# EDGAR Filing Document

**Accession Number:** 0001858660
**File Stem:** 0001104659-25-094589
**Filing Date:** 2025-9
**Character Count:** 1031471
**Document Hash:** eb7aabcf2917111f3b502c62fe100699
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-094589.hdr.sgml**: 20250929

**ACCESSION NUMBER**: 0001104659-25-094589

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

**PUBLIC DOCUMENT COUNT**: 41

**FILED AS OF DATE**: 20250929

**DATE AS OF CHANGE**: 20250929

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USVC Venture Capital Access Fund
- **CENTRAL INDEX KEY:** 0001858660

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23660
- **FILM NUMBER:** 251357444

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SAX CAPITAL LLC
- **STREET 2:** 1140 3RD STREET NE, 2ND FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20002
- **BUSINESS PHONE:** 833-729-0934

**MAIL ADDRESS:**
- **STREET 1:** C/O SAX CAPITAL LLC
- **STREET 2:** 1140 3RD STREET NE, 2ND FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SVX LLC
- **DATE OF NAME CHANGE:** 20220616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Silicon Valley Access Fund LLC
- **DATE OF NAME CHANGE:** 20220209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AL Venture Fund LLC
- **DATE OF NAME CHANGE:** 20210422
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** USVC Venture Capital Access Fund
- **CENTRAL INDEX KEY:** 0001858660

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-255702
- **FILM NUMBER:** 251357443

**BUSINESS ADDRESS:**
- **STREET 1:** C/O SAX CAPITAL LLC
- **STREET 2:** 1140 3RD STREET NE, 2ND FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20002
- **BUSINESS PHONE:** 833-729-0934

**MAIL ADDRESS:**
- **STREET 1:** C/O SAX CAPITAL LLC
- **STREET 2:** 1140 3RD STREET NE, 2ND FLOOR
- **CITY:** WASHINGTON
- **STATE:** DC
- **ZIP:** 20002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SVX LLC
- **DATE OF NAME CHANGE:** 20220616

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Silicon Valley Access Fund LLC
- **DATE OF NAME CHANGE:** 20220209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AL Venture Fund LLC
- **DATE OF NAME CHANGE:** 20210422

?xml version='1.0' encoding='ASCII'? USVC Venture Capital Access Fund - 1858660 - 2025

**As filed with the U.S. Securities and Exchange Commission on September 29, 2025**

**Securities Act File No. 333-255702 Investment Company Act File No. 811-23660**

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-2**

(CHECK APPROPRIATE BOX OR BOXES)

☒ REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

☒ Pre-effective Amendment No. 9

☐ Post-effective Amendment No.

☒ REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

☒ Amendment No. 9

**USVC VENTURE CAPITAL ACCESS FUND**

**(Exact name of Registrant as specified in Charter)**

**140 Lakeside Avenue, Suite 100 Seattle, WA 98122 (Address of Principal Executive Offices) Registrant's Telephone Number, including Area Code: (833) 729-0934**

**Huoy-Ming Yeh Strawberry Tree Management Company LLC 140 Lakeside Avenue, Suite 100 Seattle, WA 98122 (Name and Address of Agent for Service)**

**Copies to: William J. Bielefeld, Esq. Alexander C. Karampatsos, Esq. Dechert LLP 1900 K Street, NW Washington, DC 20006-1110**

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

**If appropriate, check the following box:**

☐ The only securities being registered on the form are being offered pursuant to a dividend or interest reinvestment plan.

☒ 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.

☐ This form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

☐ 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.

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

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

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

**If appropriate, check the following box:**

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

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

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

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

**Check each box that appropriately characterizes the Registrant:**

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

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

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

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

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

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

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

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

**The Registrant hereby amends this Registration Statement under the Securities Act 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 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.**

**<u>PRELIMINARY PROSPECTUS SUBJECT TO COMPLETION</u>**

THE INFORMATION IN THIS PROSPECTUS IS NOT COMPLETE AND MAY BE CHANGED. WE MAY NOT USE THIS PROSPECTUS TO SELL SECURITIES UNTIL THE REGISTRATION STATEMENT CONTAINING THIS PROSPECTUS, WHICH HAS BEEN 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.

***Subject to Completion, dated September 29, 2025***

**USVC VENTURE CAPITAL ACCESS FUND Common Shares of Beneficial Interest $500 minimum purchase**

USVC Venture Capital Access Fund (the "Fund", "we", "our" or "us") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end, management investment company. The Fund was initially organized as a Delaware limited liability company on April 8, 2021 and was subsequently converted into a Delaware statutory trust on August 7, 2025. The common shares of beneficial interest of the Fund (the "Shares") will be continuously offered under Rule 415 of the Securities Act of 1933, as amended (the "Securities Act"). The Fund intends to qualify and to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). The Fund is designed principally for long-term investors and not as a trading vehicle.

This Prospectus applies to the offering of Shares of the Fund. The Fund is offering $1 billion of Shares on a continuous basis under the registration statement to which this Prospectus relates. The Shares will be offered on a continuous basis at the Fund's net asset value ("NAV") per Share next calculated after receipt of the purchase in good order.

Although Strawberry Tree Management Company LLC (the "Investment Adviser") intends to recommend that, in normal market conditions, the Fund's Board of Trustees conduct quarterly repurchase offers of no more than 5% of the Fund's net assets, Shares will not be redeemable at an investor's option nor will they be exchangeable for shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his, her or its Shares. Investors should consider the Fund's Shares to be illiquid. The Fund's Board of Trustees may decide not to conduct quarterly repurchase offers.

The Fund's investment objective is long-term capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in interests of venture capital funds ("Investment Vehicles"), which will principally hold equity securities (e.g., common and/or preferred stock, equity-linked securities convertible into such equity securities), without restriction to market capitalization, and in underlying private growth-oriented companies ("Portfolio Companies", and together with Investment Vehicles, "Portfolio Investments"). Investment Vehicles may include special purpose vehicles that are entities formed to purchase securities of a single Portfolio Company. Private growth-oriented companies are private companies that the Fund's Investment Adviser believes, at the time of investment, have the potential for significant growth. The Fund intends to focus on companies innovating or enabling innovation in sectors being transformed by technology. These include, without limitation, information technology, artificial intelligence, life sciences, telecommunications and media, biotechnology, energy, education, healthcare, consumer and retail, mobile internet, digital entertainment and ecommerce, cloud computing, transportation, semiconductors, robotics, logistics and infrastructure, defense, gaming and financial services. Portfolio Investments may partially hold digital assets and cryptocurrencies. Digital assets and cryptocurrencies (also called "crypto assets") are digital tokens or coins that are secured by cryptography, typically using blockchain technology, enabling decentralized transactions and ownership verification. The term "blockchain" refers to a peer-to-peer distributed ledger that is secured using cryptography. A distributed ledger is a shared electronic database where information is recorded and stored across multiple computers; a blockchain is one type of distributed ledger. Digital assets and cryptocurrencies include things like tokens used in apps, coins used to power networks and assets sold in coin offerings. The Fund does not intend to directly invest in digital assets or cryptocurrencies. The Fund may directly purchase equity securities in Portfolio Companies or purchase such securities through secondary transactions, without restriction to market capitalization and interests in private fund general partners. The Fund expects to acquire fund interests through new subscriptions, as well as the acquisition of existing fund interests in secondary transactions, and may invest in Investment Vehicles that utilize the AngelList platform, a technology platform that offers technology infrastructure and administration services to private funds, operated by AL Advisors Management Inc. and its affiliates (the "Platform") for fund administration. The Fund will generally hold Portfolio Investments until a liquidity event or dissolution event with respect to such Portfolio Investment occurs. Notwithstanding the foregoing, the Fund may sell securities of Portfolio Investments from time to time if, in the judgment of the Investment Adviser, it is necessary to further the best interests of the Fund.

The Fund's ability to implement this investment strategy is subject to the ability of the Fund's Investment Adviser to identify and acquire the securities of Portfolio Investments. While the Fund seeks to provide broad-based access to Investment Vehicles with exposure to private growth-oriented companies, it may from time to time hold positions in specific Investment Funds or rapidly appreciating Portfolio Investments.

The Fund is a "non-diversified" investment company, and, as such, the Fund may invest a greater percentage of its assets in the securities of a single issuer than investment companies that are "diversified." See "Risk Factors." The Fund has a fundamental concentration policy to invest at least 25% of its total assets in companies in the information technology sector, which includes, but is not limited to, companies whose products or services are focused on financial technology, biotechnology, clean and green technology, social media and other internet- and application-based technology, artificial intelligence-related applications, education technology and other technological uses, services, products and advances. Under normal circumstances, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in investments of U.S. venture capital funds and private growth-oriented companies.

For a more detailed description of these policies, please refer to the section entitled "Investment Objective, Strategies, Methodology and Policies."

A significant portion of the Fund's investments may be held through SPVs. SPVs are vehicles organized by third-party managers that are designed to provide the Fund and other accredited investors access to securities of an individual private company through a private offering of securities exempt from registration pursuant to Regulation D under the Securities Act. The Fund will not have control rights in any of the SPVs in which the Fund may invest. The types of SPVs in which the Fund may invest may charge upfront broker fees as well as management fees and carry; however, the majority of the SPVs in which the Fund may invest will charge no ongoing management fees. Third-party managers (who may be affiliates of venture capital firms or private fund managers) that form SPVs source investment opportunities through relationships they have with other market participants, which may include shareholders of private companies. All members of an SPV have limited rights, which are documented in the applicable governing documents of the SPV, subject to the terms of any side letters entered into between an investor and the manager of the SPV. The Fund may invest in a newly-formed SPV or, in certain circumstances, may acquire the interests of an existing investor in an SPV. Members of SPVs generally pay fees to cover operating and offering-related costs. The value of an SPV investment generally equals the fair value of its underlying securities, after discounting to take into account any fees paid to the SPV. Therefore, the fair value of investments in SPVs may differ from the value of the underlying securities were the Fund to hold such securities directly. Investments in SPVs are common in the venture capital industry and are an efficient way to pool capital with other investors in order to invest in a single issuer through the ownership of interests in the SPV. SPVs that the Fund may invest in are not controlled by the Fund and are not subsidiaries.

Although the Fund may offer to repurchase Shares from time to time, Shares will not be redeemable at an investor's option nor will they be exchangeable for Shares of any other fund. As a result, an investor may not be able to sell or otherwise liquidate his, her or its Shares. The Investment Adviser intends to recommend that, in normal market conditions, the Fund's Board of Trustees conduct quarterly repurchase offers of no more than 5% of the Fund's net assets. See "Quarterly Repurchases of Shares."

The Fund does not currently intend to list its Shares for trading on any national securities exchange, and there is not expected to be any secondary trading market in the Shares. The Shares are therefore not readily marketable. Even though the Fund may make quarterly repurchase offers to repurchase a portion of the Shares to provide some liquidity to Shareholders, you should consider the Shares to be illiquid. This risk may be even greater for Shareholders expecting to sell their Shares in a relatively short period during the Fund's continuous offering. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment, or who need a reasonable expectation of being able to liquidate all or a portion of their investment in a particular time frame. The Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment. See "Risk Factors."

**An investment in the Fund is also subject to, among others, the following risks:**

● **The Fund's Shares have no history of public trading, and you should not expect to be able to sell your Shares other than through the Fund's repurchase policy, regardless of how the Fund performs.** 

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

● **The Fund invests in private funds which are subject to certain risks including those related to illiquidity, indirect fees, valuation, limited operating histories and limited information regarding underlying investments. See "*Private funds provide greater flexibility than registered funds but tend to be more illiquid and highly speculative.* "** 

**As a result of the foregoing, an investment in the Fund's Shares is not suitable for investors that require liquidity, other than liquidity provided through the Fund's repurchase policy. The Investment Adviser will publish the daily calculated NAV of the Fund's Shares on its website at www.usvc.com.**

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

**Investing in the Fund's Shares involves substantial risks. Prospective investors should refer to the risk factors discussed in the section entitled "Risk Factors" prior to making an investment in the Fund.**

**Certain conflicts of interest involving the Fund and its affiliates could impact the Fund's investment returns and limit the flexibility of its investment policies. Prospective investors should review the conflicts of interest described in the section entitled "Conflicts of Interest" prior to making an investment in the Fund.**

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

**If you purchase Shares of the Fund, you will become bound by the terms and conditions of the Declaration of Trust and By-Laws of the Fund. Copies of the Declaration of Trust and By-Laws have been filed as exhibits to this Prospectus with the SEC.**

The Fund intends to offer the Shares in a continuous offering. The offering price for the Shares will be equal to the NAV per Share plus any applicable sales load. The Fund's Shares will be offered through ALPS Distributors, Inc. (the "Distributor"). In addition, certain institutions (including banks, trust companies, brokers and investment advisers) will be authorized to accept, on behalf of the Fund, purchase orders and repurchase requests placed by or on behalf of their customers, and if approved by the Fund, may designate other financial intermediaries to accept such orders.

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;(Initial) Price to Public | &nbsp;&nbsp;Proceeds to Registrant |
| &nbsp;&nbsp;**Per Share** | &nbsp;&nbsp;Current NAV, plus a sales load up to 3%<sup>(2)</sup> | &nbsp;&nbsp;Current NAV |
| &nbsp;&nbsp;**Total Minimum** | &nbsp;&nbsp;$500.00<sup>(3)</sup> | &nbsp;&nbsp;$500.00 |
| &nbsp;&nbsp;**Total Maximum<sup>(1)</sup>** | &nbsp;&nbsp;Up to $1,000,000,000.00 | &nbsp;&nbsp;Up to $970,000,000.00 |

---

(1) Assumes sale of all Shares currently registered at the initial NAV. The Shares are offered (i) at an initial offering price of $20.00 per Share, which will be (on a dollar-for-share basis) the NAV per Share as of the date that the Fund's registration statement on Form N-2 is declared by the SEC to be effective, and (ii) thereafter, at the NAV per Share next calculated after the request to purchase Shares is received and accepted by or on behalf of the Fund. No arrangements have been made to place funds in the offering in an escrow, trust, or similar arrangement.

(2) An investor purchasing Shares may be charged a sales load of up to 3% of the investor's subscription. The table assumes the maximum sales load is charged.

(3) The total minimum initial investment per investor is $500.00. The Fund reserves the right to waive the investment minimum.

This Prospectus sets forth concisely the information about the Fund that a prospective investor ought to know before investing. You should obtain and read the Prospectus and any related Prospectus supplement prior to purchasing any of the Fund's securities and retain such materials for future reference. A Statement of Additional Information ("SAI"), dated [ ], 2025, as may be amended, supplemented or restated from time to time, regarding the Fund and its Shares, is incorporated by reference into this Prospectus. A copy of this Prospectus (including the SAI) or the Fund's annual or semi-annual reports to shareholders may be obtained without charge by calling the Fund toll-free at (888) 200-4361. Shareholder inquiries should also be directed to the Fund by using such toll-free number. This Prospectus, the SAI, and the Fund's annual and semi-annual reports are all available upon request and without charge on the Fund's website (www.usvc.com). Information on the Fund's website is not incorporated herein by reference. Additional information about the Fund has been filed with the Securities and Exchange Commission ("SEC") and is available upon written or oral request and without charge. The Fund's filings with the SEC, including the registration of which this Prospectus and the SAI are a part and other material incorporated by reference and information regarding the Fund, also are available to the public on the SEC's Internet website at www.sec.gov.

**Prospective investors should not construe the contents of this Prospectus as legal, tax, financial, or other advice. Each prospective investor should consult with their own professional advisers as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.**

The date of this Prospectus is [ ], 2025.

**Table of contents**

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| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#pros_001) | [6](#pros_001) |
| [SUMMARY OF FUND EXPENSES](#pros_002) | [19](#pros_002) |
| [FINANCIAL HIGHLIGHTS](#pros_003) | [21](#pros_003) |
| [USE OF PROCEEDS](#pros_004) | [21](#pros_004) |
| [THE FUND](#pros_005) | [21](#pros_005) |
| [INVESTMENT OBJECTIVE, PRINCIPAL STRATEGIES, METHODOLOGY AND POLICIES](#pros_006) | [21](#pros_006) |
| [RISK FACTORS](#pros_007) | [24](#pros_007) |
| [MANAGEMENT OF THE FUND](#pros_008) | [40](#pros_008) |
| [FEES AND EXPENSES](#pros_009) | [44](#pros_009) |
| [INVESTOR SUITABILITY](#pros_010) | [46](#pros_010) |
| [SUBSCRIPTION FOR SHARES](#pros_011) | [47](#pros_011) |
| [PLAN OF DISTRIBUTION](#pros_012) | [47](#pros_012) |
| [QUARTERLY REPURCHASES OF SHARES](#pros_013) | [51](#pros_013) |
| [BORROWING](#pros_014) | [52](#pros_014) |
| [DISTRIBUTIONS](#pros_015) | [52](#pros_015) |
| [DIVIDEND REINVESTMENT POLICY](#pros_016) | [52](#pros_016) |
| [DETERMINATION OF NET ASSET VALUE](#pros_017) | [53](#pros_017) |
| [CONFLICTS OF INTEREST](#pros_018) | [54](#pros_018) |
| [DESCRIPTION OF CAPITAL STRUCTURE](#pros_019) | [55](#pros_019) |
| [U.S. FEDERAL INCOME TAX MATTERS](#pros_020) | [56](#pros_020) |
| [CERTAIN PROVISIONS IN THE DECLARATION OF TRUST AND BY-LAWS](#pros_021) | [56](#pros_021) |
| [RESERVES](#pros_022) | [57](#pros_022) |
| [LEGAL PROCEEDINGS](#pros_025) | [57](#pros_025) |
| [ADDITIONAL INFORMATION](#pros_023) | [57](#pros_023) |
| [PRIVACY POLICY NOTICE](#pros_024) | [57](#pros_024) |

---

**No broker-dealer, salesperson or other person is authorized to give an investor any information or to represent anything not contained in this Prospectus. As a prospective investor, you must not rely on any unauthorized information or representations that anyone provides to you. This Prospectus is an offer to sell or a solicitation of an offer to buy the securities it describes, but only under the circumstances and in jurisdictions where and to persons to which it is lawful to do so. The information contained in this Prospectus is current only as of the date of this Prospectus.**

**PROSPECTUS SUMMARY**

This is only a summary and does not contain all of the information that a prospective investor should consider before investing in USVC Venture Capital Access Fund (the "Fund", "we", "our" or "us"). Before investing, a prospective investor in the Fund should carefully read the more detailed information appearing elsewhere in this Prospectus and the statement of additional information (the "SAI"), which should be retained by any prospective investor.

