on how Thorofare voted proxies on behalf of the investor and a copy of any written response by Thorofare to any investor request for information on how proxies were voted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communications/documentation surrounding conflicts of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Written reports arising from review of the proxy function.

Appendix A-23

[**Table of Contents**](#TOC001)

*<u>*<u>Disclosures to Clients and Investors</u>*</u>*

Thorofare will include a description of its policies and procedures regarding proxy voting and class actions in Part 2 of Form ADV, if applicable, along with a statement that Clients and Investors can contact the CCO to obtain a copy of these policies and procedures and information about how Thorofare voted with respect to the Client's securities.

Any request for information about proxy voting or class actions should be promptly forwarded to the CCO who will respond to any such requests.

As a matter of policy, Thorofare does not disclose how it expects to vote on upcoming proxies. Additionally, Thorofare does not disclose the way it voted proxies to unaffiliated third parties without a legitimate need to know such information.

*<u>*<u>Annual and Ongoing Reviews</u>*</u>*

The CCO will periodically review the adequacy of the firm's proxy voting policies and procedures to make sure they have been implemented effectively, including whether the policies and procedures continue to be reasonably designed to ensure that proxies are voted in the best interests of Clients.

Form N-PX

Form N-PX is an annual report on proxy voting records with a reporting period of July 1 through June 30 and requires institutional investment managers<sup>1</sup>, that are also required to file Form 13F, to disclose certain information about its votes related to issuers' executive compensation practices (also referred to as "say on pay" votes). Institutional investment managers are required to disclose their "say-on-pay" votes on Form N-PX.

Due to Thorofare's investment strategy, the Firm does not anticipate meeting the criteria for a required filing. The CCO is responsible for monitoring the Firm's reporting obligations under section Form N-PX to ensure that the Firm meets its reporting obligations within the regulatory deadlines.

____________

1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The term "institutional investment manager" includes any person, other than a natural person, investing in or buying and selling securities for its own account, and any person exercising investment discretion with respect to the account of any other person. The term "person" includes any natural person, company, government, or political subdivision, agency, or instrumentality of a government. Entities serving as managers could include, for example: banks, insurance companies, and broker-dealers that invest in, or buy and sell, securities for their own accounts; corporations and pension funds that manage their own investment portfolios; or investment advisers that manage private accounts, mutual fund assets, or pension plan assets.

Appendix A-24

[**Table of Contents**](#TOC001)

#### PART C: OTHER INFORMATION

#### Callodine Specialty Income FUND (the "Registrant")

#### Item 25. Financial Statements and Exhibits

---

| | |
|:---|:---|
| (1) | Financial Statements: |
|  | [The audited financial statements of the Registrant for the period from August 18, 2025 (commencement of operations) through December 31, 2025, including the report of the Registrant's independent public registered accounting firm, are incorporated by reference to N-CSR (Reg. 811-23984) as previously filed on March 9, 2026.](http://www.sec.gov/Archives/edgar/data/2029168/000121390026025002/ea0274876-01_ncsr.htm) |
| (2) | Exhibits |
|  (a)(1) | [Agreement and Declaration of Trust is incorporated by reference to Exhibit (a)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on July 16, 2024.](http://www.sec.gov/Archives/edgar/data/2029168/000199937124008673/ex99-a1.htm) |
|  (a)(2) | [Certificate of Trust is incorporated by reference to Exhibit (a)(2) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on July 16, 2024.](http://www.sec.gov/Archives/edgar/data/2029168/000199937124008673/ex99a2.htm) |
|  (b) | [By-Laws are incorporated by reference to Exhibit (b) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on July 16, 2024.](http://www.sec.gov/Archives/edgar/data/2029168/000199937124008673/ex99-b.htm) |
|  (c) | Not applicable. |
|  (d) | Refer to Exhibit (a)(1), (b). |
|  (e) | [Dividend Reinvestment Plan is incorporated by reference to Exhibit (e) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on March 4, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025020317/ea023268401_ex99e.htm) |
|  (f) | Not applicable. |
|  (g)(1) | [Investment Management Agreement is incorporated by reference to Exhibit (g)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99g1.htm) |
|  (g)(2) | [Management Fee Waiver is filed herewith.](ea0283720-01_ex99g2.htm) |
|  (g)(3) | [Sub-Advisory Agreement with Thorofare, LLC is incorporated by reference to Exhibit (g)(3) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99g3.htm) |
|  (g)(4) | [Sub-Advisory Agreement with Rand Capital Management, LLC is incorporated by reference to Exhibit (g)(4) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99g4.htm) |
|  (g)(5) | [Sub-Advisory Agreement with Manning & Napier Advisors, LLC is incorporated by reference to Exhibit (g)(5) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99g5.htm) |
|  (g)(6) | [Sub-Advisory Agreement with Callodine Credit Management, LLC is incorporated by reference to Exhibit (g)(6) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99g6.htm) |
|  (g)(7) | [Sub-Advisory Agreement with Corrum Capital Management LLC is filed herewith.](ea0283720-01_ex99g7.htm) |
|  (h)(1) | [Distribution Agreement is incorporated by reference to Exhibit (h)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99h1.htm) |
|  (h)(2) | [Distribution and Service Plan is incorporated by reference to Exhibit (h)(2) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99h2.htm) |
|  (i) | Not applicable. |

---

[**Table of Contents**](#TOC001)

---

| | |
|:---|:---|
|  (j) | [Custody Agreement is incorporated by reference to Exhibit (j) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99j.htm) |
|  (k)(1) | [Administration, Fund Accounting and Recordkeeping Agreement is incorporated by reference to Exhibit (k)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99k1.htm) |
|  (k)(2) | [Expense Limitation and Reimbursement Agreement is filed herewith.](ea0283720-01_ex99k2.htm) |
|  (k)(3) | [Joint Insured Bond Agreement is filed herewith.](ea0283720-01_ex99k3.htm) |
|  (k)(4) | [Joint Liability Insurance Agreement is filed herewith.](ea0283720-01_ex99k4.htm) |
|  (k)(5) | [Platform Management Agreement is incorporated by reference to Exhibit (k)(5) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99k5.htm) |
|  (k)(6) | [Multiple Class Plan is incorporated by reference to Exhibit (k)(6) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on August 13, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025075388/ea0232684-02_ex99k6.htm) |
|  (l)(1) | [Opinion and Consent of Faegre Drinker Biddle & Reath LLP is incorporated by reference to Exhibit (l) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on March 4, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025020317/ea023268401_ex99l.htm) |
|  (l)(2) | [Consent of Faegre Drinker Biddle & Reath LLP is filed herewith.](ea0283720-01_ex99l2.htm) |
|  (m) | Not applicable. |
|  (n) | [Consent of Independent Registered Public Accounting Firm is filed herewith.](ea0283720-01_ex99n.htm) |
|  (o) | Not applicable. |
|  (p) | Not applicable. |
|  (q) | Not applicable. |
|  (r)(1) | [Code of Ethics of Registrant is incorporated by reference to Exhibit (r)(1) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on March 4, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025020317/ea023268401_ex99r1.htm) |
|  (r)(2) | [Code of Ethics of Callodine Capital Management, LP, Callodine Credit Management, LLC, Rand Capital Management, LLC, and Thorofare, LLC is filed herewith.](ea0283720-01_ex99r2.htm) |
|  (r)(3) | [Code of Ethics of Manning & Napier Advisors, LLC is filed herewith.](ea0283720-01_ex99r3.htm) |
|  (r)(4) | [Code of Ethics of Corrum Capital Management LLC is filed herewith.](ea0283720-01_ex99r4.htm) |
|  (s) | Not applicable. |
|  (t) | [Powers of Attorney is incorporated by reference to Exhibit (t) to the Registrant's Registration Statement on Form N-2 (File No. 333-280841) as previously filed on March 4, 2025.](http://www.sec.gov/Archives/edgar/data/2029168/000121390025020317/ea023268401_ex99t.htm) |

---

#### Item 26. Marketing Arrangements
Not applicable.

#### Item 27. Other Expenses of Issuance and Distribution of Securities Being Registered
Not applicable.

#### Item 28. Persons Controlled by or Under Common Control With Registrant
The Registrant is not aware of any person that is directly or indirectly under common control with the Registrant, except that the Registrant may be deemed to be controlled by Callodine Capital Management, LP (the "Investment Adviser"), the Registrant's investment adviser. Information regarding the ownership of Callodine Capital Management, LP is set forth in its Form ADV as filed with the SEC (File No. 801-113867).

[**Table of Contents**](#TOC001)

#### Item 29. Number of Holders of Securities

---

| | |
|:---|:---|
|  **Title of Class** | **Number of <br>Shareholders\*** |
|  Class I Shares | 78 |
|  Class A Shares | 0 |
|  Class C Shares | 0 |

---

____________

\*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of April 1, 2026.

#### Item 30. Indemnification
Sections 8.1-8.5 of Article VIII of the Registrant's Agreement and Declaration of Trust states:

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

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

Section 8.3&nbsp;&nbsp;&nbsp;&nbsp;<u>Indemnification Determinations</u>. Indemnification of a Covered Person pursuant to Section 8.2 shall be made if (a) the court or body before whom the proceeding is brought determines, in a final decision on the merits, that such Covered Person was not liable by reason of Disabling Conduct or (b) in the absence of such a determination, a majority of a quorum of disinterested, non-party

[**Table of Contents**](#TOC001)

Trustees or independent legal counsel in a written opinion make a reasonable determination, based upon a review of the facts, that such Covered Person was not liable by reason of Disabling Conduct.

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

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

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

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

#### Item 31. Business and Other Connections of Investment Adviser
Information as to the directors and officers of the Registrant's Investment Adviser, together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Investment Adviser, and each director, executive officer, managing member or partner of the Investment Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV, File No. 801-113867 as filed with the U.S. Securities and Exchange Commission, and is incorporated herein by reference.

Information as to the directors and officers of the Registrant's investment sub-adviser, Callodine Credit Management, LLC (the "Callodine Credit"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which Callodine Credit, and each director, executive officer, managing member or partner of Callodine Credit, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV, File No. 801-127866 as filed with the U.S. Securities and Exchange Commission, and is incorporated herein by reference.

Information as to the directors and officers of the Registrant's investment sub-adviser, Corrum Capital Management LLC ("Corrum Capital"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which Corrum Capital, and each director, executive officer, managing member or partner of Corrum Capital, is or has been, at any time during the past two fiscal years, engaged in for his or her

[**Table of Contents**](#TOC001)

own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the U.S. Securities and Exchange Commission (File No. 801-78415), and is incorporated herein by reference.

Information as to the directors and officers of the Registrant's investment sub-adviser, Thorofare, LLC ("Thorofare"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which Thorofare, and each director, executive officer, managing member or partner of Thorofare, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the U.S. Securities and Exchange Commission (File No. 801-80373), and is incorporated herein by reference.

Information as to the directors and officers of the Registrant's investment sub-adviser, Rand Capital Management, LLC ("Rand Capital"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which Rand Capital, and each director, executive officer, managing member or partner of Rand Capital, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the U.S. Securities and Exchange Commission (File No. 801-116971), and is incorporated herein by reference.

Information as to the directors and officers of the Registrant's investment sub-adviser, Manning & Napier Advisors, LLC ("Manning & Napier"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which Manning & Napier, and each director, executive officer, managing member or partner of Manning & Napier, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the U.S. Securities and Exchange Commission (File No. 801-10733), and is incorporated herein by reference.

#### Item 32. Location of Accounts and Records
All accounts, books, and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules promulgated thereunder are maintained at the offices of (1) the Registrant's Administrator, and/or (2) the Investment Adviser or the investment sub-advisers. The address of each is as follows:

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

235 West Galena Street

Milwaukee, WI 53212

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Callodine Capital Management, LP

Two International Place, Suite 1830

Boston, MA 02110

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; Callodine Credit Management LLC

545 Boylston Street, 10<sup>th</sup> Floor,

Boston, MA 02116

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp; Corrum Capital Management LLC

1300 South Church Street,

Charlotte, NC 28203

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp; Thorofare, LLC

100 N. Pacific Coast Highway, Suite 2050

El Segundo, CA 90245

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp; Rand Capital Management, LLC

14 Lafayette Square, Suite 1405

Buffalo, NY 14203

[**Table of Contents**](#TOC001)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; Manning & Napier Advisors, LLC

290 Woodcliff Drive

Fairport, NY 14450

#### Item 33. Management Services
Not applicable.

#### Item 34. Undertakings
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp; The Registrant undertakes (a) to file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;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

[**Table of Contents**](#TOC001)

to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date; or

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the portion of any advertisement pursuant to Rule 482 under the Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp; 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.

[**Table of Contents**](#TOC001)

#### SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for effectiveness pursuant to Rule 486(b) under the Securities Act of 1933, as amended, and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Boston in the State of Massachusetts on the 30<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
|  **Callodine Specialty Income Fund** | **Callodine Specialty Income Fund** |
|  By: | /s/ Jay Lyons |
|  Name: | Jay Lyons |
|  Title: | President |

---

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

---

| | | |
|:---|:---|:---|
|  /s/ Jay Lyons | President | April 30, 2026 |
|  Jay Lyons | (Principal Executive Officer) |  |
|  /s/ Madeline Arment | Principal Financial Officer | April 30, 2026 |
|  Madeline Arment | (Principal Accounting Officer) |  |
|  \*J. Michael Fields | Trustee | April 30, 2026 |
|  J. Michael Fields |  |  |
|  \*Stephen A. Mace | Trustee | April 30, 2026 |
|  Stephen A. Mace |  |  |
|  \*Stacy Roode | Trustee | April 30, 2026 |
|  Stacy Roode |  |  |
|  \*Amy Small | Trustee | April 30, 2026 |
|  Amy Small |  |  |

---

---

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

---

[**Table of Contents**](#TOC001)

#### Exhibit Index

---

| | |
|:---|:---|
|  (g)(2) | [Management Fee Waiver](ea0283720-01_ex99g2.htm) |
|  (g)(7) | [Sub-Advisory Agreement with Corrum Capital Management LLC](ea0283720-01_ex99g7.htm) |
|  (k)(2) | [Expense Limitation and Reimbursement Agreement](ea0283720-01_ex99k2.htm) |
|  (k)(3) | [Joint Insured Bond Agreement](ea0283720-01_ex99k3.htm) |
|  (k)(4) | [Joint Liability Insurance Agreement](ea0283720-01_ex99k4.htm) |
|  (l)(2) | [Consent of Faegre Drinker Biddle & Reath LLP](ea0283720-01_ex99l2.htm) |
|  (n) | [Consent of Independent Registered Public Accounting Firm](ea0283720-01_ex99n.htm) |
|  (r)(2) | [Code of Ethics of Callodine Capital Management, LP, Callodine Credit Management, LLC, Rand Capital Management, LLC, and Thorofare, LLC](ea0283720-01_ex99r2.htm) |
|  (r)(3) | [Code of Ethics of Manning & Napier Advisors, LLC](ea0283720-01_ex99r3.htm) |
|  (r)(4) | [Code of Ethics of Corrum Capital Management LLC](ea0283720-01_ex99r4.htm) |

---

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

**Exhibit (g)(2)**

February 10, 2026

Callodine Specialty Income Fund<br> Two International Place, Suite 1830<br> Boston, Massachusetts 02110

Attn: Jay Lyons, President

---

| | |
|:---|:---|
| Re: | **Callodine Specialty Income Fund** (the "Fund") |

---

Pursuant to the Investment Management Agreement between the Fund and Callodine Capital Management, LP ("Callodine") dated February 10, 2025, Callodine is entitled to investment management fees at an annual rate of 1.35%, computed daily and payable monthly in arrears, based upon the Fund's average daily net assets. By our execution of this letter agreement (this "Agreement"), intending to be legally bound hereby, Callodine agrees irrevocably that it shall waive 1.35% of the investment management fees payable for six (6) months from the expiration of the current management fee waiver agreement dated February 10, 2026. For the avoidance of doubt, this Agreement shall expire on August 18, 2026.

---

| | |
|:---|:---|
| Callodine Capital Management, LP | Callodine Capital Management, LP |
| By: | /s/ James Morrow |
| Name: | James Morrow |
| Title: | CEO |

---

Your signature below acknowledges acceptance of this Agreement:

---

| | |
|:---|:---|
| Callodine Specialty Income Fund | Callodine Specialty Income Fund |
| By: | /s/ Jay Lyons |
| Name: | Jay Lyons |
| Title: | President |

---

## Ex-99.(G)(7)

**Exhibit (g)(7)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

This AGREEMENT is made this 18<sup>th</sup> day of March, 2026, by and among Callodine Specialty Income Fund, a Delaware statutory trust (the "Fund"), Callodine Capital Management, LP, a Delaware limited partnership (the "Investment Manager"), and Corrum Capital Management LLC, a Delaware limited liability company (the "Sub-Adviser").

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

WHEREAS, the Investment Manager is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and has entered into an investment management agreement (the "Investment Management Agreement") dated February 10, 2025 with the Fund;

WHEREAS, the Sub-Adviser is registered as an investment adviser under the Advisers Act;

WHEREAS, the Board of Trustees of the Fund (the "Board", and each Board member individually a "Trustee", and together, the "Trustees") and the Investment Manager desire to retain the Sub-Adviser to render investment advisory and other services to a portion of the assets of the Fund allocated to the Sub-Adviser, in the manner and on the terms hereinafter set forth;

WHEREAS, the Investment Manager has the authority under the Investment Management Agreement to retain sub-advisers; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Investment Manager and the Fund;

NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, and intending to be legally bound hereby, the Fund, the Investment Manager, and the Sub-Adviser agree as follows:

1. APPOINTMENT OF THE SUB-ADVISER.

The Investment Manager hereby appoints the Sub-Adviser to act as an investment adviser for the Fund with respect to the portion of the assets of the Fund allocated to, and invested and managed by, the Sub-Adviser from time to time in the Investment Manager's discretion (the "Allocated Portion"), subject to the supervision and oversight of the Investment Manager and the Board, and in accordance with the terms and conditions of this Agreement. The Sub-Adviser will be an independent contractor and will have no authority to act for or represent the Fund or the Investment Manager in any way or otherwise be deemed an agent of the Fund or the Investment Manager except as expressly authorized in this Agreement or another writing by the Fund, the Investment Manager and the Sub-Adviser.

2. ACCEPTANCE OF APPOINTMENT.

The Sub-Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided. The assets of the Fund will be maintained in the custody of a custodian in accordance with the 1940 Act (who shall be identified by the Investment Manager in writing) (the "Custodian"). The Sub-Adviser will not have custody of any securities, cash or other assets of the Fund and will not be liable for any loss resulting from any act or omission of the Custodian other than acts or omissions arising in reliance on instructions of the Sub-Adviser that violate the Sub-Adviser's standard of care in this Agreement.

3. DELIVERY OF DOCUMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Fund has furnished or will
furnish to the Sub-Adviser copies of each of the following documents:

i. the Agreement and Declaration of Trust of the Fund as in effect on the date hereof;

ii. the By-Laws of the Fund in effect on the date hereof;

iii the resolutions of the Board approving the engagement of the Sub-Adviser as a sub-adviser for the Allocated Portion and approving the form of this Agreement;

iv. the Code of Ethics (as defined below) of the Fund as currently in effect; and

v. current copies of the Fund's Prospectus and Statement of Additional Information.

The Fund shall furnish the Sub-Adviser with copies of all material amendments of or material supplements to the foregoing, if any, as soon as reasonably practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Sub-Adviser has furnished
or will furnish the Fund and the Investment Manager with copies of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the Sub-Adviser's most recent Form ADV;

ii. the Sub-Adviser's most recent unaudited balance sheet;

iii. separate lists of persons whom the Sub-Adviser wishes to have authorized to give written and/or oral instructions to the Custodian and accounting agent of the Fund's assets;

iv. the Code of Ethics (defined below) of the Sub-Adviser as currently in effect;

v. the Sub-Adviser's proxy voting policies as currently in effect, if applicable;

vi. the Sub-Adviser's pricing and valuation procedures as currently in effect;

vii. any exemptive order granted to the Sub-Adviser by the Securities and Exchange Commission (the "SEC") or any other regulatory body that will be relied upon by the Sub-Adviser in connection with its services to the Fund; and

viii. complete and accurate copies of any compliance manuals, trading, commission and other reports, insurance policies, and such other management or operational documents as the Investment Manager may reasonably request in writing (on behalf of itself or the Board) in assessing the Sub-Adviser

The Sub-Adviser shall furnish the Fund and the Investment Manager from time to time with copies of all amendments of or supplements to the Sub-Adviser's pricing and valuation procedures within thirty (30) days of such amendments or supplements becoming effective. With respect to the other documents requested above, the Sub-Adviser shall furnish the Fund and the Investment Manager from time to time with copies of all material amendments of or material supplements to the foregoing, if any, within thirty (30) days of the time such materials became available to the Sub-Adviser.

Additionally, the Sub-Adviser shall provide to the Fund and the Investment Manager such other documents relating to its services under this Agreement as the Fund or the Investment Manager may reasonably request from time to time.

4. SERVICES TO BE RENDERED BY THE
SUB-ADVISER TO THE FUND.

As an investment adviser to the Fund, the Sub-Adviser shall, subject to the supervision and oversight of the Board and the Investment Manager, manage the investment and reinvestment of the Allocated Portion.

As part of the services it will provide hereunder, the Sub-Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. advise the Investment Manager and the Fund in connection with investment policy decisions to be made by it regarding the Fund and, upon request, furnish the Investment Manager and the Fund with research, economic and statistical data in connection with the Fund's investments and investment policies;

b. formulate and implement a continuous investment program for the Allocated Portion as set forth in the Fund's Prospectus and Statement of Additional Information;

c. take whatever steps are necessary to implement the investment program for the Allocated Portion by arranging for the purchase and sale of securities and other investments, including issuing directives to the administrator of the Fund as necessary for the appropriate implementation of the investment program of the Allocated Portion;

d. keep the Trustees of the Fund and the Investment Manager fully informed in writing on an ongoing basis as agreed by the Investment Manager and the Sub-Adviser as to (i) all material facts concerning the investment and reinvestment of the Allocated Portion and (ii) the Sub-Adviser and its key investment personnel and operations; make regular and periodic special written reports of such additional information concerning the same as may reasonably be requested from time to time by the Investment Manager or the Trustees of the Fund; and attend meetings with the Investment Manager and/or the Trustees, as reasonably requested, to discuss the foregoing;

e. subject to the Board's ultimate authority and responsibility to determine the valuation of the Fund's assets and in accordance with procedures and methods established by the Trustees of the Fund, which may be amended from time to time, provide the Sub-Adviser's determination of the fair value of all securities and other investments/assets within the Allocated Portion in accordance with the Sub-Adviser's pricing and valuation procedures and provide all necessary assistance and information to the Investment Manager and the Board to allow the Investment Manager and the Board to oversee and review (i) the valuation methodologies used by the Sub-Adviser and its valuation agents and (ii) the historical accuracy of the valuations determined by the Sub-Adviser.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. to the extent reasonably requested by the Fund or the Investment Manager, use its best efforts to assist the Chief Compliance Officer of the Fund in respect of Rule 38a-1 under the 1940 Act including, without limitation, providing the Chief Compliance Officer of the Fund or the Investment Manager with, upon request, (i) current copies of the compliance policies and procedures of the Sub-Adviser in effect from time to time (including prompt notice of any material changes thereto), (ii) reports of any violations of the Sub-Adviser's compliance policies and procedures that occurred in connection with the provision of services to the Fund, (iii) a copy of the Sub-Adviser's annual compliance report as required by Rule 206(4)-7 of the Advisers Act, (iv) copies of any correspondence between the Sub-Adviser and a regulatory agency in connection with regulatory examinations or proceedings relating to the provision of services to the Fund, and (v) a certificate of the Chief Compliance Officer of the Sub-Adviser to the effect that the policies and procedures of the Sub-Adviser are reasonably designed to prevent violation of the Federal Securities Laws (as such term is defined in Rule 38a-1) with respect to the services the Sub-Adviser provides to the Fund;

g. comply with all procedures and policies adopted by the Board in compliance with applicable law, including without limitation, Rules 10f-3, 12d3-1, 17a-7, 17e-1, 17j-1, and 23c-3 under the 1940 Act (together, "Fund Procedures"), provided to the Sub-Adviser by the Investment Manager or the Fund and notify the Investment Manager as soon as reasonably practicable upon (i) detection of any breach of such Fund Procedures or (ii) determination that a Fund Procedure conflicts with a procedure adopted by the Sub-Adviser;

h. maintain a written code of ethics (the "Code of Ethics") that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act, a copy of which will be provided to the Investment Manager and the Fund, including any amendments thereto, and institute and enforce procedures reasonably necessary to prevent "access persons," as such term is defined in as such term is defined in Rule 17j-1, from violating its Code of Ethics;

i. promptly complete and return to the Fund's Chief Compliance Officer, Investment Manager or the Fund any compliance questionnaires or other inquiries submitted to the Sub-Adviser in writing;

j. furnish to the Trustees such information as may reasonably be requested in order for the Board to evaluate this Agreement or any proposed amendments thereto for the purposes of approving this Agreement, the renewal thereof or any amendment hereto;

k. maintain all accounts, books and records with respect to the Allocated Portion as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and Advisers Act and the rules thereunder and the Fund Procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. cooperate with and provide reasonable assistance to the Investment Manager, the Fund's administrator, the Custodian and foreign custodians, the Fund's transfer agent and pricing agents and all other agents and representatives of the Fund and the Investment Manager; keep all such persons fully informed as to such matters as they may reasonably deem necessary to the performance of their obligations to the Fund and the Investment Manager; provide prompt responses to reasonable requests made by such persons; and maintain any appropriate interfaces with each such person so as to promote the efficient exchange of information; and

m. review the Fund's Prospectus, Statement of Additional Information, periodic reports to shareholders, reports and schedules filed with the SEC (including any amendment, supplement or sticker to any of the foregoing (together, the "SEC Filings")) and the Sub-Adviser Disclosure (as defined below) in advertising and sales material relating to the Fund (the "Marketing Documents" and, collectively with the SEC Filings, the "Disclosure Documents") in order to ensure that, solely with respect to the disclosure about the Sub-Adviser, the manner in which the Sub-Adviser manages the Allocated Portion and information relating directly or indirectly to the Sub-Adviser (the "Sub-Adviser Disclosure"), such Disclosure Documents, solely with respect to the Sub-Adviser Disclosure, contain no untrue statements of material fact and do not omit any statement of material fact required to be stated therein or necessary to make, in light of the circumstances under which they are made, the statements therein not misleading. The Fund and the Investment Manager shall provide copies of all SEC Filings to the Sub-Adviser at least a reasonable period of time in advance of use. The Fund and the Investment Manager shall provide all Marketing Documents to the Sub-Adviser at least a reasonable period in advance of use for the Sub-Adviser's review if such Marketing Document contains any changes to the Sub-Adviser Disclosure from a version that the Sub-Adviser had previously reviewed and approved. The Fund and the Investment Manager agree to amend the Sub-Adviser Disclosure at other times upon the reasonable request of the Sub-Adviser.

On occasions when the Sub-Adviser deems the purchase of a security to be in the best interest of the Fund as well as other clients of the Sub-Adviser and when permitted by applicable law, allocation of the securities so purchased, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in a manner which the Sub-Adviser considers to be fair and equitable, consistent with its fiduciary obligations to the Fund and to its other clients over time and consistent with applicable law. The Investment Manager agrees that the Sub-Adviser and its affiliates may give advice and take action in the performance of their duties with respect to any of their other clients that may differ from advice given, or the timing or nature of actions taken, with respect to the Fund. The Investment Manager also acknowledges that the Sub-Adviser and its affiliates are fiduciaries to other entities, some of which have the same or similar investment objectives (and will hold the same or similar investments) as the Fund, and that the Sub-Adviser will carry out its duties hereunder together with its duties under such relationships. Nothing in this Agreement shall be deemed to confer upon the Sub-Adviser any obligation to purchase or to recommend for purchase for the Fund any investment that the Sub-Adviser, its affiliates, officers or employees may purchase or sell for its or their own account or for the account of any client, if in the sole and absolute discretion of the Sub-Adviser it is for any reason impractical or undesirable to take such action or make such recommendation for the Fund.

