# EDGAR Filing Document

**Accession Number:** 0001944664
**File Stem:** 0001580642-23-000805
**Filing Date:** 2023-2
**Character Count:** 983561
**Document Hash:** f8e28c1f514d33b12dbba0d93887769d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-23-000805.hdr.sgml**: 20230424

**ACCESSION NUMBER**: 0001580642-23-000805

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

**PUBLIC DOCUMENT COUNT**: 35

**FILED AS OF DATE**: 20230210

**DATE AS OF CHANGE**: 20230324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nomura Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001944664
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23826
- **FILM NUMBER:** 23613463

**BUSINESS ADDRESS:**
- **STREET 1:** WORLDWIDE PLAZA 309 WEST 49TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2126679131

**MAIL ADDRESS:**
- **STREET 1:** WORLDWIDE PLAZA 309 WEST 49TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nomura Alternative Income Fund
- **CENTRAL INDEX KEY:** 0001944664
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-267402
- **FILM NUMBER:** 23613462

**BUSINESS ADDRESS:**
- **STREET 1:** WORLDWIDE PLAZA 309 WEST 49TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019
- **BUSINESS PHONE:** 2126679131

**MAIL ADDRESS:**
- **STREET 1:** WORLDWIDE PLAZA 309 WEST 49TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10019

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

As filed with the Securities and Exchange Commission on February 10, 2023

1933 Act File No. 333-267402

1940 Act File No. 811-23826

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

FORM N-2

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ⌧ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pre-Effective Amendment No. 1**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Post-Effective Amendment No.** | ⌧ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**and**<br>**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ⌧ |
| **Amendment No. 1** |  |

---

**NOMURA ALTERNATIVE INCOME FUND**

(Exact Name of Registrant as Specified in Charter)

c/o Ultimus Fund Solutions, LLC

P.O. Box 541150

Omaha, NE 68154

(Address of Principal Executive Offices)

212-667-9000

(Registrant's Telephone Number)

Timothy Burdick

Ultimus Fund Solutions, LLC

4221 North 203rd Street, Suite 100

Elkhorn, Nebraska 68022-3474

(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

and

Nomura Private Capital LLC

309 West 49th Street, 24th Floor

New York, New York 10019

Attention: Chief Operating Officer

(212) 667-9000

APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED PUBLIC OFFERING:

As soon as practicable after the date on which this registration statement becomes effective

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ 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.

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

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

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

If appropriate, check the following box:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ This
 post-effective amendment designates a new effective date for a previously filed post-effective amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ 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: _________.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ 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: ________.

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

Check each box that appropriately characterizes the Registrant:

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

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

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

&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.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).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;□ 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.

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

CALCULATION OF REGISTRATION FEE UNDER THE SECURITIES ACT OF 1933

Pursuant to the provisions of Rule 24f-2 under the Investment Company Act, the Fund declares that an indefinite number of its shares of beneficial interest are being registered under the Securities Act of 1933 by this registration statement.

**THE REGISTRANT HEREBY AMENDS THIS REGISTRATION STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES ACT OF 1933, OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE SECURITIES AND EXCHANGE COMMISSION, ACTING PURSUANT TO SECTION 8(A), MAY DETERMINE.**

Subject to Completion, Dated February 10, 2023

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

**NOMURA ALTERNATIVE INCOME FUND**

PROSPECTUS

**Class I Shares&nbsp;&nbsp;&nbsp;&nbsp; NAIFX**

**Class D Shares&nbsp;&nbsp;&nbsp;&nbsp; NAIHX**

**Class A Shares&nbsp;&nbsp;&nbsp;&nbsp; NAIPX**

Nomura Alternative Income Fund (the "Fund") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"), as a non-diversified, closed-end management investment company. The Fund continuously offers its shares of beneficial interest ("Shares") and operates as an interval fund. Nomura Private Capital LLC serves as the investment adviser (the "Investment Manager") of the Fund. The Fund intends to qualify and elect to be treated as a regulated investment company ("RIC") under the Internal Revenue Code (the "Code").

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| | | | |
|:---|:---|:---|:---|
| | **Class I Shares** | **Class D Shares** | **Class A Shares** |
| **Public Offering Price** | Current Net Asset Value | Current Net Asset Value | Current Net Asset Value |
| **Sales Charge<sup>(1)</sup> as a percentage of purchase amount** |  |  | 5.75% |
| **Proceeds to Fund<sup>(2)</sup>** | Current Net Asset Value | Current Net Asset Value | Current Net Asset Value |

---

(1) Investments
in Class A Shares of the Fund are sold subject to a sales charge of up to 5.75% of the investment. For some investors,
the sales charge may be waived or reduced. The full amount of the sales charges may be reallowed to brokers or dealers participating
in the offering. Your financial intermediary may impose additional charges when you purchase Shares of the Fund. See "Fund Summary
The Offering."

(2) The
Fund's initial offering expenses are described under "FUND FEES AND EXPENSES" below. The Investment Manager has
agreed to pay all organizational and initial offering expenses of the Fund. The Fund is not obligated to repay any such organizational
expenses or initial offering costs paid by the Investment Manager. See "Fund Summary - The Offering."

The minimum initial investment in Class I Shares by any investor is $1,000,000; the minimum initial investment in Class D Shares by any investor is $25,000; and the minimum initial investment in Class A Shares by any investor is $2,500. However, the Fund, in its sole discretion, may accept investments below these minimums. Additionally, an initial investment by an accredited investor in an amount below $25,000 may be permitted as part of a registered investment adviser's or broker's allocation of client assets. See "Fund Summary — The Offering."

The primary investment objective of the Fund is to maximize risk-adjusted total return, and the Fund will seek to provide current income as a secondary investment objective. Under normal market conditions, the Fund will seek to achieve its investment objectives by investing at least a majority of its assets (net assets, plus any borrowings for investment purposes) either directly or indirectly through mutual funds (including money market funds), business development companies, closed-end funds, exchange-traded funds and other registered and private investment companies (collectively, "Underlying Funds") across a wide array of global public and private credit markets, with allocations primarily focused on the private corporate, real estate, consumer, asset based, and specialty lending markets. Allocations also may be made to other markets that include publicly traded equity, emerging market debt and municipal credit markets. The Fund may invest in limited partnerships, exchange-traded funds and closed-end funds.

The Fund may focus its investment strategy on, and its portfolio of investments may be focused in, a subset of one or more of these credit markets. To the extent consistent with the applicable liquidity requirements for interval funds under Rule 23c-3 of the Investment Company Act, the Fund may invest without limit in illiquid investments. The Fund may invest in below investment grade debt securities (commonly referred to as "high yield" securities or "junk bonds"). The Investment Manager does not target any specific allocation to investment grade debt securities or below investment grade debt securities, including securities of stressed and distressed issuers. See "Investment Objectives and Strategies – Investment Strategies and Overview of Investment Process." **The Fund's investment program is speculative and entails substantial risks. There can be no assurance that the Fund's investment 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 17)**.

The Fund does not currently anticipate utilizing leverage within its first year of operations, however in the future, the Fund may use leverage to provide additional funds to support its investment activities, including by entering into credit agreements and other loan transactions with financial institutions such as banks. Under the Investment Company Act, the Fund's aggregate amount of indebtedness, regardless of the form it takes, is limited to up to 33 1/3% of the Fund's total assets (including the assets subject to, and obtained with the proceeds of, such indebtedness) immediately after entering into any type of financing transaction. Leverage magnifies volatility and will decrease the Fund's return if the Fund fails to earn as much on its investment purchased with borrowed funds as it pays for the use of those funds. The Fund's leverage strategy may not work as planned or achieve its goal. The Fund may also enter into derivatives or other transactions that may provide leverage. See "Use of Leverage" and "Additional Risks of the Fund — Borrowing; Use of Leverage" in the Prospectus.

This prospectus (the "Prospectus") describes three classes of Shares of the Fund, designated as Class I Shares, Class D Shares, and Class A Shares. The Fund intends to apply for exemptive relief (the "Exemptive Relief") from the Securities and Exchange Commission (the "SEC") that, if granted, will permit the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees; there is no assurance, however, that the relief will be granted. At present, only Class I Shares are available for purchase. If the Fund is granted the Exemptive Relief, the Fund will also offer Class D Shares and Class A Shares and may offer additional classes of shares in the future. Class D Shares and Class A Shares will not be offered to investors unless the Exemptive Relief is obtained.

The Fund's distributor is not required to sell any specific number or dollar amount of the Fund's Shares, but will use its best efforts to solicit orders for the sale of the Shares. The Shares will generally be offered for purchase on any business day, which is any day the New York Stock Exchange is open for business, in each case subject to any applicable sales charges and other fees, as described herein. The Shares will be

issued at net asset value per Share. 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, subject to certain conditions, at per-class net asset value, of not less than 5% nor more than 25% of the Fund's outstanding Shares on the Repurchase Request Deadline (as defined below). 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.

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 net asset value applicable to repurchases no later than the 14th day after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day) (the "Repurchase Pricing Date"). The Fund expects to distribute payment to Shareholders between one and three business days after the Repurchase Pricing Date and will distribute payment no later than 7 calendar days after such date. The Fund expects its initial repurchase offer to commence in the third quarter of 2023 (see "Repurchase Offers" beginning on page 11 and "REPURCHASE OFFERS; LIMITED LIQUIDITY" beginning on page 18).

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 [ ], has been filed with the SEC. You may request a free copy of this Prospectus, the SAI, annual and semi-annual reports, when available, and other information about the Fund, and make inquiries without charge by writing to the Fund, c/o Ultimus Fund Solutions, LLC, P.O. Box 541150, Omaha, NE 68154 or overnight mail at 4221 N. 203<sup>rd</sup> Street, Suite 100, Elkhorn, NE 68022, by calling the Fund toll-free at (833) 836-0206, or by accessing the [Fund's] website at [&nbsp;&nbsp;&nbsp;&nbsp; ]. The information on the Fund'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. 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 on the SEC's website (www.sec.gov). The address of the SEC's internet site is provided solely for the information of prospective investors and is not intended to be an active link.

*Shares are an illiquid investment.*

**●** **The shares are not listed on any stock exchange, and we do not expect a secondary market in the Shares to develop.** 

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

**●** **Although we are required to and have implemented a Share repurchase program, only a limited number of Shares will be eligible for repurchase by us.** 

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

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

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

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

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

You should not construe the contents of this Prospectus and the SAI 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 PRINCIPAL UNDERWRITER IS FORESIDE FINANCIAL SERVICES, LLC.

The date of this Prospectus is [ ].

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | ***Page*** |
| FUND SUMMARY | 6 |
| FUND FEES AND EXPENSES | 19 |
| FINANCIAL HIGHLIGHTS | 22 |
| THE FUND | 22 |
| USE OF PROCEEDS | 22 |
| INVESTMENT OBJECTIVES AND STRATEGIES | 23 |
| USE OF LEVERAGE | 24 |
| PRINCIPAL RISK FACTORS | 27 |
| ADDITIONAL RISKS OF THE FUND | 54 |
| FUND PERFORMANCE | 59 |
| MANAGEMENT OF THE FUND | 59 |
| INVESTMENT MANAGEMENT FEES | 61 |
| DISTRIBUTOR | 62 |
| DISTRIBUTION AND SERVICE PLAN | 63 |
| ADMINISTRATION AND TRANSFER AGENCY | 63 |
| CUSTODIAN | 63 |
| FUND EXPENSES | 64 |
| VOTING | 65 |
| CONFLICTS OF INTEREST | 66 |
| OUTSTANDING SECURITIES | 67 |
| OFFERS TO REPURCHASE/REPURCHASE PROCEDURES | 67 |
| TRANSFERS OF SHARES | 69 |
| ANTI-MONEY LAUNDERING | 70 |
| CALCULATION OF NET ASSET VALUE | 70 |
| TAXES | 71 |
| ERISA AND CODE CONSIDERATIONS | 76 |
| DESCRIPTION OF SHARES | 77 |
| INVESTOR QUALIFICATIONS | 77 |
| PURCHASING SHARES | 77 |
| TERM, DISSOLUTION AND LIQUIDATION | 80 |
| REPORTS TO SHAREHOLDERS | 80 |
| FISCAL YEAR | 80 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL | 80 |
| INQUIRIES | 81 |

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**FUND SUMMARY**

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

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| | |
|:---|:---|
| The Fund and the Shares | Nomura Alternative 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 August 24, 2022. Nomura Private Capital LLC serves as the investment adviser (the "Investment Manager") of the Fund. The Investment Manager 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 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. |
|  | This Prospectus describes three classes of shares of beneficial interest ("Shares") designated as Class I Shares, Class D Shares and Class A Shares. In the future, other classes of Shares may be registered. The Fund intends to apply for an exemptive order from the SEC with respect to the Fund's multi-class structure. Class D Shares and Class A Shares will not be offered to investors unless the Fund has received an exemptive order permitting the multi-class structure. There is no assurance that the Fund will be granted the exemptive order. |
|  | The Fund intends to satisfy the diversification requirements necessary to qualify as a RIC under the Code, which generally requires that, at the end of each quarter: (1) at least 50% of the Fund's total assets are invested in (i) cash and cash items (including receivables), Federal Government securities and securities of other RICs; 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) |

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| | |
|:---|:---|
| | 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 RICs) of any one issuer; (ii) the securities (other than the securities of other RICs) 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. To continue to qualify as a RIC, the Fund must also satisfy other applicable requirements, including restrictions on the kinds of income that the Fund can earn and requirements that the Fund distribute most of its income to shareholders each year. |
| Investment Objectives and Strategies | The primary investment objective of the Fund is to maximize risk-adjusted total return, and the Fund will seek to provide current income as a secondary investment objective. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least a majority of its assets (net assets, plus any borrowings for investment purposes) either directly or indirectly through mutual funds (including money market funds), business development companies ("BDCs"), closed-end funds, exchange-traded funds ("ETFs") and other registered and private investment companies (collectively, "Underlying Funds") across a wide array of global public and private credit markets, with allocations primarily focused on the private corporate, real estate, consumer, asset based, and specialty lending markets. Allocations also may be made to other markets that include publicly traded equity, emerging market debt and municipal credit markets.<br>A flexible asset allocation strategy will be employed to maximize risk adjusted returns and current income subject to the Investment Manager's assessment of market opportunity. Across the markets in public and private credit, the types of instruments employed will include, among other things, investments in limited partnerships, fixed, variable- and floating-rate bonds, loans, including direct loans which typically consist of intermediate- to long-term borrowings by companies that are originated directly by lenders without the traditional intermediary role of a bank or broker, convertible and contingent convertible securities and stressed, distressed and defaulted debt securities issued by U.S. or foreign (non-U.S.) corporations or other business entities, including emerging market issuers, mortgage-related and other consumer-related instruments (fixed and floating coupon bonds and loans), collateralized debt obligations, including, collateralized loan obligations, government and sovereign debt, municipal bonds and other fixed-, variable- and floating-rate income-producing securities of U.S. and foreign issuers, including emerging market issuers.<br>The Investment Manager employs an active allocation approach across several markets using a process which is informed by market conditions, valuation assessments, economic outlook, credit market trends and other economic factors, and at times other factors that that become relevant in an episodic manner (e.g. geopolitical developments, environmental events such as natural disaster and/or pandemic, etc.). The Fund may focus its investment strategy on, and its portfolio of investments may be focused in, a subset of one or more of these credit markets.<br>It is expected that the Fund normally will have a short to intermediate average portfolio duration (i.e., within a zero to ten year range), as calculated by the Investment Manager, although it may be shorter or longer at any time or from time to time depending on market conditions and other factors. In comparison to maturity  |

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(which is the date on which a debt instrument ceases and the issuer is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument's expected principal and interest payments. Duration differs from maturity in that it considers a security's yield, coupon payments, principal payments and call features in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration. The Investment Manager does not target any specific allocation to investment grade debt securities or below investment grade debt securities (commonly referred to as "high yield" securities or "junk bonds"), including securities of stressed and distressed issuers.<br>During temporary defensive periods, the Fund may deviate from its investment policies and objectives. During such periods, the fund may invest up to 100% of its total assets in cash or cash equivalents, including short- or intermediate-term U.S. Treasury securities, as well as other short-term investments, including high quality, short-term debt securities. During these periods, the Fund may not achieve its investment objectives.<br>

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| | |
|:---|:---|
| | 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") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares. |
| The Investment Manager | As Investment Manager, Nomura Private Capital LLC ("Nomura" or the "Investment Manager") provides day-to-day investment management services to the Fund. Its principal place of business is located at Worldwide Plaza, 309 West 49th Street, New York, NY 10019-7316. Nomura was founded in May 2022 as a subsidiary of Nomura Holding America Inc. The Investment Manager is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"). |
| The Administrator | The Fund has retained Ultimus Fund Solutions, LLC (the "Administrator") to provide it with certain administrative and accounting services. The Administrator also performs all actions related to the issuance and repurchase of Shares of the Fund. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. See "*Fees and Expenses*" below. |
| Fees and Expenses | The Fund bears its own operating expenses (including, without limitation, its offering expenses not paid by the Investment Manager). A more detailed discussion of the Fund's expenses can be found under "*FUND EXPENSES*." |

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| *Management Fee and Incentive Fee*. Pursuant to the Investment Management Agreement dated December 9, 2022 (the "Investment Management Agreement"), by and between the Fund and the Investment Manager, and in consideration of the investment management services provided by the Investment Manager to the Fund, the Investment Manager is entitled to a fee consisting of two components – a base management fee (the "Investment Management Fee") and an incentive fee (the "Incentive Fee").<br>The Fund pays the Investment Manager an Investment Management Fee of 0.95%, accrued daily and payable monthly in arrears based upon the Fund's average daily net assets. 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. Compensation will be paid to the Investment Manager before giving effect to any repurchase of any shares in the Fund effective as of that date.<br>The Incentive Fee is calculated and payable quarterly in arrears based upon "pre-incentive fee net investment income", earned on direct investments (and excluding short-term investments and investments in underlying private funds) attributable to each class of the Fund's Shares for the immediately preceding fiscal quarter, and is subject to a hurdle rate, expressed as a rate of return based 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 6.00%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income accrued during the fiscal quarter, minus each class's operating expenses for the quarter and the distribution and/or shareholder servicing fees (if any) applicable to each class accrued during the fiscal quarter. For such purposes, the Fund's operating expenses will include the Investment Management Fee but will exclude the Incentive Fee. Pre-incentive fee net investment income does not include income earned on short-term investments or investments in underlying private funds.<br>The "catch-up" provision is intended to provide the Investment Manager with an incentive fee of 15% on each class's pre-incentive fee net investment income when that class's pre-incentive fee net investment income reaches 1.765% of the class's average daily net asset value (calculated in accordance with GAAP) in any fiscal quarter. |
| *Administration Fee*. The Fund pays the Administrator fees based on the average monthly net asset value of the Fund, as well as certain other fixed, per-account or transactional fees (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*." |

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| The Fund intends to apply for exemptive relief from the SEC that, if granted, will allow the Fund, subject to certain conditions, to adopt a Distribution and Service Plan with respect to Class D Shares and Class A Shares in compliance with Rule 12b-1 under the Investment Company Act. Under the Distribution and Service Plan, the Fund would be permitted to pay as compensation up to 0.25%on an annualized basis of the aggregate net assets of the Fund attributable to Class D Shares and Class A Shares (the "Distribution and Servicing Fee") to the Fund's distributor or other qualified recipients under the Distribution and Service Plan. The Distribution and Servicing Fee would be paid out of the Fund's assets and would decrease the net profits or increase the net losses of the Fund*.* For purposes of determining the Distribution and Servicing Fee only, the value of the Fund's assets will be calculated prior to any reduction for any fees and expenses, including, without limitation, the Distribution and Servicing Fee payable. Class I Shares are not subject to the Distribution and Servicing Fee. Class D Shares and Class A Shares may not be offered for sale unless the Fund receives exemptive relief from the SEC. There is no assurance that the Fund will be granted the exemptive order. See "*DISTRIBUTION AND SERVICE PLAN*". |
| The Investment Manager has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed 1.20% of the average daily net assets of Class I Shares, Class D Shares, and Class A Shares (the "Expense Limit"). Because taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses, the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) will exceed 1.20%. For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver, and the current Expense Limit. The Expense Limitation and Reimbursement Agreement is in effect until 12 months from the effective date of the Prospectus, and will automatically renew for successive twelve-month periods thereafter. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Manager may terminate the Expense Limitation and Reimbursement Agreement effective as of the end of the then current term upon 30 days' written notice. See "FUND EXPENSES."<br>*Compliance and Treasury Services Fee*. PINE Advisors LLC ("PINE") provides compliance and treasury 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. |

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| Investor Qualification | Each prospective investor in the Fund is required to certify that it is an "accredited investor" within the meaning of Rule 501 under the Securities Act of 1933, as amended (the "Securities Act"). The criteria for qualifying as an "accredited investor" are set forth in the investor application that must be completed by each prospective investor. Investors who meet such qualifications are referred to in this Prospectus as "Eligible Investors." Existing Shareholders who request to purchase additional Shares (other than in connection with the DRIP (as defined below)) are required to qualify as Eligible Investors and to complete an additional investor application prior to the additional purchase. |
| The Offering | Shares are offered in a continuous offering. Shares will generally be offered for purchase on any day the New York Stock Exchange ("NYSE") is open for business (each, a "Business Day"), except that Shares may be offered less frequently as determined by the Fund in its sole discretion. The Fund's Shares will be sold at a public offering price equal to their net asset value per share, plus a sales charge where applicable. Each share class represents an investment in the same portfolio of investments, but each class has its own expense structure and arrangements for shareholder services or distribution.<br>The minimum initial investment in the Fund by any investor in Class I Shares is $1,000,000, Class D Shares is $25,000 and Class A Shares is $2,500, and the minimum additional investment in the Fund by any Shareholder is $5,000. However, the Fund, in its sole discretion, may accept investments below these minimums. Additionally, an initial investment by an accredited investor in an amount below $25,000 may be permitted as part of a registered investment adviser's or broker's allocation of client assets. See "Purchasing Shares" below for additional information. |
|  | Investments in Class A Shares of the Fund may be subject to a sales charge of up to 5.75% of the subscription amount. The full amount of the sales charge may be reallowed to brokers or dealers participating in the offering. Your financial intermediary may impose additional charges when you purchase Shares of the Fund.<br>The Investment Manager has agreed to pay all of the Fund's organizational expenses and all offering costs associated with this offering. The Fund is not obligated to repay any such organizational expenses or offering costs paid by the Investment Manager. |
| Distribution Policy | The Fund's distribution policy is to accrue dividends daily (Saturdays, Sundays and holidays included) and to distribute as of the last business day of each quarter. Unless a Shareholder elects otherwise, the Shareholder's distributions will be reinvested in additional shares of the same class under the Fund's dividend reinvestment program. Shareholders who elect not to participate in the Fund's dividend reinvestment program will receive all distributions in cash paid to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee). Distributions are made at the class level, so they may vary from class to class within the Fund. The Fund may pay distributions from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds and/or borrowings. When distributions are paid from these sources, the amount of capital available to the Fund for purposes of investment may be reduced. See "Distributions to Shareholders." |

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| Repurchase Offers | The Fund intends to provide a limited degree of liquidity to the Shareholders by conducting quarterly offers to repurchase its Shares at their NAV on the date on which the repurchase price for Shares is determined (the "Valuation Date"). **Each repurchase offer will be for no less than 5% nor more than 25% of the Fund's Shares outstanding. If the value of Shares tendered for repurchase exceeds the value the Fund intended to repurchase, the Fund may determine to repurchase less than the full number of Shares tendered. In such event, Shareholders will have their Shares repurchased on a pro rata basis, and tendering Shareholders will not have all of their tendered Shares repurchased by the Fund.** 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.<br>Quarterly repurchase offers will occur in the months of February, May, August and November. The Fund expects its initial repurchase offer to commence in the third quarter of 2023. The offer to repurchase 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).<br>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 the 14th day after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day) (the "Repurchase Pricing Date"). The Fund expects to distribute payment to Shareholders between one and three business days after the Repurchase Pricing Date and will distribute payment no later than 7 calendar days after such date.<br>See "*OFFERS TO REPURCHASE/REPURCHASE PROCEDURES*" |

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| Risk Factors | ***Risk is inherent in all investing***. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. 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 Manager, its respective principals, and the Fund are not indicative of future results. Prospective investors should review carefully the "*PRINCIPAL RISK FACTORS"* section of this Prospectus before investing (as well as the other information in this Prospectus and SAI).<br>Each risk noted below is considered a principal risk of the Fund (or the Underlying Funds in which the Fund invests), regardless of the order in which it appears. The significance of each risk factor below may change over time, and you should review each risk factor carefully.<br>**Investment and Market Risk**. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount invested. An  |

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investment in the Fund also represents an indirect investment in any Underlying Funds. The value of the Fund or an Underlying Fund, like other market investments, may move up or down, sometimes rapidly and unpredictably, and an investment in the Fund at any point in time may be worth less than the original investment, even after taking into account any reinvestment of dividends and distributions.<br>**Debt Securities Risk**. One of the fundamental risks associated with debt and debt-related securities 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 (or an Underlying Fund's) return to Shareholders would be adversely impacted if an issuer of debt securities in which the Fund (or an Underlying 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 (or an Underlying Fund's) share price and total return to be reduced and fluctuate more than other types of investments. Investing in real estate debt also entails various risks, including credit risk, liquidity risk, interest rate risk, market risk, operations risk, structural risks, geographical concentration risk and legal risk.<br>**Variable- and Floating-Rate Security Risk**. Variable- and floating-rate instruments are instruments that pay interest at rates that adjust whenever a specified interest rate (the "reference rate") changes and/or that reset on predetermined dates (such as the last day of a month or calendar quarter). In addition to floating-rate loans, variable- and floating-rate instruments may include, without limitation, instruments such as catastrophe and other event-linked bonds, bank capital securities, unsecured bank loans, corporate bonds and money market instruments. Due to their variable- or floating-rate features, these instruments will generally pay higher levels of income in a rising interest rate environment and lower levels of income as interest rates decline. For the same reason, the market value of a variable- or floating-rate instrument is generally expected to have less sensitivity to fluctuations in market interest rates than a fixed-rate instrument, although the value of a variable- or floating-rate instrument may nonetheless decline as interest rates rise and due to other factors, such as changes in credit quality or because of an imperfect correlation between the securities' interest rate adjustment mechanism and the level of interest rates generally.<br>**Interest Rate Risk**. The Fund is subject to the risks of changes in interest rates. Some of the Fund's (or Underlying Funds') 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 (or an Underlying Fund) is able to achieve from interest on fixed-income securities and convertible debt. An increase in interest rates could <br>

reduce the value of any fixed income securities and convertible securities owned by the Fund (or an Underlying Fund).<br>**Equity Securities Risk**. Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Equity securities typically have greater price volatility than fixed income securities. The market price of equity securities may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting securities markets generally, particular industries represented by those markets, or factors related to a specific company, such as decisions made by its management.<br>**Inflation/Deflation Risk**. 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.<br>**Extension Risk**. 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.<br>**Prepayment Risk**. 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 (or an Underlying Fund) having to reinvest that money at lower prevailing interest rates, which can reduce the returns of the Fund (or an Underlying Fund).<br>**Default Risk**. The ability of the Fund (or Underlying 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 (or Underlying Fund) may be greatly limited in its ability to recover any outstanding principal and interest under such loan.<br>**High Yield Debt Risk**. 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. Overall declines in the below investment-grade bond and other markets may adversely affect 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 (or Underlying Fund's) investment objectives will be more dependent on the investment adviser's analysis <br>

than would be the case if the Fund (or Underlying Fund) were investing in higher quality debt securities.<br>**Specialty Finance and Other Financial Companies Risk**. The profitability of specialty finance and other financial companies is largely dependent upon the availability and cost of capital funds, and may fluctuate significantly in response to changes in interest rates, as well as changes in general economic conditions. Any impediments to a specialty finance or other financial company's access to capital markets, such as those caused by general economic conditions or a negative perception in the capital markets of the company's financial condition or prospects, could adversely affect such company's business. From time to time, severe competition may also affect the profitability of specialty finance and other financial companies.<br>**Distressed Securities Risk**. Certain of the companies in whose securities the Fund (or an Underlying 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.<br>**Valuation Risk**. Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for many of the Fund's (or certain Underlying Funds') 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 (or Underlying Fund). As a result, the Fund (or Underlying Fund) may be subject to the risk that when an instrument is sold in the market, the amount received by the Fund (or Underlying Fund) is less than the value of such loans or fixed-income instruments carried on the Fund's (or Underlying Fund's) books.<br>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 (or Underlying Fund), as determined based on the fair value of its investments, may vary from the amount ultimately received by the Fund (or Underlying Fund) from its investments. This could adversely affect Shareholders whose Shares are repurchased as well as new Shareholders and remaining Shareholders.<br>

**Underlying Fund Risks**. The Fund will incur higher and duplicative expenses, including advisory fees, when it invests in shares of 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.<br>**Foreign Investment Risk**. Investments in the debt obligations of foreign issuers may involve risks including adverse fluctuations in currency exchange rates, political instability, confiscations, taxes or restrictions on currency exchange, difficulty in selling foreign investments, and reduced legal protection. In addition, some foreign government debt obligations may be subject to default, delays in payment, adverse legislation or government action, or could be downgraded by ratings agencies.<br>**Emerging Markets Securities Risk**. Emerging market countries typically have economic and political systems that are less fully developed, and that can be expected to be less stable than those of more advanced countries. For example, such countries are usually less diversified, communications, transportation and economic infrastructures are less developed, and ordinarily have less established legal, political, business and social frameworks. At times the prices of equity securities or debt obligations of an emerging markets country issuer may be extremely volatile.<br>**Illiquid Portfolio of Investments.** The Fund, and certain Underlying Funds, are 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 (or an Underlying Fund) may not be able to sell them when the investment adviser desires to do so or to realize what the investment 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.<br>**Convertible Bond Risk**. The Fund (and Underlying Funds) may invest in convertible bonds, which include bonds, debentures, notes and securities that entitle the holder to acquire common stock or other equity securities of the same or a different issuer. Convertible bonds generally offer lower interest or dividend yields than non-convertible bonds of similar quality. As with all debt securities, the market values of convertible bonds tend to decline as interest rates increase and, conversely, to increase as interest rates decline. Convertible bonds also tend to reflect the market price of the underlying stock in varying degrees, depending on the relationship of <br>

such market price to the conversion price in the terms of the convertible bond. Convertible bonds rank senior to common stock in an issuer's capital structure and consequently entail less risk than the issuer's common stock.<br>**Loan Risk**. The Fund (and Underlying Funds) may invest in loans, including direct loans (loans originated by alternative lenders (i.e., non-bank loans). Investments in loans are generally subject to the same risks as investments in other types of debt obligations. In addition, in many cases loans are subject to the risks associated with below-investment grade securities. This means loans are often subject to significant credit risks, including a greater possibility that the borrower will be adversely affected by changes in market or economic conditions and may default or enter bankruptcy. This risk of default will increase in the event of an economic downturn or a substantial increase in interest rates.<br>**Structured Products Risk**. Investments in securities that are backed by, or represent interests in, an underlying pool of securities or other assets, including investments in mortgage- and asset-backed securities and in collateralized debt obligations, involve the risks associated with the underlying assets (e.g., the risk of default by mortgagors whose mortgages are included in a mortgage-backed security), and may also involve different or greater risks, including the risk that distributions from the underlying assets will be inadequate to make interest or other payments to the Fund (or Underlying Fund), the risk that the issuer of the securities will fail to administer the underlying assets properly or become insolvent, and the risk that the securities will be less liquid than other Fund (or Underlying Fund) investments.<br>**Municipal Obligations Risk.** Certain of the municipal obligations in which the Fund (or Underlying Funds) may invest, present their own distinct risks. These risks may depend, among other things, on the financial situation of the government issuer, or in the case of industrial development bonds and similar securities, on that of the entity supplying the revenues that are intended to repay the obligations. It is also possible that, as a result of litigation or other conditions, the power or ability of issuers or those other entities to meet their obligations for the repayment of principal and payment of interest may be materially and adversely affected.<br>**Private Investment Funds Risk**. The Fund may invest in private investment funds that are not registered as investment companies. As a result, the Fund as an investor in these funds would not have the benefit of certain protections afforded to investors in registered investment companies. The Fund may not have the same amount of information about the identity, value, or performance of the private investment funds' investments as such private investment funds' managers. Investments in private investment funds generally will be illiquid and generally may not be transferred without the consent of the fund. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a private investment fund in addition to the management fees and other expenses paid by the Fund.<br>**Private Company Risk**. Investment in private companies involves a number of significant risks. Generally, little public information exists about these companies, <br>

and the Fund (or Underlying Fund) is required to rely on the ability of the investment adviser's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If the investment adviser is unable to uncover all material information about these companies, it may not be able to make a fully informed investment decision and may lose money on its investments. Private companies may have limited financial resources and may be unable to meet their obligations under their debt securities that the Fund (or Underlying Fund) holds, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund (or Underlying Fund) realizing any guarantees it may have obtained in connection with its investment. In addition, they 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.<br>**Derivatives Risk**. The Fund (and Underlying Funds) may enter into derivatives, which have risks different from those associated with other investments. Generally, a derivative is a financial contract, the value of which depends upon, or is derived from, the value of an underlying asset, reference rate, or index, and may relate to individual debt or equity instruments, interest rates, currencies or current exchange rates, commodities, related indexes and other assets.<br>**Government Bond Risk**. Investments in government bonds, including sovereign, bonds, involve special risks not present in corporate bonds. A sovereign bond is a debt security issued by a national government to raise money for government spending needs. The governmental authority or government entity that controls the repayment of the government bond may be unable or unwilling to make interest payments and/or repay the principal on its debt or to otherwise honor its obligations. If an issuer of government bonds defaults on payments of principal and/or interest, the Fund (or Underlying Fund) may have limited recourse against the issuer. In the past, certain governments of emerging market countries have declared themselves unable to meet their financial obligations on a timely basis, which has resulted in losses for holders of government bonds.<br>**Management Risk**. The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Investment Manager's 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.<br>**Non-Diversified Status**. The Fund is classified as "non-diversified" under the Investment Company Act. As a result, it can invest a greater portion of its assets in obligations of a single issuer than a "diversified" fund. The Fund may therefore be more susceptible than a diversified fund to being adversely affected by a single corporate, economic, political or regulatory occurrence.<br>**Repurchase Offers; Limited Liquidity**. Although the Fund intends to implement a quarterly Share repurchase program, there is no guarantee that an investor will be <br>

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| | able to sell all of the Shares he or she desires to sell. Accordingly, the Fund should be considered an illiquid investment.<br>**No Operating History Risk**. The Fund is a newly organized, non-diversified, closed-end interval fund with no operating history. |
| Summary of Taxation | The Fund intends to elect to be treated as a RIC for U.S. federal income tax purposes and intends to maintain its RIC status each year. As a RIC, the Fund will generally not be subject to federal corporate income tax, provided that, it distributes all, or virtually all, of its net taxable income each year. See "*TAXES*."<br>|

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**FUND FEES AND EXPENSES<sup>(1)</sup>**

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.

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| | **Class I <br> Shares** | **Class D <br> Shares** | **Class A<br> Shares** |
| **SHAREHOLDER TRANSACTION EXPENSES:** | | | |
| Maximum Sales Charge (Load) (as a percentage of subscription amount)<sup>(2)</sup> |  |  | 5.75% |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lesser of your purchase or redemption price) <sup>(2)</sup> |  |  |  |
| Repurchase Fee<sup>(2)</sup> |  |  |  |

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| **ANNUAL EXPENSES (AS A PERCENTAGE OF NET ASSETS ATTRIBUTABLE TO SHARES)** | | |
| Management Fees<sup>(3)</sup> | 0.95% | 0.95% |
| Incentive Fee<sup>(4)</sup> | 0.00% | 0.00% |
| Distribution and Servicing Fee<sup>(5)</sup> |  | 0.25% |
| Other Expenses<sup>(6)(7)</sup> | 0.77% | 0.77% |
| Acquired Fund Fees and Expenses<sup>(6)(8)</sup> | 0.46% | 0.46% |
| Total Annual Expenses | 2.18% | 2.43% |
| Less: Amount Paid or Absorbed Under Expense Limitation and Reimbursement Agreement<sup>(9)</sup> | (0.52)% | (0.52)% |
| Net Annual Expenses<sup>(9)</sup> | 1.66% | 1.91% |

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<sup>(1)</sup> 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 $100,000,000.

<sup>(2)</sup> While neither the Fund nor the Distributor imposes an initial sales charge on Class I or Class D Shares, if you buy Class I or Class D Shares through certain Financial Intermediaries, they may directly charge you transaction or other fees in such amounts as they may determine. Class I Shares , Class D Shares and Class A Shares will be sold on a continuous basis at the Fund's then current net asset value ("NAV") per Share, plus for Class A Shares only, a maximum front-end sales commission of 5.75%. Please consult your financial intermediary for additional information.

<sup>(3)</sup> Management Fees include the Investment Management Fee paid to the Investment Manager at an annual rate of 0.95%, accrued daily and payable monthly in arrears based upon the Fund's average daily net assets.

<sup>(4)</sup> The Fund anticipates that it may have interest income that could result in the payment of an Incentive Fee to the Investment Manager during certain periods. However, the Incentive Fee is based on the Fund's performance and will not be paid unless the Fund achieves certain performance targets. The Fund expects the Incentive Fee to increase to the extent the Fund earns greater interest income through its direct investments. The Incentive Fee is calculated and payable quarterly in arrears based upon "pre-incentive fee net investment income" attributable to each class of the Fund's common shares for the immediately preceding fiscal quarter, and is 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 6.00%, subject to a "catch-up" feature. See "Management and Incentive Fees" for a full explanation of how the Incentive Fee is calculated. "Pre-incentive fee net investment income" does not include income earned on short-term investments or investments in underlying private funds.

<sup>(5)</sup> The Fund intends to apply to the SEC for exemptive relief to offer multiple classes of shares and to adopt a distribution and service plan for Class D Shares and Class A Shares. If the Fund receives such relief, investors may pay a Distribution and Servicing Fee of up to 0.25% on an annualized basis of the aggregate net assets of the Fund attributable to Class D Shares and Class A Shares to the Fund's Distributor or other qualified recipients. Class I Shares are not subject to the Distribution and Servicing Fee. See "*DISTRIBUTION AND SERVICE PLAN*."

<sup>(6)</sup> "Other Expenses" (as defined below) and Acquired Fund Fees and Expenses represent estimated amounts for the current fiscal year.

<sup>(7)</sup> The costs of investing in swaps are estimated to be between approximately 0% and 5% of the Fund's average daily net assets. Such costs are indirect expenses of the Fund that are variable in nature and are not included in the fee table or expense example.

<sup>(8)</sup> The "Acquired Fund Fees and Expenses" disclosed above are based on the expense ratios for the most recent fiscal year of the Underlying Funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." Some of the Underlying Funds in which the Fund intends to invest charge incentive fees based on the Underlying Funds' performance. The 0.46% shown as "Acquired Fund Fees and Expenses" reflects estimated operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the Fund intends to invest generally charge a management fee of 1% to 2% and up to a 20% incentive fee on income and/or capital gains, which are included in "Acquired Fund Fees and Expenses," as applicable. The "Acquired Fund Fees and Expenses" disclosed above, however, do not reflect any performance-based fees or allocations paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Underlying Funds. Acquired Fund Fees and Expenses are borne indirectly by the Fund, but they will not be reflected in the Fund's financial statements; and the information presented in the table will differ from that presented in the Fund's financial highlights.

<sup>(9)</sup> The Investment Manager has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed 1.20% of the average daily net assets of the Class I Shares, Class D Shares and Class A Shares (the "Expense Limit"). Because taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses, the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 1.20%. For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit. The Expense Limitation and Reimbursement Agreement is in effect until 12 months from the effective date of the Prospectus , and will automatically renew for successive twelve-month periods thereafter. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Manager may terminate the Expense Limitation and Reimbursement Agreement effective as of the end of the then current term upon 30 days' written notice.

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 1 Year period and the first year of the 3 Years, 5 Years and 10 Years periods in the example). The assumption in the hypothetical example of a 5% annual return is the same as that required by regulation of the SEC applicable to all registered investment companies. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Shares.

**EXAMPLE**

**Class I Shares**

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| | | | | |
|:---|:---|:---|:---|:---|
| **You Would Pay the Following Expenses Based on a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
|  | &nbsp;&nbsp;$17 | &nbsp;&nbsp;$63 | &nbsp;&nbsp;$112 | &nbsp;&nbsp;$247 |
| **Class D Shares** |  |  |  |  |
| **You Would Pay the Following Expenses Based on a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
|  | &nbsp;&nbsp;$19 | &nbsp;&nbsp;$71 | &nbsp;&nbsp;$125 | &nbsp;&nbsp;$273 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A Shares**<br>**You Would Pay the Following Expenses Based on the Imposition of the 5.75% Sales Charge and a $1,000 Investment in the Fund, Assuming a 5% Annual Return:** | <br>&nbsp;&nbsp;**1 Year** | <br>&nbsp;&nbsp;**3 Years** | <br>&nbsp;&nbsp;**5 Years** | <br>&nbsp;&nbsp;**10 Years** |
|  | &nbsp;&nbsp;$76 | &nbsp;&nbsp;$124 | &nbsp;&nbsp;$175 | &nbsp;&nbsp;$315 |

---

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

**FINANCIAL HIGHLIGHTS**

Because the Fund has no performance history as of the date of this Prospectus, there are no financial highlights for the Fund.

**THE FUND**

The Fund is a newly organized, non-diversified, closed-end management investment company registered under the Investment Company Act. The Fund continuously offers its Shares and is operated as an interval fund. Only Class I Shares are currently offered. The Fund intends to apply for exemptive relief (the "Exemptive Relief") from the Securities and Exchange Commission (the "SEC") that, if granted, will permit the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees; there is no assurance, however, that the relief will be granted. If the Fund receives the Exemptive Relief, the Fund may also offer Class D Shares and Class A Shares and may offer additional classes of shares in the future. Class D Shares and Class A Shares will not be offered to investors unless the exemptive relief is obtained. An investment in the Fund may not be appropriate for all investors. The Fund was organized as a Delaware statutory trust on August 24, 2022 and operates under an Agreement and Declaration of Trust dated August 24, 2022 (the "Declaration of Trust"). The Fund's principal office is located at c/o Ultimus Fund Solutions, LLC, P.O. Box 541150, Omaha, NE 68154.

**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 Manager), 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 in corporate loans and the Investment Manager's ability to find suitable investments may be delayed. While the Fund's investments are expected to be partially-invested within three months, the aforementioned delays may inhibit the Fund from being fully-invested at all times. 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 objective 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 primary investment objective of the Fund is to maximize risk-adjusted total return, and the Fund will seek to provide current income as a secondary investment objective. There can be no assurance that the Fund will achieve its investment objectives.

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") without the vote of a majority (as defined by the Investment Company Act) of the Fund's outstanding Shares.

**INVESTMENT STRATEGIES AND OVERVIEW OF INVESTMENT PROCESS**

Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least a majority of its assets (net assets, plus any borrowings for investment purposes) either directly or indirectly through Underlying Funds across a wide array of global public and private credit markets, with allocations primarily focused on the private corporate, real estate, consumer, asset based, and specialty lending markets. Allocations also may be made to other markets that include publicly traded equity, emerging market debt and municipal credit markets.

A flexible asset allocation strategy will be employed to maximize risk adjusted returns and current income subject to the Investment Manager's assessment of market opportunity. Across the markets in public and private credit, the types of instruments employed will include, among other things, investments in limited partnerships; fixed-, variable- and floating-rate bonds; loans, including direct loans which typically consist of intermediate- to long-term borrowings by companies that are originated directly by lenders without the traditional intermediary role of a bank or broker; convertible and contingent convertible securities; and stressed, distressed and defaulted debt securities issued by U.S. or foreign (non-U.S.) corporations or other business entities, including emerging market issuers, mortgage-related and other consumer-related instruments (fixed and floating coupon bonds and loans), collateralized debt obligations, including, collateralized loan obligations, government and sovereign debt, municipal bonds and other fixed-, variable- and floating-rate income-producing securities of U.S. and foreign issuers, including emerging market issuers.

The Investment Manager employs an active allocation approach across several markets using a process which is informed by market conditions, valuation assessments, economic outlook, credit market trends and other economic factors, and at times other factors that have become relevant in an episodic

manner (e.g. geopolitical developments, environmental events such as natural disaster and/or pandemic, etc.). The Fund may focus its investment strategy on, and its portfolio of investments may be focused in, a subset of one or more of these credit markets.

It is expected that the Fund normally will have a short to intermediate average portfolio duration (i.e., within a zero to ten year range), as calculated by the Investment Manager, although it may be shorter or longer at any time or from time to time depending on market conditions and other factors. In comparison to maturity (which is the date on which a debt instrument ceases and the issuer is obligated to repay the principal amount), duration is a measure of the price volatility of a debt instrument as a result of changes in market rates of interest, based on the weighted average timing of the instrument's expected principal and interest payments. Duration differs from maturity in that it considers a security's yield, coupon payments, principal payments and call features in addition to the amount of time until the security finally matures. As the value of a security changes over time, so will its duration. Prices of securities with longer durations tend to be more sensitive to interest rate changes than securities with shorter durations. In general, a portfolio of securities with a longer duration can be expected to be more sensitive to interest rate changes than a portfolio with a shorter duration. The Investment Manager does not target any specific allocation to investment grade debt securities or below investment grade debt securities (commonly referred to as "high yield" securities or "junk bonds"), including securities of stressed and distressed issuers.

To the extent consistent with the applicable liquidity requirements for interval funds under Rule 23c-3 of the Investment Company Act, the Fund may invest without limit in illiquid investments.

**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 Manager 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 objective. The Investment Manager may invest the Fund's cash balances in any investments it deems appropriate.

The frequency and amount of portfolio purchases and sales (known as the "portfolio turnover rate") may vary from year to year and will not be a limiting factor when the Investment Manager 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 Manager, investment considerations warrant such action. These policies may have the effect of increasing the annual rate of portfolio turnover of the Fund.

**USE OF LEVERAGE**

The Fund does not currently intend to use leverage within its first year of operations. The Fund may, however, utilize leverage in the future to provide additional funds to support its investment activities, including by entering into credit agreements and other loan transactions with financial institutions such as banks. Under the Investment Company Act, the Fund may utilize leverage through the issuance of Preferred Shares in an amount up to 50% of its total assets and/or through borrowings and/or the issuance of notes or debt securities (collectively, "Borrowings") in an aggregate amount of up to 33-1/3% of its total assets (as

further described below). The Fund anticipates that its leverage will vary from time to time, based upon changes in market conditions and variations in the value of the portfolio's holdings; however, the Fund's leverage will not exceed the limitations set forth under the Investment Company Act.

If and when the Fund, an Underlying Fund or other investment of the Fund employs leverage, there is no assurance that such leveraging strategies will be successful. The use of leverage will increase the volatility of the performance of the underlying investment portfolio and could result in the Fund experiencing greater losses than if leverage was not used. Leveraging is a speculative technique and there are special risks and costs involved. To the extent the Fund uses leverage and invests in other investments that also use leverage, the risks associated with leverage will be further magnified, potentially significantly. See "Additional Risks of the Fund—Borrowing; Use of Leverage."

The Fund's Borrowings (if any) may be at a fixed or floating rate and generally will be based upon short-term rates. The cost associated with any issuance and use of leverage will be borne by the Shareholders and result in a reduction of the NAV of the Shares. Such costs may include legal fees, audit fees, structuring fees, commitment fees and a usage (borrowing) fee. In addition, the Borrowings in which the Fund may incur may be secured by mortgaging, pledging or otherwise subjecting as security the assets of the Fund.

Certain types of Borrowings may result in the Fund being subject to covenants in credit agreements relating to asset coverage and portfolio composition requirements. Generally, covenants to which the Fund may be subject include affirmative covenants, negative covenants, financial covenants, and investment covenants. An example of an affirmative covenant would be one that requires the Fund to send its annual audited financial report to the lender. An example of a negative covenant would be one that prohibits the Fund from making any amendments to its fundamental policies. An example of a financial covenant is one that would require the Fund to maintain a 3:1 asset coverage ratio. An example of an investment covenant is one that would require the Fund to limit its investment in a particular asset class. The Fund may need to liquidate its investments when it may not be advantageous to do so in order to satisfy such obligations or to meet any asset coverage and segregation requirements (pursuant to the Investment Company Act or otherwise). As the Fund's portfolio will be substantially illiquid, any such disposition or liquidation could result in substantial losses to the Fund.

The Fund may enter into derivatives or other transactions that may provide leverage (other than through Borrowings or the issuance of Preferred Shares). Under the previous regulatory framework, certain such transactions were not be subject to the above noted limitations under the Investment Company Act to the extent the Fund earmarked or segregated liquid assets (or entered into offsetting positions) to cover its obligations under those transactions and instruments in accordance with applicable SEC regulations and interpretations. On October 28, 2020, the SEC adopted Rule 18f-4 under the Investment Company Act relating to 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. In connection with the adoption of Rule 18f-4, the SEC rescinded certain of its prior guidance regarding asset segregation and coverage requirements in respect of derivatives transactions and related instruments. 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 similar financing with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all 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. Rule 18f-4 under the Investment Company Act may require the Fund to observe more stringent asset coverage and related requirements than were previously imposed by the Investment Company Act, which could adversely affect the value or performance of the Fund. 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.

The terms of the Fund's Borrowings may also contain provisions which limit certain activities of the Fund, including the payment of dividends to Shareholders in certain circumstances, and the Fund may be required to maintain minimum average balances with the lender or to pay a commitment or other fee to maintain a line of credit. Any such requirements will increase the cost of Borrowing over the stated interest rate. In addition, certain types of Borrowings may involve the rehypothecation of the Fund's securities. Furthermore, the Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for the short-term corporate debt securities or preferred stock issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements that are more stringent than those imposed by the Investment Company Act, as described below. It is not anticipated that these covenants or guidelines will impede the Investment Manager from managing the Fund's portfolio in accordance with the Fund's investment objective and policies. Any Borrowing will likely be ranked senior or equal to all other existing and future Borrowings of the Fund. The leverage utilized by the Fund would have complete priority upon distribution of assets over the Shares.

Under the requirements of the Investment Company Act, the Fund, immediately after any Borrowing, must have an "asset coverage" of at least 300% (33- 1/3% of total assets). With respect to such Borrowing, asset coverage means the ratio which the value of the total assets of the Fund, less all liabilities and indebtedness not represented by senior securities (as defined in the Investment Company Act), bears to the aggregate amount of such borrowing represented by senior securities issued by the Fund. Also 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, the Fund is not permitted to declare any cash dividend or other distribution on its Shares unless, at the time of such declaration, the value of the Fund's total assets is at least 200% of such liquidation value. If preferred stock is issued, the Fund intends, to the extent possible, to purchase or redeem its preferred stock from time to time to the extent necessary in order to maintain coverage of any preferred stock of at least 200%. In addition, as a condition to obtaining ratings on the preferred stock, the terms of any preferred stock issued are expected to include asset coverage maintenance provisions which will require the redemption of the preferred stock in the event of non-compliance by the Fund and also may prohibit dividends and other distributions on the Shares in such circumstances. In order to meet redemption requirements, the Fund may have to liquidate portfolio securities. Such liquidations and redemptions would cause the Fund to incur related transaction costs and could result in capital losses to the Fund. Prohibitions on dividends and other distributions on the Shares could impair the Fund's ability to qualify as a regulated investment company under the Code.

The rights of lenders to the Fund to receive interest on and repayment of principal of any Borrowings will likely be senior to those of the Shareholders. Further, the Investment Company Act grants, in certain circumstances, to the lenders to the Fund certain voting rights in the event of default in the payment of interest on or repayment of principal. In the event that such provisions would impair the Fund's status as a regulated investment company under the Code, the Fund, subject to its ability to liquidate its portfolio, intends to repay the Borrowings. If the Fund has Preferred Shares outstanding, two of the Fund's trustees will be elected by the holders of Preferred Shares as a class. The remaining trustees of the Fund will be elected by holders of Shares and Preferred Shares voting together as a single class. In the event the

Fund failed to pay dividends on Preferred Shares for two years, the holders of the Preferred Shares would be entitled to elect a majority of the trustees of the Fund.

The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities.

**PRINCIPAL RISK FACTORS**

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

**GENERAL RISKS**

*NO OPERATING HISTORY.* The Fund was organized on August 24, 2022. It had not yet commenced operations as of the date of this Prospectus and has no operating history. The Fund may not succeed in meeting its objective, and its NAV may decrease. As a new Fund, there is no assurance that the Fund will grow or maintain an economically viable size, which may result in increased Fund expenses or a determination to liquidate the Fund.

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

*REPURCHASE OFFERS; LIMITED LIQUIDITY*. The Fund is a closed-end investment company structured as an "interval fund" and, as such, has adopted a fundamental policy to make quarterly repurchase offers, at per-class NAV, of not less than 5% and not more than 25% of the Fund's outstanding Shares on the repurchase request deadline. 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.

Repurchase offers generally are funded from available cash (including, if necessary, offering proceeds) or sales of portfolio investments but may be funded with borrowings. However, the repurchase of Shares by the Fund decreases the assets of the Fund and, therefore, may have the effect of increasing the

Fund's expense ratio and portfolio turnover. Repurchase offers and the need to fund repurchase obligations may also affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. Moreover, diminution in the size of the Fund through repurchases, without offsetting new sales, may result in untimely sales of portfolio investments and a higher expense ratio, and may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. The sale of securities to fund repurchases could reduce the market price of those securities, which in turn would reduce the Fund's NAV. If the Fund uses leverage, repurchases of Shares may compound the adverse effects of leverage in a declining market. In addition, if the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their Shares by increasing Fund expenses and reducing any net investment income.

In addition, to the extent the Fund sells portfolio holdings in order to fund repurchase requests, the repurchase of Shares by the Fund will be a taxable event for the Shareholders of repurchased Shares, and potentially even for Shareholders that do not participate in the repurchase offer. Repurchase offers, if funded from offering proceeds, may constitute a return of capital. Any capital returned to Shareholders through the repurchase of Shares will be distributed after payment of Fund fees and expenses. See "TAXES."

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 the fourteen (14) days after the Repurchase Request Deadline (or the next business day, if the 14th day is not a business day) (the "Repurchase Pricing Date"). The Fund expects to distribute payment to Shareholders between one and three business days after the Repurchase Pricing Date and will distribute payment no later than seven (7) calendar days after such date. If a Shareholder tenders all of its Shares (or a portion of its Shares) in connection with a repurchase offer made by the Fund, that tender may not be rescinded by the Shareholder after the Repurchase Request Deadline. Because the NAV applicable to a repurchase is calculated 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/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.

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

*COST OF CAPITAL AND NET INVESTMENT INCOME RISK.* 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*. 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 "*TAXES*."

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

*MANAGEMENT RISK*. The NAV of the Fund changes daily based on the performance of the securities in which it invests. The Investment Manager's 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.

**INVESTMENT-RELATED RISKS**

**GENERAL INVESTMENT-RELATED RISKS**

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

The Fund and the Investment Manager have in place business continuity plans reasonably designed to ensure that they maintain normal business operations, and that the Fund, its portfolio and assets are protected. However, in the event of a pandemic or an outbreak, such as COVID-19, there can be no assurance that the Fund, its advisers and service providers, or the Fund's portfolio companies, will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons. A pandemic or disease could also impair the information technology and other operational systems upon which the Fund's advisers rely and could otherwise disrupt the ability of the Fund's service providers to perform essential tasks.

The foregoing has led to a recession in most developed countries in the world, and it could lead to increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Fund's investments, the Fund and your investment in the Fund.

In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments.

The U.S. government and the Federal Reserve, as well as certain other governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These actions have resulted in significant expansion of public debt, including in the U.S., the long term consequences of which are not known. Many interest rates are very low and in some cases yields are negative, and it is possible that, particularly during periods of low prevailing interest rates, the income from portfolio securities will be reduced. Actions taken to-date and future government intervention in the economy and financial markets intended to address the COVID-19 pandemic may not be successful, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results. Further Federal Reserve actions in response to market conditions, including with respect to interest rates, may adversely affect the value, volatility and liquidity of dividend and interest paying securities in particular. Extraordinary government actions have contributed, and may continue to contribute, to market volatility, which may result in heightened volatility and/or losses in the value of the funds' investments.

Although vaccines are now widely available, the duration of the COVID-19 outbreak and its full impacts are unknown and the pace of recovery may vary from market to market, resulting in a high degree of uncertainty for potentially extended periods of time, especially in certain sectors in which the Fund may make investments.

*GENERAL ECONOMIC AND MARKET CONDITIONS*. The success of the Fund's investment program may be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws, and national and international political circumstances. These factors may affect the level and volatility of securities prices and the liquidity of investments held by the Fund. Unexpected volatility or illiquidity could impair the Fund's profitability or result in losses.

The United Kingdom ("UK") left the European Union ("EU") on January 31, 2020, and a transition period during which the UK and EU negotiated terms of departure ended on December 31, 2020. The departure is commonly referred to as "Brexit." The UK and EU reached an agreement, effective January 1, 2021, on the terms of their future trading relationship, which principally relates to the trading of goods. Further discussions are expected to be held between the UK and the EU in relation to matters not covered by the trade agreement, such as financial services. Brexit may have significant political and financial consequences for the Eurozone markets and broader global economy, including greater volatility in the global stock markets and illiquidity, fluctuations in currency and exchange rates, and an increased likelihood of a recession in the UK. Securities issued by companies domiciled in the UK could be subject to changing regulatory and tax regimes. Banking and financial services companies that operate in the UK or EU could be disproportionately impacted by these actions. Further insecurity in EU membership or the abandonment of the euro could exacerbate market and currency volatility and negatively impact investments in securities issued by companies located in EU countries. Brexit also may cause additional member states to contemplate departing the EU, which would likely perpetuate political and economic instability in the region and cause additional market disruption in global financial markets. As a result, markets in the UK, Europe and globally could experience increased volatility and illiquidity, and potentially lower economic growth which in return could potentially have an adverse effect on the value of the Fund's investments. Market disruption in the EU and globally may have a negative effect on the value of the Fund's investments. Additionally, there could be additional risks if one or more additional EU member states seek to leave the EU.