---

| | |
|:---|:---|
| **The Fund** | The Fund is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company. The Fund was initially organized as a Delaware limited liability company on April 8, 2021 and was subsequently converted into a Delaware statutory trust on August 7, 2025. Shares of beneficial interest of the Fund (the "Shares") will be continuously offered under the Securities Act of 1933, as amended (the "Securities Act"). |
| **The Offering; Initial Price per Share; Maximum Offering; Minimum Investment** | The Fund is offering $1 billion of Shares on a continuous basis at the initial net asset value ("NAV") of $20.00 per Share and thereafter determined after receipt of an order to purchase Shares. The initial offering date for subscriptions for Shares is currently anticipated to be on or about the date that the Fund's registration statement on Form N-2 is declared by the Securities and Exchange Commission ("SEC") to be effective. Thereafter, Shares will be offered on a continuous basis at the Fund's NAV per Share next calculated after receipt of a purchase in good order plus any applicable sales load. A purchase will be deemed to have been received in good order if the application for Shares has been completed in accordance with the instructions provided to the investor and meets the required minimum purchase amount.<br>The minimum initial investment of each investor is Shares with a value of at least $500. The Fund reserves the right to waive the investment minimum. There is no minimum investment for subsequent investments. The Fund's Board of Trustees (the "Board of Trustees" and each member of the Board of Trustees, a "Trustee"), in its sole discretion, may vary the investment minimums from time to time but will not reduce the initial investment minimum to under $500.<br>The Fund's Shares are offered through the Fund's distributor, ALPS Distributors, Inc. (the "Distributor"). In addition, certain institutions (including banks, trust companies, brokers and investment advisers) will be authorized to accept, on behalf of the Fund, purchase orders and repurchase requests placed by or on behalf of their customers, and if approved by the Fund, may designate other financial intermediaries to accept such orders ("Authorized Institutions").<br>This is not a "firm commitment" offering in which an underwriter has committed to sell a pre-determined number of Shares to investors.<br>See "Subscription for Shares" and "Plan of Distribution – How to Purchase Fund Shares." |
| **The Investment Adviser** | Under the supervision of the Board of Trustees and pursuant to an investment advisory agreement (the "Investment Advisory Agreement"), Strawberry Tree Management Company LLC (the "Investment Adviser"), an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as investment adviser to the Fund.<br>The Investment Adviser was formed in December 2023 as a Delaware limited liability company, and registered with the SEC under the Advisers Act in March 2024. The Investment Adviser manages multiple investment vehicles, and as of September 23, 2025 had in the aggregate approximately $329 million under management. The Investment Adviser has no previous experience managing a closed-end, registered investment company. |

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| | |
|:---|:---|
|  | Pursuant to the Investment Advisory Agreement, the Investment Adviser is responsible for developing, implementing and supervising the Fund's investment program and providing day-to-day management services to the Fund.<br>The Investment Adviser also provides office space, telephone services and utilities, and administrative, secretarial, clerical and other personnel as necessary to provide the services required to be provided under the Investment Advisory Agreement. |
| **Investment Objective and Principal Strategies** | *Investment Objective and Principal Strategies.* The Fund's investment objective is long-term capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in interests of venture capital funds ("Investment Vehicles"), which will principally hold equity securities (e.g., common and/or preferred stock, equity-linked securities convertible into such equity securities), without restriction to market capitalization, and in underlying private growth-oriented companies ("Portfolio Companies", and together with Investment Vehicles, "Portfolio Investments"). Investment Vehicles may include special purpose vehicles ("SPVs") that are entities formed to purchase securities of a single Portfolio Company. Private growth-oriented companies are private companies that the Fund's Investment Adviser believes, at the time of investment, have the potential for significant growth. The Fund intends to focus on companies innovating or enabling innovation in sectors being transformed by technology. These include, without limitation, information technology, artificial intelligence, life sciences, telecommunications and media, biotechnology, energy, education, healthcare, consumer and retail, mobile internet, digital entertainment and ecommerce, cloud computing, transportation, semiconductors, robotics, logistics and infrastructure, defense, gaming and financial services. Portfolio Investments may partially hold digital assets and cryptocurrencies. Digital assets and cryptocurrencies (also called "crypto assets") are digital tokens or coins that are secured by cryptography, typically using blockchain technology, enabling decentralized transactions and ownership verification. The term "blockchain" refers to a peer-to-peer distributed ledger that is secured using cryptography. A distributed ledger is a shared electronic database where information is recorded and stored across multiple computers; a blockchain is one type of distributed ledger. Digital assets and cryptocurrencies include things like tokens used in apps, coins used to power networks and assets sold in coin offerings. The Fund does not intend to directly invest in digital assets or cryptocurrencies. The Fund may directly purchase equity securities in Portfolio Companies or purchase such securities through secondary transactions, without restriction to market capitalization and interests in private fund general partners. The Fund expects to acquire fund interests through new subscriptions, as well as the acquisition of existing fund interests in secondary transactions, and may invest in Investment Vehicles that utilize the AngelList platform, a technology platform that offers technology infrastructure and administration services to private funds, operated by AL Advisors Management Inc. and its affiliates (the "Platform") for fund administration. The Fund will generally hold Portfolio Investments until a liquidity event or dissolution event with respect to such Portfolio Investment occurs. Notwithstanding the foregoing, the Fund may sell securities of Portfolio Investments from time to time if, in the judgment of the Investment Adviser, it is necessary to further the best interests of the Fund.<br>The Fund's ability to implement this investment strategy is subject to the ability of the Fund's Investment Adviser to identify and acquire the securities of Portfolio Investments. While the Fund seeks to provide broad-based access to Investment Vehicles with exposure to private growth-oriented companies, it may from time to time hold positions in specific Investment Funds or rapidly appreciating Portfolio Investments. |

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 The Fund is a "non-diversified" investment company, and, as such, the Fund may invest a greater percentage of its assets in the securities of a single issuer than investment companies that are "diversified." See "Risk Factors." The Fund has a fundamental concentration policy to invest at least 25% of its total assets in companies in the information technology sector, which includes companies whose products or services are focused on financial technology, biotechnology, clean and green technology, social media and other internet- and application-based technology, artificial intelligence-related applications, education technology and other technological uses, services, products and advances. Under normal circumstances, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in investments of U.S. venture capital funds and private growth-oriented companies. A U.S. issuer is an issuer economically tied to the United States. In determining whether an issuer is economically tied to the United States, the Investment Adviser will consider whether the issuer: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Has a class of securities whose principal securities market is in the United States; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Has its principal office in the United States; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in the United States; or &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ● Maintains 50% or more of its assets in the United States. For a more detailed description of these policies, please refer to the section entitled "Investment Objective, Strategies, Methodology and Policies." We expect that our Portfolio Investments may require several years to appreciate in value, and we can offer no assurance that such appreciation will occur. Due to the illiquid nature of most of our Portfolio Investments and transfer restrictions that equity securities are typically subject to, we may not be able to sell these securities at times when we deem it necessary or appropriate to do so, or at all. The equity securities in which we invest directly or indirectly will often be subject to drag-along rights, which permit a majority stockholder in the company to force minority stockholders to join a company sale (which may be at a price per share lower than our direct or indirect cost basis). Such drag-along rights could permit other stockholders, under certain circumstances, to force us or the Investment Vehicles in which we invest to liquidate our or their position in a particular Portfolio Company at a specified price, which could be, in our opinion, inadequate or undesirable or even below our or the relevant Investment Vehicle's cost basis. In addition, we will often be subject, either indirectly through Investment Vehicle holdings or directly through ownership of securities in Portfolio Companies, to lock-up provisions that prohibit us or the applicable Investment Vehicle from selling our equity investments into the public market for specified periods of time after IPOs of a direct or indirect Portfolio Company, typically 180 days. As a result, the market price of securities that we hold, directly or indirectly, may decline substantially before we (or the investment advisers of the applicable Investment Vehicles) are able to sell these securities following an IPO.

Certain of the Fund's investments may partially hold digital assets and cryptocurrencies. Each investment of the Fund will be subject to the Investment Adviser's review. The Investment Adviser will use proprietary methodology and data constructions to seek to efficiently identify and construct a broad portfolio of Investment Vehicles with exposure to growth-oriented investments. The criteria described above, together with the availability of the securities and their applicability for inclusion in the Fund's portfolio, taking into account the Fund's overall composition of the Fund's portfolio and other salient investment factors, will inform the Investment Adviser's decision to purchase a security on behalf of the Fund. The Fund also expects to invest in the securities of Portfolio Investments other than those using the Platform. In addition, although the Investment Adviser may from time to time elect to sell Portfolio Investments, the Fund does not expect to engage in significant selling activity in Portfolio Investment securities other than upon or subsequent to a liquidity event of a Portfolio Company, such as an IPO or a merger or acquisition transaction.<br>A significant portion of the Fund's investments may be held through SPVs. SPVs are vehicles organized by third-party managers that are designed to provide the Fund and other accredited investors access to securities of an individual private company through a private offering of securities exempt from registration pursuant to Regulation D under the Securities Act. The Fund will not have control rights in any of the SPVs in which the Fund may invest. The types of SPVs in which the Fund may invest may charge upfront broker fees as well as management fees and carry; however, the majority of the SPVs in which the Fund may invest will charge no ongoing management fees. Third-party managers (who may be affiliates of venture capital firms or private fund managers) that form SPVs source investment opportunities through relationships they have with other market participants, which may include shareholders of private companies. All members of an SPV have limited rights, which are documented in the applicable governing documents of the SPV, subject to the terms of any side letters entered into between an investor and the manager of the SPV. The Fund may invest in a newly-formed SPV or, in certain circumstances, may acquire the interests of an existing investor in an SPV. Members of SPVs generally pay fees to cover operating and offering-related costs. The value of an SPV investment generally equals the fair value of its underlying securities, after discounting to take into account any fees paid to the SPV. Therefore, the fair value of investments in SPVs may differ from the value of the underlying securities were the Fund to hold such securities directly. Investments in SPVs are common in the venture capital industry and are an efficient way to pool capital with other investors in order to invest in a single issuer through the ownership of interests in the SPV. SPVs that the Fund may invest in are not controlled by the Fund and are not subsidiaries.<br>The Fund's ability to implement its investment strategy is subject to the ability of the Fund's Investment Adviser to identify and acquire the securities of Investment Vehicles (and, when applicable, directly in Portfolio Companies). While the Fund is pursuing a broad-based investment strategy, the Fund is a "non-diversified" investment company, and, as such, the Fund may invest a greater percentage of its assets in the securities of a single issuer than investment companies that are "diversified." <br>

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|  | For a complete discussion of the risks involved with our investments, please read the section entitled "Risk Factors".<br>The Fund has a fundamental concentration policy to invest at least 25% of its total assets in companies in the information technology sector, which includes, but is not limited to, companies whose products or services are focused on financial technology, biotechnology, clean and green technology, social media and other internet- and application-based technology, artificial intelligence-related applications education technology and other technological uses, services, products and advances (the "Fundamental Concentration Policy"). The Fund may also have significant holdings in cash and cash equivalents. For purposes of determining compliance with the Fundamental Concentration Policy, the Fund will consider the underlying holdings held by Investment Vehicles and may determine whether a particular underlying holding is in the information technology sector in any reasonable manner that is consistent with SEC guidance.<br>There can be no assurance that the Fund will achieve its investment objective or avoid substantial losses. Subject to the provisions of the 1940 Act, the Fund's investment objective and investment strategies may be changed by the Board of Trustees without the vote of a majority of the Fund's outstanding voting securities. Notice will be provided to shareholders of the Fund ("Shareholders") prior to any such change in accordance with the 1940 Act. |
| **Use of Proceeds** | The Fund expects that the net proceeds of the continuous offering will be invested in accordance with its investment objective and principal strategies as soon as possible after receipt thereof, subject to the Investment Adviser's ability to identify and acquire the securities of Portfolio Investments. |
| **Summary of Risk Factors** | The following is a discussion of the principal risks of investing in the Fund. Please refer to the section of the Prospectus titled "Risk Factors" for a more detailed discussion of the principal risk factors related to the Fund and the continuous offering of Shares.<br>***Illiquidity of Fund Shares***—There is presently no market for the Fund's Shares, which are highly illiquid and currently can be sold by Shareholders only in the quarterly repurchase program of the Fund, which is at the sole discretion of the Board; unless and until a secondary market for the Fund's Shares develops, which the Fund has no reason to anticipate at this time, you will not be able to control the timing or the number of Shares which you desire to sell. The Fund's Shares have no history of public trading, nor is it intended that they will be listed on a public exchange at this time.<br>Even though the Fund may make quarterly repurchase offers, investors should consider the Fund's Shares to be illiquid. There is no guarantee that you will be able to sell the amount of Shares that you wish to tender in connection with a given repurchase offer. Shareholders may tender more Shares than the Fund has offered to repurchase. If so, the Fund will repurchase the Shares tendered on a pro rata basis, if at all, and Shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, it is possible that not all Shares that are tendered in a repurchase offer will be repurchased. There is also a risk that some Shareholders, in anticipation of proration, may tender more Shares than they wish to have repurchased in a given year, thereby increasing the likelihood that a proration will occur. Each of these factors may further limit the liquidity of the Fund's Shares. |

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***Potential Illiquidity of the Fund's Investments***—The Fund intends to invest principally in securities of private funds and SPVs and private companies that are thinly traded and less liquid than other investments, or whose liquidity decreases in response to market developments or adverse investor perceptions. These securities may also be subject to "lock-up agreements" restricting their sale. As a result, upon or subsequent to a liquidation event of a Portfolio Company, the Fund, or the management of the relevant Investment Vehicle, as applicable, may not be able to sell an investment, or a portion of an investment, when the Investment Adviser (or the investment adviser of such Investment Vehicle) believes that doing so would maximize returns. In addition, because private company and private fund securities are thinly traded, such securities may display especially volatile or erratic price movements, sometimes in response to relatively small changes in investor supply or demand or other market conditions. As a result, even if the investment adviser of the applicable Investment Vehicle is able to sell its Portfolio Company securities on behalf of such Investment Vehicle when it desires to do so (or the Investment Adviser is able to sell Portfolio Company securities on behalf of the Fund when it desires to do so), the Fund or such Investment Vehicle may have to accept a lower price than the price determined by the Fund for such securities in accordance with its valuation procedures.<br>The inability to sell one or more portfolio positions, directly or indirectly, can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities. If the Fund or an Investment Vehicle is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may also adversely affect the Fund's NAV.<br>Alternatively, because securities of private companies are generally limited in number, the Fund or the applicable Investment Vehicle may pay a higher price for securities of companies the Investment Adviser or the investment adviser of such Investment Vehicle believes to be promising. Paying such a premium may adversely affect the Fund's returns.<br>**Private Funds Generally**—Private funds typically provide greater flexibility than traditional investment funds that are registered under the 1940 Act with respect to the types of securities that may be owned, the types of trading strategies employed, including with respect to transactions with affiliates, and, in some cases, the amount of leverage that can be used. Accordingly, securities of the Investment Vehicles, as well as the Portfolio Companies in which the Investment Vehicles invest, tend to be more illiquid and highly speculative. Private funds have complex fee structures, including performance fees, that are broader than what is permitted for registered funds, and Shareholders may pay these fees indirectly by investing in this Fund. Furthermore, the Fund may have challenges in monitoring operations and performance of private funds due to the inability to access information about private fund investments and valuations. The Fund can only value private funds at NAV if permitted by applicable accounting standards.<br>

Additionally, the Fund may make secondary investments in Investment Vehicles. Secondary investments refer to investments in Investment Vehicles through the acquisition of an existing interest by one investor from another in a negotiated transaction. In so doing, the buyer will acquire the existing interest and take on any future funding obligations in exchange for future returns and distributions. Secondary investments include the growing general partner led secondary market, which has evolved toward sales of a portion of a portfolio, or a specific asset, and continuation vehicles with general partners structuring a vehicle that allows for continued participation in the growth of the remaining assets, or a specific asset, beyond a fund's traditional exit time frame. Secondary investments may also include newly established Investment Vehicles that are fully funded at the time of the Fund's acquisition. Secondary investments may be acquired at a discount to an Investment Vehicle's NAV. As a result, secondary investments acquired at a discount may result in unrealized gains at the time the Fund next calculates its daily NAV, since any such discounted secondary investment will be marked to its net asset value, which may be a price that is higher than its acquisition cost. If such unrealized gains are realized upon the Fund's disposition of secondary investments, the Fund may generate distributable gains that are taxable to shareholders. Accordingly, the overall performance and net asset value of the Fund may be significantly impacted by the acquisition price paid by the Fund for its investments in secondaries. Because secondary investments are generally made when an Investment Vehicle has exited its initial investment period (typically three to seven years after the fund commences operations) and has deployed a significant portion of its capital into portfolio companies, secondary investments are viewed as more mature investments with greater certainty of portfolio construction and better visibility to the timing of future expected cash flows.<br>***The Information Technology Sector***—The information technology sector in which the Fund will principally invest, directly or indirectly, is subject to many risks, including volatility, intense competition, decreasing life cycles, product obsolescence, changing consumer preferences and periodic downturns. The Fund's performance may be closely tied to the performance of information technology issuers and, as a result, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. The revenues, income (or losses) and valuations of companies in the information technology sector can and often do fluctuate suddenly and dramatically. In addition, because of rapid technological change, the average selling prices of products and some services provided by companies in the information technology sector have historically decreased over their productive lives. As a result, the average selling prices of products and services offered by the companies underlying the Fund's Portfolio Investments that operate in the information technology sector may decrease over time, which could adversely affect their operating results and, correspondingly, the value of any securities that the Fund may hold directly or indirectly therein.<br>**Valuation**—The Fund's NAV will be based on the value of its securities. Where reliable public market prices are available for those securities, the Investment Adviser will rely on those prices. However, in light of its investment strategy to invest, directly or through Investment Vehicles, in private companies, the Fund expects that in most cases (other than subsequent to an IPO transaction involving a Portfolio Company) public market prices will not be available for the Fund's portfolio securities, and, where private market prices are available, such prices may be unreliable, or such securities will be illiquid. At any point in time, there may be few recent purchase or sale transactions or offers on private markets on which to base the value of a given private security. In addition, the prices reflected in recent private transactions or offers may be extremely sensitive to changes in supply or demand, including changes fueled by investor perceptions or other conditions. See "Determination of Net Asset Value."<br>

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|  | In these cases, which the Fund expects will be in most circumstances, the Fund's investments will be valued by the Investment Adviser, pursuant to fair valuation procedures and methodologies approved by the Board of Trustees. The Board of Trustees has designated the Investment Adviser as the Fund's valuation designee for purposes of Rule 2a-5 under the 1940 Act. While the Investment Adviser will use good faith efforts to determine the fair value of the Fund's securities, value will be dependent on the judgment of the Investment Adviser. The Investment Adviser may also rely to some extent on information provided by the underlying companies or funds, which may not be timely or comprehensive. In addition, such information may not be available because it is difficult to obtain financial and other information with respect to private companies and private funds, and even where the Fund is able to obtain such information, there can be no assurance that it is complete or accurate. From time to time, the Fund may determine that it should modify its estimates or assumptions, as new information becomes available. As a consequence, the value of the securities, and therefore the Fund's NAV, may vary. This may adversely affect Shareholders.<br>Because valuation of the private securities will be difficult, the Fund may also not be able to sell these securities at the prices at which they are carried on the Fund's books, or may have to delay their sale in order to do so. This may in turn adversely affect the Fund's NAV. See "Determination of Net Asset Value."<br>***Organizational Expenses—***The Investment Adviser will incur the costs of the Fund's organization (subject to the Expense Reimbursement Agreement, as discussed below), and therefore early investors in the Fund may bear a greater proportion of the Fund's organizational expenses. It is possible that the Fund may not raise significant assets, either initially or on a longer-term basis, further increasing the proportion of costs borne by early investors.<br>See "Risk Factors" for more detail and additional risks that should be considered, including risks related to the competition for portfolio investments, the likelihood of minimal distributions of current income, potential conflicts of interest related to the Fund and its affiliates, and the relative inexperience of the Fund's management with registered funds. |
| **Potential Benefits of Investing in the Fund** | Investment in the Fund will give investors broad-based diversified access to private "high growth" companies that are innovating or enabling innovation in sectors being transformed by technology. The Investment Adviser has observed that while fast growing innovative technology companies are staying private longer and generating substantial value for investors in the private markets, a small set of these companies are disproportionately responsible for overall returns in the venture capital market. This makes diversification particularly important for the venture capital asset class.<br>Unfortunately, it is difficult for most investors to construct a well-diversified portfolio that is more likely to contain such growth private companies. Most investors have difficulty accessing, evaluating, and executing investments in a sufficient number of startups in the private markets, given their lack of access to sufficiently complete and accurate information and constraints on access to competitive private financings, to obtain the same benefits as well-diversified pooled investment vehicles.<br>Therefore, an investment in the Fund could benefit investors with increased access to broad-based diversified private growth-oriented companies through professionally managed Investment Vehicles while preserving important investor protections. The Investment Adviser will generally seek to access these Investment Vehicles through the Platform as well as through other platforms and directly with Investment Vehicle managers. |