In furnishing services hereunder, the Sub-Adviser shall be subject to, and shall perform in accordance with, the following: (a) the Fund's Agreement and Declaration of Trust, By-Laws and/or other governing instruments, as the same may be hereafter modified and/or amended from time to time ("Governing Documents"); (b) the Fund's Prospectus and Statement of Additional Information, as currently in effect and as amended or supplemented from time to time and provided to the Sub-Adviser; (c) the 1940 Act and the Advisers Act and the rules under each, and all other federal and state laws or regulations and/or self-regulatory organization regulations applicable to the Fund, including, but not limited to, the Commodity Exchange Act, the rules of the National Futures Association, and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended; (d) the Fund's compliance manual and other policies and procedures adopted from time to time by the Board and provided to the Sub-Adviser; and (e) written copies of other investment policies, guidelines and restrictions applicable to the Sub-Adviser's management of the Allocated Portion provided to the Sub-Adviser by the Investment Manager or the Fund from time to time, which shall become effective at such time as agreed upon by both parties. Subject to the foregoing, the Sub-Adviser shall have full discretionary authority to manage the investment of the assets of the Allocated Portion. Without limiting the foregoing powers, the Sub-Adviser shall have all specific rights and power to do the following on behalf of the Allocated Portion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. acquire, hold, manage, vote, own and dispose of loans, equity securities and any other assets held by the Allocated Portion;

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

c. provide service on committees of, and in other capacities with, issuers of and obligors on investments and other assets of the Allocated Portion (including on creditors' committees), vote with respect to investments and other assets of the Allocated Portion whether in person, by proxy, consent or otherwise;

d. monitor, supervise and direct the investments of the Allocated Portion and dispose of them in such manner and at such times as the Sub-Adviser determines;

e. initiate, participate in and settle judicial, arbitration, administrative or similar proceedings to protect the assets of the Allocated Portion, enforce the Fund's rights or otherwise defend the interests of the Fund with respect to the Allocated Portion;

f. cooperate with persons or entities engaged by the Fund to render services to the Fund, including without limitation, attorneys, accountants, custodians, investment brokers or finders, investment bankers, appraisers, loan servicers, and business advisors;

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

h. take whatever steps are required by governmental authorities having jurisdiction over the Fund or its assets; and

i. take such other actions as may be necessary or advisable in connection with the foregoing.

Without limiting the foregoing powers, the Sub-Adviser, by delegation from the Investment Manager, shall also have specific rights and power to do the following on behalf of the Fund, subject to the approval of the Board to the extent required by the 1940 Act and/or the Fund's policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. obtain financing, borrow money,
incur indebtedness, issue guarantees, mortgage, pledge, loan, impose liens upon and grant security interests in all or any part of the
Fund's assets; execute promissory notes, loan, pledge or security agreements, or other agreements, documents and instruments in
connection therewith.

5. PROXY VOTING.

The Investment Manager hereby delegates to the Sub-Adviser the Investment Manager's discretionary authority to exercise voting rights with respect to the securities and investments of the Allocated Portion of the Fund, provided however, that the Fund may request that the Sub-Adviser vote proxies for the Allocated Portion in accordance with the Fund's proxy voting policies. Absent specific instructions to the contrary provided to it by the Investment Manager or the Fund, and subject to its receipt of all necessary voting materials, the Sub-Adviser shall vote all proxies with respect to investments of the Fund in accordance with the Sub-Adviser's proxy voting policy as most recently provided to the Investment Manager and the Fund.

The Sub-Adviser's proxy voting policies shall comply with any rules or regulations promulgated by the SEC.

The Sub-Adviser shall maintain and preserve a record, in an easily-accessible place for a period of not less than three (3) years (or longer, if required by law), of the Sub-Adviser's voting procedures, of the Sub-Adviser's actual votes, and such other information required for the Fund to comply with any rules or regulations promulgated by the SEC. The Sub-Adviser shall supply updates of this record to the Investment Manager or any authorized representative of the Investment Manager, or to the Fund on a quarterly basis (or more frequently, upon the reasonable request of the Investment Manager). The Sub-Adviser shall provide the Investment Manager and the Fund with information regarding the policies and procedures that the Sub-Adviser uses to determine how to vote proxies relating to the Allocated Portion.

6. NOTIFICATION.

The Sub-Adviser agrees that it will provide prompt notice to the Investment Manager and the Fund about developments relating to its duties as Sub-Adviser of which the Sub-Adviser has, or should have, knowledge that would materially affect the Fund or the ability of the Sub-Adviser to perform its obligations under this Agreement. Without limiting the foregoing, the Sub-Adviser agrees to provide the Investment Manager and the Fund with prompt written notification of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9 of the 1940 Act or otherwise;

b. Any proposed transaction or other event that could reasonably be expected to result in an assignment of this Agreement within the meaning of the 1940 Act;

c. Any anticipated or otherwise reasonably foreseeable material change in the ownership or any change of control of the Sub-Adviser within a reasonable time prior to such change being effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Any material changes in senior management, operations, or financial condition of the Sub-Adviser's firm;

e. Any material changes in the employment status of key investment management personnel involved in the management of the Fund;

f. Any material changes in the investment process used to manage the Fund;

g. Any modification or other amendment to the Sub-Adviser's valuation procedures;

h. Any financial condition that is likely to impair the Sub-Adviser's ability to fulfill its obligations under this Agreement, including, without limitation, the bankruptcy or insolvency of the Sub-Adviser;

i. Any material violation of applicable law (including a felony conviction or U.S. federal or state securities law indictment or conviction) by the Sub-Adviser, an affiliate of the Sub-Adviser, or any of their respective directors, principals, partners, members, managers, officers, or key investment management personnel;

j. Any breach of fiduciary duty to the Fund by the Sub-Adviser, an affiliate of the Sub-Adviser, or any of their respective directors, principals, partners, members, managers, officers, or employees;

k. Any breach of any material provisions of this Agreement by the Sub-Adviser, an affiliate of the Sub-Adviser, or any of their respective directors, principals, partners, members, managers, officers, or employees;

l. Any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, in which the Sub-Adviser, any affiliate of the Sub-Adviser, and/or any key personnel of the Sub-Adviser are named parties if such lawsuit or legal proceeding (i) involves the affairs of the Fund (provided, however, that routine regulatory examinations shall not be required to be reported by this provision) or (ii) is reasonably likely to have a material adverse effect on such person's ability to perform its obligations under this Agreement;

m. The commencement of any formal investigation of the Sub-Adviser, any affiliate of the Sub-Adviser, and/or any key personnel of the Sub-Adviser by the SEC or any other regulatory authority or administrative body that involves an allegation of a material violation of law by any such person and the outcome, when resolved, of any such investigation; or

n. Any other event that is likely to have a material adverse effect on the Sub-Adviser's ability to perform its obligations under this Agreement.

The Sub-Adviser shall immediately forward, upon receipt, to the Investment Manager any correspondence (or portion of such correspondence) from the SEC or other regulatory authority that relates to the Fund.

The Investment Manager agrees that it will provide prompt notice to the Sub-Adviser about developments relating to the Fund of which Investment Manager has knowledge that would materially affect the Fund or the ability of the Investment Manager to perform its obligations under this Agreement or the Investment Management Agreement. Without limiting the foregoing, the Investment Manager agrees to provide the Sub-Adviser with prompt written notification of: (i) any breach of any material provision of this Agreement or the Investment Management Agreement by the Investment Manager, an affiliate of the Investment Manager, or any of their respective directors, principals, partners, members, managers, officers, or employees; (ii) the occurrence of any event that would disqualify the Investment Manager from serving as an investment adviser of an investment company pursuant to Section 9 of the 1940 Act or otherwise; (iii) any action, suit, proceeding, or investigation, at law or in equity, before or by any court, public board or body in which the Investment Manager, any affiliate of the Investment Manager, and/or any key personnel of the Investment Manager are named parties if such lawsuit or legal proceeding (A) involves the affairs of the Fund (provided, however, that routine regulatory examinations shall not be required to be reported by this provision) or (B) is reasonably likely to have a material adverse effect on the Investment Manager's ability to perform its obligations under this Agreement or the Investment Management Agreement; (iv) any imminent change in control (as such term is defined in the 1940 Act) of the Investment Manager; and (v) any imminent transaction or other event that could reasonably be expected to result in an assignment of this Agreement or the Investment Management Agreement within the meaning of the 1940 Act. The Investment Manager further agrees to notify the Sub-Adviser promptly if it becomes aware that any statement regarding the Investment Manager or the Fund contained in the Fund's registration statement, or any amendment or supplement thereto, becomes untrue or incomplete in any material respect.

7. CONSULTATION WITH OTHER SUB-ADVISERS.

In performance of its duties and obligations under this Agreement, the Sub-Adviser may consult with any other sub-adviser to the Fund or a sub-adviser to a portfolio that is under common control with the Fund concerning transactions for the Fund as permitted by the Fund Procedures. The Sub-Adviser shall not provide investment advice to any assets of the Fund other than the Allocated Portion.

8. REPRESENTATIONS OF THE SUB-ADVISER.

The Sub-Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Sub-Adviser is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect.

b. The Sub-Adviser (i) has all requisite power and authority to enter into and perform its obligations under this Agreement and (ii) has taken all necessary corporate action to authorize its execution, delivery, and performance of this Agreement. The execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Sub-Adviser or any of its affiliates are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Neither the Sub-Adviser nor any "affiliated person" of it, as such term is defined in Section 2(a)(3) of the 1940 Act, is subject to any disqualification that would make it unable to serve as an investment adviser to a registered investment company under Section 9 of the 1940 Act. The Sub-Adviser (i) is not otherwise prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement and (ii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any applicable federal or state requirements or the applicable requirements of any regulatory or industry self-regulatory agency (including any licensing or registration requirements), necessary to be met in order to perform the services contemplated by this Agreement.

d. The Sub-Adviser is currently in compliance, in all material respects and shall at all times continue to comply in all material respects, with the requirements imposed upon the Sub-Adviser by applicable law and regulations.

e. The Sub-Adviser agrees to maintain errors and omissions insurance coverage in an amount not less than its current level of coverage and shall provide written notice to the Fund (i) of any material changes in its insurance policies or insurance coverage or (ii) of any material claims made on its insurance policies. Furthermore, the Sub-Adviser shall, upon reasonable request, provide the Fund with any information it may reasonably require concerning the amount of or scope of such insurance.

f. Except as otherwise specified herein, the Sub-Adviser will not delegate any obligation assumed pursuant to this Agreement to any third party without first obtaining the written consent of the Fund and the Investment Manager.

9. REPRESENTATIONS OF THE INVESTMENT MANAGER.

The Investment Manager represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Investment Manager is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect.

b. The Investment Manager (i) has all requisite power and authority to enter into and perform its obligations under this Agreement and (ii) has taken all necessary corporate action to authorize its execution, delivery, and performance of this Agreement. The execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Investment Manager or any of its affiliates are a party.

c. The Investment Manager has been duly authorized by the Board to delegate to the Sub-Adviser the provision of investment services to the Fund as contemplated hereby.

10. REPRESENTATIONS OF THE FUND.

The Fund represents, warrants and agrees that it (a) has all requisite power and authority to enter into and perform its obligations under this Agreement and (b) has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement. The execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which the Fund or any of its affiliates are a party. The Fund represents that the Disclosure Documents (other than the Sub-Adviser Disclosure) when viewed in their entirety contain no untrue statements of material fact and do not omit any statement of material fact required to be stated therein or necessary to make, in light of the circumstances under which they are made, the statements therein not misleading.

11. EXPENSES AND COMPENSATION OF THE
SUB-ADVISER.

The Sub-Adviser, at its expense, shall furnish: (a) all necessary facilities (including office space, furnishings, and equipment) and personnel, including salaries, expenses and fees of any personnel (including employees that monitor and value the Allocated Portion) required for the Sub-Adviser to faithfully perform its duties under this Agreement; and (b) administrative facilities, including bookkeeping, and all equipment necessary for the efficient conduct of the Sub-Adviser's duties under this Agreement. In addition, with respect to the operation of the Fund, the Sub-Adviser shall be responsible for (i) the reasonable costs of any special Board meeting or shareholder meeting specifically requested by, and convened for the primary benefit of, the Sub-Adviser or, if such special Board meeting or shareholder meeting includes one or more agenda or discussion items that are not for the primary benefit of the Sub-Adviser, then the Sub-Adviser will be responsible for only its pro-rata share of such costs as determined in good faith by the Sub-Adviser and the Fund; (ii) the Sub-Adviser's costs for the Sub-Adviser's in-person attendance at one Fund Board meeting each year, the date of such Board meeting to be agreed to by the Investment Manager, the Sub-Adviser and the Fund; and (iii) subject to Section 13 (including the exculpation provisions therein), reasonable expenses incurred by the Fund in responding to a legal, administrative, judicial or regulatory action, claim, or suit unrelated to the Fund but resulting from the actions or omissions of the Sub-Adviser to which neither the Fund nor the Investment Manager is a party.

Except to the extent contemplated by this Agreement, the Sub-Adviser will not be responsible for any costs, expenses, liabilities or losses of the Fund, including the fees paid to the Sub-Adviser as set forth below or to any other sub-adviser of the Fund and all fees and expenses incurred by the Fund in connection with its organization and the offering of the Fund's shares, including fees and expenses in connection with seeking the Securities and Exchange Commission's approval of any exemptive relief contemplated in connection with the establishment or operations of the Fund.

In addition, the Sub-Adviser shall not be responsible for any costs or reasonable out-of-pocket expenses directly arising out of the following investment related operations of the Fund with respect to the Allocated Portion: (x) reasonable research and due diligence expenses relating to the selection of investments (including expenses of news and quotation subscriptions, market or industry research, consultants or experts directly related to the Allocated Portion); (xi) reasonable legal, third party consultant, and investment-related software and databases expenses incurred in relation to entering into, the reviewing, monitoring and or administration of the investments (including expenses of engaging third party valuation consultants and agents and expenses of loan administration with non-affiliates); (xii) out-of-pocket costs directly relating to investment transactions that are not consummated; (xiii) other investment-related expenses, such as, brokerage commissions, custody fees, interest, administrative, servicing and other similar fees and expenses, and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments or any expenses relating to leverage or indebtedness of the Allocated Portion (including any interest thereon) including investment-related software and databases relating thereto; (xiv) reasonable litigation costs and expenses, judgments and settlements directly related to the preservation of the value of the investment; (xv) all taxes, fees or other governmental charges required to be paid or withheld with respect to assets of the Allocated Portion; (xvi) reasonable expenses incurred by the Sub-Adviser in responding to a legal, administrative, judicial or regulatory action, claim, or suit relating to the Fund; (xvii) ad hoc expenses directly related to the Allocated Portion incurred at the specific request of the Investment Manager or Board of Trustees; and (xviii) any fees and expenses in connection with seeking the SEC's approval of any exemptive relief (or amending existing exemptive relief) contemplated in connection with the Sub-Adviser's management of the Allocated Portion.

Subject to Section 13 (including the exculpation provisions therein), the Fund shall pay reasonable expenses incurred by the Sub-Adviser in responding to a legal, administrative, judicial or regulatory action, claim, or suit unrelated to the Sub-Adviser but resulting from the actions or omissions of the Fund or the Investment Manager, to which the Sub-Adviser is not a party.

The Fund shall pay all costs, fees and expenses incurred on behalf of the Fund in connection with the termination of this Agreement, including any related legal and accounting fees and expenses.

For the services provided and the expenses assumed pursuant to this Agreement, the Fund shall pay to the Sub-Adviser compensation as set forth on Appendix A hereto.

All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

12. STATUS OF SUB-ADVISER.

The Sub-Adviser shall be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

13. LIMITATION OF LIABILITY; STANDARD
OF CARE; AND INDEMNIFICATION OF SUB-ADVISER.

The Sub-Adviser shall have responsibility for the accuracy and completeness (and liability for the lack thereof) only of Disclosure Documents furnished to and approved by the Sub-Adviser by the Investment Manager or the Fund, and only with respect to the Sub-Adviser Disclosure approved by the Sub-Adviser in such Disclosure Documents.

In the absence of willful misfeasance, gross negligence, bad faith or reckless disregard of its obligations to the Fund, the Sub-Adviser and any partner, member, manager, director, officer or employee of the Sub-Adviser, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, shall not be subject to liability to the Fund, the Investment Manager or otherwise under this Agreement for any act or omission in the course of, or connected with, rendering services hereunder or for any claim, loss, damage, liability, reasonable cost, or reasonable expense (including reasonable attorney's fees, judgments, and other related expenses in connection therewith and amounts paid in defense and settlement thereof) (individually, the "Liability," and collectively, the "Liabilities") that may be sustained in the purchase, holding or sale of any security, investment or other assets by the Fund, including, without limitation, for any error of judgment, for any mistake of law, for any act or omission by the Sub-Adviser or any affiliate of the Sub-Adviser or by the Investment Manager or any other sub-adviser of the Fund, except as may otherwise be provided under provisions of applicable state law or Federal securities law which cannot be waived or modified hereby.

The Sub-Adviser shall indemnify, to the fullest extent permitted by law, the Fund, the Investment Manager, and all controlling persons of the Fund (as described in Section 15 of the Securities Act of 1933, as amended), against any Liabilities to which the person may be liable that (i) arises out of or based upon any untrue statement of a material fact contained in any Disclosure Document or the omission from a Disclosure Document of a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case solely with respect to the Sub-Adviser Disclosure; or (ii) results from the Sub-Adviser's willful misfeasance, bad faith or gross negligence in connection with the performance of the Sub-Adviser's obligations under this Agreement, or from the Sub-Adviser's reckless disregard of its obligations and duties under this Agreement. The rights of indemnification provided under this Section 13 shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section 13 to the fullest extent permitted by law. This indemnification obligation shall survive the termination of this Agreement.

In the absence of its own willful misfeasance, bad faith, gross negligence or reckless disregard of the obligations hereunder on the part of the Investment Manager or the Fund, as applicable, the Investment Manager, the Fund, and their respective partners, members, managers, directors, officers and employees, and their respective affiliates, executors, heirs, assigns, successors and other legal representatives shall not be subject to liability to the Sub-Adviser for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund, including, without limitation, for any error of judgment, for any mistake of law, for any act or omission by the Investment Manager, the Fund, the Sub-Adviser or any affiliate of the Sub-Adviser, or any other sub-adviser of the Fund, except as may otherwise be provided under provisions of applicable state law or Federal securities law which cannot be waived or modified hereby.

The Investment Manager shall indemnify, to the fullest extent permitted by law, the Sub-Adviser, or any partner, member, manager, officer or employee of the Sub-Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any Liability to which the person may be liable that arises or results from this Agreement or the performance of any services under this Agreement, so long as such Liabilities did not arise primarily from such person's willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations and duties under this Agreement. The rights of indemnification provided under this Section 13 shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section 13 to the fullest extent permitted by law. This indemnification obligation shall survive the termination of this Agreement. Subject to its fiduciary duties to the Fund, the Investment Manager shall use its best efforts to pursue any indemnity claims against the Fund that the Investment Manager has (and any applicable insurance provided by the Fund and Investment Manager) in connection with the payment of the foregoing indemnification.

The Sub-Adviser shall not be deemed by virtue of this Agreement to have made any representation or warranty that any level of investment performance or level of investment results will be achieved or that Sub-Adviser's management of the Allocated Portion will be successful. The Fund and Investment Manager understand that investment decisions made for the Allocated Portion by the Sub-Adviser are subject to various market, currency, economic, political and business risks, and that those investment decisions will not always be profitable.

14. PERMISSIBLE INTERESTS.

Trustees, agents, and interest holders of the Fund are or may be interested in the Sub-Adviser (or any successor thereof) as members, managers, officers, or interest holders, or otherwise; members, managers, officers, agents, and interest holders of the Sub-Adviser are or may be interested in the Fund as Trustees, interest holders or otherwise; and the Sub-Adviser (or any successor) is or may be interested in the Fund as an interest holder or otherwise.

15. BOOKS AND RECORDS.

In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Sub-Adviser hereby agrees that all records which it maintains for the Fund are the property of the Fund and further agrees to surrender promptly to the Fund copies of any of such records in the event of termination of this Agreement or upon the Fund's or the Investment Manager's request, provided, however, that the Sub-Adviser may retain copies of any records to the extent required for it to comply with applicable laws. The Sub-Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records relating to its activities hereunder required to be maintained by Rule 31a-1 under the 1940 Act and to preserve the records relating to its activities hereunder required by Rule 204-2 under the Advisers Act for the period specified in said Rule. Notwithstanding the foregoing, Sub-Adviser has no responsibility for the maintenance of the records of the Fund, except as otherwise provided herein, required by applicable law or regulation or as may be necessary for the Sub-Adviser to supply to the Investment Manager, the Fund, or its Board the information required to be supplied under this Agreement.

16. CERTIFICATIONS; DISCLOSURE CONTROLS
AND PROCEDURES.

The Sub-Adviser acknowledges that, in compliance with the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), and the implementing regulations promulgated thereunder, the Fund is required to make certain certifications and have adopted disclosure controls and procedures. To the extent reasonably requested by the Fund, the Sub-Adviser agrees to use its commercially reasonable efforts to assist the Fund in complying with the Sarbanes-Oxley Act and implementing the Fund's disclosure controls and procedures. The Sub-Adviser agrees to inform the Fund of any material development related to the Fund that the Sub-Adviser reasonably believes is relevant to the Fund's certification obligations under the Sarbanes-Oxley Act.

17. COOPERATION WITH REGULATORY AUTHORITIES
OR OTHER ACTIONS.

The parties to this Agreement each agree to cooperate in a reasonable manner with each other in the event that any of them should become involved in a legal, administrative, judicial or regulatory action, claim, or suit as a result of performing its obligations under this Agreement.

18. NONPUBLIC PERSONAL INFORMATION;
CONFIDENTIALITY.

Notwithstanding any provision herein to the contrary, the Sub-Adviser hereto agrees on behalf of itself and its affiliates and their respective officers, directors, partners, members, and employees (a) to treat confidentially and as proprietary information of the Fund (i) all records and other information relative to the Fund's prior, present, or potential shareholders (and clients of said shareholders) and (ii) any "Non-public Personal Information," as defined under Section 248.3(t) of Regulation S-P ("Regulation S-P"), promulgated under the Gramm-Leach-Bliley Act (the "G-L-B Act"), and (b) except after prior notification to and approval in writing by the Fund, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by Regulation S-P or the G-L-B Act, and if in compliance therewith, the privacy policies adopted by the Fund and communicated in writing to the Sub-Adviser.

Each party to this Agreement shall keep confidential all Confidential Information (defined below) concerning the other parties and will not use or disclose such information for any purpose other than the performance of its responsibilities and duties hereunder, unless the non-disclosing parties have authorized such disclosure or if such disclosure is compelled by subpoena or is expressly required or requested by applicable federal or state laws, regulations, or regulatory authorities. A receiving party may disclose or disseminate the disclosing party's Confidential Information to its officers, directors, partners, members, employees and agents that have a legitimate need to know such Confidential Information in order to assist the receiving party in performing its obligations under this Agreement. The receiving party shall advise all such foregoing persons of the receiving party's obligations of confidentiality and non-use under this Agreement, and the receiving party shall be responsible for ensuring compliance by such persons with such obligations.

Each party shall take commercially reasonable steps to prevent unauthorized access to each other party's Confidential Information. In addition, each party shall promptly notify the other parties in writing upon learning of any unauthorized disclosure or use of another party's Confidential Information by such party or its agents.

The term "Confidential Information," as used herein, means any of a party's proprietary or confidential information including, without limitation, any Non-public Personal Information of such party, its affiliates, their respective clients or suppliers, or other persons with whom they do business, that is disclosed, directly or indirectly, to the other party by or on behalf of the disclosing party, whether in writing, orally or by other means and whether or not such information is marked as confidential. Confidential Information shall not include information that was (a) rightfully acquired by such receiving party from third parties whom such receiving party reasonably believes are not under an obligation of confidentiality to the other party to which the Confidential Information relates; (b) placed in public domain prior to or after the date of this Agreement without a violation of this Agreement by such receiving party or its affiliates; or (c) independently developed by such receiving party without reference or reliance upon the nonpublic information. In addition, with respect to the Sub-Adviser and the Investment Manager only, "Confidential Information" shall not include any information that had been or will be provided by the Sub-Adviser or its affiliates to the Investment Manager that is not specifically related to the purpose of this Agreement or the Fund, including without limitation, any information provided in connection with the Sub-Adviser's or its affiliates' other funds, accounts or products.

Each party acknowledges and agrees that due to the unique nature of Confidential Information there can be no adequate remedy at law for any breach of its obligations under this Section 18, that any such breach or threatened breach may allow a party or third parties to unfairly compete with the other party resulting in irreparable harm to such party, and therefore, that upon any such breach or any threat thereof, each party will be entitled to appropriate temporary (until the matter may be resolved) equitable and injunctive relief from a court of competent jurisdiction without the necessity of proving actual loss.

The provisions of this Section 18 shall survive any termination of this Agreement.

19. DURATION OF AGREEMENT.

This Agreement shall become effective upon the date first above written, provided that this Agreement shall not take effect unless it has first been approved: (a) by a vote of a majority of those Trustees of the Fund who are not "interested persons" (as defined in the 1940 Act) of any party to this Agreement ("Independent Trustees"), cast in person at a meeting called for the purpose of voting on such approval, and (b) by vote of a majority of the Fund's outstanding voting securities. This Agreement, unless sooner terminated as provided herein, shall remain in effect until March 18<sup>th</sup>, 2028, and thereafter, may continue in effect only if such continuance is specifically approved at least annually (a) by the vote of a majority of those Trustees of the Board who are not parties to this Agreement or interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (b) by a vote of a majority of the Fund's Board or by vote of a majority of the outstanding voting securities of the Fund; provided, however, that if the shareholders of the Fund fail to approve the Agreement as provided herein, the Sub-Adviser may continue to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder. The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

20. TERMINATION OF AGREEMENT.

This Agreement may be terminated at any time, without the payment of any penalty, by the Board, including a majority of the Independent Trustees, or by the vote of a majority of the outstanding voting securities of the Fund, on sixty (60) days' written notice to the Investment Manager and the Sub-Adviser, or by the Investment Manager or the Sub-Adviser on sixty (60) days' written notice to the Fund and the other party. This Agreement will automatically terminate, without the payment of any penalty, (a) in the event of its assignment (as defined in the 1940 Act), or (b) in the event the Investment Management Agreement between the Investment Manager and the Fund is assigned (as defined in the 1940 Act) or terminates for any other reason. This Agreement will also terminate upon written notice to the other party that the other party is in material breach of this Agreement, unless the party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice. In the event of a termination, the Sub-Adviser shall cooperate in the orderly transfer of the Fund's affairs.

21. ASSIGNMENT.

Any assignment (as that term is defined in the 1940 Act) of this Agreement made by the Sub-Adviser shall result in the automatic termination of this Agreement, as provided in Section 20 hereof. Notwithstanding the foregoing, no assignment shall be deemed to result from any changes in the directors, officers or employees of such Sub-Adviser except as may be provided to the contrary in the 1940 Act or the rules or regulations thereunder.

22. NOTICE.

Any notice required or permitted to be given by any party to another shall be deemed sufficient if given in person or sent by delivery service or registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice:

If to the Investment Manager:

Callodine Capital Management, LP

Attn: James Morrow

Two International Place, Suite 1830

Boston, MA 02110

If to the Sub-Adviser:

Corrum Capital Management LLC

Attn: Jason Cipriani

1300 South Church Street

Charlotte, NC 28203

If to the Fund:

Callodine Specialty Income Fund

c/o UMB Fund Services, Inc.

235 West Galena Street

Milwaukee, WI 53212

23. SEVERABILITY AND ENTIRE AGREEMENT.

If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter.

24. GOVERNING LAW.

This Agreement shall be construed in accordance with the laws of the State of Delaware, without reference to conflict of law or choice of law doctrines, and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

25. AMENDMENT.

No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by all parties and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

26. COUNTERPARTS.

This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Signatures on this Agreement may be communicated by electronic transmission (which shall include facsimile or email) and shall be binding upon the parties so transmitting their signatures.

27. HEADINGS.

The headings in the sections of this Agreement are inserted for convenience of reference only and shall not constitute a part hereof.

28. INTERPRETATION **.** 

Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote of a majority of the outstanding voting securities," "interested persons," "assignment," and "affiliated persons," as used herein shall have the meanings assigned to them by Section 2(a) of the 1940 Act. In addition, where the effect of a requirement of the 1940 Act or the Advisers Act reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

29. NO THIRD PARTY BENEFICIARIES.

The parties hereto acknowledge and agree that this Agreement is intended solely for the benefit of the parties hereto and any natural person or entity obtaining rights hereunder as an indemnitee and that there shall be no third party beneficiaries to this Agreement, either express or implied.

[SIGNATURE PAGE FOLLOWS]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and effective as of the day and year first written above.

---

| | |
|:---|:---|
| CALLODINE CAPITAL MANAGEMENT, LP | CALLODINE CAPITAL MANAGEMENT, LP |
| By: | /s/ James Morrow |
| Name: | James Morrow |
| Title: | Chief Executive Officer |
| CORRUM CAPITAL MANAGEMENT LLC | CORRUM CAPITAL MANAGEMENT LLC |
| By: | /s/ Jason Cipriani |
| Name: | Jason Cipriani |
| Title: | Chief Executive Officer |
| CALLODINE SPECIALTY INCOME FUND | CALLODINE SPECIALTY INCOME FUND |
| By: | /s/ Jay Lyons |
| Name: | Jay Lyons |
| Title: | President |

---

**APPENDIX A**

<u>Sub-Adviser Compensation</u>

<u>Sub-advisory fee</u>:

On a quarterly basis, 80% of the Investment Advisory Fee (as defined in the Investment Management Agreement) collected by the Fund with respect to the average daily net assets in the Allocated Portion, after giving effect to any applicable Fund fee waivers and expense limits and Fund expenses outside the expense limitation agreement, including without limitation distribution and shareholder servicing fees

<u>Sub-advisory incentive fees</u>:

On a quarterly basis, the *<u>lesser</u>* of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 80% of the Incentive Fee (as defined in the Investment Management Agreement) calculated with respect to
the Allocated Portion for the preceding quarter, if any; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) 80% of the pro rata portion of the Incentive Fee paid by the Fund in the preceding quarter based on the Incentive Fee calculated with
respect to the Allocated Portion as a portion of the Fund's Incentive Fee for the preceding quarter, if any

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

**Exhibit (k)(2)**

**EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

AGREEMENT as of the 1<sup>st</sup> day of July, 2025 by and among Callodine Specialty Income Fund, a Delaware statutory trust (the "Fund") and Callodine Capital Management, LP, a Delaware limited partnership (the "Investment Manager").