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

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

*RISKS OF SECURITIES ACTIVITIES*. The Fund will invest and trade in a variety of different securities, and utilize a variety of investment instruments and techniques. Each security and each instrument and technique involves the risk of loss of capital. While the Investment Manager 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*. 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.

*SOURCING INVESTMENT OPPORTUNITIES RISK*. The Fund has not identified the potential investments for its portfolio that it will acquire. It cannot be certain that the Investment Manager will be able to continue 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.

*COMPETITION FOR ASSETS RISK*. 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.

*DEPENDENCE ON KEY PERSONNEL RISK*. The Investment Manager 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 Manager 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 Manager 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 Manager has informed the Fund that its 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 Manager may become associated with the Fund, and the performance of the Fund may also depend on the experience and expertise of such individuals.

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

In addition to the risks generally described in this Prospectus, the following are the specific material risks of the investment strategy:

*DEBT SECURITIES*. Under normal market conditions, the Fund expects to primarily invest directly or indirectly 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*. 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 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 the 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*. 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*. 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 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*. 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.

*EQUITY INVESTMENTS*. 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.

*PRIVATE INVESTMENT FUNDS RISK*. The Fund may invest in private investment funds that are not registered as investment companies. As a result, the Fund as an investor in these funds would not have the benefit of certain protections afforded to investors in registered investment companies. The Fund may not have the same amount of information about the identity, value, or performance of the private investment funds' investments as such private investment funds' managers. Investments in private investment funds generally will be illiquid and generally may not be transferred without the consent of the fund. The Fund may be unable to liquidate its investment in a private investment fund when desired (and may incur losses as a result), or may be required to sell such investment regardless of whether it desires to do so. Upon its withdrawal of all or a portion of its interest in a private investment fund, the Fund may receive securities that are illiquid or difficult to value. The Fund may not be able to withdraw from a private investment fund except at certain designated times, thereby limiting the ability of the Fund to withdraw assets from the private fund due to poor performance or other reasons. The fees paid by private investment funds to their advisers and general partners or managing members often are higher than those paid by registered funds and generally include a percentage of gains. The Fund will bear its proportionate share of the management fees and other expenses that are charged by a private investment fund in addition to the management fees and other expenses paid by the Fund. Certain private investment funds may be newly formed entities that have no operating histories.

The valuation of the Fund's investments in underlying private funds is ordinarily determined based upon valuations calculated by the Administrator, in accordance with valuation procedures approved by the Board and based on information provided by the underlying private funds or their respective administrators. Although the Investment Manager reviews the valuation procedures used by the managers to the underlying private funds, neither the Investment Manager nor the Administrator can confirm or review the accuracy of valuations provided by the underlying private funds or their administrators. An underlying private fund may face a conflict of interest in valuing such securities since their values will affect the manager's compensation.

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

The Fund will invest in underlying private funds that it believes will generally, and in the aggregate, be managed in a manner consistent with the Fund's investment objective and strategy. The Investment Manager will not have any control over the underlying managers of the private funds, and thus, there can be no assurances that a manger will manage its private funds in a manner consistent with the Fund's investment objective.

*PRIVATE COMPANY RISK*. Investment in private companies involves a number of significant risks. Generally, little public information exists about these companies, and the Fund (or Underlying Fund) is required to rely on the ability of the investment adviser's investment professionals to obtain adequate information to evaluate the potential returns from investing in these companies. If the Investment Manager is unable to uncover all material information about these companies, it may not be able to make a fully informed investment decision and may lose money on its investments. Private companies may have limited financial resources and may be unable to meet their obligations under their debt securities that the Fund (or Underlying Fund) holds, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of the Fund (or Underlying Fund) realizing any guarantees it may have obtained in connection with its investment. In addition, they 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. These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity. In addition, investments in private companies may be structured as pay-in-kind securities with minimal or no cash interest or dividends until the company meets certain growth and liquidity objectives.

*SMALL AND MIDDLE-MARKET COMPANIES*. Investment in private and small or middle-market companies involves a number of significant risks. Generally, little public information exists about these companies, and the Fund will rely on the ability of the Investment Manager's to obtain adequate information to evaluate the potential returns from investing in these companies. If the Investment Manager is 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*. 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 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*. 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*. 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 Manager will be able to identify and make investments that are consistent with its investment objective.

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 Investment Manager intended to have over the long-term or would have had had it purchased such investment in the secondary market rather than originating it.

*"COVENANT-LITE" LOANS RISK*. 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.

*Specialty Finance and Other Financial Companies Risk*. The profitability of specialty finance and other financial companies is largely dependent upon the availability and cost of capital funds, and may fluctuate significantly in response to changes in interest rates, as well as changes in general economic conditions. Any impediments to a specialty finance or other financial company's access to capital markets, such as those caused by general economic conditions or a negative perception in the capital markets of the company's financial condition or prospects, could adversely affect such company's business. From time to time, severe competition may also affect the profitability of specialty finance and other financial companies.

Specialty finance and other financial companies are subject to rapid business changes, significant competition, value fluctuations due to the concentration of loans in particular industries significantly affected by economic conditions (such as real estate or energy) and volatile performance based upon the availability and cost of capital and prevailing interest rates. In addition, credit and other losses resulting from the financial difficulties of borrowers or other third parties potentially may have an adverse effect on companies in these industries. Credit losses or mergers, acquisitions, or bankruptcies of financial firms could make it difficult for specialty finance and other financial companies to obtain financing on favorable terms or at all, which would seriously affect the profitability of such firms. Furthermore, accounting rule changes, including with respect to the standards regarding the valuation of assets, consolidation in the financial industry and additional volatility in the stock market have the potential to significantly impact specialty finance companies as well.

Specialty finance and other financial companies in general are subject to extensive governmental regulation, which may change frequently. Regulatory changes could cause business disruptions or result in significant loss of revenue to companies in which the Fund invests, and there can be no assurance as to the actual impact that these laws and their regulations will have on the financial markets and the Fund's investments in specialty finance and other financial companies. Specialty finance and other financial companies in a given country may be subject to greater governmental regulation than many other industries, and changes in governmental policies and the need for regulatory approval may have a material effect on the services offered by companies in the financial services industry. Governmental regulation may limit both the financial commitments banks can make, including the amounts and types of loans, and the interest rates and fees they can charge. In addition, governmental regulation in certain foreign countries may impose interest rate controls, credit controls and price controls.

Under current regulations of the SEC, the Fund may not invest more than 5% of its total assets in the securities of any company that derives more than 15% of its gross revenues from securities brokerage, underwriting or investment management activities. In addition, the Fund may not acquire more than 5% of the outstanding equity securities, or more than 10% of the outstanding principal amount of debt securities, of any such company. This may limit the Fund's ability to invest in certain specialty finance and other financial companies.

*INTEREST RATE RISK*. The Fund is subject to the risks of changes in interest rates. While it is expected that the majority of the Fund's investments will be in floating rate loans, which typically re-price every 90 days, 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 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.

Duration is useful primarily as a measure of the sensitivity of a fixed income security's market price to interest rate (i.e., yield) movements. All other things remaining equal, for each one percentage point increase in interest rates, the value of a portfolio of fixed income investments would generally be expected to decline by one percent for every year of the portfolio's average duration above zero. For example, the value of a portfolio of fixed income securities with an average duration of eight years would generally be expected to decline by approximately 8% if interest rates rose by one percentage point.

The Fund expects to invest the majority of its assets 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.

 *EXTENSION RISK*. 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*. 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*. 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*. 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.

*ILLIQUID PORTFOLIO INVESTMENTS*. 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 Manager desires to do so or to realize what the Investment Manager 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 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 Manager 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*. Unlike publicly traded common stock which trades on national exchanges, there is no central place or exchange for most 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.

*LENDER LIABILITY CONSIDERATIONS AND EQUITABLE SUBORDINATION*. 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 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 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 Manager 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.

*NEED FOR FOLLOW-ON INVESTMENTS*. 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 Manager may elect not to make a follow-on investment because the Investment Manager may not want to increase the Fund's level of risk or because the Investment Manager prefers other opportunities for the Fund.

The Investment Company Act prohibits the Fund from making certain co-investments with affiliates unless it receives an order from the SEC permitting it to do so. The Fund and the Investment Manager intend to seek exemptive relief from the provisions of Sections 17(d) of the Investment Company Act to co-invest in certain privately negotiated investment transactions, but there is no assurance that the Fund and/or the Investment Manager will receive such exemptive relief, and if they are not able to obtain the exemptive relief, the Fund will not be permitted to make certain co-investments.

*HIGH YIELD DEBT*. The Fund may invest in high yield debt. A substantial portion of the high yield debt in which the Fund intends to invest may be 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 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 Investment Manager'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.

*CONVERTIBLE SECURITIES*. 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*. 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*. 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. 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*. 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.

*ASSET-BACKED SECURITIES RISK*. 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. 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 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.

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.

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*. 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.

*MUNICIPAL OBLIGATIONS RISK*. The Fund (or Underlying Fund) may invest in municipal bonds. Municipal bonds are debt obligations issued by the states, possessions, or territories of the United States (including the District of Columbia) or a political subdivision, public instrumentality, agency, public authority or other governmental unit of such states, possessions, or territories (e.g., counties, cities, towns, villages, districts and authorities). Certain of the municipal obligations in which the Fund (or Underlying Funds) may invest, present their own distinct risks. These risks may depend, among other things, on the financial situation of the government issuer, or in the case of industrial development bonds and similar securities, on that of the entity supplying the revenues that are intended to repay the obligations. It is also possible that, as a result of litigation or other conditions, the power or ability of issuers or those other entities to meet their obligations for the repayment of principal and payment of interest may be materially and adversely affected

States, possessions, territories and municipalities may issue municipal bonds to raise funds for various public purposes such as airports, housing, hospitals, mass transportation, schools, water and sewer works, gas, and electric utilities. They may also issue municipal bonds to refund outstanding obligations and to meet general operating expenses. Municipal bonds may be general obligation bonds or revenue bonds. General obligation bonds are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of principal and interest. Revenue bonds are payable from revenues derived from particular facilities, from the proceeds of a special excise tax or from other specific revenue sources. They are not usually payable from the general taxing power of a municipality. In addition, certain types of "private activity" bonds may be issued by public authorities to obtain funding for privately operated facilities, such as housing and pollution control facilities, for industrial facilities and for water supply, gas, electricity and waste disposal facilities. Other types of private activity bonds are used to finance the construction, repair or improvement of, or to obtain equipment for, privately operated industrial or commercial facilities. Current federal tax laws place substantial limitations on the size of certain of such issues. In certain cases, the interest on a private activity bond may not be exempt from federal income tax or the alternative minimum tax.

*GOVERNMENT BOND RISK*. Investments in government bonds, including sovereign, quasi-sovereign, and supranational bonds, involve special risks not present in corporate bonds. The governmental authority or government entity that controls the repayment of the bond may be unable or unwilling to make interest payments and/or repay the principal on its debt or to otherwise honor its obligations. If an issuer of government bonds defaults on payments of principal and/or interest, the Fund may have limited recourse against the issuer. In the past, certain governments of emerging market countries have declared themselves unable to meet their financial obligations on a timely basis, which has resulted in losses for holders of government bonds. In addition, supranational entities have no taxing authority and are dependent on their members for payments of interest and principal. If one or more members of a supranational entity fails to make necessary contributions, the entity may be unable to pay interest or repay principal on its debt securities. Political changes in principal donor nations may unexpectedly disrupt the finances of supranational entities.

*MEZZANINE DEBT*. 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.

*DISTRESSED SECURITIES*. 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 Manager'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.

*UNDERLYING FUND RISK*. 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, 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 or closed-end fund's shares could result in such shares trading at a significant premium or discount to their NAV (the amount that an ETF or closed-end fund is trading above or below its NAV) and may increase the fund's bid-ask spread (the difference between the offer/sell price and purchase/buy price of a security). 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 recently 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 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.

*DERIVATIVE INSTRUMENTS*. The Fund may use options, swaps, futures contracts, forward agreements, reverse repurchase agreements. 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 in 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 Manager 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.

● *Foreign Currency Forwards .* 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 wide spread 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 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.

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

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

● *Options*. 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.

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

*RESTRICTIONS ON THE USE OF DERIVATIVES AND OTHER TRANSACTIONS.* On October 28, 2020, the SEC adopted Rule 18f-4 under the Investment Company Act providing for the regulation of a registered investment company's use of derivatives and certain related instruments. The rule permits the Fund to enter into certain derivatives and other transactions notwithstanding the restrictions on the issuance of "senior securities" under Section 18 of the Investment Company Act. Section 18 of the Investment Company Act, among other things, prohibits closed-end funds, including the Fund, from issuing or selling any "senior security" representing indebtedness, unless the fund maintains 300% "asset coverage," or any senior security representing stock, unless the fund maintains 200% "asset coverage". In connection with the adoption of Rule 18f-4, the SEC also eliminated the asset segregation framework arising from prior SEC guidance for covering derivatives and certain financial instruments.

The compliance date for Rule 18f-4 was August 19, 2022. In accordance with the rule, the Fund adopted and implemented a comprehensive written derivatives risk management program and is subject to an outer limit on Fund leverage risk calculated based on value-at-risk. This outer limit is based on a relative value-at-risk test that will compare the Fund's value-at-risk to the value-at-risk of a designated reference

index. The derivatives risk management program is administered by a "derivatives risk manager," who has been appointed by the Fund's Board of Trustees, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act), and periodically reviews the derivatives risk management program and reports to the Board.

Subject to certain conditions, "limited derivatives users" (as defined in Rule 18f-4), however, are not subject to the full requirements of Rule 18f-4 and the Fund could, in the future, determine to seek to qualify as such a limited derivatives user by limiting its "derivatives exposure" to 10% of its net assets (as calculated in accordance with Rule 18f-4).

Rule 18f-4 could restrict the Fund's ability to engage in certain derivatives transactions and/or increase the costs of derivatives transactions, which could adversely affect the value or performance of the Fund.

In general, the "derivatives transactions" covered by Rule 18f-4 include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions, if the Fund elects to treat these transactions as "derivatives transactions" under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced ("TBA") commitments, and dollar rolls) and non-standard settlement cycle securities, unless such transactions meet the delayed-settlement provision of the rule.

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

The political, economic, and social structure of some foreign countries may be less stable and more volatile than those in the United States. Investments in these countries may be subject to the risks of internal and external conflicts, currency devaluations, foreign ownership limitations and tax increases. A government may take over assets or operations of a company or impose restrictions on the exchange or export of currency or other assets. Some countries also may have different legal systems that may make it difficult for the Fund to vote proxies, exercise stockholder rights, and pursue legal remedies with respect to foreign investments. Diplomatic and political developments, including rapid and adverse political changes, social instability, regional conflicts, terrorism and war, could affect the economies, industries and securities and currency markets, and the value of the Fund's investments, in non-U.S. countries. These factors are extremely difficult, if not impossible, to predict and to take into account with respect to the Fund's investments in foreign securities. Brokerage commissions and other fees generally are higher for foreign securities. Government supervision and regulation of foreign stock exchanges, currency markets, trading systems and brokers may be less than in the United States. The procedures and rules governing foreign transactions and custody (holding of the Fund's assets) may involve delays in payment, delivery or recovery of money or investments. Foreign companies may not be subject to the same disclosure, accounting, auditing and financial reporting standards and practices as U.S. companies, and some countries may lack

uniform accounting and auditing standards. Thus, there may be less information publicly available about foreign companies than about most U.S. companies. Certain foreign securities may be less liquid (harder to sell) and more volatile than many U.S. securities. This means the Fund may at times be unable to sell foreign securities at favorable prices. Dividend and interest income from foreign securities may be subject to withholding taxes by the country in which the issuer is located, and the Fund may not be able to pass through to its Shareholders foreign tax credits or deductions with respect to these taxes.

The Fund may invest in foreign securities of issuers in so-called "emerging markets" (or less developed countries). Such investments are particularly speculative and entail all of the risks of investing in foreign securities but to a heightened degree. "Emerging market" countries generally include all countries in the following regions: Asia (excluding Japan), Eastern Europe, Middle East, Africa and Latin America, or such countries as reasonably determined by the Investment Manager 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. As a result, there could be less information available about issuers in emerging market countries, which could negatively affect the Investment Manager's ability to evaluate local companies or their potential impact on the Fund's performance. Further, investments in securities of issuers located in certain emerging countries involve the risk of loss resulting from problems in share registration, settlement or custody, substantial economic, political and social disruptions and the imposition of exchange controls (including repatriation restrictions). The legal remedies for investors in emerging markets may be more limited than the remedies available in the U.S., and the ability of U.S. authorities (e.g., SEC and the U.S. Department of Justice) to bring actions against bad actors may be limited.

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

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

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

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

*FAILURE TO OBTAIN CO-INVESTMENT EXEMPTIVE RELIEF*. The Investment Company Act prohibits the Fund from making certain co-investments with affiliates unless it receives an order from the SEC permitting it to do so. The Fund and the Investment Manager intend to seek exemptive relief from the provisions of Sections 17(d) of the Investment Company Act to co-invest in certain privately negotiated investment transactions with current or future BDCs, private funds, separate accounts, or registered closed-end funds that are advised by the Investment Manager or its affiliated investment advisers, collectively, the Fund's "co-investment affiliates," subject to the satisfaction of certain conditions. There is no assurance that the Fund and/or the Investment Manager will receive such exemptive relief, and if they are not able to obtain the exemptive relief, the Fund will not be permitted to make certain co-investments. This may reduce the Fund's ability to deploy capital and invest its assets. The Fund may be forced to invest in cash, cash equivalents or other assets that may result in lower returns than otherwise may be available through co-investment opportunities.

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

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

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

The Fund may be an investor in Warehouse Investments and in CLOs or CDOs that acquire warehoused assets, including from Warehouses in which the Fund has directly or indirectly invested. This involves certain conflicts and risks.

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

**ADDITIONAL RISKS OF THE FUND**

*CONTINGENT CONVERTIBLE SECURITIES RISK.* CoCos, sometimes referred to as contingent convertible securities, are debt or preferred securities with loss absorption characteristics built into the terms of the security for the benefit of the issuer, for example, an automatic write-down of principal or a mandatory conversion into common stock of the issuer under certain circumstances, such as the issuer's capital ratio falling below a certain level. CoCos may be subject to an automatic write-down (i.e., the automatic write-down of the principal amount or value of the securities, potentially to zero, and the cancellation of the securities) under certain circumstances, which could result in the Fund losing a portion or all of its investment in such securities. In addition, the Fund may not have any rights with respect to repayment of the principal amount of the securities that has not become due or the payment of interest or dividends on such securities for any period from (and including) the interest or dividend payment date falling immediately prior to the occurrence of such automatic write-down. An automatic write-down could also result in a reduced income rate if the dividend or interest payment is based on the security's par value. If a CoCo provides for mandatory conversion of the security into common shares of the issuer under certain circumstances, such as an adverse event, the Fund could experience a reduced income rate, potentially to zero, as a result of the issuer's common shares not paying a dividend. In addition, a conversion event would likely be the result of or related to the deterioration of the issuer's financial condition (e.g., a decrease in the issuer's capital ratio) and status as a going concern, so the market price of the issuer's common shares received by the Fund may have declined, perhaps substantially, and may continue to decline, which may adversely affect the Fund's NAV. Further, the issuer's common shares would be subordinate to the issuer's other security classes and therefore worsen the Fund's standing in a bankruptcy proceeding. In addition, most CoCos are considered to be "high yield" or "junk" securities and are therefore subject to the risks of investment in below investment grade securities.

It will often be difficult to predict when, if at all, an automatic write-down or conversion event will occur. Accordingly, the trading behavior of CoCos may not follow the trading behavior of other types of debt and preferred securities. Any indication that an automatic write-down or conversion event may occur can be expected to have a material adverse effect on the market price of the CoCos. CoCos are a relatively new form of security and the full effects of an automatic write-down or conversion event have not been experienced broadly in the marketplace. The occurrence of an automatic write-down or conversion event may be unpredictable and the potential effects of such event on the Fund's yield or NAV may be adverse.

*DISTRIBUTION POLICY*. The Fund's distribution policy is to make quarterly distributions of substantially all of its net investment income. Distributions cannot be assured, and the amount of each distribution is likely to vary. Distributions will be paid at least annually in amounts representing substantially all of the net investment income not previously distributed in a quarterly distribution and net capital gains, if any, earned each year. All or a portion of distribution may consist of a return of capital (*i.e.*, from your original investment) and not a return of net investment income. Shareholders should not assume that the source of a distribution from the Fund is net investment income. Shareholders should note that return of capital will reduce the tax basis of their shares and potentially increase the taxable gain, if any, upon disposition of their shares.

*LEGAL, TAX AND REGULATORY*. Legal, tax and regulatory changes could occur that may materially adversely affect the Fund. For example, the regulatory environment for leveraged investors is evolving, and changes in the direct or indirect regulation of leveraged investors may materially adversely affect the ability of the Fund to pursue its investment objective or strategies. Increased regulatory oversight and other legislation or regulation could result.

*PORTFOLIO TURNOVER.* The Fund's annual portfolio turnover rate may vary greatly from year to year, as well as within a given year. However, portfolio turnover rate is not considered a limiting factor in the execution of investment decisions for the Fund. High portfolio turnover may result in the realization of net short-term capital gains by the Fund which, when distributed to the Fund and, ultimately, Shareholders, will be taxable as ordinary income. In addition, a higher portfolio turnover rate results in correspondingly greater brokerage commissions and other transactional expenses that are borne by the Fund.

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

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

*RELIANCE ON TECHNOLOGY*. The Fund's business is highly dependent on the communications and information systems of the Investment Manager. In addition, certain of these systems are provided to the Investment Manager 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.

*PANDEMIC RISK.* The continuing spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including securities the Fund holds, and may adversely affect the Fund's investments and operations. The outbreak was first detected in December 2019 and subsequently spread globally, and since then, the number of cases has fluctuated and new "variants" have been confirmed around the world. The transmission of COVID-19 and efforts to contain its spread have resulted in international and domestic travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations (including staff reductions), supply chains and consumer activity, as well as general concern and uncertainty that has negatively affected the economic environment. These disruptions have led to instability in the market-place, including stock and credit market losses and overall volatility. The impact of COVID-19, and other infectious illness outbreaks, epidemics or pandemics that may arise in the future, could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways. In addition, the impact of infectious illnesses, such as COVID-19, in emerging market countries may be greater due to generally less established healthcare systems. This crisis or other public health crises may exacerbate other pre-existing political, social and economic risks in certain countries or globally.

*LIBOR RISK*. The London Interbank Offered Rate ("LIBOR") has been used extensively in the U.S. and globally as a "benchmark" or "reference rate" for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. Instruments in which the Fund invests may have historically paid interest

at floating rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Fund and issuers of instruments in which the Fund invests may have also historically obtained financing at floating rates based on LIBOR. The underlying collateral of CLOs in which the Fund invests have also paid interest at floating rates based on LIBOR. In July of 2017, the head of the UK Financial Conduct Authority ("FCA") announced a desire to phase out the use of LIBOR by the end of 2021. On March 5, 2021, ICE announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative: (a) immediately after December 31, 2021, in the case of the 1-week and 2-month U.S. dollar LIBOR settings; and (b) immediately after June 30, 2023, in the case of the remaining U.S. dollar LIBOR settings.

On July 29, 2021, the U.S. Federal Reserve, in connection with the Alternative Reference Rates Committee ("ARRC"), a steering committee comprised of large U.S. financial institutions, formally recommended the forward-looking Secured Overnight Financing Rate ("SOFR") term rates proposed by CME Group, Inc. as the replacement for U.S. dollar LIBOR, marking the final step in the ARRC's Paced Transition Plan implemented to encourage the adoption of SOFR. In addition, as of the date of this prospectus, the current nominated replacement for GBP-LIBOR is the Sterling Overnight Interbank Average Rate ("SONIA"). In July 2020, Bloomberg began publishing fall-backs that the International Swaps and Derivatives Association ("ISDA") intends to implement in lieu of LIBOR with respect to swaps and derivatives. Given the inherent differences between LIBOR and SOFR, or any other alternative Benchmark Rate that may be established, including SONIA, there remains uncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. In many cases, the nominated replacements, as well as other potential replacements, are not complete or ready to implement and require margin adjustments. There is currently no final consensus as to which Benchmark Rate(s) (along with any adjustment and/or permutation thereof) will replace all or any LIBOR tenors after the discontinuation thereof and there can be no assurance that any such replacement Benchmark Rate(s) will attain market acceptance.

Any transition away from LIBOR to one or more alternative Benchmark Rates is complex and could have a material adverse effect on the Fund's business, financial condition and results of operations, including, without limitation, as a result of any changes in the pricing and/or availability of the Fund's investments, negotiations and/or changes to the documentation for certain of the Fund's investments, the pace of such changes, disputes and other actions regarding the interpretation of current and prospective loan documentation, basis risks between investments and hedges, basis risks within investments (e.g., securitizations), costs of modifications to processes and systems, and/or costs of administrative services and operations, including monitoring of recommended conventions and Benchmark Rates, or any component of or adjustment to the foregoing.

It is not possible to predict whether there will be any further changes in the methods pursuant to which the LIBOR rates are determined and any other reforms to LIBOR that will be enacted in the United States, the U.K. or elsewhere, or the effects thereof. Any such changes or further reforms to LIBOR may result in a sudden or prolonged increase or decrease in reported LIBOR rates, which could have a material adverse impact on the value of the Fund's investments and any payments linked to LIBOR thereunder.

LIBOR is likely to perform differently than in the past until the final phase-outs in 2023 and, ultimately, cease to exist as a global benchmark going forward. Until an alternative Benchmark Rate(s) becomes generally accepted and regularly implemented in the market, the uncertainty as to the future of LIBOR, its eventual phase-out, the transition to one or more alternate Benchmark Rate(s), and the implementation of such new Benchmark Rate(s) may impact a number of factors, which, either alone or in the aggregate, may cause a material adverse effect on the Fund's performance and ability to achieve its investment objective. Such factors include, without limitation: (i) the administration and/or management

of portfolio of investments, including (a) cost of funding or other operational or administrative costs, (b) costs incurred to transition to and implement a substitute index or Benchmark Rate(s) for purposes of calculating interest, (c) costs of negotiating with counterparties with respect to an acceptable replacement calculation and potential amendments to existing debt instruments or credit facilities currently utilizing LIBOR to determine interest rates, and/or (d) costs of potential disputes and/or litigation regarding interest calculation, loan value, appropriateness or comparability of any new Benchmark Rate(s) or any other dispute over terms relating to or arising from any of the foregoing; (ii) the availability (or lack thereof) of potential investments in the market during the transition period; (iii) the time periods necessary to make investments and deploy capital during the transition period; (iv) the calculation and value of investments and overall cash flows, profitability and performance; (v) the liquidity of investments in the secondary market or otherwise, and the asset-liability management strategies available; (vi) basis risks between investments and hedges and basis risks within investments (e.g., securitizations); or (vii) any mismatch, during a transition period or otherwise, between a Benchmark Rate used for leverage facilities and another used for one or more of the Fund's investments.

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

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

*RIC-RELATED RISKS OF INVESTMENT GENERATING NON-CASH TAXABLE INCOME.* Certain of the Fund's investments will require the Fund to recognize taxable income in a tax year in excess of the cash generated on those investments during that year. In particular, the Fund expects to invest in loans and other debt instruments, including PIK 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. Such required cash distributions may need to be paid from offering proceeds. 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 it or they would in the absence of such transactions. Additionally, the required recognition of OID interest for U.S. federal income tax purposes may have a negative impact on liquidity (because it represents a non-cash component of the Fund's taxable income that must, nevertheless, be distributed in cash to avoid the Fund being subject to corporate level taxation).

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 Manager 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.

\* \* \*

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

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

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

**FUND PERFORMANCE**

The Fund has no performance history as of the date of this Prospectus.

**MANAGEMENT OF THE FUND**

*THE BOARD OF TRUSTEES*. The Board has overall responsibility for the management and supervision of the business operations of the Fund on behalf of the Shareholders. A majority of the Board is and will be 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 MANAGER*. Nomura serves as the investment adviser of the Fund and is responsible for determining and implementing the Fund's overall investment strategy. The Investment Manager is located at Worldwide Plaza, 309 West 49th Street, New York, NY 10019-7316. The Investment Manager was founded in May 2022 as a subsidiary of Nomura Holding America Inc. The Investment

Manager is registered as an investment adviser with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

The Investment Manager and its affiliates may serve as investment managers to other funds that have investment programs which are similar to the investment program of the Fund, and the Investment Manager or one of its affiliates may in the future serve as the investment manager 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*."

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

*Matthew Pallai.* Matthew Pallai is Chief Investment Officer ("CIO") of Nomura Private Capital LLC and has served as a portfolio manager of the Fund since its inception. Matthew joined Nomura in April 2022. Matthew has over 19 years of financial services industry experience. Before joining Nomura, he was a Co-founder & CIO of Alterum Capital Partners LLC where he focused on building an investment management business with a particular emphasis on the intersection of private markets and Registered Investment Advisors.

Prior to co-founding Alterum Capital Partners, he was an Executive Vice President at Harbor Capital Advisers where, as Head of Multi Asset Solutions, he led the build out of a new team and investment capability, and served as a member of the Management Committee.

Before joining Harbor Capital Advisers, Matthew spent 17 years at J.P. Morgan Asset Management as a portfolio manager focused on security selection, global market dynamics, asset allocation, and portfolio construction on a range of strategies across Securitized Products, Multi-Sector Fixed Income, and Multi Asset Solutions. Most recently, he was an Executive Director within Multi Asset Solutions, serving as a Co-manager on a suite of Multi Asset Income strategies as Head of the Advisory Portfolio Solutions investment team. Prior to joining the Multi Asset Solutions team, Matthew spent 14 years as a portfolio manager in the Global Fixed Income, Currency & Commodity group, co-managing a suite of Multi Sector Unconstrained Fixed Income portfolios (income oriented, total return, and absolute return), and had lead responsibility for the securitized products investments within these strategies. Previously, he had held portfolio management positions on both the Agency and Non-Agency Mortgage (RMBS) Teams.

*Matt Rowe*. Matt Rowe is Head of Cross Asset Strategies and Sr. Portfolio Manager at Nomura Private Capital LLC. Matt has served as a portfolio Manager of the Fund since its inception.

Matt focuses on cross asset relative value and has a base of experience and expertise in volatility as an alpha source and risk management function. Matt has more than 20 years of experience managing global portfolios, teams and risk in multiple strategies and asset classes including Convertible, Capital Structure and Merger Arbitrage, Volatility, Correlation, Fundamental and Quantitative. Matt served as Chief Investment Officer at Headwaters Volatility / Solutions which managed portfolios for investors with a specific focus on volatility for alpha and risk mitigation. He was also Head of Liquid Strategies and Solutions at Achievement Asset Management where he helped steward the firm from inception to $2.4 billion in assets in under five years. In addition to acting as Portfolio Manager of The Achievement Fund, Matt managed approximately $300 million in separate discretionary volatility and quantamental long/short equity accounts for BlackRock, JP Morgan Asset Management, Arden (Aberdeen), Perella Weinberg/American Century, Aurora (Natixis) and more. Prior to joining Achievement, Matt co-founded Tamalpais Asset Management, were he served as Managing Partner, Head of Trading and Portfolio Manager for over $300 million in assets covering Convertible, Capital Structure, Correlation and Volatility strategies. Previously, Matt helped launch and grow Marin Capital Partners from inception to a peak of $2.3

billion in assets. In his role at Marin, Matt served as Portfolio Manager for Convertible, Capital Structure and Volatility strategies. Marin returned close to 100%, net of fees, from 1999 to 2004. Matt earned his BA from Wittenberg University and is a frequent contributor to Bloomberg Television, WSJ, Barron's, TD Ameritrade, Nasdaq Trade Talks and Real Vision.

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

*THE INVESTMENT MANAGEMENT AGREEMENT*. Under its Investment Management Agreement with the Fund, the Investment Manager furnishes and manages a continuous investment program for the Fund's portfolio and generally manages the Fund's investments in accordance with the stated policies of the Fund, subject to the general supervision of the Board. The Investment Manager also maintains office space, furnishings and equipment, and personnel required by it to perform its obligations under the Investment Management Agreement.

The Investment Management Agreement between the Investment Manager and the Fund became effective as of December 9, 2022 and will continue in effect for an initial two-year term. Thereafter, the Investment Management Agreement will continue in effect from year to year provided such continuance is specifically approved at least annually by (i) the vote of a majority of the outstanding voting securities 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 Management 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 Manager.

**INVESTMENT MANAGEMENT FEES**

Pursuant to the Investment Management Agreement and in consideration of the investment management services provided by the Investment Manager to the Fund, the Investment Manager is entitled to a fee consisting of two components – a base management fee (the "Investment Management Fee") and an incentive fee (the "Incentive Fee").

The Fund pays the Investment Manager an Investment Management Fee of 0.95%, accrued daily and payable monthly in arrears based upon the Fund's average daily net assets. 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. Compensation will be paid to the Investment Manager before giving effect to any repurchase of any shares in the Fund effective as of that date.

The Incentive Fee is calculated and payable quarterly in arrears based upon "pre-incentive fee net investment income", earned on direct investments (and excluding short-term investments and investments in underlying private funds) attributable to each class of the Fund's Shares for the immediately preceding fiscal quarter, and is subject to a hurdle rate, expressed as a rate of return based 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 6.00%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income accrued during the fiscal quarter, minus each class's operating expenses for the quarter and the distribution and/or shareholder servicing fees (if any) applicable to each class accrued during the fiscal quarter. For such purposes, the Fund's operating expenses will include the Investment Management Fee but will exclude the Incentive Fee. Pre-incentive

fee net investment income does not include income earned on short-term investments or investments in underlying private funds.

The "catch-up" provision is intended to provide the Investment Manager with an incentive fee of 15% on each class's pre-incentive fee net investment income when that class's pre-incentive fee net investment income reaches 1.765% of the class's average daily net asset value (calculated in accordance with GAAP) in any fiscal quarter.

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

**DISTRIBUTOR**

Foreside Financial Services, LLC (the "Distributor") is the distributor (also known as principal underwriter) of the Shares of the Fund and is located at Three Canal Plaza, Suite 100, Portland, Maine 04191. The Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

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

The Distributor may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of shares of the Fund. With respect to certain financial intermediaries and related fund "supermarket" platform arrangements, the Fund and/or the Investment Manager, typically enter into such agreements alongside the Distributor. 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, redemption and other requests to the Fund.

Investors who purchase shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein. Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase shares. Investors purchasing shares of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read the Prospectus in conjunction with any materials and information provided by their financial intermediary. The financial intermediary, and not its customers, will be the shareholder of record, although customers may have the right to vote shares depending upon their arrangement with the financial intermediary. The Investment Manager pays the Distributor a fee for certain distribution-related services. Subject to the receipt of Exemptive Relief from the SEC, the Fund intends to adopt a Distribution and Service Plan with respect to Class D Shares and Class A Shares in compliance with Rule 12b-1 under the Investment Company Act. The Distribution and Service Plan would allow the Fund to pay distribution and servicing fees for the sale and servicing of its Class D Shares and Class A Shares to the Fund's Distributor and/or other qualified recipients. The Distributor does not retain any of the distribution and servicing fees for profit.

Class A Shares in the Fund are offered at their current net asset value less a maximum sales charge of 5.75% of the subscription amount. The Fund or Investment Manager may elect to reduce, otherwise

modify or waive the sales charge with respect to any Shareholder. No sales charge is expected to be charged with respect to investments by the Investment Manager and its respective affiliates, directors, principals, officers and employees and others in the Fund's sole discretion.

The Investment Manager 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 provision of non-distribution services to Shareholders and/or the Fund. These payments will be made out of the Investment Manager's and/or affiliates' own assets and will not represent an additional charge to the Fund. The amount of such payments may be significant in amount, and the prospect of receiving any such payments may provide such third parties or their employees with an incentive to favor sales of Shares of the Fund over other investment options. Contact your financial intermediary for details about revenue sharing payments it receives or may receive.

**DISTRIBUTION AND SERVICE PLAN**

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

**ADMINISTRATION AND TRANSFER AGENCY**

The Fund has retained the Administrator, Ultimus Fund Solutions, LLC, whose principal business address is P.O. Box 541150, Omaha, NE 68154, to provide administrative services, and to assist with operational needs. The Fund has entered into an administration agreement with the Administrator under which the Administrator performs certain administration and accounting services for the Fund, including, among other things: customary fund accounting services, including computing the Fund's net asset values and maintaining books, records and other documents relating to the Fund's financial and portfolio transactions, and customary fund administration services, including assisting the Fund with regulatory filings, tax compliance and other oversight activities. In consideration for these services, the Fund pays the Administrator a fee based on the average monthly net asset value of the Fund as well as certain other fixed, per-account or transactional fees. 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 and pays the Administrator a fee for transfer agency services.

**CUSTODIAN**

U.S. 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 Manager 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 777 East Wisconsin Avenue, Milwaukee, Wisconsin 53202.

**FUND EXPENSES**

The Fund pays all of its expenses, or reimburses the Investment Manager 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 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 Management Fee, the Administration Fee, servicing and other similar fees and expenses; out-of-pocket costs directly relating to investment transactions that are not consummated; other investment-related expenses, such as brokerage commissions, dealer spreads; transfer fees; fees on any borrowings or any expenses relating to leverage or indebtedness (including any interest thereon); professional fees; out-of-pocket costs directly relating to investment transactions that are not consummated; other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments; reasonable research and due diligence expenses relating to the identification and selection of investments (including expenses of news and quotation subscriptions, market or industry research, consultants or experts); investment-related software and databases relating thereto; fees and expenses of outside legal counsel (including fees and expenses associated with the review of documentation for prospective investments by the Fund), including foreign legal counsel; litigation costs and expenses, judgments and settlements directly related to the preservation of the value of investments; reasonable legal, third party consultant, and investment-related software and databases expenses incurred in relation to entering into, the reviewing, reporting, monitoring, confirming and/or administration of the investments (including expenses of engaging third party valuation consultants and agents and expenses of loan administration with non-affiliates) and other matters (including online systems used to obtain pricing and trading information and systems used for the allocation of investments); accounting, auditing and tax preparation expenses; fees and expenses in connection with repurchase offers and any repurchases 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; any fees and expenses in connection with seeking the SEC's approval of any exemptive relief (or amending existing exemptive relief); 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 Manager 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; expenses of corporate data processing and related services; shareholder recordkeeping and account services, fees, and disbursements; expenses relating to investor and public relations; fees and expenses of the members of the Board who are not employees of the Investment Manager or its affiliates; insurance premiums; and ad hoc expenses incurred at the specific request of the Investment Manager 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 Manager 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 Manager is responsible for the payment of the compensation and expenses of those officers of the Fund affiliated with the Investment Manager, 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 Investment Manager has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed 1.20% of the average daily net assets of Class I Shares, Class D Shares, and Class A Shares (the "Expense Limit"). Because taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses, the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 1.20%. For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit. The Expense Limitation and Reimbursement Agreement is in effect until 12 months from the effective date of the Prospectus, and will automatically renew for successive twelve-month periods thereafter. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Manager may terminate the Expense Limitation and Reimbursement Agreement effective as of the end of the then current term upon 30 days' written notice.

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

**VOTING**

Each Shareholder will have the right to cast a number of votes, based on the number of such Shareholder's Shares, at any meeting of Shareholders called by the Board. Each Share is entitled to one vote per Share. A Shareholder of each Class is entitled to a proportionate vote for each fractional Share of such Class on any matter on which the Shareholder is entitled to vote. 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. Shareholders of the Fund shall have power to vote only: (a) for the election of one or more Trustees in order to comply with the provisions of the Investment Company Act (including Section 16(a) thereof); (b) with respect to any contract entered into pursuant to Article V of the Fund's Declaration of Trust to the extent required by the Investment Company Act; (c) with respect to

termination of the Fund or a Class thereof to the extent required by applicable law; and (d) with respect to such additional matters relating to the Fund as may be required by the Fund's Declaration of Trust, the By-laws of the Fund or any registration of the Fund as an investment company under the Investment Company Act with the Commission (or any successor agency) or as the Trustees may consider necessary or desirable.

**CONFLICTS OF INTEREST**

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

The Investment Manager and its affiliates engage in financial advisory activities that are independent from, and may from time to time conflict with, those of the Fund. In the future, there might arise instances where the interests of such affiliates conflict with the interests of the Fund. The Investment Manager and its 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 Manager and its affiliates and clients may themselves invest in securities that would be appropriate for the Fund.

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

The directors, partners, trustees, managers, members, officers and employees of the Investment Manager and its affiliates may buy and sell securities or other investments for their own accounts (including through funds managed by the Investment Manager or its affiliates). As a result of differing trading and investment strategies or constraints, investments may be made by directors, partners, trustees, managers, members, officers and employees that are the same, different from or made at different times than investments made for the Fund. To reduce the possibility that the Fund will be materially adversely affected by the personal trading described above, the Fund, the Investment Manager has adopted codes of ethics (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 Investment Manager 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 Investment Manager 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 Manager 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 Manager may also

determine to receive such Confidential Information in certain circumstances under its applicable policies and procedures. If the Investment Manager 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. As a general matter, the Fund calculates its NAV using the valuations of its advised assets provided by the Investment Manager and the Fund's investment partners and their respective agents, such valuations based on the Investment Manager's and the Fund's investment partners' valuation methodology. Furthermore, the Board will review and approve in advance the valuation methodology of the Investment Manager and any independent pricing service used and confirm that the Fund's Valuation Designee will regularly review the historical accuracy of the fair value methodology. The participation of the investment professionals of the Investment Manager in the Fund's valuation process could result in a conflict of interest as the Investment Management Fee is based on the Fund's average daily net assets. Investments in PIK and OID securities may provide certain additional benefits to the Investment Manager, including increased management fees resulting from the receipt of such PIK securities interest received on these investments increasing the size of the loan balance of underlying loans.

The professional staff of the Investment Manager will devote such time and effort in conducting activities on behalf of the Fund as the Investment Manager reasonably determines to be appropriate for its respective duties to the Fund. However, the Investment Manager's 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 Manager 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 Manager 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 Manager or its portfolio managers by providing an incentive to favor these similar accounts or funds when, for example, placing securities transactions.

The Investment Manager 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 other third parties.

**OUTSTANDING SECURITIES**

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

**OFFERS TO REPURCHASE/REPURCHASE PROCEDURES**

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. 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). Quarterly repurchase offers will occur in the months of February, May, August and November. The Fund expects its initial repurchase offer to commence in the third quarter of 2023.

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").

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 (the "Shareholder Notice"), which date will be no more than fourteen days prior to the date on which the repurchase price for shares is determined (the "Valuation Date"). 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 time between the Shareholder Notification and the Repurchase Request Deadline is generally thirty (30) days, but may vary from no more than forty-two (42) days to no less than twenty-one (21) days. The Shareholder Notification will contain information Shareholders should consider in deciding whether to tender their Shares for repurchase, including detailed instructions on how to tender Shares for repurchase, the Repurchase Offer Amount and 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. The Shareholder Notification will set forth the procedures to withdraw or modify tenders before the Repurchasing Pricing 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 Purchase Payment Date, which will be no more than seven (7) days after the Repurchase Pricing Date. The Board may establish other policies for repurchases of Shares that are consistent with the Investment Company Act, regulations thereunder and other pertinent laws.

If Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2% of the outstanding Shares of the Fund on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if Shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase the Shares on a pro rata basis. However, the Fund may accept 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. If a repurchase offer is suspended or postponed, the Fund will provide notice to Shareholders of such suspension or postponement. If the Fund renews the repurchase offer, the Fund will send a new Shareholder Notification to Shareholders.

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

The Fund may cause a mandatory repurchase or redemption of all or some of the Shares of a Shareholder, or any person acquiring Shares from or through a Shareholder, at NAV in accordance with the Declaration of Trust and Section 23 of the Investment Company Act and Rule 23c-2 thereunder. Such circumstances may include if, among other reasons, the Board determines that continued ownership of such Shares by the Shareholder may be harmful or injurious to the business or reputation of the Fund, or may subject the Fund or any Shareholders to an undue risk of adverse tax or other fiscal consequences, or would otherwise be in the best interests of the Fund.

Please see "TAXES" below for a discussion regarding the tax consequences of participating in a repurchase offer.

**TRANSFERS OF SHARES**

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

Notice to the Fund of any proposed transfer must include evidence satisfactory to the Board that the proposed transferee, at the time of transfer, meets any requirements imposed by the Fund with respect to investor eligibility and suitability. Notice of a proposed transfer of a Share must also be accompanied by a properly completed investor application in respect of the proposed transferee. In connection with any request to transfer Shares, the Fund may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request. 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 Manager, each other Shareholder, and any affiliated person of the Fund 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 Manager 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 Manager or such governmental agency may freeze the assets of such person or entity invested in the Fund or suspend the repurchase of Shares. The Fund may also be required to, or deem it necessary or advisable to, remit or transfer those assets to a governmental agency, in some cases without prior notice to the investor.

**CALCULATION OF NET ASSET VALUE**

**GENERAL**

The Administrator calculates the Fund's NAV following the close of regular trading on the NYSE, generally 4:00 p.m. Eastern Time, on each day the NYSE is open for trading, 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.

Investments in securities that are listed on the NYSE are valued, except as indicated below, at the last sale price reflected at the close of the NYSE on the Business Day as of which such value is being determined. If there has been no sale on such day, the securities are valued at the mean of the closing bid and asked prices for the day or, if no asked price is available, at the bid price. Securities not listed on the NYSE but listed on other domestic or foreign securities exchanges are valued in a similar manner. Securities traded on more than one securities exchange are valued at the last sale price on the Business Day as of which such value is being determined as reflected on the tape at the close of the exchange representing the principal market for such securities.

As a general matter, to value the Fund's investments, the Investment Manager will use current market values when available, and otherwise value the Fund's investments with fair value methodologies that the Investment Manager 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 Investment Manager 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.

**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 a NAV, including, but not limited to during any period when the principal stock exchanges for securities in which the Fund has invested its assets are closed other than for weekends and customary holidays (or when trading on such exchanges is restricted or suspended), or an emergency exists as determined by the SEC, making securities sales or determinations of NAV not practicable, or the SEC permits a delay for the protection of shareholders. In such circumstances, the Board (after consultation with the Investment Manager) 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 Manager) determines that conditions no longer require suspension of the calculation of NAV.

**TAXES**

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 potential 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, RICs, 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 shareholders 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 the Fund or its shareholders. 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 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 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 such stock, securities or currencies, or net income derived from interests in qualified publicly traded partnerships. 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 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 net tax-exempt interest income, if any, for the year.

To the extent that the Fund invests in Underlying Funds that are partnerships for federal income tax purposes (other than qualified publicly traded partnerships), the Fund will generally need to take into account its proportionate share of the income and assets of those underlying funds for purposes of these three tests.

The Fund intends and expects to comply with these three requirements each year, but there can be no assurance that this will always be the case. If for any taxable year the Fund were not to qualify as a RIC, all its taxable income would be subject to income tax at regular corporate rates without any deduction for

distributions to Shareholders. In that event, all taxable Shareholders would recognize dividend income on distributions to the extent of the Fund's current and accumulated earnings and profits, although Shareholders that are corporations 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 the case

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, a significant portion of the Fund's investments may consist of investments in entities that are treated as partnerships for federal income tax purposes and in many cases may generate taxable income in a year that exceeds the amount of the cash distributions made by the entities during the year. Moreover, the Fund may invest, directly or indirectly, in debt obligations that will be treated as having 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 redemptions 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 or in pass-through entities holding such instruments. Investments in these types of instruments may present special tax issues for the Fund. Moreover, 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 would need to be addressed by the Fund to attempt to seek to ensure that it distributes sufficient income that it does not become subject to corporate income or excise tax.

**Distributions to Shareholders.** The Fund intends to accrue dividends daily (Saturdays, Sundays and holidays included) and to distribute as of the last business day of each quarter. If a quarter begins on a Saturday, Sunday, or holiday, dividends for those days are accrued and distributed at the end of the preceding quarter. Income dividends begin accruing the day after a purchase is processed by the Fund or its agents. If Shares are redeemed by a Shareholder, such Shareholder will receive all dividends accrued through the day the redemption is processed by the Fund or its agents. The Fund may pay distributions from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds and/or borrowings. When distributions are paid from these sources, the amount of capital available to the Fund for purposes of investment may be reduced. Distributions of net capital gains are normally accrued and distributed in December. The Fund's distributions will vary based on the performance of its Underlying Funds. The distributions may be modified by the Board from time to time.

In general, distributions will be taxable to you for federal, state and local income tax purposes unless you are a tax-exempt entity, such as a tax-exempt organization or a qualified retirement plan or individual retirement account.

Distributions are taxable whether they are received in cash or reinvested in Shares. Each Shareholder whose Shares are registered in the Shareholder's own name will automatically be a participant under the Fund's dividend reinvestment program (the "DRIP") and have all income dividends and 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. Shareholders who elect not to participate in the DRIP will receive all distributions in cash paid to the shareholder of record (or, if the shares are held in street or other nominee name, then to such nominee). Distributions are made at the class level, so they may vary from class to class within the Fund. A taxpaying Shareholder receiving Shares under the DRIP instead of cash distributions will generally owe taxes as a result of the distribution and, because Fund Shares are generally illiquid, may need other sources of funds to pay any taxes. Fund distributions attributable to net investment income and short-term capital gains will generally be taxable to you as ordinary income.

Fund distributions, if any, that are attributable to "qualified dividend income" or "net long-term capital gains" earned by the Fund would be taxable to non-corporate Shareholders at the reduced rates applicable to net long-term capital gains. The Fund does not anticipate, however, that a significant portion of its distributions is likely to be attributable to "qualified dividend income" or net long-term capital gains.

Shareholders are generally taxed on any dividends from the Fund in the year they are actually received, except that 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 31st of the year in which the dividend was declared.

Shareholders should contact the Fund's Administrator, Ultimus Fund Solutions, LLC at (833) 836-0206 or P.O. Box 541150, Omaha, NE 68154, 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.

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

**Sales, Exchanges and Redemptions.** Shareholders will recognize taxable gain or loss on an exchange or the of Shares held by the Shareholder through the Fund's repurchase program 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 exceeds 12 months. A loss recognized by a Shareholder upon the repurchase of Shares held for six months or less will be recharacterized as a long-term capital loss rather than a short-term capital loss to the extent of any capital gains dividends received by the Shareholder on the Shares during that holding period. Additionally, any loss realized on a repurchase of Shares may be disallowed under "wash sale" rules to the extent the Shares repurchased are replaced with other Shares within a period of 61 days beginning

30 days before and ending 30 days after the Shares are repurchased, such as pursuant to a dividend reinvestment in Shares. If disallowed, the loss will be reflected in an upward adjustment to the basis of the Shares acquired.

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

**IRAs and Other Tax Qualified Plans.** In general, dividends received and gain or loss realized with respect to Shares held in an IRA or other tax qualified plan will not be currently taxable unless the Shares were acquired with borrowed funds.

**U.S. Tax Treatment of Non-U.S. Shareholders.** Nonresident aliens, foreign corporations and other foreign investors may be subject to a 30% withholding tax on some of the Fund's dividends. However, dividends attributable to U.S.-source interest income of the Fund or to capital gains recognized by the Fund will generally qualify for exemption from that withholding tax. Any applicable withholding tax may also be reduced (and, in some cases, eliminated) under an applicable tax treaty between the United States and a Shareholder's country of residence or incorporation, provided that the Shareholder furnishes the Fund with a properly completed IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable, to establish entitlement for these treaty benefits.

A foreign investor will generally not be subject to U.S. tax on gains realized on sales or exchanges of Fund Shares unless the investment in the Fund is connected to a trade or business of the investor in the United States or if the investor is present in the United States for 183 days or more in a year and certain other conditions are met.

In addition, the Fund will be required to withhold 30% tax on certain payments to foreign entities that do not provide an IRS Form W-8BEN-E that evidences their compliance with, or exemption from, specified information reporting requirements under the Foreign Account Tax Compliance Act.

All foreign investors should consult their own tax advisors regarding the tax consequences of an investment in the Fund in their country of residence.

**State and Local Taxes.** In addition to the U.S. federal income tax consequences summarized above, you may be subject to state and local taxes on distributions, sales, exchanges, 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.

**Backup Withholding.** Under applicable "backup withholding" requirements, the Fund may be required in certain cases to withhold and remit to the IRS a percentage of taxable dividends or gross proceeds realized upon sale payable to Shareholders who have failed to provide a correct tax identification number in the manner required, or who are subject to withholding by the IRS for failure to properly include on their return payments of taxable interest or dividends, or who have failed to certify to the Fund that they are not subject to backup withholding when required to do so or that they are "exempt recipients." The

amount of any backup withholding from a payment to a Shareholder will be allowed as a credit against the Shareholder's U.S. federal income tax liability and may entitle such a Shareholder to a refund, provided that the required information is timely furnished to the IRS.

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

Because the Fund will be registered as an investment company under the Investment Company Act, the underlying assets of the Fund will not be considered "plan assets" of the Plans investing in the Fund for purposes of ERISA's fiduciary responsibility rules and ERISA and the Code's prohibited transaction rules. Thus, the Investment Manager will not 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 Manager or with other entities that are affiliated with the Investment Manager. 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.

**INVESTOR QUALIFICATIONS**

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

**DESCRIPTION OF SHARES**

The Fund is authorized to offer an unlimited amount of Shares. This Prospectus describes three separate classes of Shares designated as Class I Shares, Class D Shares, and Class A Shares. Class D Shares and Class A Shares will not be offered to investors unless the Fund has received Exemptive Relief from the SEC permitting the multi-class structure. There is no assurance that the Fund will be granted the exemptive order. From time to time, the Board may create and offer additional classes of Shares, or may vary the characteristics of Class I, Class D and Class A 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 OF SHARES**

Investors may purchase Shares directly from the Fund in accordance with the instructions below. Investors will be assessed fees for returned checks and stop payment orders at prevailing rates charged by the Administrator. The returned check and stop payment fee is currently $25. Investors may buy and sell Shares of the Fund through financial intermediaries. Orders will be priced at the appropriate price next computed after it is received by a financial intermediary and accepted by the Fund. A financial intermediary may hold Shares in an omnibus account in the financial intermediary's name or the financial intermediary may maintain individual ownership records. The Fund may pay the financial intermediary for maintaining individual ownership records as well as providing other shareholder services. Financial intermediaries may charge fees for the services they provide in connection with processing your transaction order or maintaining an investor's account with them. Investors should check with their Financial intermediary to determine if it is subject to these arrangements. Financial Intermediaries are responsible for placing orders correctly and promptly with the Fund 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 next computed after it is received by the financial intermediary.

Investors may purchase Shares through a broker-dealer or financial intermediary that may establish different minimum investment requirements than the Fund and may also independently charge transaction fees and additional amounts (which may vary) in return for its services, which will reduce an investor's return. Shares purchased through a broker-dealer or financial intermediary will normally be held in an investor's account with that firm.

The availability of sales charge waivers, discounts, and/or breakpoints may depend on the particular financial intermediary or type of account through which an investor purchases or holds Shares. Investors should contact their financial intermediary for more information regarding applicable sales charge waivers and discounts available to them and the financial intermediary's related policies and procedures.

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

**By Mail**

To make an initial purchase by mail, complete an account application and mail the application, together with a check made payable to Nomura Alternative Income Fund to:

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| | |
|:---|:---|
| &nbsp;&nbsp;Overnight:<br> Nomura Alternative Income Fund<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, NE 68154 | &nbsp;&nbsp;Regular Mail:<br> Nomura Alternative Income Fund<br> c/o Ultimus Fund Solutions, LLC<br> 4221 N. 203<sup>rd</sup> Street, Suite 100<br> Elkhorn, NE 68022 |

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All checks must be in US Dollars drawn on a domestic bank. The Fund will not accept payment in cash or money orders. The Fund may accept cashier's checks in amounts greater than $1,000. To prevent check fraud, the Fund will neither accept third party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares, nor post-dated checks, postdated online bill pay checks, or any conditional purchase order or payment.

The transfer agent will charge a $25 fee against an investor's account, in addition to any loss sustained by the Fund, for any payment that is returned. It is the policy of the Fund not to accept applications under certain circumstances or in amounts considered disadvantageous to Shareholders. The Fund reserves the right to reject any application.

**PURCHASE TERMS**

The minimum initial investment in Class I Shares by any investor is $1,000,000; the minimum initial investment in Class D by any investor is $25,000; and the minimum initial investment in Class A by any investor is $2,500. The minimum additional investment in the Fund by any Shareholder is $5,000. However, the Fund, in its sole discretion, may accept investments below these minimums. Additionally, an initial investment by an accredited investor in an amount below $25,000 may be permitted as part of a registered investment adviser's or broker's allocation of client assets. Shares may be purchased by principals and employees of the Investment Manager or its affiliates and their immediate family members without being subject to the minimum investment requirements. The Shares will initially be issued at $10

per share, and thereafter, the Shares will be continuously offered at a purchase price for each class of Shares based on the NAV per Share of that Class as of the date such Shares are purchased.

Class A Shares are sold at the public offering price, which is the NAV plus an initial maximum sales charge, which varies with the amount you invest as shown in the following chart. This means that part of your investment in the Fund will be used to pay the sales charge.

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

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\* The offering price includes the sales charge.

Class I Shares and Class D 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 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 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.