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| **Closed-End Fund Structure** | The Fund is a closed-end management investment company. Closed-end funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds do not typically redeem their shares at the option of a Shareholder. Rather, closed-end fund shares typically trade in the secondary market via a stock exchange. Unlike many closed-end funds, however, the Fund's Shares will not be listed on a stock exchange. Instead, the Fund may provide very limited liquidity to its Shareholders by offering to repurchase a limited amount of Shares quarterly (up to 5% of outstanding Shares) at the sole discretion of the Board, which is discussed in more detail below. The Fund, similar to a mutual fund, is subject to continuous asset in-flows (purchases), although not subject to continuous out-flows (repurchases). An investment in the Fund is suitable only for long-term investors who can bear the risks associated with the limited liquidity of the Shares. |
| **Board of Trustees** | The Board of Trustees of the Fund has overall responsibility for monitoring the Fund's investment program and its management and operations. Any vacancy on the Board of Trustees may be filled by the remaining Trustees, except to the extent the 1940 Act requires the election of Trustees by Shareholders. A majority of the Trustees are "Independent Trustees" who are not "interested persons" (as defined in the 1940 Act) of the Fund or the Investment Adviser. See "Management". |
| **Fees** | *Advisory Fee.* The Fund will pay a fee (the "Advisory Fee") to the Investment Adviser as compensation for its Investment Advisory services. The Advisory Fee shall accrue daily at an annual rate equal to of the average daily calculated NAV of the Fund and shall be paid quarterly in arrears. The NAV of the Fund is determined by subtracting the Fund's liabilities from the fair market value of its assets, to be determined as set forth under "Determination of Net Asset Value" below.<br>*Repurchase Fee*. Shareholders who choose to participate in the Fund's repurchase offers will incur a repurchase fee equal to 2.00% of the value of the Shares the Fund repurchases from them for Shares held less than one year. Shares held longest will be treated as being repurchased first and Shares held shortest will be treated as being repurchased last. The repurchase fee does not apply to Shares that were acquired through reinvestment of distributions. Shares held for one year or more are not subject to the 2.00% fee. Repurchase fees are paid to the Fund directly and are designed to offset costs charged by the Transfer Agent (as defined below) for repurchasing Shares and for costs associated with fluctuations in Fund asset levels and cash flow caused by such repurchases.<br>*Shareholder Services Fee*. The Fund has adopted a "Shareholder Services Plan" under which the Fund may compensate financial industry professionals for providing ongoing services in respect of clients to whom they have distributed Shares of the Fund. Such services may include responding to customer inquiries of a general nature regarding the Fund; responding to customer inquiries and requests regarding Statements of Additional information, shareholder reports, notices, proxies and proxy statements, and other Fund documents; and providing such other similar services as the Fund or the Investment Adviser may reasonably request to the extent the financial industry professional is permitted to do so under applicable statutes, rules, or regulations. The Fund may incur such foregoing expenses on an annual basis equal to 0.25% of its daily average NAV. |

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|  | *Expense Limitation Agreement*. The Investment Adviser has entered into a written expense limitation agreement (the "Expense Limitation Agreement") under which it has agreed to limit the total expenses of the Fund (excluding (i) the management fee; (ii) organizational and offering expenses; (iii) any administrative, distribution, servicing, account opening, shareholder servicing, transfer and sub-transfer agency and sub-accounting fees, and all expenses in connection with shareholder meetings and/or proxy solicitations; (iv) all acquired fund fees and expenses and all transactional costs, including legal, structuring, audit, and brokerage commissions, associated with consummated and unconsummated acquisitions, dispositions and maintenance of investments by the Fund; (v) interest, borrowing costs and expenses (including those associated with lines of credit and credit facilities); (vi) all federal, state, local and foreign taxes; (vii) merger or reorganization expenses; and (viii) extraordinary expenses distinguished by their unusual nature or infrequency, including, without limitation, costs incurred in connection with litigation, arbitration, mediation, indemnification, government investigations, claims or proceedings, and any expenses in connection with holding and/or soliciting proxies for annual or other meetings of shareholders) to an annual rate of 1.00% of the average NAV of the Fund (the "Expense Limitation") until one year from the effective date of this Prospectus, and from year to year thereafter; provided that each such continuance is specifically approved by the Board of Trustees and the Investment Adviser. The Investment Adviser may recoup from the Fund fees previously reduced or expenses previously reimbursed by the Investment Adviser with respect to the Fund pursuant to the Expense Limitation Agreement if such recoupment does not cause the Fund to exceed the Expense Limitation in effect at the time of waiver/reimbursement or at the time of recoupment and the reimbursement is made within three years after the time at which the Investment Adviser reduced the fee or incurred the expense.<br>*Expense Reimbursement Agreement*. The Investment Adviser will incur the Fund's organizational costs and the initial offering costs associated with the Fund's continuous offering of Shares. Pursuant to an expense reimbursement agreement (the "Expense Reimbursement Agreement") between the Fund and the Investment Adviser, the Fund will be obligated to reimburse the Investment Adviser for any such payments within two years of the Investment Adviser incurring such expenses only if and to the extent that the Fund's net assets exceed $20,000,000. This contractual arrangement will remain in effect through at least one year from the effective date of this Prospectus, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. |
| **Borrowing** | The Fund may borrow or issue preferred shares or debt during its first 12 months of operations, but it does not presently intend to do so. Thereafter the Fund intends to have the option to borrow, which such borrowing, if any, the Fund anticipates would be used to satisfy repurchase requests from Shareholders and otherwise to provide the Fund with temporary liquidity. The amount that the Fund may borrow will be limited by the provisions of Section 18 of the 1940 Act, which, among other limitations contained therein relating to the declaration of dividends or distributions, limits the issuance of a "senior security" (as defined in the 1940 Act) to those instances where immediately after giving effect to such issuance, the Fund will have "net asset coverage" (as defined in the 1940 Act) of at least 300%. The interest on borrowing by the Fund will be at prevailing market rates, to the extent the Fund borrows. Notwithstanding the foregoing, the Fund intends to limit its borrowing, if any, and the overall leverage of its portfolio to an amount that does not exceed 33⅓% of the Fund's gross asset value. |
| **Determination of Net Asset Value** | The NAV of the Fund's Shares is determined daily, as of the close of regular trading on the NASDAQ Stock Market Exchange ("NASDAQ") (normally, 4:00 p.m., Eastern time). Each Share will be offered at NAV next calculated after receipt of the purchase in good order, plus the applicable sales load. During the continuous offering, the price of the Shares will increase or decrease on a daily basis according to the NAV of the Shares. In computing NAV, portfolio securities of the Fund are valued at their current fair market values determined on the basis of market quotations, if available. Because public market quotations are not typically readily available for most of the Fund's securities, they are valued at fair value as determined pursuant to procedures and methodologies approved by the Board of Trustees. The Board of Trustees has delegated the day-to-day responsibility for determining these fair values to the Investment Adviser as the Fund's valuation designee for purposes of Rule 2a-5 under the 1940 Act. The Investment Adviser has developed valuation procedures and methodologies, which have been approved by the Board of Trustees, and will make valuation determinations and act in accordance with those procedures and methodologies, and in accordance with the 1940 Act. The Board of Trustees oversees the implementation of the Fund's valuation procedures. The Board of Trustees shall monitor (i) the material aspects of the Fund's valuation procedures as adopted by the Board of Trustees and revised from time to time, and (ii) the Fund's compliance with respect to the valuation of its assets under the 1940 Act. |

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|  | Fair value prices are necessarily subjective in nature, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.<br>See "Determination of Net Asset Value" below for additional information. |
| **Purchase of Shares** | Each investor must initially purchase a minimum of $500 of Shares in the Fund. The Fund reserves the right to waive the investment minimum. The Fund's Shares are offered for sale through the Distributor at NAV, plus the applicable sales load. The Fund may accept both initial and additional applications by investors to purchase Shares at such times as the Fund may determine, subject to the receipt of cleared funds on or prior to the third business day prior to the relevant subscription date (or such other acceptance date set by the Fund and notified to prospective Shareholders prior to a subscription date).<br>Each investor purchasing Shares must submit a completed application before the applicable purchase date. The Fund has the sole right to accept applications for Shares and reserves the right to reject in its complete and absolute discretion any application for Shares in whole or in part, which it will do only in the event that acceptance of any particular subscription for Shares would cause the Fund either to be in breach of any applicable laws or regulations, such as anti-money laundering laws or sanctions, or would impose burdensome compliance obligations on the Fund, such as certain laws and regulations related to foreign investors. The Fund also reserves the right to suspend sales of Shares at any time.<br>The Fund has entered into a distribution agreement (the "**Distribution Agreement**") with the Distributor to act as the distributor for the sale of Shares. The Distributor serves in such capacity on a best efforts basis. The Distributor may enter into related selling group agreements with various broker-dealers to assist in the distribution of Shares.<br>Shares are available to investors investing through broker-dealers or other financial intermediaries (collectively, "Financial Intermediaries") where such Financial Intermediary has agreed to provide certain administrative services to assist in the distribution of Shares. |
| **Quarterly Repurchases of Shares** | To provide a limited degree of liquidity to Shareholders, at the sole discretion of the Board, the Fund may from time to time offer to repurchase Shares pursuant to written tenders by Shareholders. Subject to the Board's discretion in light of the Investment Adviser's recommendation (as discussed below), under normal market circumstances, the Fund intends to conduct repurchase offers of no more than 5% of the Fund's net assets on a quarterly basis. Any repurchases of Shares will be made at such times and on such terms as may be determined by the Board from time to time in its sole discretion. In determining whether the Fund should offer to repurchase Shares from Shareholders of the Fund pursuant to repurchase requests, the Board may consider, among other things, the recommendation of the Investment Adviser as well as a variety of other operational, business and economic factors. The Fund may repurchase less than the full amount that Shareholders request to be repurchased. Under certain circumstances, the Board may offer to repurchase Shares at a discount to their prevailing NAV. The Board may under certain circumstances elect to postpone, suspend or terminate an offer to repurchase Shares. See "Quarterly Repurchases of Shares." |

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| **Investor Suitability** | **An investment in the Fund involves a considerable amount of risk. It is possible that you will lose money.** An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. Before making your investment decision, you should (i) consider the suitability of this investment with respect to your investment objectives and personal financial situation and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs. An investor should invest in the Fund only money that it can afford to lose, and it should not invest in the Fund money to which it will need access in the short-term or on a frequent basis. In addition, all investors should be aware of how the Fund's investment strategies fit into their overall investment portfolios because the Fund is not designed to be, by itself, a well-balanced investment for a particular investor.<br>An investment in the Fund is suitable only for investors who can bear the risks associated with the illiquidity of the Fund's Shares and should be viewed as a long-term investment. The Fund should be considered to be an illiquid investment. Investors will not be able to redeem Shares on a daily basis because the Fund is a closed-end fund. The Fund's Shares are not traded on an active market and there is currently no secondary market for the Shares, nor does the Fund expect a secondary market in the Shares to develop. However, limited liquidity may be available through the quarterly repurchase offers described in this Prospectus at the sole discretion of the Board. |
| **Dividends** | Following the disposition by the Fund of securities of Portfolio Companies or distributions received from Investment Vehicles following disposition of such private funds' own portfolio securities, the Fund will make cash distributions of the net profits, if any, to Shareholders (subject to the dividend reinvestment policy, as described below) once each fiscal year at such time as the Board of Trustees determines in its sole discretion (or twice in a fiscal year at such times determined by the Board of Trustees, if necessary for the Fund to maintain its status as a RIC (as defined below) and in accordance with the 1940 Act). The Fund will establish reasonable cash reserves to meet Fund obligations prior to making distributions. See "Distributions" and "U.S. Federal Income Tax Matters" for a more detailed discussion. |
| **Dividend Reinvestment Policy** | The Fund provides distribution options for its Shareholders. Under these options, if the Fund declares a distribution, then a Shareholder's distribution will be automatically reinvested (net of applicable withholding tax) in additional Shares unless the Shareholder has specifically elected in its application (or otherwise) to receive cash. Pursuant to the dividend reinvestment policy, a Shareholder will receive additional Shares, including fractions of Shares, at a price equal to the NAV per Share on the date of distribution. The automatic reinvestment of distributions does not relieve participants of any U.S. federal income tax that may be payable (or required to be withheld) on such distributions. See sections entitled "Risks Related to Our Business and Structure" and "U.S. Federal Income Tax Matters." |
| **Taxes** | The Fund will elect to be classified as an association taxable as a corporation for U.S. federal tax purposes. The Fund also intends (i) to elect to be treated as, and (ii) to operate in a manner to qualify annually as, a "regulated investment company" (a "RIC") under Subchapter M of the Code. As a RIC, the Fund generally will pay no U.S. federal income tax on the earnings (including any capital gains) it timely distributes to Shareholders as dividends. This avoids a "double tax" on distributed earnings normally incurred by taxable investors in regular "C corporations." Holders of Shares normally will be taxed on their Fund distributions based on their particular circumstance. Tax-exempt U.S. investors generally will not incur unrelated business taxable income with respect to an investment in Shares if they do not borrow to make the investment. The Fund's tax reporting to Shareholders are made on IRS Forms 1099. See "U.S. Federal Income Tax Matters" for a more detailed discussion. |

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| | |
|:---|:---|
| **The Fund Administrator and Transfer Agent** | SS&C GIDS, Inc. serves as the administrator (the "Fund Administrator") and transfer agent (the "Transfer Agent") of the Fund. The Fund compensates the Fund Administrator for providing administrative services to the Fund. The Fund Administrator is responsible for matters pertaining to the administration of the Fund, including, but not limited to, the following: (i) preparing and maintaining the financial and accounting records and statements of the Fund; (ii) arranging for the provision of accounting, clerical and administrative services; (iii) coordinating communications of the Board of Trustees; (iv) maintaining records of the Fund; and (v) providing the coordination and processing of all repurchase offers. See "Management of the Fund."<br>Any successor Transfer Agent shall be appointed by the Fund. The Fund compensates the Transfer Agent for providing transfer agent services to the Fund. See "Management of the Fund." |
| **The Custodian** | U.S. Bank, N.A. serves as the custodian of the Fund (the "Custodian"). The Fund compensates the Custodian for providing custody services to the Fund. See "Management of the Fund." |
| **The Chief Compliance Officer** | SS&C GIDS, Inc. ("CCO Provider") provides to the Fund the services of Lucas Foss, the Chief Compliance Officer of the Fund. The Fund compensates the CCO Provider for providing such compliance officer services to the Fund. See "Management of the Fund." |

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**SUMMARY OF FUND EXPENSES**

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| | |
|:---|:---|
| **Shareholder Transaction Expenses** |  |
| &nbsp;&nbsp;&nbsp;Maximum Sales Load Imposed on Purchases (as a percentage of proceeds)<sup>(1)</sup> | 3.0% |
| &nbsp;&nbsp;&nbsp;Repurchase Fee on Shares Repurchased Within 365 Days of Purchase (as a percentage of proceeds)<sup>(2)</sup> | 2.0% |

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| | |
|:---|:---|
| **Annual Expenses (as a percentage of net assets attributable to Shares)** |  |
| Management Fees<sup>(3)</sup> | 1.00% |
| Shareholder Services Fee | 0.25% |
| Acquired Fund Fees and Expenses<sup>(4)</sup> | 0.95% |
| Other Expenses<sup>(5)</sup> | 1.41% |
| **Total Annual Expenses** | 3.61% |
| Less Fee Reduction and Expense Reimbursement<sup>(5)</sup> |  |
| **Net Annual Expenses<sup>(6)</sup>** | 3.61% |

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The table above summarizes the expenses of the Fund and is intended to assist Shareholders and potential investors in understanding the various costs and expenses that they will bear, directly or indirectly, by investing in the Fund. Each figure above relates to a percentage of the Fund's average NAV at month-end over the course of a year.

(1) An investor purchasing Shares may be charged a sales load of up to 3% of the investor's subscription. The table assumes the maximum sales load is charged. Each of the Fund and the Investment Adviser reserves the right to waive sales loads at its discretion.

(2) The Fund's Board of Trustees has determined to waive the Fund's Repurchase Fee assessed on Shareholders who choose to participate in the Fund's repurchase offers. This waiver will remain in effect indefinitely, unless and until the Board of Trustees approves its modification or termination. This waiver may be terminated only by the Fund's Board of Trustees at any time. Absent such a waiver, Shareholders who choose to participate in the Fund's repurchase offers will incur a repurchase fee equal to 2.00% of the value of the Shares the Fund repurchases from them for Shares held less than one year. See "Quarterly Repurchases of Shares."

(3) The Fund will pay to the Investment Adviser a quarterly Advisory Fee. The Advisory Fee shall accrue daily at an annual rate equal to 1.00% of the average daily calculated NAV of the Fund and shall be paid quarterly in arrears. See "Fees and Expenses."

(4) The Acquired Fund Fees and Expenses include the fees and expenses of the Investment Vehicles in which the Fund intends to invest. Some or all of the Investment Vehicles in which the Fund intends to invest generally charge asset-based management fees. The managers of the Investment Vehicles may also receive performance-based compensation if the Investment Vehicles achieve certain profit levels, generally in the form of "carried interest" allocations of profits from the Investment Vehicles, which effectively will reduce the investment returns of the Investment Vehicles. The Investment Vehicles in which the Fund intends to invest generally charge a management fee of 1.00% to 2.50%, and approximately 20% to 30% of net profits as a carried interest allocation. The "Acquired Fund Fees and Expenses" disclosed above are based on historic returns of the Investment Vehicles in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect "Acquired Fund Fees and Expenses." The 0.95% shown as "Acquired Fund Fees and Expenses" reflects operating expenses of the Investment Vehicles (i.e., management fees, performance-based fees or allocations, administration fees and professional and other direct, fixed fees and expenses of the Investment Vehicles). The Acquired Fund Fees and Expenses are based on estimated amounts for the current fiscal year.

(5) Reflects the gross amount of all expected ordinary operating expenses of the Fund other than brokerage commissions, any extraordinary expenses of the Fund, and the Advisory Fee, is based on good faith estimated amounts for the current fiscal year and assumes an average of $100 million of assets under management. The organizational and initial offering expenses of the Fund will be paid by the Investment Adviser and shall be subject to reimbursement by the Fund in accordance with the Expense Reimbursement Agreement.