WITNESSETH:

WHEREAS, the Investment Manager acts as investment adviser to the Fund pursuant to an Investment Management Agreement with the Fund dated February 10, 2025 (the "Investment Management Agreement");

NOW, THEREFORE, in consideration of the Fund engaging the Investment Manager pursuant to the Investment Management Agreement and other good and valuable consideration, the parties to this Agreement agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Capitalized terms not otherwise defined herein shall have the meanings ascribed to them in the Fund's Prospectus as currently in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Investment Manager agrees with the Fund to limit the amount of the total annual fund operating expenses (excluding Incentive Fees, acquired fund fees and expenses, distribution and service fees, interest, and fees related to warehouse investments (as defined in the Prospectus) and leverage, taxes, expenses related to litigation and potential litigation, and extraordinary expenses (collectively, "Specified Expenses")) so they do not exceed 2.00% of the average daily net assets for any Class (the "Expense Limit"). If the total annual fund operating expenses, exclusive of the Specified Expenses, in respect of any class for any day, exceed the Expense Limit, the Investment Manager will waive its Investment Management Fee and/or reimburse the Fund for expenses to the extent necessary to eliminate such excess. The Investment Manager may also directly pay expenses on behalf of the Fund and waive reimbursement under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless sooner terminated by the Board of Trustees of the Fund (the "Trustees") as provided in Paragraph 4 of this Agreement, this Agreement will have a term ending April 30, 2027. This Agreement will automatically renew for consecutive twelve-month terms thereafter, provided that such continuance is specifically approved at least annually by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Agreement may be terminated at any time, and without payment of any penalty, by the Trustees, on behalf of the Fund, upon thirty (30) days' written notice to the Investment Manager. This Agreement may not be terminated by the Investment Manager without the consent of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. To the extent that the Investment Manager waives its Investment Management Fee, reimburses expenses to the Fund or pays expenses directly on behalf of the Fund, it is permitted to recoup from the Fund any such amounts for a period not to exceed three years from the date on which such fees and expenses were waived, reimbursed, or paid, even if such recoupment occurs after the termination of this Agreement. However, the Investment Manager may only recoup amounts waived or assumed, provided it is able to effect such recoupment without causing the Fund's expense ratio (after recoupment) to exceed the lesser of (i) the Expense Limit in effect at the time of the waiver and (ii) the Expense Limit in effect at the time of the recoupment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Agreement will be construed in accordance with the laws of the state of Delaware and the applicable provisions of the Investment Company Act of 1940, as amended (the "Investment Company Act"). To the extent the applicable law of the State of Delaware, or any of the provisions in this Agreement, conflict with the applicable provisions of the Investment Company Act, the applicable provisions of the Investment Company Act will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement constitutes the entire agreement between the parties to this Agreement with respect to the matters described in this Agreement.

IN WITNESS WHEREOF, the parties to this Agreement have executed this Agreement as of the date first written above.

---

| |
|:---|
| CALLODINE SPECIALTY INCOME FUND |
| /s/ Jay Lyons |
| By: Jay Lyons |
| Title: President |
| CALLODINE CAPITAL MANAGEMENT, LP |
| /s/ James Morrow |
| By: James Morrow |
| Title: CEO |

---

## Ex-99.(K)(3)

**Exhibit (k)(3)**

<u>JOINT INSURED BOND AGREEMENT</u>

AGREEMENT dated as of this 21<sup>st</sup> day of April, 2026, by and between Redwood Private Real Estate Debt Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund, Megacorn Fund, CIBC Private Lending Strategies and Alpha Summit Strategic Alternatives Fund (each a "Fund" and together, the "Funds").

<u>BACKGROUND</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Funds are management investment companies registered under the Investment Company Act of 1940 (the "Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Rule 17g-1 requires each Fund to provide and maintain in effect a bond against larceny and embezzlement by its officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Rule 17g-1 authorizes the parties hereto to secure a joint insured bond naming each of them as insureds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; D. The Funds desire to be named as insureds on a joint fidelity bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. A majority of the trustees, directors or managers of each Fund, as applicable (each a "Board"), who are not "interested persons" of such Fund as defined by Section 2(a)(19) of the Act, after giving due consideration to all factors relevant to the form, amount and ratable allocation of premiums of the aforesaid joint insured bond, have approved the terms and amount of the bond and the portion of the premium payable by each party hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Each party has determined that the allocation of the proceeds payable under the afore said joint insured bond as set forth herein (which takes into account the minimum amount of bond required for each party by Rule 17g-1 if it maintained a single insured bond) is equitable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Joint Insured Bond</u>. The parties shall maintain in effect a joint fidelity insurance bond (the "Bond") from a reputable fidelity insurance company authorized to do business in the place where the Bond is issued, insuring each party against larceny and embezzlement and covering such of their respective officers and employees who may, singly or jointly with others, have access, directly or indirectly, to their respective securities or funds. The Bond shall name each party as an insured and shall comply with the requirements for such bond established by

Rule 17g-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amount</u>. The Bond shall be in at least the aggregate amount required by Rule 17g-1(d) to be maintained by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Ratable Allocation of Premiums</u>. Each Fund shall pay a percentage of the initial premium and any additional premiums which may become due under the Bond as determined from time to time by the managers of such Fund, including a majority who are not "interested persons" of such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Premium Due Upon Liquidation of Fund or Departure from Program.</u> In the event that a Fund (a) liquidates or (b) undertakes to remove itself from the fund solutions program (currently known as "registered fund solutions"), then such Fund will be obligated to pay an amount for tail coverage under the Bond in such amount as determined by the Boards or if the Boards determine that the Bond shall be terminated, such Fund will be obligated to pay an amount equal to its pro rata share of the total cost to provide tail coverage under the Bond to the Funds for six (6) years from the date of termination of the Bond.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. <u>Ratable Allocation of Proceeds</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If more than one of the parties sustains a single loss (including a loss sustained before the date hereof) for which recovery is received under the Bond, each such party shall receive that portion of the recovery which is sufficient in amount to indemnify that party in full for the loss sustained by it, unless the recovery is inadequate to fully indemnify all such parties sustaining a single loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If the recovery is inadequate to indemnify fully all parties sustaining a single loss, the recovery shall be allocated among such parties as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each party sustaining a loss shall be allocated an amount equal to the lesser of its actual loss or the minimum amount of the fidelity bond which would be required to be maintained by-such-party under a single insured bond (determined as of the time of the loss in accordance with the provisions of Rule 17g-1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The remaining portion of the recovery (if any) shall be allocated to each party sustaining a loss not fully indemnified by the allocation under subparagraph (i) in the same proportion as the portion of each party's loss which is not fully indemnified bears to the sum of the unindemnified losses of all such parties. If such allocation would result in any party receiving a portion of the recovery in excess of the loss actually sustained by it, the aggregate of such excess portion shall be reallocated among the other parties whose losses would not be fully indemnified as a result of the foregoing indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Claims and Settlements</u>. Each party shall, within five (5) days after the making of any claim under the Bond, provide UMB Fund Services, Inc. ("UMBFS") with written notice of the amount and nature of such claim, and UMBFS will provide written notice to all other parties within five (5) days of receipt. Each party shall, within five (5) days of the receipt thereof, provide UMBFS with written notice of the terms of settlement of any claim made under the Bond by such party, and UMBFS will provide written notice to all other parties within five (5) days of receipt. In the event that two or more parties shall agree to settlement with the fidelity company of a claim made under the Bond with respect to a single loss, such parties shall, within five days after settlement, provide UMBFS with written notice of the amounts to be received by each claiming party under Section 4 hereof, and UMBFS will provide written notice to all other parties within five (5) days of receipt. The officer(s) of the respective parties designated as responsible for filing notices required by paragraph (g) of the Rule 17g-1 under the Act shall give and receive any notice required hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Modifications and Amendments</u>. Any party may increase the amount of the Bond, provided that written notice thereof must be given to the other parties to this Agreement. If pursuant to Rule 17g-1, any party shall determine that the coverage provided pursuant to this Agreement should otherwise be modified, it shall so notify the other parties hereto, and indicate the nature of the modification which it believes to be appropriate. If, within forty-five (45) days of such notice any necessary amendments to this Agreement shall not have been made and the request for modification shall not have been withdrawn, this Agreement shall terminate with respect to such party (except with respect to losses occurring prior to such termination), but, with respect to each other party, shall remain in effect. Any party may withdraw from this Agreement at any time and cease to be party hereto (except with respect to losses occurring prior to such withdrawal) by giving written notice to the other parties of such withdrawal. Upon withdrawal, a withdrawing party shall be entitled to receive any premium rebated by the fidelity company with respect to such withdrawal in accordance with the percentages contained in Section 3 hereof relating to the allocation of payment of premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Obligations of the Funds</u>. Each party acknowledges that this Agreement is executed on behalf of the Funds by the undersigned officers of the Funds as officers and not individually. Each party acknowledges and agrees that the obligations of the Funds under this Agreement are not binding on any officers, managers or interest holders of the Funds individually but are binding only upon the assets and properties of the Funds, and any person dealing with any class of shares of a Fund must look solely to the assets and properties of such Fund belonging to such class for the enforcement of any claims against such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10. <u>No Assignment</u>. This Agreement is not assignable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. Notices relating to termination of the Agreement, breaches of contractual duties, initiation of legal proceedings, complaints in relation to services provided hereunder or any other material notices under the Agreement, other than notices given in the ordinary course of business (each a "Material Notice"), must be given in writing (either by way of facsimile, registered mail, or a recognized overnight courier). A notice sent by facsimile shall be deemed to have been served at the close of business on the day upon which the other party confirms receipt. A notice sent by registered mail shall be deemed to have been served at the close of business on the day upon which it is delivered. Material Notices shall be sent as follows, or to such other address as the parties may agree from time to time:

UMB Fund Services, Inc. <br> 235 W. Galena St.

Milwaukee, WI 53212

Attention: Legal Department

Re: Material Notice, Redwood Private Real Estate Debt Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund, Megacorn Fund, CIBC Private Lending Strategies and Alpha Summit Strategic Alternatives Fund.

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **Redwood Private Real Estate Debt Fund** | **Redwood Private Real Estate Debt Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Callodine Specialty Income Fund** | **Callodine Specialty Income Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Pursuit Asset-Based Income Fund** | **Pursuit Asset-Based Income Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Megacorn Fund** | **Megacorn Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **CIBC Private Lending Strategies** | **CIBC Private Lending Strategies** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Alpha Summit Strategic Alternatives Fund** | **Alpha Summit Strategic Alternatives Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |

---

## Ex-99.(K)(4)

**Exhibit (k)(4)**

**<u>JOINT LIABILITY INSURANCE AGREEMENT</u>**

AGREEMENT dated the 21<sup>st</sup> day of April, 2026 between the Redwood Private Real Estate Debt Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund, Megacorn Fund, CIBC Private Lending Strategies and Alpha Summit Strategic Alternatives Fund (collectively, the "Funds" and individually, a "Fund").

WHEREAS, each Fund is a management investment company registered under the Investment Company Act of 1940 (the "1940 Act");

WHEREAS, each Fund is an affiliate of each other Fund under the 1940 Act;

WHEREAS, Rule 17d-1(d)(7) under the 1940 Act permits arrangements regarding liability insurance policies between registered investment companies and their affiliates provided certain conditions are met; and

WHEREAS, a majority of the Board of Trustees, Directors or Managers of each Fund, as applicable, (each a "Board") (including a majority of the trustees, directors or managers who are not "interested persons" of each respective Fund as defined by Section 2(a)(19) of the 1940 Act) has given due consideration to all factors relevant to the form, amount and ratable allocation of premiums of the Investment Company Directors & Officers and Professional Liability Policy (the "Policy") and (i) has approved the terms and amount of the Policy and the participation of each respective Fund in the Policy as being in the best interests of that Fund, and (ii) has determined that the allocation of the premium for the Policy as set forth herein (which is based on information obtained from the underwriters regarding each Fund's proportionate share of the sum of the premiums that would have been paid if such insurance coverage were purchased separately by the Funds) is fair and reasonable to the Fund.

NOW, THEREFORE in consideration of the mutual covenants contained herein, the Funds hereby agree:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Joint Policy</u>. To insure the Funds and their respective managers, executives, officers and employees against their errors or omissions, the Funds have obtained and maintain the Policy, pursuant to which they are each insured under the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Limits of Liability</u>. The limit of the Policy insurer's (the "Insurer") liability under the Policy shall not be less than an amount approved by each Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Ratable Allocation of Premium</u>. So long as each Fund continues to operate as an investment company, each Fund agrees to pay its proportionate share of the total premium due under the Policy, which share shall be determined based on each Fund's proportionate share of the sum of the premiums that would have been paid if such insurance coverage were purchased separately by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Premium Due Upon Liquidation of Fund or Departure from Program.</u> In the event that a Fund (a) liquidates or (b) undertakes to remove itself from the fund solutions program (currently known as "registered fund solutions"), then such Fund will be obligated to pay an amount for tail coverage under the Policy in such amount as determined by the Boards or if the Boards determine that the Policy shall be terminated, such Fund will be obligated to pay an amount equal to its pro rata share of the total cost to provide tail coverage under the Policy to the Funds for six (6) years from the date of termination of the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. <u>Allocation of Recoveries and Deductibles</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term "Loss" shall mean any Loss (as such term or similar term is defined in the Policy) for which payment is made under the Policy by the Insurer on behalf of the Funds, or their respective managers, executives, officers or employees, or for which payment would have been made by the Insurer under the Policy if the limits of the Insurer's liability under the Policy had not been exceeded. The term "Recovery" shall mean the aggregate amount paid by the Insurer on behalf of the Funds (or their respective managers, executives, officers or employees) in respect of a Loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Subject to the next sentence, if a Fund sustains a Loss as a result of one or more claims made during a single annual coverage period for which a Recovery is received under the Policy, such Fund shall receive an amount equal to the actual Loss. If a Recovery is less than the amount required to indemnify fully the Funds sustaining a related Loss, then the Recovery shall be allocated among the Funds which have not been fully indemnified for their Losses in the same proportion as their premiums bear to one another.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) In each case of Loss, the applicable deductible under the Policy will be allocated among the Funds sustaining Losses in proportion to the relative share of Recovery received by each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Claims and Settlements</u>. Each Fund shall file a copy of this Agreement with the Insurer as part of any claim under the Policy and shall, at the time of making of any claim under the Policy, provide UMB Fund Services, Inc. ("UMBFS") with written notice of the amount and nature of such claim, and UMBFS will provide written notice to the other Funds. Each Fund shall provide to UMBFS forthwith written notice of the terms of settlement of any claim made under the Policy, and UMBFS will provide written notice to the other Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Term</u>. This Agreement shall remain in effect as long as the Boards of each Fund (including a majority of the managers, directors or trustees, as applicable, who are not "interested persons," as defined by Section 2(a)(19) of the Act) makes the annual determinations respecting the Policy required under Rule 17d-1(d)(7), and annually approves the renewal of the Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Amendments</u>. This Agreement may be modified or amended only by a writing executed by all of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10. <u>No Assignment</u>. This Agreement is not assignable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>. All notices and other communications hereunder shall be in writing and shall be addressed to the notified Fund as follows:

UMB Fund Services, Inc. <br> 235 W. Galena St.

Attention: Legal Department

Re: Redwood Private Real Estate Debt Fund, Callodine Specialty Income Fund, Pursuit Asset-Based Income Fund, Megacorn Fund, CIBC Private Lending Strategies and Alpha Summit Strategic Alternatives Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which, when executed and delivered shall be deemed to be an original, but all of which together shall constitute one and the same instrument.

IN WITNESS WHEREOF, each of the parties hereto has duly executed this Agreement on the day and year first above written.

---

| | |
|:---|:---|
| **Redwood Private Real Estate Debt Fund** | **Redwood Private Real Estate Debt Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Callodine Specialty Income Fund** | **Callodine Specialty Income Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Pursuit Asset-Based Income Fund** | **Pursuit Asset-Based Income Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Megacorn Fund** | **Megacorn Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **CIBC Private Lending Strategies** | **CIBC Private Lending Strategies** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |
| **Alpha Summit Strategic Alternatives Fund** | **Alpha Summit Strategic Alternatives Fund** |
| By: | /s/ Ann Maurer |
| Name: | Ann Maurer |
| Title: | Secretary |

---

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

**Exhibit (l)(2)**

CONSENT OF COUNSEL

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 Post-Effective Amendment No. 1 to the Registration Statement on Form N-2 under the Securities Act of 1933, as amended (the "1933 Act"), of Callodine Specialty Income Fund (File Nos. 333-280841; 811-23984). 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 U.S. Securities and Exchange Commission thereunder.

---

| |
|:---|
| /s/ Faegre Drinker Biddle & Reath LLP |
| Faegre Drinker Biddle & Reath LLP |

---

Philadelphia, Pennsylvania

April 30, 2026

## Ex-99.(N)

**Exhibit (n)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 of Callodine Specialty Income Fund of our report dated February 27, 2026, relating to the financial statements and financial highlights which appears in Callodine Specialty Income Fund's Certified Shareholder Report on Form N-CSR for the period ended December 31, 2025. We also consent to the references to us under the headings: "Financial Highlights", "Independent Registered Public Accounting Firm; Legal Counsel", "Independent Registered Public Accounting Firm" and "Financial Statements" in such Registration Statement.

/s/PricewaterhouseCoopers LLP<br> Boston, Massachusetts<br> April 28, 2026

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

**Exhibit (r)(2)**

**Callodine Capital Management, LP**

**Callodine Credit Management, LLC** 

**Rand Capital Management, LLC**

**Thorofare, LLC** 

**Code of Ethics and Personal Trading Policy**

**December 2025**

**<u>Introduction</u>**

<br> Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") requires all investment advisers registered with the Securities and Exchange Commission ("SEC") to adopt a code of ethics that sets forth standards of conduct and requires compliance with federal securities laws. Rule 17j-1 under the Investment Company Act of 1940, as amended ("1940 Act"), 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.

"Federal Securities Laws" means the Securities Act of 1933, as amended; the Securities Exchange Act of 1934, as amended; the Investment Company Act of 1940, as amended; and the Investment Advisers Act of 1940, as amended.

This code of ethics ("Code") complies with each of the noted Rules above. This Code is intended to reflect fiduciary principles that govern the conduct of the Advisers noted below and its supervised persons in those situations where the Adviser acts as an investment adviser as defined under the Advisers Act. It consists of an outline of policies regarding several key areas: standards of conduct, compliance with laws, rules and regulations, protection of material non-public information and personal securities trading.

Callodine Group, LLC is the parent company for the following registered investment advisers:

&nbsp;&nbsp;&nbsp;&nbsp;· Callodine Capital Management, LP

&nbsp;&nbsp;&nbsp;&nbsp;· Callodine Credit Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;· Rand Capital Management, LLC

&nbsp;&nbsp;&nbsp;&nbsp;· Thorofare, LLC

Collectively, the advisers noted above are referred to as "CG Advisers" or "Firm" and each adviser is referred to as a "CG Adviser".

This Code covers all Employees, Supervised and Access Persons at each of the Advisers and are referred to here as "Employees" collectively.

The Code covers all "supervised persons." ***Supervised persons*** include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Directors, officers, and partners of the adviser (or other persons occupying a similar status or performing similar functions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Employees of the advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Any other person who provides advice on behalf of the advisers and is subject to the adviser's supervision and control.

The "Personal Securities Transactions Policies and Procedures" described below apply to all Employees who are considered Access Persons.

**Access persons** include any supervised person who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Has access to nonpublic information regarding
any clients' purchase or sale of securities, or nonpublic information regarding the portfolio holdings of any fund the adviser or
its control affiliates manage; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is involved in making securities recommendations
to clients, or has access to such recommendations that are nonpublic

At the time of the publication of this Code, all of the employees of a CG Adviser are presumed to be "**Access Persons**" of such CG Adviser. Intern and Consultant positions will be reviewed on a case-by-case basis to determine if Supervised or Access Persons. For purposes of the Code, any reference to a trade by an Access Person includes a trade by a member of such Access Person's family living in the same household. *If you have any doubt or question about whether an investment, account or person is covered by any of the requirements below, ask the Chief Compliance Officer ("CCO"). Please **<u>do not guess</u>** the answer.*

 

A director of a Reportable Fund who is not an "interested person" of the Reportable Fund within the meaning of Section 2(a)(19) of the 1940 Act, and who would be required to make a report solely by reason of being a fund director, need not make an Initial Holdings Report or an Annual Holdings Report. Such director also need not make a Quarterly Transaction Report, unless the director knew or, in the ordinary course of fulfilling his or her duties as a fund director, should have known that during the 15-day period immediately before or after the director's transaction in a Covered Security (as defined in section 17(j)-1(a)(4) of the 1940 Act), the fund purchased or sold the Covered Security, or the fund or its investment adviser considered purchasing or selling the Covered Security.

 

**"Reportable Fund"** as defined by the Advisers Act shall have the same meaning as it does in Rule 204A-1 and generally means (1) any fund for which a CG Adviser serves as an investment adviser (including sub-adviser), including closed-end funds and open-end funds and (2) any fund whose investment adviser or principal underwriter controls a CG Adviser, is controlled by a CG Adviser, or is under common control with a CG Adviser.

 

**Family members** include the person's immediate family (including any relative by blood or marriage) living in the employee's household. Any account in which he or she has a direct or indirect beneficial interest (such as a trust) is subject to the Firm's personal trading policy. Other individuals living in the employee's household are not subject to the policy, but employees should be cognizant of the confidentiality of the business of the adviser. Information should not be shared with others in their circle of home, friends or family.

**"Immediate family"** means son, daughter (including a legally adopted child) or any descendants of either, stepson or stepdaughter, son-in-law, daughter-in-law, father or mother or any ancestor of either, stepfather or stepmother, mother-in-law or father-in-law, siblings or siblings-in-law, and spouse or "domestic partner."

**"** **Domestic partner"** means a person, 18 years of age or older:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To whom you are neither married nor related;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· With whom you live in the same residence and intend to do so indefinitely; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· With whom you have an exclusive committed relationship

 

Access Person trades should be executed in a manner consistent with CG Advisers' fiduciary obligations to its Clients: trades should avoid actual improprieties, as well as the appearance of impropriety. Access Person trades must not be timed to precede orders placed for any Client, nor should trading activity be so excessive as to conflict with the Access Person's ability to fulfill daily job responsibilities.

**<u>Standards of Conduct</u>**

The CG Advisers are committed to maintaining the highest legal and ethical standards of business conduct. Our reputation for integrity and excellence requires careful observance of the spirit and letter of all applicable laws and regulations, as well as maintaining the highest standards of conduct and personal integrity in every aspect of our business. The continued success of Callodine Group is dependent upon our investors' trust, and we are dedicated to preserving that trust. Employees owe a duty to their adviser, its clients and each other to act in a way that warrants the continued trust and confidence of our investors.

As investment advisers, we owe a fiduciary duty to our clients. We must act for the benefit of our clients to the exclusion of any contrary interest and our actions must be guided at all times by the best interest of our clients. We owe an affirmative duty to act in the utmost good faith, to fully and fairly disclose any material conflicts of interest, and to avoid misleading our clients. This duty applies equally to individuals as well as the CG Advisers. It is critical that all of our employees understand and embrace this fiduciary duty and incorporate it into our daily operations and decision-making.

Among the specific obligations that the SEC has indicated flow from an adviser's fiduciary duty are:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A duty to have a reasonable, independent basis
for its investment advice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A duty to obtain best execution for clients'
securities transactions where the adviser is in a position to direct brokerage transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A duty to ensure that its investment advice is
suitable to the client's objectives, needs and circumstances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A duty to refrain from effecting personal securities
transactions inconsistent with client interests; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A duty to be loyal to clients.<br>

Each employee plays a vital role in the performance and vigilant safeguarding of our fiduciary responsibilities and fulfillment of his or her own fiduciary duty. In addition to the responsibilities arising from our fiduciary duty as an investment adviser, the CG Advisers will comply with all applicable laws and regulations, in letter and in spirit, and requires the same commitment of its employees.

Beyond our fiduciary duty, as a matter of policy to assure investors that their investments are treated fairly and equitably, the CG Advisers strive to avoid even the appearance of conflicts of interest. This requires each of our employees to be mindful of and avoid any situation where an outside business relationship, financial interest or other personal benefit could be perceived to be motivating our actions or compromising our judgment.

In general, those subject to this Code owe a fiduciary duty to clients and investors, which includes ensuring that one's personal affairs, including personal securities transactions, are conducted in a manner which avoids: (i) serving one's own personal interests ahead of clients, (ii) taking inappropriate advantage of one's position with a CG Advisors; and (iii) any actual or potential conflicts of interest or any abuse of one's position of trust and responsibility.

Pursuant to Rule 17j-1 of the Investment Company Act, it is unlawful for any affiliated person of an investment adviser for a Fund, 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 engage in prohibited conduct, as defined below:

&nbsp;&nbsp;&nbsp;&nbsp;· Employ any device, scheme or artifice to defraud a client or engage in any manipulative
practice with respect to a client;

&nbsp;&nbsp;&nbsp;&nbsp;· Make to a client, any untrue statement of a material fact or omit to state to a
client 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;· Engage in any act, practice, or course of business which operates or would operate
as a fraud or deceit upon a client; or

&nbsp;&nbsp;&nbsp;&nbsp;· Engage in any manipulative practice with respect to a client.

**<u>Conflicts of Interest</u>**

Conflicts of interest may exist between various individuals and entities, including the CG Advisers, Employees, and current or prospective Clients and Investors. Any failure to identify or properly address a conflict can have severe negative repercussions for the CG Advisers, its Employees, and/or Clients and Investors. In some cases, the improper handling of a conflict could result in litigation and/or disciplinary action.

All Employees must (i) promptly notify the CCO of any known or potential conflict of interest and (ii) complete a Conflicts of Interest Questionnaire upon the commencement of employment and on an annual basis thereafter in the manner specified by the CCO. The CCO reviews all Conflicts of Interest Questionnaires to identify any actual and potential conflicts of interest and properly disclose, mitigate and/or eliminate them. Any potential or actual conflict of interest involving the CCO will be reviewed by the General Counsel ("GC").

The CG Advisers' policies and procedures have been designed to identify and properly disclose, mitigate, and/or eliminate applicable conflicts of interest. However, written policies and procedures cannot address every potential conflict, so Employees must use good judgment in identifying and responding appropriately to actual or apparent conflicts. Conflicts of interest that involve the Firm and/or its Employees on one hand, and Clients and/or Investors on the other hand, will be disclosed, as appropriate, and/or resolved in a manner that takes the best interests of Clients and/or Investors into account.

In some instances, conflicts of interest may arise between Clients and/or Investors. Responding appropriately to these types of conflicts can be challenging and may require disclosure to any Clients or Investors involved in such conflict. Employees should notify the CCO promptly if they believe a conflict of interest has not been identified or it appears that any actual or apparent conflict of interest between Clients and/or Investors has not been appropriately addressed. The CCO is responsible for notifying the GC promptly with regard to any such conflict of interest involving themself.

<u>Gifts and Entertainment</u>

The giving or receiving of gifts or business entertainment could give rise to a potential or actual conflict of interest. Any gift or entertainment provided as a kickback or quid pro quo is strictly prohibited. All Supervised Persons must comply with our Gifts and Entertainment Policy set forth in the Compliance Manual.

<u>Service as Director for an Outside Company</u>

As described in the Outside Business Activities Policy included in the Compliance Manual, any Supervised Person wishing to serve as director for an outside company (public or private) must first seek the written approval of the CCO. All Supervised Persons are required to comply with our Outside Business Activities Policy set forth in the Compliance Manual.

<u>Outside Employment and Business Interests</u>

Before accepting outside employment, which includes any business activity for which a Supervised Person receives compensation ('Outside Employment"), all Supervised Persons must obtain prior approval from the CCO and, if requested, provide periodic reports summarizing the outside business activities. All Supervised Persons are required to comply with our Outside Business Activities Policy set forth in the Compliance Manual.

<u>The Use of Social Media</u>

Callodine prohibits the use of all social media for "conducting" any type of Firm business unless it is pre-approved by the CCO. Specific details of the Firm's Social Media Policy are included within the Compliance Manual. All Supervised Persons are required to comply with our Social Media Policy set forth in the Compliance Manual.