**Letters of Intent**

The letter of intent allows you to count all investments within a 13-month period in Class A Shares of the Fund as if you were making them all at once for the purposes of calculating the applicable reduced sales charges. The minimum initial investment under a letter of intent is 5% of the total letter of intent amount.

The letter of intent does not preclude the Fund from discontinuing sales of its shares. You may include a purchase not originally made pursuant to a letter of intent under a letter of intent entered into within 90 days of the original purchase. To determine the applicable sales charge reduction, you also may

include (1) the cost of Class A Shares of the Fund which were previously purchased at a price including a front end sales charge during the 90-day period prior to the Distributor receiving the letter of intent, and (2) the historical cost of shares of other funds you currently own acquired in exchange for Class A Shares, respectively, that the Fund purchased during that period at a price including a front-end sales charge. You may combine purchases and exchanges by family members (as defined by your financial intermediary) for purposes of the letter of intent. You should retain any records necessary to substantiate historical costs because the Fund, the transfer agent and any financial intermediaries may not maintain this information. Shares acquired through reinvestment of dividends are not aggregated to achieve the stated investment goal.

**Right of Accumulation**

For the purposes of determining the applicable reduced sales charge, the right of accumulation may allow you to include prior purchases of Class A Shares of the Fund, as well as reinvested distributions, as part of your current investment.

In order for your purchases and holdings to be aggregated for purposes of qualifying for such discount, they must have been made through one financial intermediary and you must provide sufficient information to your financial intermediary at the time of initial purchase of shares that qualify for the right of accumulation to permit verification that the purchase qualifies for the reduced sales charge.

**TERM, DISSOLUTION AND LIQUIDATION**

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

**REPORTS TO SHAREHOLDERS**

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

**FISCAL YEAR**

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

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

BBD, LLP, located at 1835 Market Street, 3<sup>rd</sup> Floor, Philadelphia, Pennsylvania 19103, 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, Ultimus Fund Solutions, LLC at (833) 836-0206 or P.O. Box 541150, Omaha, NE 68154.

**NOMURA ALTERNATIVE INCOME FUND**

c/o Ultimus Fund Solutions, LLC

P.O. Box 541150

Omaha, Nebraska 68154

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| | |
|:---|:---|
| **Investment Manager** | **Transfer Agent / Administrator** |
| Nomura Private Capital LLC<br> Worldwide Plaza, 309 West 49th Street<br> New York, New York 10019-7316<br>| Ultimus Fund Solutions, LLC<br> P.O. Box 541150<br> Omaha, Nebraska 68154 |
| **Custodian Bank** | **Distributor** |
| U.S. Bank, N.A.<br> 1555 North Rivercenter Drive, Suite 302<br> Milwaukee, Wisconsin 53212 | Foreside Financial Services, LLC,<br> Three Canal Plaza, Suite 100<br> Portland, Maine 04191 |
| **Independent Registered Public Accounting Firm** | **Fund Counsel** |
| BBD, LLP<br> 1835 Market Street, 3rd Floor<br> Philadelphia, Pennsylvania 19103<br>| Faegre Drinker Biddle & Reath LLP<br> One Logan Square, Suite 2000<br> Philadelphia, Pennsylvania 19103-6996 |

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Subject to Completion, February 10, 2023

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

**STATEMENT OF ADDITIONAL INFORMATION**

**Nomura Alternative Income Fund**

**Class I Shares NAIFX**

**Class D Shares NAIHX**

**Class A Shares NAIPX**

[Date]

c/o Ultimus Fund Solutions, LLC

P.O. Box 541150

Omaha, NE 68154

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 Nomura Alternative Income Fund (the "Fund") dated [ ], as it may be further amended or supplemented from time to time. This SAI is incorporated by reference in its entirety into the Prospectus. A copy of the Prospectus (as well as the Fund's Annual Report and Semi-Annual report once completed) 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 by visiting the Fund's website at [ ].

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

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

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

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | **Page** |
| GENERAL INFORMATION | 3 |
| INVESTMENT POLICIES AND PRACTICES | 3 |
| FUNDAMENTAL POLICIES | 3 |
| BOARD OF TRUSTEES AND OFFICERS | 5 |
| CODES OF ETHICS | 11 |
| INVESTMENT MANAGEMENT AND OTHER SERVICES | 11 |
| BROKERAGE | 14 |
| TAX MATTERS | 15 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM; LEGAL COUNSEL | 16 |
| ADMINISTRATOR | 16 |
| CUSTODIAN | 16 |
| DISTRIBUTOR | 17 |
| PROXY VOTING POLICIES AND PROCEDURES | 17 |
| CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS | 17 |
| FINANCIAL STATEMENTS | 17 |
| APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES | A-1 |
| APPENDIX B | B-1 |

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**GENERAL INFORMATION**

Nomura Alternative Income Fund (the "Fund") is a Delaware statutory trust organized on August 24, 2022, and is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "Investment Company Act"). The Fund operates as an interval fund.

**INVESTMENT POLICIES AND PRACTICES**

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

**FUNDAMENTAL POLICIES**

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

Fundamental Policies:

The Fund may:

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp; underwrite securities issued by other persons, 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp; purchase or sell commodities and commodity contracts or real estate and real estate mortgage loans, except as prohibited under the Investment Company Act, the rules and regulations thereunder (except as permitted by an exemption therefrom), as such statute, rules or regulations may be amended or interpreted by the SEC from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&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. The Fund intends to look through a private activity municipal bond whose principal and interest payments are principally derived from the assets and revenues of a non-governmental entity in order to determine the industry to which the investment should be allocated when applying the Fund's concentration policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6)&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.

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

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

● each repurchase request deadline will be determined in accordance with Rule 23c-3, as may be amended from time to time. 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

● 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 14th day after a repurchase request deadline, or the next business day if the 14th day is not a business day.

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

Except as otherwise indicated, the Fund may change its investment objectives and any of its policies, restrictions, strategies, and techniques without Shareholder approval. The investment objectives of the Fund 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>**. The Investment Company Act restricts an investment company from borrowing in excess of 33 1/3% of its total assets (including the amount borrowed, but excluding temporary borrowings not in excess of 5% of its total assets). Transactions that are fully collateralized in a manner that does not involve the prohibited issuance of a "senior security" within the meaning of Section 18(f) of the Investment Company Act shall not be regarded as borrowings for the purposes of the Fund's investment restriction.

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

**<u>Senior Securities</u>**. Senior securities may include any obligation or instrument issued by a fund evidencing indebtedness. The Investment Company Act generally prohibits funds from issuing senior securities, although it does provide allowances for certain borrowings, firm commitment and standby commitment agreements. In addition, Rule 18f-4 under the 1940 Act permits the Fund to enter into derivatives transactions, notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act, provided that the Fund complies with the conditions of Rule 18f-4.

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

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

**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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address<br> and Year of Birth** | &nbsp;&nbsp;**Positions(s) Held<br> with the Fund** | &nbsp;&nbsp;**Length of<br> Time Served** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund Complex\*<br> Overseen<br> by Trustee** | &nbsp;&nbsp;**Other<br> Directorships Held<br> by Trustee During<br> Past 5 Years** |
| &nbsp;&nbsp;Katherine Q.<br> Rosa<br>Year of Birth:<br> (1970)<br>c/o Ultimus<br> Fund Solutions, <br> LLC<br> P.O. Box <br> 541150 Omaha, <br> NE 68154 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Managing Director, VSV Management LLC, (since 2021); Managing Director and Global Head of Alternative Investments, J.P. Morgan Securities Inc. (2017-2020). | &nbsp;&nbsp;1 | &nbsp;&nbsp;Director, Social Leverage Acquisition Corp I (since 2021) |
| &nbsp;&nbsp;Michael Falcon<br>Year of Birth:<br> 1962<br>c/o Ultimus <br> Fund Solutions, <br> LLC<br> P.O. Box <br> 541150 Omaha, <br> NE 68154 | &nbsp;&nbsp;Trustee and Chairman | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Chairman and Chief Executive Officer (2019-2021); Group Executive Committee, Prudential PLC (2019-2021); CEO, J.P. Morgan Asset Management Asia Pacific (2015-2018); Head of Asia Pacific Funds, J.P. Morgan Asset Management (2014-2018); Managing Director (2010-2018) J.P. Morgan. | &nbsp;&nbsp;1 | &nbsp;&nbsp;Jackson National Life et al (2019-2021) ; Prudential PLC et al (2019); J.P. Morgan Chase and Co, et al (2010-2018); |
| &nbsp;&nbsp;David<br> Brigstocke<br>Year of Birth:<br> (1953)<br>c/o Ultimus <br> Fund Solutions, <br> LLC<br> P.O. Box <br> 541150 Omaha, <br> NE 68154 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Principal, DBrigstocke LLC (2018-2023). | &nbsp;&nbsp;1 |  |

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<sup>\*</sup> The fund complex consists of the Fund.

INTERESTED TRUSTEES AND OFFICERS

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name,<br> Address<br> and Year of<br> Birth** | &nbsp;&nbsp;**Positions(s) Held<br> with the<br> Fund** | &nbsp;&nbsp;**Length<br> of<br> Time<br> Served** | &nbsp;&nbsp;**Principal Occupation(s)<br> During Past 5 Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund<br> Complex<sup>\*</sup><br> Overseen<br> by Trustee** | &nbsp;&nbsp;**Other<br> Directorships<br> Held<br> by Trustee<br> During<br> Past 5 Years** |
| &nbsp;&nbsp;Robert Stark<br>Year of Birth:<br> (1976)<br>c/o Ultimus<br> Fund Solutions, <br> LLC<br> P.O. Box <br> 541150 Omaha, <br> NE 68154 | &nbsp;&nbsp;President and Trustee | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Founder and CEO, Alterum Capital Partners LLC (2021-2022); Executive Committee Member, FS Investments (2018-2021); Global Head of Strategy and Business Development and Head of Global Strategic Relationship, U.S. Funds, J.P. Morgan Asset Management (2012-2018). | &nbsp;&nbsp;1 |  |
| &nbsp;&nbsp;Madeline Arment<br>Year of Birth:<br> (1989)<br>c/o Ultimus <br> Fund Solutions, <br> LLC<br> P.O. Box <br> 541150 Omaha, <br> NE 68154 | &nbsp;&nbsp;Treasurer and Principal Financial Officer | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Director of CFO Services, PINE Advisor Solutions (since 2022); Assistant Treasurer, Griffin Institutional Access Real Estate Fund (2019-2022); Assistant Treasurer, Griffin Institutional Access Credit Fund (2019-2022); Assistant Treasurer, Stadion Investment Trust (2018-2021); Fund Controller, ALPS Fund Services, Inc., (2018-2022); Manager of Investment Operations, Shelton Capital Management, (2016-2018). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Laura Szalyga<br>Year of Birth:<br> (1978)<br>c/o Ultimus <br> Fund Solutions, <br> LLC<br> P.O. Box <br> 541150 Omaha, <br> NE 68154 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Vice President, Ultimus Fund Solutions, LLC (since 2015). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Katherine Peña<br>Year of Birth:<br> (1977)<br>c/o Ultimus <br> Fund Solutions, <br> LLC<br> P.O. Box <br> 541150 Omaha, <br> NE 68154 | &nbsp;&nbsp;Secretary | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;In-house counsel, Nomura Holding America Inc. (since 2021); Associate, Michelman & Robinson, LLP (2018-2021). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Timothy Burdick<br>Year of Birth:<br> (1986)<br>c/o Ultimus <br> Fund Solutions, <br> LLC<br> P.O. Box <br> 541150 Omaha, <br> NE 68154 | &nbsp;&nbsp;Assistant Secretary | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Vice President and Managing Counsel, Ultimus Fund Solutions, LLC (since 2022); Assistant Vice President and Counsel, Ultimus Fund Solutions, LLC (2019-2022); Senior Program Compliance Manager, CJ Affiliate (2016-2019). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Alexander Woodcock<br>Year of Birth:<br> (1989)<br>c/o Ultimus <br> Fund Solutions, <br> LLC<br> P.O. Box <br> 541150 Omaha, <br> NE 68154 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since Inception | &nbsp;&nbsp;Director of PINE Advisor Solutions (since 2022); CEO and CCO of PINE Distributors LLC (since 2022); Adviser Chief Compliance Officer of Destiny Advisors LLC (since 2022); Fund Chief Compliance Officer of THOR Financial Technologies Trust (since 2022); Vice President of Compliance Services, SS&C ALPS (2019-2022); Manager of Global Operations Oversight, Oppenheimer Funds from (2014-2019). | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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<sup>\*</sup> The fund complex consists of the Fund.

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 Manager, 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.

*Robert Stark*. Mr. Stark has more than 20 years of experience in the financial services industry.

*Katherine Q. Rosa.* Ms. Rosa has more than 30 years of experience in the financial services industry.

 *Michael Falcon*. Mr. Falcon has more than 40 years of experience in the financial services industry.

*David Brigstocke.* Mr. Brigstocke has more than 35 years of experience in the financial services industry.

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

**Leadership Structure and Oversight Responsibilities**

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

The Board has appointed Michael Falcon to serve in the role of Chairman. The Chairman's role is to preside at all meetings of the Board and to act as liaison with the Investment Manager, other service providers, counsel and other Trustees generally between meetings. The Chairman serves as a key point person for dealings between management and the Trustees. The Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board has 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 Manager and other service providers (depending on the nature of the risk), which carry out the Fund's investment management and business affairs. The Investment Manager and other service providers employ a variety of processes, procedures and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each of the Investment Manager and other service providers has its own independent interests in risk management, and their policies and methods of risk management will depend on their functions and business models. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. The Board requires senior officers of the Fund, including the President, Treasurer and Chief Compliance Officer, and the Investment Manager, to report to the full Board on a variety of matters at regular and special meetings of the Board, including matters relating to risk management. The Board and the Audit Committee receives regular reports from the Fund's independent registered public accounting firm on internal control and financial reporting matters. The Board also receives 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.

*Nominating Committee*

The Board has formed a Nominating Committee that is responsible for selecting and nominating persons to serve as Trustees of the Fund. The Nominating Committee is responsible for both nominating candidates to be appointed by the Board to fill vacancies and for nominating candidates to be presented to Shareholders for election. In performing its responsibilities, the Nominating Committee will consider candidates recommended by management of the Fund and by Shareholders and evaluate them both in a similar manner, as long as the recommendation submitted by a Shareholder includes at a minimum: the name, address and telephone number of the recommending Shareholder and information concerning the Shareholder's interests in the Fund in sufficient detail to establish that the Shareholder held Shares on the relevant record date; and the name, address and telephone number of the recommended nominee and information concerning the recommended nominee's education, professional experience, and other information that might assist the Nominating Committee in evaluating the recommended nominee's qualifications to serve as a trustee. The Nominating Committee may solicit candidates to serve as trustees from any source it deems appropriate. With the Board's prior approval, the Nominating Committee may employ and compensate counsel, consultants or advisers to assist it in discharging its responsibilities. The Nominating Committee currently consists of each of the Fund's Independent Trustees.

**Trustee and Officer Ownership of Securities**

As of January 31, 2023, the Trustees and officers of the Fund as a group owned less than one percent of the outstanding shares of the Fund.

As of the date of this SAI, no Trustee owned shares of the Fund.

**Independent Trustee Ownership of Securities**

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

**Trustee Compensation**

In consideration of the services rendered by the Independent Trustees, the Fund pays each Independent Trustee an annual retainer of $30,000 per fiscal year. The chairs of the Audit Committee and Nominating Committee are paid an additional annual retainer of $5,000 per fiscal year. Trustees that are interested persons are compensated by the Investment Manager and/or its affiliates and will not be separately compensated by the Fund.

**CODES OF ETHICS**

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

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

 **INVESTMENT MANAGEMENT AND OTHER SERVICES**

**The Investment Manager**

Nomura Private Capital LLC ("Nomura" or the "Investment Manager") serves as the investment adviser to the Fund. The Investment Manager is located at Worldwide Plaza, 309 West 49th Street, New York, NY 10019-7316. Nomura was founded in May 2022 as a subsidiary of Nomura Holding America Inc. The Investment Manager is registered as an investment adviser 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 Manager is responsible for the management and operation of the Fund and the investment of the Fund's assets. The Investment Manager provides such services to the Fund pursuant to the Investment Management Agreement.

The Investment Management Agreement became effective as of December 9, 2022 will continue in effect for an initial two-year term. Thereafter, the Investment Management Agreement continues 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.

Pursuant to the Investment Management Agreement, the Fund pays the Investment Manager a monthly Investment Management Fee equal to 0.95% on an annualized basis of the Fund's average daily net assets, subject to certain adjustments. The Investment Management Fee will be paid to the Investment Manager before giving effect to any repurchase of Shares in the Fund effective as of that date and will decrease the net profits or increase the net losses of the Fund that are credited to its Shareholders. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund; provided that for purposes of determining the Investment Management Fee payable to the Investment Manager for any month, net assets will be calculated prior to any reduction for any fees and expenses of the Fund for that month, including, without limitation, the Investment Management Fee payable to the Investment Manager for that month. The Investment Management Fee will be accrued daily and will be due and payable monthly in arrears.

The Investment Manager has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), the incentive fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed 1.20% of the average daily net assets of Class I Shares, Class D Shares, and Class A Shares (the "Expense Limit"). Because taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses, the incentive fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses are excluded from the Expense Limit, Total Annual Expenses (after fee waivers and expense reimbursements) are expected to exceed 1.20%. For a period not to exceed three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit. The Expense Limitation and Reimbursement Agreement is in effect until 12 months from the effective date of the Prospectus, and will automatically renew for successive twelve-month periods thereafter. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Manager may terminate the Expense Limitation and Reimbursement Agreement effective as of the end of the then current term upon 30 days' written notice.

**The Portfolio Managers**

The persons who have primary responsibility for the day-to-day management of the Fund's portfolio (the "Portfolio Managers") are Matthew Pallai and Matthew Rowe. Information provided below regarding other accounts managed by the Portfolios Managers is as of January 31, 2023.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of<br> Accounts** | **Assets of<br> Accounts<br> (in millions)** | **Number of Accounts<br> Subject to a<br> Performance<br> Fee** | **Assets<br> Subject to a<br> Performance<br> Fee<br> (in millions)** |
| ***Matthew Pallai*** |  |  |  |  |
| Registered Investment Companies | **0** | **N/A** | **0** | **N/A** |
| Other Pooled Investment Vehicles | **0** | **N/A** | **0** | **N/A** |
| Other Accounts | **0** | **N/A** | **0** | **N/A** |
| ****<br> ***Matthew Rowe*** |  |  |  |  |
| Registered Investment Companies | **0** | **N/A** | **0** | **N/A** |
| Other Pooled Investment Vehicles | **0** | **N/A** | **0** | **N/A** |
| Other Account | **0** | **N/A** | **0** | **N/A** |

---

***Conflicts of Interest***

The Investment Manager 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 Manager or Portfolio Manager devoting unequal time and attention to the management of each fund and/or other account. The Investment Manager seeks to manage such competing interests for the time and attention of a Portfolio Manager by having the Portfolio Manager focus on a particular investment discipline. Other accounts managed by a Portfolio Manager may not be managed using the same investment models that are used in connection with the management of the Fund.

If the Investment Manager 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 Manager has adopted procedures for allocating portfolio transactions across multiple accounts.

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

**Compensation of the Portfolio Managers**

**Portfolio Managers' Ownership of Shares**

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| | |
|:---|:---|
| **Name of Portfolio Management Team Member:** | **Dollar Range of Shares Beneficially Owned by <br> Portfolio Management Team Member<sup>(1)</sup>** |
| Matthew Pallai |  |
| Matthew Rowe |  |

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(1) As of
January 31, 2023. The Fund had no shares outstanding as of that date.

**BROKERAGE**

In following the Fund's investment strategy, the Investment Manager expects few of the Fund's transactions to involve brokerage. To the extent the Fund's transactions involve 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 Manager 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 Manager that the advantages of combined orders outweigh the possible disadvantages of separate transactions. The Investment Manager believes that the ability of the Fund to participate in higher volume transactions will generally be beneficial to the Fund.

The Investment Manager 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 Manager, even if the specific services are not directly useful to the Fund and may be useful to the Investment Manager in advising other clients. When one or more brokers is believed capable of providing the best combination of price and execution, the Investment Manager may select a broker based upon brokerage or research services provided to the Investment Manager. 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 Manager 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 Manager's overall responsibilities to the Fund.

**TAX MATTERS**

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

Unless otherwise noted, this discussion assumes you are a U.S. Shareholder and that you hold your Shares as a capital asset (i.e., for investment). This discussion is based upon present provisions of the Internal Revenue Code (the "Code"), the regulations promulgated thereunder, and judicial and administrative ruling authorities, all of which are subject to change, which change may be retroactive.

Although the Fund expects to distribute substantially all of its net income and gain each year so as to minimize any Fund-level tax liabilities, it is possible that the Fund might not accomplish this, and there is actually no tax requirement that the Fund distribute any portion of its net capital gain (the excess, if any, of net long-term capital gain over net short-term capital loss). If the Fund does not distribute all of its net capital gain and net investment income, it will be subject to tax at regular corporate income tax rates on the amount retained. If the Fund retains any net capital gain, it may designate the retained amount of capital gain as undistributed capital gain in a notice to Shareholders, and each Shareholder (i) will be required to include in income for federal income tax purposes, as long-term capital gain, the Shareholder's proportionate share of such undistributed capital gain amount; (ii) will be deemed to have paid a proportionate share of the federal income tax paid by the Fund on that undistributed amount and will be entitled to credit that amount of deemed tax payment against the Shareholder's own federal income tax liability, if any, for the year, and (iii) will be entitled to claim a refund to the extent the credit exceeds that liability. The tax basis of Shares owned by a Shareholder of the Fund will be increased by an amount equal to the excess of the amount of undistributed capital gains included in the Shareholder's gross income over the tax deemed paid by the Shareholder.

A 4% excise tax will apply to the Fund to the extent the Fund fails to make distributions each calendar year in an aggregate amount equal to, or greater than, the sum of (1) 98% of the Fund's ordinary income for the calendar year, (2) 98.2% of the Fund's capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the twelve-month period ending October 31 of the calendar year, and (3) any remaining undistributed ordinary income and capital gains from previous years. To avoid incurring excise tax, the Fund intends to distribute at least quarterly substantially all of the Fund's net investment income and to distribute amounts attributable to any capital gain at least once a year.

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

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

The Fund may invest in non-U.S. securities, which investments could subject the Fund to complex provisions of the Code applicable to equity interests in passive foreign investment companies (each, a "PFIC"). A PFIC is an equity interest (under Treasury regulations that may be promulgated in the future, generally including not only stock but also an option to acquire stock such as is inherent in a convertible bond) in certain foreign corporations (i) that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or (ii) where at least 50% of the corporation's assets (computed based on average fair market value) either produce or are held for the production of passive income. If the Fund invests in PFICs, the Fund could be subject to U.S. federal income

tax and nondeductible interest charges on "excess distributions" received from such companies or on gain from the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed to its Shareholders. The Fund would not be able to pass through to its Shareholders any credit or deduction for such a tax. A "qualified electing fund" election or a "mark-to-market" election may be available that would ameliorate these adverse tax consequences, but such elections could require the Fund to recognize taxable income or gain (subject to the distribution requirements applicable to RICs, as described above) without the concurrent receipt of cash. In order to satisfy the distribution requirements and avoid a tax at the Fund level, the Fund may be required to liquidate portfolio securities that it might otherwise have continued to hold, potentially resulting in additional taxable gain or loss to the Fund. Gains from the sale of stock of PFICs may also be treated as ordinary income. In order for the Fund to make a qualified electing fund election with respect to a PFIC, the PFIC would have to agree to provide certain tax information to the Fund on an annual basis, which it might not agree to do. The Fund may limit and/or manage its holdings in PFICs to limit its tax liability or maximize its returns from these investments.

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

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

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

BBD, LLP, located at 1835 Market Street, 3<sup>rd</sup> Floor, Philadelphia, Pennsylvania 19103, has been selected as the independent registered public accounting firm for the Fund and in such capacity will audit the Fund's annual financial statements and financial highlights.

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

**ADMINISTRATOR**

The Fund has contracted with Ultimus Fund Solutions, LLC (the "Administrator"), PO Box 541150, Omaha, NE 68154, to provide it with certain administrative and accounting services.

**CUSTODIAN**

U.S. 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 Manager 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 1555 N. Rivercenter Dr., Suite 302, Milwaukee, Wisconsin 53212.

**DISTRIBUTOR**

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

**PROXY VOTING POLICIES AND PROCEDURES**

The Board has delegated responsibility for decisions regarding proxy voting for securities held by the Fund to the Investment Manager. The Investment Manager votes such proxies in accordance with its proxy policies and procedures. A copy of the Investment Manager's proxy policies and procedures are included as Appendix A to this SAI.

The Fund will be required to file Form N-PX, with its complete proxy voting record for the twelve months ended June 30, no later than August 31 of each year. The Fund's Form N-PX filing will be available: (i) without charge, upon request, by calling the Fund at (833) 836-0206 or (ii) by visiting the SEC's website at www.sec.gov.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

A control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. As of January 31, 2023, there were no shares of the Fund outstanding, and therefore were no record or beneficial owners of 5% of more of the Fund or any Share class.

**FINANCIAL STATEMENTS**

Appendix B to this SAI provides financial information regarding the Fund. The Fund's financial statements have been audited by BBD, LLP.

**APPENDIX A – PROXY VOTING POLICIES AND PROCEDURES**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Delegation
 of Proxy Voting to the Adviser

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Disclosure
 of Proxy Voting Policy and Procedure in the Fund's Statement of Additional Information ("SAI")
 and Annual Report to Shareholders

The Fund shall include in annual report to shareholders on Form N-CSR, and in any SAI filed with the Securities and Exchange Commission ("SEC") in connection with a registration statement on Form N-1A a summary of the Proxy Policy. In lieu of including a summary of policy, the Fund may include the policy in full.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Adviser
 and Fund CCO Responsibilities

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

Implementing written policies and procedures, in compliance with Rule 206(4)-6 under the 1940 Act, reasonably designed to ensure that the Adviser votes portfolio securities in the best interest of shareholders of the Fund owning the portfolio securities voted.

Providing a summary of the material changes to a proxy policy during the period covered by the Adviser CCO's annual compliance report to the Board to the Fund's Chief Compliance Officer ("CCO"), and a redlined copy of such Proxy Policy as applicable.

The Adviser CCO shall review each applicable Proxy Policy at least annually to ensure compliance with Rule 206(4)-6 under the 1940 Act and appear reasonably

designed to ensure that the Adviser votes portfolio securities in the best interest of shareholders of the Fund which owns the portfolio securities voted, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Review
 Responsibilities

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

If the Adviser retains a proxy-voting service<sub>7</sub> the Adviser will review the Fund's voting records maintained by the service provider<sub>7 </sub>select a sample of proxy votes from those submitted<sub>7</sub> and examine them against the proxy voting service files for accuracy of the votes at least annually in regard to adhering to foregoing policy guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Preparation
 and Filing of Proxy Voting Record on Form N-PX

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

The Fund's Administrator will be responsible for the oversight and completion of the filing of Form N-PX with the SEC. The Fund's Administrator will file Form N-PX for each twelve-month period ended June 30<sub>7</sub> and the filing for each year will be made with the SEC on or before August 31 of that year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Recordkeeping

Documentation of all votes for the Fund will be maintained by the Adviser through a third-party proxy voting service.

**APPENDIX B**

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| **FINANCIAL STATEMENTS** |
| December 14, 2022 |

---

![(BBD LOGO)](na002_v1.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

**To the Board of Trustees and the Shareholder of Nomura Alternative Income Fund**

**Opinion on the Financial Statement**

We have audited the accompanying statement of assets and liabilities of Nomura Alternative Income Fund (the ***"Fund"***), as of December 14, 2022, and the related notes (collectively referred to as the ***"financial statement"***) . In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund as of December 14, 2022, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

This financial statement is the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statement based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (***"PCAOB"***) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities law and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risk of material misstatement of the financial statement, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statement. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statement. We believe that our audit provides a reasonable basis for our opinion.

![(-s- BBD, LLP)](na003_v1.jpg)

**BBD, LLP**

*We have served as the auditor of the Fund since 2022.*

**Philadelphia, Pennsylvania December 27, 2022**

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| ***STATEMENT OF ASSETS AND LIABILITIES*** |
| **As of December 14, 2022** |

---

---

| | |
|:---|:---|
| ASSETS |  |
| &nbsp;&nbsp;&nbsp;Cash | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 100000 |
| LIABILITIES |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities |  |
| NET ASSETS | $100000 |
| Net assets consist of: |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $100000 |
| **Class I Shares** |  |
| Shares of beneficial interest outstanding | 10000 |
| Net asset value price per share | $10.00 |

---

***See notes to financial statements.***

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| ***NOTES TO FINANCIAL STATEMENTS*** |
| **December 14, 2022** |

---

**(1)** **ORGANIZATION** 

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

The Fund was organized as a statutory trust on August 24, 2022 and under the laws of the State of Delaware. The Fund has been inactive since the date it was organized except for matters relating to the Fund's establishment, designation, and the registration of 10,000 Class I shares to the Investment Manager on December 14, 2022 for $100,000, which represents the Investment Manager's seed investment.

Nomura Private Capital LLC (the ''Investment Manager'') serves as the Fund's investment adviser.

The prospectus describes three classes of Shares of the Fund, designated as Class I Shares, Class D Shares, and Class A Shares. The Fund has applied for exemptive relief (the "Exemptive Relief") from the Securities and Exchange Commission (the "SEC") that, if granted, will permit the Fund to issue multiple classes of shares and to impose asset-based distribution fees and early-withdrawal fees; there is no assurance, however, that the relief will be granted. At present, only Class I Shares are available for purchase. If the Fund is granted the Exemptive Relief, the Fund will also offer Class D Shares and Class A Shares and may offer additional classes of shares in the future. Class D Shares and Class A Shares will not be offered to investors unless the Exemptive Relief is obtained.

The primary investment objective of the Fund is to maximize risk-adjusted total return, and the Fund will seek to provide current income as a secondary investment objective. Under normal market conditions, the Fund seeks to achieve its investment objectives by investing at least a majority of its assets (net assets, plus any borrowings for investment purposes) either directly or indirectly through investment vehicles ("Underlying Funds") across a wide array of global public and private credit markets, with allocations primarily focused on the private corporate, real estate, consumer, asset based, and specialty lending markets. Allocations also may be made to other markets that include public equity, emerging market debt and municipal credit markets.

**(2)** **SIGNIFICANT ACCOUNTING POLICIES** 

**Basis of Presentation**

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

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| ***NOTES TO FINANCIAL STATEMENTS, Continued*** |
| **December 14, 2022** |

---

**Organizational and Offering Costs**

All organizational and offering costs will be assumed by the Adviser.

**Use of Estimates**

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

**Tax Information**

It is the policy of the Fund to qualify as a regulated investment company, by complying with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies, and by distributing substantially all of its taxable earnings to its shareholders.

**Indemnification**

The Fund indemnifies its officers and trustees for certain liabilities that may arise from the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnities. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss due to these warranties and indemnities to be remote.

**(3)** **INVESTMENT ADVISER AND OTHER AGREEMENTS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Management Fee and Incentive Fee* 

 

The Fund pays the Investment Manager an Investment Management Fee of 0.95%, payable monthly in arrears, accrued daily based upon the Fund's average daily net assets.

 

The Investment Manager has entered into an expense limitation and reimbursement agreement (the "Expense Limitation and Reimbursement Agreement") with the Fund, whereby the Investment Manager has agreed to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver"), if required to ensure the Total Annual Expenses (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses) do not exceed 1.20% of the average daily net assets of Class I Shares, Class D Shares, and Class A Shares (the "Expense Limit"). For a period not to exceed three years from the date on which a Waiver is made, the Investment

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| ***NOTES TO FINANCIAL STATEMENTS, Continued*** |
| **December 14, 2022** |

---

Manager may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the Expense Limit in place at the time of the Waiver, and the current Expense Limit. The Board may terminate the Expense Limitation and Reimbursement Agreement at any time upon 30 days' written notice, and the Investment Manager may terminate the Expense Limitation and Reimbursement Agreement effective as of the end of the then current term upon 30 days' written notice.

The Incentive Fee is calculated and payable quarterly in arrears based upon "pre-incentive fee net investment income", earned on direct investments (and excluding short-term investments and investments in underlying private funds) attributable to each class of the Fund's Shares for the immediately preceding fiscal quarter, and is subject to a hurdle rate, expressed as a rate of return based 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 6.00%), subject to a "catch-up" feature

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Service Providers* 

 

ACA Foreside Fund Services, LLC (the "Distributor") serves as the Fund's distributor. The Distributor acts as an agent for the Fund and the distributor of its shares.

 

The Fund has retained Ultimus Fund Solutions, LLC (the "Administrator") to provide it with certain administrative and accounting services. The Administrator also performs all actions related to the issuance and repurchase of Shares of the Fund. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. Ultimus Fund Solutions, LLC also serves as the Fund's transfer agent.

 

U.S. 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. sub-custodians

 

**(4)** **SUBSEQUENT EVENTS** 

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

**PART C:**

**OTHER INFORMATION**

**Nomura Alternative Income Fund (the "<u>Registrant</u>")**

**Item 25. Financial Statements and Exhibits**

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

Financial Statements are included as Appendix B to the Statement of Additional Information filed herewith.

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

(a)(1) [Agreement and Declaration of Trust is filed herewith.](ex99a1.htm)

(a)(2) Certificate of Trust is incorporated by reference to Exhibit (a)(2) to the Registrant's Registration Statement on Form N-2 (Reg. 811-23826) as previously filed on September 13, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [By-Laws are filed herewith.](ex99b.htm)

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Terms and Conditions of Dividend Reinvestment Plan is filed herewith.](ex99e.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [Investment Management Agreement is filed herewith.](ex99g.htm)

(h)(1) [Distribution Agreement is filed herewith.](ex99h1.htm)

(h)(2) [Distribution and Service Plan is filed herewith.](ex99h2.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Custody Agreement is filed herewith.](ex99j.htm)

(k)(1) [Master Services Agreement is filed herewith.](ex99k1.htm)

(k)(2) [Form of Expense Limitation and Reimbursement Agreement is filed herewith.](ex99k2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Opinion and Consent of Faegre Drinker Biddle & Reath LLP is filed herewith.](ex99l.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [Consent of Independent Registered Public Accounting Firm is filed herewith.](ex99n.htm)

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

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

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

(r)(1) [Code of Ethics of Registrant is filed herewith.](ex99r1.htm)

(r)(2) [Code of Ethics of Nomura Private Capital LLC is filed herewith.](ex99r2.htm) <br> (r)(3) [Code of Ethics of Foreside Financial Services, LLC is filed herewith.](ex99r3.htm)

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

(t) [Powers of Attorney are filed herewith.](ex99t.htm)

**Item 26. Marketing Arrangements**

Not applicable.

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

All figures are estimates:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Registration fees** | &nbsp;&nbsp;$1000 |
| &nbsp;&nbsp;**Legal fees** | &nbsp;&nbsp;$150000 |
| &nbsp;&nbsp;**Printing fees** | &nbsp;&nbsp;$5750 |
| &nbsp;&nbsp;**Blue Sky fees** | &nbsp;&nbsp;$2060 |
| &nbsp;&nbsp;**Transfer Agent fees** | &nbsp;&nbsp;$1200 |
| &nbsp;&nbsp;**Total** | &nbsp;&nbsp;$160010 |

---

**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 Nomura Private Capital LLC, the Registrant's investment adviser. Information regarding the ownership of Nomura Private Capital LLC is set forth in its Form ADV as filed with the SEC (File No. 801-127179).

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

---

| | |
|:---|:---|
| Title of Class | Number of Shareholders<sup>\*</sup> |
| Class I | 1 |
| Class D | 0 |
| Class A | 0 |

---

\* As of January 31, 2023.

**Item 30. Indemnification**

Sections 8.1-8.3 of Article VIII of the Registrant's Agreement and Declaration of Trust states:

---

| | |
|:---|:---|
| Section 8.1 | <u>Limitation of Liability</u>. Neither a Trustee nor an officer of the Trust, when acting in such capacity, shall be personally liable to any person other than the Trust or a beneficial owner for any act, omission or obligation of the Trust, any Trustee or any officer of the Trust. Neither a Trustee nor an officer of the Trust shall be liable for any act or omission in his capacity as Trustee or as an officer of the Trust, or for any act or omission of any other officer or any employee of the Trust or of any other person or party, provided that nothing contained herein or in the Act shall protect any Trustee or officer against any liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or the duties of such officer hereunder. |

---

---

| | |
|:---|:---|
| Section 8.2 | <u>Indemnification</u>. <br>(a) To the fullest extent permitted by law, the Trust shall indemnify, defend and hold harmless each Trustee, officer, or agent of the Trust 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") from and against any and all losses, claims (actual or threatened), damages, liabilities, expenses (including, without limitation, attorneys' fees and other legal fees and expenses, as well as accountants' fees), judgments, fines, penalties and settlements (collectively, "Losses") sustained or incurred by such Covered Person as a result of any act, decision or omission concerning the business or activities of, or that otherwise is related to, the Trust, including any Losses arising from any and all claims, demands, actions, suits, investigations or proceedings that relate to or arise in connection with the operations or business of the Trust or arise out of or are based upon in whole or in part such Covered Person's relationship to the Trust, in which such Covered Person may be involved, or is threatened to be involved, as a party or otherwise, except to the extent such Losses are determined, by a court of competent jurisdiction in a final, non-appealable decision, to result from the willful misfeasance, bad faith, gross negligence or reckless disregard of such Covered Person. The indemnification provided by this Article VIII shall be in addition to any other rights to which a Covered Person may be entitled under any agreement, as a matter of law or otherwise. A Covered Person shall not be denied indemnification in whole or in part under this Article VIII because the Covered Person had an interest in the transaction with respect to which the indemnification applies.<br>(b) A Covered Person shall be deemed to have acted with due care, reasonably and in good faith and therefore entitled to indemnification hereunder if, while discharging his or her duties or performing any function on behalf of an entity referred to this Article VIII, he or she acted in the reasonable belief that his or her actions were not contrary to the best interests of the Trust and were within the scope of authority granted to such Covered Person by this Trust Instrument or other lawful authorization, or he or she reasonably relied on advice, information, opinions, reports, statements (whether oral or written), financial statements or financial data prepared or furnished by any officer, committee, senior management, legal counsel, accountant (including public accountants) or other expert in matters involving the relevant expertise, or the written advice, direction or instruction of the Board of Trustees or a committee member thereof. A Covered Person may consult with counsel and accountants with respect to the affairs of the Trust and shall be fully protected and justified, to the extent allowed by law, in acting, or failing to act, if such action or failure to act is in accordance with the advice or opinion of such counsel or accountants. |

---

---

| | |
|:---|:---|
|  | (c) The provisions of this Article VIII shall continue as to a Covered Person who has ceased to serve in such capacity unless otherwise provided in a written agreement pursuant to which such Covered Person is indemnified and regardless of any subsequent amendment to or restatement of this Trust Instrument and no amendment, restatement or termination of this Trust Instrument shall reduce or restrict the extent to which these indemnification provisions apply to actions taken or omissions made prior to the date of such amendment, restatement or termination.<br>(d) Expenses (including reasonable attorneys' fees) incurred by a Covered Person in connection with a proceeding described in Article VIII of this Trust Instrument shall, from time to time, be advanced by the Trust prior to the final disposition of such claim (threatened or actual), investigation, demand, action, suit or proceeding upon receipt by the Trust of (a) an undertaking by or on behalf of such Covered Person to repay such amount if it shall be determined that such Covered Person is not entitled to be indemnified as authorized in Article VIII of this Trust Instrument and (b) any of (i) such Covered Person provides security for such undertaking, (ii) the Trust is insured against losses arising by reason of such payment, or (iii) a majority of a quorum of disinterested, non-party Trustees, or independent legal counsel in a written opinion, determines, based on a review of readily available facts, that there is reason to believe that such Covered Person ultimately will be found entitled to indemnification. |
| Section 8.3 | <u>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. |

---

Pursuant to Rule 484 under the Securities Act of 1933, as amended, (the "1933 Act"), the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for

indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue."

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

Information as to the directors and officers of the Registrant's investment adviser, Nomura Private Capital LLC (the "Investment Manager"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Investment Manager, and each director, executive officer, managing member or partner of the Investment Manager, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, managing member, partner or trustee, is included in its Form ADV as filed with the Securities and Exchange Commission, 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 Manager. The address of each is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Ultimus
 Fund Solutions, LLC P.O. Box 541150 Omaha, NE 68154

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nomura
 Private Capital LLC Worldwide Plaza, 309 West 49<sup>th</sup> Street New York, NY 10019-7316

**Item 33. Management Services**

Not applicable.

**Item 34. Undertakings**

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration statement; and

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the 1933 Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed by the final adjudication of such issue.

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and the State of New York on the 10th day of February, 2023.

---

| | |
|:---|:---|
| Nomura Alternative Income Fund | Nomura Alternative Income Fund |
| By: | /s/ Robert Stark |
|  | Name: Robert Stark |
|  | Title: President & Trustee |

---

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 on the 10th day of February, 2023.

---

| | | |
|:---|:---|:---|
| /s/ Robert Stark | President & Trustee | February 10, 2023 |
| Robert Stark |  |  |
| \*Katherine Rose | Trustee | February 10, 2023 |
| Katherine Rose |  |  |
| \*Michael Falcon | Trustee | February 10, 2023 |
| Michael Falcon |  |  |
| \*David Brigstocke | Trustee | February 10, 2023 |
| David Brigstocke |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Robert Stark |
|  | Robert Stark |
|  | Attorney-In-Fact (Pursuant to Power of Attorney) |

---

**Exhibit Index**

---

| | |
|:---|:---|
| (a)(1) | [Agreement and Declaration of Trust](ex99a1.htm) |
| (b) | [By-Laws](ex99b.htm) |
| (e) | [Terms and Conditions of Dividend Reinvestment Plan](ex99e.htm) |
| (g) | [Investment Management Agreement](ex99g.htm) |
| (h)(1) | [Distribution Agreement](ex99h1.htm) |
| (h)(2) | [Distribution and Service Plan](ex99h2.htm) |
| (j) | [Custody Agreement](ex99j.htm) |
| (k)(1) | [Master Services Agreement](ex99k1.htm) |
| (k)(2) | [Form of Expense Limitation and Reimbursement Agreement](ex99k2.htm) |
| (l) | [Opinion and Consent of Faegre Drinker Biddle & Reath LLP](ex99l.htm) |
| (n) | [Consent of Independent Registered Public Accounting Firm](ex99n.htm) |
| (r)(1) | [Code of Ethics of Registrant](ex99r1.htm) |
| (r)(2) | [Code of Ethics of Nomura Private Capital LLC](ex99r2.htm) |
| (r)(3) | [Code of Ethics of Foreside Financial Services, LLC](ex99r3.htm) |
| (t) | [Powers of Attorney](ex99t.htm) |

---

## Exhibit 99.2

NOMURA ALTERNATIVE INCOME FUND

AGREEMENT AND DECLARATION OF TRUST

Dated: August 24, 2022

**TABLE OF CONTENTS**

---

| | | | |
|:---|:---|:---|:---|
|  |  |  | Page |
| article I | NAME AND DEFINITIONS | NAME AND DEFINITIONS | 1 |
| Section 1.1 | Section 1.1 | Name | 1 |
| Section 1.2 | Section 1.2 | Definitions | 1 |
| article II | BENEFICIAL INTEREST | BENEFICIAL INTEREST | 2 |
| Section 2.1 | Section 2.1 | Shares of Beneficial Interest | 2 |
| Section 2.2 | Section 2.2 | Issuance of Shares | 3 |
| Section 2.3 | Section 2.3 | Register of Shares and Share Certificates | 3 |
| Section 2.4 | Section 2.4 | Transfer of Shares | 4 |
| Section 2.5 | Section 2.5 | Treasury Shares | 4 |
| Section 2.6 | Section 2.6 | Establishment of Classes | 4 |
| Section 2.7 | Section 2.7 | Investment in the Trust | 4 |
| Section 2.8 | Section 2.8 | No Preemptive Rights | 5 |
| Section 2.9 | Section 2.9 | Conversion Rights | 5 |
| Section 2.10 | Section 2.10 | Legal Proceedings | 5 |
| Section 2.11 | Section 2.11 | Status of Shares | 6 |
| article III | THE TRUSTEES | THE TRUSTEES | 6 |
| Section 3.1 | Section 3.1 | Management of the Trust | 6 |
| Section 3.2 | Section 3.2 | Term of Office of Trustees | 7 |
| Section 3.3 | Section 3.3 | Vacancies and Appointment of Trustees | 7 |
| Section 3.4 | Section 3.4 | Temporary Absence of Trustee | 8 |
| Section 3.5 | Section 3.5 | Number of Trustees | 8 |
| Section 3.6 | Section 3.6 | Effect of Death, Resignation, Etc. of a Trustee | 8 |
| Section 3.7 | Section 3.7 | Ownership of Assets of the Trust | 8 |
| Section 3.8 | Section 3.8 | No Accounting | 8 |
| article IV | POWERS OF THE TRUSTEES | POWERS OF THE TRUSTEES | 8 |
| Section 4.1 | Section 4.1 | Powers | 8 |
| Section 4.2 | Section 4.2 | Issuance and Repurchase of Shares | 12 |
| Section 4.3 | Section 4.3 | Trustees and Officers as Shareholders | 12 |
| Section 4.4 | Section 4.4 | Action by the Trustees and Committees | 13 |
| Section 4.5 | Section 4.5 | Chairman of the Trustees | 13 |
| Section 4.6 | Section 4.6 | Principal Transactions | 13 |
| article V | INVESTMENT ADVISER, INVESTMENT SUB-ADVISER, PRINCIPAL UNDERWRITER, ADMINISTRATOR, TRANSFER AGENT, CUSTODIAN AND OTHER CONTRACTORS | INVESTMENT ADVISER, INVESTMENT SUB-ADVISER, PRINCIPAL UNDERWRITER, ADMINISTRATOR, TRANSFER AGENT, CUSTODIAN AND OTHER CONTRACTORS | 14 |
| Section 5.1 | Section 5.1 | Certain Contracts | 14 |
| article VI | SHAREHOLDER VOTING POWERS AND MEETINGS | SHAREHOLDER VOTING POWERS AND MEETINGS | 16 |
| Section 6.1 | Section 6.1 | Voting | 16 |

---

i

---

| | | | |
|:---|:---|:---|:---|
| Section 6.2 | Section 6.2 | Meetings | 16.0 |
| Section 6.3 | Section 6.3 | Quorum and Required Vote | 16.0 |
| Section 6.4 | Section 6.4 | Action by Written Consent | 16.0 |
| article VII | DISTRIBUTIONS AND REPURCHASES | DISTRIBUTIONS AND REPURCHASES | 17.0 |
| Section 7.1 | Section 7.1 | Distributions | 17.0 |
| Section 7.2 | Section 7.2 | Transfer of Shares | 17.0 |
| Section 7.3 | Section 7.3 | Repurchases | 18.0 |
| Section 7.4 | Section 7.4 | Redemptions at the Option of the Trust | 18.0 |
| Section 7.5 | Section 7.5 | Suspension of the Right of Repurchase | 19.0 |
| Section 7.6 | Section 7.6 | Redemption of Shares to Qualify as a Regulated Investment Company | 19.0 |
| Section 7.7 | Section 7.7 | Net Asset Value | 19.0 |
| article VIII | LIMITATION OF LIABILITY AND INDEMNIFICATION | LIMITATION OF LIABILITY AND INDEMNIFICATION | 19.0 |
| Section 8.1 | Section 8.1 | Limitation of Liability | 19.0 |
| Section 8.2 | Section 8.2 | Indemnification | 20.0 |
| Section 8.3 | Section 8.3 | Shareholders | 21.0 |
| article IX | MISCELLANEOUS | MISCELLANEOUS | 21.0 |
| Section 9.1 | Section 9.1 | Trust Not a Partnership | 21.0 |
| Section 9.2 | Section 9.2 | Trustees' Good Faith Action, Expert Advice, No Bond or Surety | 22.0 |
| Section 9.3 | Section 9.3 | Establishment of Record Dates | 22.0 |
| Section 9.4 | Section 9.4 | Dissolution and Termination of Trust | 23.0 |
| Section 9.5 | Section 9.5 | Merger, Consolidation, Incorporation | 23.0 |
| Section 9.6 | Section 9.6 | Filing of Copies, References, Headings | 24.0 |
| Section 9.7 | Section 9.7 | Applicable Law | 24.0 |
| Section 9.8 | Section 9.8 | Amendments | 25.0 |
| Section 9.9 | Section 9.9 | Fiscal Year | 25.0 |
| Section 9.10 | Section 9.10 | Provisions in Conflict with Law | 25.0 |
| Section 9.11 | Section 9.11 | Allocation of Certain Expenses | 25.0 |
| Section 9.12 | Section 9.12 | Delivery by Electronic Transmission or Otherwise | 25.0 |

---

ii

**NOMURA ALTERNATIVE INCOME FUND**

**<u>AGREEMENT AND DECLARATION OF TRUST</u>**

THIS AGREEMENT AND DECLARATION OF TRUST of Nomura Alternative Income Fund, a Delaware statutory trust, is made as of August 24, 2022 by the undersigned Trustee.

WHEREAS, a Certificate of Trust (the "Certificate") was filed with the State of Delaware on August 24, 2022 for the purpose of forming a statutory trust for the investment and reinvestment of funds contributed thereto;

WHEREAS, the Trustee desires that the beneficial interest in the trust assets be divided into transferable shares of beneficial interest, as hereinafter provided; and

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

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

<u>article I<br>NAME AND DEFINITIONS</u>

Section 1.1 <u>Name</u>. The name of the Trust established hereby is "Nomura Alternative Income Fund" and the Trustee shall conduct the business of the Trust under that name or any other name as they may from time to time determine.

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "Trust" refers to Nomura Alternative Income Fund;

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

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

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

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

<u>article II<br>BENEFICIAL INTEREST</u>

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

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

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

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

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

registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer.

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

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

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

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

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

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

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

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

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

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

Class, as applicable, the complaining Shareholders shall be barred from commencing the derivative action. If upon such consideration the appropriate members of the Board of Trustees determine that such a suit should be maintained, then the appropriate officers of the Trust shall commence initiation of that suit and such suit shall proceed directly rather than derivatively. The Board of Trustees, or the appropriate officers of the Trust, shall inform the complaining Shareholders of any decision reached under this paragraph in writing within ten business days of such decision having been reached.

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

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

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

<u>article III<br>THE TRUSTEES</u>

Section 3.1 <u>Management of the Trust</u>. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Trust Instrument. The Trustees shall have power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of the United States of America, and in any

foreign jurisdiction and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Trust Instrument, the presumption shall be in favor of a grant of power to the Trustees.

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

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

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

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

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

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

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

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

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

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

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

<u>article IV<br>POWERS OF THE TRUSTEES</u>

Section 4.1 <u>Powers</u>. The Trustees in all instances shall act as principals, and are and shall be free from the control of the Shareholders. The Trustees shall have full power and authority to do any and all acts and to make and execute any and all contracts and instruments

that they may consider necessary or appropriate in connection with the management of the Trust. The Trustees shall have full authority and power to make any and all investments which they, in their sole discretion, shall deem proper to accomplish the purpose of this Trust. Subject to any applicable limitation in this Trust Instrument, the Trustees shall have power and authority:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To borrow money and in this connection issue notes or other evidence of indebtedness; to secure borrowings by mortgaging, pledging or otherwise subjecting as security the Trust Property; to endorse, guarantee, or undertake the performance of an obligation, liability or engagement of any person and to lend Trust Property;

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) To hold any security or property in a form not indicating any trust, whether in bearer, book entry, unregistered or other negotiable form; or either in the name of the Trustees or of the Trust or in the name of a custodian, subcustodian or other depository or a nominee or nominees or otherwise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) To consent to or participate in any plan for the reorganization, consolidation or merger of any corporation, issuer or concern, any security or debt instrument of which is held in the Trust; to consent to any contract, lease, mortgage, purchase or sale of property by such corporation, issuer or concern, and to pay calls or subscriptions with respect to any security or debt instrument held in the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) To litigate, compromise, arbitrate, or otherwise adjust claims in favor of or against the Trust or any matter in controversy including, but not limited to, claims for taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) To make distributions of income and of capital gains to Shareholders in the manner herein provided;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) To establish, from time to time, a minimum investment for Shareholders in the Trust or in one or more Classes thereof, and to require the repurchase of the Shares of any Shareholders whose investment is less than such minimum upon giving notice to such Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) To cause each Shareholder, or each Shareholder of any particular Class, to pay directly, in advance or arrears, for charges of the Trust's custodian or transfer, shareholder servicing or similar agent, an amount fixed from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends owed such Shareholder and/or by reducing the number of Shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) To establish one or more committees comprised of one or more of the Trustees, and to delegate any of the powers of the Trustees to said committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) To interpret the investment policies, practices or limitations of the Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) To establish a registered office and have a registered agent in the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) To compensate or provide for the compensation of the Trustees, officers, advisers, administrators, custodians, other agents, consultants, contractors and employees of the Trust or the Trustees on such terms as they deem appropriate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) To invest part or all of the Trust Property, or to dispose of part or all of the Trust Property and invest the proceeds of such disposition, in interests issued by one or more other investment companies or pooled portfolios (including investment by means of transfer of part or all of the Trust Property in exchange for an interest or interests in such one or more investment companies or pooled portfolios) all without any requirement of approval by Shareholders. Any such other investment company or pooled portfolio may (but need not) be a trust (formed under the laws of any state or jurisdiction) which is classified as a partnership for federal income tax purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ff) In general, to carry on any other business in connection with or incidental to any of the foregoing powers, to do everything necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or appurtenant to or growing out of or connected with the aforesaid business or purposes, objects or powers.

The foregoing clauses shall be construed both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Trustees. Any action by one or more of the Trustees in their capacity as such hereunder shall be deemed an action on behalf of the Trust, and not an action in an individual capacity.

No one dealing with the Trustees shall be under any obligation to make any inquiry concerning the authority of the Trustees, or to see to the application of any payments made or property transferred to the Trustees or upon their order.

Section 4.2 <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, exchange, and otherwise deal in Shares; to suspend or terminate the sales of Shares of any Class for any period of time; to establish terms and conditions, including any fees or expenses, regarding the issuance, sale, repurchase, redemption, cancellation, retirement, acquisition, holding, resale, reissuance, disposition or exchange of or dealing in Shares of any Class; and subject to the provisions set forth in Article II and Article VII, to apply to any such repurchase, retirement, cancellation or acquisition of Shares any funds or property of the Trust, or a particular Class of the Trust, with respect to which such Shares are issued.

Section 4.3 <u>Trustees and Officers as Shareholders</u>. Any Trustee, officer or other agent of the Trust may acquire, own and dispose of Shares to the same extent as if such person were not a Trustee, officer or agent; and the Trustees may issue and sell or cause to be issued and sold Shares to and buy such Shares from any such person or any firm or company in which such person invested, subject to the general limitations herein contained as to the sale and purchase of such Shares.

Section 4.4 <u>Action by the Trustees and Committees</u>. The Trustees (and any committee thereof) may act at a meeting held in person or in whole or in part by conference telecommunications equipment. One-third, but not less than two, of the Trustees shall constitute a quorum at any meeting unless there is only one Trustee. Except as the Trustees may otherwise determine, one-third of the members of any committee shall constitute a quorum at any meeting. The vote of a majority of the Trustees (or committee members) present at a meeting at which a quorum is present shall be the act of the Trustees (or any committee thereof). The Trustees (and any committee thereof) may also act by written consent signed by a majority of the Trustees (or committee members). Regular meetings of the Trustees may be held at such places and at such times as the Trustees may from time to time determine. Special meetings of the Trustees (and meetings of any committee thereof) may be called orally or in writing by the Chairman of the Board of Trustees (or the chairman of any committee thereof) or by any two other Trustees. Notice of the time, date and place of all meetings of the Trustees (or any committee thereof) shall be given by the party calling the meeting to each Trustee (or committee member) by telephone, telefax, telegram or other electronic means sent to the person's home or business address at least twenty-four hours in advance of the meeting or by written notice mailed to the person's home or business address at least seventy-two hours in advance of the meeting. Notice of all proposed written consents of Trustees (or committees thereof) shall be given to each Trustee (or committee member) by telephone, telefax, telegram or other electronic means or first class mail sent to the person's home or business address. Notice need not be given to any person who attends a meeting without objecting to the lack of notice or who executes a written consent or a written waiver of notice with respect to a meeting. Written consents or waivers may be executed in one or more counterparts. Execution of a written consent or waiver and delivery thereof may be accomplished by telefax or other electronic means approved by the Trustees.

Section 4.5 <u>Chairman of the Trustees</u>. The Trustees may appoint one of their number to be Chairman of the Board of Trustees. The Chairman shall preside at all meetings of the Trustees at which he is present and may be (but is not required to be) the chief executive officer of the Trust.