(6) The Investment Adviser has entered into a written Expense Limitation Agreement under which it has agreed to limit the total expenses of the Fund (excluding (i) the management fee; (ii) organizational and offering expenses; (iii) any administrative, distribution, servicing, account opening, shareholder servicing, transfer and sub-transfer agency and sub-accounting fees, and all expenses in connection with shareholder meetings and/or proxy solicitations; (iv) all acquired fund fees and expenses and all transactional costs, including legal, structuring, audit, and brokerage commissions, associated with consummated and unconsummated acquisitions, dispositions and maintenance of investments by the Fund; (v) interest, borrowing costs and expenses (including those associated with lines of credit and credit facilities); (vi) all federal, state, local and foreign taxes; (vii) merger or reorganization expenses; and (viii) extraordinary expenses distinguished by their unusual nature or infrequency, including, without limitation, costs incurred in connection with litigation, arbitration, mediation, indemnification, government investigations, claims or proceedings, and any expenses in connection with holding and/or soliciting proxies for annual or other meetings of shareholders) to an annual rate of 1.00% of the average NAV of the Fund until one year from the effective date of this Prospectus, and from year to year thereafter; provided that each such continuance is specifically approved by the Board of Trustees and the Investment Adviser. The Investment Adviser may recoup from the Fund fees previously reduced or expenses previously reimbursed by the Investment Adviser with respect to the Fund pursuant to the Expense Limitation Agreement if such recoupment does not cause the Fund to exceed the Expense Limitation in effect at the time of waiver/reimbursement or at the time of recoupment and the reimbursement is made within three years after the time at which the Investment Adviser reduced the fee or incurred the expense. The Expense Limitation Agreement may not be terminated by the Investment Adviser, but may be terminated by the Fund's Board of Trustees, on written notice to the Investment Adviser. See "Fees and Expenses."

The Investment Adviser will incur the Fund's organizational costs and the initial offering costs associated with the Fund's continuous offering of Shares. Pursuant to the Expense Reimbursement Agreement between the Fund and the Investment Adviser, the Fund will be obligated to reimburse the Investment Adviser for any such payments within two years of the Investment Adviser incurring such expenses only if and to the extent that the Fund's net assets exceed $20,000,000. This contractual arrangement will remain in effect through at least one year from the effective date of this prospectus, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. See "Fees and Expenses."

The following hypothetical example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. The example demonstrates the projected dollar amount of total cumulative expenses that would be incurred over various periods with respect to a hypothetical investment in the Fund. This example also assumes that all distributions are reinvested at NAV and that the percentage amounts listed under Net Annual Expenses remain the same in the years shown. The tables and the assumption in the hypothetical example of a 5% annual return are required by regulations of the SEC applicable to all investment companies; the assumed 5% annual return is not a prediction of, and does not represent, the projected or actual performance of the Shares. See "Fees and Expenses" for a more complete description of the Fund's costs and expenses.

**The following example should not be considered a representation of past or future expenses because actual expenses may be greater or less than those shown.**

**Example**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | 1<br>YEAR | 3<br>YEAR | 5<br>YEAR | 10<br>YEAR |
| You would pay the following net expenses based on a $1,000 investment, assuming a 5% annual return | $65 | $137 | $211 | $406 |

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This Example assumes the application of the 3.61% expense ratio for the first year, with all fees and expenses assumed to have been accrued on a daily basis, reducing the NAV per Share. The Example assumes that the Expense Limitation Agreement and Expense Reimbursement Agreement are not renewed after their current terms and that rates applied for years 3, 5 and 10 reduce annual expenses to reflect the completion of organization expense amortization.

**FINANCIAL HIGHLIGHTS**

Because the Fund is newly organized and its Shares have not previously been offered, the Fund does not have any financial history as of the date of this prospectus. Additional information about the Fund's investments will be available in the Fund's annual and semi-annual reports when they are prepared.

**USE OF** **PROCEEDS**

The Fund expects that the net proceeds of the continuous offering, not including the amount of any applicable sales loads paid by investors net of the Fund's fees and expenses, will be invested in accordance with its investment objective and principal strategies as soon as possible after receipt thereof, subject to the Investment Adviser's ability to identify and acquire the securities of Investment Vehicles (and, in limited circumstances, Portfolio Companies). Pending the investment of the proceeds of the continuous offering pursuant to the Fund's investment policies, a portion of such proceeds not invested in accordance with the Fund's investment objective may be invested by the Fund in short-term, high-quality debt securities, money market funds or other cash equivalents, and any cash balance will be held by the Fund's Custodian. Any cash balance in such account, including any interest earned, will be held by the Custodian to be invested pursuant to the Fund's investment policies. Such custodial accounts shall be the property of the Fund and held for the benefit of all Shareholders of the Fund, and any interest accrued in such custodial account will be for the benefit of all Shareholders and not any particular Shareholder. In addition, the Fund may maintain a portion of the proceeds of the continuous offering in cash with the Custodian to meet operational needs or during any period in which the Investment Adviser determines, in its sole discretion, that investment of the Fund's assets in Portfolio Investments is not in the best interests of the Fund.

**THE FUND**

The Fund is a Delaware statutory trust that is registered under the 1940 Act as a non-diversified, closed-end management investment company that invests substantially all of its investable assets in Portfolio Investments. The Fund was initially organized as a Delaware limited liability company on April 8, 2021 and was subsequently converted into a Delaware statutory trust on August 7, 2025. The Fund has no operating history. The Fund's office is located at 140 Lakeside Avenue, Suite 100, Seattle, WA 98122. The Fund's Prospectus is available upon request and without charge on the Fund's website (www.usvc.com) or by writing to the Investment Adviser at 140 Lakeside Avenue, Suite 100, Seattle, WA 98122. The telephone number of the Fund is (888) 200-4361.

**INVESTMENT OBJECTIVE, PRINCIPAL STRATEGIES, METHODOLOGY AND POLICIES**

The Fund's investment objective is long-term capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in interests of venture capital funds ("Investment Vehicles"), which will principally hold equity securities (e.g., common and/or preferred stock, equity-linked securities convertible into such equity securities), without restriction to market capitalization, and in underlying private growth-oriented companies ("Portfolio Companies", and together with Investment Vehicles, "Portfolio Investments"). Investment Vehicles may include special purpose vehicles ("SPVs") that are entities formed to purchase securities of a single Portfolio Company. Private growth-oriented companies are private companies that the Fund's Investment Adviser believes, at the time of investment, have the potential for significant growth. The Fund intends to focus on companies innovating or enabling innovation in sectors being transformed by technology. These include, without limitation, information technology, artificial intelligence, life sciences, telecommunications and media, biotechnology, energy, education, healthcare, consumer and retail, mobile internet, digital entertainment and ecommerce, cloud computing, transportation, semiconductors, robotics, logistics and infrastructure, defense, gaming and financial services. Portfolio Investments may partially hold digital assets and cryptocurrencies. Digital assets and cryptocurrencies (also called "crypto assets") are digital tokens or coins that are secured by cryptography, typically using blockchain technology, enabling decentralized transactions and ownership verification. The term "blockchain" refers to a peer-to-peer distributed ledger that is secured using cryptography. A distributed ledger is a shared electronic database where information is recorded and stored across multiple computers; a blockchain is one type of distributed ledger. Digital assets and cryptocurrencies include things like tokens used in apps, coins used to power networks and assets sold in coin offerings. The Fund does not intend to directly invest in digital assets or cryptocurrencies. The Fund may directly purchase equity securities in Portfolio Companies or purchase such securities through secondary transactions, without restriction to market capitalization and interests in private fund general partners. The Fund expects to acquire fund interests through new subscriptions, as well as the acquisition of existing fund interests in secondary transactions, and may invest in Investment Vehicles that utilize the AngelList platform, a technology platform that offers technology infrastructure and administration services to private funds, operated by AL Advisors Management Inc. and its affiliates (the "Platform") for fund administration. The Fund will generally hold Portfolio Investments until a liquidity event or dissolution event with respect to such Portfolio Investment occurs. Notwithstanding the foregoing, the Fund may sell securities of Portfolio Investments from time to time if, in the judgment of the Investment Adviser, it is necessary to further the best interests of the Fund.

The Fund's ability to implement this investment strategy is subject to the ability of the Fund's Investment Adviser to identify and acquire the securities of Portfolio Investments. While the Fund seeks to provide broad-based access to Investment Vehicles with exposure to private growth-oriented companies, it may from time to time hold positions in specific Investment Funds or rapidly appreciating Portfolio Investments.

The Fund is a "non-diversified" investment company, and, as such, the Fund may invest a greater percentage of its assets in the securities of a single issuer than investment companies that are "diversified." See "Risk Factors." The Fund has a fundamental concentration policy to invest at least 25% of its total assets in companies in the information technology sector, which includes companies whose products or services are focused on financial technology, biotechnology, clean and green technology, social media and other internet- and application-based technology, artificial intelligence-related applications, education technology and other technological uses, services, products and advances. Under normal circumstances, the Fund will invest at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in investments of U.S. venture capital funds and private growth-oriented companies. A U.S. issuer is an issuer economically tied to the United States. In determining whether an issuer is economically tied to the United States, the Investment Adviser will consider whether the issuer:

● Has a class of securities whose principal securities market is in the United States;

● Has its principal office in the United States;

● Derives 50% or more of its total revenue or profit from goods produced, sales made or services provided in the United States; or

● Maintains 50% or more of its assets in the United States.

For a more detailed description of these policies, please refer to the section entitled "Investment Objective, Strategies, Methodology and Policies."

We expect that our Portfolio Investments may require several years to appreciate in value, and we can offer no assurance that such appreciation will occur. Due to the illiquid nature of most of our Portfolio Investments and transfer restrictions that equity securities are typically subject to, we may not be able to sell these securities at times when we deem it necessary or appropriate to do so, or at all.

The equity securities in which we invest directly or indirectly will often be subject to drag-along rights, which permit a majority stockholder in the company to force minority stockholders to join a company sale (which may be at a price per share lower than our direct or indirect cost basis). Such drag-along rights could permit other stockholders, under certain circumstances, to force us or the Investment Vehicles in which we invest to liquidate our or their position in a particular Portfolio Company at a specified price, which could be, in our opinion, inadequate or undesirable or even below our or the relevant Investment Vehicle's cost basis. In addition, we will often be subject, either indirectly through Investment Vehicle holdings or directly through ownership of securities in Portfolio Companies, to lock-up provisions that prohibit us or the applicable Investment Vehicle from selling our equity investments into the public market for specified periods of time after IPOs of a direct or indirect Portfolio Company, typically 180 days. As a result, the market price of securities that we hold, directly or indirectly, may decline substantially before we (or the investment advisers of the applicable Investment Vehicles) are able to sell these securities following an IPO.

Certain of the Fund's investments may partially hold digital assets and cryptocurrencies. Each investment of the Fund will be subject to the Investment Adviser's review. The Investment Adviser will use proprietary methodology and data constructions to seek to efficiently identify and construct a broad portfolio of Investment Vehicles with exposure to growth-oriented investments. The criteria described above, together with the availability of the securities and their applicability for inclusion in the Fund's portfolio, taking into account the Fund's overall composition of the Fund's portfolio and other salient investment factors, will inform the Investment Adviser's decision to purchase a security on behalf of the Fund. The Fund also expects to invest in the securities of Portfolio Investments other than those utilizing the Platform. In addition, although the Investment Adviser may from time to time elect to sell Portfolio Investments, the Fund does not expect to engage in significant selling activity in Portfolio Investment securities other than upon or subsequent to a liquidity event of a Portfolio Company, such as an IPO or a merger or acquisition transaction.

A significant portion of the Fund's investments may be held through SPVs. SPVs are vehicles organized by third-party managers that are designed to provide the Fund and other accredited investors access to securities of an individual private company through a private offering of securities exempt from registration pursuant to Regulation D under the Securities Act. The Fund will not have control rights in any of the SPVs in which the Fund may invest. The types of SPVs in which the Fund may invest may charge upfront broker fees as well as management fees and carry; however, the majority of the SPVs in which the Fund may invest will charge no ongoing management fees. Third-party managers (who may be affiliates of venture capital firms or private fund managers) that form SPVs source investment opportunities through relationships they have with other market participants, which may include shareholders of private companies. All members of an SPV have limited rights, which are documented in the applicable governing documents of the SPV, subject to the terms of any side letters entered into between an investor and the manager of the SPV. The Fund may invest in a newly-formed SPV or, in certain circumstances, may acquire the interests of an existing investor in an SPV. Members of SPVs generally pay fees to cover operating and offering-related costs. The value of an SPV investment generally equals the fair value of its underlying securities, after discounting to take into account any fees paid to the SPV. Therefore, the fair value of investments in SPVs may differ from the value of the underlying securities were the Fund to hold such securities directly. Investments in SPVs are common in the venture capital industry and are an efficient way to pool capital with other investors in order to invest in a single issuer through the ownership of interests in the SPV. SPVs that the Fund may invest in are not controlled by the Fund and are not subsidiaries.

In reviewing potential investments for the Fund, the Investment Adviser will, wherever possible, interface with the investment managers, general partners, or fund leads sponsoring the Investment Vehicles to understand their investment strategy and review their past investment performance. The Investment Adviser may also consult with the Platform and other investment advisers offering investment opportunities on a no-fee basis in an effort to gather market intelligence and understand trends in the market.

The Investment Vehicles utilizing the Platform may agree to pay (a) Platform Advisor, LLC a fee equal to no more than 5% of total profits generated by such Investment Vehicles (in addition to any fees paid to the sponsors of such Investment Vehicles) and/or (b) Belltower Fund Group, Inc. (an affiliate of AL Advisors Management Inc.) a fee for fund administration services. AL Advisors Management Inc. is not an affiliate of the Fund or the Investment Adviser. No parties who operate or own the AL Platform are affiliates of the Fund or the Investment Adviser.

To the extent the Fund holds 5% or more of the outstanding voting securities of a particular Portfolio Investment, the Fund will comply in all respects with the limitations on affiliate transactions contained in Section 17 of the 1940 Act, and the rules promulgated thereunder. In addition, the Fund has implemented certain written policies and procedures to ensure that the Fund does not engage in any prohibited transactions with any affiliates. The SAI contains a list of the fundamental and non-fundamental investment policies of the Fund under the heading "Investment Objective and Policies."

The Fund has a fundamental concentration policy to invest at least 25% of its total assets in companies in the information technology sector, which includes, but is not limited to, companies whose products or services are focused on financial technology, biotechnology, clean and green technology, social media and other internet- and application-based technology, artificial intelligence-related applications, education technology and other technological uses, services, products and advances (the "Fundamental Concentration Policy"). The Fund may also have significant holdings in cash and cash equivalents. For purposes of determining compliance with the Fundamental Concentration Policy, the Fund will consider the underlying holdings held by Investment Vehicles and may determine whether a particular underlying holding is in the information technology sector in any reasonable manner that is consistent with SEC guidance.

There can be no assurance that the Fund will achieve its investment objective or avoid substantial losses. Subject to the provisions of the 1940 Act, the Fund's investment strategies may be changed by the Board of Trustees without the vote of a majority of the Fund's outstanding voting securities. Notice will be provided to Shareholders prior to any such change in accordance with the 1940 Act.

**The Fund May Change Its Investment Objective, Strategies, Policies, Restrictions, and Techniques**

Except as otherwise indicated and subject to the provisions of the 1940 Act, the Fund may change any of its objectives, policies, restrictions, strategies, and techniques if the Board of Trustees believes doing so is in the best interests of the Fund and the Shareholders.

The Fund's 80% policy with respect to investments in U.S. venture capital funds and private growth-oriented companies is not fundamental and may be changed by the Board without shareholder approval. Shareholders will be provided with sixty (60) days' notice in the manner prescribed by the SEC before any change in the Fund's policy to invest at least 80% of its net assets in the particular type of investment suggested by its name. The Fund's investments in derivatives, other investment companies and other instruments are counted towards the Fund's 80% investment policy to the extent they provide investment exposure to investments included within that policy. In addition, the Fund's investments in derivatives are counted towards the Fund's 80% investment policy to the extent they provide investment exposure or to one or more of the market risk factors associated with investments included in that policy. Cash and cash equivalents in support of unfunded commitments to Investment Vehicles are counted towards the Fund's 80% investment policy. Unfunded commitments are intrinsically part of the Fund's investments in Investment Vehicles. The Fund may obtain exposure to private growth-oriented companies indirectly through Investment Vehicles and expects to make unfunded commitments to such Investment Vehicles.

Neither the Board of Trustees nor the Investment Adviser may change the Fund's stated fundamental policies without the additional approval of a majority vote of the Shareholders, which means the lesser of: (i) 67% of the Shares present at a meeting at which holders of more than 50% of the outstanding Shares are present in person or by proxy; or (ii) more than 50% of the outstanding Shares. Within the limits of the Fund's fundamental policies, the Fund's management has reserved freedom of action.

**Illiquid Securities.** The Fund will invest in illiquid securities, including restricted securities (i.e., securities not readily marketable without registration under the Securities Act) and other securities that are not readily marketable. These may include restricted securities that can be offered and sold only to "qualified institutional buyers" under Rule 144A of the Securities Act. There is no limit to the percentage of the Fund's net assets that may be invested in illiquid securities. The Board of Trustees or its delegate may determine that securities issued pursuant to Rule 144A under the Securities Act are marketable under procedures approved by the Board of Trustees.

**RISK FACTORS**

Prospective investors should consider the following principal and additional risk factors in determining whether an investment in the Fund is suitable for them. However, the following section does not set forth all risks applicable to the Fund and prospective investors should read this entire Prospectus prior to investing in the Fund. The following discussion of risk factors does not purport to be an exhaustive list or a complete explanation of all of the risks involved in an investment in the Fund. An investment in the Fund should only be made after consultation with independent qualified sources of investment and tax advice.

The past results of Portfolio Investments selected for investment by the Fund are not necessarily indicative of future performance. No assurance can be made that profits will be achieved or that substantial losses will not be incurred. The Fund is not a complete investment program and should represent only a portion of an investor's portfolio management strategy.

**Principal Risks Related To Our Investments**

***Our investments in Portfolio Investments may be extremely risky and we could lose all or part of our investments.***

Investment in Portfolio Investments that we are targeting involves a number of significant risks, including:

● the Portfolio Companies in which we may directly or indirectly invest may have limited financial resources and may be unable to meet their obligations with their existing working capital, which may lead to the Portfolio Companies offering their equity securities for sale for the purpose of raising capital, possibly at discounted valuations, as a result of which we or the Investment Vehicles through which we acquire beneficial interest in such companies could be substantially diluted if we (or, as applicable, an Investment Vehicle) do not or cannot participate, or to bankruptcy or liquidation, and the resulting reduction or loss of our equity investment;

● the Portfolio Companies in which we may directly or indirectly invest typically have limited operating histories, less established and comprehensive product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions, market conditions and consumer sentiment in respect of their products or services, as well as general economic downturns;

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

● Investment Vehicles and Portfolio Companies in which we may invest 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 an Investment Vehicle or a Portfolio Company and, in turn, on us; and

● the Portfolio Companies in which we may directly or indirectly invest 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.