<u>Political and Charitable Contributions</u>

Contributions to political candidates or organizations and to charities may give the appearance of a conflict of interest. Any Supervised Person wishing to make contributions to charities where there is an actual or potential conflict of interest, or where the charitable contribution is related to Clients of the Firm or investors in a Reportable Fund must seek the prior written approval of the CCO. All political contributions must be pre-cleared with the written approval of the CCO. All Supervised Persons are required to comply with our Political and Charitable Contributions Policy set forth in the Compliance Manual.

**<u>Confidentiality</u>**

All information concerning the identity of security holdings and financial circumstances of all clients (both current and former) or prospective clients is confidential. This also applies to all investors in the Funds.

All information about clients and investors must be kept in strict confidence, including identity (unless consent is obtained), financial situation, security holdings, and advice furnished by the Firm.

**<u><br> Personal Securities Transactions Policies and Procedures</u>**

**Accounts Covered by the Policies and Procedures (Covered Accounts)**

CG Advisers' *Personal Securities Transactions policies and procedures* apply to Access Persons and immediate family members with Covered Accounts. In addition, this *Personal Securities Transactions policies and procedures* apply to all accounts in which an Access Person may exercise investment discretion, regardless of whether they have a beneficial interest in the account.

Covered Accounts, for purposes of this Code, are accounts that hold Securities or beneficial ownership in Securities by an Access Person or an immediate family member and include accounts which are:

● Owned by an Access Person, alone or together with others; or

● Controlled or managed by an Access Person, directly or indirectly; or

● Owned (alone or together with others) or controlled (directly or indirectly) by any immediate family member of an Access Person who lives in the same household with the Access Person; and

● In which an Access Person or an "immediate family member" directly or indirectly share profits. (See Introduction section for definition of immediate family member)

**Beneficial Owner** shall have the same meaning as that set forth in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended. You have a "beneficial ownership" of a Reportable Security when you or an Immediate Family Member, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise has or shares the opportunity, directly or indirectly, to profit or share in the gains, losses, dividends or interest obtained from a Reportable Security transaction.

For avoidance of doubt, the existence of retirement accounts (e.g., 401K, IRA and other) are reportable accounts. However, eligible investments in many retirement accounts are often limited to mutual funds. Therefore, the transactions in such accounts may be exempt from reporting. If you have any questions about the reporting of retirement accounts, please contact the CCO.

**Special Consideration – Loans**

Commercial real estate loans may not meet the technical definition of a Reportable Security. However, due to the potential perceived conflict, Employees must pre-clear all commercial real estate loan investments or participation(s) with the CCO to confirm that the opportunity is not otherwise suitable for or otherwise in conflict with a Client. The CCO will consult with the General Counsel and other Partners, as necessary.

**Reportable Securities** 

Any "security" (as that term is defined in Section 202(a)(18) of the Advisers Act) except money market funds, open-end mutual funds and other exempt securities as described below. Examples of reportable securities include:

● Debt and equity securities, including Initial Public Offerings (IPO);

● Options on securities, on indices and on currencies;

● Limited Offerings. All forms of LP and LLC interests, including interests in private investment funds (e.g., hedge funds);

● Initial Coin Offerings (ICO);

● Currency and non-securities derivatives

● Foreign unit trusts and foreign mutual funds;

● Exchange Traded Funds ("ETFs");

● Closed-end funds (a limited structured fund that raises a fixed amount of capital through an initial public offering traded on a stock exchange); and

● Reportable Funds - any Registered Fund for which a CG Adviser serves as an investment adviser (including sub-adviser).

"Initial Public Offering" (IPO) means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

"Limited Offering" means an offering of securities that is exempt from registration under the Securities Act of 1933, as amended.

**Exempt Securities—No Reporting Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term
debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by open-end investment companies registered in the U.S. (i.e., open-end mutual funds), other
than funds advised or underwritten by CG Advisers or an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;· Interests in 529 college savings plans that invest only in mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by unit investment trusts that are invested exclusively in one or more open-end registered
investment companies, none of which are advised or underwritten by CG Advisers or an affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;· Annuities and other insurance products (unless the product is referenced to as an investment instrument
that is not an Exempt Security described above).

&nbsp;&nbsp;&nbsp;&nbsp;· Currencies

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions involving Reportable Securities in a **Professionally Managed Account** as discussed below.

NOTE:

Cryptocurrency purchased as currency, or a cash equivalent is not currently considered a security and therefore not a Reportable Security. However, derivatives based on Cryptocurrency, and Initial Coin Offerings should be considered Reportable Securities.

**Professionally Managed Accounts (Discretionary Accounts)**

Accounts that: (i) are managed by an unaffiliated investment manager who has discretionary authority and control over the account and (ii) has all investment decisions made by the unaffiliated investment manager and not made directly or indirectly by an Access Person or immediate family member of the Access Person. Although transactions in these accounts are not "reportable", employees must report the existence of all such accounts on the Initial and Annual Holdings Reports. In addition, Employees are required to complete the Managed Accounts Disclosure Affirmation on an annual basis in a manner directed by the CCO.

Note: Any transactions in an account in which the Access Person has a beneficial interest, but over which he/she has no direct or indirect influence or discretion, are not subject to the Quarterly Transaction reporting requirements as outlined below.

**Trading Restrictions** 

Access Persons are prohibited from transacting in reportable securities (defined above) with the exception of Exchange Traded Funds (ETFs), Municipal Securities, andCG-managed Private Funds, unless pre-approval has been granted. No more than five pre-clearance requests will be considered per Employee each month. Requests should be made pursuant to the pre-clearance procedures outlined below. Absent special circumstances, requests will be denied for any securities held in a Reportable Fund or for securities that are in the research phase at the time of the request.

CG Advisers will maintain a combined Restricted List, as described below. Employees are not allowed to trade in any names on the Restricted List, therefore any requests for those securities will be denied.

Transactions in these security types are prohibited:

&nbsp;&nbsp;&nbsp;&nbsp;· Derivatives

&nbsp;&nbsp;&nbsp;&nbsp;· Options

&nbsp;&nbsp;&nbsp;&nbsp;· Short Sales

All securities subject to pre-clearance must be held for a 60-day holding period. Once a security that is subject to pre-clearance is sold, it cannot be bought again for a further 60 days.

Specific Adviser Restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;· Employees may not trade in fund holdings or securities that the Employee's Adviser Fund(s) has traded in the past 30 days, or
that are on the open orders list.

&nbsp;&nbsp;&nbsp;&nbsp;· If any employee already holds a security that
is then purchased by a Fund, they must continue holding until the Fund no longer holds the position.

&nbsp;&nbsp;&nbsp;&nbsp;· Analysts at each of the CG Advisers may not trade in names they cover/have conducted research on for their Advisers' Funds.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees subject to specific security blackout periods must adhere to the applicable trading windows.

Note: The CCO may grant exceptions to policies after review of specific issues. These issues will be reviewed on a case-by-case basis.

<br> Note: CG Managed Registered Funds may enter Blackout Periods, where employees are prohibited from transacting in certain CG managed Registered Funds. These Blackout Periods will be communicated to all employees as they occur and when the Blackout Period is lifted.

**Restricted Lists**

While it is anticipated that certain CG Advisers or its Access Persons are infrequently exposed to public companies during its investment diligence and monitoring due to its business of originating and managing loans, the CCO is prepared to maintain a Restricted List of Securities. The Restricted list will include issuers that Callodine Group <u>might have</u> received Material Nonpublic Information. Due to the technical and legal analysis to determine whether information is both material and nonpublic, CG Advisors will endeavor to err on the side of caution and restrict trading companies prematurely to prevent the appearance of any improprieties. Employees must review the *Insider Trading* section of the Compliance Manual to understand additional responsibilities in this area.

The CCO will document the date a company was added to the Restricted List, with a brief note explaining the reason for the addition, the date that the company was removed, and a description of why it was then removed.

Personal or Fund transactions in Securities that are associated with any issuers on the Restricted List are prohibited.

**Pre-clearance Requirements and Procedures**

Prior to entering a Reportable Security transaction (as defined above), a Trade Pre-Clearance Form must be submitted to the CCO, or designee, for review and approval. The CCO will obtain pre-clearance from the GC. The Firm will use the Compliance Reporting System for these requests.

Pre-approval by the CCO or designee is not required for ETFs, municipal securities and initial or additional investments to CG Advisers' Private Funds. Any Access Persons' investments in the internal/proprietary private funds are included on each Fund's capital register. Holdings in the mutual fund and interval funds are monitored in the Compliance Reporting System.

<br> Requests that are approved are good for two (2) business days unless otherwise indicated.

In the below instances, the Compliance Reporting System will grant auto-approval for trades:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trades in single-name securities under $10k if company is large cap with a market cap above $10 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the company is not on the Restricted List or subject to blackout list (for the entity where employee works).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees have not exceeded their maximum trades per month

**NOTE:** Automatic investment and dividend reinvestment plan investments (DRIPs) for stock in publicly traded companies are exempt from pre-clearance but subject to reporting detailed below. New or changes to instructions for automatic investment and DRIPs are required to be pre-cleared.

**<u>Reporting Requirements</u>**

These reporting requirements apply to all Security Accounts in which you have a Beneficial Ownership and in which you hold Securities. Accounts that hold any securities should be reported promptly upon being opened.

 ****

**Initial and Annual Holdings Reports** 

Access Persons must periodically report the existence of any account that holds any Securities (*including Securities excluded from the definition of a Reportable Security*), as well as all Reportable Securities holdings. Reports regarding accounts and holdings must be submitted in a manner directed by the CCO within thirty (30) calendar days of December 31<sup>st</sup>, and within ten (10) business days of an individual first becoming an Access Person.

Annual reports must be current as of December 31<sup>st</sup>; initial reports must be current as of a date no more than forty-five (45) calendar days prior to the date that the person became an Access Person.

Initial and annual reports must disclose the existence of all accounts that hold any Securities, even if none of those Securities fall within the definition of a "Reportable Security."

If an Access Person does not have any holdings and/or accounts to report, this should also be indicated within ten (10) business days of becoming an Access Persons and within thirty (30) calendar days of December 31<sup>st</sup>.

Holdings report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The title and exchange ticker symbol or CUSIP number, type of security, number of shares and principal
amount (if applicable) of each Security in which the Access Person had any direct or indirect beneficial interest ownership when the person
became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker, dealer or bank, account name, number and location with whom the Access Person
maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of the date the person
became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date the report is submitted by the Access Person.

**Quarterly Transaction Reports**

<br> Each quarter, Access Persons must report all Reportable Securities transactions in accounts in which they have a Beneficial Interest. Access Persons are required to provide a direct feed to their accounts or submit quarterly brokerage statements to the CCO electronically as the means for reporting transactions in reportable securities. The reporting of any reportable securities that are not held in a brokerage account, as well as the reporting of any new accounts opened during the quarter, will be reported using the Quarterly Reporting Form in a manner as directed by the CCO. All new account reports must include the name on the account, the name of the broker/dealer or bank and date the account was established. All quarterly reporting is due within thirty (30) calendar days of quarter end.

Quarterly transaction reports must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date of the transaction, the title and exchange ticker symbol
or CUSIP number, the interest rate and maturity date (if applicable), the number of shares and the principal amount (if applicable) of
each covered security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The nature of the transaction (i.e., purchase, sale or any other
type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The price of the Reportable Security at which the transaction
was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer or bank with or through whom
the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date the report is submitted.

For all reporting requirements, the Firm will use an electronic Compliance Reporting System for reporting requirements. Access Persons will provide a direct feed to their brokerage accounts or submit quarterly brokerage statements electronically.

**<u>Personal Trading and Holdings Reviews</u>**

The CCO will review reports submitted pursuant to the *Personal Securities Transactions* policies and procedures. Any personal trading undertaken in violation of the provisions of this Code may result in further inquiry and/or sanctions, up to and including dismissal.

Any transactions (other than permitted transactions) that are executed without pre-clearance may be subject, in the CCO's discretion (after consultation with management, if appropriate), to being reversed, or if the Employee profited from the transaction, to disgorgement of such profits and contribution to a charitable organization, unaffiliated with CG Advisers, and to suspension of personal trading privileges.

The GC, or designee, will monitor the CCO's personal securities transactions for compliance with the *Personal Securities Transactions* policies and procedures and any related pre-approvals.

**<u>Failure to Comply with the Provisions of the Code – Sanctions</u>**

Strict compliance with the provisions of this Code shall be considered a basic condition of employment with the CG Advisers. Access Persons are urged to seek the advice of the CCO for any questions as to the application of this Code to their individual circumstances. Access Persons must promptly report any violations of the Code of Ethics to the CCO.

Violations of the Code may result in disciplinary action. The disciplinary action may be whatever the CCO and senior management deem appropriate given the situation, and may include a written warning, fines, disgorgement of profits and/or losses avoided, suspension, demotion, or termination of employment. Violations may also be referred to civil or criminal authorities where appropriate.

**<u>Administration and Enforcement of the Code</u>**

**Administration of the Code**

The CCO is responsible for administering the Code and implementing the appropriate procedures reasonably necessary to prevent and detect Code violations.

The Firm has retained an outside consulting firm to provide assistance with administering its ongoing compliance program and Code of Ethics. As such, any reference made to the CCO may also be deemed to mean the consulting firm as her designee.

**Recordkeeping Policy**

The following records shall be maintained for the required document retention period:

&nbsp;&nbsp;&nbsp;&nbsp;· A copy of each Code that has been in effect at any time during the last 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. (These records must be kept for five years after
the individual ceases to be an employee of the Firm.)

&nbsp;&nbsp;&nbsp;&nbsp;· Holdings and transaction reports made pursuant to the Code, including any
brokerage confirmation and account statements made in lieu of these reports.

&nbsp;&nbsp;&nbsp;&nbsp;· A list of the names of persons who currently, or within the past five years,
were Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;· A record of any decision for approving the acquisition of securities by access
persons in IPO's and limited offerings for at least five years after the end of the fiscal year in which approval was granted.

&nbsp;&nbsp;&nbsp;&nbsp;· A record of any decisions that grant employees or access persons a waiver
from or exception to the Code. Maintain for five years.

&nbsp;&nbsp;&nbsp;&nbsp;· Copies of all reports regarding the annual review of the Code and a listing
of any material violations. Maintain for five years.

&nbsp;&nbsp;&nbsp;&nbsp;· A record of persons responsible for reviewing the access persons reports
currently and during the previous five years.

**Additional requirements pursuant to Rule 17j-1(c) – applicable to the Advisers/Sub-Advisers to registered investment companies ("RIC") and Business Development Companies ("BDCs").** 

The Firm will provide the RIC or BDC's Board of Directors with annual written reports that describes any issues arising using the Code and include a re-certification that the Firm has adopted procedures reasonably necessary to prevent Access Persons from violating the Code.

Any material changes to the Code must be approved by the RIC and/or BDC's Board within six months after adoption of the material change.

Quarterly Information to the Board of Directors:

On a quarterly basis, the CCO provides the following information to the Board:

&nbsp;&nbsp;&nbsp;&nbsp;· Certifies that procedures have been adopted to reasonably prevent Access Persons from
violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;· Notes whether any issues arose with respect to the Code since the last report
to the Board including, but not limited to, information about material violations of this Code or procedures and sanctions imposed in
response to the material violations.

&nbsp;&nbsp;&nbsp;&nbsp;· Identifies any recommended changes in the existing procedures based upon evolving
industry practices or developments in applicable laws or regulations.

**Training and Education**

The CCO is responsible for training and educating employees regarding the Code. Training will occur periodically, and all employees are required to attend.

**Annual Review**

On an annual basis, the CCO will review the provisions of the Code to determine whether revisions are required so as to comply with the provisions of the Advisers Act and SEC interpretations thereof with respect to personal securities trading by Access Persons. Results of the review will be documented as part of the Annual Review of the Firm's Compliance Program.

**<br> Acknowledgements**

New employees must acknowledge they have read and understand and they must agree to comply with this Code of Ethics and Personal Trading Policy. On an annual basis, and as needed if material amendments, all Supervised Persons are required to acknowledge that they have read, understand and agree to comply with the Code, in connection with the Firm's annual policy acknowledgement process. Any questions about the Code of Ethics should be directed to the CCO. The certification will be completed electronically through the Compliance Reporting System.

**Form ADV Disclosure**

A description of this Code is provided in each Firm's Form ADV Part 2. If requested, a copy of the complete Code will be provided to any current or prospective client or investor that makes a request. Each Firm's Form ADV will be updated as necessary to reflect amendments to the Code.

**Further Information**

For further information regarding the Code of Ethics and Personal Trading Policy, please contact the CCO. Please contact the General Counsel for Callodine Group with any questions or concerns regarding the CCO and the application of the Code of Ethics and Personal Trading Policy.

## Ex-99.(R)(3)

**Exhibit (r)(3)**

Manning & Napier Code of Ethics

for

Manning & Napier Advisors, LLC

Rainier Investment Management, LLC

(each, an "Advisor" and, collectively, the "Advisors")

Manning & Napier Fund, Inc. (the "Fund")

Manning & Napier Investor Services, Inc.

and

Any other person(s) notified by a Chief Compliance Officer ("CCO")

Effective: March 9, 2026

If you have any questions regarding the procedures for complying with this Code of Ethics**,** please direct all questions to Jessica Kushner, Advisor CCO or Samantha Larew, Fund CCO or through the group email, PST@manning-napier.com

 

*Preamble*

Manning & Napier (the "Firm") *exists to build brighter futures no matter what comes next*. In order to fulfill this vision statement, the Firm relies on all of its employees to act with the utmost care, consideration, respect, and integrity when engaging with clients and colleagues alike. Through steadfast adherence to these behaviors, we gain our client's trust—the foundation of our success.

The financial services industry is highly competitive, but Manning & Napier's corporate values and ethical principles can help set us apart. We must build *meaningful relationships* with our clients, communities, and each other. We must embrace change and take *bold initiative* to challenge the status quo, act decisively and hold ourselves accountable. And we must strive for *continuous growth* to evolve in line with our clients' needs and regulators' expectations.

Manning & Napier has adopted a Code of Ethics ("Code") to guide employees in pursuing the highest standards of ethical conduct. The Code encapsulates the key components of unwavering ethical behavior but is not meant to address every situation that can arise in our complex, constantly evolving business. Your internal compass must help you navigate matters beyond the scope of the Code. If unsure, ask your Chief Compliance Officers.

Numerous rules and regulations dictate the standards of care that guide the Firm's conduct and the actions of its employees. The Code operates in conjunction with various other policies and procedures to ensure that the Firm takes appropriate steps to mitigate conflict and uphold applicable standards of care. As an employee, you must take the time to familiarize yourself with the content and substance of these policies and procedures and conduct yourself accordingly.

**Contents**

---

| | |
|:---|:---|
| Section I: Introduction | 4.0 |
| &nbsp;&nbsp;&nbsp;A. Adoption of the Code of Ethics | 4.0 |
| &nbsp;&nbsp;&nbsp;B. Persons Covered by the Code (collectively "Supervised Persons" or "You") | 4.0 |
| Section II: Standards of Professional Business Conduct | 4.0 |
| &nbsp;&nbsp;&nbsp;A. Overview | 4.0 |
| &nbsp;&nbsp;&nbsp;B. Conflicts of Interest and Conflicting Activities | 5.0 |
| &nbsp;&nbsp;&nbsp;C. Compliance with Laws, Rules, Regulations and Policies | 6.0 |
| &nbsp;&nbsp;&nbsp;D. Investment Recommendations and Actions | 7.0 |
| Section III: Personal Securities Transactions | 8.0 |
| &nbsp;&nbsp;&nbsp;A. Overview | 8.0 |
| &nbsp;&nbsp;&nbsp;B. Application | 8.0 |
| &nbsp;&nbsp;&nbsp;C. Trading Guidelines and Requirements | 8.0 |
| &nbsp;&nbsp;&nbsp;D. Covered Accounts and Covered Securities | 10.0 |
| &nbsp;&nbsp;&nbsp;E. Reporting Requirements | 10.0 |
| &nbsp;&nbsp;&nbsp;F. Non-Covered Activities | 11.0 |
| &nbsp;&nbsp;&nbsp;G. Non-Covered Securities | 11.0 |
| Section IV. Administration and Oversight | 12.0 |
| &nbsp;&nbsp;&nbsp;A. Administration | 12.0 |
| &nbsp;&nbsp;&nbsp;B. Oversight | 12.0 |
| &nbsp;&nbsp;&nbsp;C. Violations and Remediations | 12.0 |
| &nbsp;&nbsp;&nbsp;D. Written Reports to the Fund Board of Directors | 13.0 |
| &nbsp;&nbsp;&nbsp;E. Recordkeeping | 14.0 |
| Appendix A |  |
| &nbsp;&nbsp;&nbsp;Beneficial Ownership Interest | 15.0 |
| Appendix B |  |
| &nbsp;&nbsp;&nbsp;Definitions | 16.0 |
| Appendix C |  |
| &nbsp;&nbsp;&nbsp;M&N WHISTLEBLOWER POLICY & PROCEDURES | 17.0 |

---

**Section I: Introduction**

A. Adoption of the Code of Ethics.

Manning & Napier Advisors, LLC ("MNA") and Rainier Investment Management, LLC ("RIM"), collectively the "Advisors", have adopted this Code of Ethics (the "Code") in accordance with Rule 204A-1 of the Investment Advisers Act of 1940, as amended (the "Advisers Act"). The Manning & Napier Fund, Inc. (the "Fund") has adopted this Code in accordance with Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act"). Manning & Napier Investor Services, Inc. ("MNIS") has adopted this Code in accordance with FINRA's Duties and Conflicts rules and Rule 3210.

In adopting this Code, the Advisors, the Fund, and MNIS, collectively the "Firm", desire to establish a set of values, principles and business practices to set behavioral expectations and guide employee conduct. The Advisors are fiduciaries and must adhere to the highest standard of care and act with the utmost integrity. Accordingly, this Code requires all employees to abide by a fiduciary standard of care and take all reasonable steps to mitigate or eliminate conflicts of interest between themselves and clients. Employees must prioritize the business of the Firm and its responsibility to clients above all else and may never use their position with the Firm for personal gain.

B. Persons Covered by the Code (collectively "Supervised Persons" or "You").

This Code applies to all Supervised Persons. Supervised Persons include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Directors and Officers of the Firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Employees of the Advisors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain temporary workers, interns and consultants, certain employees of affiliates, or particular persons
designated by a CCO.

As a Supervised Person of the Firm, you have a responsibility to put the clients' best interest first, and to act in a manner that does not compromise the interests of any client or create any apparent or actual conflicts of interest between the Firm, employees, and our clients. The Firm will provide each Supervised Person with a copy of this Code and any amendments. In addition, each Supervised Person is required to submit an acknowledgement of the receipt of the Code and any amendments.

Callodine Group, LLC ("Callodine") owns the Advisors and MNIS but currently maintains distinct office locations, research processes and operations that support research and trading functions. Callodine retained MNIS to distribute its registered fund, Callodine Specialty Income Fund, ("CSIF") and unregistered private funds ("Private Funds"). Designated employees of MNA support certain Callodine business operations through a shared services model. As such, this Code of Ethics has been designed to enable personnel across entities to adhere to the same set of conflicts policies. For the avoidance of doubt, employees of Callodine and its other wholly owned subsidiaries are not supervised persons of the Firm and employees of the Firm are not supervised persons of Callodine.

**Section II: Standards of Professional Business Conduct**

A. Overview

Supervised Persons are to conduct themselves with integrity, honesty, and dignity, and act in an ethical manner in their dealings with the public, clients, prospective clients, and fellow employees. Additionally, employees are to encourage fellow employees to conduct themselves in a professional and ethical manner that will positively reflect on themself, their profession, and the Firm. Supervised Persons are to use reasonable care and exercise independent professional judgement, act with competence, and strive to maintain and improve their competence and that of fellow employees. Supervised Persons must hold themselves and their peers accountable to compliance with and adherence to the principles of this Code.

As fiduciaries, the Advisors and their Supervised Persons owe an affirmative duty to act in the utmost good faith, to fully and fairly disclose any material conflicts of interest, and to avoid misleading clients. All Supervised Persons must understand and embrace this fiduciary duty and incorporate it into their daily operations and decision-making. Among the specific obligations that the SEC has indicated flow from an adviser's fiduciary duty are:

● A duty to have a reasonable, independent basis for its investment advice;

● A duty to obtain best execution for clients' securities transactions where the adviser is in a position to direct brokerage transactions;

● A duty to ensure that its investment advice is suitable to the client's objectives, needs and circumstances;

● A duty to refrain from affecting personal securities transactions inconsistent with client interests; and

● A duty to be loyal to clients.

Each Supervised Person plays a vital role in ensuring compliance with the aforementioned duties. Additionally, the Firm and its Supervised Persons must comply with all applicable laws and regulations, in letter and in spirit. This means that in addition to the SEC's expressed fiduciary standard, the Firm and its Supervised Persons will strive to avoid even the appearance of conflicts of interest with or impropriety towards clients, prospects, business partners, and vendors. Supervised Persons must avoid situations that could seem motivated by personal gain and/or compromised judgement and report these situations to a CCO.

B. Conflicts of Interest and Conflicting Activities

A conflict of interest occurs when a Supervised Person's private interest(s) interferes in any way with interest(s) of the Firm and/or its clients. Supervised Persons have a responsibility to report any material transaction or relationship that reasonably could be expected to create a conflict of interest with the Firm or its clients. You should be aware that actual or potential conflicts of interest could arise not just from dealing with external parties, such as clients or consultants, but also from relations or transactions with other Supervised Persons. Supervised Persons may not participate in, or assist with, any acts that they know, or should reasonably know, to be in violation of any applicable law, rule, or regulation of any government, governmental agency, or regulatory organization governing their professional, financial, or business activities. Likewise, Supervised Persons may not act in any manner that would violate any provisions of this Code.

The Code does not purport to address every possible conflict or prohibition. Supervised Persons must use this Section as a guide. When conflicts occur that are not contemplated here, you must ensure that such conflicts do not harm clients or otherwise place your interests ahead of clients. Supervised Persons must escalate any newly identified material conflicts of interest to a CCO to ensure that the Firm has appropriate controls in place to mitigate such conflicts. Supervised Persons are subject to the following prohibitions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. In General:** Supervised Persons shall not engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1 or Rule 204A-1, or any other applicable Federal Securities Laws, including: (1) the employment of any device, scheme or artifice to defraud a client, prospective client, fund or an account; (2) the making of any untrue statement of a material fact to a client, prospective client, fund or an account, or omitting to state a material fact necessary in order to make the statements made to a client, prospective client, fund or an account, in light of the circumstances in which they are made, not misleading; (3) the engagement in any act, practice or course of business that operates or would operate as a fraud or deceit on a client, prospective client, fund or an account; and (4) the engagement in any manipulative practice with respect to a client, prospective client, fund or an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Gifts and Entertainment:** The acceptance or giving of gifts or excessive entertainment from people who have business dealings or prospective dealings with the Firm must not constitute a conflict of interest or create the appearance of impropriety. Supervised Persons may not give or receive gifts in excess of the limit set in the Firm's policy, and if applicable, your departmental gift policy. In addition, employees must be personally satisfied that the gift or entertainment is not intended to influence their judgment or the performance of their duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Outside Business Interests:** Supervised Persons may not serve on a Board of Directors of publicly traded companies or otherwise undertake any special duties or responsibilities to companies in which the Firm could invest in their client's portfolios without receiving prior approval from a CCO through the Firm's vendor, ComplySci.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Conflicting Relationships:** FINRA Rule 3241 limits registered persons of MNBD from being named a customer's beneficiary or holding a position of trust for or on behalf of a customer. All Employees must receive prior approval from a CCO or member of the Compliance Department in order to be named as a customer's beneficiary, executor or trustee, or hold a power of attorney or similar position for or on behalf of customer. Prior approval is not required when the customer is a member of the employee's immediate family.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Use of Material Non-Public Information:** All Supervised Persons must comply with all laws and regulations relating to the use of material non-public information, including, but not limited to: (1) if you acquire such information as a result of a special or confidential relationship of the Firm with the issuer, you shall not communicate the information (other than within the relationship), or take investment action on the basis of such information if doing so would violate that relationship; and (2) if you are not in a special or confidential relationship with the issuer, you shall not communicate or act on material non-public information if you know or reasonably should know that such information was disclosed to you in breach of a duty. If such a breach exists, all material non-public information must be reported immediately to a CCO or the Manning & Napier's Legal Department. You are prohibited from communicating or acting on any material non-public information. Employees who influence the Firm's securities recommendations and investment ideas are prohibited from using Material Non-Public Information and are required to report such knowledge immediately to a CCO or Manning & Napier's Legal Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Misrepresentation of Services:** You must not make any statements, orally or in writing, which materially misrepresent: (1) the services that you are capable of performing for the client or prospective client; (2) your qualifications or those of the Firm; (3) the investment performance the Firm has accomplished or can reasonably be expected to achieve for the client or prospective client; or (4) the expected performance of any investment. You must not make any unsupported oral or written statement that assures or guarantees any investment or return on investment, explicitly or implicitly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Plagiarism:** You shall not, when presenting material to clients, prospective clients, or the general public, use material that is not authorized by your Supervisor and Compliance Department, if applicable; nor shall you copy or use in substantially the same form, material prepared by persons outside of the Firm without acknowledging its use and identifying the source of such material.