Section 4.6 <u>Principal Transactions</u>. Except to the extent prohibited by applicable law, the Trustees may, on behalf of the Trust, buy any securities from or sell any securities to, or lend any assets of the Trust to, any Trustee or officer of the Trust or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Affiliated Person of the Trust, investment adviser, investment sub-adviser, distributor or transfer agent for the Trust or with any Interested Person of such Affiliated Person or other person; and the Trust may employ any such Affiliated Person or other person, or firm or company in which such Affiliated Person or other person is an Interested Person, as broker, legal counsel, registrar, investment adviser, investment sub-adviser, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

<u>article V<br>INVESTMENT ADVISER, INVESTMENT SUB-ADVISER,<br> PRINCIPAL UNDERWRITER, ADMINISTRATOR, TRANSFER AGENT,<br> CUSTODIAN AND OTHER CONTRACTORS</u>

Section 5.1 <u>Certain Contracts</u>. Subject to compliance with the provisions of the 1940 Act, but notwithstanding any limitations of present and future law or custom in regard to delegation of powers by trustees generally, the Trustees may, at any time and from time to time and without limiting the generality of their powers and authority otherwise set forth herein, enter into one or more contracts with any one or more corporations, trusts, associations, partnerships, limited partnerships, other type of organizations, or individuals to provide for the performance and assumption of some or all of the following services, duties and responsibilities to, for or of the Trust and/or the Trustees, and to provide for the performance and assumption of such other services, duties and responsibilities in addition to those set forth below as the Trustees may determine to be appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Investment Adviser and Investment Sub-Adviser</u>. The Trustees may in their discretion, from time to time, enter into an investment advisory or management contract or contracts with respect to the Trust whereby the other party or parties to such contract or contracts shall undertake to furnish the Trust with such management, investment advisory, statistical and research facilities and services and such other facilities and services, if any, and all upon such terms and conditions, as the Trustees may in their discretion determine. Notwithstanding any other provision of this Trust Instrument, the Trustees may authorize any investment adviser (subject to such general or specific instructions as the Trustees may from time to time adopt) to effect purchases, sales or exchanges of portfolio securities, other investment instruments of the Trust, or other Trust Property on behalf of the Trustees, or may authorize any officer, agent, or Trustee to effect such purchases, sales or exchanges pursuant to recommendations of the investment adviser (and all without further action by the Trustees). Any such purchases, sales and exchanges shall be deemed to have been authorized by the Trustees.

The Trustees may authorize, subject to applicable requirements of the 1940 Act, the investment adviser to employ, from time to time, one or more sub-advisers to perform such of the acts and services of the investment adviser, and upon such terms and conditions, as may be agreed upon between the investment adviser and sub-adviser. Any reference in this Trust Instrument to the investment adviser shall be deemed to include such sub-advisers, unless the context otherwise requires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal Underwriter</u>. The Trustees may in their discretion from time to time enter into an exclusive or non-exclusive underwriting contract or contracts providing for the sale of Shares, whereby the Trust may either agree to sell Shares to the other party to the contract or appoint such other party its sales agent for such Shares. In either case, the contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine and may also provide for the repurchase or sale of Shares by such other party as principal or as agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Administrator</u>. The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties shall undertake to furnish the Trust with administrative services. The contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Transfer Agent</u>. The Trustees may in their discretion from time to time enter into one or more transfer agency and Shareholder service contracts whereby the other party or parties shall undertake to furnish the Trust with transfer agency and Shareholder services. The contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Servicing Agent</u>. The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties shall undertake to furnish the Trust with Trust and/or Shareholder services. The contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Fund Accounting</u>. The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties undertakes to handle all or any part of the Trust's accounting responsibilities, whether with respect to the Trust's properties, Shareholders or otherwise. The contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Custodian and Depository</u>. The Trustees may in their discretion from time to time enter into one or more contracts whereby the other party or parties undertakes to act as depository for and to maintain custody of the property of the Trust or any Class and accounting records in connection therewith. The contract or contracts shall be on such terms and conditions as the Trustees may in their discretion determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Parties to Contract</u>. Any contract described in this Article V hereof may be entered into with any corporation, firm, partnership, trust or association, although one or more of the Trustees or officers of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered void or voidable by reason of the existence of any relationship, nor shall any person holding such relationship be disqualified from voting on or executing the same in his capacity as Shareholder and/or Trustee, nor shall any person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was not inconsistent with the provisions of this Article V. The same person (including a firm, corporation, partnership, trust, or association) may be the other party to contracts entered into pursuant to this Article V, and any individual may be financially interested or otherwise affiliated with persons who are parties to any or all of the contracts mentioned in this Section 5.1.

<u>article VI<br>SHAREHOLDER VOTING POWERS AND MEETINGS</u>

Section 6.1 <u>Voting</u>. The Shareholders shall have power to vote only: (a) for the election of one or more Trustees in order to comply with the provisions of the 1940 Act (including Section 16(a) thereof); (b) with respect to any contract entered into pursuant to Article V to the extent required by the 1940 Act; (c) with respect to termination of the Trust or a Class thereof to the extent required by applicable law; and (d) with respect to such additional matters relating to the Trust as may be required by this Trust Instrument, the By-laws or any registration of the Trust as an investment company under the 1940 Act with the Commission (or any successor agency) or as the Trustees may consider necessary or desirable.

A Shareholder of each Class shall be entitled to one vote for each Share of such Class on any matter on which such Shareholder is entitled to vote. A Shareholder of each Class shall be entitled to a proportionate fractional vote for each fractional Share of such Class on any matter on which such Shareholder is entitled to vote. There shall be no cumulative voting in the election of Trustees.

Section 6.2 <u>Meetings</u>. Meetings of Shareholders (including meetings involving only the holders of Shares of one or more but less than all the Classes) may be called by the Trustees from time to time to be held at such place within or without the State of Delaware, and on such date as may be designated in the call thereof for the purpose of taking action upon any matter as to which the vote or authority of the Shareholders of any Class or of the Trust is required or permitted as provided in Section 6.1. Special meetings of the Shareholders may be called by the Trustees.

Section 6.3 <u>Quorum and Required Vote</u>. Unless a larger percentage is required by law, by any provision of this Trust Instrument or by the Trustees, one-third of the Shares entitled to vote in person or by proxy on a particular matter shall be a quorum for the transaction of business at a Shareholders' meeting with respect to that matter. Any lesser number shall be sufficient for adjournments. Any adjourned session or sessions may be held without the necessity of further notice. Except when a larger vote is required by law, by any provision of this Trust Instrument or by the Trustees, a majority of the Shares voted in person or by proxy on a particular matter at a meeting at which a quorum is present shall decide any questions with respect to that matter and a plurality shall elect a Trustee.

Section 6.4 <u>Action by Written Consent</u>. Subject to the provisions of the 1940 Act and other applicable law, any action taken by Shareholders may be taken without a meeting if a majority of the Shares entitled to vote on the matter (or such larger proportion thereof as shall be required by law, by any provision of this Trust Instrument or by the Trustees) consent to the action in writing. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders. The Trustees may adopt additional rules and procedures regarding the taking of Shareholder action by written consents.

<u>article VII<br>DISTRIBUTIONS AND REPURCHASES</u>

Section 7.1 <u>Distributions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees may from time to time declare and pay dividends or other distributions with respect to any Class. The amount of such dividends or distributions and the payment of them and whether they are in cash or any other Trust Property shall be wholly in the discretion of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Dividends and other distributions may be paid or made to the Shareholders of record at the time of declaring a dividend or other distribution or among the Shareholders of record at such other date or time or dates or times as the Trustees shall determine, which dividends or distributions, at the election of the Trustees, may be paid pursuant to a standing resolution or resolutions adopted only once or with such frequency as the Trustees may determine. All dividends and other distributions on Shares of a particular Class shall be distributed pro rata to the Shareholders of that Class in proportion to the number of Shares of that Class they held on the record date established for such payment, except that in connection with any dividend or distribution program or procedures the Trustees may determine that no dividend or distribution shall be payable on Shares as to which the Shareholder's purchase order and/or payment in the prescribed form has not been received by the time or times established by the Trustees under such program or procedure. The Trustees may adopt and offer to Shareholders such dividend reinvestment plans, cash dividend payout plans or related plans as the Trustees shall deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Anything in this Trust Instrument to the contrary notwithstanding, the Trustees may at any time declare and distribute a stock dividend pro rata among the Shareholders of a particular Class, as of the record date of that Class fixed as provided in Section (b) hereof. The Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

Section 7.2 <u>Transfer of Shares.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Shares held by a Shareholder may be transferred only (1) by operation of law pursuant to the death, bankruptcy, insolvency, adjudicated incompetence, or dissolution of the Shareholder or (2) with the consent of the Trustees (which may be withheld in the Trustees' sole and absolute discretion). If a Shareholder transfers Shares with the approval of the Trustees, the Trustees will as promptly as practicable take all necessary actions so that each transferee or successor to whom or to which the Shares are transferred is admitted to the Trust as a Shareholder. The admission of any transferee as a substituted Shareholder will be effective upon the execution and delivery by, or on behalf of, the substituted Shareholder of an investor application form. Each Shareholder and transferee agrees to pay all expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with any transfer. In connection with any request to transfer Shares, the Trust may require the Shareholder requesting the transfer to obtain, at the Shareholder's expense, an opinion of counsel selected by the

Trustees as to such matters as the Trustees may reasonably request. If a Shareholder transfers all of its Shares, it will not cease to be a Shareholder unless and until the transferee is admitted to the Trust as a substituted Shareholder in accordance with this Section 7.2(a). Any transfer of Shares permitted under this Section 7.2(a) will be effected in accordance with the provisions of Section 2.4 hereof. Pursuant to Section 4.1(k) hereof, the Trustees hereby delegate to the officers of the Trust all power and authority to approve and effect transfers of Shares pursuant to this Section 7.2(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Shareholder will indemnify and hold harmless the Trust, the Trustees, each other Shareholder and any Affiliated Person of the Trust, the Trustees, the investment adviser, any sub-adviser and each of the other Shareholders against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 7.2 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer. A Shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with the transfer, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

Section 7.3 <u>Repurchases</u>. Unless the Trustees otherwise determine with respect to a particular Class at the time of establishing and designating the same, each Shareholder of a particular Class shall have the right at such times as may be permitted by the Trustees to require the Trust to repurchase (out of the assets belonging to the applicable Class) all or any part of his Shares at the net asset value thereof as of the repurchase pricing date established by the Trustees, less any repurchase fee established by the Trustees in their discretion, and subject to such conditions as the Trustees may determine, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. The repurchase price may in any case or cases be paid in cash or wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the repurchase price shall be determined by or under authority of the Trustees. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind.

Section 7.4 <u>Redemptions at the Option of the Trust</u>. The Trust shall have the right at its option and at any time to redeem Shares of any Shareholder at the net asset value thereof, unless otherwise permitted by the 1940 Act, for any reason under the terms established by the Trustees from time to time including but not limited to: (i) if at such time such Shareholder owns Shares having an aggregate net asset value of less than an amount determined from time to time by the Trustees; (ii) to the extent that such Shareholder owns Shares equal to or in excess of a percentage of the outstanding Shares determined from time to time by the Trustees; (iii) the failure of a Shareholder to supply a tax identification number or other identification or if the Trust

is unable to verify a Shareholder's identity; (iv) the failure of a Shareholder to pay when due the purchase price of Shares; (v) when the Trust is requested or compelled to do so by governmental authority; or (vi) the determination by the Trustees or pursuant to policies and procedures adopted by the Trustees that ownership of Shares is not in the best interest of the remaining Shareholders of the Trust or applicable Class.

Section 7.5 <u>Suspension of the Right of Repurchase</u>. The Trustees may declare a suspension of the right of repurchase or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end. In the event that the Trust is divided into Classes, the provisions of this Section 7.5, to the extent applicable as determined in the discretion of the Trustees and consistent with the 1940 Act, may be equally applied to each such Class.

Section 7.6 <u>Redemption of Shares to Qualify as a Regulated Investment Company</u>. If the Trustees shall, at any time and in good faith, be of the opinion that direct or indirect ownership of Shares has or may become concentrated in any Person to an extent that would disqualify the Trust as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"), then the Trustees shall have the power (but not the obligation) by lot or other means deemed equitable by them (i) to call for redemption by any such Person of a number, or principal amount, of Shares sufficient to maintain or bring the direct or indirect ownership of Shares into conformity with the requirements for such qualification and (ii) to refuse to transfer or issue Shares to any Person whose acquisition of Shares in question would result in such disqualification. The redemption shall be effected at the redemption price and in the manner provided herein. The holders of Shares shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the requirements of any taxing authority.

Section 7.7 <u>Net Asset Value</u>. The Net Asset Value of each outstanding Share of any Class shall be the quotient obtained by dividing (a) the value of the net assets belonging to that Class less the liabilities belonging to such Class by (b) the total number of Shares of that Class outstanding, all determined in accordance with the methods and procedures, including without limitation those with respect to rounding, established by the Trustees from time to time.

<u>article VIII</u>

<u>LIMITATION OF LIABILITY AND INDEMNIFICATION</u>

Section 8.1 <u>Limitation of Liability</u>. Neither a Trustee nor an officer of the Trust, when acting in such capacity, shall be personally liable to any person other than the Trust or a beneficial owner for any act, omission or obligation of the Trust, any Trustee or any officer of the Trust. Neither a Trustee nor an officer of the Trust shall be liable for any act or omission in his capacity as Trustee or as an officer of the Trust, or for any act or omission of any other officer or any employee of the Trust or of any other person or party, provided that nothing contained herein or in the Act shall protect any Trustee or officer against any liability to the Trust or to Shareholders to which he would otherwise be subject by reason of willful misfeasance, bad faith,

gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee or the duties of such officer hereunder.

Section 8.2 <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent permitted by law, the Trust shall indemnify, defend and hold harmless each Trustee, officer, or agent of the Trust 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") from and against any and all losses, claims (actual or threatened), damages, liabilities, expenses (including, without limitation, attorneys' fees and other legal fees and expenses, as well as accountants' fees), judgments, fines, penalties and settlements (collectively, "Losses") sustained or incurred by such Covered Person as a result of any act, decision or omission concerning the business or activities of, or that otherwise is related to, the Trust, including any Losses arising from any and all claims, demands, actions, suits, investigations or proceedings that relate to or arise in connection with the operations or business of the Trust or arise out of or are based upon in whole or in part such Covered Person's relationship to the Trust, in which such Covered Person may be involved, or is threatened to be involved, as a party or otherwise, except to the extent such Losses are determined, by a court of competent jurisdiction in a final, non-appealable decision, to result from the willful misfeasance, bad faith, gross negligence or reckless disregard of such Covered Person. The indemnification provided by this Article VIII shall be in addition to any other rights to which a Covered Person may be entitled under any agreement, as a matter of law or otherwise. A Covered Person shall not be denied indemnification in whole or in part under this Article VIII because the Covered Person had an interest in the transaction with respect to which the indemnification applies.

&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) A Covered Person shall be deemed to have acted with due care, reasonably and in good faith and therefore entitled to indemnification hereunder if, while discharging his or her duties or performing any function on behalf of an entity referred to this Article VIII, he or she acted in the reasonable belief that his or her actions were not contrary to the best interests of the Trust and were within the scope of authority granted to such Covered Person by this Trust Instrument or other lawful authorization, or he or she reasonably relied on advice, information, opinions, reports, statements (whether oral or written), financial statements or financial data prepared or furnished by any officer, committee, senior management, legal counsel, accountant (including public accountants) or other expert in matters involving the relevant expertise, or the written advice, direction or instruction of the Board of Trustees or a committee member thereof. A Covered Person may consult with counsel and accountants with respect to the affairs of the Trust and shall be fully protected and justified, to the extent allowed by law, in acting, or failing to act, if such action or failure to act is in accordance with the advice or opinion of such counsel or accountants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Article VIII shall continue as to a Covered Person who has ceased to serve in such capacity unless otherwise provided in a written agreement pursuant to which such Covered Person is indemnified and regardless of any subsequent amendment to or restatement of this Trust Instrument and no amendment, restatement or

termination of this Trust Instrument shall reduce or restrict the extent to which these indemnification provisions apply to actions taken or omissions made prior to the date of such amendment, restatement or termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Expenses (including reasonable attorneys' fees) incurred by a Covered Person in connection with a proceeding described in Article VIII of this Trust Instrument shall, from time to time, be advanced by the Trust prior to the final disposition of such claim (threatened or actual), investigation, demand, action, suit or proceeding upon receipt by the Trust of (a) an undertaking by or on behalf of such Covered Person to repay such amount if it shall be determined that such Covered Person is not entitled to be indemnified as authorized in Article VIII of this Trust Instrument and (b) any of (i) such Covered Person provides security for such undertaking, (ii) the Trust is insured against losses arising by reason of such payment, or (iii) a majority of a quorum of disinterested, non-party Trustees, or independent legal counsel in a written opinion, determines, based on a review of readily available facts, that there is reason to believe that such Covered Person ultimately will be found entitled to indemnification.

Section 8.3 <u>Shareholders</u>. Each Shareholder of the Trust and each Class shall not be personally liable for the debts, liabilities, obligations and expenses incurred by, contracted for, or otherwise existing with respect to, the Trust or by or on behalf of any Class. The Trustees shall have no power to bind any Shareholder personally or to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay pursuant to terms hereof or by way of subscription for any Shares or otherwise.

In case any Shareholder or former Shareholder of any Class shall be held to be personally liable solely by reason of his being or having been a Shareholder of such Class and not because of his acts or omissions or for some other reason, the Shareholder or former Shareholder (or his heirs, executors, administrators or other legal representatives, or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled out of the assets belonging to the applicable Class to be held harmless from and indemnified against all loss and expense arising from such liability. The Trust, on behalf of the affected Class, shall, upon request by the Shareholder, assume the defense of any claim made against the Shareholder for any act or obligation of the Class and satisfy any judgment thereon from the assets of the Class. The indemnification and reimbursement required by the preceding sentence shall be made only out of assets of the one or more Classes whose Shares were held by said Shareholder at the time the act or event occurred that gave rise to the claim against or liability of said Shareholder. The rights accruing to a Shareholder under this Section shall not impair any other right to which such Shareholder may be lawfully entitled, nor shall anything herein contained restrict the right of the Trust or any Class thereof to indemnify or reimburse a Shareholder in any appropriate situation even though not specifically provided herein.

<u>article IX</u>

<u>MISCELLANEOUS</u>

Section 9.1 <u>Trust Not a Partnership</u>. It is hereby expressly declared that a trust and not a partnership is created hereby. All persons extending credit to, contracting with or having

any claim against the Trust or any Class shall look only to the assets of the Trust or such Class for payment under such credit, contract or claim; and neither the Shareholders nor the Trustees, nor any of the Trust's officers, employees or agents, whether past, present or future, shall be personally liable therefor.

Section 9.2 <u>Trustees' and Officers' Good Faith Action, Expert Advice, No Bond or Surety</u>. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. Subject to the provisions of Article VIII: (i) the Trustees and officers shall not be responsible or liable in any event for any neglect or wrongdoing of any agent, employee, consultant, adviser, administrator, distributor or principal underwriter, custodian or transfer, dividend disbursing, shareholder servicing or accounting agent of the Trust, nor shall any Trustee or officer be responsible for the act or omission of any other Trustee or officer; (ii) the Trustees and officers may take advice of counsel or other experts with respect to the meaning and operation of this Trust Instrument and their duties as Trustees or officers, as applicable, and shall be under no liability for any act or omission in accordance with such advice or for failing to follow such advice; (iii) in discharging their duties, the officers, when acting in good faith, shall be entitled to rely upon the books of account of the Trust and upon written reports made to the Trustees and/or officers by any independent public accountant, and (with respect to the subject matter of the contract involved) any officer, partner or responsible employee of a contracting party appointed by the Trustees; and (iv) in discharging their duties, the Trustees, when acting in good faith, shall be entitled to rely upon the books of account of the Trust and upon written reports made to the Trustees by any officer appointed by them, any independent public accountant, and (with respect to the subject matter of the contract involved) any officer, partner or responsible employee of a contracting party appointed by the Trustees. The Trustees and officers as such shall not be required to give any bond or surety or any other security for the performance of their duties.

Section 9.3 <u>Establishment of Record Dates</u>. The Trustees may close the Share transfer books of the Trust for a period not exceeding one hundred twenty (120) days preceding the date of any meeting of Shareholders, or the date for the payment of any dividends or other distributions, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares shall go into effect; or in lieu of closing the stock transfer books as aforesaid, the Trustees may fix in advance a date, not exceeding one hundred twenty (120) days preceding the date of any meeting of Shareholders, or the date for payment of any dividend or other distribution, or the date for the allotment of rights, or the date when any change or conversion or exchange of Shares shall go into effect, as a record date for the determination of the Shareholders entitled to notice of, and to vote at, any such meeting, or entitled to receive payment of any such dividend or other distribution, or to any such allotment of rights, or to exercise the rights in respect of any such change, conversion or exchange of Shares, and in such case such Shareholders and only such Shareholders as shall be Shareholders of record on the date so fixed shall be entitled to such notice of, and to vote at, such meeting, or to receive payment of such dividend or other distribution, or to receive such allotment or rights, or to exercise such rights, as the case may be, notwithstanding any transfer of any Shares on the books of the Trust after any such record date fixed as aforesaid.

Section 9.4 <u>Dissolution and Termination of Trust</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Trust shall continue without limitation of time but subject to the provisions of sub-sections (b) and (c) of this Section 9.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in Section 9.5 to the contrary, the Trustees may without Shareholder approval (unless such approval is required by the 1940 Act) in dissolution of the Trust or any Class, liquidate, reorganize or dissolve the Trust or any Class in any manner or fashion not inconsistent with applicable law, including, without limitation,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) sell
 and convey all or substantially all of the assets of the Trust or any Class to another trust,
 partnership, limited liability company, association or corporation, or to a separate series
 or class of shares thereof, organized under the laws of any state or jurisdiction, for adequate
 consideration which may include the assumption of all outstanding obligations, taxes and
 other liabilities, accrued or contingent, of the Trust or any Class, and which may include
 shares of beneficial interest, stock or other ownership interests of such trust, partnership,
 limited liability company, association or corporation or of a series thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) at
 any time sell and convert into money all of the assets of the Trust or any Class.

Following a sale or conversion in accordance with the foregoing sub-section 9.4(b)(i) or (ii), and upon making reasonable provision, in the determination of the Trustees, for the payment of all liabilities of the Trust or the affected Class as required by applicable law, by such assumption or otherwise, the Shareholders of each Class involved in such sale or conversion shall be entitled to receive, as a Class, when and as declared by the Trustees, the excess of the assets allocated to that Class over the liabilities allocated to such Class. The assets so distributable to the Shareholders of any particular Class shall be distributed among such Shareholders in proportion to the number of Shares of that Class held by them and recorded on the books of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon completion of the distribution of the remaining proceeds or the remaining assets as provided in sub-section (b), the Trust (in the case of a sale or conversion with respect to the Trust) or any affected Class shall terminate and the Trustees and the Trust or any affected Class shall be discharged of any and all further liabilities and duties hereunder and the right, title and interest of all parties with respect to the Trust or such affected Class shall be cancelled and discharged.

Upon termination of the Trust, following completion of winding up of its business, the Trustees shall cause a certificate of cancellation of the Trust's certificate of trust to be filed in accordance with the Act, which certificate of cancellation may be signed by any one Trustee.

Section 9.5 <u>Merger, Consolidation, Incorporation</u>. Pursuant to an agreement of merger or consolidation, the Trust, may, by act of a majority of the Board of Trustees, merge or

consolidate with or into one or more business trusts or other business entities formed or organized or existing under the laws of the State of Delaware or any other state or the United States or any foreign country or other foreign jurisdiction. Any such merger or consolidation shall not require the vote of the Shareholders affected thereby, unless such vote is required by the 1940 Act, or unless such merger or consolidation would result in an amendment of this Declaration of Trust, which would otherwise require the approval of such Shareholders. Pursuant to and in accordance with the provisions of Section 3815(f) of the Act, and notwithstanding anything to the contrary contained in this Trust Instrument, an agreement of any merger or consolidation approved in accordance with this Section 9.5 may effect any amendment to the Trust Instrument or effect the adoption of a new trust instrument of the Trust if it is the surviving or resulting trust in the merger or consolidation.

Section 9.6 <u>Filing of Copies, References, Headings</u>. The original or a copy of this Trust Instrument and of each amendment hereof or Trust Instrument supplemental hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate by an officer or Trustee of the Trust as to whether or not any such amendments or supplements have been made and as to any matters in connection with the Trust hereunder, and with the same effect as if it were the original, may rely on a copy certified by an officer or Trustee of the Trust to be a copy of this Trust Instrument or of any such amendment or supplemental Trust Instrument. In this Trust Instrument or in any such amendment or supplemental Trust Instrument, references to this Trust Instrument, and all expressions like "herein," "hereof" and "hereunder," shall be deemed to refer to this Trust Instrument as amended or affected by any such supplemental Trust Instrument. All expressions like "his," "he" and "him," shall be deemed to include the feminine and neuter, as well as masculine, genders. Headings are placed herein for convenience of reference only and in case of any conflict, the text of this Trust Instrument rather than the headings, shall control. This Trust Instrument may be executed in any number of counterparts each of which shall be deemed an original.

Section 9.7 <u>Applicable Law</u>. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Trust Instrument, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Act and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Trust Instrument (a) the provisions of Section 3540 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Act) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Trust Instrument. The Trust shall be of the type commonly called a "statutory trust," and without

limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Act, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Section 9.8 <u>Amendments</u>. Except as specifically provided herein, the Trustees may, without Shareholder vote, amend or otherwise supplement this Trust Instrument by making an amendment, a Trust Instrument supplemental hereto or an amended and restated trust instrument. Shareholders shall have the right to vote: (i) on any amendment which would affect their right to vote granted in Section 6.1, (ii) on any amendment to this Section 9.8, (iii) on any amendment for which such vote is required by law and (iv) on any amendment submitted to them by the Trustees. Any amendment required or permitted to be submitted to Shareholders which, as the Trustees determine, shall affect the Shareholders of one or more Classes shall be authorized by vote of the Shareholders of each Class affected and no vote of shareholders of a Class not affected shall be required. Anything in this Trust Instrument to the contrary notwithstanding, any amendment to Article VIII hereof shall not limit the rights to indemnification or insurance provided therein with respect to action or omission of any persons protected thereby prior to such amendment.

Section 9.9 <u>Fiscal Year</u>. The fiscal year of the Trust shall end on a specified date as determined from time to time by the Trustees.

Section 9.10 <u>Provisions in Conflict with Law</u>. The provisions of this Trust Instrument are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the federal securities laws, the regulated investment company provisions of the Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Trust Instrument; provided, however, that such determination shall not affect any of the remaining provisions of this Trust Instrument or render invalid or improper any action taken or omitted prior to such determination. If any provision of this Trust Instrument shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provisions in any other jurisdiction or any other provision of this Trust Instrument in any jurisdiction.

Section 9.11 <u>Allocation of Certain Expenses</u>. Each Shareholder will, at the discretion of the Trustees, indemnify the Trust against all expenses and losses resulting from indebtedness incurred in connection with facilitating (i) requests pending receipt of the collected funds from investments sold on the date of such Shareholder's redemption request; (ii) redemption requests from such Shareholder who has also notified the Trust of its intention to deposit funds in its accounts on the date of said redemption request; or (iii) the purchase of investments pending receipt of collected funds from such Shareholder who has notified the Trust of its intention to deposit funds in its accounts on the date of the purchase of the investments.

Section 9.12 <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Trust Instrument to the contrary, any notice, proxy, vote, consent, instrument or writing of any kind referenced in, or contemplated by, this Trust Instrument or the By-laws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic

transmission (within the meaning of the Act), including via the internet, or in any other manner permitted by applicable law. All requirements in this Trust Instrument that any writing be signed shall be deemed to be satisfied by any electronic transmission in such form that is acceptable to the Trustees.

IN WITNESS WHEREOF, the undersigned, being the initial Trustee of the Trust, has executed this Declaration of Trust as of the 24<sup>th</sup> day of August, 2022.

---

| | |
|:---|:---|
| By: | /s/ Robert Stark |
| Robert Stark, as Trustee and not individually | Robert Stark, as Trustee and not individually |

---

## Exhibit 99.2

**NOMURA ALTERNATIVE INCOME FUND**

**BY-LAWS**

These By-laws (the "By-laws") of the Nomura Alternative Income Fund (the "Trust"), a Delaware statutory trust, are subject to the Trust's Agreement and Declaration of Trust dated August 24, 2022, as from time to time amended, supplemented or restated (the "Trust Instrument"). Capitalized terms used herein which are defined in the Trust Instrument are used as therein defined.

**<u>Article I</u>**<br><u>OFFICES</u>**

**Section 1.1 <u>Delaware Office</u>.** The registered office of the Trust in Delaware and the name and address of its resident agent for service of process shall be as set forth in the Certificate of Trust of the Trust, as filed with the Secretary of State of Delaware on August 24, 2022, and as may be amended and restated from time to time.

**Section 1.2 <u>Principal Office</u>.** The principal office of the Trust shall be located in such location as the Trustees may from time to time determine. The Trust may establish and maintain such other offices and places of business as the Trustees may from time to time determine.

**<u>Article II</u>**<br><u>OFFICERS AND THEIR ELECTION</u>**

**Section 2.1 <u>Officers</u>.** The officers of the Trust shall be a President, a Treasurer, a Secretary, a Chief Compliance Officer and such other officers as the Trustees may from time to time elect. It shall not be necessary for any Trustee or other officer to be a holder of Shares in the Trust.

**Section 2.2 <u>Election of Officers</u>.** Two or more offices may be held by a single person. Subject to the provisions of Section 2.3 hereof, the officers shall hold office until their successors are chosen and qualified and serve at the pleasure of the Trustees.

**Section 2.3 <u>Resignations</u>.** Any officer of the Trust may resign by filing a written resignation with the President, the Secretary or the Trustees, which resignation shall take effect on being so filed or at such later time as may be therein specified.

**<u>Article III</u>**

**<u>POWERS AND DUTIES OF OFFICERS AND TRUSTEES</u>**

**Section 3.1 <u>Chief Executive Officer</u>.** Unless the Trustees have designated the Chairman as the chief executive officer of the Trust, the President shall be the chief executive officer of the Trust and shall preside at all meetings of the Shareholders.

**Section 3.2 <u>Treasurer</u>.** The Treasurer shall be the principal financial and accounting officer of the Trust. He shall deliver all funds and securities of the Trust which may come into his hands to such company as the Trustees shall employ as Custodian in accordance with the Trust Instrument and applicable provisions of law. He shall make annual reports regarding the business and condition of the Trust, which reports shall be preserved in Trust records, and he shall furnish such other reports regarding the business and condition of the Trust as the Trustees may from time to time require. The Treasurer shall perform such additional duties as the Trustees or the Chief Executive Officer may from time to time designate.

**Section 3.3 <u>Secretary</u>.** The Secretary shall record in books kept for the purpose all votes and proceedings of the Trustees and the Shareholders at their respective meetings. He shall have the custody of the seal of the Trust. The Secretary shall perform such additional duties as the Trustees or the Chief Executive Officer may from time to time designate.

**Section 3.4 <u>Chief Compliance Officer.</u>** The Chief Compliance Officer ("CCO") of the Trust shall be responsible for administering the Trust's policies and procedures adopted pursuant to Rule 38a-1(a) under the Investment Company Act of 1940, or any successor provision thereto. The CCO shall have such other powers and duties as from time to time may be conferred upon or assigned to the CCO by the Trustees.

**Section 3.5 <u>Additional Officers</u>.** The Trustees from time to time may appoint such other officers or agents as they may deem advisable, each of whom shall have such title, hold office for such period, have such authority and perform such duties as the Trustees may determine.

**Section 3.6 <u>Removal</u>.** Any officer may be removed from office at any time by the Trustees.

**Section 3.7 <u>Remuneration</u>.** The salaries or other compensation, if any, of the officers of the Trust shall be fixed from time to time by resolution of the Trustees.

**<u>Article IV</u>**

 **<u>SHAREHOLDERS' MEETINGS</u>**

**Section 4.1 <u>Notices</u>.** Notices of any meeting of the Shareholders shall be given by the Secretary by delivering or mailing, postage prepaid, to each Shareholder entitled to vote at said meeting, written or printed notification of such meeting at least seven (7) days before the meeting, to such address as may be registered with the Trust by the Shareholder. Notice of any Shareholder meeting need not be given to any Shareholder if a written waiver of notice, executed before or after such meeting, is filed with the record of such meeting, or to any Shareholder who shall attend such meeting in person or by proxy. Notice of adjournment of a Shareholders' meeting to another time or place need not be given, if such time and place are announced at the meeting or reasonable notice is given to persons present at the meeting.

**Section 4.2 <u>Voting-Proxies</u>.** Subject to the provisions of the Trust Instrument, Shareholders entitled to vote may vote either in person or by proxy, provided that either (i) an instrument authorizing such proxy to act is executed by the Shareholder in writing and dated not more than eleven (11) months before the meeting, unless the instrument specifically provides for a longer period or (ii) an electronic, telephonic, computerized or other alternative to execution of a written instrument authorizing the proxy to act, which authorization is received not more than eleven (11) months before the meeting. Proxies shall be delivered to the Secretary of the Trust or other person responsible for recording the proceedings before being voted. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by one of them unless at or prior to exercise of such proxy the Trust receives a specific written notice to the contrary from any one of them. If any Shareholder is a minor or a person of unsound mind, and subject to guardianship or to the legal control of another person as regards the control or management of such Shareholder's shares, such Shareholder's shares may be voted by such guardian or such other person appointed or having control, and such vote may be given in person or by proxy. Unless otherwise specifically limited by their terms, proxies shall entitle the holder thereof to vote at any adjournment of a meeting. A proxy purporting to be exercised by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. At all meetings of the Shareholders, unless the voting is conducted by inspectors, all questions relating to the qualifications of voters, the validity of proxies, and the acceptance or rejection of votes shall be decided by the Chairman of the meeting. Except as otherwise provided herein or in the Trust Instrument, all matters relating to the giving, voting or validity of proxies shall be governed by the General Corporation Law of the State of Delaware relating to proxies, and judicial interpretations thereunder, as if the Trust were a Delaware corporation and the Shareholders were shareholders of a Delaware corporation.

**Section 4.3 <u>Broker Non-Votes.</u>** Except as otherwise provided by law, at any meeting of Shareholders, the Trust will consider broker non-votes as present for purposes of determining whether a quorum is present at the meeting. Broker non-votes will not count as votes cast.

**Section 4.4** Place of Meeting**.** All meetings of the Shareholders shall be held at such places as the Trustees may designate. In the absence of any such designation, Shareholders' meetings shall be held at the principal office of the Trust at the time of such meetings. Notwithstanding the foregoing, if either the President or Secretary of the Trust, or in the absence or unavailability of the President and the Secretary, any officer of the Trust, determines that the date, time or place designated for a meeting or adjourned meeting of Shareholders is not reasonably practicable or available as a result of (a) fire, flood, elements of nature, or other acts of god, (b) acts of terrorism, (c) outbreak or escalation of hostilities, war, riots or civil disorders or (d) other similar events, such officer may, without further notice to Shareholders, designate such other date, time or place for such meeting or adjourned meeting as such officer shall, in his or her sole discretion, determine.

**<u>Article V</u>**<br><u>SHARES OF BENEFICIAL INTEREST</u>**

**Section 5.1 <u>Share Certificate</u>.** No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise authorize. The Trustees may issue certificates to a Shareholder for any purpose and the issuance of a certificate to one or more Shareholders shall not require the issuance of certificates generally. In the event that the Trustees authorize the issuance of Share certificates, such certificate shall be in the form prescribed from time to time by the Trustees and shall be signed by the President and by the Treasurer or Secretary. Such signatures may be facsimiles if the certificate is signed by a transfer or shareholder services agent or by a registrar, other than a Trustee, officer or employee of the Trust. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall have ceased to be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he or she were such officer at the time of its issue.

**Section 5.2 <u>Loss of Certificate</u>.** In case of the alleged loss or destruction or the mutilation of a Share certificate, a duplicate certificate may be issued in place thereof, upon such terms as the Trustees may prescribe.

**Section 5.3 <u>Discontinuance of Issuance of Certificates</u>.** The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trust.

**<u>Article VI</u>**<br><u>INSPECTION OF BOOKS</u>**

The Trustees shall from time to time determine whether and to what extent, and at what times and places, and under what conditions and regulations the accounts and books of the

Trust or any of them shall be open to the inspection of the Shareholders; and no Shareholder shall have any right to inspect any account or book or document of the Trust except as conferred by law or otherwise by the Trustees.

**<u>Article VII</u>**<u> </u>**

**<u>JURISDICTION AND FORUM</u>**

Each Trustee, each officer, each Shareholder and each person beneficially owning an interest in a Share of the Trust (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.) (the "Act"), (i) irrevocably agrees that any claims, suits, actions or proceedings arising out of or relating in any way to the Trust, the Act, the Trust Instrument or these By-Laws or asserting a claim governed by the internal affairs (or similar) doctrine (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of the Trust Instrument or these By-Laws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Act, the Trust Instrument or the By-Laws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably 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. Any person or entity purchasing or otherwise acquiring any Shares of any Class shall be deemed to have notice of and consented to the provisions of this provision.

If any provision or provisions of this Article VII shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent permitted by law, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article VII (including, without limitation, each portion of any sentence of this Article VII containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable), and the application of such provision to other persons or entities and circumstances, shall not in any way be affected or impaired thereby. This Article VII does not apply to claims arising under the federal securities laws.

**<u>Article VIII</u>** 

**<u>AMENDMENTS</u>**

These By-laws may be amended from time to time by the Trustees.

**<u>Article IX</u>**<br><u>HEADINGS</u>**

Headings are placed in these By-laws for convenience of reference only and, in case of any conflict, the text of these By-laws rather than the headings shall control.

## Exhibit 99.2

**Nomura Alternative Income Fund**

**Terms and Conditions of Dividend Reinvestment Plan**

Holders of shares of beneficial interests (the "Shares") of Nomura Alternative Income Fund (the "Fund") who participate (the "Participants") in the Fund's Dividend Reinvestment Plan (the "Plan") are advised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Enrollment of Participants.* Each holder of Shares (a "Shareholder") will automatically be a Participant, subject to the ability to "opt-out" of the Plan. A Shareholder whose Shares are registered in the name of a nominee (such as an intermediary firm through which the Shareholder acquired Shares (an "Intermediary")) must contact the nominee regarding the Shareholder's status under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *The Plan Administrator.* The Fund's administrator (the "Administrator") will act as Administrator for each Participant. The Administrator or its delegee administrator will open an account for each Participant under the Plan in the same name as the one in which his, her or its outstanding Shares are registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Cash Option*. The Fund will declare all income dividends and/or capital gains distributions (collectively, "Distributions") payable in Shares (or, as discussed below, at the option of Shareholders solely upon an affirmative election, in cash). To the extent that a Participant reinvests Distributions in additional Shares, the Participant will receive an amount of Shares of the Fund equal to the amount of the Distribution on that Participant's Shares divided by the net asset value per Share ("NAV") of the Fund that is used for the daily closing date immediately preceding such distribution payment date. Notwithstanding the foregoing, the Fund, in its sole discretion, may elect to provide Participants with an amount of Shares of the Fund equal to the amount of the Distribution on that Participant's Shares divided by 95% of the NAV of the Fund that is used for the daily closing date immediately preceding such distribution payment date.

A Participant wishing to receive cash must affirmatively elect to receive both income dividends and capital gain distributions, if any, in cash. A Participant holding Shares through an Intermediary may elect to receive cash by notifying the Intermediary (who should be directed to inform the Fund). A Shareholder is free to change this election at any time. However, a Shareholder must request to change its election no less than 60 days prior to the record date of the distribution for the change to be effective for such distribution. If the request is made within 60 days prior to the record date of the distribution, the change will not be effective for such distribution but will be effective as to subsequent distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Valuation.* For purposes of the Plan, the Fund's NAV shall be the NAV determined on the next valuation date following the ex-dividend date (the last date of a dividend period on which an investor can purchase Shares and still be entitled to receive the dividend).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *Recordkeeping.* The Administrator will reflect each Participant's Shares acquired pursuant to the Plan together with the Shares of other Shareholders of the Fund acquired pursuant to the Plan in noncertificated form. Each Participant will be sent a confirmation by the Administrator of each acquisition made for his, her or its account as soon as practicable, but not later than 60 days after the date thereof. Distributions on fractional Shares will be credited to each Participant's account to three decimal places. In the event of termination of a Participant's

account under the Plan, the Administrator will adjust for any such undivided fractional interest in cash at the NAV of Shares at the time of termination.

Any Distributions of Shares or split Shares distributed by the Fund on Shares held by the Administrator for Participants will be credited to their accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. *Fees.* The Administrator's service fee, if any, for administering the Plan will be paid by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. *Termination of the Plan*. The Plan may be terminated by the Fund at any time upon written notice to the Participants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. *Amendment of the Plan.* These terms and conditions may be amended by the Fund at any time or times but, except when necessary or appropriate to comply with applicable law or the rules or policies of the Securities and Exchange Commission or any other regulatory authority, only by sending written notice to the Participants at least 30 days prior to the effective date thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. *Applicable Law.* These terms and conditions shall be governed by the laws of the State of Delaware.

Adopted: January 30, 2023

## Exhibit 99.2

INVESTMENT MANAGEMENT AGREEMENT

NOMURA ALTERNATIVE INCOME FUND

AGREEMENT made this 9<sup>th</sup> day of December, 2022, by and between Nomura Alternative Income Fund, a Delaware statutory trust (the "Fund"), and Nomura Private Capital LLC, a Delaware limited liability company (the "Investment Manager").

WHEREAS, the Fund is a closed-end, management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Investment Manager is registered as an investment adviser under the Investment Advisers Act of 1940 and is engaged in the business of supplying investment advice as an independent contractor;

WHEREAS, the Fund desires to retain the Investment Manager to render investment management services with respect to the Fund and the Investment Manager is willing to render such services; and

WHEREAS, the Investment Manager may, subject to the approval of the Fund's Board of Trustees, retain one or more sub-advisers (the "Sub-Advisers") to render portfolio management services to the Fund pursuant to investment sub-advisory agreements among the Fund, the Investment Manager and each such Sub-Adviser (each, a "Sub-Advisory Agreement").

NOW, THEREFORE, in consideration of mutual covenants herein contained, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. APPOINTMENT AND ACCEPTANCE. The Fund hereby appoints the Investment Manager to act as Investment Manager to the Fund for the period and on the terms set forth in this Agreement. The Investment Manager accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided. The Investment Manager may provide such other additional services to the Fund as reasonably requested by the Fund and agreed to by the Investment Manager, including preparing and reviewing the Fund's registration statements and any amendments and supplements thereto, preparation and review of materials for Fund's Board of Trustees ("Board") and Board committee meetings, preparation and review of Fund shareholder reports, proxy statements, and other applicable regulatory reports and communications, and the provision of the Investment Manager's employees to act as officers of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUTIES AND AUTHORITIES OF INVESTMENT MANAGER. The Fund employs the Investment Manager to furnish and manage a continuous investment program for the Fund. The Investment Manager will continuously review, supervise and (where appropriate) administer the investment program of the Fund, to determine in its discretion (where appropriate) the securities to be purchased, held, sold or exchanged, to provide the Fund with records concerning the Investment Manager's activities which the Fund is required to maintain and to render regular reports to the Fund's officers and Trustees concerning the Investment Manager's discharge of the foregoing responsibilities. The Investment Manager may delegate certain of its duties under this Agreement with respect to the Fund to a Sub-Adviser or Sub-Advisers (subject to the approval of the Fund's Board and, except as otherwise permitted under the terms of any applicable exemptive relief obtained from the Securities and Exchange Commission, or by rule or regulation, a majority of the outstanding voting securities of the Fund) and thereafter supervise the investment activities of one or more Sub-Advisers deemed necessary to carry out the investment program of the Fund. The retention of a Sub-Adviser by the Investment Manager shall not relieve the Investment Manager of its responsibilities under this Agreement. The Investment Manager may pay a Sub-Adviser a portion of the compensation received by the Investment Manager hereunder.

The Investment Manager shall discharge the foregoing responsibilities subject to the control of the Fund's Board and in compliance with the objectives, policies, and limitations for the Fund set forth in the Fund's current registration statement and applicable laws and regulations. The Investment Manager also agrees to comply with (a) any policies, guidelines, instructions and procedures approved by the Board, and (b) any future amendments or supplements to the Fund's registration statement that, in each case, are provided, in writing, to the Investment Manager with reasonable notice prior to implementation.

The Investment Manager shall have the power to carry out any and all of the objectives and purposes of the Fund, as described in the Fund's Prospectus and Statement of Additional Information, and to, perform all acts and enter into and perform all contracts and other undertakings on behalf of the Fund, including delegating such power to perform or to enter into and perform all contracts and undertaking to the Sub-Advisers, as the Investment Manager deems appropriate or convenient in connection with the provision of its services contained herein. Without limiting the foregoing powers, the Investment Manager shall have all specific rights and power to do, or to delegate the power to the Sub-Advisers to do, the following on behalf of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;(i) acquire,
 hold, manage, vote, own and dispose of loans, equity securities and any other assets held
 by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) review,
 select, analyze, structure, negotiate and close investment transactions and their related
 agreements, instruments and other documents, and in connection with such investment transactions,
 enter into, execute, assist in the preparation of, deliver and consummate all agreements,
 instruments and other documents, including credit agreements, collateral agreements, security
 agreements, and other similar agreements;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide
 service on committees of, and in other capacities with, issuers of and obligors on investments
 and other assets of the Fund (including on creditors' committees), vote with respect
 to investments and other assets of the Fund whether in person, by proxy, consent or otherwise,
 sell short investments and cover such sales;

&nbsp;&nbsp;&nbsp;&nbsp;(iv) monitor,
 supervise and direct the investments of the Fund and dispose of them in such manner and at
 such times as the Investment Manager or Sub-Advisers determine;

&nbsp;&nbsp;&nbsp;&nbsp;(v) initiate,
 participate in and settle judicial, arbitration, administrative or similar proceedings to
 protect the assets of the Fund, enforce the Fund's rights or otherwise defend the interests
 of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;(vi) cooperate
 with persons or entities engaged by the Fund to render services to the Fund, including without
 limitation, attorneys, accountants, custodians, investment brokers or finders, investment
 bankers, appraisers, loan servicers, and business advisors;

&nbsp;&nbsp;&nbsp;&nbsp;(vii) employ
techniques to hedge portfolio risk (but not for speculative purposes) including, without limitation, through the use of options, forward
and futures contracts and other instruments (relating to securities, currencies or other assets);

&nbsp;&nbsp;&nbsp;&nbsp;(viii) take
 whatever steps are required by governmental authorities having jurisdiction over the Fund
 or its assets; and

&nbsp;&nbsp;&nbsp;&nbsp;(ix) take
 such other actions as may be necessary or advisable in connection with the foregoing.

Without limiting the foregoing powers, the Investment Manager shall also have specific rights and power to do, or to delegate the power to the Sub-Advisers to do, the following on behalf of the Fund, subject to the approval of the Board to the extent required by the 1940 Act and/or the Fund's policies and procedures:

&nbsp;&nbsp;&nbsp;&nbsp;(x) other
 than in connection with investment transactions, enter into, execute, assist in the preparation
 of, deliver and consummate all agreements, instruments and other documents; and

&nbsp;&nbsp;&nbsp;&nbsp;(xi) obtain
 financing, borrow money, incur indebtedness, issue guarantees, mortgage, pledge, loan, impose
 liens upon and grant security interests in all or any part of the Fund's assets; execute
 promissory notes, loan, pledge or security agreements, or other agreements, documents and
 instruments in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. FUND TRANSACTIONS. The Investment Manager is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities for the Fund and is directed to use its best efforts to obtain "best execution" under the particular circumstances of each transaction taking into account such factors as the Investment Manager deems relevant and considering the Fund's investment objectives, policies, and restrictions as stated in the Fund's Prospectus and Statement of Additional Information, as the same may be amended, supplemented or restated from time to time, and resolutions of the Fund's Board. The Investment Manager will promptly communicate to the officers and the Board such information relating to portfolio transactions as they may reasonably request. In connection with the investment and reinvestment of the assets of the Fund, the Investment Manager is authorized (and can delegate to Sub-Advisers) to execute for the Fund as its agent and attorney-in-fact standard customer agreements and other documentation in connection with opening trading accounts with brokers, dealers or futures commission merchants and other trading counterparties, including, but not limited to, ISDA agreements, and in connection with the rights and powers granted to the Investment Manager under Section 2 of this Agreement, as well as, subject to the approval of the Board to the extent required by the 1940 Act and/or the Fund's policies and procedures, to do such other things necessary or incidental to the furtherance or conduct of the Fund's purchases, sales or other transactions.

It is understood that the Investment Manager will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Fund or be in breach of any obligation owing to the Fund under this Agreement, or otherwise, by reason of its having directed a securities transaction on behalf of the Fund to a broker-dealer in compliance with the provisions of Section 28(e) of the Securities Exchange Act of 1934 or as described from time to time by the Fund's Prospectus and Statement of Additional Information.

On occasions when the Investment Manager deems the purchase or sale of an investment, security or futures contract or options thereon to be in the best interest of the Fund as well as other clients of the Investment Manager, the Investment Manager may, to the extent permitted by applicable law and regulations, aggregate the order to be sold or purchased. In such event, the Investment Manager will allocate investments, securities or futures contracts or options thereon so purchased or sold, as well as the expenses incurred in the transaction, in the manner the Investment Manager reasonably considers to be equitable and consistent with its fiduciary obligations to the Fund and to such other clients under the circumstances.

The Investment Manager or any of its affiliates may act as broker in connection with the purchase or sale of securities or other investments for the Fund, subject to: (a) the requirement that the Investment Manager seek to obtain best execution under the circumstances for the transaction; (b) the provisions of the 1940 Act; (c) the provisions of the Investment Advisers Act of 1940; and (d) other provisions of applicable law. These brokerage services are not within the scope of the duties of the Investment Manager under this Agreement. Subject to the requirements of applicable law and any procedures adopted by the Board, the Investment Manager or its affiliates may receive brokerage commissions, fees or other remuneration from the Fund for these services in addition to the Investment Manager's fees for services under this Agreement.

All securities and other property of the Fund shall remain in the direct or indirect custody of the Fund's custodian except as otherwise authorized by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. EXPENSES OF THE INVESTMENT MANAGER. The Investment Manager will, at its own expense, render the services and provide the office space, furnishings and equipment, and personnel required by it to perform the services on the terms and for the compensation provided herein. In addition, with respect to the operation of the Fund, the Investment Manager shall be responsible for (i) the expenses of printing and distributing extra copies of the Fund's prospectus, statement of additional information, and sales and advertising materials (but not the legal, auditing or accounting fees attendant thereto) to prospective investors (but not to existing shareholders) to the extent such expenses are not covered by any applicable plan adopted pursuant to Rule 12b-1 under the 1940 Act (each, a "12b-1 Plan") or pursuant to, or as a condition of multiple-class exemptive relief obtained from the Securities and Exchange Commission; (ii) the reasonable costs of any special Board meeting or shareholder meeting convened for the primary benefit of the Investment Manager or, if such special Board meeting or shareholder meeting includes one or more agenda or discussion items that are not for the primary benefit of the Investment Manager, then the Investment Manager will be responsible for only its pro-rata share of such costs as determined in good faith by the Investment Manager and the Fund; and (iii) the costs of the Investment Manager'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 and the Fund. If the Investment Manager has agreed to limit the operating expenses of the Fund as referenced below, the Investment Manager also shall be responsible on a monthly basis for any operating expenses that exceed the agreed upon expense limit, subject to the terms of such agreement. Except as otherwise specifically stated herein, the Investment Manager shall not be responsible for any of the Fund's expenses, including, but not limited to, brokerage and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. COMPENSATION OF INVESTMENT MANAGER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Management Fee</u>*.* For the services provided and the expenses assumed pursuant to this Agreement, the Fund shall pay to the Investment Manager compensation at an annual rate of 0.95%, accrued daily and payable monthly in arrears by the 10<sup>th</sup> business day of the succeeding month based upon the Fund's average daily net assets. Net assets means the total value of all assets of the Fund, less an amount equal to all accrued debts, liabilities and obligations of the Fund. In the case of a partial month, compensation will be based on the number of days during the month in which the Investment Manager provided services to the Fund. Compensation will be paid to the Investment Manager before giving effect to any repurchase of any shares in the Fund effective as of that date. The Investment Manager may, in its discretion and from time to time, reduce any portion of the compensation or reimbursement of expenses due to it pursuant to this Agreement and may agree to make payments to limit the expenses which are the responsibility of the Fund under this Agreement. Any such reduction or payment shall be applicable only to such specific reduction or payment and shall not constitute an agreement to reduce any future compensation or reimbursement due to the Investment Manager hereunder or to continue future payments. All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Incentive Fee</u>. The Investment Manager shall receive an incentive fee (the "Incentive Fee") calculated as set forth below. In the case of a liquidation of the Fund or if this Agreement is terminated, the Incentive Fee will also become payable as of the effective date of the liquidation or termination.

The Incentive Fee is based on Pre-Incentive Fee Net Investment Income, as defined below, earned on direct investments (and excluding short-term investments and investments in underlying private funds) attributable to each class of the Fund's common shares ("Class"), and shall be determined and payable in arrears as of the end of each fiscal quarter beginning on and after the effective date of this Agreement. With respect to each Class, the Incentive Fee for each fiscal quarter will be calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) No incentive fee will be 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;&nbsp;&nbsp;&nbsp;&nbsp; (ii) 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;&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 shall equal 15% of Pre-Incentive Fee Net Investment Income attributable to the Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) "Pre-Incentive Fee Net Investment Income," with respect to each Class, is defined as the Class's share of interest income (allocated based on the net asset value of the Class relative to the Fund as a whole), dividend income and any other income accrued during the fiscal quarter, minus (A) the Class's allocable share of Fund operating expenses accrued during the fiscal quarter (including, without limitation, the Management Fee, but excluding the Incentive Fee) and (B) the distribution and/or shareholder servicing fees (if any) attributable to the Class accrued during the fiscal quarter. For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include income earned on short-term investments or investments in underlying private funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. BOOKS AND RECORDS. The Investment Manager shall not be responsible for the provision of administrative, bookkeeping or accounting services to the Fund, except as otherwise provided herein, required by applicable law or regulation or as may be necessary for the Investment Manager to supply to the Fund or its Board the information required to be supplied under this Agreement. The Investment Manager will maintain all books and records with respect to the securities transactions of the Fund and will furnish to the Fund's Board such periodic and special reports as the Board may reasonably request. The Fund and the Investment Manager agree to furnish to each other, if applicable, current registration statements, proxy statements, reports to shareholders, certified copies of their financial statements, and such other information with regard to their affairs as each may reasonably request.

Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act which are prepared or maintained by the Investment Manager on behalf of the Fund are the property of the Fund and will be surrendered promptly to the Fund on request; provided that the Investment Manager may make and retain copies of such records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. STATUS OF INVESTMENT MANAGER. The services of the Investment Manager to the Fund are not to be deemed exclusive, and the Investment Manager shall be free to render similar services to others so long as its services to the Fund are not impaired thereby. The Investment Manager shall be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. LIMITATION OF LIABILITY AND INDEMNIFICATION OF INVESTMENT MANAGER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the absence of willful misfeasance, gross negligence or reckless disregard of its obligations to the Fund, the Investment Manager and any partner, member, manager, director, officer or employee of the Investment Manager, or any of their affiliates, executors, heirs, assigns, successors or other legal representatives, shall not be subject to liability to the Fund or otherwise under this Agreement for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be

sustained in the purchase, holding or sale of any security by the Fund, including, without limitation, for any error of judgment, for any mistake of law, for any act or omission by the Investment Manager or any affiliate of the Investment Manager or by any Sub-Adviser, except as may otherwise be provided under provisions of applicable state law or Federal securities law which cannot be waived or modified hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the fullest extent permitted by law, the Fund shall indemnify, defend, and hold harmless the Investment Manager, or any partner, member, manager, officer or employee of the Investment Manager, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives (each such person being an "Indemnitee"), against any claim, loss, damage, liability, reasonable cost, or reasonable expense (including reasonable attorney's fees, judgments, and other related expenses in connection therewith and amounts paid in defense and settlement thereof) (individually, the "Liability," and collectively, the "Liabilities") to which the person may be liable that arises or results from (i) this Agreement or the performance of any services under this Agreement, so long as such Liabilities did not arise primarily from such person's willful misfeasance, gross negligence or reckless disregard of its obligations and duties under this Agreement or (ii) the Investment Manager's obligation to indemnify a Sub-Adviser or any partner, member, manager, officer or employee of the Sub-Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives under the terms of the Sub-Adviser's Sub-Advisory Agreement so long as such indemnification obligations did not arise primarily from the such Indemnitee's willful misfeasance, gross negligence or reckless disregard of its obligations and duties under this Agreement. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law. This indemnification obligation shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To the fullest extent permitted by law, the Investment Manager shall indemnify, defend, and hold harmless the Fund and all controlling persons of the Fund (as described in Section 15 of the Securities Act of 1933, as amended), against any Liability to which the person may be liable that results from the Investment Manager's willful misfeasance or gross negligence in connection with the performance of the Investment Manager's obligations under this Agreement, or from the Investment Manager's reckless disregard of its obligations and duties under this Agreement. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law. This indemnification obligation shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Investment Manager shall not be obligated to perform any service not described in this Agreement. The Investment Manager shall not be deemed by virtue of this Agreement to have made any representation or warranty that any level of investment performance or level of investment results will be achieved or that Investment Manager's overall management of the Fund will be successful. The Fund understands that investment decisions made for the Fund by the Investment Manager are subject to various market, currency, economic, political and business risks, and that those investment decisions will not always be profitable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. PERMISSIBLE INTERESTS. Trustees, agents, and interest holders of the Fund are or may be interested in the Investment Manager (or any successor thereof) as members, managers, officers, or interest holders, or otherwise; members, managers, officers, agents, and interest holders of the Investment Manager are or may be interested in the Fund as Trustees, interest holders or otherwise; and the Investment Manager (or any successor) is or may be interested in the Fund as an interest holder or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AUTHORITY; NO CONFLICT. The Investment Manager represents, warrants and agrees that: it has the authority to enter into and perform the services contemplated by this Agreement; and the execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Investment Manager or any of its affiliates are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. FUND REPRESENTATIONS: The Fund represents, warrants and agrees that it: (a) has all requisite power and authority to enter into and perform its obligations under this Agreement; (b) has taken all necessary actions to authorize its execution, delivery and performance of this Agreement; and has furnished to the Investment Manager copies of each of the following documents: (i) the governing documents of the Fund; (ii) the resolutions of the Board approving the engagement of the Investment Manager as investment adviser of the Fund and approving this Agreement; and (iii) current copies of the Fund's Prospectus and Statement of Additional Information. The Fund shall furnish the Investment Manager from time to time with copies of all material amendments of or material supplements to each of the foregoing, if any, with reasonable notice prior to implementation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. LICENSE OF INVESTMENT MANAGER'S NAME. The Investment Manager grants to the Fund a license to use the name "Nomura" (the "Name") as part of the name of the Fund. The foregoing authorization by the Investment Manager to the Fund to use the Name as part of the name of the Fund is not exclusive of the right of the Investment Manager itself to use, or to authorize others to use, the Name. The Fund acknowledges and agrees that, as between the Fund and the Investment Manager, the Investment Manager has the right to use, or authorize others to use, the Name. The Fund shall (1) only use the Name in a manner consistent with uses approved by the Investment Manager; (2) adhere to such specific quality control standards as the Investment Manager may from time to time promulgate; and (3) protect the reputation and goodwill of the Name. The Fund acknowledges that the Name and the trademark associated therewith are the valuable property of the Investment Manager or its affiliates. The Fund will (a) submit to the Investment Manager for review and preapproval prior to use any promotional materials using the Name; and (b) change the name of the Fund within one month of its receipt of the Investment Manager's request, or such other shorter time period as may be required under the terms of a settlement agreement or court order, so as to eliminate all reference to the Name and will not thereafter transact any business using the Name in the name of the Fund; provided, however, that to the extent required by law, regulation or regulatory guidance, the Fund may continue to make reference to the prior name of the Fund in its prospectuses, regulatory filings, marketing materials and similar documents and the Fund may continue to use beyond such date any supplies of prospectuses, marketing materials and similar documents that the Fund had on the date of such name change in quantities not exceeding those historically produced and used in connection with such Fund. If the Fund makes any unauthorized use of the Name or the Investment Manager's derivatives, logos, trademarks, or service marks or trade names, the Fund acknowledges that the Investment Manager shall suffer irreparable harm for which monetary damages may be inadequate and thus, the Investment Manager shall be entitled to injunctive relief, as well as any other remedy available under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. DURATION AND TERMINATION. This Agreement, unless sooner terminated as provided herein, shall remain in effect until December 9, 2024 and thereafter, may continue in effect only if such continuance is specifically approved at least annually (a) by the vote of a majority of those Trustees of the Board who are not parties to this Agreement or interested persons of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval, and (b) by a vote of a majority of the Fund's Board or by vote of a majority of the outstanding voting securities of the Fund; provided, however, that if the shareholders of the Fund fail to approve the Agreement as provided herein, the Investment Manager may continue to serve hereunder in the manner and to the extent permitted by the 1940 Act and rules and regulations thereunder. The foregoing requirement that continuance of this Agreement be "specifically approved at least annually" shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder.