***Because our investments are generally not in publicly traded securities, there will be uncertainty regarding the fair market value of our investments, which could adversely affect the determination of our NAV.***

Our investments will generally not be in publicly traded securities (unless one of our direct Portfolio Companies goes public and then only to the extent we have not yet liquidated our securities holdings therein). Under the 1940 Act, for our investments for which there are no readily available market quotations, we will value such securities at fair value daily as determined in good faith by our Investment Adviser under consistently applied policies and procedures approved by the Board of Trustees in accordance with generally accepted accounting principles ("GAAP"). In connection with that determination, members of our Investment Adviser's portfolio management team may prepare Portfolio Investment valuations using the most recent Portfolio Investment financial statements, reports and forecasts. The Investment Adviser may utilize the services of an independent valuation firm, which, if engaged, will prepare valuations for the securities of each of our Portfolio Investments that are not publicly traded or for which we do not have readily available market quotations. The types of factors that the Investment Adviser will take into account in providing its fair value recommendation to the Board of Trustees with respect to such non-traded investments will include, as relevant and, to the extent not captured by an underlying NAV, the valuations of the comparable Investment Vehicles, a Portfolio Company's earnings, the markets in which a Portfolio Company does business, comparison to valuations of publicly traded companies in a Portfolio Company's industry, comparisons to recent sales of comparable companies, the discounted value of the cash flows of a Portfolio Company and other relevant factors. This information may not be available because it is difficult to obtain financial and other information with respect to private companies, and even where we are able to obtain such information, there can be no assurance that it is complete or accurate. Because such valuations are inherently uncertain and may be based on estimates, our determinations of fair market value may differ materially from the values that would be assessed if a readily available market for these securities existed. Due to this uncertainty, our fair market value determinations with respect to any non-traded investments we hold may cause our NAV on a given date to materially understate or overstate the value that we may ultimately realize on one or more of our investments. As a result, investors purchasing our Shares based on an overstated NAV would pay a higher price than the value of our investments might warrant. Conversely, investors tendering Shares for repurchase during a period in which the NAV understates the value of our investments will receive a lower price for their Shares than the value of our investments might warrant.

***We may not realize gains from our investments and, because certain of our direct and indirect Portfolio Companies may incur substantial debt to finance their operations, we may experience a complete loss on our investment in the event of a bankruptcy or liquidation of any of such Portfolio Companies.***

We plan to invest principally in the limited liability company membership interests (and limited partnership interests) of private funds that acquire equity securities (common and/or preferred stock, or securities convertible into or exchangeable therefor) of private companies. However, the equity interests we acquire indirectly through Investment Vehicles may not appreciate in value and, in fact, may decline in value. In addition, the private company securities we may acquire, directly or indirectly, are often subject to drag-along rights. Drag-along rights are rights granted to a majority stockholder in a particular company that enables such shareholder to force minority stockholders to join in the sale of a company on the same price, terms, and conditions as any other seller in the sale. Such drag-along rights could permit other stockholders, under certain circumstances, to force us or the Investment Vehicles in which we invest to liquidate our or their position in a particular Portfolio Company at a specified price, which could be, in our opinion, inadequate or undesirable or even below our or the relevant Investment Vehicle's cost basis. In this event, we could realize a loss or fail to realize gain in an amount that we deem appropriate on our investment. Further, capital market volatility and the overall market environment may preclude the Portfolio Companies in which we invest directly or indirectly from realizing liquidity events and impede our or the relevant Investment Vehicle's exit from these investments. Accordingly, we may not be able to realize gains from our investments, and any gains that we do realize on the disposition of any investments may not be sufficient to offset any other losses we experience. We will generally have little, if any, control over the timing of any gains we may realize from our investments. In addition, the Portfolio Companies in which we invest directly or indirectly may have substantial debt loads. In such cases, we or the relevant Investment Vehicle would typically be last in line behind any creditors in a bankruptcy or liquidation, and would likely experience a complete loss on our investment in such Portfolio Company.

***Private funds provide greater flexibility than registered funds but tend to be more illiquid and highly speculative.***

Private funds typically provide greater flexibility than traditional investment funds that are registered under the 1940 Act with respect to the types of securities that may be owned, the types of trading strategies employed, including with respect to transactions with affiliates, and, in some cases, the amount of leverage that can be used. Accordingly, securities of the Investment Vehicles, as well as the Portfolio Companies in which the Investment Vehicles invest, tend to be more illiquid and highly speculative. Private funds have complex fee structures, including performance fees, that are broader than what is permitted for registered funds, and Shareholders may pay these fees indirectly by investing in this Fund. Furthermore, the Fund may have challenges in monitoring operations and performance of private funds due to the inability to access information about private fund investments and valuations. The Fund can only value private funds at NAV if permitted by applicable accounting standards.

Additionally, the Fund may make secondary investments in Investment Vehicles. Secondary investments refer to investments in Investment Vehicles through the acquisition of an existing interest by one investor from another in a negotiated transaction. In so doing, the buyer will acquire the existing interest and take on any future funding obligations in exchange for future returns and distributions. Secondary investments include the growing general partner led secondary market, which has evolved toward sales of a portion of a portfolio, or a specific asset, and continuation vehicles with general partners structuring a vehicle that allows for continued participation in the growth of the remaining assets, or a specific asset, beyond a fund's traditional exit time frame. Secondary investments may also include newly established Investment Vehicles that are fully funded at the time of the Fund's acquisition. Secondary investments may be acquired at a discount to an Investment Vehicle's NAV. As a result, secondary investments acquired at a discount may result in unrealized gains at the time the Fund next calculates its daily NAV, since any such discounted secondary investment will be marked to its net asset value, which may be a price that is higher than its acquisition cost. If such unrealized gains are realized upon the Fund's disposition of secondary investments, the Fund may generate distributable gains that are taxable to shareholders. Accordingly, the overall performance and net asset value of the Fund may be significantly impacted by the acquisition price paid by the Fund for its investments in secondaries. Because secondary investments are generally made when an Investment Vehicle has exited its initial investment period (typically three to seven years after the fund commences operations) and has deployed a significant portion of its capital into portfolio companies, secondary investments are viewed as more mature investments with greater certainty of portfolio construction and better visibility to the timing of future expected cash flows.

***We will face risks associated with acquiring securities of Portfolio Companies secondary transactions.***

With respect to purchases of securities pursuant to purchase agreements that we will enter into for secondary transactions with eligible securityholders of Portfolio Companies, we may be subject to the risk that we may not timely obtain required approvals or waivers of contractual transfer restrictions following the execution of a purchase agreement. Typically, the transfer restriction that we will require a waiver of after the signing of a purchase agreement is the issuer's right of first refusal ("ROFR") for the issuer to purchase the securities that we seek to acquire pursuant to the purchase agreement. While we expect that we will be able to obtain required approvals or waivers of contractual transfer restrictions generally within two weeks of executing a purchase agreement, there may be cases in which it may take us longer than two weeks to obtain the requested approval or waiver. We will generally structure our purchase agreements for the acquisition of securities issued by Portfolio Companies to provide that approval of the transfer of securities or waiver of the transfer restrictions must be obtained within 35 days from the date of the execution. The purchase agreements will generally provide that in any such case, the agreement will terminate automatically if (i) approval of the transfer of securities or waiver of the transfer restrictions is not obtained within 35 days from the signing of the purchase agreement, or (ii) the closing of the purchase agreement, which is completed upon the wiring and receipt of the funds and the Fund receiving written notice of the recording of the transfer of the securities on the books and records of the issuer of the subject securities, does not occur within 35 days from the signing of the purchase agreement. These purchase agreements will not be treated as forward contracts (included in the definition of "derivatives transaction" in Rule 18f-4(a) under the 1940 Act), nor as unfunded commitment agreements described in Rule 18f-4(e).

With respect to purchase agreements that are subject to transfer restrictions (such as a ROFR) at the time of signing, we conclude that it would be appropriate to record the purchase at the time when any and all transfer restrictions have been satisfied. Investors of our Shares should understand that our conclusion is subject to different interpretations by regulatory agencies, courts and other bodies having oversight authority. If one or more of these authorities reach a different conclusion as it pertains to recognition of purchase agreements, it could result in us misstating the value of our assets.

***The lack of liquidity in, and potentially extended holding period of, many of our investments may adversely affect our business, and will delay any distributions of any gains.***

Our investments will generally not be in publicly traded securities (unless one of our direct Portfolio Companies goes public and then only to the extent we have not yet liquidated our securities holdings therein). As such, the securities we hold will be subject to legal and other restrictions on resale or will otherwise be less liquid than publicly traded securities, and the Investment Vehicles may limit or suspend their redemptions. The illiquidity of our investments may make it difficult, or impossible, for us to sell such investments if the need arises (e.g., to fund quarterly repurchases of Shares). Also, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. We will have no limitation on the portion of our portfolio that may be invested in illiquid securities, and a substantial portion or all of our portfolio will be invested in such illiquid securities. The organizational documents of the Investment Vehicles in which we principally invest may also prevent sale of our investment therein without the consent of the manager or general partner of the relevant Investment Vehicle. The Fund may also receive an in-kind distribution of securities from an Investment Vehicle that are illiquid or difficult to value and difficult to dispose of. The illiquid nature of our investments may adversely impact the Fund's performance and liquidity, and the Fund may incur substantial fees and expenses in the disposition of such illiquid investments.

In addition, because we will deploy our capital to invest, directly or indirectly, in private companies, we do not expect realization events, if any, to occur in the near term with respect to the majority of our investments. We expect that our holdings of securities may require several years to appreciate in value, and we can offer no assurance that such appreciation will occur. Even if such appreciation does occur, it is likely that purchasers of our Shares could wait for an extended period of time before any appreciation or sale of our investments, and any attendant distributions of gains, may be realized.

***Our portfolio may be focused on a limited number of Portfolio Investments, which will subject us to a risk of significant loss if the business or market position of the ultimate Portfolio Companies deteriorates or their particular industries experience a market downturn.***

To the extent we limit our number of investments, the aggregate returns we realize may be significantly adversely affected if a small number of investments perform poorly or if we need to write down the value of any one investment. Beyond our income tax asset diversification requirements and our Fundamental Concentration Policy (which requires us to invest at least 25% of our total assets in the information technology sector), we do not have fixed guidelines for diversification, and our investments could be focused on relatively few Portfolio Investments. As a result, a downturn in any particular industry in which a significant number of our direct or indirect Portfolio Companies operate could materially adversely affect us.

The Investment Vehicles in which we invest will likely invest 25% or more of the value of their total assets in the information technology sector. As a result, the Fund will be subject to greater investment risk to the extent that a significant portion of its assets may at times be invested, through investments the Fund makes in the Investment Vehicles, in the securities of issuers engaged in similar businesses that are likely to be affected by the same market conditions and other industry-specific risk factors.

While the Fund seeks to provide broad-based access to Investment Vehicles with exposure to private growth-oriented companies, the Fund is classified as a "non-diversified" investment company under the 1940 Act, which means we are not limited by the 1940 Act in the proportion of our assets that may be invested in the securities of a single Portfolio Investment. However, we intend to conduct our operations so as to qualify as a RIC for purposes of the Code (including by meeting the applicable diversification requirements under the Code), which generally will relieve the Fund of any liability for U.S. federal income tax to the extent our earnings are distributed to stockholders. See "U.S. Federal Income Tax Matters" for a more detailed discussion. Because we, as a non-diversified investment company, may invest in a smaller number of individual Portfolio Investments than a diversified investment company, an investment in the Fund presents greater risk to you than an investment in a diversified investment company.

***The information technology sector in which we principally invest, directly or indirectly, is subject to many risks, including volatility, intense competition, decreasing life cycles, product obsolescence, changing consumer preferences and periodic downturns.***

Given the experience of our Investment Adviser's senior investment professionals within the information technology sector, and in light of our Fundamental Concentration Policy, we expect that at least 25%, and likely a much greater percentage, of the Portfolio Investments in which we invest will operate, or invest in companies that operate, in the information technology sector. The Fund's performance may be closely tied to the performance of information technology issuers and, as a result, the Fund will be sensitive to changes in, and its performance may depend to a greater extent on, factors impacting this sector. The revenues, income (or losses) and valuations of companies in the information technology sector can and often do fluctuate suddenly and dramatically. In addition, because of rapid technological change, the average selling prices of products and some services provided by companies in the information technology sector have historically decreased over their productive lives. As a result, the average selling prices of products and services offered by the companies underlying our Portfolio Investments that operate in the information technology sector may decrease over time, which could adversely affect their operating results and, correspondingly, the value of any securities that we may hold directly or indirectly therein. The companies underlying our Portfolio Investments could also face intense competition from other companies that are focused on the same product, service or offering, and that may be better funded than those in our portfolio. Further, certain technologies are subject to the whims of changing consumer preferences, and services, products or offerings of the companies in our portfolio may suffer from decreased demand due to such changing preferences. Any or all of the foregoing could, in turn, materially adversely affect our business, financial condition and results of operations.

***Because we will not hold controlling interests in our Portfolio Investments, we will not be in a position to exercise control over our Portfolio Investments or to prevent decisions by substantial shareholders, investors or management of our Portfolio Investments that could decrease the value of our investments.***

We do not intend to, nor do we anticipate that we will, take controlling equity positions in our Portfolio Companies. As a result, we will be subject to the risk that a Portfolio Investment may make business decisions with which we disagree, and the stockholders, investors and/or management of a Portfolio Investment (or underlying Portfolio Company) may take risks or otherwise act in ways that are adverse to our interests. In addition, other shareholders, such as venture capital and private equity sponsors, that have substantial investments in our direct or indirect Portfolio Companies may have interests that differ from that of the relevant Portfolio Company or its minority shareholders, which may lead them to take actions that could materially and adversely affect the value of our investment in a Portfolio Investment. Due to the lack of liquidity for the investments that we will typically hold, we may not be able to dispose of our investments in the event we disagree with the actions of a Portfolio Company or its substantial shareholders (and it is highly likely that, to the extent we hold an indirect interest in such Portfolio Company that we will not be able to dispose of our investment in the relevant Investment Vehicle as it relates to such Portfolio Company), and may therefore suffer a decrease in the value of our investments.

***We plan to invest principally in private Investment Vehicles operating a venture capital strategy, which could result in duplicative fee structures and a lack of control over our ultimate investments in Portfolio Companies. To the extent we make a capital commitment to any particular Investment Vehicle and fail to fund such commitment, our initial investment could be subject to penalty, partial forfeiture or complete loss.***

We pay an Advisory Fee to the Investment Adviser and most if not all of the Investment Vehicles in which we invest will also charge a fee to investors for investment management, the Fund will incur higher and duplicative expenses, including advisory fees, when it invests in Investment Vehicles than a fund that invests directly into Portfolio Companies. The fees paid by Investment Vehicles 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, which are considered performance fees. The Fund will bear its proportionate share of the management fees and other expenses that are charged by an Investment Fund in addition to the management fees and other expenses paid by the Fund. The Fund's ability to achieve its investment objective depends largely on the performance of the Investment Vehicles selected. Each Investment Vehicle has its own investment risks, and those risks can affect the value of the Investment Vehicles' securities and therefore the value of the Fund's investments. There can be no assurance that the investment objective of any Investment Vehicle will be achieved. An Investment Vehicle may change its investment objective or policies without the Fund's approval, which could force the Fund to withdraw its investment from such Investment Vehicle at a time that is unfavorable to the Fund. The Fund may also be unable to liquidate its investment in a private Investment Vehicle when desired. Because the Fund will invest in Investment Vehicles that are not registered as investment companies, 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 Investment Vehicles' investments as such Investment Vehicles' managers. Investments in Investment Vehicles generally will be illiquid and generally may not be transferred without the consent of the managers of the applicable Investment Vehicle. The Fund may be unable to liquidate its investment in an Investment Vehicle 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 an Investment Vehicle, the Fund may receive securities that are illiquid or difficult to value. The Fund may not be able to withdraw from an Investment Vehicle except at certain designated times, thereby limiting the ability of the Fund to withdraw assets from the Investment Vehicle due to poor performance or other reasons. While most of the Investment Vehicles in which the Fund makes its investments will not require the Fund to make a "capital commitment" (i.e., a commitment made by the Fund to pay money to fund the Fund's investment in tranches called by the investment advisor of such Investment Vehicle at the times and in the manner set forth in the Fund's agreement with the Investment Vehicle to make such capital commitments), to the extent we do make investments in Investment Vehicles with a "capital commitment", any failure on behalf of the Fund to fund such capital commitments, when called, could result in various penalties of default, including (i) a reduction or a complete loss of the Fund's initial investment(s) in such Investment Vehicle; (ii) a prohibition from making additional investments in the Investment Vehicle; and (iii) any other actions that the Investment Vehicle may bring against the Fund.

***The performance fees paid by Investment Vehicles to their general partners or managing members may cause such persons to make investments that have a greater risk/reward profile than would be the case in the absence of such performance fees, which may have an adverse impact on the Fund.***

The performance fees paid by the Investment Vehicles in which the Fund invests to the general partners or managing members of such entities generally include a percentage of the gains of such Investment Vehicles, but may not be required to bear any percentage of the losses suffered thereby. This feature may cause the general partners or managing members to make or approve investments that have a greater risk/reward profile than would be the case in the absence of such a feature. Furthermore, management fees are generally required to be paid to the investment advisor of an Investment Vehicle even if such Investment Vehicle experiences net losses in a particular year or over the term of such Investment Vehicle.

***The SPVs through which we may invest in Portfolio Companies may impose, among other items, additional restrictions and fees on the Fund's investments in such Portfolio Companies.***

Our investments in SPVs will typically require us to bear a pro rata share of the vehicles' expenses, including operating and offering-related costs, which could result in higher expenses than if we invested in the single underlying Portfolio Company directly. Because SPVs are organized by managers unaffiliated with us and we will typically be one of many investors in the SPV, in purchasing an SPV interest, we entrust all aspects of the management of the SPV to its manager. SPVs are generally organized as limited liability companies. Some SPVs in which we invest may impose restrictions on when investors may withdraw their investment or limit the amounts investors may withdraw. To the extent we seek to reduce or sell our investment at a time or in an amount that is prohibited, we may not have the liquidity necessary to participate in other investment opportunities or may need to sell other investments that we may not have otherwise sold. Additionally, SPVs are not publicly traded and therefore may not be as liquid as other types of investments. The value of an SPV investment generally equals the fair value of its underlying securities, after discounting to take into account any fees paid to the SPV. Therefore, the fair value of investments in SPVs may differ from the value of the underlying securities were we to hold such securities directly. Finally, as investors in an SPV, we own interests in the SPV and have no ownership rights to the underlying securities. These characteristics present additional risks for shareholders. Individual SPVs that we invest in may have different terms and structures, which may present unique risks and result in different fee levels.

***The Investment Vehicles in which we invest may not be registered as investment companies under the 1940 Act and therefore may not be subject to the provisions of the 1940 Act that are intended to be protective of our investors.***

The Investment Vehicles in which we invest may not be registered as investment companies under the 1940 Act. Accordingly, the provisions of the 1940 Act, which, among other things, require investment companies to have securities held in custody at all times in segregated accounts and regulate the relationship between the investment company and its asset management, may not be applicable to an investment in the Investment Vehicle. While some managers of Investment Vehicles will register with the SEC and state agencies as registered investment advisers, because most if not all of the Investment Vehicles in which we invest will be pursuing a venture capital strategy, most if not all of the managers thereof will be exempt from registration. In such cases, these managers will not be subject to various disclosure requirements and rules that would apply to registered investment advisers.