**C.** Compliance with Laws, Rules, Regulations and Policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Required Knowledge and Compliance**. You must maintain knowledge of and comply with all applicable laws, rules and regulations of any government, governmental agency, and regulatory organization governing your professional, financial, or business activities and applicable policies and procedures of the Firm. Such laws include, but are not limited to, the "Federal Securities Laws" (as defined in Appendix B).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Disclosure**. You must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Disclose to customers and clients any material conflict of interest relating to your beneficial ownership
in securities that could reasonably be expected to impair your ability to render unbiased and objective advice regarding investment recommendations
or investment actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Disclose to Compliance all matters that could reasonably be expected to interfere with your duties to
the Firm or with your ability to render unbiased and objective advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Comply with all requirements to disclose conflicts of interest imposed by law and by rules and regulations
of organizations governing your activities and shall comply with any prohibitions on your activities if a conflict of interest exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Whistleblowing.** If you have knowledge of, or a concern about, illegal, dishonest, or fraudulent activity, you are encouraged to promptly report such activity. The Firm strictly prohibits retaliation of any kind against employees who submit a whistleblowing claim. The "Manning & Napier Whistleblower Policy & Procedures" have been included under Appendix D for your reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Responsibilities of Supervisors.** If you have supervisory responsibility, you must exercise reasonable supervision over those employees who report to you, such as to prevent any violation by such persons of applicable statutes, regulations, or provisions of the Code. In doing so, you are able to rely upon reasonable procedures established by the Firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Reporting Violations.** You must promptly report any violations or suspected violations of the Code to a CCO or a member of MNA's Compliance Department.

D. Investment Recommendations and Actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Investment Recommendations**. You must exercise diligence and thoroughness in making an investment recommendation to others or in taking investment action for others, while taking into consideration the appropriateness and suitability of the investment for such portfolio or client. This includes: (1) the needs and circumstances of the client, as indicated by the client's statement of investment objectives; (2) the basic characteristics of the investment; (3) the basic characteristics of the total portfolio. You must use reasonable judgment to determine the applicable relevant factors, in accordance with the Firm's investment strategies, screens and pricing disciplines. You must distinguish between facts and opinion in presentation of investment recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) You must have a reasonable and adequate basis for such recommendations and actions, supported by appropriate
research and investigation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) You must make reasonable and diligent efforts to avoid any material misrepresentation in any research
report or investment recommendation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) You must maintain appropriate records to support the reasonableness of such recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Fair Dealing with Customers and Clients**. You must act in a manner consistent with your obligation to deal fairly with all prospects and clients when (1) disseminating investment recommendations, (2) disseminating material changes in prior investment advice, and (3) taking investment action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Preservation of Confidentiality.** You must preserve the confidentiality of information communicated by the Firm or each client concerning matters within the scope of the confidential relationship, unless you have received information concerning illegal activities. Please consult *Manning & Napier's Privacy Policy and Firmwide Information Security Program*, if applicable, for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Maintenance of Independence and Objectivity.** In relationships and contacts with an issuer of securities, whether individually or as a member of a group, you must use particular care and good judgment to achieve and maintain independence and objectivity.

**Section III: Personal Securities Transactions**

A. Overview

The Firm recognizes the importance of enabling Supervised Persons to manage their financial resources and personal investment accounts. However, given the Firm's business, Supervised Persons are subject to stringent controls to prevent their personal investment decisions from impeding or conflicting with actions the Firm takes for clients. This Section sets forth the personal securities trading controls to which Supervised Persons are subject.

**Personal Securities Transactions.** You must conduct yourself in such a manner that always place the clients' best interests first. Transactions for the Firm's clients have priority over your personal transactions, and any personal transactions must be conducted in a manner that does not operate adversely to the interests of our clients or otherwise give rise to actual or potential conflicts of interest.

Supervised Persons who recommend the purchase or sale of a security must give clients and the Firm adequate opportunity to act on this recommendation before taking action for your own benefit. You must comply with all requirements covered in the Personal Securities Transactions Section of this Code.

B. Application

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Access Persons.** This section applies to Supervised Persons who are designated as Access Persons,
as that term is defined under Rule 17j-1 and Rule 204A-1. All Supervised Persons are Access Persons unless otherwise notified by Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** I **nvestment Persons.** Access Persons include a sub-category of employees, herein designated "Investment
Persons" who are subject to more stringent requirements due to their role in choosing investments for clients.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Independent Directors.** Each Independent Director of the Fund (that is, one who is not an "interested
person" of the Fund as defined in the 1940 Act) must, within 30 days after the end of each calendar quarter, file a report (which
is to be filed with the Fund's CCO or member of the Compliance Department) as to transactions in Covered Securities; however, such
a report must be made as to a particular Covered Security only if the Independent Director at the time of that transaction knew, or in
the ordinary course of fulfilling his or her official duties as a Director of the Fund should have known, that, during the 15 business
day period immediately preceding or after the Covered Transaction, the Covered Security is or was purchased or sold by the Fund or was
"considered" for such purchase or sale.

\*Interns and temporary employees who have access to proprietary research and/or trading directives are considered "Access Persons" under the Firm's Code and subject to the full provisions of Section III below regardless of their expected length of employment. Interns and temporary employees who do not have access to such information and expect to be employed for 4 weeks or less are exempt from the provisions of Section III.

C. Trading Guidelines and Requirements

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Pre-Clearance**: Access Persons must pre-clear every purchase and sale of a Covered Security. Once
approved, Access Persons have two business days to execute their trade once the trade is approved. The two-day period begins on the day
the Access Person receives approval, regardless of the time that approval is granted, so long as approval occurs before the close of the
market on which the security trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons must submit a pre-approval request for all Covered Securities that are not otherwise Exempt
Securities. Pre-approval requests must be entered through the My Preclearance, Trade Request module in Comply, the Firm's third-party
Compliance Vendor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons are limited to 10 pre-clearance request per month, which includes requests in public and
private markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons must pre-clear IPOs & Limited Offerings/Private Placements through the My Preclearance
Private Investment Module in Comply. These requests will be reviewed as soon as reasonably practicable

\*Preclearance approval and the receipt of express pre-clearance approval do not exempt you from the prohibitions outlined in this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Holding Period:** Covered Securities must be held for 60 calendar days from the date of purchase.
Each subsequent purchase of the same Covered Security during the holding period restarts the holding period for the Access Person's
entire position in the Covered Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Firm/Fund Holdings:** Access Persons are subject to limitations on trading in Covered Securities
that the Firm holds for clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Access Persons cannot purchase a Covered Security that the Firm has traded for clients in the prior 30
days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. An Access Person who buys a Covered Security that the Firm later buys for clients cannot sell that Covered
Security until 30 days after the Firm has last traded in the name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Investment Persons cannot sell a Covered Security until the Firm sells to zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Deminimis Mega Cap Trades:** Access Person pre-clearance requests in Mega Cap companies ($200B+)
that are not on a restricted list will be "auto approved" if the amount of the trade is equal to or less than $25,000. All
other mandates, set forth in 1-2 above, apply to deminimis mega cap trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Exempt Securities:** Exempt Securities include (i) Exchange Traded Funds ("ETFs") and
(ii) Reportable Funds. Exempt Securities do not require pre-approval, are not subject to Holding Periods, and are excluded from the limitations
around Firm/Fund Holdings. All other guidelines and restrictions in this section apply to Exempt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reportable Funds:** Access Persons must report ownership in Reportable Funds but are not required
to pre-clear trades in Reportable Funds. Reportable Funds have the same meaning as set forth in Appendix B and include the Manning &
Napier Fund, Inc. and Callodine Specialty Income Fund ("CALIX").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Investment Person Restrictions:** Investment Persons may not trade in Covered Securities for which
they or their team have responsibility except that Investment Persons may deminimis trade mega cap stocks in their coverage area with
pre-approval,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Derivatives:** Access Persons cannot trade derivatives on Covered Securities. Derivatives on non-Covered
Securities are permitted without pre-approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Limit/Stop Orders:** Access Persons may not enter into Limit Orders or Stop Orders on Covered Securities
greater than 1 day.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Short Sales/Lending:** Access Persons may not sell Covered Securities short nor engage in securities
lending activity on any Covered Security.

D. Covered Accounts and Covered Securities

&nbsp;&nbsp;&nbsp;&nbsp;**1.** "Covered Accounts" include all accounts in which an Access Person has or may have any direct
or indirect beneficial ownership in a Covered Security (See appendix A for a discussion of what constitutes such a beneficial interest.)
This includes any account that can hold Covered Securities. Access Persons must disclose Covered Accounts within 10 calendar days of becoming
an Access Person and, thereafter, within 10 calendar days of opening a new Covered Account. Covered Accounts may only be held with brokers
that can provide electronic feeds and confirmations to the Compliance Vendor.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** "Covered Securities" include any "security" as that term is defined in Section
202(a)(18)of the Advisers Act. Examples of Covered Securities include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Common and Preferred stock, including IPOs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bonds and other debt instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exchange Traded Funds ("ETF")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closed-end funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Limited Offerings (all forms of LP and LLC interests)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Currency and non-securities derivatives

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Foreign unit trusts and foreign mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Reportable Funds (as defined in Appendix B)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Initial Coin Offerings (ICO)

E. Reporting Requirements

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Initial Holdings Report.** Access persons are required to report Covered Securities to a CCO or
 member of the Compliance Department no later than 10 calendar days after the date upon which
 they become an Access Person. Access Persons should submit their Initial Holdings Report
 through Comply by attaching their most recent statements to their certification." Alternatively,
 Initial Holdings Reports may be emailed to compliance at <u>PST@manning-napier.com</u>.
 Comply will then establish electronic connections to the broker to ensure that Compliance
 receives records of all transactions and holdings.

The initial holdings report (e.g., most recent account statement) must contain the following information: (i) title, number of shares and aggregate value for equity securities, and principal amount for debt securities; (ii) the name of each broker, dealer, or bank with which he or she maintains an account; and (iii) the date the report is submitted. The information (e.g., account statement) must be current as of a date no more than 45 calendar days prior to the date the person becomes an Access Person. For Covered Securities not held at a broker-dealer (private placements, securities in certificate form, etc.) such holdings of Covered Securities should be reported separately to a CCO or member of the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Annual Holdings Certification**. Access Persons are required to annually verify their holdings as
of December 31<sup>st</sup> of the prior year through the Compliance Vendor's website, or to a CCO or member of the Compliance Department,
by January 30<sup>th</sup> each year. For individuals who are away from work on Medical Leave, the certification must be completed within
10 calendar days of returning to work.

The annual holdings report must contain the following information: (i) title, number of shares and aggregate value for equity securities, and principal amount for debt securities; (ii) the name of each broker, dealer, or bank with which the employee and immediate family members living in the same household maintains an account and (iii) the date the report is submitted. The report should be current as of December 31<sup>st</sup>. Covered Securities not held at a broker-dealer (private placements, securities in certificate form, etc.), must be reported separately to a CCO or member of the Compliance Department. Such holdings can be submitted through the Firm's vendor or emailed to a CCO or member of the Compliance Department.

Access Persons will receive an "Annual Code of Ethics Certification" through the Compliance Vendor's website. All Covered Accounts disclosed by the Access Person will be reflected in the certification. Covered securities held in brokerage accounts supported by the Compliance Vendor's data feed will be reflected in the certification. For Covered Securities not held in brokerage accounts or held in covered accounts not supported by the Compliance Vendor's data feed, Access Persons must submit their holdings reports to compliance preferably by email to <u>PST@manning-napier.com</u>.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Quarterly Transaction Reports.** Access Persons are required to certify to their Covered Securities
transactions in all Covered Accounts within 30 calendar days of the end of each quarter.

Access Persons will receive a "Quarterly Code of Ethics Certification" through the Compliance Vendor's website that includes a record of Covered Securities transactions executed during the prior quarter. If account or transaction information is missing or incorrect, Access Persons must notify the Compliance Department prior to completing their certification. For individuals who are away from work on Medical Leave, the certification must be completed within 10 calendar days of returning to work.

F. Non-Covered Activities.

The Firm has determined that certain investment accounts and activities do not pose conflicts with clients and can be subject to less stringent approval and reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Accounts:** The following accounts are not reportable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. 529 Plans that only invest in mutual funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Checking, Savings and other Bank accounts (including health savings accounts that do not invest in Covered
Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Accounts held with a mutual fund company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Investment Activities**: The following investment activities do not require pre-clearance but must
be reported to Compliance, as noted herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchases made pursuant to a payroll deduction plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Exercise of stock option of a corporate employer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Ongoing automatic purchases through a dividend reinvestment plan provided that Access Persons obtain approval
to initiate the plan and to sell securities from the plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Non-volitional market transactions such as stock splits or spin-offs, purchases made pursuant to an approved
rights offering, among others

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Managed Accounts – accounts for which investment decisions have been delegated to an investment advisor must be reported to
compliance but Covered Securities transactions in managed accounts are exempt from pre-clearance requirements.

G. Non-Covered Securities. Pre-Clearance and Reporting
Requirements do not apply to the following "Non-Covered Securities":

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the U.S. Government (treasuries and agencies)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, bank certificates of deposit, commercial paper, high-quality short-term debt
instruments, including repurchase agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cash and Currency

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open-End Mutual Funds (other than the MN Fund)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Money Market Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Physical Commodities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cryptocurrencies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares of money market funds

**Section IV. Administration and Oversight**

A. Administration

The Advisor's CCO in consultation with the Fund's CCO (the "CCOs") is responsible for administering this Code. The CCOs have instituted procedures to ensure that each Supervised Person, as applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Completes and signs an initial electronic certification in conjunction with new hire orientation that
confirms that the employee has read and understands the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Completes and signs an annual electronic certification to confirm that the employee, within the prior
calendar year, complied with the Code, met all applicable reporting requirements, and continues to understand the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Who is or becomes an Access Person receives notification of their status as an Access Person and the requirement
to submit their initial holdings report within 10 calendar days of becoming an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Who is or becomes an Access Person receives notification of their transactions and holdings reporting
requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Receives initial training at the time of hire and at the time of becoming an Access Person, as applicable,
on the Code requirements to which they are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Receives annual training on the Code requirements to which they are held and that such training addresses
any issues that have arisen under the Code during the prior calendar year.

B. Oversight

The Advisor's CCO and Fund's CCO (the "CCOs") are responsible for overseeing this Code and have instituted procedures to detect possible violations to the code. The Advisor CCO or designee, will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Monitor Access Person Covered Accounts and Covered Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Perform any post-trade reviews deemed necessary to ensure that Access Persons are adhering to the requirements
of this Code.

C. Violations and Remediations

All Supervised Persons are required to report all prospective violations of this Code to a CCO or member of the Compliance Department. The CCOs will then determine whether (a) a violation occurred, (b) the materiality of the violation and (c) remedial measures and next steps. Generally, material violations include those that resulted in a conflict with the Advisors' or the Funds' clients and those that stemmed from a violation of the rules and regulations under the Adviser's Act and 1940 Act. However, the CCOs will evaluate the facts and circumstances of each prospective violation to determine whether to classify the violation as material or non-material. Except as set forth under subsection (2) herein, this Code does not prescribe specific sanctions or remediations for violations because this Code cannot contemplate all the ways in which employees across the Firm might cause a violation nor the implications of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;1. Violations of Section III – Personal Securities Trading – will be addressed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Access Persons who cause a material violation as determined by the CCOs will be subject to a minimum 180-day
trading restriction. At the CCOs discretion, based on the facts and circumstances, additional sanctions may be imposed including but not
limited to disgorgement of profits, issuance of a letter of censure, or the suspension or termination of employment. In its discretion,
the Fund's CCO may submit the resolution of any such matter, including any sanctions, to the Fund Board for approval at the next
regularly scheduled Fund Board meeting unless, the Fund CCO determines that the circumstances warrant an earlier report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Access Persons who cause a non-material violation as determined by the CCOs will be subject to the following
remediation protocol:

---

| | |
|:---|:---|
| &nbsp;&nbsp;Non-Material Violations in prior 36 months | &nbsp;&nbsp;Trading Restriction |
| &nbsp;&nbsp;0-1 | &nbsp;&nbsp;Warning Memo |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;30 Day Trading Restriction |
| &nbsp;&nbsp;3 | &nbsp;&nbsp;60 Day Trading Restriction |
| &nbsp;&nbsp;4 | &nbsp;&nbsp;90 Day Trading Restriction |

---

The CCOs may use their discretion to deviate from the above and/or to impose additional sanctions if the CCOs determine that the facts and circumstances so warrant. Such additional sanctions may include but are not limited to additional training, longer trading restrictions, and closure of covered accounts, among other things.

D. Written
 Reports to the Fund Board of Directors.

At least annually, the CCOs will provide a written report to the Board of Directors of the Fund that describes material issues that arose under the Code during the previous year and the CCOs response thereto. The Fund's CCO may report to the Board of Directors of the Fund more frequently as they deem necessary or appropriate and shall do so as requested by the Fund Board. The reports should address the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Fund's CCO's (in consultation with the Advisors' CCO, if applicable) evaluation
of the Code and any recommendations for improvement, including a summary of whether the existing procedures under the Code and the related
Compliance and Surveillance Procedures appear to be sufficient to detect violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any series of related or unrelated violations that the Fund's CCO (in consultation with the Advisors'
CCO, if applicable) views as being non-material when considered separately, but which raise a material issue under the Code when considered
in the aggregate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the specifics of any additional efforts that may be necessary or appropriate to educate Employees regarding
the Code.

Each report to the Fund Board must be accompanied by a certification to the Fund Board from the Fund CCO and Advisor CCO that the Firm has adopted procedures necessary to prevent its Employees, including Access Persons, from violating the Code.

E. Recordkeeping

The Firm will maintain the records set forth below. These records will be maintained in accordance with the 1940 Act and the Adviser's Act. They will be available for examination by representatives of the Securities and Exchange Commission and other regulatory agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A copy of the Firm's Code and any other compliance policy or procedure that is currently in effect
or was in effect at any time within the past five years must be preserved in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A record of any Code violation and of any actions taken as a result of the violation must be preserved
in an easily accessible place for a period of at least five years following the end of the fiscal year in which the violation occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. A copy of each report submitted under this Code, including any information provided in lieu of any such
reports made under the Code, will be preserved for a period of at least five years from the end of the fiscal year in which it is made,
or the information provided, for the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A record of all persons, currently or within the past five years, who are or were required to submit reports
under this Code, or who are or were responsible for reviewing these reports, must be maintained in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A copy of each annual report to the Fund Board and the Firm's Senior Management required by this
Code must be maintained for at least five years from the end of the fiscal year in which it is made, and for the first two years in an
easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Firm must maintain a record of any decision, and the reasons supporting the decision, to approve the
acquisition of securities acquired in an Initial Public Offering or Limited Offering by any Employee for at least five years after the
end of the fiscal year in which the approval is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Code will be disclosed in accordance with the requirements of Form N-1A and applicable Federal Securities
Laws.

**Appendix A**

Beneficial Ownership Interest

The purpose of this Appendix is to discuss the circumstances in which the Employee has a "direct or indirect beneficial interest" in a security, or in a securities account. This question is to be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and Rule 16a-1(a) (2) thereunder.

Under Rule 17j-1 of the 1940 Act and Rule 204A-1 of the Advisers Act, an Employee need not report "transactions effected for any account over which such person does not have any direct or indirect influence or control." For the purposes of the Code, an Employee may not report an account that would otherwise be a Covered Account by filing with a CCO a statement indicating lack of influence and control as stated above together with such other documents as the CCO(s) may require demonstrating such lack of influence or control.

The general categories of types of beneficial ownership may be summarized as follows: (i) direct ownership; (ii) securities held by others for the benefit of the Employee; (iii) securities held by certain family members; and (iv) securities held by certain estates, trusts, corporations, or partnerships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Direct Ownership</u>. This includes securities registered in the name of an Employee and bearer securities
of which the Employee is the bearer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Securities Held by Others for the Benefit of an Employee</u>. This involves, in general, any agreement,
arrangement or understanding, under which an Employee derives benefits substantially equivalent to those of ownership. This category would
include, but not be limited to, securities held by pledges, custodians, and brokers, as well as if an employee decides to open a brokerage
account for their HSA (Health Savings Account).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Securities Held by Certain Family Members</u>. The SEC has indicated that the "beneficial ownership"
of an Employee extends to securities owned (see below) by a wife or husband, or domestic partner of that Employee, by a minor child or
by other relatives (i) sharing the same household, or (ii) not sharing same household but whose investments the Employee directs or controls.
Such ownership by relatives may be direct (e.g., in their own name) or in one or more of the indirect ways described in this Appendix.
This beneficial ownership position of the SEC is not affected by whether the assets being invested are the separate property of the relative;
however, an Employee may, as described in the Code, disclaim beneficial ownership of any particular securities and also may, as described
in this Appendix, remove from the category of Covered Accounts over which the Employee has no direct or indirect influence or control.
With respect to temporary employees and interns, such temporary employees and interns will only need to disclose any covered accounts
in their own name, unless they are employed with the Firm for a period of six months or more, or if requested by a CCO. Please consult
with Compliance for detailed guidelines for temporary employees and interns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Securities Held by Estates, Etc.</u> An Employee may also have a beneficial interest in securities
held by estates, trusts, partnerships, or corporations. Employees who are (i) settlors (e.g., creators), trustees or beneficiaries of
a trust; (ii) executors or administrators of, or beneficiaries or legatees of, an estate; (iii) partners of a partnership, or (iv) directors,
officers or substantial shareholders of a corporation, which, in each case, invests in Covered Securities, are required to obtain a determination
from a CCO as to whether the accounts in question are Covered Accounts. In making any such determination, a CCO may rely on the advice
of counsel.

**Appendix B**

Definitions

"Access Person" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) With respect to the Fund or Advisors, any director, officer, or advisory person, as defined below, of
the Fund.

"Advisory Person" of the Fund and the Advisors means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any employee of the Fund or the Advisors (or of any company in the control relationship) who, in connection
with his or her regular functions or duties, has the power, or is a member of a group that has the power to authorize or recommend a purchase
or sale of a Covered Security in the Fund, or who, obtains information of a Covered Security that is being considered for purchases or
sales in the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any natural person in a control relationship to the Fund or the Advisors who obtains information of a
Covered Security that is being considered or is recommended for purchase or sale in the Fund.

"Investment Person" of the Fund and the Advisors means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any employee of the Fund or the Advisors (or of any company in a control relationship) who, in connection
with his or her regular functions or duties, has the power or is a member of a group that has the power, to authorize or recommend a purchase
or sale of a Covered Security by the Fund; provided that each member of the Research and Fixed Income Departments, other than their Administrative
staff, shall be deemed an Investment Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any natural person who is in a control relationship to the Fund or the Advisors who obtains a recommendation
of a Covered Security that is being considered for purchase or sale in the Fund.

"Non-Access Person" of the Fund and the Advisors means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Employees not deemed to be an Access Person or Investment
Person as defined above.

"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 section 13 or 15(d) of the Securities and Exchange Act of 1934, as amended (the "1934 Act").

"Limited Offering" means:

An offering that is exempt from registration under the 1933 Act pursuant to section 4(2) or section 4(6) or pursuant to Rule 504, 505 or 506.

"Federal Securities Laws" means:

The 1933 Act, the 1934 Act, the Sarbanes-Oxley Act of 2002, the 1940 Act, the Advisers Act, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of Treasury.

"Reportable Funds" with respect to Advisors subject to Rule 204A-1 means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any fund for which an Advisor serves as an investment adviser as defined in section 2(a) (20) of the 1940
Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Any fund whose investment adviser or principal underwriter controls the Firm, is controlled by the Firm, or is under common control
with the Firm.

"Control" means:

Investment discretion in whole or in part over an account regardless of Beneficial Ownership, such as an account for which a person has power of attorney or authority to effect transactions.

**Appendix C**

M&N WHISTLEBLOWER POLICY & PROCEDURES

The Firm has long been committed to maintaining the highest possible standards of ethical, moral and legal business conduct, and has always taken seriously its obligations to its employees. In line with this commitment, the Firm has voluntarily subscribed to the high standards applied by Sarbanes-Oxley to publicly held companies by adopting this policy, which aims to provide an avenue for employees to report serious concerns, such as actions that 1) are unlawful 2) may have a material negative impact on a client of the company 3) may lead to incorrect financial reporting or 4) otherwise amount to serious improper conduct.

If an employee has knowledge of, or a concern about, illegal, dishonest or fraudulent activity, the employee is encouraged to promptly report such activity. The earlier a concern is expressed, the easier it is to take action.

A concern may be submitted in any of the following ways:

&nbsp;&nbsp;&nbsp;&nbsp;· To
 the Securities and Exchange Commission (the "SEC") via the SEC's website
 at www.sec.gov/whistleblower, or hotline number: 202-551-4790, or to the Financial Industry
 Regulatory Authority ("FINRA") via FINRA's website at <u>www.finra.org/whistleblower</u>,
 tip-line number: 1-866-963-4672, or email to whistleblower@finra.org.

&nbsp;&nbsp;&nbsp;&nbsp;· To your direct supervisor or to any supervisor.

&nbsp;&nbsp;&nbsp;&nbsp;· Directly to Jessica Kushner, Stacey Green, or
one of the Manning & Napier Fund, Inc. Independent Directors:

---

| | |
|:---|:---|
| Eunice Chapon | (617) 899-2617 |
| Paul Brooke | (917) 860-1133 |
| Chet Watson | (313) 268-1697 |
| John Glazer | (917) 270-6193 |
| Russell Vernon | (914) 588-7200 |

---

In writing and submitted anonymously to any of the persons listed above.

In reporting such activity or concern, the employee must exercise good faith and sound judgment to avoid baseless allegations.

The policy encourages employees to put their names to concerns because appropriate follow-up questions and investigation may not be possible unless the source of the information is identified. If a claim is submitted anonymously, the employee filing the claim is encouraged to provide enough factual information to facilitate an investigation including names, dates, places, events, and why the employee believes the matter is a concern.

As with all complaints submitted, concerns expressed anonymously will be investigated to the extent possible and consideration will be given to:

&nbsp;&nbsp;&nbsp;&nbsp;· The seriousness of the issue raised;

&nbsp;&nbsp;&nbsp;&nbsp;· The credibility of the concern; and

&nbsp;&nbsp;&nbsp;&nbsp;· The likelihood of confirming the allegation from
attributable sources.

All reports of such activity must be promptly submitted by the initial recipient of the complaint (as listed above) to the Funds' Chief Compliance Officer or to in-house and/or outside counsel if the matter involves the Manning & Napier Fund, Inc. The Fund's CCO in conjunction with internal and/or external counsel will determine whether an investigation is appropriate, the form such investigation should take, and any necessary corrective action. To the extent any wrongdoing is uncovered as a result of a report; corrective action will ensue and may include disciplinary action, up to and including termination of employment. Matters that relate in any way to the Manning & Napier Fund, Inc. will also be reported to the Fund's Audit Committee. Matters that relate in any way to Exeter Trust Company will also be reported to Exeter Trust Company's Audit Committee.

Protection for reporting such activity is provided as follows:

&nbsp;&nbsp;&nbsp;&nbsp;· The company strictly prohibits retaliation of
any kind against employees for complaints submitted in good faith. This includes, but is not limited to, protection from retaliation in
the form of an adverse employment action such as termination, compensation decreases, or poor work assignments and threats of physical
harm.

&nbsp;&nbsp;&nbsp;&nbsp;· Any employee who believes he/she is being retaliated
against should contact the Human Resources Manager immediately.

&nbsp;&nbsp;&nbsp;&nbsp;· The right of an employee for protection against retaliation does not include immunity for any personal
wrongdoing by the employee that is alleged and investigated.

&nbsp;&nbsp;&nbsp;&nbsp;· Every effort will be made to protect the complainant's identity however identity may have to be
disclosed to conduct a thorough investigation.

An employee who knowingly and willfully files a false, fictitious, or fraudulent report of wrongdoing will be subject to disciplinary action, up to and including termination of employment.

This policy does not cover general employee problems or concerns and should not be used for such. For these issues, employees should talk to their supervisor and/or contact the Human Resources Manager.

For any questions regarding this policy, please contact the Human Resources Manager.