Notwithstanding the foregoing, this Agreement may be terminated as to the Fund at any time, without the payment of any penalty, by vote of a majority of members of the Fund's Board or by vote of a majority of the outstanding voting securities of the Fund on 60 days written notice to the Investment Manager, or by the Investment Manager at any time, without the payment of any penalty, on 60 days written notice to the Fund. This Agreement will automatically and immediately terminate in the event of its assignment. Any notice under this Agreement shall be given in writing, addressed and delivered, or mailed postpaid, to the other party at any office of such party.

As used in this Section 13, the terms "assignment", "interested persons", and a "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder; subject to such exemptions as may be granted by the Securities and Exchange Commission under said Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. NOTICE. Any notice required or permitted to be given by either party to the other shall be deemed sufficient if sent by delivery service or registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice:

---

| |
|:---|
| If to the Investment Manager: |
| Nomura Private Capital LLC |
| Attn: General Counsel |
| 309 W. 49<sup>th</sup> Street |
| New York, NY 10019-7316 |
| Telephone: 212-667-9000 |
| &nbsp;&nbsp;&nbsp;If to the Fund: |
| Nomura Alternative Income Fund |
| c/o Ultimus Fund Solutions, LLC |
| 225 Pictoria Drive, Suite 450 |
| Cincinnati, OH 45246 |
| Telephone: 833-836-0206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. SEVERABILITY. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. GOVERNING LAW. This Agreement shall be construed in accordance with the laws of the State of Delaware, without reference to conflict of law or choice of law doctrines, and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. AMENDMENT. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by all parties and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. COUNTERPARTS. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. TRACK RECORD. Notwithstanding anything else to the contrary herein, the Investment Manager shall retain a right to use the investment performance and track record of the Fund (including in marketing materials) to the extent permitted by law. Further, for the avoidance of doubt, the Investment Manager shall be entitled to retain a copy and use records of each of its transactions and other records pertaining to the Fund as are necessary to support any such uses of the investment performance and track record.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. MISCELLANEOUS**.** Where the effect of a requirement of the 1940 Act or the Investment Advisers Act of 1940 reflected in any provision of this Agreement is altered by a rule, regulation or order of the Securities and Exchange Commission, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. 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.

IN WITNESS WHEREOF, the Parties hereto have caused this Agreement to be executed and effective as of the day and year first written above.

---

| |
|:---|
| NOMURA ALTERNATIVE INCOME FUND |
| &nbsp;&nbsp;&nbsp;/s/ Robert Stark |
| By: Robert Stark |
| Title: President |
| NOMURA PRIVATE CAPITAL LLC |
| &nbsp;&nbsp;&nbsp;/s/ Robert Stark |
| By: Robert Stark |
| Title: Chief Executive Officer |

---

## Exhibit 99.2

**DISTRIBUTION AGREEMENT**

THIS AGREEMENT is effective as of December 19, 2022, and made by and between Nomura Alternative Income Fund, a Delaware statutory trust (the "Fund"), and Foreside Financial Services, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company and operates as an interval fund, and is authorized to issue Shares of beneficial interest ("Shares").

WHEREAS, the Fund desires to retain the Distributor as its principal underwriter in connection with the offering of the Shares of the Fund.

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

WHEREAS, this Agreement has been approved by a vote of the Fund's board of trustees (the "Board"), including those trustees who are not "interested persons" of the Fund, as defined in the 1940 Act (the "Disinterested Trustees") in conformity with Section 15(c) of the 1940 Act.

WHEREAS, the Distributor is willing to act as principal underwriter for the Fund on the terms and conditions hereinafter set forth.

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**1. Appointment of Distributor**. The Fund hereby appoints the Distributor as its principal underwriter for the distribution of Shares of the Fund, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement.

**2. Services and Duties of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor agrees to act as the principal underwriter of the Fund for the distribution of Shares of the Fund upon the terms described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean each current prospectus (if multiple current prospectuses exist for separate classes of Shares (each a "Class", collectively "Classes")), including the statement of additional information, as amended or supplemented, relating to the Fund and included in the currently effective registration statement(s) or post-effective amendment(s) thereto (the "Registration Statement") of the Fund under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. During the public offering of Shares of the Fund, the Distributor shall use its best efforts to distribute the Shares. All orders for Shares shall be made through financial intermediaries or directly to the Fund, or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Fund or its designated agent will

confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form. The Fund will have the right to accept or reject any order in accordance with the terms of its governing documents and its Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall maintain membership with the NSCC and any other similar successor organization to sponsor a participant number for the Fund so as to enable the Shares to be traded through FundSERV. The Distributor shall not be responsible for any operational matters associated with FundSERV or Networking transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Fund other than as contained in the Prospectus and any sales literature and advertising materials specifically approved by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor agrees to review all proposed marketing materials for compliance with applicable FINRA and SEC advertising rules and regulations and shall file with FINRA those marketing materials that it believes are in compliance with such laws and regulations. The Distributor agrees to furnish to the Fund any comments provided by regulators with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund agrees to redeem or repurchase Shares tendered by shareholders of the Fund in accordance with the Fund's obligations in the Prospectus and the Registration Statement. The Fund reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Subject to applicable law, the Distributor may, in its discretion, and shall, at the request of the Fund, enter into agreements with qualified broker-dealers and other financial intermediaries (the "Financial Intermediaries") in order that such Financial Intermediaries may sell Shares of the Fund. The form of any dealer agreement shall be approved by the Fund ("Standard Dealer Agreement"). The Distributor shall not be obligated to make any payments to the Financial Intermediaries or other third parties, unless (i) Distributor has received a payment from the Fund pursuant to such Fund's plan of distribution adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan has been approved by the Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board, including reports regarding the use of payments received by the Distributor pursuant to a Plan, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Notwithstanding anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered.

**3. Representations, Warranties and Covenants of the Fund**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is duly organized and in good standing under the laws of its jurisdiction of incorporation/organization
 and is registered as a closed-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this
 Agreement has been duly authorized, executed and delivered by the Fund and, when executed
 and delivered, will constitute a valid and legally binding obligation of the Fund, enforceable
 in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium
 and other laws of general application affecting the rights and remedies of creditors and
 secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it
 is conducting its business in compliance in all material respects with all applicable laws
 and regulations, both state and federal, and has obtained all regulatory approvals necessary
 to carry on its business as now conducted; there is no statute, rule, regulation, order or
 judgment binding on it and no provision of its charter, bylaws/operating agreement or any
 contract binding it or affecting its property which would prohibit its execution or performance
 of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 Shares are validly authorized and, when issued in accordance with the description in the
 Prospectus, will be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 Registration Statement and Prospectus included therein have been prepared in conformity with
 the requirements of the 1933 Act and the 1940 Act and the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the
 Registration Statement and Prospectus and any marketing material prepared by the Fund or
 its agents do not and shall not contain any untrue statement of material fact or omit to
 state any material fact required to be stated therein or necessary to make the statements
 therein not misleading, and that all statements or information furnished to the Distributor
 pursuant to this Agreement shall be true and correct in all material respects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) it
 conducts its business in a manner that does not infringe upon any patent, trademark, copyright,
 trade secret or other intellectual property, or proprietary right of a third party, and there
 is currently no actual or threatened lawsuit against it by any third party based on an alleged
 violation of such right; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) all
 necessary approvals, authorizations, consents or orders of or filings with any federal, state,
 local or foreign governmental or regulatory commission, board, body, authority or agency
 have been or will be obtained by the Fund in connection with the issuance and sale of the
 Shares, including registration of the Shares under the 1933 Act, the filing with FINRA'
 s corporate financing department through its Public Offering System, and any necessary qualification
 under the securities or blue sky laws of the various jurisdictions in which the Shares are
 being offered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Fund authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Fund agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of
 any material correspondence or other communication by the Securities and Exchange Commission
 ("SEC") or its staff relating to the Fund, including requests by the SEC for
 amendments to the Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in
 the event of the issuance by the SEC of any stop-order suspending the effectiveness of the
 Registration Statement then in effect or the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of
 the happening of any event which makes untrue any statement of a material fact made in the
 Prospectus or which requires the making of a change in such Prospectus in order to make the
 statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) of
 all actions taken by the SEC with respect to any amendments to any Registration Statement
 or Prospectus which may from time to time be filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in
 the event that it determines to suspend the sale of Shares at any time in response to conditions
 in the securities markets or otherwise or to suspend the repurchase of Shares of the Fund
 at any time as permitted by the 1940 Act or the rules of the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) of
 the commencement of any litigation or proceedings against the Fund or any of their officers
 or directors in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Fund shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Fund agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Fund shall fully cooperate in the efforts of the Distributor to arrange for the distribution of Shares. In addition, the Fund shall keep the Distributor fully informed of its affairs and shall provide to the Distributor from time to time copies of all information, financial statements, and other papers that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Fund by their independent public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and annual and interim

reports to shareholders as the Distributor may request. The Fund shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor promptly after any such filings. The Fund represents that it will not use or authorize the use of any marketing material unless and until such materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Fund shall provide (and cause each other agent or service provider to the Fund, including the Fund's transfer agent and investment adviser, to provide) to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Fund shall not file any amendment to the Registration Statement or Prospectus that amends any provision therein which pertains to Distributor, the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Fund's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Fund may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Fund has adopted reasonably designed policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Fund (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Fund and the owners of the Shares.

**4. Representations, Warranties and Covenants of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it
 is duly organized and existing under the laws of the jurisdiction of its organization, with
 full power to carry on its business as now conducted, to enter into this Agreement and to
 perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) this
 Agreement has been duly authorized, executed and delivered by the Distributor and, when executed
 and delivered, will constitute a valid and legally binding obligation of the Distributor,
 enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of creditors
 and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it
 is conducting its business in compliance in all material respects with all applicable laws
 and regulations, both state and federal, and has obtained all regulatory approvals necessary
 to carry on its business as now conducted; there is no statute, rule, regulation, order or
 judgment binding on it and no provision of its charter, operating agreement or any contract
 binding it or affecting its property which would prohibit its execution or performance of
 this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it
 conducts its business in a manner that does not infringe upon any patent, trademark, copyright,
 trade secret or other intellectual property, or proprietary right of a third party, and there
 is currently no actual or threatened lawsuit against it by any third party based on an alleged
 violation of such right; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) it
 is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.
 It will promptly notify the Fund if any regulatory actions are instituted against it by the
 SEC, any state or FINRA that could reasonably be expected to have a material adverse effect
 on its performance of its duties under this Agreement, or if its membership in FINRA or registration
 in any state is terminated or suspended. It is registered pursuant to the blue sky laws of
 states and certain territories of the United States to the extent necessary to permit it
 to offer Shares in such states and territories.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall promptly notify the Fund of the commencement of any litigation or proceedings against the Distributor or any of its managers, officers or directors that could reasonably effect the issue and sale of any of the Shares.

**5.** **Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In consideration of Distributor's services in connection with the distribution of Shares of the Fund, Distributor shall receive the compensation set forth in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as specified in Section 5A, Distributor shall be entitled to no compensation or reimbursement of expenses for services provided by Distributor pursuant to this Agreement. Distributor may receive compensation from the Fund's investment adviser related to its services hereunder or for additional services all as may be agreed to between the investment adviser and Distributor.

**6.** **Expenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall bear all costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with its shareholders, including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related marketing material, (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Fund; and (iv) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Fund pursuant to Section 3(D) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws and the expenses of continuing such

registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

**7.** **Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund shall indemnify, defend and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, representatives and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and any reasonable counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or relating to (i) the Distributor serving as principal underwriter of the Fund pursuant to this Agreement; (ii) the Fund's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Fund's failure to comply with any applicable securities laws or regulations; or. (iv) any claim that the Registration Statement, Prospectus, shareholder reports, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under the 1933 Act, or any other statute or the common law any violation of any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Fund is 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 is such Registration Statement, Prospectus, shareholder reports, or sales literature and advertising materials. In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Fund or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Fund's agreement to indemnify the Distributor Indemnitees with respect to any action is expressly conditioned upon the Fund being notified of such action or claim of loss brought against any Distributor Indemnitee, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon such Distributor Indemnitee, unless the failure to give notice does not prejudice the Fund. Such notification shall be given by letter or by email addressed to the Fund's President, but the failure so to notify the Fund of any such action shall not relieve the Fund from any liability which the Fund may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, or alleged omission, otherwise than on account of the Fund's indemnity agreement contained in this Section 7(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Fund elects to assume the defense, such defense shall be conducted by counsel chosen by the Fund and approved by the Distributor, which approval shall not be unreasonably withheld. In the event the Fund elects to assume the defense of any such suit and retain such counsel, the Distributor Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Fund does not elect to assume the defense of any such suit, or in case the Distributor does not, in the exercise of reasonable judgment, approve of counsel chosen by the Fund or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Fund and the Distributor Indemnitee(s), the Fund will reimburse the Distributor Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by Distributor and them. The Fund's indemnification agreement contained in Sections 7(A) and 7(B) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Distributor Indemnitee(s) and shall survive the delivery of any Shares and the termination of this Agreement. This agreement of indemnity will inure exclusively to the Distributor's benefit, to the benefit of each Distributor Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall indemnify, defend and hold the Fund, their affiliates, and each of their respective directors, officers, employees, representatives, and any person who controls or previously controlled the Fund within the meaning of Section 15 of the 1933 Act (collectively, the "Fund Indemnitees"), free and harmless from and against any and all Losses that any Fund Indemnitee may incur under the 1933 Act, the 1934 Act, the 1940 Act, any other statute (including Blue Sky laws) or any rule or regulation thereunder, or under common law or otherwise, arising out of or based upon (i) the Distributor's breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (ii) the Distributor's failure to comply with any applicable securities laws or regulations; or (iii) any claim that the Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund (as from time to time amended) include or included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with, information furnished to the Fund by the Distributor in writing for use in such Registration Statement, Prospectus, sales literature and advertising materials or other information filed or made public by the Fund. In no event shall anything contained herein be so construed as to protect the Fund against any liability to the Distributor to which the Fund would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

The Distributor's agreement to indemnify the Fund Indemnitees is expressly conditioned upon the Distributor's being notified of any action or claim of loss brought against a Fund Indemnitee, such notification to be given by letter or email addressed to the Distributor's President, within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon the Fund Indemnitee, unless the failure to give notice does not prejudice the Distributor. The failure so to notify the Distributor of any such action shall not relieve the Distributor from any liability which the Distributor may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or

omission, otherwise than on account of the Distributor's indemnity agreement contained in this Section 7(D).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any such Losses, but if the Distributor elects to assume the defense, such defense shall be conducted by counsel chosen by the Distributor and approved by the Fund Indemnitee, which approval shall not be unreasonably withheld. In the event the Distributor elects to assume the defense of any such suit and retain such counsel, the Fund Indemnitee(s) in such suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any such suit, or in case the Fund does not, in the exercise of reasonable judgment, approve of counsel chosen by the Distributor or, if under prevailing law or legal codes of ethics, the same counsel cannot effectively represent the interests of both the Distributor and the Fund Indemnitee(s), the Distributor will reimburse the Fund Indemnitee(s) in such suit, for the fees and expenses of any counsel retained by the Fund and them. The Distributor's indemnification agreement contained in Sections 7(D) and (E) shall remain operative and in full force and effect regardless of any investigation made by or on behalf of the Fund Indemnitee(s) and shall survive the delivery of any Shares and the termination of this Agreement. This Agreement of indemnity will inure exclusively to the Fund's benefit, to the benefit of each Fund Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. No person shall be obligated to provide indemnification under this Section 7 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under this Section 7 to the maximum extent so permissible.

**8.** **Dealer Agreement Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Both parties acknowledge and agree that certain large and significant broker-dealers, such as (without limitation) Merrill Lynch, UBS and Morgan Stanley (all such brokers referred to herein as the "Brokers"), require that Distributor enter into dealer agreements (the "Non-Standard Dealer Agreements") that contain certain representations, undertakings and indemnification that are not included in the Standard Dealer Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To the extent that Distributor enters into any Non-Standard Dealer Agreement, after review and approval by the Fund, the Fund shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) Distributor's actions or failures to act pursuant to any Non-Standard Dealer Agreement; (b) any representations made by Distributor in any Non-Standard Dealer Agreement to the extent that Distributor is not required to make such representations in the Standard Dealer Agreement; or (c) any indemnification provided by Distributor under a Non-Standard Dealer Agreement to the extent that such indemnification is beyond the indemnification Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Fund or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard

Dealer Agreement or by reason of Distributor's reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement.

**9. Limitations on Damages**. Neither Party shall be liable for any consequential, special or indirect losses or damages suffered by the other Party, whether or not the likelihood of such losses or damages was known by the Party.

**10. Force Majeure**. Neither Party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, Acts of Nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause.

**11.** **Duration and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective on the Effective Date. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods, provided such continuance is specifically approved at least annually by (i) the Fund's Board, including its Disinterested Trustees, or (ii) the vote of a majority of the outstanding voting securities of a Fund, in accordance with Section 15 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, this Agreement may be terminated, without the payment of any penalty, by the Fund (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days' written notice, by either the Fund through a vote of a majority of the Disinterested Trustees who have no direct or indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of a Fund, or by the Distributor (iii) immediately by either party for a non-curable breach of a provision in this Agreement by the other party or after 30 days written notice by a party to the other party with a chance to cure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Agreement will automatically terminate in the event of its "assignment" as such term is defined in the 1940 Act and the rules thereunder.

**12.** **Anti-Money Laundering Compliance**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each of Distributor and the Fund acknowledge that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "AML Acts"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants to the other that it is in compliance with and will continue to comply with the AML Acts and applicable regulations in all relevant respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Each of Distributor and the Fund agrees that it will take such further steps and cooperate with the other as may be reasonably necessary, to facilitate compliance with the AML Acts, including but not limited to the provision of copies of its written procedures, policies and controls related thereto ("AML Operations"). Distributor undertakes that it will grant to the Fund, the Fund's anti-money laundering compliance officer and appropriate regulatory agencies, reasonable access to copies of Distributor's AML Operations, and related books and records to the extent they pertain to the Distributor's services hereunder. It is expressly understood and agreed that the Fund and the Fund's compliance officer shall have no access to any of Distributor's AML Operations, books or records pertaining to other clients or services of Distributor.

**13. Privacy**. In accordance with Regulation S-P, the Distributor will not disclose any nonpublic personal information, as defined in Regulation S-P, received from the Fund regarding any Fund shareholder; provided, however, that the Distributor may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Distributor. The Distributor shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to consumers and customers of the Fund.

The Fund represents to the Distributor that it has adopted a Statement of its privacy policies and practices as required by Securities and Exchange Commission Regulation S-P and agrees to provide to the Distributor a copy of that statement annually. The Distributor agrees to use reasonable precautions to protect, and prevent the unintentional disclosure of, such non-public personal information.

**14. Confidentiality**. During the term of this Agreement, the Distributor and the Fund may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means non-public or proprietary information belonging to the Distributor or the Fund which is of value to such party and the disclosure of which could result in a competitive or other disadvantage to either party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, customer lists, business plans, and all provisions of this Agreement, whether or not such information is marked as Confidential Information. Confidential Information does not include: (i) information that was known to the receiving Party before receipt thereof from or on behalf of the Disclosing Party; (ii) information that is disclosed to the Receiving Party by a third person who has a right to make such disclosure without any obligation of confidentiality to the Party seeking to enforce its rights under this Section; (iii) information that is or becomes generally known in the trade without violation of this Agreement by the Receiving Party; or (iv) information that is independently developed by the Receiving Party or its employees or affiliates without reference to the Disclosing Party's information.

Each party will protect the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any regulatory or self-regulatory agency; (ii) it is

advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure, and if disclosure is warranted, it shall be made in a restrictive manner to satisfy the requirement to disclose (and, if possible, pursuant to confidentiality or protective order with the party receiving such Confidential Information so as to avoid public disclosure). Each party agrees that upon the request of the disclosing party, the receiving party will return or destroy all of the disclosing party's Confidential Information; provided, however, that the receiving party may retain copies of such information to the extent required by applicable law, regulatory requirements, or internal document retention policies.

**15.** **Notices**.

Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed facsimile, electronic mail, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Distributor:** | &nbsp;&nbsp;(ii) **To the Fund:** |
| &nbsp;&nbsp;Foreside Financial Services, LLC<br> Attn: Legal Department<br> Three Canal Plaza, Suite 100<br> Portland, ME 04101<br> Telephone: (207) 553-7110<br> E-mail: legal@foreside.corn | &nbsp;&nbsp;Nomura Alternative Income Fund<br> Attn: Matthew Nelson<br> 309 West 49th Street<br> New York, NY 10019<br> Telephone: 212-667-9131<br> E-mail: matthew.nelson@nomura.com |

---

**16. Modifications**. The terms of this Agreement shall not be waived, altered, modified, amended or supplemented in any manner whatsoever except by a written instrument signed by the Distributor and the Fund. If required under the 1940 Act, any such amendment must be approved by the Fund's Board, including a majority of the Fund's Board who are not interested persons, as such term is defined in the 1940 Act, of any party to this Agreement, by vote cast in person at a meeting for the purpose of voting on such amendment.

**17. Governing Law**. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law principles thereof.

**18. Entire Agreement**. This Agreement constitutes the entire agreement between the Parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

**19. Survival**. The provisions of Sections 5, 6, 7, 8, 9, 13, 14, 17, and 19 of this Agreement shall survive any termination of this Agreement.

**20. Miscellaneous**. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent

authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement shall be construed as if drafted jointly by both the Distributor and the Fund and no presumptions shall arise in favor of any party by virtue of authorship of any provision of this Agreement. This Agreement has been negotiated and executed by the parties in English. In the event any translation of this Agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

**21. Counterparts**. This Agreement may be executed by the Parties hereto in any number of counterparts, and all of the counterparts taken together shall be deemed to constitute one and the same document.

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts.

---

| | | | |
|:---|:---|:---|:---|
| Nomura Alternative Income Fund | Nomura Alternative Income Fund | Foreside Financial Services, LLC | Foreside Financial Services, LLC |
| By: | /s/ Robert Stark | By: | /s/ Teresa Cowan |
| Robert Stark / President | Robert Stark / President | Teresa Cowan, President | Teresa Cowan, President |
| Date: | Date: | Date: December 29, 2022 | Date: December 29, 2022 |

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EXHIBIT A

<u>Compensation</u>

<u>SALES LOADS:</u>

Any and all upfront commissions on sales of Shares notified by a Fund in writing to the Distributor in respect of a particular Financial Intermediary up to the maximum such upfront commission rate set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of sale of such Shares.

Such amounts as set forth in the Registration Statement with respect to the applicable share class shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such sales loads from the applicable Fund.

<u>DISTRIBUTION FEE:</u>

The Fund will pay the Distributor an ongoing quarterly fee in such amounts as set forth in the Registration Statement with respect to the applicable share class and such fee shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such sales loads from the applicable Fund.

## Exhibit 99.2

**DISTRIBUTION AND SERVICE PLAN**

**OF**

**NOMURA ALTERNATIVE INCOME FUND**

**Class A Shares and Class D Shares**

**WHEREAS**, the Nomura Alternative Income Fund (the "Fund") engages in business as a closed-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "Act");

**WHEREAS**, the Fund has issued three separate classes of shares of beneficial interests (the "Shares") in the Fund known as Class I Shares, Class D Shares and Class A Shares;

**WHEREAS**, the Board of Trustees of the Fund (the "Trustees") has determined that there is a reasonable likelihood that adoption of this Distribution and Service Plan (the "Plan") will benefit the Fund and its shareholders;

**WHEREAS,** the Trustees have adopted the Plan pursuant to Rule 12b-1 under the Act with respect to the Fund;

**WHEREAS**, the Fund and Foreside Financial Services, LLC (the "Distributor") have entered into a separate Distribution Agreement pursuant to which the Fund has employed the Distributor in such capacity during the continuous offering of shares of the Fund.

**NOW, THEREFORE**, the Fund hereby adopts this Plan in accordance with Rule 12b-1 under the Act on the following terms and conditions. The Plan is applicable solely to Class A Shares and Class D Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund has adopted this Plan to enable the Class A Shares and Class D Shares to directly or indirectly bear the respective expenses relating to the distribution of Class A Shares and Class D Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund will pay the Distributor and/or any Recipient (as defined below) a distribution fee of up to 0.25% on an annualized basis of the Fund's net asset value attributable to Class A Shares and Class D Shares in connection with the promotion and distribution of Class A Shares and Class D Shares and the provision of personal services to holders of Class A Shares and Class D Shares, including, but not limited to, advertising, compensation to placement agents, dealers and selling personnel, the printing and mailing of offering memoranda to other than current shareholders of the Fund, and the printing and mailing of sales literature. 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 (each, a "Recipient") who renders assistance in distributing or promoting the sale of Class A Shares and Class D Shares, or who provides certain shareholder services, pursuant to a written agreement. The actual fee to be paid by the Fund to broker/dealers and financial institutions and intermediaries will be negotiated based on the extent and quality of services provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. This Plan shall not take effect as it relates to Class A Shares and Class D Shares, respectively, until it has been approved by a vote of at least a majority of the outstanding holders of the respective class of Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. This Plan shall continue in effect for one year from the date hereof and from year to year thereafter for so long as such continuance is specifically approved at least annually by votes of the majority of both (i) the Trustees and (ii) the Independent Trustees, cast in person at a meeting of the Trustees called for the purpose of voting on this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to this Plan or any related agreement shall provide to the Trustees and the Trustees shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This Plan may be terminated at any time by vote of a majority of the Independent Trustees, or by vote of a majority of the respective outstanding Shares of such Class of the Fund, and any agreement under the Plan will terminate in the event of its assignment (as defined in the Act). In the event of any such termination or in the event of non-renewal, the Fund shall have no obligation to pay expenses which have been incurred by the Distributor or a Recipient pursuant to the Plan. However, this shall not preclude consideration by the Trustees of the manner in which such excess expenses shall be treated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All agreements with any person relating to the implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide (a) that such agreement may be terminated at any time, without payment of any penalty, by the vote of a majority of the Independent Trustees or by vote of a majority of the outstanding related Shares of the Fund, on not more than 60 days' written notice to any other party to the agreement; and that such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. This Plan may be amended, individually with respect to each Class of Shares by votes of the majority of both (i) the Trustees; and (ii) the Independent Trustees, cast in person at a meeting of the Trustees called for the purpose of voting on such amendment; provided, however, that the Plan may not be amended to increase materially the amount of distribution expenses permitted pursuant to Section 2 hereof without the approval of a majority of the respective outstanding Shares of such Class of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. While this Plan is in effect, the selection and nomination of Trustees who are not interested persons (as defined in the Act) of the Fund shall be committed to the discretion of the Trustees who are not interested persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. As used in this Plan, (a) the term "Independent Trustees" shall mean those Trustees who are not interested persons, and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it, and (b) the terms "assignment" and "interested person" shall have the respective meanings specified in the Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Fund shall preserve copies of this Plan and any related agreements and all reports made pursuant to paragraph 6 hereof, for a period of not less than six years from the date of this Plan, or the agreements or such report, as the case may be, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Where the effect of a requirement of the Act reflected in any provision of this Plan is revised by rule, interpretation, or order of the SEC, such provisions shall be deemed to incorporate the effect of such rule, interpretation, or order.

## Exhibit 99.2

**CUSTODY AGREEMENT**

**THIS AGREEMENT** is made and entered into as of the last date on the signature page, by and between **NOMURA ALTERNATIVE INCOME FUND**, a Delaware statutory trust, (the "Fund"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end non-diversified management investment company; and

WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and

WHEREAS, the Board of Trustees (as defined below) has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Fund.

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I.<br>CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

1.01 "<u>Authorized Person</u>" means any Officer or person (including an investment advisor or other agent) who has been designated by written notice as such from the Fund or the Fund's investment advisor or other agent and is named in Exhibit A attached hereto. Such officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Fund or the Fund's investment advisor or other agent that any such person is no longer an Authorized Person.

1.02 "<u>Board of Trustees</u>" shall mean the trustees from time to time serving under the Fund's declaration of trust, as amended from time to time.

1.03 "<u>Book-Entry System</u>" shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart 0.

1.04 "<u>Business Day</u>" shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc., and any other day for which the Fund computes the net asset value of Shares of the Fund.

1.05 "<u>Eligible Foreign Custodian</u>" has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

1.06 "<u>Eligible Securities Depository</u>" shall mean a system for the central handling of securities as that term is defined in Rule 17f-4 and 17f-7 under the 1940 Act.

1.07 "<u>Foreign Securities</u>" means any of the Fund's investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Fund's transactions in such investments.

1.08 "<u>Fund Custody Accoun</u>t" shall mean any of the accounts in the name of the Fund, which is provided for in Section 3.2 below.

1.09 "<u>IRS</u>" shall mean the Internal Revenue Service.

1.10 "<u>FINRA</u>" shall mean the Financial Industry Regulatory Authority, Inc.

1.11 "<u>Officer</u>" shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Fund.

1.12 "<u>Proper Instructions</u>" shall mean Written Instructions.

1.13 "<u>SEC</u>" shall mean the U.S. Securities and Exchange Commission.

1.14 "<u>Securities</u>" shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

1.15 "<u>Securities Depository</u>" shall mean The Depository Trust Company and any other clearing agency registered with the Securities and Exchange Commission ("SEC") under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

1.16 "<u>Shares</u>" shall mean, with respect to the Fund, the shares of common stock issued by the Fund on account of the Fund.

1.17 "<u>Sub-Custodian</u>" shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any "Eligible Foreign Custodian", as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.3 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

1.18 "<u>Written Instructions</u>" shall mean (i) written communications received by the Custodian and signed by an Authorized Person (ii) communications by facsimile or e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.

**ARTICLE II.<br>APPOINTMENT OF CUSTODIAN**

2.01 <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Fund hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Fund's Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

2.02 <u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 copy of the Fund's declaration of trust, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 copy of the Fund's bylaws, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 copy of the resolution of the Board of Trustees of the Fund appointing the Custodian, certified
 by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 copy of the current prospectus of the Fund (the "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 certification of the Chairman or the President and the Secretary of the Fund setting forth
 the names and signatures of the current Officers of the Fund and other Authorized Persons;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An
 executed authorization required by the Shareholder Communications Act of 1985, attached hereto
 as Exhibit C.

2.03 <u>Notice of Appointment of Transfer Agent</u>. The Fund agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Fund, except if the Fund appoints an affiliate of the Custodian to serve as transfer agent of the Fund, the Custodian hereby waives the Fund's obligation to provide such written notice.

**ARTICLE III.<br>CUSTODY OF CASH AND SECURITIES**

3.01 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Fund, if applicable) and shall be identified as subject to this Agreement.

3.02 <u>Fund Custody Accounts</u>. The Custodian shall open and maintain in its trust department a custody account in the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of the Fund which are delivered to it.

3.03 <u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to the requirements of the 1940 Act and the rules thereunder, the Custodian may appoint one
 or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities
 Depositories or (ii) Eligible Foreign Custodians that are members of the Sub-Custodian's
 network to hold Securities and cash of the Fund and to carry out such other provisions of
 this Agreement as it may determine; provided, however, that the appointment of any such agents
 and

maintenance of any Securities and cash of the Fund shall be at the Custodian's expense and shall not relieve the Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether assets are maintained in the custody of a Sub-Custodian, a member of its network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 after the initial appointment of Sub-Custodians by the Board of Trustees in connection with
 this Agreement, the Custodian wishes to appoint other Sub-Custodians to hold property of
 the Fund, it will so notify the Fund and make the necessary determinations as to any such
 new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 performing its delegated responsibilities as foreign custody manager to place or maintain
 the Fund's assets with a Sub-Custodian, the Custodian will determine that the Fund's
 assets will be subject to reasonable care, based on the standards applicable to custodians
 in the country in which the Fund's assets will be held by that Sub-Custodian, after
 considering all factors relevant to safekeeping of such assets, including, without limitation
 the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 agreement between the Custodian and each Sub-Custodian acting hereunder shall contain the
 required provisions set forth in Rule 17f-5(c)(2) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 the end of each calendar quarter, the Custodian shall provide written reports notifying the
 Board of Trustees of the withdrawal or placement of the Securities and cash of the Fund with
 a Sub-Custodian and of any material changes in the Fund's arrangements. Such reports
 shall include an analysis of the custody risks associated with maintaining assets with any
 Eligible Securities Depositories. The Custodian shall promptly take such steps as may be
 required to withdraw assets of the Fund from any Sub-Custodian arrangement that has ceased
 to meet the requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With
 respect to its responsibilities under this Section 3.3, the Custodian hereby warrants to
 the Fund that it agrees to exercise reasonable care, prudence and diligence such as a person
 having responsibility for the safekeeping of property of the Fund. The Custodian further
 warrants that the Fund's assets will be subject to reasonable care if maintained with
 a Sub-Custodian, after considering all factors relevant to the safekeeping of such assets,
 including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal
 controls for certificated securities (if applicable), its method of keeping custodial records,
 and its security and data protection practices; (ii) whether the Sub-Custodian has the requisite
 financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian's
 general reputation and standing and, in the case of a Securities Depository, the Securities
 Depository's operating history and number of participants; and (iv) whether the Fund
 will have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such
 as by virtue of the existence

of any offices of the Sub-Custodian in the United States or the Sub-Custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Custodian shall establish a system or ensure that its Sub-Custodian has established a system
 to monitor on a continuing basis (i) the appropriateness of maintaining the Fund's
 assets with a Sub-Custodian or Eligible Foreign Custodians who are members of a Sub-Custodian's
 network; (ii) the performance of the contract governing the Fund's arrangements with
 such Sub-Custodian or Eligible Foreign Custodian's members of a Sub-Custodian's
 network; and (iii) the custody risks of maintaining assets with an Eligible Securities Depository.
 The Custodian must promptly notify the Fund or its investment adviser of any material change
 in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Custodian shall use commercially reasonable efforts to collect all income and other payments
 with respect to Foreign Securities to which the Fund shall be entitled and shall credit such
 income, as collected, to the Fund. In the event that extraordinary measures are required
 to collect such income, the Fund and Custodian shall consult as to the measures and as to
 the compensation and expenses of the Custodian relating to such measures.

3.04 <u>Delivery of Assets to Custodian</u>. The Fund shall deliver, or cause to be delivered, to the Custodian all of the Fund's Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System
 all Securities eligible for deposit therein and shall make use of such Securities Depository
 or Book-Entry System to the extent possible and practical in connection with its performance
 hereunder, including, without limitation, in connection with settlements of purchases and
 sales of Securities, loans of Securities, and deliveries and returns of collateral consisting
 of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities
 of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an account
 ("Depository Account") of the Custodian in such Book-Entry System or Securities
 Depository which includes only assets held by the Custodian as a fiduciary, custodian or
 otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 records of the Custodian with respect to Securities of the Fund maintained in a Book-Entry
 System or Securities Depository shall, by book-entry, identify such Securities as belonging
 to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository,
 the Custodian shall pay for such Securities upon: (i) receipt of advice from the Book-Entry
 System or Securities Depository that such Securities have been transferred to the Depository
 Account; and (ii) the making of an entry on the records of the Custodian to reflect such
 payment and transfer for the account of the Fund. If Securities sold by the Fund are held
 in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities
 upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment
 for such Securities has been transferred to the Depository Account; and (ii) the making of
 an entry on the records of the Custodian to reflect such transfer and payment for the account
 of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Custodian shall provide the Fund with copies of any report (obtained by the Custodian from
 a Book-Entry System or Securities Depository in which Securities of the Fund are kept) on
 the internal accounting controls and procedures for safeguarding Securities deposited in
 such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
 anything to the contrary in this Agreement, the Custodian shall be liable to the Fund for
 any loss or damage to the Fund resulting from: (i) the use of a Book-Entry System or Securities
 Depository by reason of any negligence or willful misconduct on the part of the Custodian
 or any Sub-Custodian; or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively
 such rights as it may have against a Book-Entry System or Securities Depository. At its election,
 the Fund shall be subrogated to the rights of the Custodian with respect to any claim against
 a Book-Entry System or Securities Depository or any other person from any loss or damage
 to the Fund arising from the use of such Book-Entry System or Securities Depository, if and
 to the extent that the Fund has not been made whole for any such loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With
 respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under
 the 1940 Act, the Custodian hereby warrants to the Fund that it agrees to (i) exercise due
 care in accordance with reasonable commercial standards in discharging its duty as a securities
 intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request
 by the Fund, such reports as are available concerning the Custodian's internal accounting
 controls and financial strength, and (iii) require any Sub-Custodian to exercise due care
 in accordance with reasonable commercial standards in discharging its duty as a securities
 intermediary to obtain and thereafter maintain assets corresponding to the security entitlements
 of its entitlement holders.

3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Proper Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For
 the purchase of Securities for the Fund but only in accordance with Section 4.01 of this
 Agreement and only (i) in the case of Securities (other than options on Securities, futures
 contracts and options on futures contracts), against the delivery to the Custodian (or any
 Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper
 form for transfer, or if the purchase of such Securities is effected through a Book-Entry
 System or Securities Depository, in accordance with the conditions set forth in Section 3.05
 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any
 Sub-Custodian) of such receipts as are required by the customs prevailing among dealers in
 such options; (iii) in the case of futures contracts and options on futures contracts, against
 delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of
 the Fund or any nominee referred to in Section 3.09 below; and (iv) in the case of repurchase
 or reverse repurchase agreements entered into between the Fund and a bank that is a member
 of the Federal Reserve System or between the Fund and a primary dealer in U.S. Government
 securities, against delivery of the purchased Securities either in certificate form or through
 an entry crediting the Custodian's account at a Book-Entry System or Securities Depository
 with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below,
 of Securities owned by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For
 the payment of any dividends or capital gain distributions declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 payment of the repurchase price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For
 the payment of any expense or liability incurred by the Fund, including, but not limited
 to, the following payments for the account of the Fund: interest; taxes; administration,
 investment advisory, accounting, auditing, transfer agent, custodian, trustee and legal fees;
 and other operating expenses of the Fund; in all cases, whether or not such expenses are
 to be in whole or in part capitalized or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For
 transfer in accordance with the provisions of any agreement among the Fund, the Custodian
 and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance
 with rules of the Options Clearing Corporation and of any registered national securities
 exchange (or of any similar organization or organizations) regarding escrow or other arrangements
 in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For
 transfer in accordance with the provisions of any agreement among the Fund, the Custodian
 and a futures commission merchant registered under the

Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For
 the funding of any uncertificated time deposit or other interest-bearing account with any
 banking institution (including the Custodian); which deposit or account has a term of one
 year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For
 any other proper purpose, but only upon receipt of Proper Instructions, specifying the amount
 and purpose of such payment, declaring such purpose to be a proper trust purpose, and naming
 the person or persons to whom such payment is to be made.

3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Proper Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon
 the sale of Securities for the account of the Fund but only against receipt of payment therefor
 in cash, by certified or cashiers check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In
 the case of a sale effected through a Book-Entry System or Securities Depository, in accordance
 with the provisions of Section 3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 an offeror's depository agent in connection with tender or other similar offers for
 Securities of the Fund; provided that, in any such case, the cash or other consideration
 is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To
 the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian
 or any Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for exchange
 for a different number of certificates or other evidence representing the same aggregate
 face amount or number of units; provided that, in any such case, the new Securities are to
 be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To
 the broker selling the Securities, for examination in accordance with the "street delivery"
 custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For
 exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization
 or readjustment of the issuer of such Securities, or pursuant to provisions for conversion
 contained in such Securities, or pursuant to any deposit agreement, including surrender or
 receipt of underlying Securities in connection with the issuance or cancellation of depository
 receipts; provided that, in any such case, the new Securities and cash, if any, are to be
 delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon
 receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered
 into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
 the case of warrants, rights or similar Securities, upon the exercise thereof, provided that,
 in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For
 delivery in connection with any loans of Securities of the Fund, but only against receipt
 of such collateral as the Fund shall have specified to the Custodian in Proper Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) For
 delivery as security in connection with any borrowings by the Fund requiring a pledge of
 assets by the Fund, but only against receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Pursuant
 to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization
 of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For
 delivery in accordance with the provisions of any agreement among the Fund, the Custodian
 and a broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance
 with the rules of the Options Clearing Corporation and of any registered national securities
 exchange (or of any similar organization or organizations) regarding escrow or other arrangements
 in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For
 delivery in accordance with the provisions of any agreement among the Fund, the Custodian
 and a futures commission merchant registered under the Commodity Exchange Act, relating to
 compliance with the rules of the Commodity Futures Trading Commission and/or any contract
 market (or any similar organization or organizations) regarding account deposits in connection
 with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For
 any other proper trust purpose, but only upon receipt of Proper Instructions, specifying
 the Securities to be delivered, setting forth the purpose for which such delivery is to be
 made, declaring such purpose to be a proper trust purpose, and naming the person or persons
 to whom delivery of such Securities shall be made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To
 brokers, clearing banks or other clearing agents for examination or trade execution in accordance
 with market custom; provided that in any such case the Custodian shall have no responsibility
 or liability for any loss arising from the delivery of such securities prior to receiving
 payment for such securities except as may arise from the Custodian's own negligence
 or willful misconduct.

3.08 <u>Actions Not Requiring Proper Instructions</u>. Unless otherwise instructed by the Fund, the Custodian shall with respect to all Securities held for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 9.04 below, collect on a timely basis all income and other payments to which the
 Fund is entitled either by law or pursuant to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present
 for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable
 upon all Securities that may mature or be called, redeemed, or retired, or otherwise become
 payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse
 for collection, in the name of the Fund, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender
 interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute,
 as custodian, any necessary declarations or certificates of ownership under the federal income
 tax laws or the laws or regulations of any other taxing authority now or hereafter in effect,
 and prepare and submit reports to the IRS and the Fund at such time, in such manner and containing
 such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold
 for the Fund, either directly or, with respect to Securities held therein, through a Book-Entry
 System or Securities Depository, all rights and similar Securities issued with respect to
 Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 general, and except as otherwise directed in Proper Instructions, attend to all non-discretionary
 details in connection with the sale, exchange, substitution, purchase, transfer and other
 dealings with Securities and other assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Important
 information related to ADRs and Preferential Tax Treatment: With respect to any ADRs the
 Fund may purchase and own and which the Custodian custodies on the Fund's behalf, the
 Fund understands that the holding of American Depository Receipts ("ADRs") may
 require the disclosure of the beneficial ownership information (Name, Address, TIN/SSN, Share
 amount) by the Custodian to vendors, sub-custodians, or local tax authorities in foreign
 jurisdictions to avoid tax penalties and to obtain the most preferential tax treatment for
 the Fund. The Fund acknowledges and consents to any and all disclosures or releases of beneficial
 information, described above, by the Custodian to any third parties relating to ADRs and
 release, hold harmless, and indemnify the Custodian from any liability for doing so.

3.09 <u>Registration and Transfer of Securities</u>. All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to the Fund's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred

to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

3.10 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Custodian shall maintain complete and accurate records with respect to Securities, cash or
 other property held for the Fund, including (i) journals or other records of original entry
 containing an itemized daily record in detail of all receipts and deliveries of Securities
 and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A)
 Securities in transfer, (B) Securities in physical possession, (C) monies and Securities
 borrowed and monies and Securities loaned (together with a record of the collateral therefor
 and substitutions of such collateral), (D) dividends and interest received, and (E) dividends
 receivable and interest receivable; (iii) canceled checks and bank records related thereto;
 and (iv) all records relating to its activities and obligations under this Agreement. The
 Custodian shall keep such other books and records of the Fund as the Fund shall reasonably
 request, or as may be required by the 1940 Act, including, but not limited to, Section 31
 of the 1940 Act and Rule 31a-2 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 such books and records maintained by the Custodian shall (i) be maintained in a form acceptable
 to the Fund and in compliance with the rules and regulations of the SEC, (ii) be the property
 of the Fund and at all times during the regular business hours of the Custodian be made available
 upon request for inspection by duly authorized officers, employees or agents of the Fund
 and employees or agents of the SEC, and (iii) if required to be maintained by Rule 31a-1
 under the 1940 Act, be preserved for the periods prescribed in Rules 31a-1 and 31a-2 under
 the 1940 Act.

3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Fund with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Fund with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

3.12 <u>Other Reports by Custodian</u>. As the Fund may reasonably request from time to time, the Custodian shall provide the Fund with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities that are not registered in the name of the Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Fund acknowledges that local conditions, including lack of regulation,

onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Fund to exercise shareholder rights.

3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Fund all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase or expiration of rights. If the Fund desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Fund shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Fund will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE IV.<br>PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying: (i) the name of the issuer or writer of such Securities, and the title or other description thereof; (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold; (iii) the date of sale and settlement, (iv) the sale price per unit; (v) the total amount payable upon such sale; and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior

to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

4.05 <u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with: (i) proceeds from the sale of Securities which it has been instructed to deliver against payment; (ii) proceeds from the redemption of Securities or other assets of the Fund; and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.

4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Fund to facilitate the settlement of the Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

**ARTICLE V.<br>REPURCHASE OF FUND SHARES**

5.01 <u>Transfer of Funds</u>. From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Proper Instructions specifying that the funds are required to repurchase Shares of the Fund, the Custodian shall wire each amount specified in such Proper Instructions to or through such bank or broker-dealer as the Fund may designate.

5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI.<br>SEGREGATED ACCOUNTS**

Upon receipt of Proper Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer
 registered under the 1934 Act and a member of FINRA (or any futures commission merchant registered
 under the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing

Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 purposes of segregating cash or Securities in connection with securities options purchased
 or written by the Fund or in connection with financial futures contracts (or options thereon)
 purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which
 constitute collateral for loans of Securities made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance
 of segregated accounts by registered investment companies in connection with reverse repurchase
 agreements and when-issued, delayed delivery and firm commitment transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for
 other proper trust purposes, but only upon receipt of Proper Instructions, setting forth
 the purpose or purposes of such segregated account and declaring such purposes to be proper
 trust purposes.

Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Proper Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII.<br>COMPENSATION OF CUSTODIAN**

7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on Exhibit B hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 30 calendar days of the day on which the parties agree to the amount to be paid. Notwithstanding anything to the contrary, amounts owed by the Fund to the Custodian under this Paragraph 7.01 shall only be paid out of the assets and property of the particular Fund involved.

7.02 <u>Overdrafts</u>. The Fund is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Fund may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on Exhibit B hereto (as amended from time to time)

**ARTICLE VIII.<br>REPRESENTATIONS AND WARRANTIES**

8.01 <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 is duly organized and existing under the laws of the jurisdiction of its organization, with
 full power to carry on its business as now conducted, to enter into this Agreement and to
 perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Agreement has been duly authorized, executed and delivered by the Fund in accordance with
 all requisite action and constitutes a valid and legally binding obligation of the Fund,
 enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of creditors
 and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It
 is conducting its business in compliance in all material respects with all applicable laws
 and regulations, both state and federal, and has obtained all regulatory approvals necessary
 to carry on its business as now conducted; there is no statute, rule, regulation, order or
 judgment binding on it and no provision of its charter, bylaws or any contract binding it
 or affecting its property which would prohibit its execution or performance of this Agreement.

8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It
 is duly organized and existing under the laws of the jurisdiction of its organization, with
 full power to carry on its business as now conducted, to enter into this Agreement and to
 perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It
 is a "U.S. Bank" as defined in section (a)(7) of Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Agreement has been duly authorized, executed and delivered by the Custodian in accordance
 with all requisite action and constitutes a valid and legally binding obligation of the Custodian,
 enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
 moratorium and other laws of general application affecting the rights and remedies of creditors
 and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It
 is conducting its business in compliance in all material respects with all applicable laws
 and regulations, both state and federal, and has obtained all regulatory approvals necessary
 to carry on its business as now conducted; there is no statute, rule, regulation, order or
 judgment binding on it and no provision of its charter, bylaws or any contract binding it
 or affecting its property which would prohibit its execution or performance of this Agreement.

**ARTICLE IX.<br>CONCERNING THE CUSTODIAN**

9.01 <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud or for any loss suffered by the Fund in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

9.03 <u>No Responsibility for Title, etc</u>. So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

9.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Fund to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Fund may from time to time request to enable the Fund to obtain, from year to year, favorable opinions from the Fund's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Fund's reports on Form N-PORT, Form N-CEN, Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-2, and (ii) the fulfillment by the Fund of any other requirements of the SEC.

**ARTICLE X.<br>INDEMNIFICATION**

10.01 <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an "Indemnified Party" and collectively, the "Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys' fees) that an Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Proper Instructions, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms "Custodian" and "Sub-Custodian" shall include their respective directors, officers and employees.

10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Fund may sustain or incur or that may be asserted against the Fund by any person arising directly or indirectly out of any action taken or omitted to be taken by an Indemnified Party as a result of the Indemnified Party's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Fund" shall include the Fund's trustees, officers and employees.

10.03 <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, either at the Fund's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith, negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail to promptly repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

10.04 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 party to this Agreement shall be liable to the other party for consequential, special or
 punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 indemnity provisions of this Article shall indefinitely survive the termination and/or assignment
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 order that the indemnification provisions contained in this Article shall apply, it is understood
 that if in any case the indemnitor may be asked to indemnify or hold the indemnitee harmless,
 the indemnitor shall be fully and promptly advised of all pertinent facts concerning the
 situation in question, and it is further understood that the indemnitee will use all reasonable
 care to notify the indemnitor promptly concerning any situation that presents or appears
 likely to present the probability of a claim for indemnification. The indemnitor shall have
 the option to defend the indemnitee against any claim that may be the subject of this indemnification.
 In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon
 the indemnitor shall take over complete defense of the claim, and the indemnitee shall in
 such situation initiate no further legal or other expenses for which it shall seek indemnification
 under this Article X. The indemnitee shall in no case confess any claim or make any compromise
 in any case in which the indemnitor will be asked to indemnify the indemnitee except with
 the indemnitor's prior written consent. The indemnitor shall not settle or take any
 action that would prejudice indemnitee. Settlement of any such indemnification claim shall
 be approved by indemnitee, approval of which shall not be unreasonably withheld.

**ARTICLE XI.<br>FORCE MAJEURE**

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian: (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement; and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE XII.<br>PROPRIETARY AND CONFIDENTIAL INFORMATION**

12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except: (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply; (ii) when requested to divulge such information by duly constituted authorities if disclosure is permitted by applicable law and regulation, although the Custodian will promptly report such request to the Fund prior to disclosure to enable the Fund to seek an appropriate protective order; or (iii) when so requested by the Fund. The Custodian shall cooperate with the Fund to the extent the Fund seeks any such protective order. The Custodian shall only disclose the minimum amount of confidential information to satisfy any such request and shall do so in the most restrictive manner possible. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

12.02 Further, the Custodian will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.

12.03 The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

12.04 Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

**ARTICLE XIII.<br>EFFECTIVE PERIOD; TERMINATION**

13.01 <u>Effective Period</u>. This Agreement shall become effective as of the date last written below and will continue in effect for a period of three (3) years.

13.02 <u>Termination</u>. This Agreement may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Subsequent to the end of the three (3) year period, this Agreement continues until one party gives 90 days prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by either party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. In addition, the Fund may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

13.03 <u>Early Termination</u>. In the absence of any material breach of this Agreement or the liquidation of the Fund, should the Fund elect to terminate this agreement prior to the end of the three (3) year term, the Fund agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 percentage of all monthly fees through the life of the Agreement including the repayment
 of any negotiated discounts as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Year
 1 – 100%;

ii) Year 2 – 60%; and

iii) Year 3 – 30%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 miscellaneous fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All
 fees associated with any record retention and/or tax reporting obligations that may not be
 eliminated due to the conversion to a successor service provider, as agreed upon by both
 parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All
 miscellaneous costs associated with a) thru c) above.

13.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board of Trustees, the Custodian shall, upon receipt of a notice from the Fund, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Fund shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

13.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Fund on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company: (i) is a "bank" as defined in the 1940 Act; and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Fund shall be returned to the Fund.

**ARTICLE XIV.<br>CLASS ACTIONS**

The Custodian shall use its best efforts to identify and file claims for the Fund involving any class action litigation that impacts any security the Fund may have held during the class period. The Fund agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Fund acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.

However, the Fund may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund.

**ARTICLE XV.<br>MISCELLANEOUS**

15.01 <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue. Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-2. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Trustee's oversight responsibility with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of any Fund that deviates from the investment strategy set out in the current prospectus, or if it (or any Fund) becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or any Fund or the services provided under this Agreement.

15.02 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund, and authorized or approved by the Board of Trustees.

15.03 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund accompanied by the authorization or approval of the Board of Trustees.

15.04 <u>Governing Law</u>. This Agreement, including the performance and enforceability hereof, will be governed by and construed in accordance with the laws of the State of New York, without reference to the principles of conflicts of law. Each party hereby submits itself for the sole purpose of this Agreement and any controversy arising hereunder to the sole and exclusive jurisdiction of the federal or state courts located in New York County, New York and any courts of appeal therefrom, consents to such jurisdiction, and waives any objection (on the grounds of lack of jurisdiction, forum non conveniens or otherwise) to the exercise of such jurisdiction over it by any such courts. Each party hereby waives its right to trial by jury in connection with disputes arising out of this Agreement. To the extent that the applicable laws of the State of New York, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

15.05 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

15.06 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

15.07 <u>Invalidity</u>. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

15.08 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by email transmission to the other party's address set forth below:

---

| |
|:---|
| Notice to the Custodian shall be sent to: |
| U.S. Bank, N.A. |
| U.S. Bank Tower |
| 425 Walnut Street, Cincinnati, |
| OH 45202 I CN-OH-W6TC |
| Attn: Global Fund Custody Support Services |
| Phone: 513.632.2443 |
| Fax: 844.206.1025 |
| Email: gfsstrategy@usbank.com |
| and notice to the Fund shall be sent to: |
| Nomura Alternative Income Fund |
| 309 West 49th Street |
| New York, NY 10019 |
| Attn: General Counsel |
| Phone: 212-667-9131 |
| cc: Matthew Nelson (matthew.nelson@nomura.com) |

---

15.09 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

15.10 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

15.11 <u>References to Custodian</u>. The Fund shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus or statement of additional information for the Fund and such other written material that merely identifies the Custodian as custodian for the Fund. The Fund shall submit written material requiring approval to the Custodian in draft form,

allowing sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

**SIGNATURES ON NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

---

| |
|:---|
| **NOMURA ALTERNATIVE INCOME FUND** |
| By: <u>/s/ Robert Stark</u> |
| Name: <u>Robert Stark</u> |
| Title: <u>President</u> |
| Date: <u>12/8/2022</u> |
| **U.S. BANK NATIONAL ASSOCIATION** |
| By: <u>/s/ Gregory Farley</u> |
| Name: <u>Gregory Farley</u> |
| Title: <u>Sr. Vice President</u> |
| Date: <u>12/13/2022</u> |

---

**<u>EXHIBIT A</u>**

**AUTHORIZED PERSONS -NOMURA ALTERNATIVE INCOME FUND**

Set forth below are the names and specimen signatures of the persons authorized by the Fund to administer the Fund Custody Accounts.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Name</u>** | &nbsp;&nbsp;**<u>Telephone/Fax Number</u>** | &nbsp;&nbsp;**<u>Signature</u>** |

---

**Exhibit B to the Custody Agreement – Custody Fee Schedule**

**Exhibit C to the Custody Agreement**

**SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION**

**NOMURA ALTERNATIVE INCOME FUND**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "yes" or "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account.