***The lack of operating history of Investment Vehicles may hamper the Investment Adviser's ability to evaluate their investment performance.***

Certain Investment Vehicles may be newly formed entities that have no operating histories. In such cases, the Investment Adviser may evaluate the past investment performance of the applicable managers of the Investment Vehicles or of their personnel. However, this past investment performance may not be indicative of the future results of an investment in an Investment Vehicle, and certain managers may have no past investment performance to evaluate at all. Although the Investment Adviser and its affiliates and its personnel have experience evaluating the performance of managers of Investment Vehicles, the Fund's investment programs should be evaluated on the basis that there can be no assurance that the Investment Adviser's assessments of Investment Vehicles, and in turn their assessments of the short-term or long-term prospects of investments, will prove accurate. Thus, the Fund may not achieve its investment objective and its NAV may decrease.

***To the extent any of the Portfolio Investments hold digital assets and/or cryptocurrencies, the value of the Fund's investment may be highly volatile and subject to fluctuations due to a number of factors.***

Certain Portfolio Investments may hold digital assets and/or cryptocurrencies, including decentralized application tokens, protocol tokens and other cryptofinance coins, initial coin offerings, tokens and digital assets and instruments that are based on blockchain, distributed ledger or similar technologies, and derivatives on such cryptocurrencies ("Digital Assets") as investments. The price of any such Digital Assets may fluctuate widely, which could adversely affect the value of the Shares, as well as the Investment Adviser's ability to fair value the Shares. The price of any such Digital Assets held by Portfolio Investments could drop precipitously (including to zero). Several factors may result in a fall in the price of Digital Assets and may have a material adverse impact on the Fund, its investments and its ability to implement its investment strategy, including:

● Regulatory changes, whether in or outside the United States, which inhibit (or ban) the holding and/or transacting in any such Digital Assets;

● Whether a particular Digital Asset is determined to be a security or offered and sold as a security under federal or state securities laws;

● Enforcement actions by regulatory authorities on cryptocurrency asset trading platforms on which Digital Assets are traded and which may serve as a pricing source for the calculation of the reference rate for Digital Assets that are used to value the Fund's investments;

● Fragmentation and lack of regulation of Digital Assets marketplaces, including of spot markets for cryptocurrency assets, can result in fraud, theft or market manipulation;

● Global supply of any particular Digital Asset;

● Any vulnerabilities regarding specific distributed ledgers to the extent that there is concentration in the ownership and/or staking of a Digital Asset and the level of concentration. These risks are generally heightened when there are higher levels of concentration of the ownership and/or staking of such Digital Assets;

● That a significant portion of a Digital Asset is held by a small number of holders sometimes referred to as "whales";

● The potential for a blockchain for a cryptocurrency asset to diverge into different paths, also known as a "fork," and the risk that proposed changes in the software of a digital asset are not adopted by a sufficient number of users, resulting in competing blockchains with different native crypto assets and sets of participants. The price of a Digital Asset in which the Fund may have exposure may reflect the impact of these forks;

● The adoption of any particular Digital Asset as a medium of exchange, store-of-value or other consumptive asset and the maintenance and development of the open-source software protocol of the relevant network, and speculative expectations related thereto;

● Interest rates, the rates of inflation of fiat currencies or cryptocurrencies, and Digital Asset and fiat currency conversion and exchange rates;

● Investors' expectations with respect to interest rates, the rates of inflation of fiat currencies or cryptocurrencies, and Digital Asset and fiat currency conversion and exchange rates;

● Monetary policies of governments, trade restrictions, currency devaluations and revaluations and regulatory measures or enforcement actions, if any, that restrict the use of any Digital Asset as a form of payment or the purchase of Digital Assets on the relevant markets;

● Increased competition from other forms of Digital Assets or payment services, including digital currencies constituting legal tender that may be issued in the future by central banks, or Digital Assets meant to serve as a medium of exchange by major private companies or other institutions;

● Consumer and investor preferences and perceptions of Digital Assets;

● Decreased confidence in Digital Asset exchanges generally and instability resulting from the failure of certain Digital Asset exchanges or cryptocurrency, such as the collapse of the FTX cryptocurrency exchange and the crash of the stablecoin Terra USD in 2022, or their being subject to theft, hacks, service outages, or manipulative trading activity, as well as to the lack of regulation and transparency associated with Digital Assets, such as Bitcoin, Litecoin and Ethereum;

● Fiat currency withdrawal and deposit policies on cryptocurrency exchanges;

● The liquidity of, and the levels of speculative interest and trading activity in, the Digital Asset markets;

● Investment and trading activities of large holders of a particular Digital Asset;

● An active derivatives market for Digital Assets; and

● Valuation of investments by private funds and by the Fund.

An event that is not related to the security or utility of a blockchain can nonetheless precipitate a significant decline in the price of a different Digital Asset, such as the collapse of the FTX cryptocurrency exchange and the crash of the stablecoin Terra USD in 2022.

***Adverse market conditions may have a material adverse impact on the Fund's Portfolio Investments and the Fund's returns.***

The U.S. capital markets have experienced extreme volatility and disruption in recent years following the spread of COVID-19 in the United States, the failure of certain regional banks, military conflicts (including the conflict between Russia and Ukraine and the Israel-Hamas war), changes in monetary policies in response to changes in interest rates and inflation and increasing tensions relating to trade relationships, such as between the United States and China. Disruptions in the capital markets have increased the spread between the yields realized on risk-free and higher risk securities, resulting in illiquidity in parts of the capital markets. These and future market disruptions and/or illiquidity would be expected to have an adverse effect on the Fund's business, financial condition, results of operations and cash flows. Unfavorable economic conditions also would be expected to 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 the Fund. During periods of market disruption, portfolio companies may be more likely to seek to draw on unfunded commitments the Fund has made, and the risk of being unable to fund such commitments is heightened during such periods. These events have limited and could continue to limit the Fund's investment originations, limit the Fund's ability to grow and have a material negative impact on the Fund's operating results and the fair values of the Fund's debt and equity investments.

***General Economic Conditions***

The success of the Fund's activities will be affected by general economic and market conditions, such as interest rates, availability of credit, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of the Fund's investments), tax considerations and tax treatment, trade barriers, the imposition of tariffs, responses from foreign governments to the imposition of tariffs, currency exchange controls, disease outbreaks, pandemics, and national and international political, environmental and socioeconomic circumstances (including wars, terrorist acts and security operations). These factors may affect the level and volatility of the prices and liquidity of the Fund's investments and could impair the Fund's profitability or result in losses. The Fund could incur material losses as a result of difficult market conditions, and there can be no assurance that the Fund will not suffer material losses and other adverse effects from broad and rapid changes in market conditions in the future.

***Financial Crises and Effects on Global Financial Markets***

World financial markets have in the past experienced and may in the future experience extraordinary market conditions, including, among other things, extreme losses and volatility in securities markets and the failure of credit markets to function. In reaction to these events, regulators in the U.S. and several other countries previously have taken and may in the future take regulatory actions. However, global financial markets may remain volatile, and it is uncertain whether regulatory actions will be able to prevent losses and volatility in securities markets. It is possible that regulatory actions might increase the possibility of future volatility. Regulations may increase market fragmentation and decrease the global flow of capital as it may be too difficult for the Fund and other market participants to comply with multiple regulatory regimes. There may be significant new regulations that could limit the Fund's activities and investment opportunities or change the functioning of capital markets, and there is the possibility of regional and/or worldwide economic downturn. Consequently, the Fund may not be capable of, or successful at, preserving the value of its assets, generating positive investment returns, or effectively managing its risks.

***To the extent the Fund invests in foreign securities, such securities may be riskier, more volatile, and less liquid than investments in U.S. securities.***

Differences between the U.S. and foreign regulatory regimes and securities markets, including the less stringent investor protection, less stringent accounting, corporate governance, financial reporting and disclosure standards of some foreign markets, as well as political and economic developments in foreign countries and regions and the U.S. (including the imposition of sanctions, tariffs, or other governmental restrictions), may affect the value of any Fund investments in foreign securities. Changes in currency exchange rates may also adversely affect the Fund's foreign investments.

***Political, social and economic uncertainty risks could have a material adverse effect on the Fund.***

Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) that occur from time to time will create uncertainty and may have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which the Fund and the issuers in which it invests, directly and indirectly, are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat.

Uncertainty can result in or coincide with: increased volatility in the global financial markets, including those related to equity and debt securities, loans, credit, derivatives and currency; a decrease in the reliability of market prices and difficulty in valuing assets; greater fluctuations in currency exchange rates; increased risk of default (by both government and private issuers); further social, economic, and political instability; nationalization of private enterprises; greater governmental involvement in the economy or in social factors that impact the economy; greater, less or different governmental regulation and supervision of the securities markets and market participants and increased, decreased or different processes for and approaches to monitoring markets and enforcing rules and regulations by governments or self-regulatory organizations; limited, or limitations on the, activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; inability to purchase and sell assets or otherwise settle transactions (i.e., a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments.

Although it is impossible to predict the precise nature and consequences of these events, or of any political or policy decisions and regulatory changes occasioned by emerging events or uncertainty on applicable laws or regulations that impact the Fund's investments, it is clear that these types of events will impact the Fund and the issuers in which it invests, directly and indirectly. The Portfolio Investments in which the Fund invests could be significantly impacted by emerging events and uncertainty of this type and the Fund will be negatively impacted if the value of its portfolio holdings decrease as a result of such events and the uncertainty they cause. There can be no assurance that emerging events will not cause the Fund to suffer a loss of any or all of its investments or interest thereon. The Fund will also be negatively affected if the operations and effectiveness of the Investment Adviser, its affiliates, the issuers in which the Fund invests or their key service providers are compromised or if necessary or beneficial systems and processes are disrupted.

**Principal Risks Related to Our Business and Structure**

***We have no operating history and we are dependent on the portfolio manager of our Investment Adviser.***

We were formed in April 2021 and have no operating history. As a result, we have limited financial information on which you can evaluate an investment in the Fund. In addition, our Investment Adviser, Strawberry Tree Management Company LLC, was formed in 2023 and has no previous experience managing a closed-end, registered investment company. We are subject to all of the business risks and uncertainties associated with any new business, including the risk that we will not achieve our investment objective and that the value of your investment could decline substantially or fall to zero. In addition, we are initially reliant on Erik Syvertsen, our President and one of our Trustees, Huoy-Ming Yeh, CEO of the Investment Adviser, as well as portfolio manager Abraham Othman for implementation of our initial investment program until such time as the Fund builds out a larger investment team. The absence or departure, for any reason, of either of the foregoing would require the Investment Adviser to replace such person with other qualified personnel, which could have an adverse impact on our investment program. The Investment Adviser intends to hire additional investment professionals.

***Our financial condition and results of operations will depend on our ability to achieve our investment objective.***

Our ability to achieve our investment objective will depend on our Investment Adviser's ability to identify, analyze and invest in Portfolio Investments that meet our investment criteria. Accomplishing this result on a cost-effective basis is largely a function of our Investment Adviser's structuring of the investment process and its ability to provide competent, attentive and efficient services to us. There can be no assurance that the Investment Adviser will be successful in investing in Portfolio Investments that meet our investment criteria, or that we will achieve our investment objective. In addition, if the Fund fails to achieve its estimated size and the Expense Limitation Agreement is not renewed, expenses will be higher than expected. It may be difficult to implement the Fund's strategy unless we raise a meaningful amount of assets.

Our Investment Adviser also currently manages several pooled investment vehicles in which we have no economic interest. These investment vehicles are typically Delaware limited liability companies, which hold the securities of one or more issuers of private company stock. Managing these pooled investment vehicles requires the time of the Investment Adviser's professionals, and may distract them or slow the rate of investment in the Fund. Even if we are able to grow and build upon our investment operations, any failure to manage our growth effectively could have a material adverse effect on our business, financial condition, results of operations and prospects. The results of our operations will depend on many factors, including the availability of opportunities for investment, readily accessible short and long-term funding alternatives in the financial markets, and economic conditions. Furthermore, if we cannot successfully operate our business or implement our investment policies and strategies as described herein, it could negatively impact our ability to make distributions.

***We will likely experience fluctuations in our quarterly results and we may be unable to replicate past investment opportunities or make the types of investments we have made as of any particular date in future periods.***

We will likely experience fluctuations in our quarterly operating results due to a number of factors, including the rate at which we make new investments, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. These fluctuations may in certain cases be exaggerated as a result of our focus on realizing capital gains rather than current income from our investments. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

***Due to the illiquid nature of our investments, we may not be able to sell our investments when we determine to do so.***

When we or one of the Investment Vehicles in which we invest complete an investment, such purchaser generally becomes bound to the contractual transfer limitations imposed on the subject company's stockholders as well as other contractual obligations, such as tag-along rights (i.e., rights of a company's minority stockholders to participate in a sale of such company's shares on the same terms and conditions as a company's majority shareholder, if the majority stockholder sell its shares of the company). These obligations generally expire only upon an IPO by the subject company. As a result, prior to an IPO of a particular Portfolio Company, our or an Investment Vehicle's ability to liquidate such securities may be constrained. Transfer restrictions and inability to withdraw capital from Investment Vehicles other than on a distribution therefrom could limit our ability to liquidate our positions in these securities (e.g., to fund quarterly repurchases of Shares).

We intend to adhere to our primary investment strategy to "buy and hold" our Portfolio Investment securities. However, in the event we determine it is in the best interest of the Fund to liquidate such securities prior to a Portfolio Investment's liquidity event (i.e., IPO or merger or acquisition transaction of a Portfolio Company), there can be no assurance that a trading market will develop for the securities that we determine to liquidate or that the subject Portfolio Investments will permit their shares or interests to be sold through such platforms.

Due to the illiquid nature of most of our investments, we may not be able to sell these securities at times when we deem it necessary to do so (e.g., to fund quarterly repurchases of Shares), or at all. Due to the difficulty of assessing our NAV, the NAV for our Shares may not fully reflect the illiquidity of our portfolio, which may change on a daily basis, depending on many factors.

***The Investment Vehicles in which we invest may be subject to lock-up provisions or agreements that could prohibit them from selling securities underlying our investments for a specified period of time.***

Even if some of the Portfolio Companies of our Investment Vehicles complete IPOs, such private funds will often be subject to lock-up provisions that prohibit them from selling investments into the public market for specified periods of time after IPOs, typically 180 days. As a result, the market price of securities that we indirectly hold may decline substantially before the Investment Vehicles are able to sell these securities following an IPO and make distribution of proceeds to the Fund.

***There are significant potential risks associated with investing, directly or indirectly, in venture capital and private equity-backed companies with complex capital structures.***

A primary feature of our investment objective is to invest in private companies indirectly through Investment Vehicles, and to hold such our investments in such Investment Vehicles until a liquidity event with respect to such underlying Portfolio Company occurs, such as an initial public offering or a merger or acquisition transaction. Such private companies frequently have much more complex capital structures than traditional publicly-traded companies, and may have multiple classes of equity securities with differing rights, including with respect to voting and distributions. In addition, it is often difficult to obtain information with respect to private companies' capital structures, and even where we are able to obtain such information, there can be no assurance that it is complete or accurate. In certain cases, such private companies may also have preferred stock or senior debt outstanding, which may heighten the risk of investing in the underlying equity of such private companies, particularly in circumstances when we have limited information with respect to such capital structures. Although we believe that our Investment Adviser's senior investment professionals and our Board of Trustees have extensive experience evaluating and investing in private companies with such complex capital structures, and in Investment Vehicles that invest in such companies, there can be no assurance that we will be able to adequately evaluate the relative risks and benefits of investing in a particular Investment Vehicle or its underlying investments. Any such failure on our part could cause us to lose part or all of our investment, which in turn could have a material and adverse effect on our NAV and results of operations.

***There are significant potential conflicts of interest, which could impact our investment returns and limit the flexibility of our investment policies.***

We have entered into an Investment Advisory Agreement with the Investment Adviser. Abraham Othman, the Investment Adviser's Chief Investment Officer, and Huoy-Ming Yeh, the Investment Adviser's Chief Executive Officer, are the executive officers of the Investment Adviser and, as such, have decision-making authority with respect to the management of the Adviser's investment advisory business.

In addition, our executive officers and Trustees, and the principals of our Investment Adviser serve or may serve as officers and directors of entities that operate in a line of business similar to our own, including new entities that may be formed in the future. Accordingly, they may have obligations to investors in those entities, the fulfillment of which might not be in the best interests of us or our Shareholders.

While the investment focus of each of these entities may be different from our investment objective, it is likely that new investment opportunities that meet our investment objective will come to the attention of one of these entities, or new entities that will likely be formed in the future in connection with another investment advisory client or program, and, if so, such opportunity might not be offered, or otherwise made available, to us. However, our executive officers, Trustees and Investment Adviser intend to treat us in a fair and equitable manner over time consistent with their applicable duties under law so that we will not be disadvantaged in relation to any other particular client. In addition, while the Investment Adviser anticipates that it will from time to time identify investment opportunities that are appropriate for both the Fund and the other funds or accounts that are currently or in the future may be managed by the Investment Adviser, to the extent it does identify such opportunities, the Investment Adviser has established a written allocation policy to ensure that the Fund is not disadvantaged with respect to the allocation of investment opportunities among the Fund and such other funds and accounts. These allocation policies provide that the general policy of the Investment Adviser is that allocations must be fair and equitable, consistent with each client's governing documents and the Investment Adviser's fiduciary duties. These allocation policies provide that the general policy of the Investment Adviser is that allocations must be fair and equitable, consistent with each client's governing documents and the Investment Adviser's fiduciary duties. The factors that the Adviser may consider when determining allocations include, without limitation: (1) client mandate nuances and restrictions; (2) portfolio construction targets (diversification, exposures, position sizing); (3) stage of each client's investment period, cash availability, or pacing; (4) regulatory, tax, or operational considerations; (5) existing exposure to the issuer or sector; and (6) minimum/maximum check sizes or issuer-imposed capacity limits. Our Board of Trustees will monitor on a quarterly basis any such allocation of investment opportunities between the Fund and any such other funds and accounts.

We do not intend to enter into transactions with Portfolio Investments that may be considered affiliates of the Fund or the Investment Adviser, nor do we intend (a) to purchase or sell any securities or other property, to or from any affiliate or promoter of the Fund, or any principal underwriter of the Fund, or any affiliate of the foregoing, (b) to loan money to any of the foregoing, or (c) to enter into a joint enterprise with any of the foregoing. As such, the Fund does not anticipate any conflicts of interest or potential issues arising with respect to the prohibitions on affiliate transactions contained in Sections 17(a) and 17(d) of the 1940 Act (and the rules promulgated thereunder). The Fund will at all times comply with such provisions, and to the extent deemed necessary by the Board of Trustees, will apply for exemptive relief from the SEC. If the Fund files an application for exemptive relief with the SEC for any reason, there is no guarantee that such relief will be granted. In any interim period pending response to an application for exemptive relief from the SEC, the Fund will comply with the requirements of the 1940 Act concerning affiliate transactions. In addition, the Fund has implemented certain written policies and procedures to ensure that the Fund does not engage in any prohibited transactions with any affiliates. Under the 1940 Act, our Board of Trustees has a duty to evaluate, and shall oversee the analysis of, all conflicts of interest involving the Fund and its affiliates, and shall do so in accordance with the aforementioned policies and procedures.