## Ex-99.(R)(4)

**Exhibit (r)(4)**

![](ex99-r7_001.jpg)

Code of Ethics

January 2025

1300 S. Church St. Charlotte, NC 28203 T 704.330.7300 F 704.330.7400

**Table of Contents**

---

| | |
|:---|:---|
| A. Introduction | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Purpose | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Administration of the Code | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Recordkeeping Requirements | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Condition of Employment or Service with the Company | 4 |
| B. Standards of Conduct | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Employee Conduct | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Falsification or Alteration of Records | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Competition and Fair Dealing | 5 |
| C. Prohibition Against Insider Trading | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Company Policy | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Explanation of Insider Trading | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Compliance Procedures | 10 |
| D. Personal Securities Transactions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. General | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Restrictions and Limitations on Personal Securities Transactions | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Reportable Accounts | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Investment Reporting | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. Review | 16 |
| E. Political Contributions | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Company Contributions | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Foreign Corrupt Practices Act | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Pay-to-Play | 16 |
| F. Conflicts of Interest | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. General | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Investment Conflicts | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Prohibited Conduct with Clients | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Outside Activities of Employees | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;5. Gifts and Entertainment | 22 |
| G. Confidentiality and Privacy Policies | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;1. Company Information | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Client Information and Privacy Policy | 24 |
| EXHIBIT A - EMPLOYEE INITIAL AND ANNUAL ACKNOWLEDGMENT FORM | 26 |
| EXHIBIT B - COMPLIANCE CONCERN REPORTING AND CERTIFICATION FORM | 27 |
| EXHIBIT C - OUTSIDE ACTIVITIES OF CURRENT EMPLOYEES | 28 |
| EXHIBIT D - BROKERAGE ACCOUNTS DISCLOSURE FORM | 37 |
| EXHIBIT E - EMPLOYEE SECURITIES HOLDINGS REPORT | 38 |
| EXHIBIT F - EMPLOYEE QUARTERLY TRADE REPORT | 39 |
| EXHIBIT G - EMPLOYEE DISCIPLINARY QUESTIONAIRE | 41 |
| EXHIBIT H - PAY-TO-PLAY POLICY ACKNOWLEDGMENT & PRE-CLEARANCE FORM | 43 |
| EXHIBIT I - NEW EMPLOYEE POLTICAL CONTRIBUTION DECLARATION FORM | 44 |
| EXHIBIT J - RESTRICTED LIST – ADDITION FORM | 45 |
| EXHIBIT K - RESTRICTED LIST – DELETION FORM | 46 |
| EXHIBIT L - GIFT AND ENTERTAINMENT APPROVAL FORM | 47 |
| COMPLIANCE OFFICER APPROVAL/DENIAL | 48 |
| EXHIBIT M - FOREIGN PERSON GIFT AND ENTERTAINMENT PRE-CLEARANCE FORM<br> CCO APPROVAL/NOTIFICATION | 49 |
| EXHIBIT N - NEW BROKER ADDITION FORM | 50 |
| EXHIBIT O - RESEARCH/BROKERAGE PRODUCT OR SERVICE REQUEST FORM | 51 |

---

**A.** **Introduction** 

**1.** **Purpose** 

Corrum Capital Management LLC, a relying advisor to CC Management GP, LLC, a Delaware Limited Liability Company (the "Company," or "Corrum"), is an investment adviser registered with the Securities and Exchange Commission (the "SEC") pursuant to Rule 206(4)-7 of the Investment Advisers Act of 1940 (the "Advisers Act"). The Company has been registered with the SEC since August 12, 2013. The Company's main office is located in Charlotte, North Carolina. Currently, the Company's clients for purposes of the Advisers Act are private investment funds and certain other discretionary and non-discretionary investors (each a "Client", and collectively the "Clients").

The Company has adopted the policies and procedures described in this section of the Manual (the "Code of Ethics" or "Code") in an effort to maintain a policy of strict compliance with the highest standards of ethical business conduct and the provisions of applicable laws, including state and federal securities laws and regulations.

"Access Person" means each employee, partner, director, officer and manager of Corrum, as well as other persons under the supervision and control of Corrum (including temporary or contract workers) (each, an "Employee") who has access to non-public information regarding the purchase or sale of securities by Corrum or the portfolio holdings of any of its Clients, or who makes recommendations with respect to purchases or sales of securities to any of its Clients. This Code applies to all Access Persons, which may be referred to as "you" or "your."

This Code is predicated on the principle that the Company owes a fiduciary duty to its Clients. Every fiduciary has the duty and a responsibility to act in the utmost good faith and in the best interests of the Client and to always place the Client's interests first and foremost. Accordingly, the Company's Employees must avoid activities, interests and relationships that run contrary (or appear to run contrary) to the best interests of Clients.

In addition, this Code of Ethics has been reasonably designed to prevent Employees who have knowledge of portfolio transactions from acting thereon to the disadvantage of the Company or its Clients. It is the responsibility of each Employee to understand the various laws applicable to such Employee, and to conduct personal securities transactions in a manner that does not interfere with the transactions of the Company or its Clients, or otherwise take unfair advantage of the Company or its Clients.

The Code does not address every possible situation that may arise, consequently, every Employee is responsible for exercising good judgment, applying ethical principles, and bringing violations or potential violations of the Code of Ethics to the attention of the CCO. Any questions regarding the Company's Code of Ethics should be referred to the CCO. Each Exhibit to this Code of Ethics is available for completion and storage through the Company's compliance portal provided by IQEQ as a service provider to Corrum.

**2.** **Administration of the Code** 

The Chief Compliance Officer (the "CCO") shall be responsible for all aspects of administering, and all interpretive issues arising under, this Code. The CCO is responsible for considering any requests for exceptions to, or exemptions from, the Code. Any exceptions to, or exemptions from, the Code shall be subject to such additional procedures, reviews and reporting as may be deemed appropriate by the CCO.

**3** **\|** P a g e

**3.** **Recordkeeping Requirements** 

The Company shall maintain the following records at its principal place of business for a period of six years ("the period"):

&nbsp;&nbsp;&nbsp;&nbsp;· A copy of each Code in effect during the period;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of any violation of the Code and any action taken as a result of the violation during the period;

&nbsp;&nbsp;&nbsp;&nbsp;· A copy of each personal trading report required by this Code;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of all persons required to make reports currently and during the period;

&nbsp;&nbsp;&nbsp;&nbsp;· A record of all persons who are or were responsible for reviewing these reports during the period; and

&nbsp;&nbsp;&nbsp;&nbsp;· A record of approval of any Access Person's purchase of securities in an initial public offering
("IPO") or private placement during the period.

**4.** **Condition of Employment or Service with the Company** 

This Code of Ethics applies to each Employee of the Company, who is also deemed an Access Person. Employees shall read and understand this Code and uphold the standards in the Code in their day-to-day activities at the Company. Compliance with the Code shall be a condition of employment or continued affiliation with the Company and conduct not in accordance herewith shall constitute grounds for sanctions (including, without limitation, reprimands, restrictions on activities, disgorgement, termination of employment, or removal from office). Each Employee shall sign an acknowledgement form (Exhibit A) indicating his or her receipt and understanding of, and agreement to comply with this Code. Such signed acknowledgement should be returned to the CCO and may be submitted electronically via email or the compliance portal ("gVue").

**B.** **Standards of Conduct** 

**1.** **Employee Conduct** 

The following general principles should guide the individual conduct of each Employee:

Employees shall:

&nbsp;&nbsp;&nbsp;&nbsp;· Not take any action that will violate any applicable laws or regulations, including all federal securities
laws;

&nbsp;&nbsp;&nbsp;&nbsp;· Adhere to the highest standards of ethical conduct;

&nbsp;&nbsp;&nbsp;&nbsp;· Maintain the confidentiality of all information obtained in the course of employment with the Company
and sign a Confidentiality Agreement upon hire;

&nbsp;&nbsp;&nbsp;&nbsp;· Not abuse or misappropriate the Company's or any Client's assets or use them for personal
gain;

&nbsp;&nbsp;&nbsp;&nbsp;· Disclose any activities that may create an actual or potential conflict of interest between the Employee,
the Company and/or any Client to the CCO (directly or via the compliance portal);

&nbsp;&nbsp;&nbsp;&nbsp;· Deal fairly with Clients and other Employees and not abuse the Employee's position of trust and
responsibility with Clients or take inappropriate advantage of his or her position with the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· Comply with the Code of Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;· Report violations of federal securities laws, policy violations, and potential policy violations to the
CCO.

**4** **\|** P a g e

**2.** **Falsification or Alteration of Records** 

Falsifying or altering records or reports of the Company, preparing records or reports that do not accurately or adequately reflect the underlying transactions or activities of the Company or its Clients, or knowingly approving such conduct is prohibited. Examples of prohibited financial or accounting practices include:

&nbsp;&nbsp;&nbsp;&nbsp;· Making false or inaccurate entries or statements in any Company or Client books, records, or reports that
intentionally hide or misrepresent the true nature of a transaction or activity;

&nbsp;&nbsp;&nbsp;&nbsp;· Manipulating books, records, or reports for personal gain;

&nbsp;&nbsp;&nbsp;&nbsp;· Failing to maintain required books and records that completely, accurately, and timely reflect all business
transactions;

&nbsp;&nbsp;&nbsp;&nbsp;· Maintaining any undisclosed or unrecorded Company or Client funds or assets;

&nbsp;&nbsp;&nbsp;&nbsp;· Using funds for a purpose other than the described purpose;

&nbsp;&nbsp;&nbsp;&nbsp;· Making a payment or approving a receipt with the understanding that the funds will be, or have been, used
for a purpose other than what is described in the record of the transaction.

**3.** **Competition and Fair Dealing** 

The Company seeks to outperform its competition fairly and honestly. The Company seeks competitive advantages through superior performance, not through unethical or illegal business practices. Stealing proprietary information, possessing trade secret information obtained without the owner's consent, or inducing such disclosures by past or present Employees of other companies is prohibited. Each Employee should endeavor to respect the rights of and deal fairly with the Company's Clients, vendors, service providers, suppliers, and competitors. No Employee should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other intentional unfair dealing practice. Employees should not falsely disparage or make unfair negative comments about its competitors or their products and services. Negative public statements concerning the conduct or performance of any former Employee of the Company should also be avoided.

**C.** **Prohibition Against Insider Trading** 

**1.** **Company Policy** 

Investment advisers and their employees often have access to material information about a public company that has not been publicly disseminated. Federal and state securities laws generally make it unlawful for any person to trade in securities of a publicly traded issuer while in possession of material, non-public information concerning such issuer or its securities. It is also unlawful to pass material, non-public information to others (a practice known as "tipping"). The persons covered by these restrictions are not only "insiders" of publicly traded issuers, but also any other person who, under certain circumstances, learns of material, non- public information about an issuer, such as attorneys, investment banking analysts and investment managers.

Violations of these restrictions have severe consequences for both the Company and its Employees. Trading on material, non-public information or communicating such information to others is punishable by imprisonment and criminal fines. In addition, employers may be subjected to liability for insider trading or tipping by Employees. Investment advisors may be held liable for failing to take measures to deter securities laws violations where such failure is found to have substantially contributed to or permitted a violation.

**5** **\|** P a g e

In light of these rules, the Company has adopted the general policy, applicable to all Employees that an Employee may not trade in any Client or personal account in the securities of any publicly-traded issuer about which the Employee possesses material, non-public information, nor "tip" others about such information.

The laws of insider trading are continuously changing. You may legitimately be uncertain about the application of the rules contained in this Manual in a particular circumstance. Often, a single question can forestall disciplinary action or complex legal problems. You should notify the CCO immediately if you have any questions as to the propriety of any actions or about the policies and procedures contained herein.

**2.** **Explanation of Insider Trading** 

The elements of insider trading and the penalties for such unlawful conduct are discussed below. If any Employee has any questions, they should consult the CCO.

**What is Material Information?**

"Material information" is defined generally as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities.

Information that should be considered material includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Business combinations (such as mergers, acquisitions, or joint ventures),

&nbsp;&nbsp;&nbsp;&nbsp;· Significant changes in financial results,

&nbsp;&nbsp;&nbsp;&nbsp;· Changes in dividend policy,

&nbsp;&nbsp;&nbsp;&nbsp;· Significant changes in earnings estimates,

&nbsp;&nbsp;&nbsp;&nbsp;· Significant litigation exposure,

&nbsp;&nbsp;&nbsp;&nbsp;· New product or service announcements,

&nbsp;&nbsp;&nbsp;&nbsp;· Private securities offerings,

&nbsp;&nbsp;&nbsp;&nbsp;· Plans for recapitalization,

&nbsp;&nbsp;&nbsp;&nbsp;· Repurchase of shares or other reorganization plans

&nbsp;&nbsp;&nbsp;&nbsp;· Antitrust charges,

&nbsp;&nbsp;&nbsp;&nbsp;· Labor disputes,

&nbsp;&nbsp;&nbsp;&nbsp;· Pending large commercial or government contracts,

&nbsp;&nbsp;&nbsp;&nbsp;· Significant shifts in operating or financial circumstances (such as major write-offs and strikes at major
plants), and

&nbsp;&nbsp;&nbsp;&nbsp;· Extraordinary business or management developments (such as key personnel changes).

Material information also may relate to the market for a company's securities. Information about a significant order to purchase or sell securities may, in some contexts, be material. Prepublication information regarding reports in the financial press also may be material. For example, the United States Supreme Court upheld the criminal convictions of insider trading defendants who capitalized on prepublication information from The Wall Street Journal's "Heard on the Street" column.

**6** **\|** P a g e

No simple test exists to determine when information is material; assessments of materiality involve a highly fact-specific inquiry. If you are in receipt of non-public information that you believe is not material, you should confirm such determination with the CCO.

**What is Non-Public Information?**

Information is non-public until it has been effectively communicated to the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information found in a report publicly filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal, or other publications of general circulation would be considered public. If the information is not available in the general media or in a public filing, it should be treated as non-public. If you are uncertain whether information is non-public, you should contact the CCO.

**Specific Sources of Material Non-Public Information**

Below is a list of potential sources of material, non-public information that Employees of the Company my periodically access. If an Employee accesses or utilizes any of these sources of information, whether in connection with their employment duties or otherwise, they should be particularly sensitive to the possibility of receiving material non-public information about a publicly-traded company, and immediately notify the CCO if they feel that they have received material non-public information. This list is provided for general guidance and is not an exclusive list of all possible sources of material non-public information.

***Contacts with Public Companies***

Although the Company generally interacts with private companies, there may be situations where the Company has contacts with public companies as part of the Company's research efforts. The Company may make investment decisions based on conclusions formed through such contacts and analysis of publicly available information. Employees must be especially alert to the potential for access to sensitive information during such contacts. Information received from company representatives during a conference call that is open to the investment community is required to be publicly disclosed by the company under SEC Regulation FD.

Difficult legal issues arise, however, when, in the course of contacts with public companies, you become aware of material, non-public information. This could happen, for example, if a company's Chief Financial Officer prematurely discloses quarterly results to an analyst, or an investor relations representative makes a selective disclosure of adverse news to a handful of investors. In such situations, the Company must make a judgment as to its further conduct. To protect yourself, the Company and its Clients, you should contact the CCO immediately if you believe that you may have received material, non-public information.

 ****

***Contacts with Research Consultants***

Employees may wish to engage the services of a third-party research firm (a "Consulting Service"), such as Gerson Lehrman, to assist in their research efforts. Generally, such Consulting Services provide access to experts (each a "Consultant") across a variety of industries and disciplines. Employees must be especially alert to the potential for access to material non-public or confidential information during such contacts.

**7** **\|** P a g e

Any engagement of a new Consulting Service or Consultant must be pre-approved by the CCO. In addition, Employees must notify the CCO prior to each contact (whether a call or meeting) with any previously approved Consultant.

The following guidelines apply to all Employee contacts with Consulting Services and Consultants:

&nbsp;&nbsp;&nbsp;&nbsp;· Prior to any conversation with a Consultant, Employees must remind or inform such Consultant that neither
the Company nor the Employee wish to receive material, non-public information or confidential information that the Consultant is under
a duty, legal or otherwise, not to disclose.

&nbsp;&nbsp;&nbsp;&nbsp;· The consultant must acknowledge that he or she is unaware of any conflict with any law, regulation or
duty owed to any person or entity that may arise by providing the Company or its Employees with his or her services or inform the Employee
or the Company otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;· If a Consultant inadvertently discloses material non-public information regarding any company, the Employee
must contact the CCO immediately, who will determine if the company must be added to the Restricted List.

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO or a designee may chaperone calls with Consultants.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees may not discuss any company (public or private) with which a Consultant is affiliated, including
but not limited to a director, trustee, officer, employee or any other known affiliation.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees are reminded of their non-disclosure obligations regarding Company information as described under the Confidentiality and
Privacy Policies section of this Code of Ethics.

 **

***Tender Offers***

 **

Tender offers represent a particular concern in the law of insider trading for two reasons: First, tender offer activity often produces extraordinary volatility in the price of the target company's securities. Trading during this time period is more likely to attract regulatory attention (and produces a disproportionate percentage of insider trading cases). Second, the SEC has adopted a rule that expressly forbids trading and "tipping" while in possession of material, non-public information regarding a tender offer received from the tender offeror, the target company, or anyone acting on behalf of either. You should exercise particular caution any time you become aware of non- public information relating to a tender offer.

 **

***Bank Debt***

 **

The Company may wish to invest in the bank debt of a public issuer. Investors in bank debt are often privy to material non-public information provided to lenders and investors. Should you decide to access private information of a bank debt issuer, you should notify the CCO immediately. Even if you decide to not access such information, you should exercise caution as there is a heightened risk of inadvertent exposure to private information when investing in bank debt.

 ****

***Directorships and Committee Memberships***

An Employee of the Company may be a member of the Board of Directors, creditor's committee or similar committee, group or informal organization of credit holders, or have similar status with a public issuer, subject to pre-approval by the CCO. Any such memberships must be reported to the CCO immediately by completing an Outside Business Activities questionnaire in the compliance portal or by submitting <u>Exhibit C (attached hereto)</u>.

**8** **\|** P a g e

***Non-disclosure Agreement (NDA)/Confidentiality Agreement***

 ****

The Company may enter into confidentiality agreements with issuers, their representatives, or third-party firms relating to the evaluation of a potential transaction in an issuer's securities. All confidentiality agreements must be approved by the CCO (or designee) prior to execution. Confidentiality agreements generally require the Company to maintain information received thereunder in confidence but may also contain other provisions such as restrictions on trading, restrictions on use of the information or a requirement to destroy or return such information. Employees should be particularly sensitive to information they receive pursuant to a confidentiality agreement as such information is likely to be material non-public information. Employees should also be knowledgeable regarding any restrictions or representations with respect to such information contained in a confidentiality agreement so as to avoid a breach thereunder. If you are uncertain as to your rights and obligations under a confidentiality agreement, please contact the CCO.

 **

***"PIPE" & "SPAC" Transactions***

 **

Private investments in public companies ("PIPEs") involve the issuance of unregistered securities in publicly traded companies. Before PIPE investors can publicly trade the unregistered securities, the issuer must file, and the SEC must declare effective, a resale registration statement. To compensate investors for this temporary illiquidity, PIPE issuers customarily offer the securities at a discount to market price. Advance news of a PIPE offering may be material non-public information since the announcement typically precipitates a decline in the price of a PIPE issuer's securities due to the dilutive effect of the offering and the PIPE shares being issued at a discount to the then prevailing market price of the issuer's stock. You should notify the CCO immediately and exercise particular caution any time you become aware of non-public information relating to a PIPE offering.

A Special Purpose Acquisition Company (SPAC) is a blank check company with no operations that raises capital in an Initial Public Offering (IPO) and places the proceeds into a trust account for subsequent use in acquiring one or more businesses. Following the SPAC's IPO, the SPAC's management team, or "sponsors," will identify acquisition targets and attempt to complete a business combination transaction (the "deSPAC-ing" transaction). Sometimes, the SPAC may require financing in addition to the proceeds from its IPO to complete the deSPAC-ing transaction. The SPAC sponsors may provide this financing in the form of a forward purchase commitment at the time of the IPO, and/or the SPAC may solicit interest from private investment in public equity ("PIPE") investors. SPACs typically must complete the deSPAC-ing transaction within a specified time frame (often 24 months) after the IPO. If the SPAC fails to meet this deadline, the SPAC must liquidate and distribute the proceeds to the public shareholders. Because the SPAC is a publicly traded company prior to the deSPAC-ing transaction, there is a risk that individuals will purchase the SPAC securities after learning of the proposed deSPAC-ing transaction target and other potentially material information, but before that information is publicly announced. You should notify the CCO immediately and exercise particular caution any time you become aware of non-public information relating to a SPAC.

***Market Rumors***

 ****

Creating or spreading a rumor that is known to be untrue with the intent of affecting the market price of a security could constitute an unlawful attempt to manipulate market prices and should be avoided at all times. In addition, making investment decisions or otherwise acting on information received as a market rumor can carry significant risk for the Company and the Employee, given the inherent lack of certainty that a market rumor is accurate and/or does not constitute material non-public information. Employees should contact the CCO prior to acting on or sharing any information that may have been received as a market rumor.

 ****

**9** **\|** P a g e

 ****

***Penalties for Insider Trading***

You may face severe penalties if you trade securities while in possession of material, non- public information, or if you improperly communicate non-public information to others. The consequences to you of illegal insider trading may include:

&nbsp;&nbsp;&nbsp;&nbsp;· The Company may terminate your employment.

&nbsp;&nbsp;&nbsp;&nbsp;· You may be subject to criminal sanctions which may include a fine of up to $1,000,000 and/or up to ten
years imprisonment.

&nbsp;&nbsp;&nbsp;&nbsp;· The SEC can recover your profits gained or losses avoided through illegal trading, and a penalty of up
to three times the profit from the illegal trades.

&nbsp;&nbsp;&nbsp;&nbsp;· The SEC may issue an order permanently barring you from the securities industry.

&nbsp;&nbsp;&nbsp;&nbsp;· You may be sued by investors seeking to recover damages for insider trading violations.

&nbsp;&nbsp;&nbsp;&nbsp;· Insider trading laws provide for penalties for "controlling persons" of individuals who commit
insider trading. Accordingly, under certain circumstances, a supervisor of an employee who is found liable for insider trading may also
be subject to penalties.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company could be subject to fines and penalties in the event an Employee is found liable for insider
trading, including civil and criminal penalties in excess of $2 million and restrictions on the Company's ability to conduct certain
of its business activities.

**3.** **Compliance Procedures** 

The following procedures have been established to aid Employees in addressing situations where they have access to material non-public information relating to any company. Each Employee must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability and criminal penalties.

**Identifying Material Non-public Information**

Before executing any trade for yourself or others, including Client accounts, you must determine whether you have access to material, non-public information. Ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;· Is the information material? Is this information that an investor would consider important in making his
or her investment decisions? Is this information that would substantially affect the market price of the securities if disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;· Is the information non-public? To whom has this information been provided? Has the information been effectively
communicated to the marketplace by appearing in publications of general circulation? Is the information already available to a significant
number of other traders in the market?

&nbsp;&nbsp;&nbsp;&nbsp;· If after consideration of the foregoing you believe that the information is material and non- public,
or if you have questions as to whether the information is material and non-public, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Report the matter immediately to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Do not purchase or sell the securities on behalf of
 yourself or others, including any Client account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Do not communicate the information within or outside of
 the Company other than to the CCO and other persons
who "need to know" such information in order to perform their job responsibilities at the Company.

**10** **\|** P a g e

Upon the determination by the CCO that the information received is material and non- public, the CCO will promptly add the name to the Company Restricted List (defined below). A request to add a security to the Restricted List may also be submitted electronically via the compliance portal or by submitting the form shown as <u>Exhibit J</u> to the CCO.

**Restricted List**

Receipt by the Company or an Employee of material non-public information, as well as certain transactions in which the Company may engage, may require, for either business or legal reasons, that Client accounts or personal accounts of Employees do not trade in the subject securities for specified time periods. Any such security will be designated as "restricted." The CCO or designee will determine which securities are restricted, will maintain a list (the "Restricted List") of such securities and will deny permission to effect transactions in Client or Employee personal accounts in securities on the Restricted List. The CCO or designee will keep the Restricted List electronic file on the Company's secure server. The Restricted List is available for all Employees to view on gVue. No Employee may engage in any trading activity, whether for a Client account or a personal account, with respect to a security while it is on the Restricted List. Restrictions with regard to designated securities are also considered to extend to options, rights or warrants relating to those securities and any securities convertible into those securities.

The CCO or designee will be responsible for determining whether to remove a particular company from the Restricted List. The Employee requesting the removal of an issuer from the Restricted List shall notify the CCO. This request may be submitted electronically via the compliance portal or by submitting the form <u>Exhibit K</u>.

The Restricted List is confidential and may not be disseminated outside the Company.

**Confidentiality of Material Non-Public Information**

***Communications***

 ****

Information in your possession that you identify as material and non-public may not be communicated to anyone, including any person within the Company other than the CCO and those persons who "need to know" such information in order to perform their job responsibilities at the Company.

***Information Handling***

 ****

Employees should take all appropriate actions to safeguard any material, non-public information in their possession. Care should be taken that such information is secure at all times. For example, do not leave documents or papers containing material, non- public information on your desks or otherwise for people to see, access to files containing material, non-public information and computer files containing such information should be restricted, and conversations containing such information, if appropriate at all, should be conducted in private.

You may not make unauthorized copies of material, non-public information. Additionally, you must ensure the disposal of any material, non-public information in your possession is authorized (for example, material, nonpublic information obtained pursuant to a confidentiality agreement may be required to be returned in certain circumstances). Upon termination of your employment with the Company, you must return to the Company any material, non-public information (and all copies thereof in any media) in your possession or under your control.

**11** **\|** P a g e

**D.** **Personal Securities Transactions** 

**1.** **General** 

Corrum has adopted the following general principles governing personal investment activities by Corrum personnel:

&nbsp;&nbsp;&nbsp;&nbsp;· The interests of Client accounts will be placed in front of any Employee personal transaction. Appropriate
investment opportunities must be made for the Company's Clients before the Company or any Employee may act on them.

&nbsp;&nbsp;&nbsp;&nbsp;· All personal securities transactions will be conducted in such a manner as to avoid any actual, potential
or perceived conflicts of interest or abuse of an individual's position of trust and responsibility.

**2.** **Restrictions and Limitations on Personal Securities Transactions** 

The following restrictions and limitations govern investments and personal securities transactions by all Employees:

**Personal Securities Transactions**

Employees, their spouses, and other family affiliates under the control of the Employee (i.e. minor children and other dependents) are allowed to engage in individual securities transactions, subject to a 90-day hold period (approval by the CCO for special circumstances), that are not on the Restricted List. However, an Employee and/or his/her spouse may sell out of positions held at the time such Employee commenced employment at the Company at any time without subject to the 90-day hold period.

Employees must pre-clear individual security transactions using the compliance portal, which requires electronic approval by the CCO and IQEQ. In the absence of the CCO, the CFO may provide approvals. Employees must wait to receive an approval email from the compliance portal, IQEQ or the CCO prior to making any individual securities trades. During the pre-clearance process, IQEQ will check the proposed trade against Corrum Capital's Restricted List and ensure the security is listed on a major stock exchange prior to sending approval. Pre-clearance approval is only good for two consecutive trading days for which a trade is requested. Employees will need to re-seek the pre-clearance approvals if they have not executed their trade within the two-day timeframe. Employees cannot short any individual securities and can only invest in securities listed on major exchanges (e.g., no OTC and pink sheet securities are allowed).

The securities below are exempt from the above restrictions on personal securities transactions:

&nbsp;&nbsp;&nbsp;&nbsp;· Money-market funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Open-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange traded funds ("ETFs") - ETFs are not subject to preclearance requirements, but are
subject to a 90-day hold period from the date of purchase;

&nbsp;&nbsp;&nbsp;&nbsp;· Fully discretionary separately managed accounts (proof required of status);

&nbsp;&nbsp;&nbsp;&nbsp;· Bankers acceptances, bank CDs, commercial paper and high quality short-term debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;· Unit investment trusts;

&nbsp;&nbsp;&nbsp;&nbsp;· Brokerage certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the U.S. government (U.S. Treasury securities);

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions through an established 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 (DRIP).

**12** **\|** P a g e

**Restricted List**

No Employee personal securities transactions will be permitted in any security that is currently on the Company's Restricted List. All Employee personal securities transactions are subject to monitoring in order to ascertain any pattern of conduct which may evidence use of material non-public information obtained in the course of their employment.

The restricted list will be determined and maintained by the CCO. Corrum's Restricted List shall be comprised of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· Any individual public equity security held within any of the underlying private equity funds currently
invested in or being managed by Corrum;

&nbsp;&nbsp;&nbsp;&nbsp;· Any individual public equity or debt security held within any of the underlying "activist"
hedge funds currently invested in or being managed by Corrum;

&nbsp;&nbsp;&nbsp;&nbsp;· Any publicly listed business development company (BDC) or securities that are affiliated with the underlying
fund managers Corrum is invested in;

&nbsp;&nbsp;&nbsp;&nbsp;· Any individual public equity security wherein an Employee or a member of Corrum's board of advisors
has a board seat or advisory board position; and

&nbsp;&nbsp;&nbsp;&nbsp;· Any individual public equity security wherein an Employee has obtained material non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;· Any individual public equity security in which Corrum has signed an NDA that could cause Corrum to receive
material non-public information, as determined by the CCO through discussions with the Employee requesting the NDA.

To make any modifications to the Restricted List, Employees must notify the CCO. These requests may also be submitted electronically in the compliance portal or by submitting the form <u>Exhibit J</u> or <u>Exhibit K</u>. The completed form must be approved by the CCO who will notify IQEQ of any changes. Importantly, it is the responsibility of each Employee to report and identify any material non-public information and to ensure that these names are added to the Restricted List. If there is ever a situation where an Employee is uncertain, or needs additional clarification, please discuss with the CCO.