⌧ YES U.S.
 Bank is authorized to provide the Fund's name, address and security position to requesting companies whose stock is owned by
 the Fund.

□ NO U.S.
 Bank is NOT authorized to provide the Fund's name, address and security position to requesting companies whose stock is owned
 by the Fund.

**NOMURA ALTERNATIVE INCOME FUND**

By: <u>/s/ Robert Stark</u>

Title: <u>President</u>

Date: <u>12/8/2022</u>

## Exhibit 99.2

**MASTER SERVICES AGREEMENT**

This Master Services Agreement (this "**Agreement**"), dated December 5, 2022, is between **Nomura Alternative Income Fund** (the "**Fund**"), a Delaware statutory trust, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The Fund is a closed-end management investment company registered or to be registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), that is operated as an interval fund and it desires that Ultimus perform certain services. Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1.** **Retention of Ultimus** 

The Fund retains Ultimus to provide the services set forth in each Addendum selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Fund
Accounting Addendum

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Fund
Administration Addendum

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Transfer
Agent and Shareholder Servicing Addendum

**2.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Ultimus
 shall furnish at its own expense the executive, supervisory, and clerical personnel necessary
 to perform its obligations under this Agreement. Ultimus shall also pay all compensation
 of any officers of the Fund who are affiliated persons of Ultimus, except when such person
 is serving as the Fund's chief compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** The
 Fund assumes and shall pay or cause to be paid all other expenses of the Fund not otherwise
 allocated under this Section 2, including, without limitation: organization costs; taxes;
 expenses for legal and auditing services; the expenses of preparing (including typesetting),
 printing and mailing reports, prospectuses, statements of additional information, information
 statements, proxy statements and related materials; all expenses incurred in connection with
 issuing and repurchasing shares; the costs of custodial services; the cost of initial and
 ongoing registration or qualification of the shares under federal and state securities laws;
 fees and reimbursable expenses of officers, directors, and trustees (as applicable) of the
 Fund who are not affiliated persons of Ultimus or the investment adviser(s) to the Fund;
 insurance premiums; interest; brokerage costs; litigation and other extraordinary or nonrecurring
 expenses; and all fees and charges of investment advisers to the Fund.

**3.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** The
 Fund shall pay for the Services to be provided by Ultimus under this Agreement in accordance
 with, and in the manner set forth in, the fee letter attached to each addendum (each a "**Fee Letter** "), which may be amended from time to time. Each Fee Letter is incorporated
 by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** If
 this Agreement becomes effective subsequent to the first day of a month, Ultimus' compensation
 for that part of the month in which the Agreement is in effect shall be prorated in a manner
 consistent with the calculation of the fees as set forth in the applicable Fee Letter. If
 this Agreement terminates before the last day of a month, Ultimus' compensation for
 that part of the month in which the Agreement is in effect shall be prorated in a manner
 consistent with the calculation of the fees as set forth in the applicable Fee Letter. The
 Fund shall pay Ultimus' undisputed compensation for the preceding month within 30 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** In
 the event that the U.S. Securities and Exchange Commission (the "**SEC** "),
 Financial Industry Regulatory Authority, Inc. ()"**FINRA** "), or any other
 regulator or self-regulatory authority adopts regulations and requirements relating to the
 payment of fees to service providers or which would result in any material increases in costs
 to provide the Services under this Agreement, the parties agree to negotiate in good faith
 amendments to this Agreement in order to comply with such requirements and provide for additional
 compensation for Ultimus as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** In
 the event that any fees are disputed, the Fund shall, on or before the due date, pay all
 undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees which
 it is disputing in good faith. Payment for such disputed fees shall be due on or before the
 tenth (10<sup>th</sup>) business day after the day on which Ultimus provides to the Fund
 documentation which reasonably supports the disputed charges and the Fund no longer disputes
 such fees.

**4.** **Reimbursement of Expenses** 

In addition to paying Ultimus the fees described in each Fee Letter, the Fund agrees to reimburse Ultimus for its actual reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Reasonable
 travel and lodging expenses incurred by those officers and employees of Ultimus in connection
 with attendance at 1) meetings of the Fund's Board (the "**Board** ");
 2) any committee meeting of the Fund's Board; and 3) shareholders' meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** All
 freight and other delivery charges incurred by Ultimus in delivering materials on behalf
 of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** All
 direct telephone, telephone transmission and telecopy or other electronic transmission expenses
 incurred by Ultimus in communication with the Fund, the Fund's investment adviser(s)
 or custodian, counsel for the Fund, counsel for the Fund's independent Board members,
 the Fund's independent accountants, dealers or others as required for Ultimus to perform
 the Services;

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 2 of 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** The
 cost of obtaining secondary security market quotes and any securities data for the Fund,
 including, but not limited to, the cost of fair valuation services and the cost of obtaining
 corporate action related data and securities master data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** The
 cost of electronic or other methods of storing records and materials for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** All
 fees and expenses incurred by or on behalf of the Fund in connection with any licensing of
 software, subscriptions to databases, custom programming or systems modifications required
 to provide any special reports or services requested by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** Any
 expenses Ultimus shall incur at the direction of an officer of the Fund thereunto duly authorized
 other than an employee or other affiliated person of Ultimus who may otherwise be named as
 an authorized representative of the Fund for certain purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** A
 reasonable allocation of the costs associated with the preparation of Ultimus' Service
 Organization Control 1 Reports ()"**SOC 1 Reports** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.*** Any
 additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations
 under this Agreement for the Fund.

**5.** **Maintenance of Books and Records; Record Retention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** Ultimus
 shall maintain and keep current the accounts, books, records and other documents relating
 to the Services as agreed upon under any Addendum and as may be required by applicable law,
 rules, and regulations, including Federal Securities Laws as defined under Rule 38a-1 under
 the Investment Company Act. Ultimus may prepare and disseminate materials for meetings of
 the Board, including agendas and selected financial information as agreed upon by the Fund
 and Ultimus from time to time, including, if so agreed upon, by means of electronic board
 materials/books as may be assembled utilizing Diligent® or other commercially available
 software. Diligent® or other commercially available software as agreed upon by the Fund
 may also be utilized to maintain a repository of reference documents but such documents will
 still be maintained by Ultimus for recordkeeping purposes pursuant to this Agreement in order
 to prevent any impact to the recordkeeping for the Fund should such commercially available
 software experience an interruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.***  ***Ownership of Records*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 agrees that all such books, records, and other data (except computer programs and procedures)
 developed to perform the Services (collectively, "**Client Records**") shall
 be the property of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 agrees to provide the Client Records to the Fund, at the expense of the Fund, upon reasonable
 request, and to make such books and records available for inspection by the Fund or its regulators
 at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Ultimus
 agrees to furnish to the Fund, at the expense of the Fund, all Client Records in the same
 format (electronic or other medium) in which such material is then maintained by Ultimus
 promptly, to cause no prejudice to the Fund, after any termination of this

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 3 of 19

Agreement. Unless otherwise required by applicable law, rules, or regulations, Ultimus shall promptly turn over to the Fund or, upon the written request of the Fund, destroy the Client Records maintained by Ultimus pursuant to this Agreement. If Ultimus is required by applicable law, rule, or regulation to maintain any Client Records, it will provide the Fund with copies as soon as reasonably practical after the termination and will maintain any such Client Records only for the limited purpose as required by applicable law, rule or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** Ultimus
 agrees to keep confidential all Client Records, except when requested to divulge such information
 by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** If
 Ultimus is requested or required to divulge such information by duly constituted authorities
 or court process, Ultimus shall, unless prohibited by law, promptly notify the Fund of such
 request(s) so that the Fund may seek, at the expense of the Fund, an appropriate protective
 order.

**6.** **Subcontracting** 

Ultimus may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor. Upon engagement of a subcontractor, Ultimus shall notify Fund and Fund shall approve of such arrangement as soon as practicable.

**7.** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** This
 Agreement shall become effective as of the date first above written (the "**Agreement Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** Each
 Addendum shall become effective as of the date first written in the Addendum.

**8.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either
 party as provided under this Section 8, for a period of four (4) years from the date first
 above written (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.***  ***Renewal Terms.*** Immediately following the Initial Term this Agreement shall automatically
 renew for successive one-year periods (a "**Renewal Term** ").

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 4 of 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* During the Initial Term or a Renewal Term, a party (the "**Terminating Party**") may only terminate the Agreement against the other party (the "**Non-Terminating Party"**) for good cause. For purposes of this Agreement, "**good cause** "
 shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a
 material breach of this Agreement by the Non-Terminating Party that has not been cured or
 remedied within 30 days after the Non-Terminating Party receives written notice of such breach
 from the Terminating Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 Non-Terminating Party takes a position regarding compliance with Federal Securities Laws
 that the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days'
 prior written notice of such disagreement, and the parties fail to come to agreement on the
 position within the 30-day notice period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The

 the best interest of the Fund for, or on behalf of, a third party, and the Terminating Party
 provides 30 days' prior written notice of such conflict of interest, and the parties
 fail to come to agreement on resolution within the 30-day notice period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 assignment of this Agreement by Ultimus to an affiliate, parent, subsidiary or to the purchaser
 of substantially all of its business without the prior consent of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a
 judicial, regulatory, or administrative ruling or order in which the Non-Terminating Party
 has been found guilty of criminal or unethical behavior in the conduct of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) the
 authorization or commencement of, or involvement by way of pleading, answer, consent, or
 acquiescence in, a voluntary or involuntary case under the Bankruptcy Code of the United
 States Code, as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Fund demands services that are beyond the scope of this Agreement
 (collectively, the "Out-of-Scope Services"), and the parties cannot agree on
 appropriate terms relating to such Out-of-Scope Services, either party may terminate this
 Agreement upon not less than 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of-Term Termination.* A party can terminate this Agreement at the end of the Initial Term or a
 Renewal Term by providing written notice of termination to the other party at least 90 days
 prior to the end of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination by the Fund other than termination under Section 8.3.A-C
 is deemed an "**Early Termination.**" If the Fund provides notice of early
 termination it is subject to an "**Early Termination Fee**" equal to the pro
 rated fee amount due to Ultimus through the end of the then-current term as calculated in
 the applicable Fee Letter, including the repayment of any negotiated discounts provided by
 Ultimus during the term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Final Payment **.*** Any undisputed unpaid compensation, reimbursement of expenses, or Early
 Termination Fee is due to Ultimus within 30 calendar days of the termination date provided
 in the notice of termination.

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 5 of 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* *Transition.* Upon termination of this Agreement, Ultimus will cooperate with any reasonable request
 of the Fund to effect a prompt transition to a new service provider selected by the Fund. Ultimus shall be entitled
 to collect from the Fund, in addition to the compensation described in each applicable Fee
 Letter, (1) the amount of all of Ultimus' cash disbursements reasonably made
 for services in connection with Ultimus' activities in effecting such termination,
 including, without limitation, the delivery to the Fund or its designees of the Fund's
 property, records, instruments, and documents, and (2) a reasonable de-conversion fee as
 mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* *Liquidation.* Upon termination of
 this Agreement due to the liquidation of the Fund, Ultimus shall be entitled to collect from
 the Fund, in addition to the compensation described in each applicable Fee Letter, (1) the
 amount of all of Ultimus' cash disbursements reasonably made for services in
 connection with Ultimus' activities in effecting such termination, including, without
 limitation, the delivery to the Fund or its designees of the Fund's property, records,
 instruments, and documents, and (2) a reasonable liquidation fee as mutually agreed to by
 the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.***  ***No Waiver.*** Failure by either party to terminate this Agreement for a particular cause
 shall not constitute a waiver of its right to subsequently terminate this Agreement for the
 same or any other cause.

**9.** **Intentionally Omitted.** 

**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement
 and the parties do not assume any implied duties. Each party shall use its best efforts in
 the performance of its duties and act in good faith in performing the Services or its obligations
 under this Agreement. Each party shall be liable for any damages, losses or costs arising
 out of such party's failure to perform its duties under this Agreement to the extent
 such damages, losses or costs arise out of its willful misfeasance, bad faith, gross negligence
 in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2.***  ***Limits of Liability*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing
 Services or duties pursuant to any written, or electric instruction, notice, request, record,
 order, document, report, resolution, certificate, consent, data, authorization, instrument,
 or item of any kind that Ultimus reasonably believes to be genuine and to have been signed,
 presented, or furnished by a duly authorized representative of the Fund (other than an employee
 or other affiliated persons of Ultimus who may otherwise be named as an authorized representative
 of the Fund for certain purposes);

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 6 of 19

&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) operating
 under its own initiative, in good faith and in accordance with the standard of care set forth
 herein, in performing its duties or the Services;

&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) using
 valuation information provided by the Fund's approved third-party pricing service(s)
 or the investment adviser(s) to the Fund for the purpose of valuing the Fund's portfolio
 holdings, unless Ultimus has a reason to believe or knows such information provided by the
 Fund's approved third-party pricing service(s) or investment adviser(s) to the Fund
 is false, misleading or incorrect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any
 default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever
 caused by events beyond Ultimus' reasonable control, including, without limitation,
 corrupt, faulty or inaccurate data provided to Ultimus by third-parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any
 error, action or omission by the Fund or other past or current service provider; 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;(6) any
 failure to properly register the Fund's shares in accordance with the Securities Act
 of 1933, as amended (the "Securities Act") or any state blue sky laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 may apply to the Fund at any time for instructions and may consult with counsel for the Fund,
 counsel for the Fund's independent Board members, and with accountants and other experts
 with respect to any matter arising in connection with Ultimus' duties or the Services.
 Ultimus shall not be liable or accountable for any action taken or omitted by it in good
 faith in accordance with such instruction or with the reasonable opinion of such counsel,
 accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A
 copy of the Fund's formation document is on file with the Secretary of State (or equivalent
 authority) of the state in which the Fund is organized, and notice is hereby given that this
 instrument is executed on behalf of the Fund and not the Directors or Trustees (as applicable)
 of the Fund individually
 and that the obligations of this instrument are not binding upon any of the Directors, Trustees,
 officers or shareholders individually but are binding only upon the assets and property of
 the Fund, and Ultimus shall look only to the assets of the Fund for the satisfaction of such
 obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus
 shall not be held to have notice of any change of authority of any officer, agent, representative
 or employee of the Fund, the Fund's investment adviser or any of the Fund's other
 service providers until receipt of written notice thereof from the Fund. As used in this
 Agreement, the term "**investment adviser**" includes all sub-advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The
 Board has and retains primary responsibility for oversight of all compliance matters relating
 to the Fund, including, but not limited to, compliance with the Investment Company Act, the
 Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code** "),
 the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002 and the policies and limitations
 of the Fund relating to the portfolio investments as set forth in the prospectus and statement
 of additional information. Ultimus' monitoring and other

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 7 of 19

functions hereunder shall not relieve the Board of its primary day-to-day responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* To
 the maximum extent permitted by law, the Fund agrees to limit Ultimus' liability for
 the Fund's Losses (as defined below) to an amount that shall not exceed the total compensation
 received by Ultimus under this Agreement during the most recent rolling 12-month period or
 the actual time period this Agreement has been in effect if less than 12 months. This limitation
 shall apply regardless of the cause of action or legal theory asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*** **In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus was advised of the possibility thereof. Ultimus shall not be liable for any corrupt, faulty or inaccurate data provided to Ultimus by any third-parties for use in delivering Ultimus' Services to the Fund, unless it knows or has a reasonable belief that such data received from a third-party is corrupt, faulty, incorrect, inaccurate, or false; provided, however, that Ultimus shall have no duty to independently verify and confirm the accuracy of third-party data. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3.***  ***Indemnification*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each
 party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect
 the other party, including its trustees, directors, managers, officers, employees, and other
 agents (collectively, the "**Indemnitees**" and each an "**Indemnitee** "),
 and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses,
 damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees
 and investigation expenses) (collectively, "**Losses**") arising out of (1)
 the Indemnifying Party's failure to exercise the standard of care set forth above unless
 such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or
 gross negligence; (2) any violation of Applicable Law (defined below) by the Indemnifying
 Party or its affiliated persons or agents relating to this Agreement and the activities thereunder;
 and (3) any material breach by the Indemnifying Party or its affiliated persons or agents
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding
 the foregoing provisions, the Fund shall indemnify Ultimus for Ultimus' Losses arising
 from circumstances under Section 10.2.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Upon
 the assertion of a claim for which either party may be required to indemnify the other, the
 Indemnitee shall promptly notify the Indemnifying Party of such assertion, and shall keep
 the Indemnifying Party advised with respect to all developments concerning such claim. Notwithstanding
 the foregoing, the failure of the Indemnitee to timely notify the Indemnifying Party shall
 not relieve the Indemnifying Party of its indemnification obligations hereunder except to
 the extent that the Indemnifying Party is prejudiced by such failure.

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 8 of 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* The
 Indemnifying Party shall have the option to control the defense of such claim or to defend
 against said claim in its own name or in the name of the Indemnitee. Should the Indemnifying
 Party exercise control of the defense it may do so using counsel of its choice. The Indemnitee
 shall cooperate with the Indemnifying Party in the defense and may also choose to participate
 in the defense at Indemnitees own cost. The Indemnitee shall in no case confess any claim
 or make any compromise in any case in which the Indemnifying Party may be required to indemnify
 the Indemnitee except with the Indemnifying Party's prior written consent. Any settlement
 or resolution of a claim for which either party may be required to indemnify the other must
 not impart any prejudice or unnecessary restriction on the Indemnitee and the Indemnitee
 retains the right to approve any such settlement or resolution, approval of which may not
 be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.*** The
 provisions of this Section 10 shall survive termination of this Agreement.

**11.** **Force Majeure.** 

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics (with the exception being COVID-19), failure of the mails, transportation, communication, or power supply.

**12.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.***  ***Joint Representations.*** Each party represents and warrants, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It
 is a corporation, limited liability company, partnership, trust, or other entity duly organized
 and validly existing in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To
 the extent required by Applicable Law (defined below), it is duly registered with all appropriate
 regulatory agencies or self-regulatory organizations and such registration will remain in
 full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For
 the duties and responsibilities under this Agreement, it is currently and will continue to
 abide by all applicable federal and state laws, including, without limitation, federal and
 state securities laws; regulations, rules, and interpretations of the SEC and its authorized
 regulatory agencies and organizations, including FINRA; and all other self-regulatory organizations
 governing the transactions contemplated under this Agreement (collectively, "**Applicable Law** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It
 has duly authorized the execution and delivery of this Agreement and the performance of the
 transactions, duties, and responsibilities contemplated by this Agreement.

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 9 of 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This
 Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency,
 reorganization, moratorium, and other laws of general application affecting the rights and
 remedies of creditors and secured parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever,
 in the course of performing its duties under this Agreement, it determines that a violation
 of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable
 Law may have occurred, or with the passage of time could occur, it shall promptly notify
 the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.***  ***Representations of the Fund.*** The Fund represents and warrants, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It
 shall cause its investment adviser(s) and sub-advisers, prime broker, custodian, legal counsel,
 independent accountants, and other service providers and agents, past or present, for the
 Fund to cooperate with Ultimus and to provide it with such information, data, documents,
 and advice relating to the Fund as appropriate or requested by Ultimus, in order to enable
 Ultimus to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The
 Fund's organizational documents, registration statement and prospectus are true and
 accurate and will remain true and accurate at all times during the term of this Agreement
 in conformance with applicable federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each
 of the employees of Ultimus that serves or has served at any time as an officer of the Fund,
 including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall
 be covered by the Fund's Directors & Officers/Errors & Omissions insurance
 policy (the "**Policy**") and shall be subject to the provisions of the Fund's
 formation document and Bylaws regarding indemnification of its officers. The Fund shall provide
 Ultimus with proof of current coverage, including a copy of the Policy, and shall notify
 Ultimus immediately should the Policy be canceled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Any
 officer of the Fund shall be considered an individual who is authorized to provide Ultimus
 with instructions and requests on behalf of the Fund (an "**Authorized Person** ")
 (unless such authority is limited in a writing from the Fund and received by Ultimus) and
 has the authority to appoint additional Authorized Persons, to limit or revoke the authority
 of any previously designated Authorized Person, and to certify to Ultimus the names of the
 Authorized Persons from time to time.

**13.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this
 Agreement professional liability insurance coverage of the type and amount reasonably customary
 in its industry. Upon request,
 a party shall furnish the other party with pertinent information concerning the professional
 liability insurance coverage that it maintains. Such information shall include the identity
 of the insurance carrier(s), coverage levels, and deductible amounts.

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 10 of 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Notice of Termination.*** A party shall promptly notify the other party should any of the notifying party's insurance
 coverage be canceled or reduced. Such notification shall include the date of change and the
 reasons therefore.

**14.** **Information Provided by the Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Fund
 will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies
 of the Fund's formation document and of any amendments thereto, certified by the proper
 official of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the
 Fund's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* certified
 copies of resolutions of the Board covering the approval of this Agreement, authorization
 of a specified officer of the Fund to execute and deliver this Agreement and authorization
 for specified officers of the Fund to instruct Ultimus thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* a
 list of all the officers of the Fund, together with specimen signatures of those officers
 who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the
 Fund's registration statement and all amendments thereto filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the
 Fund's notification of registration under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* the
 Fund's current prospectus and statement of additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* an
 accurate, current list of shareholders of the Fund showing each shareholder's address
 of record, number of shares owned and whether such shares are represented by outstanding
 share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* copies
 of the current plan of distribution adopted by the Fund under Rule 12b-1 under the Investment
 Company Act, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies
 of the current investment advisory agreement and current investment sub-advisory agreement(s),
 if applicable, for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* copies
 of the current underwriting agreement for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* contact
 information for the Fund's service providers, including, but not limited to, the Fund's
 administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter
 and chief compliance officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(M)* a
 copy of procedures adopted by the Fund in accordance with Rule 38a-1 under the Investment
 Company Act.

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 11 of 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Fund will furnish
 to Ultimus any amendments to the items listed in Section 14.1.

**15.** **Compliance with Law** 

The Fund assumes full responsibility for the preparation, contents, and distribution of its prospectus and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

**16.** **Privacy and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information** "
 shall mean all information that either party discloses (a "**Disclosing Party** ")
 to the other party (a "**Receiving Party** "), whether in writing, electronically,
 or orally and in any form (tangible or intangible), that is confidential, proprietary, or
 relates to clients or shareholders (each either existing or potential). Confidential Information
 includes, but is not limited to:

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any
 information concerning technology, such as systems, source code, databases, hardware, software,
 programs, applications, engaging protocols, routines, models, displays, and manuals;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any
 unpublished information concerning research activities and plans, customers, clients, shareholders,
 strategies and plans, costs, operational techniques;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any
 unpublished financial information, including information concerning revenues, profits and
 profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer
 Information (as defined below) and Client Records.

 

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally or marked appropriately. Confidential Information shall not include information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. that
 was already in the Receiving Party's possession at the time of disclosure and without
 restriction as to confidentiality;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. is
 generally available in the public domain at the time or after disclosure through no breach
 of agreement or other wrongful act by the Receiving Party or any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. has
 been received from a third party without restriction on disclosure and without breach of
 agreement or other wrongful act by the Receiving Party or any third party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. is
 independently developed by the Receiving Party without benefit or use of the Disclosing Party's
 Confidential Information; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. is
 approved for release upon the prior written permission of the Disclosing Party.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.***  ***Definition of Customer Information and Data Privacy Laws.*** "**Customer Information**" shall mean all non-public, personally
identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations, including SEC Regulation
S-P and Federal

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 12 of 19

Reserve Board Regulation P (collectively, the **"GLB Act"**), and will remain the sole and exclusive property of the Fund. "**Data Privacy Laws**" shall mean the GLB Act, 201 Code of Massachusetts Regulations 17.00, the General Data Protection Regulation (EU) 2016/679, the California Consumer Privacy Act of 2018 (Cal. Civ. Code §§ 1798.100-1798.199), The California Privacy Rights Act of 2020, and any other US and foreign applicable laws, rules and regulations. In addition to complying with the provisions of this Agreement requiring the protection of Confidential Information, with respect to Customer Information, Ultimus shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. maintain
 appropriate safeguards for the confidentiality of Customer Information, which shall be at
 least as protective of the safeguards set forth in the Data Privacy Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. not
 use Customer Information except as necessary to perform the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. not
 at any time during or after the term of this Agreement disclose Customer Information to any
 person, except with the Fund's prior written consent (except as required by law, in
 which case Ultimus shall, unless otherwise prohibited by law, obtain the Fund's prior
 written consent prior to disclosure);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. promptly
 notify the Fund in writing upon learning of any event that creates an actual or substantial
 risk of unauthorized acquisition or use of Customer Information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. at
 any time, on the Fund's request, and in any case upon termination of the Services,
 dispose of Customer Information in accordance with the Fund's instructions.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.***  ***Treatment of Confidential Information*** 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each
 party agrees that at all times during and after the term of this Agreement, it shall use,
 handle, collect, maintain, and safeguard Confidential Information in accordance with (1)
 the confidentiality and non-disclosure requirements of this Agreement; (2) the Data Privacy
 Laws, as applicable and as it may be amended; and (3) such other Applicable Law, whether
 in effect now or in the future.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Without
 limiting the foregoing, the Receiving Party shall apply to any Confidential Information at
 least the same degree of reasonable care used for its own confidential and proprietary information
 to avoid unauthorized disclosure or use of Confidential Information under this Agreement.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each
 party further agrees that:

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Receiving Party will hold all Confidential Information it obtains in strictest confidence
 and will use and permit use of Confidential Information solely for the purposes of this Agreement
 or as otherwise provided for in this Agreement, and consistent therewith, may disclose or
 provide access to its responsible employees or agents who have a need to know and are under
 adequate confidentiality agreements or arrangements and make copies of Confidential Information
 to the extent reasonably necessary to carry out its obligations under this Agreement;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding
 the foregoing, the Receiving Party may release Confidential Information as permitted or required
 by law, to comply with a valid subpoena, summons, order or other requirement of a court of
 competent jurisdiction or a

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 13 of 19

government agency, regulator(s), or self-regulatory organizations with appropriate jurisdiction over the Receiving Party. To the extent reasonably practicable and prior to disclosure, the Receiving Party shall give the Disclosing Party prompt written notice of any such intended disclosure to allow the Disclosing Party the opportunity to seek a protective order or other appropriate remedy. Approval for disclosure shall not be unreasonably withheld. Attempts to obtain the Disclosing Party's consent for such disclosure shall not be required if immediate compliance with disclosure is necessary to avoid the Receiving Party violating the instructions of a government agency or regulator, court order, or other legal requirement. In making any such disclosure, the Receiving Party shall (a) disclose only such information as is required by the court or required or requested by a governmental entity, regulator or self-regulatory organization or otherwise required by Applicable Law or required by applicable rule or regulation, (b) use commercially reasonable efforts to obtain confidential treatment for any Confidential Information so disclosed, and (c) reasonably cooperate with the Disclosing Party in seeking a protective order or other appropriate remedy (provided that the Disclosing Party reimburses the Receiving Party for any costs (including reasonable attorneys' fees) incurred in connection with such efforts). Nothing herein shall require any party to fail to honor a subpoena, court or administrative order, or a similar requirement or request on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Additionally,
 Ultimus may provide Confidential Information typically supplied in the investment company
 industry to companies that track or report price, performance or other information regarding
 investment companies but will do so on an anonymous basis; 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;(4) The
 Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure
 or use and will cooperate with the Disclosing Party to protect all proprietary rights in
 any Confidential Information.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.***  ***Data Security*** 

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* In
 connection with delivery of the Services and its obligations under the Agreement, Ultimus
 has implemented and will continually maintain and enforce appropriate physical information
 and computer system security procedures, measures, and controls that are at least as rigorous
 as information and system security standards that are industry standards for providers who
 offer products and/or services to financial services institutions that are comparable to
 the products and/or services offered by Ultimus to the Fund, but in no event less rigorous
 than those policies and procedures Ultimus has in effect at any point during the term of
 this Agreement, including appropriate electronic, physical, and organizational security procedures,
 measures, and controls to reasonably guard against accidental, unauthorized or unlawful access,
 destruction, use, alteration, modification, disclosure or loss of Customer Information. Ultimus
 shall establish and maintain network and internet security procedures, protocols, security
 gateways and firewalls, and otherwise defend its systems, software, hardware, networks, or
 other assets that are used to provide the Services or that receive, process, or otherwise
 make contact with

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 14 of 19

Customer Information from unauthorized access or attack, from unlawful processing, and against accidental loss, destruction, damage, disclosure or alteration. Without limiting the generality of the foregoing, Ultimus shall have a documented cyber security policy that is communicated to all Ultimus employees and subcontractors with access to the Fund's data or Customer Information and/or network, systems, hardware, or software, or Ultimus' assets. Such cybersecurity policy shall set forth Ultimus' approach for ensuring an appropriate level of security controls across Ultimus' business relating to the Services.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Ultimus
 shall provide the Services in accordance with all laws, rules and regulations that are applicable
 to Ultimus and the Fund's use of the Services, including all cybersecurity security
 and data protection guidelines issued by regulators with jurisdiction over the Fund. Without
 limiting the generality of the foregoing, except as expressly provided by this Agreement,
 Ultimus will not delete, destroy, alter, or modify, or cause the deletion, destruction, alteration,
 or modification, of any of the Fund's data, without the Fund's prior written
 consent. In the event the Fund consents in writing to the destruction of, or directs Ultimus
 to destroy, any of the Fund's data or Customer Information, Ultimus shall purge the
 Fund's data or Customer Information, as applicable, in accordance with the Fund's policies
 and procedures and in accordance with the National Institute of Standards and Technology
 (NIST) standards (or any comparable or higher successor or alternative industry standard).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* At
 the Fund's request, Ultimus will provide complete and accurate information regarding
 the type and location of any media or hardware on which any of the Fund's data or Customer
 Information is stored. Ultimus shall implement administrative, physical and electronic safeguards
 designed to protect the Fund's data or Customer Information from unauthorized access,
 acquisition, disclosure, destruction, alternation, accidental loss, misuse or damage that
 are no less rigorous than industry standards for providers who offer services to financial
 services institutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* The
 Fund may revoke Ultimus' access to the Fund's data or Customer Information at
 any time for any reason, with the understanding that if it does so, Ultimus may be unable
 to perform the Services, and that under such circumstances, Ultimus will not be liable for
 failing to perform the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* During
 such time as the Fund's data or Customer Information is transmitted to or from or is
 stored on Ultimus' systems, software, hardware, networks, or other assets, Ultimus
 shall encrypt the Fund's data or Customer Information in transit and shall only transmit
 and store all of the Fund's data or Customer Information within the United States.
 At a minimum, the then-current industry standard encryption algorithm or AES-256, whichever
 is more secure, shall be used to encrypt all of the Fund's data or Customer Information
 handled or received by or on behalf of Ultimus. No unencrypted transient copies of the Fund's
 data or Customer Information shall be created.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Ultimus
 shall provide appropriate security training to all Ultimus employees and subcontractors who
 have access to the Fund's data or Customer Information prior to such individual gaining
 access to the Fund's data or Customer Information.

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 15 of 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* Ultimus
 shall undertake a regular and ongoing process of identifying potential cybersecurity threats
 against Ultimus' assets and any of the Fund's data or Customer Information. Ultimus
 shall take such steps as are determined by Ultimus as reasonably required to mitigate material
 risks identified that could reasonably be expected to adversely affect the Fund's data
 or Customer Information or the Services. Upon the Fund's request, Ultimus shall make
 its SOC 1 reports available to the Fund and/or as they become available twice annually.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* Ultimus
 shall not introduce any malicious computer code, programs, procedures, mechanisms or programming
 devices (whether of benign or malignant effect) including without limitation computer viruses,
 trojans, worms, time bombs, backdoors, spyware or other or similar concepts to the Fund's
 systems and networks or otherwise through the provision of the Services, which would disrupt,
 modify, delete, damage, deactivate, disable, harm, provide unauthorized access to, or otherwise
 impede or intrude upon in any manner the operation of any software, firmware, hardware, computer
 system or network operated by or on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* In
 the event Ultimus discovers or is notified of a breach or potential breach of security relating
 to the Fund's data or Customer Information, including unauthorized access of any computerized
 data that compromises the security, confidentiality or integrity of the Fund's data
 or Customer Information, Ultimus shall promptly (and in any event in accordance with notice
 requirements under Applicable Law within sufficient time for the Fund to comply with its
 notice obligations) (1) notify the Fund of such breach or potential breach; and (2) if the
 applicable Fund's data or Customer Information was in the possession of or under the
 control of Ultimus at the time of such breach or potential breach, Ultimus shall immediately
 investigate and remediate the effects of the breach or potential breach and provide the Fund
 with assurance satisfactory that such breach or potential breach shall not reoccur. The Fund
 shall have the right to participate in any security investigation relating to the Fund's
 data or Customer Information. Without limiting the foregoing, in all events, Ultimus shall,
 cooperate fully in resolving any actual or suspected acquisition or misuse of the Fund's
 data or Customer Information.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.5.***  ***Severability.*** This provision and the obligations under this Section 16 shall survive termination
 of this Agreement.

 ****

**17.** **Press Release** 

Within the first 60 days following the Agreement Effective Date, the Fund agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Ultimus; provided that Ultimus must obtain the Fund's written consent prior to publication of such release, which consent shall not be unreasonably denied by the Fund.

**18.** **Non-Exclusivity** 

The services of Ultimus rendered to the Fund are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Fund, or persons who are otherwise affiliated persons of the Fund to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person. Ultimus agrees that any other business in which it or any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Fund, or

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 16 of 19

persons who are otherwise affiliated persons of the Fund engage, whether of a similar or dissimilar nature, will not cause harm or prejudice to the Fund.

**19.** **Jurisdiction** 

Each party hereby submits itself for the sole purpose of this Agreement and any controversy arising hereunder to the sole and exclusive jurisdiction of the federal or state courts located in New York County, New York and any courts of appeal therefrom, consents to such jurisdiction, and waives any objection (on the grounds of lack of jurisdiction, forum non conveniens or otherwise) to the exercise of such jurisdiction over it by any such courts. Each party hereby waives its right to trial by jury in connection with disputes arising out of this Agreement.

**20.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail overnight delivery, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.***  ***If to the Fund:*** 

Nomura Alternative Income Fund

c/o Nomura Private Capital LLC

General Counsel

Worldwide Plaza, 309 West 49th Street,

New York, NY 10019-7316

with a copy to:

Faegre Drinker Biddle & Reath LLP,

Attn: Joshua B. Deringer; Veena K. Jain

One Logan Square, Suite 2000,

Philadelphia, PA 19103-6996

Email: <u>Joshua.deringer@faegredrinker.com</u>

Veena.jain@faegredrinker.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2.***  ***If to Ultimus:*** 

 ****

Ultimus Fund Solutions, LLC

Attn: General Counsel

4221 North 203<sup>rd</sup> Street, Suite 100

Elkhorn, NE 68022

Email: <u>legal@ultimusfundsolutions.com</u>

**21.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other documents
 incorporated by reference express the entire understanding of the parties and supersede any
 other agreement between them relating to the Services.

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 17 of 19

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and any appendices or Addendum
 thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.3.***  ***Amendments.*** The parties may only amend or waive all or part of this Agreement by written amendment
 or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.4.***  ***Assignments.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except
 as provided in this Section 21.4, this Agreement and the rights and duties hereunder shall
 not be assignable by either of the parties except by the specific written consent of the
 non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The
 terms and provisions of this Agreement shall become automatically applicable to any investment
 company that is the successor to the Fund because of reorganization, recapitalization, or
 change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Unless
 this Agreement is terminated in accordance with Section 8 of this Agreement, Ultimus may,
 to the extent permitted by law and in its sole discretion, assign all its rights and
 interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of substantially
 all of its business, provided that Ultimus provides the Fund at least 90 days' prior
 written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This
 Agreement shall be binding upon, and shall inure to the benefit of, the parties and their
 respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.5.***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of
 New York and the applicable provisions of the Investment Company Act and other applicable
 federal securities laws. To the extent that the applicable laws of the state of New York,
 or any of the provisions herein, conflict with the applicable provisions of the Investment
 Company Act, the latter shall control.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.6.***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience only
 and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.7.***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of
 which when executed shall be deemed to be an original, but such counterparts shall together
 constitute but one and the same instrument. A signed copy of this Agreement delivered by
 email or other means of electronic transmission will be deemed to have the same legal effect
 as delivery of an original, signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.8.***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict
 with any law or otherwise invalid, the remaining portion or portions shall be considered
 severable and not be affected by such determination, and the rights and obligations of the
 parties shall be construed and enforced as if the Agreement did not contain the particular
 part, term or provisions held to be illegal or invalid.

***Signatures are located on the next page.***

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 18 of 19

The parties duly executed this Agreement as of December 5, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura Alternative Income Fund** |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Robert Stark | By: | /s/ Gary Tenkman |
| Name: | Robert Stark | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Nomura Alternative Income Fund <br> Ultimus Master Services Agreement <br> December 5, 2022 Page 19 of 19

**<u>Fund Accounting Addendum</u>**

**for**

**Nomura Alternative Income Fund**

This Fund Accounting Addendum, dated December 5, 2022, is between **Nomura Alternative Income Fund** (the "**Fund**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**") and supplements that certain Master Services Agreement dated December 5, 2022 by and between the Fund and Ultimus (the "**Agreement**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**<u>Fund Accounting Services</u>**

**1.** **Performance of Daily Accounting Services** 

Ultimus shall perform the following accounting services daily for the Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** calculate
 the net asset value per share utilizing prices obtained from the sources described in subsection
 1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** obtain
 security prices from independent pricing services, or if such quotes are unavailable, then
 obtain such prices from the Fund's investment adviser or its designee, per the valuation
 policy approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** verify
 and reconcile with the Fund's custodian cash and all daily activity; it being understood
 and agreed that Ultimus will be provided direct, electronic access to such information from
 the Fund's custodian. For assets not held at the custodian, statements or other reasonable
 supporting documentation deemed acceptable by Ultimus will be provided, for reconciliation
 purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** compute,
 as appropriate, the Fund's net income and realized capital gains, dividend payables,
 dividend factors, and weighted average portfolio maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** review
 daily the net asset value calculation and dividend factor (if any) for the Fund prior to
 release to shareholders, check and confirm the net asset values and dividend factors for
 reasonableness and deviations, and distribute net asset values and/or yields to NASDAQ and
 such other entities as directed by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** determine
 unrealized appreciation and depreciation on securities held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** accrue
 income of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** amortize
 premiums and accrete discounts on securities purchased at a price other than face value,
 if requested by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** update
 fund accounting system to reflect rate changes, as received/obtained by Ultimus, on variable
 interest rate instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** record
 investment trades received in proper form from the Fund or its authorized agents on the industry
 standard T+1 basis;

Nomura Alternative Income Fund <br> Fund Accounting Addendum Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** calculate
Fund expenses based on instructions from the Fund's administrator ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** accrue
 expenses of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** determine
 the outstanding receivables and payables for all (1) security trades, (2) Fund share transactions
 and (3) income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14.*** provide
 accounting reports in connection with the Fund's regular annual audit and other audits
 and examinations by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15.*** provide
 such periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16.*** upon
 receipt of information in proper form from the Fund or its authorized agents, prepare and
 maintain the Fund records as applicable and directed by the Fund; such records may, but need
 not include: (1) cash receipts journal; (2) cash disbursements journal; (3) dividend record;
 (4) purchase and sales-portfolio securities journals; (5) subscription and repurchase journals;
 (6) security ledgers; (7) broker ledger; (8) general ledger; (9) expense accruals; (10) income
 accruals, (11) securities and monies borrowed or loaned and collateral therefore; (12) foreign
 currency journals; and (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.17.*** provide
 information typically supplied in the investment company industry to companies that track
 or report price, performance or other information with respect to investment companies but
 will do so on an anonymous basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.18.*** provide
 accounting information to the Fund's independent registered public accounting firm
 for preparation of the Fund's tax returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.19.*** cooperate
 with and take all reasonable actions in the performance of its duties under this Agreement,
 so that all necessary information is made available to the Fund's independent public
 accountants in connection with any audit or the preparation of any report requested by the
 Fund.

**2.** **Accounting Services Related to Odd Lot Pricing** 

If, in addition to those services described under Section 1 [Performance of Daily Accounting Services] of this Fund Accounting Addendum, the Fund or the Fund's investment adviser informs Ultimus that the Fund holds or will hold any security in a quantity constituting an odd lot (as opposed to a round lot), Ultimus will undertake to perform such additional procedures as are determined necessary by the Board to price such security, including, if applicable, the application of a discount to the pricing obtained from any independent pricing service(s); provided, however, that any such additional procedures to be performed in connection with securities held in quantities constituting an odd lot, are clearly delineated in a written odd lot pricing methodology and procedure approved by the Board; it being further understood and agreed by the parties hereto that Ultimus shall be compensated in the form of an odd lot pricing fee for performing such additional procedures, and, notwithstanding anything in the Agreement to the contrary, including, without limitation, any duty of care or indemnification obligation that Ultimus might otherwise owe to the Fund, Ultimus will not be liable for any NAV error that may arise out of any incorrect, incomplete, or missing data provided to Ultimus by the Fund's investment adviser or any sub-adviser to the Fund as part of any odd lot pricing procedures approved by the Board, and the Fund hereby agrees to indemnify Ultimus for and hold Ultimus harmless from any such liability.

Nomura Alternative Income Fund <br> Fund Accounting Addendum Page 2 of 4

**3.** **Derivatives Risk Management Program Support Services** 

Ultimus may, at the election of the Fund, provide the Fund with the Derivatives Risk Management Program Support Services described below, in accordance with Rule 18f-4 under the Investment Company Act ("Rule 18f-4"):

&nbsp;&nbsp;&nbsp;&nbsp;a. Manage
 derivatives-specific data, update security master files, and load the Fund's portfolio
 composition and derivatives-specific data into Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;b. Deliver
 daily derivatives exposure and value-at-risk ("VaR") reports generated by the
 Confluence software to the Fund's investment adviser ("Adviser") and the
 Fund's Chief Compliance Officer and make available reporting for weekly stress testing
 and back-testing calculations performed by the Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;c. Provide
 Adviser access to the Confluence software in order that Adviser may calculate derivatives
 exposure for the Fund and make other derivatives risk management calculations as required
 by Rule 18f-4 (e.g., daily VaR calculations, weekly back-testing, and weekly stress-testing);

&nbsp;&nbsp;&nbsp;&nbsp;d. Provide
Adviser a board reporting template; and

&nbsp;&nbsp;&nbsp;&nbsp;e. Provide
 the Fund's board of trustees (the "Board") access to an independent derivatives
 expert (a "Derivatives Expert") capable of supporting the Board's efforts
 in effecting compliance oversight as required by Rule 18f-4 and the Fund's related
 Derivatives Risk Management Program.

Alternatively, the Fund may elect to forego receipt of the Derivatives Risk Management Program Support Services and instead deliver (or cause to be delivered) to Ultimus derivatives data required to be reported monthly on Form N-PORT, in which case Ultimus' services (the "18f-4/N-PORT Support Services") will be limited to taking receipt of that derivatives data, manually loading that data into its reporting system, and reporting the required derivatives information on Form N-PORT monthly.

The Board has and retains primary responsibility for oversight of all compliance matters relating to the Funds, including, but not limited to, compliance with the Investment Company Act and Rule 18f-4. The Adviser has and retains primary responsibility for identifying derivative securities. Ultimus' provision of Derivatives Risk Management Program Support Services or 18f-4/N-PORT Support Services hereunder shall not relieve the Board or the Adviser of the aforementioned responsibilities.

**4.** **Special Reports and Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Ultimus
 may provide additional special reports upon the request of the Fund or the Fund's investment
 adviser, which may result in an additional charge, the amount of which shall be agreed upon
 by the parties prior to the reports being made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** Ultimus
 may provide such other similar services with respect to the Fund as may be reasonably requested
 by the Fund, which may result in an additional charge, the amount of which shall be agreed
 upon between the parties prior to such services being provided.

***Signatures are located on the next page.***

Nomura Alternative Income Fund <br> Fund Accounting Addendum Page 3 of 4

The parties duly executed this Fund Accounting Addendum as of December 5, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura Alternative Income Fund** |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Robert Stark | By: | /s/ Gary Tenkman |
| Name: | Robert Stark | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Nomura Alternative Income Fund <br> Fund Accounting Addendum Page 4 of 4

**<u>Fund Accounting Fee Letter</u>**

**for**

**Nomura Alternative Income Fund**

This Fund Accounting Fee Letter (this "**Fee Letter**") applies to the Services provided by **Ultimus Fund Solutions, LLC** ("**Ultimus**") to **Nomura Alternative Income Fund** (the "**Fund**") pursuant to that certain Master Services Agreement dated December 5, 2022, and the Fund Accounting Addendum dated December 5, 2022 (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**1.** **Fees** 

For the Fund Accounting Services provided under the Fund Accounting Addendum, Ultimus shall be entitled to receive a fee and reimbursable expenses from the Fund or the Adviser (as hereinafter defined) on the first business day following the end of each month, or at such time(s) as Ultimus shall request and the parties hereto shall agree, which fee is included in the Fund Administration Fees, plus itemized fees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.***  ***Multi-Manager:*** For Multi-Manager funds, Ultimus charges a fee of $750 per month per manager over
 one.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.***  ***Reporting Modernization fee:*** The Fund shall pay a monthly reporting modernization fee for third-party
 data and technology and personnel costs associated with N-PORT and N-CEN filings. Current
 annual charges are as follows, but are subject to change from time-to-time upon written notice
 from Ultimus:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;3rd Party Data Sourcing including data only | &nbsp;&nbsp;ICE [InterContinental Exchange, fka "IDC"] | &nbsp;&nbsp;$2,000-3,000\*\* |
| &nbsp;&nbsp;or |  |  |
| &nbsp;&nbsp;3rd Party Data Sourcing w/Liquidity Classifications | &nbsp;&nbsp;ICE [InterContinental Exchange, fka "IDC"] | &nbsp;&nbsp;$3,000-4,000\*\* |
| &nbsp;&nbsp;and |  |  |
| &nbsp;&nbsp;N-PORT and N-CEN Reporting Engine and Service Component | &nbsp;&nbsp;Confluence Reporting w/ Ultimus - Equity Funds | &nbsp;&nbsp;$7,500-8,500\*\*\* |
| &nbsp;&nbsp;N-PORT and N-CEN Reporting Engine and Service Component | &nbsp;&nbsp;Confluence Reporting w/ Ultimus - Fixed Income/Other non-Equity Funds | &nbsp;&nbsp;$8,500-$10,000\*\*\* |
| &nbsp;&nbsp;\*\* The range is dependent on portfolio holdings. Any data not received from ICE or requiring manual intervention will be subject to additional charges. | &nbsp;&nbsp;\*\* The range is dependent on portfolio holdings. Any data not received from ICE or requiring manual intervention will be subject to additional charges. | &nbsp;&nbsp;\*\* The range is dependent on portfolio holdings. Any data not received from ICE or requiring manual intervention will be subject to additional charges. |
| &nbsp;&nbsp;\*\*\* The range is dependent on whether the Fund determines a Highly Liquid Investment Minimum pursuant to SEC Rule 22e-4 and the ongoing support required. For purposes hereof, "Equity Funds" shall mean funds with greater than 80% of their holdings in equity securities, ETFs and Mutual Funds. | &nbsp;&nbsp;\*\*\* The range is dependent on whether the Fund determines a Highly Liquid Investment Minimum pursuant to SEC Rule 22e-4 and the ongoing support required. For purposes hereof, "Equity Funds" shall mean funds with greater than 80% of their holdings in equity securities, ETFs and Mutual Funds. | &nbsp;&nbsp;\*\*\* The range is dependent on whether the Fund determines a Highly Liquid Investment Minimum pursuant to SEC Rule 22e-4 and the ongoing support required. For purposes hereof, "Equity Funds" shall mean funds with greater than 80% of their holdings in equity securities, ETFs and Mutual Funds. |

---

Nomura Alternative Income Fund <br> Fund Accounting Fee Letter Page 1 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.***  ***Price Quotes:*** The charges for securities/commodity price quotes are determined by Ultimus'
 cost of obtaining such quotes and, therefore, are subject to change. Current charges (presented
 as per security/per day unless otherwise noted) are as follows:

 ****

---

| | |
|:---|:---|
| Canadian and Domestic Equities | $0.0849 |
| International Equity (Non Fair Value) | $0.4244 |
| Corporate Bonds, MBS Bonds, MBS ARMs, and Money Markets | $0.6365 |
| Government/Agency | $0.6153 |
| Floating Rate MTN | $0.6578 |
| Municipal Bonds | $0.7002 |
| High Yield Corporate Bonds, High Yield Municipal Bonds | $0.8699 |
| International Bond | $1.1458 |
| ABS, ABS Home Equity, CMO Non-Agency Whole Loan ARMs, CMOs, and CMO Other ARMs | $1.1564 |
| CMBS | $1.5065 |
| CDO & CLO | $3.9784 |
| Options/Futures (Listed) | $0.1000 |
| Leverage Loans/Bank loans [monthly] | $16.0000 |
| Exchange Rates - Spot and Forwards | $0.6968 |
| International Equity (Fair Value) | $0.7426 |
| CDS & CDX Swaps [monthly] | $62.5000 |

---

---

| | |
|:---|:---|
| Other Securities/Complex, Hard-to-Value | &nbsp;&nbsp;Market |
| Manual Pricing Inputs/Adviser Provided (other than odd lot pricing) | &nbsp;&nbsp;$100 per month up to 10 manual inputs |
| Odd Lot Pricing Fee | &nbsp;&nbsp;$500/Fund per month plus $15/odd lot security per month |
| Controlled Foreign Corporation (CFC) | &nbsp;&nbsp;$100 per month per CFC |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.***  ***Derivatives Risk Management Program Support Services;18f-4/N-PORT Support Services:*** In consideration
 for Ultimus providing Derivatives Risk Management Program Support Services, the Fund will
 pay (or cause to be paid) Ultimus a quarterly fee of $2,000.00. In consideration for Ultimus
 providing the 18f-4/N-PORT Support Services, the Fund will pay (or cause to be paid) Ultimus
 a quarterly fee of $250.00.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.***  ***Manual processing fee:*** The Fund shall pay an additional charge of $500.00 per month for
 portfolios that transmit trades via facsimile as opposed to utilizing an electronic format.
 Additionally, if Ultimus is required to manually process the aggregation of the Fund's
 underlying holdings for purposes of post-trade compliance testing, the Fund will be charged
 $500 per month (this would include up to 10 underlying portfolio look-throughs).

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.***  ***Special Reports/Programming Fees:*** All special reports analyses and/or programming requested
 by the Fund under this Agreement shall be subject to an additional programming charge. The
 current rate as of the date of this Agreement is $250.00 per hour and is subject to change.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.***  ***Wholly owned subsidiary fee:*** In cases where the Fund elects or is otherwise required to
 have a wholly owned subsidiary [for example: controlled foreign corporation/Cayman subsidiary],
 a fee of $7,500 will be charged for each such subsidiary. Ultimus may, with notice to and
 approval by the Fund, charge additional fees with respect to any such subsidiary if Ultimus
 determines that the nature of such subsidiary will require an inordinate number of man hours
 to be expended in the performance of Fund Accounting Services or generally poses heightened
 risk or compliance concerns, and if the Fund does not approve of such additional fees, Ultimus
 shall be excused from performing fund accounting services with respect to such wholly owned
 subsidiary.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** The
 fees are computed daily and payable monthly, along with any reimbursable expenses. The Fund
 or the Adviser agrees to pay all undisputed fees within 30 days of receipt of each invoice.
 Ultimus retains the right to charge interest of 1.5% on any amounts that remain unpaid beyond
 such 30-day period. Acceptance of such late charge shall in no event constitute a waiver
 by Ultimus of

Nomura Alternative Income Fund <br> Fund Accounting Fee Letter Page 2 of 5

the Fund's or the Adviser's default or prevent Ultimus from exercising any other rights and remedies available to it.

**2.** **Monthly Per Trade and T+0 Processing Fees** 

The fees, as described above, allow the Fund to execute up to 1,000 portfolio trades (i.e., purchases and sales) per month without additional fees. For portfolio trades in excess of this amount, Ultimus will charge the respective Fund $5.00 per trade over 1,000 per month capped at $2,000 up to 6,000 per month, then $5.00 per trade over that. Trades are recorded on the day after trade date ("**T+1**"). For trade date ("**T+0**") accounting the Fund will pay an additional $500 per month.

**3.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***Initial Term.*** This Fee Letter shall continue in effect until the expiration of the Master
 Services Agreement's Initial Term (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Renewal Terms.*** Immediately following the Initial Term, this Fee Letter shall automatically
 renew for successive one-year periods (each a "**Renewal Term**") unless Ultimus,
 the Fund, or the Adviser gives written notice of termination at least 90 days prior to the
 end of the Initial Term or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***Termination.*** Ultimus or the Fund may terminate the Agreement as set forth in the Agreement. Any
 such termination shall be treated as a termination of this Fee Letter. Upon termination of
 this Fee Letter, the Adviser shall be responsible for payment of any amounts required to
 be paid under the Agreement, including, without limitation, any applicable Early Termination
 Fee, any reimbursements for cash disbursements made by Ultimus and any fee for post-termination
 de-conversion or liquidation services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Early Termination.*** Any Early Termination under the Agreement shall subject the Adviser
 to paying an "**Early Termination Fee**" equal to the fee amounts due to Ultimus
 through the end of the then-current term as calculated in this Fee Letter, including the
 repayment of any negotiated discounts provided by Ultimus during the then-current term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.5.***  ***Liquidation.*** Upon termination of the Agreement due to the liquidation of the Fund, Ultimus shall
 be entitled to collect from the Fund or the Adviser the compensation described in this Fee
 Letter through the end of the then-current term, the amount of all of Ultimus' cash
 disbursements reasonably made for services in connection with Ultimus' activities
 in effecting such termination, including, without limitation, the delivery to the Fund or
 its designees of the Fund's property, records, instruments, and documents, and a reasonable
 fee for post-termination liquidation services as mutually agreed to by Ultimus and the Fund.

Nomura Alternative Income Fund <br> Fund Accounting Fee Letter Page 3 of 5

**4.** **Reimbursable Expenses** 

In addition to the above fees, the Fund or the Adviser will reimburse Ultimus or pay directly certain expenses incurred on the Fund's behalf, including, but not limited to, the cost of obtaining secondary security market quotes and other securities data utilized by the Fund, and performance reporting (including after-tax performance reporting), and third party expenses incurred by Ultimus in providing the Derivatives Risk Management Program Support Services or the 18f-4/N-PORT Support Services (as applicable), including, without limitation, the Fund's proportionate share of any fees paid by Ultimus to any Derivatives Expert as part of Ultimus' providing the Derivatives Risk Management Program Support Services. The Fund will be responsible for the Fund's normal operating expenses, including, but not limited to, federal and state filing fees, EDGARizing fees, insurance premiums, typesetting and printing of the Fund's public documents, and fees and expenses of the Fund's other vendors and providers that provide services to the Fund.

**5.** **Fee Increases** 

On each anniversary date of the Agreement, Ultimus will increase the base fees listed in Section 1 above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the "**CPI-U**")<sup>1</sup> plus 1.5%.

**6.** **Amendment** 

The parties may only amend this Fee Letter by written amendment signed by all the parties.

***Signatures are located on the next page.***

<sup>1</sup> Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.

Nomura Alternative Income Fund <br> Fund Accounting Fee Letter Page 4 of 5

The parties duly executed this Fund Accounting Fee Letter dated December 5, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura Alternative Income Fund** |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Robert Stark | By: | /s/ Gary Tenkman |
| Name: | Robert Stark | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

The undersigned investment adviser (the "**Adviser**") hereby acknowledges and agrees to the terms of the Agreement.

---

| | |
|:---|:---|
|  | **Nomura Private Capital LLC** |
| By: | /s/ Robert Stark |
| Name: | Robert Stark |
| Title: | Chief Executive Officer |

---

Nomura Alternative Income Fund <br> Fund Accounting Fee Letter Page 5 of 5

**<u>Fund Administration Addendum</u>**

**for**

**Nomura Alternative Income Fund**

This Fund Administration Addendum, dated December 5, 2022, is between **Nomura Alternative Income Fund** (the "**Fund**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**") and supplements that certain Master Services Agreement dated December 5, 2022 by and between the Fund and Ultimus (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

Ultimus shall provide the following Fund Administration Services subject to, and in compliance with the objectives, policies and limitations set forth in the Fund's Registration Statement, the Fund's organizational documents, bylaws, applicable laws and regulations, and resolutions and policies established by the Fund's Board:

1. Monitor
 the performance of administrative and professional services rendered to the Fund by others,
 including its custodian, transfer agent, fund accountant and dividend disbursing agent as
 well as legal, auditing, shareholder servicing and other services performed for the Fund;

2. Upon
 request, assist the Fund in the evaluation and selection of other service providers, such
 as independent public accountants, printers, EDGAR providers and proxy solicitors (such parties
 may be affiliates of Ultimus);

3. Prepare
 and maintain the Fund's operating expense budget to determine proper expense accruals
 to be charged to the Fund in order to calculate its daily net asset value;

4. Prepare,
 or cause to be prepared, expense and financial reports, including Fund budgets, expense reports,
 pro-forma financial statements, expense and profit/loss projections and fee waiver/expense
 reimbursement projections on a periodic basis;

5. Prepare
 authorization for the payment of Fund expenses and pay, from Fund assets, all bills of the
 Fund;

6. Support
 the determination of income and capital gains available for distribution and support calculation
 of distributions required to meet regulatory, income, and excise tax requirements, to be
 reviewed by the Fund's independent public accountants;

7. Monitor
 the calculation of performance data for dissemination to information services covering the
 investment company industry, for sales literature of the Fund and other appropriate purposes;

8. Provide
 information typically supplied in the investment company industry to companies that track
 or report price, performance or other information with respect to investment companies;

9. Prepare
 and coordinate the printing of semi-annual and annual financial statements;

10. Coordinate
 the Fund's audits and examinations by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. assisting
 the Fund's independent public accountants, or, upon approval of the Fund, any regulatory
 body, in any requested review of the Fund's accounts and records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. providing
 appropriate financial schedules (as requested by the Fund's independent public accountants
 or SEC examiners); and

Nomura Alternative Income Fund <br> Fund Administration Addendum Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. providing
 office facilities as may be required.