We have also adopted a Code of Ethics which applies to, among others, our officers, including our principal executive officer and principal financial officer, as well as our Trustees, Chief Compliance Officer and employees. Our officers and Trustees also remain subject to the fiduciary obligations imposed by both the 1940 Act and applicable state corporate law. Our Code of Ethics requires that all employees, officers and Trustees avoid any conflict, or the appearance of a conflict, between an individual's personal interests and our interests. Pursuant to our Code of Ethics, each employee and Trustee must provide the Fund with periodic reports concerning their personal securities transactions and obtain prior clearance of certain personal trades. The Board of Trustees shall consider reports made to it under the Code of Ethics and shall determine whether the policies established in the Code of Ethics have been violated, and what sanctions, if any, should be imposed on the violator, including, but not limited to, a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and disgorgement of any profits to the Fund. The Board of Trustees shall review the Code of Ethics at least once a year.

In addition, certain Investment Vehicles in which the Fund invests may be subject to potential conflicts of interest, which could ultimately impact the Fund's returns. For example, certain Investment Vehicles may pay up to 5% of their total profits to affiliates of their investment advisers, which may incentive such investment advisers to pursue speculative investments and use leverage in a manner that adversely impacts their performance.

***The lack of experience of our Investment Adviser and its management in operating under the constraints imposed on us as a registered investment company may hinder the achievement of our investment objective.***

We will be subject to numerous constraints on our operations under both the 1940 Act and the Code. For example, qualification for U.S. federal income taxation as a RIC requires satisfaction of source-of-income, diversification and distribution requirements. The Investment Adviser does not have experience investing under these constraints. These constraints, among others, may hinder the Investment Adviser's ability to take advantage of attractive investment opportunities and to achieve our investment objective.

***We may be subject to certain corporate-level taxes regardless of whether we continue to qualify as a RIC.***

We intend to elect to be treated as a RIC and to operate in a manner so as to qualify annually for the U.S. federal income tax treatment applicable to RICs. As a RIC, we generally will not pay corporate-level U.S. federal income taxes on our income and gain that we distribute to our Shareholders if such distributions are made on a timely basis. To qualify as a RIC, we must meet certain income source, asset diversification and annual distribution requirements (and will pay corporate-level U.S, federal income tax on any undistributed income). Each of these ongoing requirements for qualification for the favorable tax treatment available to RICs requires that we obtain information from the Investment Vehicles in which we are invested. However, Investment Vehicles generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for us to monitor the sources of our income and the diversification of our assets and otherwise comply with Subchapter M of the Code, and ultimately may limit the universe of Investment Vehicles in which we can invest. Furthermore, although we expect to receive information with respect to the investment performance of an Investment Vehicle on a regular basis, in most cases there is little or no means of independently verifying this information and certain Investment Vehicles may not provide this information on a timely basis. We may also be subject to certain U.S. federal excise taxes, as well as state, local and foreign taxes (including withholding taxes).

We will satisfy the annual distribution requirement for a RIC if we distribute to our Shareholders on a timely basis generally an amount equal to at least 90% of our investment company taxable income for each year. Under certain circumstances, we may be restricted from making distributions necessary to qualify as a RIC. If we are unable to obtain cash from other sources, we may fail to qualify as a RIC and, thus, may be subject to corporate-level income tax. Because we must make distributions to our Shareholders as described above, such distributed amounts, to the extent a Shareholder is not participating in our dividend reinvestment option, will not be available to us to make investments. We will be subject to corporate-level U.S. federal income tax on any undistributed income and/or gain.

To qualify as a RIC, in general, we must also meet certain annual income source requirements at the end of each taxable year and asset diversification requirements at the end of each quarter of each taxable year. Failure to meet these tests may result in our having to (a) dispose of certain investments quickly or (b) raise additional capital to prevent the loss of RIC status. Because most of our investments are in private vehicles and are generally illiquid, any such dispositions may be at disadvantageous prices and may result in losses. Additionally, we may only be permitted to redeem our interest in an Investment Vehicle at certain times specified by the governing documents of each respective Investment Vehicle. These limitations may prevent us from timely curing a diversification failure by disposing of non-diversifying assets.

Some of the income that we may earn directly or indirectly through an Investment Vehicle, such as income recognized from an equity investment in an operating partnership or certain income or gain from cryptocurrencies, may not satisfy the income source test. The Fund may have to dispose of interests in Investment Vehicles that it would otherwise have continued to hold, or devise other methods of cure, to the extent certain Investment Vehicles earn income of a type that is not qualifying gross income for purposes of the gross income test or hold assets that could cause the Fund not to satisfy the RIC asset diversification test. To manage the risk that such income might jeopardize our tax status as a RIC resulting from a failure to satisfy the gross income test, one or more wholly owned U.S.- or foreign-domiciled subsidiaries, including special purpose vehicles formed by the Fund to acquire securities (each, a "Subsidiary"), treated as either U.S. corporations or non-U.S. corporations for U.S. federal income tax purposes may be employed to hold the related investment. Such Subsidiaries generally will be required to incur entity-level income taxes on their earnings, which ultimately will reduce the return to our Shareholders. The Fund will comply with the provisions of Section 8 of the 1940 Act governing investment policies on an aggregate basis with any Subsidiary and with provisions of Section 18 of the 1940 Act governing capital structure and leverage on an aggregate basis with any Subsidiary. Any Subsidiary will not be a registered investment company under the 1940 Act and therefore is not required to comply with the requirements of the 1940 Act applicable to registered investment companies, including Section 17. However, the Fund will apply the provisions relating to affiliated transactions and custody set forth in Section 17 of the 1940 Act and/or the rules thereunder to any Subsidiary. The Investment Adviser will serve as the adviser to any Subsidiary pursuant to the Investment Advisory Agreement with respect to the Fund, which complies with Section 15 of the 1940 Act. The Fund will not primarily control or acquire any entity that engages in investment activities in securities or other assets other than a wholly owned Subsidiary.

Also, the rules applicable to our qualification as a RIC are complex with many areas of uncertainty. Accordingly, no assurance can be given that we will continue to qualify as a RIC. If we fail to qualify as a RIC for any reason and become subject to regular "C" corporation income tax, the resulting corporate taxes could substantially reduce our net assets, the amount of income available for distribution and the amount of our distributions. Such a failure would have a material adverse effect on us and our Shareholders. The Code includes certain savings provisions that will allow the Fund to cure certain inadvertent failures to qualify as a RIC due to failures of the income source and asset diversification requirements, although there may be additional taxes due in such cases. We cannot assure you that we would qualify for any such relief should we fail the income source or asset diversification requirements. For a more detailed discussion, see "U.S. Federal Income Tax Matters".

***Shareholders may be subject to federal, state or local income tax as a result of the automatic reinvestment of distributions without distribution of cash to pay such tax.***

For U.S. federal income tax purposes, all distributions are generally taxable whether a Shareholder takes them in cash or they are reinvested pursuant to the reinvestment policy in additional Shares of the Fund. The automatic reinvestment of distributions does not relieve a participant of any U.S. federal income tax that may be payable (or required to be withheld) on such distributions and does not provide a participant a correlating distribution of cash to pay such tax. For a more detailed discussion, see "U.S. Federal Income Tax Matters".

***Risks Related to the Offering Made Pursuant to this Prospectus and Our Shares Shareholders will have only limited liquidity.***

The Fund is a closed-end investment company and is designed for long-term investors. Unlike many closed-end investment companies, the Fund's Shares are not listed on any securities exchange and are not publicly traded. There is currently no secondary market for the Shares and the Fund expects that no secondary market will develop. Shares may only be transferred or resold in accordance with the Fund's repurchase policy, which is at the sole discretion of the Board.

The Fund does not currently intend to list its Shares for trading on any national securities exchange, and there is not expected to be any secondary trading market in the Shares. The Shares are therefore not readily marketable. Even though the Fund may make quarterly repurchase offers to repurchase a portion of the Shares to provide some liquidity to Shareholders, you should consider the Shares to be illiquid. This risk may be even greater for Shareholders expecting to sell their Shares in a relatively short period during the Fund's continuous offering. In addition, substantial requests for the Fund to repurchase Shares could require the Fund to liquidate certain of its investments more rapidly than otherwise desirable to raise cash to fund the repurchases and achieve a market position appropriately reflecting a smaller asset base. This could have a material adverse effect on the value of the Shares. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment, or who need a reasonable expectation of being able to liquidate all or a portion of their investment in a particular time frame. The Shares are appropriate only for those investors who can tolerate a high degree of risk and do not require a liquid investment.

With respect to any required minimum distributions from an IRA or other qualified retirement plan, it is the obligation of the Shareholder to determine the amount of any such required minimum distribution and to otherwise satisfy the required minimum. In the event that Shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund will repurchase the shares on a pro rata basis, which may result in the Fund not honoring the full amount of a required minimum distribution requested by a Shareholder.

See "Quarterly Repurchases of Shares."

**Additional Risks**

***A cyberattack could have a material adverse effect on the Fund.***

Like other business enterprises, the use of the Internet and other electronic media and technology exposes the Fund and its service providers to potential operational and information security risks from cybersecurity incidents, including cyberattacks. Cyberattacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release or misuse of confidential information or various other forms of cybersecurity breaches. Cyber-attacks affecting the Fund or the Investment Adviser, Custodian, Transfer Agent, intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyberattacks may interfere with the processing of Shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private Shareholder information or confidential (including proprietary) company information, impede trading, subject the Fund to regulatory fines or financial losses, cause reputational damage and/or otherwise disrupt normal business operations. The Fund may also incur additional costs for cybersecurity risk management purposes. Similar types of cybersecurity risks are also present for Investment Vehicles and Portfolio Investments in which the Fund invests, which could result in material adverse consequences for such Portfolio Investments, and may cause the Fund's investment in such Portfolio Investments to lose value. The Investment Adviser has established business continuity plans and risk management systems reasonably designed to seek to reduce the risks associated with cyberattacks, but there is no guarantee the Investment Adviser's efforts will succeed either entirely or partially because, among other reasons: the nature of malicious cyberattacks is becoming increasingly sophisticated; the Investment Adviser cannot control the cybersecurity systems of issuers or third-party service providers; and there are inherent limitations to risk management plans and systems, including that certain current risks may not have been identified and additional unknown threats may emerge in the future. There is also a risk that cybersecurity breaches may not be detected.

***Even in the event the value of your investment declines, the Advisory Fee will still be payable.***

The Advisory Fee shall accrue daily at an annual rate equal to 1.00% of the average daily calculated NAV of the Fund, and shall be paid quarterly in arrears. The Advisory Fee is payable regardless of whether the NAV of the Fund or your investment declines. As a result, we will owe the Investment Adviser a quarterly Advisory Fee regardless of whether we incurred significant realized capital losses and unrealized capital depreciation (losses) during the fiscal quarter for which the Advisory Fee is paid.

***Our Board of Trustees may change our non-fundamental investment policies and our investment strategies without prior notice or Shareholder approval, the effects of which may be adverse.***

Our Board of Trustees has the authority to modify or waive our non-fundamental investment policies, and our investment criteria and strategies without Shareholder approval and without prior notice. We cannot predict the effect any changes to our current non-fundamental operating policies, investment criteria and strategies would have on our business, NAV of the Fund and operating results. However, the effects might be adverse, which could negatively impact our ability to make distributions to Shareholders and cause you to lose all or part of your investment.

***There is a risk that you may not receive distributions or that our distributions may not grow over time, particularly since we invest principally in securities that do not produce current income.***

We cannot assure you that we will achieve investment results or maintain a tax status that will allow or require any specified level of cash distributions or year-to-year increases in cash distributions. As we intend to focus on making principally capital gains-based investments directly and indirectly in equity securities (which generally will not be income producing) and pursuant to the restrictions on capital gains distribution of an investment company contained in the 1940 Act, we will not make distributions any more frequently than twice in any calendar year nor do we expect to become a predictable issuer of distributions. In addition, we expect that our distributions, if any, will be less consistent than other investment companies that principally make debt investments. If the Fund declares a cash distribution, then Shareholders' distribution will be automatically reinvested (net of any applicable withholding tax) in additional Shares, unless they specifically "opt out" of the dividend reinvestment option by written request to the Investment Adviser so as to receive cash.

***We will have discretion over the use of proceeds from this continuous offering and will use proceeds in part to satisfy operating expenses.***

We will have broad discretion over the use of the proceeds of this continuous offering and may use the net proceeds in ways with which you may not agree. We cannot assure you that we will be able to successfully utilize the proceeds within the timeframe contemplated. We will also pay operating expenses, and may pay other expenses such as due diligence expenses of potential new investments, from the net proceeds of this offering. Our ability to achieve our investment objective may be limited to the extent that the net proceeds of this offering, pending full investment, are used to pay operating expenses. In addition, we can provide you no assurance that any future offering will be successful, or that by increasing the size of our available equity capital our aggregate expenses, and correspondingly, our expense ratio, will be lowered.

***Early investors in the Fund will bear a greater proportion of the Fund's organizational expenses.***

The Fund's Shareholders may incur the costs of the Fund's organization (through the Expense Reimbursement Agreement), and therefore early investors in the Fund may bear a greater proportion of the Fund's organizational expenses. It is also possible that the Fund may not raise significant assets, either initially or on a longer-term basis, further increasing the proportion of costs borne by early investors.

***Possible exclusion of a shareholder based on certain detrimental effects.***

The Fund may repurchase Shares held by a Shareholder or other person acquiring Shares from or through a Shareholder, if, in addition to the Fund complying with Section 23(c) of the 1940 Act and the rules thereunder, which could require the Fund to obtain an exemptive order:

● ownership of the Shares by the Shareholder or other person likely will cause the Fund to be in violation of, require registration of any Shares under, or subject the Fund to additional registration or regulation under, the securities, commodities or other laws of the United States or any other relevant jurisdiction;

● continued ownership of the Shares by the Shareholder or other person may be harmful or injurious to the business or reputation of the Fund, the Board of Trustees, the Investment Adviser or any of their affiliates, or may subject the Fund or any Shareholder to an undue risk of adverse tax or other fiscal or regulatory consequences;

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

● the Shareholder is subject to special regulatory or compliance requirements, such as those imposed by the Bank Holding Company Act, certain Federal Communications Commission regulations, or ERISA (as hereinafter defined) (collectively, "Special Laws or Regulations"), and the Fund determines that the Shareholder is likely to be subject to additional regulatory or compliance requirements under these Special Laws or Regulations by virtue of continuing to hold the Shares; or

● the Fund or the Board of Trustees determine that the repurchase of the Shares would be in the best interest of the Fund.

The effect of these provisions may be to deprive an investor in the Fund of an opportunity for a return even though other investors in the Fund might enjoy such a return.

**The foregoing list of "risk factors" is not a complete enumeration or explanation of the risks involved in an investment in the Fund. Prospective investors should read this entire Prospectus and consult with their own legal, tax and financial advisors before deciding to invest in the Fund.**

**MANAGEMENT OF THE FUND**

**The Board of Trustees**

The Board of Trustees of the Fund has overall responsibility for monitoring the Fund's investment program and its management and operations. At least a majority of the Board of Trustees are and will be persons who are not "interested persons" of the Fund or the Investment Adviser (as such term is defined in Section 2(a)(19) of the 1940 Act, each, an "Independent Trustee" and, collectively, the "Independent Trustees"). Any vacancy on the Board of Trustees may be filled by the remaining Trustees, except to the extent the 1940 Act requires the election of Trustees by Shareholders. Subject to the provisions of Delaware law, the Trustees will have all powers necessary and convenient to carry out this responsibility. The name and business address of the Trustees and officers of the Fund and their principal occupations and other affiliations during the past five years, as well as a description of committees of the Board of Trustees, are set forth under "Management" in the SAI.

**Portfolio Manager**

The Investment Adviser's Portfolio Management Team is principally responsible for the investment management of the Fund. See below for biographies of each member of the Portfolio Management Team.

*Abraham Othman.* Mr. Othman is the Chief Investment Officer of the Investment Adviser. He is responsible for designing the investment framework and allocation logic and developing quantitative and thematic models to guide portfolio composition. Mr. Othman has a AB in Applied Mathematics from Harvard and a Ph.D. in Computer Science from Carnegie Mellon. He co-founded Building Robotics in 2012 and has served as head of Data Science and head of investment committee at AngelList, developing quantitative venture capital frameworks. Mr. Othman is the Founder & CTO (Chief Scientist) at Cognomos Inc.

The Fund is initially reliant on Mr. Othman for implementation of its initial investment program until such time as the Fund builds out a larger investment team. The absence or departure of Mr. Othman, for any reason, would require the Investment Adviser to replace such individual with other qualified personnel, which could have an adverse impact on the Fund's investment program. The Investment Adviser intends to hire additional investment professionals.

**Compensation of Portfolio Manager**

The portfolio manager receives a fixed annual salary and a discretionary bonus, which is dependent upon the overall performance of the Investment Adviser. The Portfolio Management Team members do not receive any additional compensation from the Fund for serving as a portfolio manager of the Fund. The SAI provides additional information about the compensation of the Portfolio Management Team, other accounts managed by the Portfolio Management Team, and the Portfolio Management Team's ownership of securities of the Fund.

**The Investment Adviser**

Under the supervision of the Board of Trustees and pursuant to the Investment Advisory Agreement, Strawberry Tree Management Company LLC, an investment adviser registered with the SEC under the Advisers Act, serves as Investment Adviser to the Fund. The Investment Adviser is located at 140 Lakeside Avenue, Suite 100, Seattle, WA 98122.

The Investment Adviser was formed in December 2023 as a Delaware limited liability company, and registered with the SEC under the Advisers Act in March 2024. The Investment Adviser manages multiple investment vehicles, and as of September 23, 2025 had in the aggregate approximately $329 million under management. The Investment Adviser has no previous experience managing a closed-end, registered investment company.

Pursuant to the Investment Advisory Agreement, the Investment Adviser is responsible for developing, implementing and supervising the Fund's investment program and providing day-to-day management services to the Fund. The Investment Advisory Agreement authorizes the Investment Adviser to implement the Fund's investment program.

The Investment Adviser also provides office space, telephone services and utilities, and administrative, secretarial, clerical and other personnel as necessary to provide the services required to be provided under the Investment Advisory Agreement.

For a discussion of the Investment Adviser's compensation, see "Fees and Expenses – Advisory Fee" below.

**Indemnification**

The Investment Advisory Agreement provides that in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of its obligations thereunder, the Investment Adviser is not liable to the Fund or any of the Fund's Shareholders for any act or omission by the Investment Adviser in the course of, or connected with, rendering services under the Investment Advisory Agreement and provides for indemnification by the Fund of the Investment Adviser, its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Investment Adviser for liabilities incurred by them in connection with their services to the Fund, subject to certain limitations and conditions.

**Control Persons and Principal Holders of Securities**

A control person is one who owns, either directly or indirectly more than 25% of the voting securities of a company or acknowledges the existence of control. As of September 1, 2025, Strawberry Tree Management Company LLC was the sole Shareholder of record of the Fund.

**The Fund Administrator and Transfer Agent**

The Fund has entered into a Services Agreement (the "Services Agreement") with SS&C GIDS, Inc., the administrator (the "Fund Administrator") and transfer agent (the "Transfer Agent") of the Fund to perform certain financial, accounting, corporate, administrative, registrar, transfer agent and other services on behalf of the Fund. The Fund Administrator and Transfer Agent will be paid a monthly fee (the "Services Fee") by the Fund.