**Participation in IPOs and Secondary Offerings**

No Employee may acquire any security in an initial public offering (IPO) or secondary public offering without the prior approval of the CCO.

**Private Placements**

Private placements of any kind (including, but not limited to, limited partnership investments, limited liability companies, hedge funds, private equity funds, PIPEs, real estate, oil and gas partnerships and venture capital investments) may only be acquired with pre-approval of the CCO, and, if approved, will be subject to monitoring for possible future conflicts. A request for approval of a private placement must be submitted in advance of the proposed date of investment by completing an Outside Business Activities Disclosure Form attached hereto as <u>Exhibit C</u>. This form may also be submitted electronically via the compliance portal.

**13** **\|** P a g e

**3.** **Reportable Accounts** 

All Employees must provide to the CCO a written or electronic disclosure (via the compliance portal) in the form of <u>Exhibit D</u> certifying all Reportable Brokerage Accounts within 10 days after first becoming an Employee and thereafter upon establishing any new Reportable Brokerage Account. For the purposes of this Manual, Reportable Brokerage Accounts include any personal brokerage account over which the Employee has control or discretionary trading authority and that has the capability to hold or trade individual securities (stocks, bonds, options etc.). The following types of accounts are NOT considered Reportable Brokerage Accounts and are not reportable:

&nbsp;&nbsp;&nbsp;&nbsp;· Any personal brokerage account over which the Employee has no control or discretionary trading authority,
including any Managed Accounts (as defined below); and

&nbsp;&nbsp;&nbsp;&nbsp;· accounts that allocate exclusively to open-end mutual funds and do not have discretionary brokerage capability
for individual securities (e.g., 529 and 401(k) accounts).

A Managed Account is a brokerage account that meets the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;· The account is managed by a third-party investment manager; and

&nbsp;&nbsp;&nbsp;&nbsp;· the Employee has no power to control or influence investment decisions in the account.

The Employee will be required to report the account to the CCO and provide a letter signed by the investment manager on the manager's letterhead that the above criteria will be met or alternatively, may provide a copy of the investment advisory agreement or contract.

**4.** **Investment Reporting** 

**Holdings Reports**

All Employees must certify their personal securities holdings via the Initial Holdings Report electronically in the compliance portal in the form of <u>Exhibit E</u> within 10 days after first becoming an Employee. The information contained in the Initial Holdings Report must be current as of a date no more than 45 days prior to the date the person becomes an Employee.

Additionally, Employees must submit an Annual Holdings Report electronically in the compliance portal in the form of <u>Exhibit E</u> by January 31 of each year, *provided, however*, that an Employee need not submit an Annual Holdings Report if the information reported therein would be duplicative of information contained in broker trade confirmations, notices or advices or account statements received by the Company. The information contained in the Annual Holdings Report must be current as of a date no more than 45 days prior to the date the Annual Holdings Report is submitted.

A report must be submitted even if no purchases or sales of securities were made during the period covered by the report.

**14** **\|** P a g e

**Transactions Reports**

Employees must file a written or electronic Quarterly Trade Report via the compliance portal in the form of <u>Exhibit F</u> within 30 days after the end of each calendar quarter that identifies all transaction made during the quarter, *provided, however*, that an Employee need not submit a Quarterly Trade Report if the information reported therein would be duplicative of information contained in broker trade confirmations, notices or advices or account statements received by the Company.

A Quarterly Trade Report must be submitted even if no purchases or sales of securities were made during the period covered by the report.

**5.** **Review** 

The CCO shall be responsible for (i) notifying Employees of their reporting obligations under this Code and (ii) reviewing the reports submitted by each Employee under this Code. The CCO may assign the review of Employee reports to a designee, however, no person shall be allowed to review or approve his or her own reports, and reports shall be reviewed by the CCO or other officer who is senior to the person submitting the report. The CCO shall maintain records of all reports filed pursuant to these procedures.

All Employee personal securities transactions are subject to monitoring in order to ascertain any patterns of conduct which may evidence conflicts with the principles of this Manual, including patterns of front-running or other inappropriate behavior.

**E.** **Political Contributions** 

**1.** **Company Contributions** 

Firm funds or gifts may not be furnished, directly or indirectly, to a government official, government employee or politician for the purpose of obtaining or maintaining business on behalf of the Firm. Such conduct is illegal and may violate federal and state criminal laws. Assistance or entertainment provided to any government office should never, in form or substance, compromise the Firm's arms-length business relationship with the government agency or official involved.

**2.** **Foreign Corrupt Practices Act** 

The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government, or a foreign political party may also be "instrumentalities" of a foreign government.

**15** **\|** P a g e

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However, the availability of these exceptions is limited and is dependent on the relevant facts and circumstances.

Civil and criminal penalties for violating the FCPA can be severe. The Company and its Access Persons must comply with the spirit and the letter of the FCPA at all times. Access Persons must obtain written pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA by submitting a pre-clearance form electronically in the compliance portal in the form of <u>Exhibit M</u>.

**3.** **Pay-to-Play** 

**Background**

SEC Rule 206(4)-5 prohibits "pay-to-play" practices by investment advisers that seek to provide investment advisory services to government entities (i.e., any state or political subdivision of a state, including: any agency, authority or instrumentality of the state, a pool of assets sponsored or established by the state, a plan or program of a government entity; and officers, agents, or employees of the state acting in their official capacity). The rule applies to government assets managed by the Company, whether in a separate account or a pooled investment vehicle. Rule 206(4)-5 prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;· An adviser's receipt of compensation from a government entity for two years following any contribution
by the adviser or contributions exceeding the De Minimis amounts specified below by certain of its personnel ("covered associates"),
to certain officials ("covered official") of a government entity;

&nbsp;&nbsp;&nbsp;&nbsp;· Payments by an adviser or any covered associate to third-party solicitors or placement agents for their
solicitation of government entities unless the third-party solicitor is a registered representative of a broker-dealer or registered investment
adviser subject to pay-to-play regulations; and

&nbsp;&nbsp;&nbsp;&nbsp;· An adviser and its covered associates from soliciting or coordinating contributions for an official of
a government entity to which the adviser is seeking to provide advisory services, or payments to a political party of a state or locality
where any adviser is providing or seeking to provide advisory services to a government entity.

The rule also prohibits acts done indirectly, which, if done directly, would result in a violation of the rule and includes increased recordkeeping requirements regarding political contributions made by its covered associates.

The look back provisions of the rule require an investment adviser to look back in time to determine whether it will be subject to any business restrictions under the rule when employing or engaging a person who would be considered a covered associate due to such person's triggering contribution to an official of a government entity. The two-year time out is not triggered by a contribution made by a natural person more than 6 months prior to becoming a covered associate, unless he or she, after becoming a covered associate, solicits Clients. As a result, the full two year look back applies only to covered associates who solicit for the Company.

**16** **\|** P a g e

**Definitions**

A <u>contribution</u> means any gift, subscription, loan, advance, or deposit of money or anything of value made for:

&nbsp;&nbsp;&nbsp;&nbsp;· The purpose of influencing any election for federal, state or local office;

&nbsp;&nbsp;&nbsp;&nbsp;· The payment of debt incurred in connection with any such election; or

&nbsp;&nbsp;&nbsp;&nbsp;· Transition or inaugural expenses incurred by the successful candidate for state or local office.

This includes not only monetary contributions, but also in-kind contributions such as payment for services or use of facilities, personnel or other resources to benefit any federal, state or local candidate campaign, political party committee, or other political committee or political organization exempt from federal income taxes under Section 527 of the Internal Revenue Code (such as the Republican or Democratic Governors Association), or the inaugural committee or transition team of a successful candidate.

Volunteer services provided to a campaign by Employees on their own personal time are not treated as contributions.

A <u>covered associate</u> includes any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;· The Company's general partners, executive officers or other individuals with a similar status or
function;

&nbsp;&nbsp;&nbsp;&nbsp;· Any Employee who solicits government entities for the Company and any person who supervises, directly
or indirectly, such Employee; and

&nbsp;&nbsp;&nbsp;&nbsp;· Any political action committee controlled by the investment adviser or its covered associates.

A <u>covered official</u> is a person (including any election committee for the person) who was, at the time of the contribution, an incumbent, candidate or successful candidate of a government entity, if the official can (1) directly or indirectly influence the governmental entity's selection of an investment adviser; or (2) has the authority to appoint an official with such influence. This could cover state or local officials who are running for federal office.

A <u>government entity</u> is defined as any state and local governments and political subdivisions thereof, including their agencies and instrumentalities and pools of assets sponsored or established by the foregoing (such as public pension funds and participant- directed investment programs for the benefit of the public (*e.g.*, 529 college tuition savings programs) or government Employees (*e.g.*, 403(b) and 457 retirement plans)).

**Compliance Procedures**

The following procedures will apply to political contributions by the Company and its Employees:

&nbsp;&nbsp;&nbsp;&nbsp;· All contemplated contributions to a political candidate (including federal, state, local or PACs) by any
Employee will require pre-clearance from the CCO by submitting a pre-clearance form in the form of <u>Exhibit H</u>, which may be submitted
electronically via the compliance portal.

&nbsp;&nbsp;&nbsp;&nbsp;· Coordination of, or solicitation by, the Company of political contributions to a government official,
or payment to a political party of a state or locality, will not be permitted.

&nbsp;&nbsp;&nbsp;&nbsp;· Newly
hired or promoted Employees who will be considered covered associates will be required to disclose any political contributions made in
the past two years to determine if the look back provisions will apply by completing and submitting a New Employee Political Contribution
Declaration Form attached hereto as <u>Exhibit I</u>, which may be submitted electronically via the compliance portal.

&nbsp;&nbsp;&nbsp;&nbsp;· Any new relationships with third-party solicitors will require pre-approval from the CCO.

In addition, the CCO may require periodic certifications from Employees that they have not made any political contributions in violation of the Company's policy.

**17** **\|** P a g e

**Exemptions**

***De Minimis Contributions***

 ****

Although all contributions by Employees must be pre-approved, contributions to any state or local candidate or official which are less than the statutory de minimis amounts will be approved. Contributions will be approved if:

&nbsp;&nbsp;&nbsp;&nbsp;· The Employee is entitled to vote for the candidate and the contribution does not exceed $350 per election;
or

&nbsp;&nbsp;&nbsp;&nbsp;· The Employee is not entitled to vote for the candidate and the contribution does not exceed $150 per election.

 **

***Other Limited Exemptions***

 **

Pursuant to the "returned contribution" exception, if a covered associate of an adviser makes a contribution that triggers the two-year time-out period solely because he or she was not entitled to vote for the official at the time of the contribution, the Company can effectively undo the contribution under very narrow circumstances. To be eligible for the returned contribution exception,

&nbsp;&nbsp;&nbsp;&nbsp;· The contribution had to be less than $350,

&nbsp;&nbsp;&nbsp;&nbsp;· The Company must have discovered the contribution within four months of the date of such contribution,
and

&nbsp;&nbsp;&nbsp;&nbsp;· The Company must cause the contributor to re-collect the contribution within 60 days after the Company
discovers the contribution.

The specificity of the requirements significantly limits the availability of the exception. Further, an adviser with less than 50 employees can only rely on the returned contribution exception twice in a 12-month period (three times for advisers with more than 50 employees) and an adviser can never use the returned contribution exception for the same covered associate twice.

In addition, Rule 206(4)-5 allows an adviser to apply for an order exempting it from the two-year time-out requirement in the event of an inadvertent violation that falls outside of the exceptions set forth above when, according to the SEC, the imposition of the time-out provision is unnecessary to achieve the Rule's intended purpose.

**Record-keeping**

Rule 206(4)-5 also requires the Company to keep records of contributions made by the Company and its covered associates to government officials and candidates, payments to state or political parties and PACs, a list of its covered associates and government entities that invest or have invested in the past five years with the Company or a pooled investment vehicle managed by the Company. The Company must also maintain records of the names and addresses of each regulated third-party adviser or broker-dealer to whom the Company provides payment for the solicitation of a government entity.

**18** **\|** P a g e

**F.** **Conflicts of Interest** 

**1.** **General** 

Under Section 206 of the Advisers Act, the duty of the Company to refrain from fraudulent conduct includes an obligation to disclose material facts to its Clients whenever the failure to do so would defraud any Client or prospective client. The Company's duty to disclose material facts is particularly pertinent whenever the Company is in a situation involving a conflict or potential conflict of interest with a Client. The type of disclosure required by the Company in such a situation will depend upon all the facts and circumstances, but as a general matter, the Company must disclose to Clients all material facts regarding the potential conflict of interest so that the Client can make an informed decision whether to enter into or continue an advisory relationship with the Company or whether to take some action to protect himself against the specific conflict of interest involved.

If any Employee is aware of a personal interest that is, or might be, in conflict with the interest of the Company or its Clients, that Employee shall disclose the situation or transaction and the nature of the conflict to the CCO for appropriate consideration.

**2.** **Investment Conflicts** 

Employees who are planning to invest in or make a recommendation to invest in a security for any Client, and who have a material interest in the security or a related security, must first disclose such interest to the CCO. The CCO shall conduct an independent review of the recommendation to purchase the security for Clients and written evidence of such review shall be maintained by the CCO. Employees shall not fail to timely recommend a suitable security to, or purchase or sell of suitable security for, the Company in order to avoid an actual or apparent conflict with a personal transaction in a security.

**3.** **Prohibited Conduct with Clients** 

It is a violation of an Employee's duty of loyalty to the Company and its Clients for any Employee, without the prior written consent of the CCO, to:

&nbsp;&nbsp;&nbsp;&nbsp;· Rebate, directly or indirectly, to any person, firm, corporation or association, other than the Company,
compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of
the Company or a Client account;

&nbsp;&nbsp;&nbsp;&nbsp;· Accept, directly or indirectly, from any person, firm, corporation or association, other than the Company,
compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of
the Company or a Client account;

&nbsp;&nbsp;&nbsp;&nbsp;· Own any stock or have, directly or indirectly, any financial interest in any other organization engaged
in any securities, financial or related business, except for a minority stock ownership or other financial interest in any business which
is publicly-owned; or

&nbsp;&nbsp;&nbsp;&nbsp;· Borrow money from or loan money to any of the Company's service providers or Clients; provided,
however, that (i) the receipt of credit on customary terms in connection with the purchase of goods or services is not considered to be
a borrowing within the foregoing prohibition and (ii) the acceptance of loans from banks or other financial institutions on customary
terms to finance proper and usual activities, such as home mortgage loans, is permitted except where prohibited by law.

**19** **\|** P a g e

**4.** **Outside Activities of Employees** 

**Policy**

Employees are expected to devote their full professional time and efforts to the business of the Company and to avoid any activities that could present actual or perceived conflicts of interest.

Employees must obtain prior approval from the CCO for any outside activity that involves:

&nbsp;&nbsp;&nbsp;&nbsp;· A time commitment that would prevent the Employee from performing his/her duties for the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· Accepting a second job or part-time job of any kind or engaging in any other business outside of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· Active participation in any business in the financial services industry or otherwise in competition with
the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· Teaching assignments, lectures, public speaking, publication of articles, or radio or television appearances,
or

&nbsp;&nbsp;&nbsp;&nbsp;· Serving as a director, officer, general partner or trustee of, or as a consultant to, any business, corporation
or partnership, including family-owned businesses and charitable, non-profit and political organizations.

Employees may not serve on the board of any company whose securities are publicly traded, or of any company in which the Company or any Client account owns securities, without the prior approval of the CCO. If such approval is granted, it may be subject to the implementation of appropriate procedures to isolate investment personnel serving as directors from making investment decisions for a Client account managed by the Company concerning the company in question.

**Compliance Procedures**

All outside activities conducted by an Employee must be approved prior to participation by the CCO or designee by completing and submitting an Outside Business Activities questionnaire in the form of <u>Exhibit C</u>, submitted electronically via the compliance portal.

The CCO or designee may require full details concerning the outside activity including the number of hours involved and any compensation to be received. In addition, in connection with any approval of an outside activity, such approval may, at the discretion of the CCO, be subject to certain conditions deemed necessary or appropriate to protect the interests of the Company or any Client.

In addition, to the extent that the Company maintains a state or federal registration or license (e.g. California Financing Law (MU2) or Form U-4) for an Employee seeking to engage in an outside business activity, the form may need to be updated to reflect the activity.

**20** **\|** P a g e

**5.** **Gifts and Entertainment** 

**Policy**

The Company recognizes the value of fostering good working relationships with individuals and firms doing business or seeking to do business with the Company. Subject to the guidelines below, Employees are permitted, on occasion, to accept gifts and invitations to attend entertainment events. However, Employees should always act in the best interests of the Company and its Clients and should avoid any activity that might create an actual or perceived conflict of interest or impropriety in the course of the Company's business relationships. Employees should not accept any gifts or entertainment invitations that have the likelihood of influencing their decisions regarding the business transactions involving the Company. Employees should contact the CCO or designee to discuss any offered activity or gift that may create such a conflict. The Company reserves the right to prohibit the acceptance or retention of a gift or offer of entertainment, regardless of value, as it may determine in its sole discretion.

Entertainment may include such events as meals, shows, concerts, theatre events, sporting events or similar types of entertainment. "Entertainment" also includes in-town and out- of-town trips and seminars where the service provider or counterparty offers to pay for items such as lodging, airfare, meals and/or event expenses. An entertainment event will only be deemed to be entertainment if a representative of the service provider or counterparty is also attending the event (otherwise, it will be deemed to be a gift).

No gift or entertainment may be accepted or given, however, regardless of value, that has the likelihood of influencing, any business decision or relationship of the Company.

**Compliance Procedures**

The Company has adopted the following principles and procedures governing gifts and entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;· No gift of cash or cash equivalents may be accepted.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company is prohibited from giving gifts or entertainment with an aggregate value exceeding $250 per
year to any ERISA plan fiduciary. Consequently, all gifts and entertainment provided to ERISA plan fiduciaries must be reported to the
CCO via the form included as <u>Exhibit L</u>, submitted electronically via the compliance portal.

&nbsp;&nbsp;&nbsp;&nbsp;· Any gift or entertainment provided by the Company to a labor union or a union official must be reported
to the CCO via the form included as <u>Exhibit L</u>, submitted electronically via the compliance portal. The Company is required to report
on Department Labor Form LM-10 within 90 days following the end of the Company's fiscal year all gifts and entertainment provided
to labor unions or union officials in excess of $250 per fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;· The matters described below generally do not create a risk of conflict of interest because they are ordinary
or accepted business practices and do not imply any return of favor on the part of the receiving person. If a gift or entertainment is
clearly within these exceptions, the CCO does not need to pre-approve it. If an Employee receives a gift from a Client or other person
that does not meet these exceptions, they must return the gift, refuse the offer, or request and receive approval of the gift from the
CCO via the form included as <u>Exhibit L</u>, submitted electronically via the compliance portal.

**21** **\|** P a g e

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o <u>Ordinary Business Entertainment and Courtesies</u> - This exception is available for entertainment
associated with business meetings or business discussions, including meals, sporting events, charitable events, or golf outings. Such
business entertainment and courtesies must not be so excessive that that they could not be treated as a legitimate business expense. Employees
may not rely on this exception for gifts that are incidental to business entertainment (e.g., golf equipment given during a golf outing),
since any gifts given or received during the course of business entertainment or business meetings are still considered gifts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o <u>Client or Vendor-Sponsored Meetings</u> - This exception applies to meetings that have a predominant
business purpose (as opposed to a purpose of business entertainment). When such meetings entail payment for travel, overnight accommodations,
meals, and entertainment, such amenities must be ordinary business expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o <u>Expressions of Courtesy and Appreciation</u> - This exception applies to gifts given or received of
items such as, but not limited to, fruit, flowers, food, wine, or candy given with monetary value of less than $1,000. Such gifts must
not total more than $4,000 per individual recipient per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o <u>Personal Gifts</u> - This exception applies to personal gifts received solely because of kinship, marriage,
or social relationships, and not because of any business relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o <u>Promotional Items</u> - This exception is available for unsolicited advertising or promotional materials
that are generally given as promotional or marketing gifts (e.g., pens, coffee mugs or clothing items with a counterparty's logo).
The gift must be of nominal value to qualify for this exception.

**Gifts and Entertainment Monitoring**

The CCO will be responsible for reviewing any gifts and entertainment reported by Employees and may use the compliance portal to track Employees' aggregate provision and receipt of gifts and entertainment. The CFO will be responsible for reviewing any gifts and entertainment reported by the CCO.

**G.** **Confidentiality and Privacy Policies** 

**1.** **Company Information** 

The protection of confidential business information is vital to the interests and the success of the Company. Employees may not disclose to unauthorized third parties, or use for his/her own personal benefit, any information regarding:

&nbsp;&nbsp;&nbsp;&nbsp;· Advice by the Company to its Clients or investors;

&nbsp;&nbsp;&nbsp;&nbsp;· Securities or other investment positions held by the Company, its Clients, or investors;

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions on behalf of the Company, its Clients, or investors;

&nbsp;&nbsp;&nbsp;&nbsp;· The name, address or other personal identification information of Clients or investors;

&nbsp;&nbsp;&nbsp;&nbsp;· Personal financial information of Clients or investors, such as annual income, net worth or account information;

&nbsp;&nbsp;&nbsp;&nbsp;· Investment and trading systems, models, processes and techniques used by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· Company business records, Client and investor files, personnel information, financial information, Client
agreements, supplier agreements, leases, software, licenses, other agreements, computer files, business plans, analyses;

&nbsp;&nbsp;&nbsp;&nbsp;· Any other non-public information or data furnished to Employees by the Company or any Client or investor
in connection with the business of the Company or such Client or investor; or

&nbsp;&nbsp;&nbsp;&nbsp;· Any other information identified as or which Employees may otherwise be obligated to keep confidential.

**22** **\|** P a g e

The information described above is the property of Corrum and should be kept strictly confidential. Employees may not disclose any such information to any third party without the permission of the CCO or another officer of the Company, except for a purpose properly related to the business of Corrum or a Client of Corrum (such as to a Client's independent accountants or administrator) or as required by law.

Employees are required to sign a Confidentiality Agreement upon hire acknowledging this responsibility.

**2.** **Client Information and Privacy Policy** 

The Company is required by federal regulations to adopt certain procedures designed to protect all Client confidential and nonpublic information and to safeguard personal information contained in both paper and electronic records. The following policy (the "Privacy Policy") is designed to meet the standards set forth in federal regulations as well as other applicable standards. For purposes of this Privacy Policy, the term Client includes, where appropriate, all individuals who are investors in a Partnership, who have been investors in a Partnership or who are considering an investment in a Partnership.

**Implementation**

The Company is committed to (i) safekeeping personal information collected from potential, current and former Clients and (ii) safeguarding against the unauthorized acquisition or use of unencrypted data or encrypted electronic data regarding each Client. The proper handling of personal information is one of the Company's highest priorities.

To this end, the CCO and the Vice President of Information Technology (the "VPIT") have been designated to implement, maintain, review and revise, as necessary, a comprehensive information security program. The primary objectives for the CCO and VPIT are to identify and assess any and all reasonably foreseeable internal and external risks to the security, confidentiality and/or integrity of any electronic, paper or other records containing personal information, and to evaluate and improve, where necessary, the effectiveness of current safeguards for limiting such risks. To this end, the Company has implemented the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· All Employees must attend compliance training at least annually, where privacy and confidentiality is
discussed.

&nbsp;&nbsp;&nbsp;&nbsp;· The office building doors are to remain locked all hours during the day and only authorized individuals
are allowed to access Corrum facilities.

&nbsp;&nbsp;&nbsp;&nbsp;· Hard copy confidential documents are stored and maintained in locked filing cabinets or behind locked
doors.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees should lock their computers when they step away from their desks.

&nbsp;&nbsp;&nbsp;&nbsp;· Employees should be mindful of their surroundings when having confidential discussions.

&nbsp;&nbsp;&nbsp;&nbsp;· Sensitive/confidential documents must be retrieved promptly from printers and fax machines.

&nbsp;&nbsp;&nbsp;&nbsp;· Sensitive/confidential documents that are no longer required to be maintained, in accordance with the
Books and Records Policy in the Compliance Manual, must be placed in a locked shred bin.

&nbsp;&nbsp;&nbsp;&nbsp;· Access to network files and folders is restricted and monitored by the VPIT in accordance with the Information
Security Policy, such that only those individuals who need access to a particular file or folder and are authorized have access.

&nbsp;&nbsp;&nbsp;&nbsp;· All devices that have access to Company systems, networks, or email, including mobile devices, must be
password protected (see password section of Information Security Policy for additional details).

&nbsp;&nbsp;&nbsp;&nbsp;· The scope of security measures is reviewed at least annually by the CCO and VPIT in accordance with the
Information Security Policy.

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO and VPIT reasonably monitor Corrum's information systems, including for unauthorized use
or access, and reasonably reviews and tests electronic encryption and other elements of its computer security system (including its secure
user authentication protocols, secure access control measures and system security agent software).

&nbsp;&nbsp;&nbsp;&nbsp;· The CCO reviews all contractual relationships with third party service providers engaged by the Company
to verify adequate protections are in place with respect to the safeguarding of personal information.

**23** **\|** P a g e

**Client Information**

The Company collects and keeps only such information that is necessary for it to provide the services requested by its Clients and to administer its Clients' business with the Company. For instance, while processing a Client's Subscription Agreement to a partnership and the partnership's ongoing dealings with such Client, Corrum may obtain non-public personal information about such Client. This information may include the Client's name, address, telephone number, email address, passport number, social security number, taxpayer identification number, bank account number, transaction history and other personal information. Corrum may collect different types of information in a variety of ways, including:

&nbsp;&nbsp;&nbsp;&nbsp;· Information it receives from a Client's Subscription Agreement, from other forms and questionnaires,
or otherwise in the course of establishing a Client relationship.

&nbsp;&nbsp;&nbsp;&nbsp;· Information about an investor's transactions with the Partnership, its affiliates, or others, such
as such investor's investment and withdrawal history.

**Sharing Information**

The Company only shares the nonpublic personal information of its Clients with unaffiliated entities or individuals (i) as permitted by law and as required to provide services to the Company's Clients, such as with representatives within our firm, fund administrators, custodians, brokers, accountants, lawyers, consultants, insurance companies and other services providers of the Company, (ii) to comply with legal or regulatory requirements, or (iii.) at the individual's request or consent,. The Company may also disclose nonpublic personal information to another financial services provider in connection with the transfer of an account to such financial services provider. Further, in the normal course of business, the Company may disclose information it collects about Clients to entities or individuals that contract with the Company to perform servicing functions such as recordkeeping or computer-related services.

Companies hired to provide support services to Corrum are not allowed to use personal information for their own purposes and are contractually obligated to maintain strict confidentiality. When the Company provides personal information to service providers, it requires these providers to agree to safeguard such information, to use the information only for the intended purpose and to abide by applicable law.

The Company does not (i.) provide personally identifiable information to mailing list vendors or solicitors for any purpose or (ii.) sell information relating to its Clients to any outside third parties.

**Employee Access to Information**

Only Employees with a valid business reason have access to Clients' personal information. These Employees are educated on the importance of maintaining the confidentiality and security of such information and are required to abide by the Company's information handling practices. The Company employs reasonable procedures to prevent terminated Employees from accessing records containing personal information.

**Protection of Information**

The Company maintains security standards to protect Clients' information, whether written, spoken, or electronic. To that end, the Company restricts access to nonpublic personal information to Company personnel who need to know such information in order to provide services to Clients. All electronic or computer files containing such information is password secured and firewall protected from access by unauthorized persons. The Company periodically updates and checks its systems to ensure the protection and integrity of information.

**24** **\|** P a g e

The Company also maintains reasonable restrictions upon physical access to records containing personal information and stores such records in secure facilities.

**Maintaining Accurate Information**

The Company's goal is to maintain accurate, up to date Client records in accordance with industry standards. The Company has procedures in place to keep information current and complete (including the timely correction of inaccurate information).

**E-Mail**

Should a Client send the Company a question or comment via e-mail, the Company will share the Client's correspondence only with those Employees or agents most capable of addressing the Client's question or concern. All written communications pertaining to such question or comment will be retained by the Company until such time as the Company believes (in its good faith judgment) that it has provided the Client with a complete and satisfactory response. After that time, the Company will either discard the communication or archive it according to the requirements of applicable securities laws.

Please note that, unless expressly advised otherwise, the Company's e-mail facilities do not provide a means for completely secure and private communications. Although every attempt will be made to keep Client information confidential, from a technical standpoint, there is still a risk. For that reason, the Company utilizes the Mimecast SECURE messaging feature to send emails containing personally identifiable information and other highly sensitive communications. This feature is activated by typing the word SECURE in ALL CAPS (case sensitive) in the subject line of the email. Once the user presses "Send," the email and attachments are securely uploaded to an email server on the Mimecast cloud, scanned for malware, checked against email privacy, content and data leak prevention (DLP) policies, and then stored in a secure AES-encrypted archive. A notification message is sent to the recipient of the email, directing the recipient to log into the SECURE messaging portal where they can read and reply to secure messages and compose a new message to the original sender. If this feature is not available, the Company will utilize other means to protect the transmission of sensitive information, which may include setting up a secure ftp site. The Vice President of Information Technology (VPIT) can assist with setting up secure file transfers (via FTP) if needed. Communications with the Company may also be conducted via telephone or by facsimile.