11. Determine,
 after consultation with legal counsel for the Fund and the Fund's investment adviser,
 the jurisdictions in which Shares of the Fund shall be registered or qualified for sale;
 facilitate, register, or prepare applicable notice or other filings with respect to, the
 Shares with the various state and territories of the United States and other securities commissions,
 provided that all fees for the registration of Shares or for qualifying or continuing the
 qualification of the Fund shall be paid by the Fund; This Service will not be provided, if
 the Shares of the Fund are not registered und the Securities Act and will be issued solely
 in private placement transactions that do not involve any "public offering" within
 the meaning of Regulation D under, the Securities Act.

12. In
 consultation with legal counsel to the Fund, the investment adviser, officers of the Fund
 and other relevant parties, prepare and disseminate materials for meetings of the Board,
 including agendas and selected financial information as agreed upon by the Fund and Ultimus
 from time to time, including, if so agreed upon, by means of electronic board materials/books
 as may be assembled utilizing Diligent® or other commercially available software; attend
 and participate in Board meetings to the extent requested by the Board; and prepare or cause
 to be prepared minutes of the meetings of the Board;

13. In
 consultation with legal counsel for the Fund, assist in and monitor the preparation, filing,
 printing and where applicable, dissemination to shareholders of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. facilitate
 the EDGARIZATION and filing of amendments to the Fund's Registration Statement on Form
 N-2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. periodic
 reports to the Board, shareholders and the SEC, including but not limited to annual reports
 and semi-annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. notices
 pursuant to Rule 24f-2 (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. routine
 proxy materials; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. reports
 to the SEC on Forms N-CEN, N-CSR, N-PORT, N-23c-3, Schedule TO, and N-PX (as applicable).

14. Review
 the Fund's federal, state, and local tax returns as prepared and signed by the Fund's independent
 public accountants; and

15. Monitor
 Fund holdings and operations for  **<u>post-trade compliance</u>** with the Prospectus
 and Statement of Additional Information, SEC statutes, rules, regulations and policies and
 pursuant to advice from the Fund's independent public accountants and legal counsel,
 monitor Fund holdings for compliance with IRS taxation limitations and restrictions and applicable
 Federal Accounting Standards Board rules, statements and interpretations; provide periodic
 compliance reports to each investment adviser or sub-adviser to the Fund, and assist the
 Fund, the Adviser and each sub-adviser to the Fund (collectively referred to as "**Advisers** ")
 in preparation of periodic compliance reports to the Fund, as applicable. Because such post-trade
 compliance testing is performed using fund accounting data and data provided by third-party
 sources, including, without limitation the Adviser, its accuracy is dependent upon the accuracy
 of such data, and the Fund agrees and acknowledges that Ultimus is not liable for the accuracy
 or inaccuracy of such data. The Fund further agrees and acknowledges that the post-trade
 compliance testing performed by Ultimus shall not relieve the Fund or the Adviser of their
 responsibilities with respect to fund portfolio compliance, including on a pre-trade basis,
 and that Ultimus shall not be held liable for any act or omission of the Fund or the Adviser
 with respect to fund portfolio compliance. Moreover, and notwithstanding the foregoing, Ultimus'
 ability and therefor its obligation to perform post-trade compliance testing shall be wholly-

Nomura Alternative Income Fund <br> Fund Administration Addendum Page 2 of 4

dependent upon its timely receipt from third-party sources, including, as applicable, the Adviser, of all data necessary in Ultimus' sole determination to properly perform such post-trade compliance testing, and, should Ultimus determine it to be necessary, the Adviser shall be required to arrange for Ultimus to have secure look-through access to private fund holdings.

16. Provide
 individuals reasonably acceptable to the Board to serve as officers of the Fund, including,
 without limitation, individuals to serve as assistant treasurer and assistant secretary,
 who will be responsible for the management of certain of the Fund's affairs as determined
 and under supervision by the Board; depending on the nature and scope of any such officer
 appointment, Ultimus may be entitled to an additional fee (as set forth in the Fund Administration
 Fee Letter).

**Special Reports and Services**

1. Ultimus
 may provide additional special reports upon the request of the Fund's investment adviser,
 which may result in an additional charge, the amount of which shall be agreed upon by the
 parties prior to the reports being made available.

2. Ultimus
 may provide such other similar services with respect to the Fund as may be reasonably requested
 by the Fund, such as assistance with non-routine Proxy Statements or Form N-14, which may
 result in an additional charge, the amount of which shall be agreed upon between the parties
 prior to such services being provided.

**Tax Matters**

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

**Legal Representation**

Notwithstanding any provision of the Master Services Agreement or this Fund Administration Addendum to the contrary, Ultimus will not provide legal representation to the Fund, including through the use of attorneys that are employees of, or contractually engaged by, Ultimus. The Fund acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and will rely on outside counsel retained by the Fund to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Fund's behalf. The Fund acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the Fund, any information provided to Ultimus attorneys will not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys pursuant to the Master Services Agreement.

***Signatures are located on the next page.***

Nomura Alternative Income Fund <br> Fund Administration Addendum Page 3 of 4

The parties duly executed this Fund Administration Addendum as of December 5, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura Alternative Income Fund** |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Robert Stark | By: | /s/ Gary Tenkman |
| Name: | Robert Stark | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Nomura Alternative Income Fund <br> Fund Administration Addendum Page 4 of 4

**<u>Transfer Agent and Shareholder Services Addendum</u>**

**for**

**Nomura Alternative Income Fund**

This Transfer Agent and Shareholder Services Addendum, dated December 5, 2022, is between **Nomura Alternative Income Fund** (the "**Fund**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**") and supplements that certain Master Services Agreement dated December 5, 2022 by and between the Fund and Ultimus (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**<u>Transfer Agent and Shareholder Services</u>**

**1.** **Shareholder Transactions** 

Ultimus shall provide the Fund with shareholder transaction services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** process
shareholder purchase and repurchase orders in accordance with conditions set forth in the Fund's prospectus applying all applicable
redemption or other miscellaneous fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** set
up of account information, including address, account designations, dividend and capital gains options, taxpayer identification numbers,
banking instructions, automatic investment plans, systematic withdrawal plans and cost basis disposition method,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** assist
shareholders making changes to their account information included in 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** issue
trade confirmations in compliance with Rule 10b-10 under the Securities Exchange Act of 1934, as amended (the "**1934 Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** issue
quarterly statements for shareholders, interested parties, broker firms, branch offices and registered representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** act
as a service agent and process income dividend and capital gains distributions, including the purchase of new shares, through dividend
reimbursement and appropriate application of backup withholding, non-resident alien withholding and Foreign Account Tax Compliance Act
(" **FATCA**") withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record
the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the 1934 Act a record of the total number of shares of the Fund which
are authorized, based upon data provided to it by the Fund, and issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** perform
such services as are required to comply with Rules 17a-24 and 17Ad-17 of the 1934 Act (the "**Lost Shareholder Rules** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** provide
cost basis reporting to shareholders on covered shares (shares purchased after 1/1/2012), as required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** withholding
taxes on non-resident alien accounts, pension accounts and in accordance with state requirements;

Nomura Alternative Income Fund <br> Transfer Agent and Shareholder Services Addendum Page 1 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** produce,
print, mail and file U.S. Treasury Department Forms 1099 and other appropriate forms required by federal authorities with respect to
distributions for shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** administer
and perform all other customary services of a transfer agent, including, but not limited to, answering routine customer inquiries regarding
shares.

**2.** **Shareholder Information Services** 

Ultimus shall provide the Fund with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** make
 information available to shareholder servicing unit and other remote access units regarding
 trade date, share price, current holdings, yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** produce
detailed history of transactions through duplicate or special order statements upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** provide
mailing labels for distribution of financial reports, prospectuses, proxy statements or marketing material to current shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** respond
as appropriate to all inquiries and communications from shareholders relating to shareholder accounts.

**3.** **Compliance Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***AML Reporting.*** Ultimus agrees to provide anti-money laundering services to the Fund's
 direct shareholders and to operate the Fund's customer identification program for these
 shareholders, in each case in accordance with the written procedures developed by Ultimus
 and adopted or approved by the Board and with applicable law and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***Regulatory Reporting.*** Ultimus agrees to provide reports to the federal and applicable state authorities, including the SEC, and to the Fund's
auditors. Applicable state authorities are those governmental agencies located in states in which the Fund is registered to sell shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***IRS Reporting.*** Ultimus will prepare and distribute appropriate Internal Revenue Service ()"**IRS**") forms for shareholder
income and capital gains (including the calculation of qualified income), sale of fund shares, distributions from retirement accounts
and education savings accounts, fair market value reporting on IRAs, contributions, rollovers and conversions to IRAs and education savings
accounts and required minimum distribution notifications and issue tax withholding reports to the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.***  ***Pay-to-Play Reports.*** Ultimus will provide quarterly reporting for Fund accounts subject to pay-to-play rules.

**4.** **Dealer/Load Processing** 

For the Fund with a share class that charges a sales load (either front-end or back-end), Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** provide
 reports for tracking rights of accumulation and purchases made under a letter of intent;

Nomura Alternative Income Fund <br> Transfer Agent and Shareholder Services Addendum Page 2 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** account
for separation of shareholder investments from transaction sale charges for purchase of Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** calculate
fees due under Rule 12b-1 plans for distribution and marketing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** track
sales and commission statistics by dealer and provide for payment of commissions on direct shareholder purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** applying
appropriate Front End Sales Load ()"**FESL**") breakpoint and Contingent Deferred Sales Charges ()"**CDSCs** ")
automatically during trade processing.

**5.** **Shareholder Account Maintenance** 

For each direct shareholder account, Ultimus agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** maintain
 all shareholder records for each account in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** as
dividend disbursing agent, on or before the payment date of any dividend or distribution, notify the Fund's custodian of the estimated
amount of cash required to pay such dividend or distribution; prepare and distribute to shareholders any funds to which they are entitled
by reason of any dividend or distribution and in the case of shareholders entitled to receive additional shares of the Fund by reason
of any such dividend or distribution, make appropriate credit to their respective accounts and prepare and mail to such shareholders
a confirmation statement with respect to such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** issue
customer statements on a scheduled cycle, and provide duplicate second and third-party copies if required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** record
shareholder account information changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** maintain
account documentation files for each shareholder.

**6.** **uTRANSACT Web Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** Provide
 and maintain an internet portal for shareholders and registered investment advisers to access
 and perform various online capabilities on their investment accounts with the Fund.

**7.** **PLAID** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** Provide
 online bank account verification services using third-party PLAID technology.

Nomura Alternative Income Fund <br> Transfer Agent and Shareholder Services Addendum Page 3 of 5

**8.** **Other Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.*** Ultimus
shall perform other services for the Fund that are mutually agreed upon in a writing signed by the parties for mutually agreed fees,
if any, and all reimbursable expenses incurred by Ultimus; provided, however that the Fund may retain third parties to perform such other
services. These services may include performing internal audit examination; mailing the annual reports of the Fund; preparing an annual
list of shareholders; and mailing notices of shareholders' meetings, proxies, and proxy statements.

**9.** **National Securities Clearing Corporation Processing** 

Ultimus will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.1.*** process
accounts through Networking and the purchase, redemption, transfer and exchange of shares in such accounts through Fund/SERV (Networking
and Fund/SERV being programs operated by the National Securities Clearing Corporation (the "**NSCC**") on behalf of NSCC's
participants, including the Fund), in accordance with, instructions transmitted to and received by Ultimus by transmission from NSCC
on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions of authorized persons, as
hereinafter defined on the dealer file maintained by Ultimus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.2.*** issue
instructions to the Fund's custodian for the settlement of transactions between the Fund and NSCC (acting on behalf of its broker-dealer
and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.3.*** provide
account and transaction information from the affected Fund's records on an appropriate computer system in accordance with NSCC's
Networking and Fund/SERV rules for those broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***9.4.*** maintain
shareholder accounts through Networking.

**10.** **Tax Matters** 

Ultimus does not provide tax advice. Nothing in the Master Services Agreement or this Transfer Agent and Shareholder Services Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

***Signatures are located on the next page.***

Nomura Alternative Income Fund <br> Transfer Agent and Shareholder Services Addendum Page 4 of 5

The parties duly executed this Transfer Agent and Shareholder Services Addendum as of December 5, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | **Nomura Alternative Income Fund** |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/ Robert Stark | By: | /s/ Gary Tenkman |
| Name: | Robert Stark | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Nomura Alternative Income Fund <br> Transfer Agent and Shareholder Services Addendum Page 5 of 5

## Exhibit 99.2

**FORM OF EXPENSE LIMITATION AND REIMBURSEMENT AGREEMENT**

AGREEMENT made as of the [ ] day of [ ], 2022 by and among Nomura Alternative Income Fund, a Delaware statutory trust (the "Fund") and Nomura Private Capital LLC, a Delaware limited liability company ("the Investment Manager").

WITNESSETH:

WHEREAS, the Investment Manager acts as investment adviser to the Fund pursuant to an Investment Management Agreement with the Fund (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;&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;&nbsp;&nbsp;&nbsp;&nbsp;2. The Investment Manager agrees with the Fund to waive fees that it would otherwise have been paid, and/or to assume expenses of the Fund (a "Waiver") if required to ensure the Total Annual Expenses of the Fund (excluding any taxes, fees and interest payments on borrowed funds, distribution and servicing fees, brokerage and distribution costs and expenses, acquired fund fees and expenses (as determined in accordance with SEC Form N-2), the Incentive Fee, expenses incurred in connection with any merger or reorganization, and extraordinary or non-routine expenses, such as litigation expenses), do not exceed 1.20%, 1.20% and 1.20% of the average daily net assets of Class I Shares, Class D Shares and Class A Shares, respectively (collectively, the "Expense Limit").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Unless earlier terminated by the Fund, this Agreement will have an initial term 12 months from the effective date of the Prospectus , and during such initial term this Agreement may not be terminated by the Investment Manager. This Agreement will automatically renew for consecutive one-year terms thereafter, and the Agreement may not be terminated by the Investment Manager other than as of the end of the then current term. Subject to the initial two sentences of this paragraph, any party may terminate this Agreement upon thirty (30) days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. For a period not to exceed (3) three years from the date on which a Waiver is made, the Investment Manager may recoup amounts waived or assumed, provided the Investment Manager is able to effect such recoupment and the Fund will remain in compliance with the Expense Limit in place at the time of the Waiver and the current Expense Limit at the time of the recoupment. To the extent that such recoupment is due, the Fund shall effect such payment as promptly as possible. To the extent that the full amount of such waived amount or expense assumed cannot be recouped as provided in the previous sentence within such applicable three-year period, such recoupment right shall be extinguished.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. If this Agreement is terminated by the Fund, the Fund agrees to pay to the Investment Manager any amounts payable pursuant to paragraph 4 that have not been previously paid and, subject to the Investment Company Act of 1940, as amended (the "Investment Company Act"), such payment will be made to the Investment Manager not later than (3) three years from the date on which a Waiver was made by the Investment Manager (regardless of the date of termination of this Agreement), so long as the Investment Manager is able to effect such recoupment and the Fund will remain in compliance with the Expense Limit as if such Expense Limit was still in effect. If this Agreement is terminated by the Investment Manager, the Fund agrees to pay to the Investment Manager any amounts payable pursuant to

paragraph 4 that have not been previously paid and, subject to the Investment Company Act, such payment will be made to the Investment Manager not later than thirty (30) days after the terminationof this Agreement, so long as the Investment Manager is able to effect such recoupmentand remain in compliance with the Expense Limit as if such Expense Limit was still in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&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 applicableprovisions of the InvestmentCompany Act. To the extent the applicable law of the State of Delaware, or any of the provisionsin this Agreement, conflict with the applicable provisionsof 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;&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.

NOMURA ALTERNATIVE INCOME FUND

![](image_001.gif)

By:

Title:

NOMURA PRIVATE CAPITAL LLC

![](image_001.gif)

By:

Title:

## Exhibit 99.2

![](image_001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**FaegreDrinker Biddle & Reath LLP**<br> One Logan Square, Suite 2000<br> Philadelphia, Pennsylvania 19103<br> +1 215 988 2700 main<br> +1 215 988 2757 fax

February 10 , 2023

Nomura Alternative Income Fund

c/o Ultimus Fund Solutions, LLC

P.O. Box 541150

Omaha, NE 68154

RE: Nomura Alternative Income Fund

Ladies and Gentlemen:

We have acted as counsel to Nomura Alternative Income Fund (the "Fund"), a Delaware statutory trust, in connection with the filing of the Fund's registration statement on Form N-2, including any amendment thereto (the "Registration Statement") (File Nos. 333-267402 and 811-23826), to register under the Securities Act of 1933, as amended (the "1933 Act"), shares of beneficial interest (the "Shares") representing interests in the Fund. The Fund is authorized to issue an unlimited amount of Shares.

We have examined the originals or copies, certified or otherwise identified to our satisfaction, of the Fund's Agreement and Declaration of Trust and By-Laws (collectively, the "Governing Documents") and the resolutions adopted by the Board of Trustees of the Fund (the "Resolutions") relating to the authorization of the sale and issuance of the Shares in a continuous public offering, and have considered such other legal and factual matters as we have deemed appropriate.

In all cases, we have assumed the legal capacity of each natural person signing the Registration Statement, the genuineness of signatures, the authenticity of documents submitted to us as originals, the conformity to authentic original documents of documents submitted to us as copies and the accuracy and completeness of all corporate records and other information made available to us by the Fund. We have assumed that the Resolutions will still be in effect at the time the Shares are issued and have not been amended or rescinded. As to questions of fact material to this opinion, we have relied upon the accuracy of any certificates and other comparable documents of officers and representatives of the Fund, upon statements made to us in discussions with the Fund's management and upon statements and certificates of public officials.

This opinion is based exclusively on the laws of the State of Delaware.

We have assumed the following for this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Shares will be issued in accordance with the Governing Documents and the Resolutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares will be issued against consideration therefor as described in the Registration Statement, and that such consideration will have been at least equal to the applicable net asset value.

Based on the foregoing, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Shares to be issued pursuant to the Registration Statement have been duly authorized for issuance by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. When issued and paid for upon the terms provided in the Registration Statement, the Shares to be issued pursuant to the Registration Statement will be validly issued, fully paid and non-assessable

by the Fund and that the holders of the Shares will be entitled to the same limitation of personal liability extended to shareholders of private corporations for profit organized under the general corporation law of the State of Delaware (except that we express no opinion as to such holders who are also Trustees of the Fund).

We hereby consent to the filing of this opinion with the Securities and Exchange Commission as an exhibit to the Registration Statement of the Fund.

We hereby consent to the use of our name and to the references to our firm under the caption "Independent Registered Public Accounting Firm; Legal Counsel" in the Prospectus and Statement of Additional Information included in the Registration Statement. In giving such consent, however, we do not admit that we are within the category of persons whose consent is required under Section 7 of the 1933 Act or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

<u>/s/ FAEGRE DRINKER BIDDLE & REATH LLP</u>

FAEGRE DRINKER BIDDLE & REATH LLP

## Exhibit 99.2

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Prospectus and Statement of Additional Information in this Registration Statement under the Securities Act of 1933 (Form N-2) of the Nomura Alternative Income Fund filed with the Securities and Exchange Commission.

![](image_003.jpg)

**BBD, LLP**

**Philadelphia, Pennsylvania**

 **February 10 , 202 3**

## Exhibit 99.2

**Fund Code of Ethics ("1940 Act Code of Ethics")**

**Purpose of the Code of Ethics**

The Nomura Alternative Income Fund (the "Fund") has adopted this Code of Ethics (the "Code") to set forth guidelines and procedures that promote ethical practices and conduct by all of the Fund's Access Persons, as defined below, and to ensure compliance with the federal securities laws. To the extent that any such individuals are subject to compliance with the separately maintained Code of Ethics of the Fund's Adviser (the "Adviser"), Fund Administrator or Distributor (collectively the "Service Providers"), as applicable, whose Codes of Ethics complies with Rule 17j-1, compliance by such individuals with the provisions of the Code of the applicable Service Providers shall constitute compliance with this Code. This Code is based on the principle that, each Access Person of the Fund will conduct such activities in accordance with to the following principles:

&nbsp;&nbsp;&nbsp;&nbsp;· be dutiful in placing the interests of the Fund's shareholders first and before their own;

&nbsp;&nbsp;&nbsp;&nbsp;· all personal securities transactions must be conducted consistent with this Code of Ethics and in such
a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of trust and responsibility;
and

&nbsp;&nbsp;&nbsp;&nbsp;· adhere to the fundamental standard that Access Persons shall not take inappropriate advantage of their
position.

Any violation of this Code must be reported promptly to Alexander Woodcock, the Fund Chief Compliance Officer ("CCO"). Failure to do so will be deemed a violation of the Code.

**Legal Requirement**

Pursuant to Rule 17j-1(b) of the Investment Company Act of 1940 (the "1940 Act"), it is unlawful for any Access Person to:

&nbsp;&nbsp;&nbsp;&nbsp;· employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;· make any untrue statement of a material fact to the Fund or fail to state a material fact necessary in
order to make the statements made to the Fund, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect to the Fund, in connection with the purchase or sale
(directly or indirectly) by such Access Person of a security "held or to be acquired" by the Fund.

Definitions - All definitions shall have the same meaning as explained in Rule 17j-1 or Section 2(a) of the 1940 Act and are summarized below.

*Access Person* means – Any officers, Trustees, general partner or employee of the Fund or of the Adviser, Nomura Private Capital LLC (or of any entity in a control relationship to the Fund or the Adviser) who, in connection with his/her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

*Automatic Investment Plan* – A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation.

An Automatic Investment Plan includes a dividend reinvestment plan.

*Beneficial Ownership* means in general and subject to the specific provisions of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security.

*Connected Persons* – Adult children or parents living at home, and any relative, person or entity for whom the Access Person directs the investments or securities trading unless otherwise specified.

*Control* shall have the same meaning as that set forth in Section 2(a)(9) of the Exchange Act.

*Covered Security* – shall be any security except that it does not include:

&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; and

&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by open-end fund (excluding open-end exchange traded fund).

*De Minimis Security* means securities issued by any company included in the Standard and Poor's 500 Stock Index and in an amount less than $10,000.

*Exchange Traded Fund ("ETF")* means an open-end registered investment company that is not a unit investment fund, and that operates pursuant to an order from the SEC exempting it from certain provisions of the 1940 Act permitting it to issue securities that trade on the secondary market. Examples of open-end exchange-traded fund include, but are not limited to: Select Sector SPDRS; iShares; PowerShares; etc.

*Fund* means an investment company registered under the 1940 Act.

*Independent Trustees* means those Trustees of the Fund that would not be deemed an "interested person" of the Fund, as defined in Section 2(a)(19)(A) of the 1940 Act.

An *Initial Public Offering* means an offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Act.

*Limited Offering* means an offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act.

*Purchase or Sale of a Covered Security* includes, among other things, the writing of an option to purchase or sell a Covered Security.

*Restricted Trustee or Restricted Officer* means each Trustee or officer of the Fund who is not also a director, officer, partner, employee or controlling person of any one or more of the Fund's investment adviser, administrator, custodian, transfer agent, or distributor.

*Security held or to be acquired by the Fund* means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any Covered Security which, within the most recent fifteen (15) days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is or has been held by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Is being or has been considered by the Fund or its Adviser for purchase by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

**Policies of the Fund Regarding Personal Securities Transactions** 

**General**

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

Specific Policies

&nbsp;&nbsp;&nbsp;&nbsp;1. Restrictions on Personal Securities Transactions By Access Persons Other Than Restricted Trustees, Restricted
Officers and persons covered under an equivalent code of ethics of the Fund's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Except as provided below, no Access Person may buy or sell Covered Securities for his or her personal
portfolio or the portfolio of a member of his or her immediate family without obtaining authorization from the Fund CCO prior to effecting
such security transaction.

Note: If an Access Person has questions as to whether purchasing or selling a security for his or her personal portfolio or the portfolio of a member of his or her immediate family requires prior authorization, the Access Person should consult the Fund CCO for clearance or denial of clearance to trade prior to effecting any securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pre-clearance approval will expire at the close of business on the trading day after the date on which
the authorization is received, and the Access Person is required to renew clearance for the transaction if the trade is not completed
before the authority expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o No clearance will be given to an Access Person to purchase or sell any Covered Security (1) on a day when
the Fund has a pending "buy" or "sell" order in that same Covered Security until that pending "buy" or "sell"
order is executed or withdrawn or (2) when the Fund CCO has been advised by the Adviser that the same Covered Security is being considered
for purchase or sale for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The pre-clearance requirement contained above shall not apply to the following securities ("Exempt
Securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities that are not Covered Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· De Minimis Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities purchased or sold in any account over which the Access Person has no direct or indirect influence
or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities purchased or sold in a transaction which is non-volitional on the part of either the Access
Person or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities acquired as a part of an Automatic Investment Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities acquired upon the exercise of rights issued by an issuer pro rata to all holders of a class
of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Securities which the Fund is not permitted to purchase under the investment objectives and policies set
forth in the Fund's then current prospectus under the Securities Act of

1933 or the Fund's registration statement on Form N-2, provided that prior to a transaction by an Access Person such securities have been approved for inclusion in a list of securities which are not permissible for purchase by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The pre-clearance requirement shall apply to all purchases of a beneficial interest in any security through
an Initial Public Offering or a Limited Offering by any Access Person who is also classified as Investment Personnel. A record of any
decision and the reason supporting such decision to approve the acquisition by Investment Personnel of Initial Public Offerings or Limited
Offerings shall be made by the Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;2. Restrictions on Personal Securities Transactions by Restricted Trustees and Restricted Officers.

The Fund recognizes that a Restricted Trustee and a Restricted Officer do not have on-going, day-to-day involvement with the operations of the Fund. In addition, the Fund will generally give information about securities purchased or sold by the Fund or considered for purchase or sale by the Fund to Restricted Trustees and Restricted Officers in materials circulated more than 15 days after such securities are purchased or sold by the Fund or are considered for purchase or sale by the Fund. Accordingly, the Fund believes that less stringent controls are appropriate for Restricted Trustees and Restricted Officers, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The securities pre-clearance requirement contained in section 1 above shall only apply to a Restricted
Trustee or Restricted Officer if he or she knew or, in the ordinary course of fulfilling his or her official duties as a Trustee or officer,
should have known, that during the 15-day period before the transaction in a Covered Security (other than an Exempt Security) or at the
time of the transaction that the Covered Security purchased or sold by him or her (other than an Exempt Security) was also purchased or
sold by the Fund or considered for the purchase or sale by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the pre-clearance provisions of the preceding paragraph apply, no clearance will be given to a Restricted
Trustee or Restricted Officer to purchase or sell any Covered Security (1) on a day when any portfolio of the Fund has a pending "buy"
or "sell" order in that same Covered Security until that order is executed or withdrawn or (2) when a Fund CCO has been advised
by the Adviser that the same Covered Security is being considered for purchase or sale for any portfolio of the Fund.

**Reporting Requirements**

The Fund CCO or designee shall monitor all personal trading activity of all Access Persons as deemed appropriate and covered by this Code. An Access Person of a Fund who is also an Access Person of the Fund's principal underwriter, affiliates or Adviser may submit such reporting requirements via the forms prescribed by any such separate Code of Ethics (and not directly to the Fund CCO) provided that the associated forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;1. Initial/Ongoing Disclosure of Personal Brokerage Accounts. Within ten (10) days of the commencement of
employment or at the commencement of a relationship with the Fund, all Access Persons, except Independent Trustees, are required to submit
to the Fund CCO a report stating the names and account numbers of all of their personal brokerage accounts, brokerage accounts of any
Connected Persons, and any brokerage accounts which they control or in which they or a Connected Person has Beneficial Ownership. Such
report must contain the date on which it is submitted and the information in the report must be current as of a date no more than forty-five
(45) days prior to that date. In addition, if a new brokerage account is opened during the course of the year, the Fund CCO must be notified
immediately. Disclosure of an account shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution opened during
the quarter and provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of the broker, dealer or bank with whom the Access Person has established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date the account was established;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date that the report is submitted by the Access Person.

Each of these accounts is required to furnish duplicate confirmations and statements to the Fund CCO.

&nbsp;&nbsp;&nbsp;&nbsp;2. Holdings Report. Within ten (10) days of becoming an Access Person (and with information that is current
as of a date no more than forty-five (45) days prior to the date that the person becomes an Access Person), each Access Person, except
Independent Trustees, must submit (i) a holdings report that must contain, at a minimum, the title and type of Security, and as applicable,
the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access Person
has any direct or indirect Beneficial Ownership and (ii) the name of any broker, dealer or bank with whom the Access Person maintained
an account in which any securities were held for the Access Person's direct or indirect benefit as of the date they became an Access
Person. This report must state the date on which it is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Transaction Reports. All Access Persons, except Independent Trustees, shall report to the Fund
CCO or designee the following information with respect to transactions in a Covered Security in which such person has, or by reason of
such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number,
interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

&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;· The price of the Covered Security at which the transaction was effected;

&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;· The date the Access Person Submits the Report.

&nbsp;&nbsp;&nbsp;&nbsp;4. Reports pursuant to this section of this Code shall be made no later than thirty (30) days after the end
of the calendar quarter in which the transaction to which the report relates was effected and shall include a certification that the reporting
person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code.
Confirmations and Brokerage Statements sent directly to the appropriate address noted above is an acceptable form of a quarterly transaction
report.

**Review of Reports**

The Fund CCO, or designee, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate reporting to the Board of Trustees:

&nbsp;&nbsp;&nbsp;&nbsp;· any transaction that appears to evidence a possible violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· apparent violations of the reporting requirements stated herein.

The Fund CCO shall review the reports referenced hereunder and shall determine whether the policies established in this Code have been violated, and what sanctions, if any, should be imposed on the violator.

Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and the disgorgement of any profits.

The Fund CCO and the Board of Trustees of the Fund shall review the operation of this Code at least annually. All material violations of this Code and any sanctions imposed with respect thereto shall periodically be reported to the Board of Trustees of the Fund.

Adopted: 1/30/2023

**Certification**

Each Access Person will be required to certify annually that he/she has read and understood the provisions of this Code and will abide by them. Each Access Person will further certify that he/she has disclosed or reported all personal securities transactions required to be reported under the Code. A form of such certification is attached below:

*I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it. [if an employee of the Adviser] I further certify I will fulfill my personal securities holdings and transactions reporting obligates through the procedures of the Adviser with respect to covered securities.*

 

Printed Name: ________________________ Signature: ______________________________

Date: _______________________________

Before the Board of Trustees of the Fund may approve the Code of Ethics, the Fund must certify to the Board that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code. Such certification shall be submitted to the Board of Trustees at least annually.

## Exhibit 99.2

**Nomura Private Capital LLC**

**Code of Ethics** 

**Introduction and Things You Should Know**

This is the Code of Ethics (the "Code" or "Code of Ethics") of Nomura Private Capital LLC (the "Company"). The Code includes the following sections:

● Definitions

● Fiduciary Duty Standards

● Code of Ethics Compliance and Administration

● Guidelines for Professional Standards

● Personal Trading Policies

● Sanctions and Reporting Violations

● Insider Trading Policies

Investment advisers are fiduciaries that owe their undivided loyalty to their clients. Investment advisers are trusted to represent clients' interests in many matters, and advisers must hold themselves to the highest standard of fairness in all such matters.

If you have any doubt or uncertainty about what this Code requires or permits, you should ask the Chief Compliance Officer. Do not guess at the answer.

The Company expects all Associated Persons to comply with the spirit of the Code, as well as the specific requirements contained in the Code.

The Company treats violations of this Code (including violations of the spirit of the Code) very seriously. If you violate either the letter or the spirit of this Code, the Company may take disciplinary measures against you, including, without limitation, imposing penalties or fines, reducing your compensation, demoting you, requiring unwinding of the trade, requiring disgorgement of trading gains, suspending or terminating your employment, or any combination of the foregoing.

Improper trading activity can constitute a violation of this Code. You can also violate this Code by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Your conduct can violate this Code even if no clients are harmed by your conduct.

**Definitions**

These terms have special meanings as used in this Code of Ethics. Defined terms from the Company's Compliance Manual are incorporated by reference into this Code of Ethics:

*Access Person* - An "Access Person" is a Supervised Person who has access to nonpublic information regarding any client's purchase or sale of securities, is involved in making securities recommendations to clients, or has access to such recommendations that are nonpublic. All of the Company's directors, officers, and partners are presumed to be Access Persons. The Company considers all of its employees Access Persons. Therefore, all employees are subject to the requirements of this Code of Ethics.

**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.

*Client* - Any person for whom, or entity for which, the Company serves as an investment adviser, renders investment advice, or makes any investment decisions for compensation is considered a client.

*Associated Person* - For purposes of this Code, all Supervised Persons and Access Persons are collectively referred to as 'Associated Persons'.

*Beneficial Ownership* - Means any opportunity, directly or indirectly, to profit or share in the profit from any transaction in securities, including those owned by members of an Access Person's immediate family living in the Access Person's household, as defined below.

*Chief Compliance Officer* - Means Michael Jones, or another person that has been designated to perform the functions of Chief Compliance Officer when the named Chief Compliance Officer is not available. For purposes of reviewing the Chief Compliance Officer's own transactions and reports under this Code, the functions of the Chief Compliance Officer are performed by another qualified individual, and shall be clearly denoted in the Company's compliance files.

*Covered Account* - Means any account in which an Access Person has any direct or indirect Beneficial Ownership.

**Material Nonpublic Information** – See subsection 7 "Insider Trading Policy" herein.

*Members of the Family/Household* - "Members of the Family/Household" include:

● A spouse or domestic partner (unless they do not live in the same household as the Access Person and the Access Person does not contribute in any way to their support);

● Children under the age of 18;

● Children who are 18 or older (unless they do not live in the same household as the Access Person and the Access Person does not contribute in any way to their support); and

● Any person who lives in the Access Person's household including stepchildren, grandchildren, parents, stepparents, grandparents, brothers, sisters, in-laws, and adoptive relationships.

**Non-Reportable Securities**: See subsection titled "Reportable Securities" for a list of non-reportable securities.

**Private Placement** – Also known as a "Limited Offering." An offering that is exempt from registration

pursuant to sections 4(2) or 4(6) of the Securities Act, or pursuant to Rules 504, 505, or 506 of Regulation D.

**Reportable Securities** - Means all Securities, except Non-Reportable Securities, in which an Access Person has Beneficial Ownership.

*Security or Securities* - Means anything that is considered a "security" under the Investment Advisers Act of 1940. This is a very broad definition of security. It includes most kinds of investment instruments, including things that one might not ordinarily think of as "securities," such as:

● exchange traded funds;

● options on securities, on indexes and on currencies;

● investments in all kinds of limited partnerships;

● investments in foreign unit trusts and foreign mutual funds; and

● investments in private investment funds and hedge funds.

If there is any question or doubt about whether an investment is considered a security or a Reportable Security under this Code, ask the Chief Compliance Officer.

*Supervised Person* - A "Supervised Person" is any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. This may also include all temporary workers, consultants, independent contractors, and anyone else designated by the Chief Compliance Officer. For purposes of the Code, such 'outside individuals' will generally only be included in the definition of a supervised person, if their duties include access to certain types of information, which would put them in a position of sufficient knowledge to necessitate their inclusion under the Code. The Chief Compliance Officer shall make the final determination as to which of these are considered supervised persons.

**Fiduciary Duty Standards**

This Code of Ethics is based on the principle that the Company has a fiduciary duty to place the interests of clients ahead of the Company's interests. The Company must avoid activities, interests, and relationships that might interfere with making decisions in the best interests of the Company's clients.

All Associated Persons will act with competence, dignity, integrity, and in an ethical manner, when dealing with clients, the public, prospects, third-party service providers and fellow Associated Persons.

We expect all Associated Persons to adhere to the highest standards with respect to any potential conflicts of interest with clients. As a fiduciary, the Company must act in its clients' best interests. Neither the Company, nor any Associated Person should ever benefit at the expense of any client. Notify the CCO promptly if you become aware of any practice that creates, or gives the appearance of, a material conflict of interest.

**Guidelines for Professional Standards**

● At all times, all Associated Persons must comply with applicable federal securities laws and must reflect the professional standards expected of those engaged in the investment advisory business, and they shall act within the spirit and the letter of the federal, state, and local laws and regulations pertaining to investment advisers and the general conduct of business. These standards require all personnel to be judicious, accurate, objective, and reasonable in dealing with both clients and other parties so that his or her personal integrity is unquestionable.

● All Associated Persons are required to report any violation of the Code, by any person, to the CCO or other appropriate persons of the Company promptly. Such reports will be held in confidence to the extent practicable. However, the Company remains responsible for satisfying the regulatory reporting and other obligations that may follow the reporting of a potential violation.

● Associated Persons must place the interests of clients first. All Associated Persons must scrupulously avoid serving his or her own personal interests ahead of the interests of the Company's clients. In addition, Associated Persons must work diligently to ensure that no client is preferred over any other client.

● Associated Persons must use good judgment in identifying and responding appropriately to actual or apparent conflicts. Conflicts of interest that involve the Company and/or its Associated Persons on one hand and clients on the other hand will generally be fully disclosed and/or resolved in a way that favors the interests of the clients over the interests of the Company and its Associated Persons. If an Associated Person believes that a conflict of interest has not been identified or appropriately addressed, that Associated Person should promptly bring the issue to the CCO's attention.

● All Associated Persons are naturally prohibited from engaging in any practice that defrauds or misleads any client, or from engaging in any manipulative or deceitful practice with respect to clients or securities.

● No Associated Person may serve on the board of directors of any publicly traded company without prior written permission from the CCO.

● Associated Persons will not cause or attempt to cause any client to purchase, sell, or hold any security in a manner calculated to create any personal benefit, or on behalf of the Company.

● Associated Persons must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting the Company's services, and engaging in other professional activities.

● Associated Persons must conduct all personal securities transactions in full compliance with this Code. Doubtful situations should be resolved in favor of clients and in cooperation with the

CCO. Technical compliance with the Code's provisions shall not automatically insulate from scrutiny any securities transactions or actions that could indicate a violation of the Company's fiduciary duties.

● Personal transactions in securities by Access Persons must be transacted to avoid even the appearance of a conflict of interest on the part of such personnel with the interests of the Company's clients. Likewise, Associated Persons must avoid actions or activities that allow (or appear to allow) a person to profit or benefit from his or her position with the Company at the expense of clients, or that otherwise bring into question the person's judgment.

● Associated Persons are subject to Insider Trading Policies adopted by the Company to detect and prevent the misuse of material nonpublic information.

● No Associated Person shall communicate information known to be false to others (including but not limited to clients, prospective clients and other Associated Persons) with the intention of manipulating financial markets for personal gain.

● Associated Persons are prohibited from accepting compensation for services from outside sources without the specific prior written permission of the CCO.

● When any Associated Person faces a conflict or potential conflict between his or her personal interest and the interests of clients, he or she is required to immediately report the conflict to the CCO for instructions regarding how to proceed.

● Associated Persons must treat recommendations and actions of the Company as confidential and private matters. Accordingly, we have adopted a Privacy Policy to prohibit the transmission, distribution, or communication of any information regarding securities transactions in client accounts or other nonpublic information, except to broker-dealers, other bona fide service providers, or regulators in the ordinary course of business. In addition, no information obtained during the course of employment regarding particular securities (including internal reports and recommendations) may be transmitted, distributed, or communicated to anyone who is not affiliated with the Company, without the prior written approval of the CCO.

● No Associated Person shall intentionally sell to or purchase from a client any security or other property without prior written authorization from the CCO.

● No Associated Person shall provide loans or receive loans from clients without the prior written authorization from the CCO.

**Code of Ethics Compliance and Administration**

The CCO administers the Code of Ethics. All questions regarding the Code should be directed to the CCO. You must cooperate to the fullest extent reasonably requested by the CCO to enable (i) the Company to comply with all applicable Federal Securities Laws; and (ii) the CCO to discharge duties under the Code of Ethics.

There are three Reporting Forms that an Access Person must complete under this Code. Additional information on, and copies of, these Reporting Forms is included below. You can also get copies of the Reporting Forms from the CCO.

Nothing herein shall prohibit or impede in any way an Associated Person or former Associated Person from reporting a possible securities law violation directly to the SEC or other regulatory authority. In addition, the Company will not retaliate in any way against an Associated Person or former Associated Person for providing information relating to a possible securities law violation to the SEC or other regulatory authority.

The Company's management will review the terms and provisions of this Code at least annually and make amendments as necessary. Any amendments will be distributed to all Associated Persons of the Company, and the Company shall require each Associated Person to provide in writing an acknowledgement of their receipt, understanding and acceptance of the change(s).

Associated Persons are generally expected to discuss any perceived risks or concerns about the Company's business practices with their direct supervisor. However, if an Associated Person is uncomfortable discussing an issue with their supervisor, or if they believe that an issue has not been appropriately addressed, the Associated Person should bring the matter to the CCO's attention, or if the supervisor is the CCO, then to the attention of a senior officer of the firm.

The Company will distribute the Company's Code of Ethics to each Associated Person upon the commencement of employment or engagement and upon any amendment to the Code of Ethics.

All Associated Persons must acknowledge that they have received, read, understand, and agree to comply with the Company's Code of Ethics by completing the Agreement to Abide by Code of Ethics upon commencement of employment or engagement with the Company. All Associated Persons will be required to acknowledge in writing receipt of any amendments made to this Code of Ethics.

The Company will describe its Code of Ethics in Part 2A of Form ADV and, upon request, furnish clients with a copy of the Code of Ethics, as applicable. All client requests for the Company's Code of Ethics should be directed to the CCO.

The CCO will maintain a copy of this Code of Ethics in the Company's files. Additionally, the CCO will review the Code of Ethics at least annually to ensure it remains appropriately aligned with the Company's advisory business.

**Personal Trading Policies**

**Personal Securities Transactions**

Personal trading activity conducted by the Company's Access Persons should be executed in a manner consistent with our fiduciary obligations to our clients: trades should avoid actual improprieties, as well as the appearance of impropriety. Access Person trades should not involve trading activity so excessive as to conflict with one's ability to fulfill daily job responsibilities or to otherwise violate anti-manipulative or insider trading regulations.

**Accounts Covered by the Code**

The Company's Code of Ethics applies to all Reportable Securities and Covered Accounts over which Access Persons have any Beneficial Ownership, which typically includes securities held by immediate family members sharing the same household. Immediate family members include children, stepchildren, grandchildren, parents, stepparents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria.

The Company considers all of its employees to be Access Persons. Any temporary staff, consultants and interns will be reviewed on a case-by-case basis by the CCO to determine whether or not they will be deemed Access Persons.

It may be possible for Access Persons to exclude accounts held personally or by immediate family members sharing the same household if the Access Person does not have any direct or indirect influence or control over the accounts. Access Persons should consult with the CCO before excluding any accounts held by immediate family members sharing the same household.

The following policies and procedures apply to all securities owned or controlled by an Access Person, and any Covered Account. Any account in question should be addressed with the CCO immediately to determine if it is considered a Covered Account.

Improper trading activity can constitute a violation of this Code. Nevertheless, the Code can be violated by failing to file required reports, or by making inaccurate or misleading reports or statements concerning trading activity or securities accounts. Individual conduct can violate this Code even if no clients are harmed by such conduct.

**Reportable Securities**

The Company requires Access Persons to provide periodic reports regarding transactions and holdings in all "Reportable Securities," which include any Security, except the following, which are Non-Reportable Securities:

● Direct obligations of the Government of the United States (e.g. U.S. Treasury obligations) ;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements;

● Shares issued by money market funds;

● Shares issued by open-end investment companies registered in the U.S., none of which are advised or underwritten by the Company or an affiliate;

● Interests in 529 college savings plans; and

● Shares issued by unit investment trusts that are invested exclusively in unaffiliated mutual funds.

Exchange-traded funds, or ETFs, are somewhat similar to open-end registered investment companies. However, certain ETFs are Reportable Securities and are subject to the reporting requirements contained in the Company's Code of Ethics. ETFs that invest in or are linked to a broad-based index or

sector (i.e., consisting of at least 15 constituents) or ETFs that are linked to commodities, commodity indices or derivative-based indices (such as volatility indices) do not require preclearance. Note: exchange traded funds or exchange traded notes that do not meet this criteria must be pre-cleared.

The term "digital asset" refers to an asset that is issued and/or transferred using distributed ledger or blockchain technology, including, but not limited to, "virtual currencies," "coins," and "tokens." A particular digital asset may or may not meet the definition of "security" under the federal securities laws. If you have any questions as to whether your digital asset is reportable, contact the CCO.

**Reporting Requirements**

The Company must collect information regarding the personal trading activities and holdings of all Access Persons. Access Persons must promptly report to the Company the opening of any new Covered Accounts, submit quarterly reports regarding Reportable Securities transactions, and report holdings on an annual basis.

The CCO will make all required records of personal transactions in Reportable Securities available to the required regulatory authority, promptly upon request. These include statements for all accounts for personal securities transactions.

All Access Persons must file reports as described below, even if there are no holdings, transactions, or accounts to list in the reports. Copies of the reporting forms are included at the end of the Code or can be obtained from the CCO. The Company may rely on brokerage statements to the extent such statements are made accessible to the CCO.

**1. Initial Holdings Reports**

No later than 10 calendar days after an Associated Person becomes an Access Person (or within 10 days of the adoption of this Code if the Associated Person was already an Access Person at the time of its adoption), that Access Person must submit an *Initial Holdings Report* to the CCO through PTCC (if PTCC is not available, please contact Compliance). The information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person. The information should contain:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 title and type of Security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares, and principal amount of each Security holding;

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 name of each broker, dealer or bank with which the Access Person maintains an account in
 which Securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 date the Access Person submits the report.

**2. Annual Holdings Reports**

All Access Persons must submit an annual holdings report to the CCO on or before February 14th of each year reflecting holdings as of a date no earlier than December 31st of the preceding year. The report is to be submitted via PTCC.

*<u>Content Requirements for Initial and Annual Holdings Reports</u>*

Each holdings report (initial and annual) must contain at a minimum:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 title and type of security, and as applicable the exchange ticker symbol or CUSIP number,
 number of shares, and principal amount of each *Reportable Security* in which
 the Access Person has any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 name of any broker, dealer or bank with which the Access Person maintains an account in which **any securities (including securities that are not** *Reportable Securities* **)** are
 held for the Access Person's direct or indirect benefit; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
 date the Access Person submits the report.

All information contained in the holding report must be current as of the date no more than 45 days prior to the date the report is submitted. If you do not have any holdings to report, this should be indicated on the relevant holdings report*.* 

**3. Quarterly Transaction Reports** 

No later than 30 calendar days after the end of March, June, September, and December, each year, each Access Person must file a *Quarterly Report of Personal Securities Transactions* form with the CCO via PTCC.

The *Quarterly Report of Personal Securities Transactions* form requires each Access Person to list all transactions in Reportable Securities during the most recent calendar quarter in which the Access Person had Beneficial Ownership.

*<u>Content Requirements for Quarterly Transactions Reports</u>*

Each transaction report must contain, at a minimum, the following information about each transaction involving a reportable security in which the Access Person had, or as a result of the transaction acquired, any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, interest rate and maturity date, number of shares, and principal amount of each
 reportable security involved;

&nbsp;&nbsp;&nbsp;&nbsp;2. The
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;3. The
 price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;4. The
 name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The
 date the Access Person submits the report.

The quarterly transaction reporting requirement may be satisfied by instructing the custodian for these accounts to send duplicate confirmations and brokerage account statements for the Covered Accounts, in which such transactions took place, to the Company, c/o the CCO, provided **all required information is included in the report** and the Company receives the confirmations or statements not later than 30 days after the close of the calendar quarter in which the transaction(s) took place. Alternatively, Access Persons may submit this information on the *Quarterly Report of Personal Securities Transactions* form provided by the Company.

If you did not have any transactions or account openings to report, this should be indicated on the *Quarterly Report of Personal Securities Transactions* form. Signed and dated *Quarterly Report of Personal Securities Transactions* form and/or duplicate account statements must be submitted to the CCO within 30 days of the end of each calendar quarter.

**Exceptions from Reporting Requirements**

There are limited exceptions from certain reporting requirements. Specifically, Access Persons are not required to submit:

● Quarterly reports for any transactions effected pursuant to an Automatic Investment Plan. However, any transaction that overrides the pre-set schedule or allocations of the Automatic Investment Plan must be included in a quarterly transaction report; or

● Any reports with respect to Reportable Securities held in accounts over which the Access Person had no direct or indirect influence or control, such as a blind trust, wherein the Access

Person has no knowledge of the specific management actions taken by the trustee and no right to intervene in the trustee's management.

Any investment plans or accounts for which an Access Person claims an exception based on "no direct or indirect influence or control" must be brought to the attention of the CCO who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception and make record of such determination. Unless and until such exception is granted, all applicable reporting requirements shall apply.

"No direct or indirect influence or control" with respect to an account shall mean that the Access Person has 1) no knowledge of the specific management actions taken by the trustee or third party manager; 2) no right to intervene in the management of the account by the trustee or third party manager; 3) no discussions with the trustee or third party manager concerning account holdings which could reflect control or influence; and 4) no discussions with the trustee or third party manager wherein the Access Person provides investment directions or suggestions.

In making a determination of whether or not the Access Person has direct or indirect influence or control, the CCO will ask for information about the Access Person's relationship with the party responsible for making the investment decisions regarding the account (i.e., independent professional versus friend or relative; unaffiliated versus affiliated firm).

The Company requires that all Access Persons seeking a reporting exception for an account based on "no direct or indirect influence or control" submit such a request in writing to the CCO initially when the exception is first sought, and no less than annually thereafter confirm in writing that the exception still applies.

The CCO may periodically request information or a certification from a party responsible for managing the account and may also periodically request reporting on the account to identify transactions that would have been prohibited pursuant to this Code of Ethics, absent the exception granted.

**Review and Recordkeeping**

The CCO shall review personal trading reports for all Access Persons no less than quarterly, and will otherwise take reasonable steps to monitor compliance with, and enforce this Code of Ethics. Evidence of the reviews shall be maintained in the Company's files. Another appropriately designated individual will review the CCO's personal securities trading reports.

The Company reserves the right to require the Access Person to reverse, cancel, or freeze, at the Access Person's expense, any transaction or position in a specific security if the Company believes the transaction or position violates its policies or appears improper. The Company will keep all such information confidential except as required to enforce this policy or to participate in any investigation concerning violations of applicable law.

The Company's Code of Ethics is designed to mitigate material conflicts of interest associated with Access Persons' personal trading activities. Accordingly, the CCO, or designee, monitors Access Persons' trading to detect potential issues including but not limited to:

● Trading in securities appearing on the restricted list;

● Frequent short-term trades detrimental to their work;

● Front-Running and other trading in conflict with client interests; and

● Trading that appears to be based on Material Nonpublic Information.

The CCO will review reports submitted pursuant to the Code of Ethics for potential behavior issues.

The CCO's trades are reviewed by the CCO of Nomura Holding America (Parent Entity). Upon review, the CCO of Nomura Holding America will initial and date each report received and document a written description of any issues noted. Personal trading that appears problematic may result in further inquiry by the CCO of Nomura Holding America.

**Prohibited and Restricted Transactions**

● Access Persons may not acquire or participate in an initial public offering without first seeking written approval from the CCO.

● Any Access Person wishing to purchase or sell a security obtained through a private placement must first seek written approval by the CCO. In addition, if an Associated Person who owns a security in a private company knows that the company is about to engage in an IPO, he or she must disclose this information to the CCO.

● Participation in investment clubs must be approved in writing by the CCO in advance of any such participation.

**Case-by-Case Exemptions**

Because no written policy can provide for every possible contingency, the CCO may consider granting additional exemptions from the Prohibitions on Trading on a case-by-case basis. Any request for such consideration must be submitted by the Access Person in writing to the CCO. Exceptions will only be granted in those cases in which the CCO determines that granting the request will create no actual, potential, or apparent conflict of interest.

**Pre-Clearance**

Access Persons are prohibited from engaging in any transaction in a Reportable Security in any account in which the Access Person has any Beneficial Ownership, unless the Access Person obtains pre-clearance for that transaction in advance of the transaction in PTCC.

If pre-clearance is obtained, the approval is valid for the day on which it is granted and the immediately following business day (i.e. two business days). If preclearance is granted after normal market hours, the approval is granted for the following two business days, The CCO may revoke a pre-clearance any time after it is granted and before the transaction is executed. The CCO may deny or revoke pre-clearance for any reason.

The Company or its Employees may receive information that may be deemed to be Material Nonpublic Information. Consequently, the Company may choose to restrict personal trading in a security of a company or issuer by placing the company or issuer on a restricted list. Refer to the Company's Insider Trading Policy in this manual for further information and requirements.

As noted above, transactions in private placements and initial public offerings are always prohibited, unless pre-clearance is obtained, in advance of the transaction. Pre-clearance is obtained by first completing and signing the *Personal Securities Trading Request Form*. (A copy of the *Personal Securities Trading Request Form* is included in this Code, or a copy can be obtained from the CCO.) The *Personal Securities Trading Request Form* is then submitted to the CCO for pre-clearance.

If pre-clearance is obtained, the Access Person shall act promptly taking the necessary steps to effectuate the IPO or private placement investment. The CCO may revoke a pre-clearance any time up until the Access Person has made a firm commitment to invest.

**Restricted List**

The Company has adopted a restricted list which includes companies and issuers in whose securities Associated Persons are prohibited from trading without first receiving written clearance from the CCO. Associated Persons may use the *Personal Securities Trading Request Form* for this purpose.

When a trading request is submitted, the CCO will check the trade request against the list(s) of restricted securities maintained by the Company. The trade request then is either approved or rejected depending on how the request compares with the restricted lists.

The CCO maintains the restricted list and will distribute the restricted list to Associated Persons when changes occur.

Issuers are placed on the restricted list due to one or more of the following reasons:

● The issuer is a client, or an affiliate of a client of the Company;

● One or more of the Company's clients holds concentrated positions in securities of the issuer;

● The Company or one or more of its Associated Persons has inside information about the issuer;

● The CCO believes that trading in a specific company or issuer may present a conflict of interest to the Company or its clients.

**Timing of Personal Transactions**

When the Company is purchasing or selling, or considering for purchase or sale a Reportable Security on behalf of a client account, no Access Person with knowledge of such Company's purchase or sale may effect a transaction in a the Reportable Security prior to the client purchase or sale having been executed, or until the Company's decision has been made not to pursue the transaction. Access Persons are permitted to purchase or sell Reportable Securities as part of the Company's aggregated orders. Other exceptions include trades as a result of an automatic investment plan, dividend reinvestments plans, and approved third party managed accounts.

**Blackout Period**

The blackout period described below (the "Blackout Period") applies to all Access Persons and their Reportable Accounts. It is designed to prevent front running, coat tailing and various other activities that create potential conflicts with client interests.

No Access Person may purchase or sell a Reportable Security for an account in which the Access Person has Beneficial Ownership within TBD [choose the number of days 1-3: 1 calendar day] immediately before or after a day on which any client account purchases or sells that Reportable Security (or of the same issuer, such as an option or a related convertible or exchangeable security). This includes transactions on the other side of the market (e.g. client account sells ABC and Access Person purchases ABC).

Accounts beneficially owned by Access Persons which are managed by the Company and traded at the same time, terms and execution prices with client accounts as part of an aggregated order may participate in the aggregated order without violating the Blackout Period. Other exceptions include trades as a result of an automatic investment plan, dividend reinvestments plans, and approved third party managed accounts.

Blackout Period violations are subject to disciplinary measures including the cancelling of the trade or other measures the Company may determine. The Company recognizes that certain situations may occur entirely in good faith and may choose not to take disciplinary measures in such instances if it appears that the Access Person acted in good faith and in the best interests of clients.

**Sanctions and Reporting Violations of the Code**

**Disciplinary Responses**

All disciplinary responses to violations of the Code shall be administered by the CCO, subject to approval by the CCO of Nomura Holding America (Parent Entity) of the Company. Determinations regarding appropriate disciplinary responses will be administered on a case-by-case basis.

Violations of this Code of Ethics, or the other policies and procedures set forth in the Compliance Manual, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, suspending personal trading rights, imposing a fine, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and/or a combination of the foregoing. Violations may also subject an Associated Person to civil, regulatory or criminal sanctions. No Associated Person will determine whether he or she committed a violation of the Code of Ethics, or impose any sanction against himself or herself. All sanctions and other actions taken will be in accordance with applicable employment laws and regulations.

Associated Persons must promptly report any suspected violations of the Code of Ethics to the CCO. To the extent practicable, the Company will protect the identity of an Associated Person who reports a suspected violation. However, the Company remains responsible for satisfying the regulatory reporting and other obligations that may follow the reporting of a potential violation. The CCO shall be responsible for ensuring a thorough investigation of all suspected violations of the Code and shall maintain a report of all violations. Retaliation against any Associated Person who reports a violation of the Code of Ethics is strictly prohibited and will be cause for corrective action, up to and including dismissal.