**Disclosure of Privacy Policy**

The Company recognizes and respects the privacy concerns of its potential, current and former Clients. The Company is committed to safeguarding this information. As a member of the financial services industry, the Company provides a Privacy Notice for informational purposes to Clients and will distribute and update it as required by law. This Privacy Policy and the Privacy Notice is also available upon request.

If an Employee receives a request from a Client regarding the privacy of their personal data, the request must be forwarded to the CCO.

**Violations**

The Company imposes reasonable disciplinary measures, which may include termination, for violations of its Compliance Manual, including this Code of Ethics and Privacy Policy.

**25** **\|** P a g e

**EXHIBIT A - EMPLOYEE INITIAL AND ANNUAL ACKNOWLEDGMENT FORM**

The undersigned Employee of Corrum Capital Management LLC (the "Company") acknowledges having received and read a copy of the Compliance Manual and Code of Ethics, (the "Manual"). The Employee understands that observance of the policies and procedures contained in the Manual is a material condition of the Employee's employment by the Company and that any violation of any of such policies and procedures by the Employee will be grounds for immediate termination by the Company.

By the signature below, the Employee agrees to abide by the policies and procedures described in the Manual and affirms that the Employee has not previously violated such policies or procedures and has reported all securities transactions for his reportable personal account(s) as required by the Manual.

---

| |
|:---|
| Employee Name: __________________________________ |
| Employee Signature:________________________________ |
| Date: ___________________________________________ |

---

**26** **\|** P a g e

**EXHIBIT B - COMPLIANCE CONCERN REPORTING AND CERTIFICATION FORM**

Every employee of Corrum Capital Management LLC must internally disclose any and all compliance, regulatory and legal concerns regarding the Company, its Clients, and its Employees.

To that end, and to aid the Company in meeting all of its legal and regulatory requirements, please use this form at least quarterly to disclose, certify disclosure, or certify the lack of knowledge of any legal or regulatory concerns.

Please check all that apply:

❑ I am reporting a legal or regulatory concern, which is briefly described below.

---

| | |
|:---|:---|
| ❑ | Other than as reported here or in previously submitted forms, I have no legal or regulatory concerns regarding the Company, its Clients or its Employees. If I believe a previously reported concern has gone unaddressed, I am reporting such concern again here and the fact that it has gone unaddressed. |

---

---

| |
|:---|
| 1. |
| 2. |

---

**In addition, I have read and understand the firm's Compliance Manual and Code of Ethics which sets forth the firm's policies and procedures, and I agree to abide by such policy during the term of my employment.**

---

| |
|:---|
| Employee Name: __________________________________ |
| Employee Signature:_______________________________ |
| Date: __________________________________________ |

---

**27** **\|** P a g e

**EXHIBIT C - OUTSIDE ACTIVITIES OF CURRENT EMPLOYEES**

All Employees are expected to devote their business day to the business of the Company. In addition, no person may make use of his or her position as an employee, make use of information acquired during employment, or make personal investments in a manner that may create a conflict, or the appearance of a conflict, between the employee's personal interests and the interests of the Company.

To verify that such conflicts are avoided, an Employee <u>**must**</u> obtain the written approval of the CCO prior to:

&nbsp;&nbsp;&nbsp;&nbsp;· Serving as a director, officer, general partner or trustee of, or as a consultant to, any business, corporation
or partnership, including family-owned businesses, including charitable, non-profit organizations

&nbsp;&nbsp;&nbsp;&nbsp;· Accepting a second job or part-time job of any kind or engaging in any other business outside of the Company
for compensation

&nbsp;&nbsp;&nbsp;&nbsp;· Acting, or representing that the employee is acting, as agent for a firm in any investment banking matter
or as a consultant or finder

&nbsp;&nbsp;&nbsp;&nbsp;· Making a private investment

&nbsp;&nbsp;&nbsp;&nbsp;· Obtaining a controlling interest in any company or entity

&nbsp;&nbsp;&nbsp;&nbsp;· Forming or participating in any stockholders' or creditors' committee (other than on behalf
of the Company) that purports to represent security holders or claimants in connection with a bankruptcy or distressed situation or in
making demands for changes in the management or policies of any firm or becoming actively involved in a proxy contest

&nbsp;&nbsp;&nbsp;&nbsp;· Receiving compensation of any nature, directly or indirectly, from any person, firm, corporation, estate,
trust, or association, other than the Company, whether as a fee, commission, bonus, or other consideration such as stock, options, or
warrants.

Every Employee is required to complete the attached disclosure form and have the form approved by the CCO prior to serving in any of the capacities or making any of the investments described heretofore. In addition, an Employee must advise the Company if the Employee is or believes that he or she may become a participant, either as a plaintiff, defendant, or witness, in any litigation or arbitration.

**28** **\|** P a g e

**OUTSIDE ACTIVITIES AND PRIVATE INVESTMENTS OF CURRENT EMPLOYEES**

**INSTRUCTIONS:**

 

*The Company expects its full-time Employees to devote their full business day to the business of the Company and to avoid any outside employment, position, association, or investment that might interfere or appear to interfere with the independent exercise of the employee's judgment regarding the best interests of the Company and its Clients. Should an activity or investment be deemed a conflict of interest, or appear to create a conflict of interest, between the employee and the Company or a Client, the Employee may be required to terminate such activity or investment.*

 

Name of Employee

**Section A. GENERAL *(All employees must complete all questions in Section A.)***

 ****

1. Yes No I am seeking approval to become a director, officer,
 general partner, sole proprietor, or employee of, or a consultant or contributor to, an organization or entity other than the Company
 or any of its affiliates. If yes, complete only Sections B and H.

2. Yes No I am seeking approval to serve or to agree to serve in a fiduciary capacity as an administrator, conservator, executor, guardian, or trustee. If yes, complete only Sections C and H.

3. Yes No I am seeking approval to make a private investment in an organization or entity. If yes, complete only Sections D and H.

4. Yes No I am seeking approval to purchase a controlling interest in an organization or entity. If yes, complete only Sections E and H.

5. Yes No I am seeking approval to serve or to participate in a security holders' or creditors' committee or to become actively involved in a proxy contest seeking a change in the management or control of an organization or entity. If yes, complete only Sections F and H.

6. Yes No I anticipate becoming involved or participating
in an arbitration or litigation, either as a plaintiff, defendant, or witness. If yes, complete only Sections G and H.

**29** **\|** P a g e

**Section B. EMPLOYMENT RELATIONSHIPS AND DIRECTORSHIPS**

---

| | |
|:---|:---|
| Name of Organization or Entity: _______________________________________________ | Name of Organization or Entity: _______________________________________________ |
| Employee's Position or Function: _______________________________________________ | Employee's Position or Function: _______________________________________________ |
| Activity or Business of <br> Organization or Entity: | _______________________________________________ |
| Type and Location of Organization or Entity: ____________________________________ | Type and Location of Organization or Entity: ____________________________________ |
| <br> Date Association with Organization <br> or Entity will Commence:___________________________________________________ | <br> Date Association with Organization <br> or Entity will Commence:___________________________________________________ |
| Hours Devoted Per Day: | During Business Hours ___________<br> During Non-Business Hours _________ |
| Annual Compensation From Organization or Entity: | ________________________________ |
| Financial Interest in Organization or Entity: ______________________________________ | Financial Interest in Organization or Entity: ______________________________________ |

---

**To the best of your knowledge:**

Does any material adverse information exist concerning the organization or entity? Yes No <br> Does any conflict of interest exist between any the Company or any of its affiliates? Yes No <br> Does the organization or entity have a business relationship with the Company or any of its affiliates? Yes No

 **

***If yes to any of the above, please provide full explanation.***

 ****

 ****

 

**30** **\|** P a g e

**Section C. FIDUCIARY RELATIONSHIPS**

Name of Person, Organization or Entity that Employee will be acting for: _____________________

________________________________________________________________________________

Employee's Fiduciary Capacity: ______________________________________________________

Have securities or futures accounts (other than Federal Reserve Board "Treasury Direct" accounts) been opened for the benefit of the person or organization or entity and will the employee have the authority to make investment decisions for such accounts?

If yes, please describe: ______________________________________________________________

 ****

***If yes, please complete and attach employee securities/futures account disclosure form included in the Company's Code of Ethics.***

**31** **\|** P a g e

**Section D. PRIVATE INVESTMENTS**

Name of Organization or Entity:________________________________________________________________

Type and Size of Interest:________________________________________________________________

Type and Location of Organization or Entity:________________________________________________________________

Activity or Business of Organization or Entity:________________________________________________________________

Date Interest to be Acquired:________________________________________________________________

If Equity Interest, Percentage Ownership:________________________________________________________________

Will you be receiving any selling compensation in connection with this investment? __________________________

**To the best of your knowledge:**

---

| | | |
|:---|:---|:---|
| Does any material adverse information exist concerning the organization or entity? | Yes | No |
| Does any conflict of interest exist between the Company or any of its affiliates? | Yes | No |
| Does the organization or entity have a business relationship with the Company or any of its affiliates? | Yes | No |

---

***If yes to any of the above, please provide full explanation.***

 ****

 

**32** **\|** P a g e

**Section E. CONTROL INTERESTS**

Name of Organization or Entity:_________________________________________________________________

Type and Size of Interest:_________________________________________________________________

Ownership Percentage:_________________________________________________________________

Activity or Business of Organization or Entity:_________________________________________________________________

Date Interest to be Acquired: _________________________________________________________________

**To the best of your knowledge:**

---

| | | |
|:---|:---|:---|
| Does any material adverse information exist concerning the organization or entity? | Yes | No |
| Does any conflict of interest exist between this entity and the Company or any of its affiliates? | Yes | No |
| Does the organization or entity have a business relationship with the Company or any of its affiliates? | Yes | No |

---

***If yes to any of the above, please provide full explanation.***

**33** **\|** P a g e

**Section F. CLAIMANT COMMITTEES/PROXY CONTESTS**

Type of Committee (if applicable):__________________________________________________________

Target Organization or Entity:__________________________________________________________

Activity or Business of Organization or Entity:__________________________________________________________

Type and Location of Organization or Entity:__________________________________________________________

Employee Role or Function: __________________________________________________________

**To the best of your knowledge:**

Does any conflict of interest exist between this entity and the Company or any of its affiliates? Yes No <br>Does the organization or entity have a business relationship with the Company or any of its affiliates? Yes No

***If yes to any of the above, please provide full explanation.***

**34** **\|** P a g e

**Section G. ARBITRATION/LITIGATION**

Employee Role: Plaintiff ❑ Defendant ❑ Witness ❑

Title of Action: ______________________________________________________________

Description of Action: __________________________________________________________

___________________________________________________________________________________________

**To the best of your knowledge:**

Is the Company or any of its affiliates involved in or affected by this action? Yes No <br>Is any Company client, counterparty or vendor involved in or affected by this action? Yes No

***If yes to any of the above, please provide full explanation.***

 ****

**35** **\|** P a g e

**Section H. EMPLOYEE AFFIRMATION**

I affirm that the above information is accurate and complete as of the date hereof. I understand that I am under an obligation during my employment with the Company to obtain the approval of the CCO prior to engaging in outside activities or making certain investments, as more fully described in the Company policy and to advise the Company if I become or believe I may become a participant, either as a plaintiff, defendant or witness in any litigation or arbitration. I also agree to advise the CCO promptly if the information herein changes or becomes inaccurate.

Employee Signature Date

**Section I. COMPLIANCE OFFICER APPROVAL/NOTIFICATION**

---

| | |
|:---|:---|
| Compliance Officer Signature | Date |
| Compliance Officer Name |  |

---

**36** **\|** P a g e

**EXHIBIT D - BROKERAGE ACCOUNTS DISCLOSURE FORM**

Every Employee must disclose to the CCO any and all brokerage accounts in the name of the Employee, over which the Employee exercises discretion (express or in fact) or in which the Employee has an interest.

Disclosure is not required for any account:

&nbsp;&nbsp;&nbsp;&nbsp;· Over which the employee has no control or discretionary trading authority (including Managed Accounts),
or

&nbsp;&nbsp;&nbsp;&nbsp;· That is limited to exempted securities such as bank certificates of deposit, open-end mutual fund shares,
and Treasury obligations, and does not have discretionary brokerage capability for individual securities (e.g., 529 and 401(k) accounts).

Please check one of the following and sign below:

❑ I do not have any accounts that must be disclosed. I agree to notify the CCO prior to any such account being opened in the future.

❑ Set forth below is a complete list of all accounts that must be disclosed (use additional forms if necessary).

 

*The CCO will be sending a letter requesting duplicate confirms and statements for each of the accounts disclosed below.*

 

---

| | |
|:---|:---|
| &nbsp;&nbsp;Name and Number of Account | &nbsp;&nbsp;Name and Phone Number of Organization Where<br> Account is Located |
| &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;2. |  |
| &nbsp;&nbsp;3. |  |
| &nbsp;&nbsp;4. |  |

---

 

I have read and understand the Personal Securities Trading Policies referenced in the Code of Ethics and Compliance Manual, and I agree to abide by such policies during the term of my employment.

Employee Name:   <br>Employee Signature:   Date: _____________/_______/________

**37** **\|** P a g e

**EXHIBIT E - EMPLOYEE SECURITIES HOLDINGS REPORT**

As of ___________________________________________20_________

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name of<br> Company | &nbsp;&nbsp; Ticker,<br> Symbol or <br> CUSIP<br> number | &nbsp;&nbsp; Type of Security <br> (Stock, bond, <br> option,<br> etc.) | &nbsp;&nbsp; Holding Type<br> (Long,<br> Short) | &nbsp;&nbsp;Number of<br> Shares | &nbsp;&nbsp;Principal<br> Amount | &nbsp;&nbsp;Broker/ <br> Account <br> number |

---

**\*Note: In lieu of listing on this form each and every security held as of the date above, you may attach as an exhibit to this document your annual statement(s) from each reportable brokerage account. Notwithstanding this accommodation, it remains your sole responsibility to ensure that the information reflected in any such statement(s) is accurate and completely discloses ALL reportable securities holdings as of the date above.**

 ****

❑ I do not have any reportable brokerage accounts.

❑ I have reported above all reportable holdings in my personal brokerage accounts.

Employee Name: <br>Employee Signature:   Date: _____________/_______/________

**38** **\|** P a g e

**EXHIBIT F - EMPLOYEE QUARTERLY TRADE REPORT**

For the calendar Quarter ending______________________________,20 _______

With respect to securities transactions that are covered by the reporting requirement of the Company's Compliance Manual and Code of Ethics (Please initial one of the following):

___________ I have not engaged in any securities transactions which must be reported.

___________ I have listed below all securities transactions which must be reported.

All securities transactions which must be reported were executed in accounts for which the CCO directly receives duplicate trade confirmations and brokerage statements. I have not engaged in any other securities transactions except as disclosed therein.

Employee Name:   <br>Employee Signature:   Date: _____________/_______/________

**39** **\|** P a g e

Employee Name:<u>____________________</u>Quarter ended: _________________, 20 ______

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Trade Date | &nbsp;&nbsp;Company or<br> Symbol<br> (Ticker or <br> CUSIP) | &nbsp;&nbsp; Security <br> Description<br> (Stock, bond,<br> option,<br> etc.) | &nbsp;&nbsp;Transaction<br> Type (Buy, <br> Sell, Short, <br> etc.) | &nbsp;&nbsp;Number of <br> Shares | &nbsp;&nbsp;Price | &nbsp;&nbsp;Account/Broker |

---

**\*Note - In lieu of listing each required transaction, you may attach a copy of the confirmation or account statement covering each reportable transaction for the applicable quarterly period. Notwithstanding this accommodation, it remains your sole responsibility to ensure that the required information reflected in those documents is accurate and completely discloses ALL reportable transactions during the applicable quarterly period.**

**40** **\|** P a g e

**EXHIBIT G - EMPLOYEE DISCIPLINARY QUESTIONAIRE**

Employee Name:<u>________________________</u>Date:_____________________________________

**Important Note:** This form is to be completed by each employee of CC Management Partners GP, LLC and its affiliates. The sole purpose of this form is to facilitate complete and accurate disclosure on Form ADV and completion of this form is necessary for that purpose. If you have any questions, please contact the CCO, Jason Cipriani. **If any answer you give becomes inaccurate at any time or you discover that an answer given was not accurate at the time given, you are obligated to inform the Chief Compliance Officer and to promptly submit a new questionnaire.**

---

| | | | |
|:---|:---|:---|:---|
| A. | In the past ten years, have you: | <u>**Yes**</u> | <u>**No**</u> |
|  | (1) Been convicted of or plead guilty or nolo contendere ("no contest") in a domestic, foreign, or military court of any felony? | □ | □ |
|  | (2) Been charged with any felony? | □ | □ |
| B. | In the past ten years, have you: |  |  |
|  | (1) Been convicted of or plead guilty or nolo contendere ("no contest") in a domestic, foreign, or military court to a misdemeanor involving: investments or an investment- related business, or any fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion or a conspiracy to commit any of these offenses? | □ | □ |
|  | (2) Been charged with a misdemeanor listed in B (1)? | □ | □ |
|  | (3) Been the named subject of a pending criminal proceeding that involves investments or an investment-related business, or any fraud, false statements or omissions, wrongful taking of property, bribery, perjury, forgery, counterfeiting, extortion or a conspiracy to commit any of these offenses? | □ | □ |
| C. | Has the SEC or the Commodity Futures Trading Commission ("CFTC") ever: |  |  |
|  | (1) Found you to have made a false statement or omission? | □ | □ |
|  | (2) Found you to have been involved in a violation of SEC or CFTC regulations or statutes? | □ | □ |
|  | (3) Found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, lost, revoked or restricted? | □ | □ |
|  | (4) Entered an order against you in connection with investment-related activity? | □ | □ |

---

**41** **\|** P a g e

---

| | | |
|:---|:---|:---|
| | (5) Imposed a civil money penalty on you, or ordered you to cease and desist from any activity? | □ |
| D. | Has any federal regulatory agency, any state regulatory agency, or any foreign financial regulatory authority: |  |
|  | (1) Ever found you to have made a false statement or omission, or been dishonest, unfair or unethical? | □ |
|  | (2) Ever found you to have been involved in a violation of an investment-related regulation or statute? | □ |
|  | (3) Ever found you to have been a cause of an investment-related business having its authorization to do business denied, suspended, lost, revoked or restricted? | □ |
|  | (4) Ever entered an order against you in connection with an investment-related activity, statute or regulation? | □ |
|  | (5) Ever denied, suspended or revoked your registration or license, or otherwise prevented you, by order, from associating with an investment-related business or restricted you from any activity? | □ |
|  | (6) Ever imposed a civil money penalty of more than $2,500 on you? | □ |
| E. | Has any self-regulatory organization or commodities exchange ever: |  |
|  | (1) Found you to have made a false statement or omission? | □ |
|  | (2) Found you to have been involved in a violation of its rules (other than a violation designated as a "minor rule violation" under a plan approved by the SEC)? | □ |
|  | (3) Found you to have been the cause of an investment-related business having its authorization to do business denied, suspended, lost, revoked or restricted? | □ |
|  | (4) Disciplined you by expelling or suspending you from membership, barring or suspending you from association with other members, or otherwise restricting your activities? | □ |
|  | (5) Ever barred or suspended you from membership or from association with other members, or expelled you from membership? | □ |
|  | (6) Ever significantly limited you from investment-related activities or fined you more than<br> $2,500? | □ |
| F. | Has an authorization to act as an attorney, accountant or federal contractor granted to you ever been revoked or suspended? | □ |
| G. | Are you now the subject of any regulatory proceeding that could result in a "yes" answer to any part of Items C, D or E above? | □ |
| H. | Has any domestic or foreign or military court: |  |
|  | (1) In the past ten years, enjoined you in connection with any investment-related activity? | □ |
|  | (2) Ever found that you were involved in a violation of an investment-related statute or regulation? | □ |
|  | (3) Ever dismissed, pursuant to a settlement agreement, an investment-related civil action brought against you by a state or foreign financial regulatory authority? | □ |
|  | (4) Are you now the subject of any civil proceeding that could result in a "yes" answer to any part of Item H? | □ |
| I. | In the past 10 years, have you been involved in any legal or disciplinary event not noted above that may be considered material to an investor's evaluation of CC Management Partners GP, LLC or the integrity of its personnel? | □ |
| J. | Have you ever been involved in any legal or disciplinary event not noted above that is so serious that it is material to an investor's or prospective investor's evaluation of CC Management Partners GP, LLC or the integrity of its personnel? | □ |
| K. | Have you ever been the subject of any order, judgment, or decree permanently or temporarily enjoining, or otherwise limiting, you from engaging in any investment-related activity, or from violating any investment-related statute, rule, or order? | □ |

---

I certify that the information in this Questionnaire is accurate and correct. I will report any changes in it promptly to the CCO.

**Signature**:___________________________

**42** **\|** P a g e

**EXHIBIT H - PAY-TO-PLAY POLICY ACKNOWLEDGMENT & PRE-CLEARANCE FORM**

Employee Name:<u>__________________________________</u>Title:____________________________________

The Company has determined that you are, or are to become, a "covered associate" as such term is defined in Rule 206(4)-5 (the "Rule") under the Investment Advisers Act of 1940, as amended. The Rule is designed to curtail the use of political contributions to influence the selection of investment advisors by government entities or government investment pools.

As a covered associate, you acknowledge that you are required to comply with the Company's policy concerning the Rule, as reflected in its Compliance Manual, including by signing this acknowledgment and by pre-clearing with the CCO any and all contributions or payments to any Covered Official (as such term is defined in the Company's Compliance Manual). By signing this form, you certify that the information provided herein is accurate and complete.

Date of Actual/Proposed Contribution: ____________________________________

Covered Official Receiving Contribution:____________________________________

Current Title and Occupation Covered Official: ____________________________________

Government Entity(s) Influenced by Covered Official:

Is Covered Official a Candidate for Office? Yes No

If Yes, title of the office being sought:____________________________________

Description of Contribution (Cash, Use of Phones, etc.):____________________________________

Value of Contribution:____________________________________

❑ As of the date hereof, and since the date of the last submitted Covered Associate Acknowledgement and Pre-Clearance Form (if any), I have made no political contributions.

APPROVED DENIED

---

| | |
|:---|:---|
| **Employee Signature:** | **Date:** |
| **Reviewed By:** | **Date:** |

---

**43** **\|** P a g e

**EXHIBIT I - NEW EMPLOYEE POLTICAL CONTRIBUTION DECLARATION FORM**

In order to comply with certain regulatory requirements, the Company is required to ascertain if you have made certain political contributions <u>in the past two years (whether directly or indirectly)</u>. As a result, kindly complete the following questions, sign and return it to the Company's Chief Compliance Officer.

1. Name: ___________________________________________________________________________________

2. Address (include for past 2 years):__________________________________________________ <br>___________________________________________________________________________________

3. Your
Position:__________________________________________________________________________

&nbsp;&nbsp;&nbsp;&nbsp;4. Have you made any  ***Contributions*** to any  ***Official*** of a  ***Government Entity*** or political party of a state or subdivision or political action committee ("PAC") within
the past two years? (Please check):

Yes__________No__________

If you checked "NO" to Question 4 above, please skip the rest of the form and sign and date below.

If you checked "YES" to 4 above, kindly respond to the following questions for each Contribution.

5. Name of the official, political party or PAC to whom you made the Contribution?

Date and amount (or description) of the Contribution?

Office held or sought by the official, if applicable?

    <br> Signature Date

Chief Compliance Officer Signature

**44** **\|** P a g e

**EXHIBIT J - RESTRICTED LIST – ADDITION FORM**

Restricted Entity Name:___________________Ticker/CUSIP:___________________________________________

Analyst Name:______________________________________________

Please list any other persons with whom you will share the information described herein:

Date Added to Restricted List:_______________/___________/____________

Please describe the material non-public information received:

How was the information obtained (i.e. Intralinks, in-person presentation, phone call, email, mail, etc.)?<u> </u>

What information was obtained? (i.e. financial forecasts, earnings estimates, etc.) If forecasts/estimates were obtained, please provide time period of estimates. _____________________________

Why did you decide to receive the material non-public information? (Please include what type of transaction we are contemplating, if applicable)___________________________________________

Was the material non-public information received directly from the Restricted Entity or through an intermediary such as an investment bank? Yes:_______________No:_______________________

If yes, please provide name of the entity or intermediary and the name of the individual who provided the information:___________________________________________________________________________________

Please list types of securities issued by the Restricted Entity (public/private, equity/debt, etc.)

Do you know of any contractual restrictions on trading in the securities of the Restricted Entity while in possession of the material, non-public information (i.e. agreement not to trade for a certain period of time)?

Employee Name:____________________________________________

Employee Signature:<u>_____________________</u>Date:__________/__________/_____________

**45** **\|** P a g e

**EXHIBIT K - RESTRICTED LIST – DELETION FORM**

Restricted Entity Name:________________________________

Ticker/CUSIP:___________________________________

Analyst Name:_____________________________

Date Added to Restricted List:_______________/_________/____________

Date Removed From Restricted List:______________/_________/_________

Please explain why the entity is being removed from the restricted list: Is the information stale? (i.e. because of the time period or events/transactions facing the company or conditions/trends facing the industry, etc.) Has the information become public? Please provide details and include any relevant press releases, company filings, etc.

When was the last time you received material non-public information regarding this entity?

Did the firm participate in a transaction in connection with receipt of the material non-public information? Yes No________If yes, provide details_____________________________

Did you share the material non-public information with any person outside of the Company? Yes No If yes, please explain:

Employee Name:_______________________________________

Employee Signature:<u>___________________</u>Date:________/______/___________

**46** **\|** P a g e

**EXHIBIT L - GIFT AND ENTERTAINMENT APPROVAL FORM**

Requested By:<u>________________________</u>Date of Request:___________________________

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Payor** | &nbsp;&nbsp; **Purpose and <br> location or<br> description of gift<br> (if**<br> **applicable)** | &nbsp;&nbsp;**Attendees** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Date of Event** |
|  |  |  | &nbsp;&nbsp;**Total** |  |

---

Please provide the number of gifts previously received from the Payor or entertainment events attended that were sponsored by the Payor in the current calendar year.

Gifts:_________________Entertainment:__________________ Please provide any additional details that would be helpful in the CCO's determination:

**COMPLIANCE OFFICER APPROVAL/DENIAL**

Approved Denied

---

| | |
|:---|:---|
| Name of Compliance Officer | Date Signature of Compliance Officer |

---

**47** **\|** P a g e

**EXHIBIT M - FOREIGN PERSON GIFT AND ENTERTAINMENT PRE-CLEARANCE FORM**

Employee Name:_____________________________

**CCO APPROVAL/NOTIFICATION**

**48** **\|** P a g e

**EXHIBIT N - NEW BROKER ADDITION FORM**

All new broker relationships are expected to be reviewed and approved by the CCO. Requests for new broker accounts should be initiated through the trading desk by completing the information below. Any requests for information from an executing broker should be sent to the CCO who will then provide the documentation to the broker upon receipt of this form.

Counterparty Name:_________________________________________________________

Counterparty Contact (Info Request): ___________________________________________

Phone: (_______________)_____-_________

---

| | |
|:---|:---|
| Fax: | (<u>___________</u>)_______-_____________ |
| Address: | ________________________________ |
|  | _______________________________ |
|  | _______________________________ |

---

Requested By: <u>______________________________________________________</u> Reason for

Adding Broker:___________________________________________________________

____________________________________________________________________

Commission Rate:__________________________

Employee Name:__________________________

Employee Signature:_______________________Date:<u>___________/____________/_________________</u>

**49** **\|** P a g e

**EXHIBIT O - RESEARCH/BROKERAGE PRODUCT OR SERVICE REQUEST FORM**

**PREPARED** 

BY:__________________________________ TODAY'S DATE:__________/__________/____________

The product or service being requested is:

____________A renewal of a product or service___________A new product or service Vendor name and name of product or service:

Term of proposed product or service: From:<u>____</u>/<u>____</u>/____ To:_____/_____/____ Estimated annual hard dollar cost of product/service: $________________________________________

A description of the product or service: (Please include a full description and/or attach copies of relevant materials.)<br> ____________________________________________________________________________

___________________________________________________________________________________

Accounts or investment strategies benefiting from the use of this product or service:

Name(s) and title(s) (e.g., portfolio manager, analyst) of those who will be using this product or service: <u>_________________</u>

How is the product or service delivered? (Check all that apply):

Is the product or service provided by a broker or third party?

**50** **\|** P a g e

If the product or service assists in both research and non-research functions (e.g., mixed use), indicate a good faith and reasonable allocation of the cost between research and non-research functions:

_______________________________% Research and/or Brokerage

_______________________________% Non-Research/Non-Brokerage

Employee Name:___________________________________

Employee Signature:<u>________________________________</u>Date:<u>_____/_______/___________</u>

<u>Business Approval</u>:

Approved by: Date: _______________________________/_________/____________Name:

<u>Compliance Approval</u>:

Approved by: Date: _______________________________/_________/____________Name:

**51** **\|** P a g e