**Insider Trading Policy**

**Definitions**

**Material Information.** "Material Information" generally includes:

● any information that a reasonable investor would likely consider important in making his or her investment decision; or

● any information that is reasonably certain to have a substantial effect on the price of a company's securities.

Examples of Material Information include the following: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems and extraordinary management developments.

Information provided by a company could be material because of its expected effect on a particular class of securities, all of a company's securities, the securities of another company, or the securities of several companies. The prohibition against misusing Material Nonpublic Information applies to all types of financial instruments including, but not limited to, stocks, bonds, warrants, options, futures, forwards, swaps, commercial paper, and government-issued securities. Material Information need not relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material.

**Nonpublic Information.** Information is "nonpublic" until it has been effectively communicated to the market and the market has had time to "absorb" the information. For example, information found in a report filed with the Securities and Exchange Commission, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal, or other publications of general circulation would be considered public.

Once information has been effectively distributed to the investing public, it is no longer nonpublic. However, the distribution of Material Nonpublic Information must occur through commonly recognized channels for the classification to change. In addition, there must be adequate time for the public to receive and digest the information. Nonpublic Information does not change to public information solely by selective dissemination. Examples of the ways in which Nonpublic Information might be transmitted include, but are not limited to in person, in writing, by telephone, during a presentation, by email, instant messaging, text message, or through social networking sites.

Associated Persons must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material Nonpublic Information.

**Policies and Procedures**

The purpose of these policies and procedures (the "Insider Trading Policies") is to educate our Associated Persons regarding insider trading, and to detect and prevent insider trading by any person associated with the Company. The term "insider trading" is not defined in the securities laws, but generally, it refers to the use of Material, Nonpublic Information to trade in securities or the communication of Material, Nonpublic Information to others.

**Prohibited Use or Disclosure of Material Nonpublic Information**

Associated Persons are strictly forbidden from engaging in Insider Trading, either personally or on behalf of the Company or its clients.

In certain situations, depending on facts and circumstances, Material Nonpublic Information may also be received subject to a confidentiality agreement. The CCO must approve all written confidentiality

agreements relating to the receipt of Material Nonpublic Information. Any disclosure or use of Material Nonpublic Information in violation of such an agreement is prohibited.

Associated Persons may disclose Material Nonpublic Information only to the Company Associated Persons and outside parties who have a valid business reason for receiving the information, and only in accordance with any confidentiality agreement or information barriers that apply.

**Selective Disclosure**

Nonpublic Information about the Company's investment strategies may not be shared with third parties except as is necessary to implement investment decisions and conduct other legitimate business. The dissemination of such information may be a violation of the fiduciary duty that the Company owes to its clients.

**Receipt of Information**

In certain instances, Associated Persons of the Company may receive information that may be deemed to be Material Nonpublic Information. To the extent possible, Associated Persons should seek pre-approval from the CCO prior to accessing such information. In all cases, Associated Persons should immediately inform the CCO if they have or believe they have received Material Nonpublic Information.

Certain Associated Persons may have access to Material Nonpublic Information as part of their regular job responsibilities or may be specifically authorized by the CCO to receive Material Nonpublic Information. Individuals who act as Investment teamwill generally be authorized to receive Material Nonpublic Information. The CCO will provide such authorization in writing. These Associated Persons must notify the CCO immediately after receiving Material Nonpublic Information.

If Associated Persons have questions as to whether they are in possession of Material Nonpublic Information, they should contact the CCO immediately. The CCO will conduct research to determine if the information is likely to be considered material, and whether the information has been publicly disseminated. The CCO may also consult legal counsel.

Upon knowledge that any persons associated with the Company may have received unauthorized Material Nonpublic Information, the CCO will take immediate action to investigate the matter thoroughly. Where an Associated Person may have received Material Nonpublic Information, the CCO will prepare a written memorandum describing the information, its source, and the date that the information was received. The CCO will determine what precautions may be appropriate to protect the improper dissemination or use of the information. The CCO will communicate restriction requirements to all Associated Persons in writing immediately after determining the need for such additional measures.

**Relationships with Potential Insiders**

The concept of "insider" is broad, and includes all persons associated with a company. In addition, any person may be a temporary insider if she/he enters into a special, confidential relationship with a company in the conduct of a company's affairs and as a result has access to information solely for the company's purposes. Any person associated with the Adviser may become a temporary insider for a company it advises or for which it performs other services. Temporary insiders may also include the following: a company's attorneys, accountants, consultants, bank-lending officers and the Associated Persons of such organizations.

Third parties with whom the Company has a relationship, such as the Company's analyst or researcher, may possess Material Nonpublic Information. Access to such information could come as a result of, among other things:

● Being employed or previously employed by an issuer (or sitting on the issuer's board of directors);

● Working for an investment bank, consulting firm, supplier, or customer of an issuer;

● Sitting on an issuer's creditors committee;

● Personal relationships with connected individuals; and

● A spouse's involvement in any of the preceding activities.

An Associated Person may become a temporary insider for a company he or she advises. Temporary insiders may also include a company's attorneys, accountants, consultants, or bank lending officers.

Individuals associated with a third party who have access to Material Nonpublic Information may have an incentive to disclose the information to the Company due to the potential for personal gain. Associated Persons should be extremely cautious about investment recommendations, or information about issuers that they receive from third parties. Associated Persons should inquire about the basis for any such recommendations or information, and should consult with the CCO if there is any appearance that the recommendations or information are based on Material Nonpublic Information.

**Paying Industry Experts for Research**

The Company's Associated Persons may pay to consult with industry experts as part of the Company's research process. Associated Persons who wish to speak with a paid industry expert must:

● Inform the expert at the beginning of the meeting about the topics that are likely to be discussed and confirm that the expert is allowed to discuss such topics and is not bound by any confidentiality agreement which would prevent the expert from discussing the subject;

● Tell the expert at the beginning of the meeting that the Company is an investment adviser that intends to consider such information for potential investment purposes therefore the Company does not want to receive any information that is confidential, or any Material Nonpublic Information; and

● Immediately report the receipt of any potentially Material Nonpublic Information to the CCO.

● The Associated Person(s) responsible for engaging third party experts must maintain a log of all such meetings including the name of the expert, the date of the discussion and the general topics discussed.

The CCO may periodically attend meetings with paid industry experts in order to understand the types of information that are discussed.

**Rumors**

Creating or passing rumors with the intent to manipulate securities prices or markets may violate the anti-fraud provisions of Federal Securities Laws. Such conduct is contradictory to the Company's Code of Ethics, as well as the Company's expectations regarding appropriate behavior of its Associated Persons. Associated Persons are prohibited from knowingly circulating rumors or sensational information with the intent to manipulate securities or markets.

This policy is not intended to discourage or prohibit appropriate communications between Associated Persons of the Company and other market participants and trading counter parties.

Consult with the CCO if you have questions about the appropriateness of any communications.

**Penalties for Insider Trading**

The legal consequences for trading on or communicating Material, Nonpublic Information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to

some or all of the penalties below even if he/she does not personally benefit from the violation. Penalties may include:

● civil injunctions;

● jail sentences;

● revocation of applicable securities-related registrations and licenses;

● fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited; and

● fines for the Associated Person or other controlling person of up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided.

**Gifts and Entertainment**

**Policies and Procedures**

Associated Persons must consult with the CCO if there is any question as to whether gifts or entertainment need to be pre-cleared and/or reported in connection with this policy. The prohibitions and limitations below do not apply to gifts or entertainment between an Associated Person and a Company client who is an immediate family member of the Associated Person.

**Gift Giving Policy**

The Company's Associated Persons are prohibited from giving gifts that may appear lavish or excessive, and must receive written approval from the CCO prior to giving a gift valued in excess of $100 to any client, prospect, individual, or entity with whom the Company does, or is seeking to do, business in any calendar year. Associated Persons should use the PTCC workflow to meet the requirements of this policy*.* Associated Persons are prohibited from giving a cash payment of any kind or a gift of more than nominal value to a person for soliciting or referring clients or potential clients unless specifically permitted under the Company's *Cash Payment for Clients Solicitation Policy*.

**Entertainment Giving Policy**

The Company's Associated Persons are prohibited from giving entertainment that may appear lavish or excessive, and must receive written approval from the CCO prior to giving entertainment valued in excess of $200 to any client, prospect, individual, or entity with whom the Company does, or is seeking to do, business. Associated Persons should use the PTCC workflow to meet the requirements of this policy.

*These policies are not intended to prohibit normal business entertainment.*

**Associated Persons' Receipt of Gifts**

On occasion, Associated Persons may be offered, or may receive without notice, gifts from clients, brokers, vendors, or other persons. Associated Persons are prohibited from accepting gifts that may appear lavish or excessive, and must promptly report the receipt of gifts valued in excess of $100 to the CCO.

Use the PTCC workflow to meet the requirements of this policy. Gifts such as gift baskets or lunches delivered to the Company's offices, which are received on behalf of the Company, do not require reporting.

**Associated Persons' Receipt of Entertainment**

Associated Persons are prohibited from accepting entertainment that may appear lavish or excessive, and must promptly report the receipt of entertainment valued in excess of $100 to the CCO. Use the PTCC workflow to meet the requirements of this policy.

**Gifts and Entertainment Given to Union Officials**

Any gift or entertainment provided by the Company to a labor union or a union official in excess of $250 per fiscal year must be reported on Department Labor Form LM-10 within 90 days following the end of the Company's fiscal year. Consequently, all gifts and entertainment provided to labor unions or union officials must be reported to the CCO on the *Gifts and Entertainment Reporting Form*.

**Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities"**

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.

Associated Persons should use the PTCC workflow to disclose all gifts and entertainment that may be subject to the FCPA, irrespective of value and including food and beverages provided during a legitimate business meeting.

**Agreement to Abide by Code of Ethics**

This agreement is entered into by and between Nomura Private Capital LLC (the "Company") and the Associated Person whose name and signature is represented below.

By signing this agreement, I,<u> </u>, acknowledge that:

___ I have received a copy of the Company's Code of Ethics;

___ I have read and understand the information contained in the Code of Ethics; and

___ I will abide by the Code of Ethics and any subsequent amendments thereto.

To comply with the Company's Personal Trading Policies and the Company's Code of Ethics, I further certify that I have directed each broker with whom I have a Covered Account containing Reportable Securities and to send to the Company's designated Chief Compliance Officer duplicate copies of all periodic statements relating to my accounts or have otherwise complied with the reporting requirements of the policy and the Company's Code of Ethics.

To meet the disclosure requirements of pertinent securities laws, rules and regulations, I further certify that I will disclose all legal and disciplinary events for which I am, or have been personally involved, including information regarding any actions or fines by any regulatory organization.

Signature:   <br>Date:  

**Associated Persons Report**

**Nomura Private Capital LLC**

As of ___________, 20______

---

| | | | |
|:---|:---|:---|:---|
| **NAME** | **TITLE** | **ACKNOWLEDGEMENT OF <br> RECEIPT OF**<br> **CODE OF ETHICS** | **ACCESS <br> PERSON?** |
|  |  |  | Yes |
|  |  |  | Yes |
|  |  |  | Yes |
|  |  |  | Yes |
|  |  |  | Yes |
|  |  |  | Yes |

---

**Personal Securities Trading Request Form**

**Nomura Private Capital LLC**

Name: _________________________________

Details of Proposed Transaction:

---

| | |
|:---|:---|
| Circle One | Purchase/Sale |
| Date of Transaction |  |
| Indicate Name of Issuer and Symbol |  |
| Type of Security (e.g., Note, Common Stock, Preferred Stock) |  |
| Quantity of Shares or Units |  |
| Price Per Share/Unit |  |
| Approximate Dollar Amount |  |
| Account for Which Transaction will be Made |  |
| Name of Broker |  |

---

Date of Request _________________________________

You ____ *may / ____ may not* execute the proposed transaction described above.

Authorized Signature: _________________________________

Date of Response: _________________________________

**Initial Personal Securities Holdings Report**

**(page 1 of 2)**

To: Chief Compliance Officer, Nomura Private Capital LLC

From:   <br> (Access Person - Please Print)

**NOTE: IN LIEU OF THE REPORTING FORM, DUPLICATE COPIES OF BROKERAGE STATEMENTS MAY BE SUBMITTED PROVIDED THE STATEMENTS INCLUDE THE INFORMATION REQUIRED BELOW.**

Re: Initial Personal Securities Holdings Report:

As of ____________, 20___, I hold the following Reportable Securities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of <br> Transaction** | **Security<br> Title\*** | **Type of <br> Transaction<br> (Purchase/<br> Sale/Other)** | **Type of<br> Security** | **Ticker/<br> CUSIP** | **# of<br> Shares** | **Principal<br> Amount** | **Price** | **Name of<br> Broker-Dealer** |

---

\* Include interest rate and maturity date, if applicable. Use additional sheet(s), if necessary.

**(page 2 of 2)**

_______The following broker-dealer, bank, or other custodian holds accounts invested in Non-Reportable Securities in which I have Beneficial Ownership.

---

| | | |
|:---|:---|:---|
| **Name of Broker, Dealer, or Bank** | **Account Title** | **Account Number** |

---

Use additional sheet(s), if necessary.

______As of _____________, 20______, I do not have any direct or indirect Beneficial Ownership in any account containing any securities. However, I agree to promptly notify the designated Chief Compliance Officer, if any such account is opened, so long as I am an Access Person with Nomura Private Capital LLC.

Signed:   Date:  

Report reviewed by:   Date:  

**Quarterly Report of Personal Securities Transactions**

**(page 1 of 2)**

To: Chief Compliance Officer, Nomura Private Capital LLC

From:   <br> (Access Person - Please Print)

**NOTE: IN LIEU OF THE REPORTING FORM, DUPLICATE COPIES OF BROKERAGE STATEMENTS MAY BE SUBMITTED PROVIDED THE STATEMENTS INCLUDE THE INFORMATION REQUIRED BELOW.**

Re: Quarterly Report of Personal Securities Transactions, as amended:

During the quarter ending _______________, I have purchased, sold, or have otherwise obtained Beneficial Ownership in the following securities:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of <br> Transaction** | **Security <br> Title\*** | **Type of <br> Transaction<br> (Purchase/<br> Sale/Other)** | **Type of<br> Security** | **Ticker/CUSIP** | **# of<br> Shares** | **Principal<br> Amount** | **Price** | **Name of<br> Broker-Dealer** |

---

\* Include interest rate and maturity date, if applicable. Use additional sheet(s), if necessary.

**(page 2 of 2)**

______During the above period, I have not purchased or sold any Reportable Securities in which I have direct or indirect Beneficial Ownership.

______During the above period, I have disclosed to the Company all new accounts in which I have direct or indirect Beneficial Ownership.

______I do not currently have any Beneficial Ownership in any Covered Accounts. However, I agree to promptly notify Nomura Private Capital LLC, if I obtain Beneficial Ownership in any account, so long as I am an Access Person of Nomura Private Capital LLC.

Signed:   Date:  

Report reviewed by:   Date:  

**Annual Certification of Compliance**

**With The Personal Securities Transactions Disclosure Requirements**

**And Code Of Ethics For Nomura Private Capital LLC**

In accordance with the policies and procedures regarding Personal Securities Transactions and the Code of Ethics for Nomura Private Capital LLC, I certify that during the year ending December 31, ________:

______I have reported all Reportable Securities holdings in which I have Beneficial Ownership.

______I have obtained pre-clearance for all Covered Securities transactions in which I have Beneficial Ownership, except for transactions that are exempt from pre-clearance or those for which I have received a written exception from the Chief Compliance Officer.

______I have reported all Reportable Securities transactions in which I have Beneficial Ownership, except for transactions, which are exempt from reporting, or for which I have received a written exception from the Chief Compliance Officer.

______I have complied with the Code of Ethics in all other respects.

---

| |
|:---|
| Print Name: |
| Signature: |
| Dated: |

---

**Annual Personal Securities Holdings Report**

**(page 1 of 2)**

To: Chief Compliance Officer, Nomura Private Capital LLC

From: _________________________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Access Person - Please Print)

**NOTE: IN LIEU OF THE REPORTING FORM, DUPLICATE COPIES OF BROKERAGE STATEMENTS MAY BE SUBMITTED PROVIDED THE STATEMENTS INCLUDE THE INFORMATION REQUIRED BELOW.**

Re: Annual Personal Securities Holdings Report:

As of, ___________, 20_____, I hold the following Reportable Securities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Security<br> Title\*** | &nbsp;&nbsp;**Type of<br> Security** | &nbsp;&nbsp;**Ticker/CUSIP** | &nbsp;&nbsp;**# of Shares** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Name of Broker-Dealer** |

---

\* Include interest rate and maturity date, if applicable. Use additional sheet(s), if necessary.

**(page 2 of 2)**

_____The following broker-dealer, bank, or other custodian holds accounts invested in Non-Reportable Securities in which I have Beneficial Ownership.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name of Broker, Dealer, or Bank** | &nbsp;&nbsp;**Account Title** | &nbsp;&nbsp;**Account Number** |

---

Use additional sheet(s), if necessary

_________As of ___________, 20______, I do not have any direct or indirect Beneficial Ownership in any account containing any securities. However, I agree to promptly notify the designated Chief Compliance Officer, if any such account is opened, so long as I am an Associated Person with Nomura Private Capital LLC.

Signed:   Date:  

Report reviewed by:   Date:  

**Gifts and Entertainment Reporting Form**

I gave / received a gift / entertainment. (circle as applicable)

Describe the gift or entertainment:

Approximate cost or value (whichever is higher):

Third-party giver or recipient:

Describe any known relationship between the third-party giver or recipient and any public issuer or government entity:

Describe the relationship between the third party and yourself and/or the Company.

If known, describe the reason that the gift or entertainment was given or received:

List any other gifts or entertainment given by, or received from, the third party within the past 12 months, along with their approximate cost or value.

Is the recipient a union official or otherwise associated with a Taft-Hartley Fund? Yes / No

<br> Signature Date

<br> Print Name

**Reviewer Use Only**

 

__________ Approved ___________ Not Approved

---

| |
|:---|
| Reviewed by |
| Title: |
| Date: |

---

Additional Notes (if needed):

## Exhibit 99.2

---

| |
|:---|
| ![(ACA LOGO)](na001_v1.jpg) |
| **RULE 17j-1 CODE OF ETHICS** |

---

Rule 17j-1 Code of Ethics

Contents

---

| | | |
|:---|:---|:---|
| INTRODUCTION | INTRODUCTION | 1 |
| 1. STANDARDS OF PROFESSIONAL CONDUCT | 1. STANDARDS OF PROFESSIONAL CONDUCT | 2 |
| a. | Fiduciary Duties. | 2 |
| b. | Compliance with Laws. | 2 |
| c. | Corporate Culture. | 2 |
| d. | Professional Misconduct. | 3 |
| e. | Disclosure of Conflicts. | 3 |
| f. | Undue Influence. | 3 |
| g. | Confidentiality and Protection of Material Nonpublic Information. | 3 |
| h. | Personal Securities Transactions. | 4 |
| i. | Gifts. | 4 |
| j. | Service on Boards. | 4 |
| k. | Prohibition Against Market Timing. | 4 |
| 2. WHO IS COVERED BY THIS CODE | 2. WHO IS COVERED BY THIS CODE | 5 |
| 3. PROHIBITED TRANSACTIONS | 3. PROHIBITED TRANSACTIONS | 5 |
| a. | Blackout Period. | 5 |
| b. | Requirement for Pre-clearance. | 5 |
| c. | Fund Officer Prohibition. | 6 |
| 4. REPORTING REQUIREMENTS OF ACCESS PERSONS | 4. REPORTING REQUIREMENTS OF ACCESS PERSONS | 6 |
| a. | Reporting. | 6 |
| b. | Exceptions from Reporting Requirement of Section 4. | 6 |
| c. | Initial Holdings Reports. | 6 |
| d. | Quarterly Transaction Reports. | 7 |
| e. | New Account Opening; Quarterly New Account Report. | 7 |
| f. | Annual Holdings Reports. | 7 |
| g. | Alternative Reporting. | 8 |
| h. | Report Qualification. | 8 |
| i. | Providing Access to Account Information. | 8 |
| j. | Confidentiality of Reports. | 8 |
| 5. ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE | 5. ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE | 8 |
| 6. REPORTING VIOLATIONS | 6. REPORTING VIOLATIONS | 9 |
| 7. TRAINING | 7. TRAINING | 9 |
| 8. REVIEW OFFICER | 8. REVIEW OFFICER | 10 |
| a. | Duties of Review Officer. | 10 |
| b. | Potential Trade Conflict. | 10 |
| c. | Required Records. | 10 |
| d. | Post-Trade Review Process. | 11 |
| e. | Submission to Fund Board. | 11 |
| f. | Report to the Risk Committee. | 12 |
| APPENDIX A-Foreside Companies | APPENDIX A-Foreside Companies | 13 |
| APPENDIX B-Definitions | APPENDIX B-Definitions | 14 |
| ATTACHMENT A-Access Person Acknowledgment | ATTACHMENT A-Access Person Acknowledgment | 16 |
| ATTACHMENT B-Pre-Clearance Form | ATTACHMENT B-Pre-Clearance Form | 17 |

---

i

**INTRODUCTION**

This Rule 17j-1 Code of Ethics (the "Code") has been adopted by Foreside Financial Group, LLC ("Foreside") and each of its affiliated entities and direct or indirect wholly owned subsidiaries as listed in <u>Appendix A</u> (each, a "Company" and collectively, the "Companies"), collectively doing business as ACA or ACA Foreside. This Code pertains to the Companies' distribution services to registered management investment companies or series thereof, as well as those funds for which certain employees of the Companies (or an affiliate thereof) serve as an officer or director of a registered investment company ("Fund Officer") or have been designated an Access Person by the Review Officer<sup>1</sup> (each a "Fund" and as set forth in the List of Access Persons & Reportable Funds). This Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. establishes
 standards of professional conduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. establishes
 standards and procedures for the detection and prevention of activities by which persons
 having knowledge of the investments and investment intentions of a Fund may abuse their fiduciary
 duties to the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. addresses
 other types of conflict-of-interest situations.

Definitions of <u>underlined</u> terms are included in <u>Appendix B.</u>

Each Company, through its President, may impose internal sanctions should <u>Access Persons</u> of any Company (as identified on the List of Access Persons & Reportable Funds maintained by the Review Officer) violate these policies or procedures. A registered broker-dealer and its personnel may be subject to various regulatory sanctions, including censure, suspension, fines, expulsion or revocation of registration for violations of securities rules, industry regulations and the Company's internal policies and procedures. In addition, negative publicity associated with regulatory investigations and private lawsuits can negatively impact and severely damage business reputation.

Furthermore, failure to comply with this Code is a very serious matter and may result in internal disciplinary action being taken. Such action may include, among other things, warnings, reprimands, restrictions on activities and/or suspension or termination of employment. Violations also may result in referral to regulatory, civil or criminal authorities where appropriate.

Should Access Persons require additional information about this Code or have ethics-related questions, please contact the Review Officer, as defined under Section 8 below, directly.

<sup>1</sup> Each Company is adopting this Code pursuant to Rule 17j-1 with respect to certain funds that it distributes or for which an employee of the Company serves as a Fund Officer or has been designated as an Access Person. Pursuant to the exception noted under Rule 17j-1(c)(3), adopting and approving a Rule 17j-1 code of ethics with respect to a Fund, as well as the Code's administration, by a principal underwriter is not required unless:

⮚ the principal underwriter is an affiliated person of the Fund or of the Fund's adviser, or

⮚ an officer, director or general partner of the principal underwriter serves as an officer, director or general partner of the Fund or of the Fund's investment adviser.

A <u>Fund Officer</u> is permitted to report as an <u>Access Person</u> under this Code with respect to the Funds listed on the List of Access Persons & Reportable Funds maintained by the Review Officer.

**1. STANDARDS OF PROFESSIONAL CONDUCT**

Each Company forbids any Access Person from engaging in any conduct that is contrary to this Code. Furthermore, certain persons subject to the Code are also subject to other restrictions or requirements that affect their ability to open securities accounts, effect securities transactions, report securities transactions, maintain information and documents in a confidential manner and other matters relating to the proper discharge of their obligations to the Company or to a Fund.

Each Company has always held itself and its employees to the highest ethical standards. Although this Code is only one manifestation of those standards, compliance with its provisions is essential. Each Company adheres to the following standards of professional conduct, as well as those specific policies and procedures discussed throughout this Code:

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Fiduciary Duties.** 

Each Company and its Access Persons are fiduciaries and at all times shall:

— act solely for the benefit of the Funds; and

— place each Fund's interests above their own.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Compliance with Laws.** 

Access Persons shall maintain knowledge of and comply with all applicable federal and state securities laws, rules and regulations, and shall not knowingly participate or assist in any violation of such laws, rules or regulations.

It is unlawful for Access Persons to use any information concerning a <u>security held or to be acquired</u> by a Fund, or their ability to influence any investment decisions, for personal gain or in a manner detrimental to the interests of a Fund.

Access Persons shall not, directly or indirectly, in connection with the trading of a Fund's shares or the purchase or sale of a security held or to be acquired by a Fund for which they are an Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) employ
 any device, scheme or artifice to defraud a Fund or engage in any manipulative practice with
 respect to a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) make
 to a Fund any untrue statement of a material fact or omit to state to a Fund a material fact
 necessary in order to make the statements made, in light of the circumstances under which
 they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) engage
 in any act, practice, or course of business that operates or would operate as a fraud or
 deceit upon a Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) engage
 in any manipulative practice with respect to securities, including price manipulation.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Corporate Culture.** 

Access Persons, through their words and actions, shall act with integrity, encourage honest and ethical conduct and adhere to a high standard of business ethics.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Professional Misconduct.** 

Access Persons shall not engage in any professional conduct involving dishonesty, fraud, deceit or misrepresentation, or commit any act that reflects adversely on their honesty, trustworthiness or professional competence. Access Persons shall not knowingly misrepresent, or cause others to misrepresent, facts about a Company to a Fund, a Fund's shareholders, regulators or any member of the public. Disclosure in reports and documents should be fair and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Disclosure of Conflicts.** 

As a fiduciary, each Company and Access Person has an affirmative duty of care, loyalty, honesty and good faith to act in the best interests of a Fund. Compliance with this duty can be achieved by trying to avoid conflicts of interest and by fully disclosing all material facts concerning any conflict that does arise with respect to any Fund. Access Persons must try to avoid situations that have even the appearance of conflict or impropriety.

This Code prohibits inappropriate favoritism of one Fund over another that would constitute a breach of fiduciary duty. Access Persons shall support an environment that fosters the ethical resolution of, and appropriate disclosure of, conflicts of interest, and shall comply with any prohibition on activities imposed by a Company if a conflict of interest exists. If any Access Person is (or becomes) aware of a personal interest that is, or might be, in conflict with the interest of a Fund, that Access Person must promptly disclose the situation or transaction and the nature of the conflict to the Review Officer for appropriate consideration.

&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Undue Influence.** 

Access Persons shall not cause or attempt to cause any Fund to purchase, sell or hold any security in a manner calculated to create any personal benefit to them or others whose accounts they hold a beneficial ownership interest (i.e., their spouse or domestic partner, minor children or relatives who reside in the Access Person's household) or over which they have direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Confidentiality and Protection of Material Nonpublic Information.** 

The term "Material Nonpublic Information" refers to information that is both material information and nonpublic information, and also may be referred to as "Inside Information." Information is considered to be "Nonpublic Information" unless it has been publicly disclosed, for example, through public filing with a securities regulator, issuance of a press release or the issuance of a prospectus. The term "Material Information" has no specific definition, but, for the purposes of this Code, it shall refer to any information that might have an effect on the market for a security generally or any information that a reasonable person would consider important in a decision to buy, hold or sell a security. Examples of material nonpublic information may include, but are not limited to: sales results; earnings (or loss) estimates (including significant changes to previously released information); dividend actions; strategic plans; new products, discoveries or services; significant personnel changes; acquisition, merger and divestiture plans; liquidity issues; proposed securities offerings; major pending or threatened litigation or potential claims; restructurings and recapitalizations; and the negotiation or termination of major contracts or relationships.

Information concerning the identity of portfolio holdings and financial circumstances of a Fund is confidential. Access Persons are responsible for safeguarding such material nonpublic information about a Fund, including portfolio recommendations and fund holdings. Except as required in the normal course of carrying out their business responsibilities **<u>and</u>** as permitted by a Fund's policies and procedures, Access Persons shall not reveal information relating to the investment intentions or activities of any Fund, or securities that are being considered for purchase or sale on behalf of any Fund.

Access Persons in possession of material nonpublic information must maintain the confidentiality of such information, and each Company shall be bound by a Fund's policies and procedures with regard to disclosure of an investment company's identity, affairs and portfolio holdings. The obligation to safeguard such Fund information would not preclude Access Persons from providing necessary information to, for example, persons providing services to a Company or a Fund's account such as brokers, accountants, custodians and fund transfer agents, or in other circumstances when the Fund consents, as long as such disclosure conforms to the Fund's portfolio holdings disclosure policies and procedures.

In any case, Access Persons shall not:

— trade based upon inside information, especially where Fund trades are likely to be pending or imminent; or

— use or share knowledge of any material nonpublic information of a Fund for personal gain or benefit or for the personal gain or benefit of others.

&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Personal Securities Transactions.** 

All personal securities transactions shall be conducted in such a manner as to be consistent with this Code and to avoid any actual or potential conflict of interest or any abuse of any Access Person's position of trust and responsibility.

&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Gifts.** 

Access Persons shall not accept or provide anything in excess of $100.00 (per individual per year) or any other preferential treatment, in each case as a gift, to or from any broker-dealer or other entity with which a Company or a Fund does business.

&nbsp;&nbsp;&nbsp;&nbsp;**j.** **Service on Boards.** 

Access Persons shall not serve on the boards of trustees (or directors) of publicly traded companies, absent **<u>prior</u>** authorization based upon a determination by the Review Officer that the board service would be consistent with the interests of the Company, a Fund and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;**k.** **Prohibition Against Market Timing.** 

Access Persons shall not engage in market timing of shares of <u>Reportable Funds</u> (a list of which are provided in the List of Access Persons & Reportable Funds maintained by the Review Officer). For purposes of this section, an Access Person's trades shall be considered 'market timing' if made in violation of any stated policy in the Fund's prospectus.

**2. WHO IS COVERED BY THIS CODE**

All Access Persons, in each case only with respect to the Reportable Funds as listed on the List of Access Persons & Reportable Funds maintained by the Review Officer, shall abide by this Code. Access Persons are required to immediately notify the Review Officer of their appointment as an officer of a Reportable Fund. Access Persons are required to comply with specific reporting requirements as set forth in Sections 3 and 4 of this Code.

**3. PROHIBITED TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. Blackout Period.**

Access Persons shall not purchase or sell a <u>Reportable Security</u> in an account in their name, or in the name of others in which they hold a beneficial ownership interest or over which they have direct or indirect influence or control, if they had actual knowledge at the time of the transaction that, during the 24 hour period immediately preceding or following the transaction, the security was purchased or sold or was considered for purchase or sale by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Requirement for Pre-clearance.** 

Access Persons must obtain **<u>prior</u>** written approval from the Review Officer before:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) directly
 or indirectly acquiring beneficial ownership in securities in an initial public offering
 for which no public market in the same or similar securities of the issue has previously
 existed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) directly
 or indirectly acquiring beneficial ownership in securities in a private placement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) directly
 or indirectly purchasing, selling or acquiring shares of a Reportable Fund for which they
 are an Access Person.

All requests for pre-clearance of securities transactions must be submitted to the Review Officer for review using the Pre-Clearance Request Form, in the form of <u>Attachment B</u>.

In determining whether to pre-clear the transaction, the Review Officer shall consider, among other factors, whether such opportunity is being offered to the Access Person by virtue of his or her position with the Fund or would result in a conflict of interest. Other factors to be considered may include: discussion with the Access Person concerning the reason for the requested transaction and how he or she became aware of the investment; the Access Person's work role; the size and holding period of the proposed investment; the market capitalization of the issuer; the liquidity of the security; and other relevant factors. The Review Officer granting or denying the request must document the basis for the decision and notify the requesting person whether the trading request is approved or denied.

A pre-clearance request should not be submitted for a transaction that the requesting person does not intend to execute. Pre-clearance trading authorization *is valid* only from the time when approval is granted through the next business day. If the transaction is not executed within this period, an explanation of why the pre-cleared transaction was not completed must be submitted to the Review Officer within five (5)

days. With respect to any effected transaction, the Access Person must provide the Review Officer with a transaction report evidencing the transaction consistent with the reporting requirements of Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Fund Officer Prohibition.** 

No Fund Officer shall directly or indirectly seek to obtain information (other than that necessary to accomplish the functions of the office) from any Fund portfolio manager regarding (i) the status of any pending securities transaction for a Fund or (ii) the merits of any securities transaction contemplated by the Fund Officer.

**4. REPORTING REQUIREMENTS OF ACCESS PERSONS**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Reporting.** 

Access Persons must report the information described in this Section with respect to transactions in any <u>Reportable Security</u> in which they have, or by reason of such transaction acquire, any direct or indirect <u>beneficial ownership</u>. Access Persons must submit the appropriate reports to the Review Officer, unless they are otherwise required by a Fund, pursuant to a Code of Ethics adopted by the Fund, to report to the Fund or another entity.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Exceptions from Reporting Requirement of Section 4.** 

Access Persons need not submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 report with respect to securities held in accounts over which the Access Person had no direct
 or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 quarterly transaction report with respect to transactions effected pursuant to an automatic
 investment plan. However, any transaction that overrides the pre-set schedule or allocations
 of the automatic investment plan must be included in a quarterly transaction report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 quarterly transaction report with respect to transactions effected which were non-volitional
 on the part of the Access Person, including acquisitions of Reportable Securities by gift
 or inheritance; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 quarterly transaction report if the report would duplicate information contained in broker
 trade confirmations or account statements that the Company holds in its records so long as
 the Company receives the confirmations or statements no later than thirty (30) days after
 the end of the applicable calendar quarter.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Initial Holdings Reports.** 

No later than ten (10) days after a person becomes an Access Person, the person must report the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 title, type of security, and as applicable the exchange ticker symbol or CUSIP number, number
 of shares and principal amount of each Reportable Security (whether or not publicly traded)
 in which the person has any direct or indirect beneficial ownership as of the date the person
 became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 name of any broker, dealer or bank with whom the person maintains an account in which any
 securities were held for the Access Person's direct or indirect benefit as of the date
 the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 date that the report is submitted by the Access Person.

The information contained in the initial holdings report must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Quarterly Transaction Reports.** 

No later than thirty (30) days after the end of a calendar quarter, each Access Person must submit a quarterly transaction report which includes, at a minimum, the following information with respect to any transaction during the quarter in a Reportable Security (whether or not publicly traded) in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP
 number, the interest rate and maturity date (if applicable), the number of shares and the
 principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 price of the Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the
 name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the
 date that the report is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **New Account Opening; Quarterly New Account Report.** 

Each Access Person shall provide written notice to the Review Officer **<u>prior</u>** to opening any new account with any entity through which a Reportable Securities (whether or not publicly traded) transaction may be effected for which the Access Person has direct or indirect beneficial ownership.

In addition, no later than thirty (30) days after the end of a calendar quarter, each Access Person must submit a Quarterly New Account Report with respect to any account established by such a person in which any Reportable Securities (whether or not publicly traded) were held during the quarter for the direct or indirect benefit of the Access Person. The Quarterly New Account Report shall cover, at a minimum, all accounts at a broker-dealer, bank or other institution opened during the quarter and provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the
 name of the broker, dealer or bank with whom the Access Person has established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the
 date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Annual Holdings Reports.** 

Annually, each Access Person must report the following information (which information must be current as of a date no more than forty-five (45) days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 title, type of security, and as applicable the exchange ticker symbol or CUSIP number, number
 of shares and principal amount of each Reportable

Security (whether or not publicly traded) in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the
 name of any broker, dealer or bank with whom the Access Person maintained an account in which
 any securities are held for the Access Person's direct or indirect benefit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the
 date that the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;**g.** **Alternative Reporting.** 

The submission to the Review Officer of duplicate broker trade confirmations and account statements on all securities transactions required to be reported under this Section shall satisfy the reporting requirements of Section 4. The annual holdings report may be satisfied by confirming annually, in writing, the accuracy of the information delivered by, or on behalf of, the Access Person to the Review Officer and recording the date of the confirmation.

&nbsp;&nbsp;&nbsp;&nbsp;**h.** **Report Qualification.** 

Any report may contain a statement that the report shall not be construed as an admission by the person making the report that he or she has any direct or indirect beneficial ownership in the Reportable Securities to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Providing Access to Account Information.** 

Access Persons will promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) provide
 full access to a Fund, its agents and attorneys to any and all records and documents which
 a Fund considers relevant to any securities transactions or other matters subject to the
 Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) cooperate
 with a Fund, or its agents and attorneys, in investigating any securities transactions or
 other matter subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide
 a Fund, its agents and attorneys with an explanation (in writing if requested) of the facts
 and circumstances surrounding any securities transaction or other matter subject to the Code;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) promptly
 notify the Review Officer or such other individual as a Fund may direct, in writing, from
 time to time, of any incident of noncompliance with the Code by anyone subject to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**j.** **Confidentiality of Reports.** 

Transaction and holdings reports will be maintained in confidence, except to the extent necessary to implement and enforce the provisions of this Code or to comply with requests for information from regulatory or government agencies or law enforcement where applicable.

**5. ACKNOWLEDGEMENT AND CERTIFICATION OF COMPLIANCE**

Each Access Person is required to acknowledge in writing, initially and annually (in the form of <u>Attachment A</u>), that the person has received, read and understands the Code (and in the case of any amendments thereto, shall similarly acknowledge such amendment) and recognizes that he or she is subject to the Code. Further, each such person is required to certify annually that he or she has:

— read, understood and complied with all the requirements of the Code;

— disclosed or reported all personal securities transactions pursuant to the requirements of the Code; and

— not engaged in any prohibited conduct.

If an Access Person is unable to make the above representations, he or she shall report any violations of this Code to the Review Officer.

**6. REPORTING VIOLATIONS**

Access Persons shall report any violations of this Code promptly to the Review Officer, unless the violations implicate the Review Officer, in which case the individual shall report the violations to the Senior Director of Corporate GRC or Chief Executive Officer of Foreside, as appropriate. Such reports will be confidential, to the extent permitted by law, and investigated promptly and appropriately. Retaliation against an individual who reports a violation is prohibited and constitutes a further violation of this Code.

Reported violations of the Code will be investigated and appropriate actions will be taken. Types of reporting that are required include, but are not limited to:

— Noncompliance with applicable laws, rules and regulations;

— Fraud or illegal acts involving any aspect of the Company's business;

— Material misstatements in regulatory filings, internal books and records, Fund records or reports;

— Activity that is harmful to a Fund, including Fund shareholders; and

— Deviations from required controls and procedures that safeguard a Fund or a Company.

Access Persons should seek advice from the Review Officer with respect to any action or transaction that may violate this Code, and refrain from any action or transaction that might lead to the appearance of a violation. Access Persons should promptly report any apparent or suspected violations in addition to actual or known violations of this Code to the Review Officer.

**7. TRAINING**

Training with respect to the Code will occur initially upon an employee becoming or being designated an Access Person and at least annually thereafter. In addition, all Access Persons are required to attend any training sessions or read any applicable materials. Training may include, among other things, (1) periodic orientation or training sessions with new and existing personnel to remind them of their obligations under the Code and/or (2) certifications that Access Persons have read and understood the Code, and require re-certification that they have re-read, understand and have complied with the Code.

**8. REVIEW OFFICER**

&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Duties of Review Officer.** 

The Deputy General Counsel of Foreside has been appointed by the President of each Company as the Review Officer to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) review
 all securities transaction and holdings reports and maintain the names of persons responsible
 for reviewing these reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify
 all persons of each Company who are Access Persons subject to this Code, promptly inform
 each Access Person of the requirements of this Code and provide them with a copy of the Code
 and any amendments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) compare,
 on a quarterly basis, all Reportable Securities transactions with each Fund's completed
 portfolio transactions to determine whether a Code violation may have occurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) maintain
 signed acknowledgments and certifications by each Access Person who is then subject to this
 Code, in the form of <u>Attachment A</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) inform
 all Access Persons of their requirements to obtain prior written approval from the Review
 Officer prior to directly or indirectly acquiring beneficial ownership of a security in any
 private placement, initial public offering or Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure
 that Access Persons receive adequate training on the principles and procedures of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) review,
 at least annually, the adequacy of this Code and the effectiveness of its implementation;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) submit
 a written report to a Fund's Board and Foreside's Risk Committee as described
 in Section 8(e) and (f), respectively.

The Senior Director of Corporate GRC of Foreside shall review any reportable securities transactions of the Review Officer and shall assume the responsibilities of the Review Officer in his or her absence. The Review Officer may delegate responsibilities described herein to an appropriate Foreside representative.

&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Potential Trade Conflict.** 

When there appears to be a Reportable Securities transaction that conflicts with the Code, the Review Officer shall request a written explanation from the Access Person with regard to the transaction. If, after post-trade review, it is determined that there has been a material violation of the Code, a report will be made by the Review Officer with a recommendation of appropriate action to be taken to the Risk Committee of Foreside, the President of each Company, where applicable, the Chief Compliance Officer of each Company's Broker-Dealer, where applicable, and a Fund's Board of Trustees (or Directors), where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Required Records.** 

The Review Officer shall maintain and cause to be maintained:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a
 copy of any code of ethics adopted by each Company that is in effect, or at any time within
 the past five (5) years was in effect, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a
 record of any violation of any code of ethics, and of any action taken as a result of such
 violation, in an easily accessible place for at least five (5)

years after the end of the fiscal year in which the last entry was made on any such report, the first two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a
 copy of each holdings and transaction report (including duplicate confirmations and statements)
 made by anyone subject to this Code as required by Section 4 for at least five (5) years
 after the end of the fiscal year in which the report is made, the first two (2) years in
 an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a
 record of all written acknowledgements and certifications by each Access Person who is currently,
 or within the past five (5) years was, an Access Person (records must be kept for 5 years
 after individual ceases to be an Access Person under the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a
 list of all persons who are currently, or within the past five years were, required to make
 reports or who were responsible for reviewing these reports pursuant to any code of ethics
 adopted by each Company, in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a
 copy of each written report and certification required pursuant to Section 8(e) of this Code
 for at least five (5) years after the end of the fiscal year in which it is made, the first
 two (2) years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a
 record of any decision, and the reasons supporting the decision, approving the acquisition
 of securities by Access Persons under Section 3(b) of this Code, for at least five (5) years
 after the end of the fiscal year in which the approval is granted; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) a
record of any decision, and the reasons supporting the decision, granting an Access Person a waiver from, or exception to, the Code for
at least five (5) years after the end of the fiscal year in which the waiver is granted.

&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Post-Trade Review Process.** 

Following receipt of trade confirms and statements, transactions will be screened by the Review Officer (or his or her designee) for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) *same day trades*: transactions by Access Persons occurring on the same day as the purchase
 or sale of the same security by a Fund for which they are an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) *blackout period trades*: transactions by Access Persons occurring within 24 hours before or after
 the time as the purchase or sale of the same security by a Fund for which they are an Access
 Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) *fraudulent conduct*: transaction by Access Persons which, within the most recent fifteen (15) days,
 is or has been held by a Fund or is being or has been considered by a Fund for purchase by
 a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) *market timing of Reportable Funds*: transactions by Access Persons that appear to be market timing
 of Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) *other activities*: transactions which may give the appearance that an Access Person has executed
 transactions not in accordance with this Code or otherwise reflect patterns of abuse.

&nbsp;&nbsp;&nbsp;&nbsp;**e.** **Submission to Fund Board.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Review Officer shall, at a minimum, annually prepare a written report to the Board of Trustees
 (or Directors) of a Fund listed in the List of Access Persons & Reportable Funds maintained
 by the Review Officer that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. describes
 any issues under this Code or its procedures since the last report to the Trustees (or Directors),
 including, but not limited to, information about material violations of the code or procedures
 and sanctions imposed in response to the material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. certifies
 that each Company has adopted procedures reasonably necessary to prevent Access Persons from
 violating this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Review Officer shall ensure that this Code and any material amendments are submitted to the
 Board of Trustees (or Directors) for approval for those funds listed in the List of Access
 Persons & Reportable Funds maintained by the Review Officer.

&nbsp;&nbsp;&nbsp;&nbsp;**f.** **Report to the Risk Committee.** 

The Review Officer shall prepare a written report to the Risk Committee of Foreside (and the President of each Company, where applicable, and the Chief Compliance Officer of each Company's Broker-Dealer, where applicable) regarding any material issues that arose during the year under the Code, including, but not limited to, material violations of and sanctions under the Code.

---

| | |
|:---|:---|
| Adopted: | May 1, 2009 |
| Amended: | October 14, 2009 (updated Appendix A) |
| Amended: | September 29, 2011 (updated Appendix A) |
| Amended: | March 15, 2012 (updated Appendix A) |
| Amended: | April 4, 2012 (updated Appendix A) |
| Amended: | July 5, 2012 (updated Appendix A) |
| Amended: | November 30, 2012 (updated Appendix A) |
| Amended: | December 24, 2013 (updated Appendix A) |
| Amended: | March 26, 2014 |
| Amended: | July 11, 2014 (updated Appendix A) |
| Amended: | June 10, 2015 (updated Appendix A) |
| Amended: | October 16, 2015 (updated Appendix A) |
| Amended: | December 30, 2015 |
| Amended: | April 26, 2016 (updated Appendix A) |
| Amended: | August 1, 2016 (updated Appendix A) |
| Amended: | August 31, 2017 (updated Appendix A) |
| Amended: | December 31, 2017 (updated Appendix A) |
| Amended: | February 28, 2018 (updated Appendices A and B) |
| Amended: | May 1, 2019 (updated Appendix A) |
| Amended: | August 6, 2019 (updated Appendix A) |
| Amended: | January 10, 2020 (updated Appendix A) |
| Amended: | March 31, 2020 (updated Appendix A) |
| Amended: | August 14, 2020 (updated Appendix A) |
| Amended: | June 4, 2021 (updated Appendix A) |
| Amended: | December 31, 2021 |
| Amended: | May 25, 2022 (updated Appendix A) |
| Amended: | June 24, 2022 |
| Amended: | December 31, 2022 |

---

**RULE 17j-1 CODE OF ETHICS**

**APPENDIX A<br> FORESIDE COMPANIES**

The following affiliated entities and direct or indirect wholly owned subsidiaries of Foreside Financial Group, LLC are subject to the Rule 17j-1 Code of Ethics for Distribution Services, Fund Officers Services, and Designated Access Persons:

---

| |
|:---|
| Compass Distributors, LLC\* |
| Foreside Distribution Services, L.P.\* |
| Foreside Distributors, LLC |
| Foreside Financial Services, LLC\* |
| Foreside Fund Officer Services, LLC |
| Foreside Fund Services, LLC\* |
| Foreside Funds Distributors LLC\* |
| Foreside Global Services, LLC\* |
| Foreside Management Services, LLC |
| Funds Distributor, LLC\* |
| IMST Distributors, LLC\* |
| JOHCM Funds Distributors, LLC\* |
| MGI Funds Distributors, LLC\* |
| Northern Funds Distributors, LLC\* |
| Orbis Investments (U.S.), LLC\* |
| Parnassus Funds Distributor, LLC\* |
| Quasar Distributors, LLC\* |
| Sterling Capital Distributors, LLC\* |
| VT Distributors LLC\* |

---

*\* FINRA-registered broker-dealer*

*The companies listed on this <u>Appendix A</u> may be amended from time to time, as required.*

**RULE 17j-1 CODE OF ETHICS**

**APPENDIX B<br> DEFINITIONS**

(a) <u>Access Person</u>:

---

| | |
|:---|:---|
| (i)(1) | of a Company means each director or officer of the Companies who in the ordinary course of business makes, participates in or obtains information regarding the purchase or sale of Reportable Securities for a Fund or whose functions or duties as part of the ordinary course of business relate to the making of any recommendation to a Fund regarding the purchase or sale of Reportable Securities. |

---

---

| | |
|:---|:---|
| (ii)(2) | of a Fund, whereby an employee or agent of a Company serves as an officer of a Fund ("<u>Fund Officer</u>"). Such Fund Officer is an Access Person of a Fund and is permitted to report under this Code unless otherwise required by a Fund's Code of Ethics. |

---

(iii)(3) of a Company includes anyone else specifically designated by the Review Officer.

(b) <u>Beneficial Owner</u> shall have the meaning as that set forth in Rule 16a-1(a)(2) under the Securities
 Exchange Act of 1934, as amended, except that the determination of direct or indirect beneficial
 ownership shall apply to all Reportable Securities that an Access Person owns or acquires.
 A beneficial owner of a security is any person who, directly or indirectly, through any contract,
 arrangement, understanding, relationship or otherwise, has or shares a <u>direct or indirect pecuniary interest</u> (the opportunity, directly or indirectly, to profit or share in any
 profit derived from a transaction in the subject securities) in a security. An Access Person
 is presumed to be a beneficial owner of securities that are held by his or her immediate
 family members sharing the Access Person's household.

(c) <u>Indirect pecuniary interest</u> in a security includes securities held by a person's immediate
 family sharing the same household. <u>Immediate family</u> means any child, stepchild, grandchild,
 parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law,
 daughter-in-law, brother-in-law, or sister-in-law (including adoptive relationships).

(d) <u>Control</u> means the power to exercise a controlling influence over the management or policies of
 an entity, unless this power is solely the result of an official position with the company.
 Ownership of 25% or more of a company's outstanding voting securities is presumed to
 give the holder thereof control over the company. This presumption may be rebutted by the
 Review Officer based upon the facts and circumstances of a given situation.

(e) <u>Purchase or sale</u> includes, among other things, the writing of an option to purchase or sell a
 Reportable Security.

(f) <u>Reportable Fund</u> (see List of Access Persons & Reportable Funds maintained by the Review Officer)
 means any fund that triggers the Company's compliance with a Rule 17j-1 Code of Ethics
 or any fund for which an employee or agent of the Company serves as a Fund Officer.

(g) <u>Reportable Security</u> means any security such as a stock, bond, future, investment contract or any
 other instrument that is considered a 'security' under Section 2(a)(36) of the
 Investment Company Act of 1940, as amended, except:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) bankers'
 acceptances and bank certificates of deposits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) commercial
 paper and debt instruments with a maturity at issuance of less than 366 days and that are
 rated in one of the two highest rating categories by a nationally recognized statistical
 rating organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) repurchase
 agreements covering any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) shares
 issued by money market mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) shares
 of SEC registered open-end investment companies ( ***other than exchange-traded funds or <u>Reportable Funds</u>***); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) shares
 of unit investment trusts that are invested exclusively in one or more open-end funds, none
 of which are exchange-traded funds or Reportable Funds.

*Included* in the definition of Reportable Security are:

⮚ Shares of a Reportable Fund;

⮚ Options on securities, on indexes, and on currencies;

⮚ All kinds of limited partnerships;

⮚ Foreign unit trusts, UCITs, SICAVs and foreign mutual funds; and

⮚ Private investment funds, hedge funds and investment clubs.

(h) <u>Security held or to be acquired by</u> the Fund means

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any
 Reportable Security which, within the most recent fifteen (15) days (x) is or has been held
 by the applicable Fund or (y) is being or has been considered by the applicable Fund or its
 investment adviser for purchase by the applicable Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) and
 any option to purchase or sell, and any security convertible into or exchangeable for, a
 Reportable Security.

**RULE 17j-1 CODE OF ETHICS**

**ATTACHMENT A<br> ACCESS PERSON ACKNOWLEDGMENT**

I understand that I am an Access Person subject to the Rule 17j-1 Code of Ethics (the "Code") for Distribution Services, Fund Officers Services, and Designated Access Persons adopted by Foreside Financial Group, LLC ("Foreside") and each Foreside company as listed in <u>Appendix A</u>. I hereby certify that I have read and understand the current Code, and will comply with it in all respects. In addition, I certify that I have complied with the requirements of the Code, and that I have disclosed or reported all personal securities accounts and transactions required to be disclosed or reported pursuant to the requirements of the Code.

---

| | |
|:---|:---|
| Signature | Date |
| Printed Name |  |

---

**This form must be completed and returned to the Risk Management:**

---

| |
|:---|
| **Foreside Financial Group, LLC** |
| **ATTN: Review Officer (or his or her designee)** |
| **Three Canal Plaza, Third Floor** |
| **Portland, ME 04101** |

---

Received By:  

Date:

**RULE 17j-1 CODE OF ETHICS**

**ATTACHMENT B<br> PRE-CLEARANCE REQUEST FORM**

As an Access Person subject to the Rule 17j-1 Code of Ethics (the "Code") for Distribution Services, Fund Officers Services, and Designated Access Persons adopted by Foreside Financial Group, LLC ("Foreside") and each Foreside company as listed in <u>Appendix A</u>, I hereby request approval to purchase an initial public offering, private placement or shares of a Reportable Fund for which I am an Access Person. Pursuant to my request, I provide the following information concerning the security where applicable.

1. Name of security/investment:  

2. Type of security/interest:  

3. Name of brokerage firm/other entity:  

4. Account number:  

5. Type of transaction (buy/sell/other-specify):  

6. Number of shares/interest:  

7. Price of each security/interest:  

8. Name of firm offering the investment opportunity:  

9. Please describe how you became aware of this investment opportunity:

I understand that it is a violation of the Code to purchase an initial public offering, private placement or shares of a Reportable Fund for which I am an Access Person <u>without</u> receiving ***prior*** written approval from Foreside's Review Officer. I further understand that (i) any pre-clearance trading authorization is valid only from the time when approval is granted through the next business day and (ii) an explanation of why the pre-cleared transaction was not completed must be submitted to the Review Officer within five (5) days if the transaction is not executed within the period. I also agree to provide the Review Officer with a transaction report evidencing the pre-cleared transaction consistent with the reporting requirements of Section 4. of the Code.

---

| | |
|:---|:---|
| Signature | Date |
| Print Name | Job Title |

---

**~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~**

**To be completed by Foreside's Review Officer and returned to the Access Person.**

Approval request granted: Yes: ______ No: ______ <br>

The following criteria were considered in assessing the Access Person's pre-clearance request (*use back of page if necessary*):_________________________________________________________________________________________________

    <br> Authorized Signature Date

## Exhibit 99.2

**FORM OF POWER OF ATTORNEY**

NOMURA ALTERNATIVE INCOME FUND<br> (the "Fund")

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Joshua B. Deringer and Timothy Burdick as his or her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Pre-Effective Amendments and/or Post-Effective Amendments to the Registration Statement of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney to be effective as of this 13 day of December, 2022.

---

| |
|:---|
| /s/ Robert Stark |
| Signature |
| Robert Stark |
| Name |

---

**FORM OF POWER OF ATTORNEY**

NOMURA ALTERNATIVE INCOME FUND<br> (the "Fund")

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Joshua B. Deringer and Timothy Burdick as his or her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Pre-Effective Amendments and/or Post-Effective Amendments to the Registration Statement of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney to be effective as of this 9 day of December, 2022.

---

| |
|:---|
| /s/ Katherine Rosa |
| Signature |
| Katherine Rosa |

---

Name

**FORM OF POWER OF ATTORNEY**

NOMURA ALTERNATIVE INCOME FUND<br> (the "Fund")

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Joshua B. Deringer and Timothy Burdick as his or her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Pre-Effective Amendments and/or Post-Effective Amendments to the Registration Statement of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney to be effective as of this 10<sup>th</sup> day of December, 2022.

---

| |
|:---|
| /s/ Michael Falcon |
| Signature |
| Michael Falcon |

---

Name

**FORM OF POWER OF ATTORNEY**

NOMURA ALTERNATIVE INCOME FUND<br> (the "Fund")

KNOW ALL PERSONS BY THESE PRESENTS, that the undersigned constitutes and appoints each of Joshua B. Deringer and Timothy Burdick as his or her true and lawful attorney-in-fact and agent, each with full power of substitution and resubstitution for such attorney-in-fact in such attorney-in-fact's name, place and stead, to sign any and all Pre-Effective Amendments and/or Post-Effective Amendments to the Registration Statement of the Fund on Form N-2 and any filings made with any state regulatory agency or authority, and to file the same, with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission or any state regulatory agency or authority, as appropriate, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, the undersigned has executed this Power of Attorney to be effective as of this 15<sup>th</sup> day of December, 2022.

---

| |
|:---|
| /s/ David Brigstocke |
| Signature |
| David Brigstocke |

---

Name

## Corresp

![](image_002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Faegre Drinker Biddle & Reath LLP**<br> 320 S. Canal Street<br> Chicago, Illinois 60606<br> +1 312-569-1000 main<br> +1 312 569 3000 fax

February 10, 2023

<u>VIA EDGAR TRANSMISSION</u>

Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

Re: <u>Nomura Alternative Income Fund (Registration Nos. 811-23826, 333-267402); (the "Fund")</u>

Ladies and Gentlemen:

Filed herewith electronically via EDGAR is an amendment to the registration statement of the Fund on Form N-2 (the "Registration Statement"). The Registration Statement is being filed pursuant to the Investment Company Act of 1940, as amended, and the Securities Act of 1933, as amended, and the applicable rules thereunder. The purpose of this pre-effective amendment is to respond to comments received from the Staff on the Fund's registration statement on Form N-2 filed on September 13, 2022 and to complete various parts of the Fund's disclosure.

Questions and comments may be directed to the undersigned at (312) 569-1107 or, in my absence, to Joshua B. Deringer at (215) 988-2959.

Very truly yours,

 <u>/s/ David L. Williams</u> 

David L. Williams