The Fund Administrator and Transfer Agent is responsible, pursuant to the Services Agreement and under the ultimate supervision of the Investment Adviser, for matters pertaining to the administration of the Fund, including, but not limited to, the following: (i) preparing and maintaining the financial and accounting records and statements of the Fund; (ii) arranging for the provision of accounting, clerical and administrative services; (iii) coordinating communications of the Board of Trustees; (iv) maintaining records of the Fund; and (v) providing the coordination and processing of all repurchase offers. The Fund Administrator and Transfer Agent is also responsible, pursuant to the Services Agreement, for providing transfer agent services to the Fund in connection with the sale and repurchase of Shares, the Fund Administrator and Transfer Agent is the dividend paying agent of the Fund.

The Services Fee is based on the Fund Administrator and Transfer Agent's standard schedules of fees charged by it for similar services. The Fund may retain other service providers affiliated with the Fund Administrator and Transfer Agent to perform the administrative services that would otherwise be performed by the Fund Administrator and Transfer Agent and such service providers may be located outside of the United States.

The initial term of the Services Agreement is three years. Thereafter, if not terminated as provided in the Services Agreement, the Services Agreement shall continue automatically in effect for successive two year periods. The Services Agreement is subject to termination by the Fund Administrator and Transfer Agent or by the Fund upon not less than 90 calendar days' written notice prior to the commencement of any successive term. The Services Agreement is also terminable upon the material breach of the other party of any term of the Services Agreement if such breach is not cured within 30 days of notice of such breach to the breaching party, or if the other party enters receivership or other similar event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

Under the Services Agreement, the Fund has agreed to indemnify and hold harmless the Fund Administrator and Transfer Agent, its affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns (together the "Fund Administrator Indemnified Parties") from and against any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind (including legal fees and costs to enforce this provision) that Fund Administrator Indemnified Parties suffer, incur or pay as a result of any third party claim or claim among the parties, except to the extent that such losses result primarily from the gross negligence, willful misconduct or fraud of the Fund Administrator Indemnified Parties in the performance of their duties or obligations under the Services Agreement.

**In providing services as an administrator, the Fund Administrator and Transfer Agent does not act as a guarantor of the Fund's Shares. Moreover, the Fund Administrator and Transfer Agent is not responsible for any investment decisions of the Fund (all of which will be made by the Investment Adviser) or the effect of such investment decisions on the performance of the Fund.**

The Fund may engage a different administrator or perform such administrative services itself in its discretion upon notice to Shareholders.

The Fund Administrator and Transfer Agent's principal business address is 1055 Broadway Street, Kansas City, MO 64105.

**The Custodian**

The Fund will enter into a custody agreement (the "Custody Agreement") with U.S. Bank, N.A. (the "Custodian") to act as the Fund's custodian of all assets delivered to and accepted by the Custodian, in each case in accordance with the provisions of Section 17 of the 1940 Act and any associated rules and regulations. The Custodian may place certain of the Fund's assets with sub-custodians and/or depositories.

The fees payable to the Custodian are based on its standard schedule of fees charged by the Custodian for similar services. These fees are detailed in the Custody Agreement, a copy of which is filed herewith and can be obtained from the Investment Adviser by written request to the Investment Adviser at the following e-mail address: requests@strawberrytree.co, or by a written request addressed to the Investment Adviser at 140 Lakeside Avenue, Suite 100, Seattle, WA 98122. The Fund may retain other custodians from time to time without notice to, or approval of, any Shareholder.

The Custody Agreement is subject to termination by the Custodian or by the Fund upon not less than 90 calendar days' written notice.

The Custodian's principal business address is 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212.

**The Distributor**

The Fund will enter into a Distribution Agreement with ALPS Distributors, Inc. (the "Distributor") to act as the Fund's distributor for the Shares. The Distributor bears all of its expenses of providing distribution services as described under that agreement. The Fund assumes and pays all charges not specifically assumed or otherwise to be provided by the Distributor under the Distribution Agreement. In addition, the Investment Adviser will enter into a Distribution Services Letter Agreement with the Distributor. The Investment Adviser will pay the Distributor certain fees for providing marketing and sales support services to the Fund and the Investment Adviser and reimburse certain out-of-pocket expenses incurred by the Distributor in connection therewith. Such fees shall be paid out of the legitimate assets of the Investment Adviser, and were not used as a factor by the Board of Trustees in connection with their approval of either the Advisory Agreement or the Advisory Fee. See "Fees and Expenses – Distributor Expenses" below.

The Distribution Agreement and the Distribution Services Letter Agreement each has an initial term of two years. Thereafter, if not terminated as provided in the Distribution Agreement, the Distribution Agreement shall continue automatically in effect for successive annual periods. The Distribution Services Letter Agreement is terminable upon termination of the Distribution Agreement. The Distribution Agreement and the Distribution Services Letter Agreement are each subject to termination by the Distributor or by the Fund upon 60 calendar days' written notice.

The Distributor's principal business address is 1290 Broadway, Suite 1000, Denver, Colorado 80203.

**The Chief Compliance Officer**

SS&C GIDS, Inc. (the "CCO Provider") provides to the Fund the services of Lucas Foss, the Chief Compliance Officer of the Fund, pursuant to the Services Agreement between the Fund and the CCO Provider. The Fund compensates the CCO Provider for providing such compliance officer services to the Fund. These fees are detailed in the Services Agreement, a copy of which filed is herewith and can be obtained from the Investment Adviser by written request to the Investment Adviser at the following e-mail address: requests@strawberrytree.co, or by a written request addressed to the Investment Adviser at 140 Lakeside Avenue, Suite 100, Seattle, WA 98122. The Board of Trustees may terminate the provision of services by the CCO Provider on 90 days' written notice to the CCO Provider.

The CCO Provider's principal business address is 1055 Broadway Street, Kansas City, MO 64105.

**Liquidating Trust**

The Board of Trustees may, at its discretion if determined to be in the best interests of Shareholders, distribute the assets of the Fund into and through a liquidating trust to effect the liquidation of, all or a portion of, the Fund. The use of a liquidating trust would be subject to the regulatory requirements of the 1940 Act and applicable Delaware law, and could result in expenses that the Shareholders would bear indirectly. There are no current plans to liquidate the Fund.

**Potential Listing**

The Fund may, but is not obligated to, pursue a listing of its Shares on a national securities exchange. The completion of a listing is in the sole discretion of the Board of Trustees, and there can be no assurance that a listing will be available or that market conditions will permit a listing. As a result, there can be no assurance that the Fund will complete a listing.

**Independent Registered Public Accounting Firm and Legal Counsel**

RSM US LLP (the "Accounting Firm") serves as the independent registered public accounting firm of the Fund. The Accounting Firm's principal business address is located at 555 17<sup>th</sup> St, Suite 1200, Denver, CO 80202.

The law firm of Dechert LLP, 1900 K Street, NW, Washington, DC 20006, serves as legal counsel to the Fund. The firm may also act as legal counsel to the Investment Adviser and its affiliates with respect to various matters. The firm does not represent potential investors with respect to their investment in the Fund.

**FEES AND EXPENSES**

**Advisory Fee**

The Fund will pay the Advisory Fee to the Investment Adviser as compensation for its Investment Advisory services. The Advisory Fee shall accrue daily at an annual rate equal to 1.00% of the average daily calculated NAV of the Fund and shall be paid quarterly in arrears. The NAV of the Fund is determined by subtracting the Fund's liabilities from the fair market value of its assets, to be determined as set forth under "Determination of Net Asset Value" below. A discussion regarding the basis for the Board of Trustees approval of the Investment Advisory Agreement, or any future amendments, will be available in the Fund's annual and semi-annual report to Shareholders.

**Repurchase Fee**

The Fund's Board of Trustees has determined to waive the Fund's Repurchase Fee assessed on Shareholders who choose to participate in the Fund's repurchase offers. This waiver will remain in effect indefinitely, unless and until the Board of Trustees approves its modification or termination. This waiver may be terminated only by the Fund's Board of Trustees at any time. Absent such a waiver, Shareholders who choose to participate in the Fund's repurchase offers will incur a repurchase fee equal to 2.00% of the value of the Shares the Fund repurchases from them for Shares held less than one year. Shares held longest will be treated as being repurchased first and Shares held shortest will be treated as being repurchased last. The repurchase fee does not apply to Shares that were acquired through reinvestment of distributions. Shares held for one year or more are not subject to the 2.00% fee. Repurchase fees are paid to the Fund directly and are designed to offset costs charged by the Transfer Agent for repurchasing Shares and for costs associated with fluctuations in Fund asset levels and cash flow caused by such repurchases.

**Shareholder Services Fee**

The Fund has adopted a "Shareholder Services Plan" under which the Fund may compensate financial industry professionals for providing ongoing services in respect of clients to whom they have distributed Shares of the Fund. Such services may include responding to customer inquiries of a general nature regarding the Fund; responding to customer inquiries and requests regarding Statements of Additional information, shareholder reports, notices, proxies and proxy statements, and other Fund documents; and providing such other similar services as the Fund or the Investment Adviser may reasonably request to the extent the financial industry professional is permitted to do so under applicable statutes, rules, or regulations. The Fund may incur such foregoing expenses on an annual basis equal to 0.25% of its daily average NAV.

**Distributor Expenses**

Pursuant to the Distribution Agreement between the Fund and the Distributor, the Distributor bears all of its expenses of providing distribution services as described under that agreement. The Fund assumes and pays all charges not specifically assumed or otherwise to be provided by the Distributor under the Distribution Agreement. The Fund pays, among other things: (i) all fees and expenses in connection with the registration of the Fund and the Shares under the United States securities laws and the registration and qualification of Shares for sale in the various jurisdictions in which the Fund will determine it is advisable to qualify such Shares for sale; and (ii) the cost of preparing and printing of sufficient copies of the Fund's Prospectus and any other sales material (and any supplements or amendments thereto). The Distributor serves in such capacity on a best efforts basis, subject to various conditions, and may enter into related selling group agreements with various Financial Intermediaries to assist in the distribution of Shares. Shares are available to investors investing through Financial Intermediaries where such Financial Intermediary has agreed to provide certain administrative services.

Pursuant to a Distribution Services Letter Agreement between the Investment Adviser and the Distributor, the Investment Adviser will pay the Distributor certain fees for providing marketing and sales support services to the Fund and the Investment Adviser and reimburse certain out-of-pocket expenses incurred by the Distributor in connection therewith. Such fees shall be paid out of the legitimate assets of the Investment Adviser, and were not used as a factor by the Board of Trustees in connection with their approval of either the Advisory Agreement or the Advisory Fee.

**Other Expenses**

Subject to the Expense Limitation Agreement and the Expense Reimbursement Agreement, the Fund pays all of its organizational and investment expenses, including, but not limited to, brokerage commissions (if any) and all other costs of executing transactions, interest expense, insurance expense, custodial expense, and all ongoing ordinary administrative and operational costs of the Fund, including (but not limited to) legal costs, accounting costs, taxes and any fees paid to the Fund Administrator, the Custodian or the CCO Provider, and all expenses incurred in connection with the continuous offering and sale of its Shares and communications with Shareholders. The Fund also directly pays any extraordinary operating expenses.

The Investment Adviser bears all ongoing ordinary administrative and operational costs of the Investment Adviser, including employees' salaries, facilities, travel costs, technology costs, office supplies, research and data costs, and its own legal, accounting and filing fees.

The Board of Trustees, including a majority of the Independent Trustees, has adopted a procedure that the Board of Trustees has determined is reasonably designed to provide that any fee, payment, commission, or other financial incentive of any type ("Broker Fees") received by affiliated persons of the Fund or the Investment Adviser for effecting transactions as broker ("Affiliated Broker") in connection with the purchase and sale of securities by the Fund are (i) reasonable and fair compared to the Broker Fees received by other brokers in connection with comparable transactions involving similar instruments being purchased or sold on a securities exchange during a comparable period of time, or (ii) otherwise subject to the limits prescribed by Section 17(e) of the 1940 Act. Such procedure permits the Fund to effect transactions through an Affiliated Broker, provided that the Broker Fees received by the Affiliated Broker in connection with the sale of securities to or by the Fund are subject to the following limits contained in Section 17(e)(2) of the 1940 Act: (1) if the transaction is effected on a securities exchange, the compensation may not exceed the "usual and customary broker's commission" (as defined in Rule 17e-1 under the 1940 Act); (2) in the case of the purchase of securities by the Fund in connection with a secondary distribution, the compensation cannot exceed 2% of the sale price; and (iii) the compensation for transactions otherwise effected cannot exceed 1% of the purchase or sale price. Rule 17e-1 defines a "usual and customary broker's commission" as one that is fair compared to the commission received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on an exchange during a comparable period of time. The Board of Trustees, including a majority of Independent Trustees, shall determine no less frequently than quarterly that all transactions effected pursuant to the aforementioned procedures during the preceding quarter were effected in compliance with such procedures. The Fund has adopted a policy that it will not utilize the services of Affiliated Brokers (although Affiliated Brokers may be engaged by sellers or buyers in transactions opposite the Fund). Notwithstanding the foregoing, no Affiliated Broker will receive any undisclosed fees from the Fund in connection with any transaction involving the Fund and such Affiliated Broker, and to the extent any transactions involving the Fund are effected by an Affiliated Broker, such Affiliated Broker's Broker Fees for such transactions shall be limited in accordance with Section 17(e)(2) of the 1940 Act and the Fund's policies and procedures concerning Affiliated Brokers.

**Expense Limitation Agreement**

The Investment Adviser has entered into a written Expense Limitation Agreement under which it has agreed to limit the total expenses of the Fund (excluding (i) the management fee; (ii) organizational and offering expenses; (iii) any administrative, distribution, servicing, account opening, shareholder servicing, transfer and sub-transfer agency and sub-accounting fees, and all expenses in connection with shareholder meetings and/or proxy solicitations; (iv) all acquired fund fees and expenses and all transactional costs, including legal, structuring, audit, and brokerage commissions, associated with consummated and unconsummated acquisitions, dispositions and maintenance of investments by the Fund; (v) interest, borrowing costs and expenses (including those associated with lines of credit and credit facilities); (vi) all federal, state, local and foreign taxes; (vii) merger or reorganization expenses; and (viii) extraordinary expenses distinguished by their unusual nature or infrequency, including, without limitation, costs incurred in connection with litigation, arbitration, mediation, indemnification, government investigations, claims or proceedings, and any expenses in connection with holding and/or soliciting proxies for annual or other meetings of shareholders) to an annual rate of 1.00% of the average NAV of the Fund until one year from the effective date of this Prospectus, and from year to year thereafter; provided that each such continuance is specifically approved by the Board of Trustees and the Investment Adviser. The Investment Adviser may recoup from the Fund fees previously reduced or expenses previously reimbursed by the Investment Adviser with respect to the Fund pursuant to the Expense Limitation Agreement if such recoupment does not cause the Fund to exceed the Expense Limitation in effect at the time of waiver/reimbursement or at the time of recoupment and the reimbursement is made within three years after the time at which the Investment Adviser reduced the fee or incurred the expense.

**Expense Reimbursement Agreement**

The Investment Adviser will incur the Fund's organizational costs and the initial offering costs associated with the Fund's continuous offering of Shares. Pursuant to the Expense Reimbursement Agreement between the Fund and the Investment Adviser, the Fund will be obligated to reimburse the Investment Adviser for any such payments within two years of the Investment Adviser incurring such expenses only if and to the extent that the Fund's net assets exceed $20,000,000. This contractual arrangement will remain in effect through at least one year from the effective date of this Prospectus, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees.

**INVESTOR SUITABILITY**

**An investment in the Fund involves a considerable amount of risk.** It is possible that you will lose money. An investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of the Shares and should be viewed as a long-term investment. Before making your investment decision, you should (i) consider the suitability of this investment with respect to your investment objectives and personal financial situation and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs. An investor should invest in the Fund only money that it can afford to lose, and it should not invest in the Fund money to which it will need access in the short-term or on a frequent basis. In addition, all investors should be aware of how the Fund's investment strategies fit into their overall investment portfolios because the Fund is not designed to be, by itself, a well-balanced investment for a particular investor.

The Fund should be considered to be an illiquid investment. Investors will not be able to redeem Shares on a daily basis because the Fund is a closed-end fund. The Fund's Shares are not traded on an active market and there is currently no secondary market for the Shares, nor does the Fund expect a secondary market in the Shares to develop. However, limited liquidity may be available through the quarterly repurchase offers described in this Prospectus at the sole discretion of the Board. The Fund may not be suitable as the sole investment for investors who require minimum annual distributions from a retirement account through which they hold Shares.

**SUBSCRIPTION FOR SHARES**

Each investor must initially purchase a minimum of $500 of Shares in the Fund. The Fund reserves the right to waive the investment minimum. The Fund may accept both initial and additional applications by investors to purchase Shares at such times as the Fund may determine, subject, in the case of investors purchasing Shares with cash, to the receipt of cleared funds on or prior to the third business day prior to the relevant subscription date (or such other acceptance date set by the Fund and notified to prospective Shareholders prior to a subscription date).

Each investor purchasing Shares must submit a completed application to a Financial Intermediary before the applicable purchase date. The Fund has the sole right to accept applications for Shares and reserves the right to reject in its complete and absolute discretion any application for Shares in whole or in part, which it will do only in the event that acceptance of any particular subscription for Shares would cause the Fund either to be in breach of any applicable laws or regulations, such as anti-money laundering laws or sanctions, or would impose burdensome compliance obligations on the Fund, such as certain laws and regulations related to foreign investors. The Fund also reserves the right to suspend sales of Shares at any time.

**PLAN OF DISTRIBUTION**

ALPS Distributors, Inc. (the "Distributor"), located at 1290 Broadway, Suite 1000, Denver, Colorado 80203, acts as the Fund's distributor in connection with the offering of Fund Shares. The Distributor serves on a best efforts basis, subject to various conditions. It is not required to buy any Shares and does not intend to make a market in the Shares. The Fund's Shares are offered for sale at NAV next calculated after receipt of the purchase in good order, plus the applicable sales load. A purchase will be deemed to have been received in good order if the application for Shares has been completed in accordance with the instructions provided to the investor and meets the required minimum purchase amount. The initial NAV of the Shares is $20.00 per Share. The Distributor may enter into selling group agreements with various broker-dealers to assist in the distribution of Shares. No arrangement has been made by the Fund to place funds received in an escrow, trust or similar account. Shares of the Fund will not be listed on any national securities exchange. The Distributor does not receive compensation from the Fund for its distribution services. The Investment Adviser pays the Distributor a fee for providing certain distribution-related services to the Fund.

The Investment Adviser or its affiliates, in the Investment Adviser's or such affiliates' discretion and from their own resources, including out of the Investment Adviser's own legitimate profits from advising the Fund, may pay additional compensation to brokers or dealers in connection with the sale and distribution of Shares (the "Additional Compensation"). In return for the Additional Compensation, the Fund may receive certain marketing advantages including access to a broker's or dealer's registered representatives, placement on a list of investment options offered by a broker or dealer, or the ability to assist in training and educating the broker's or dealer's registered representatives. The Additional Compensation may differ among brokers or dealers in amount or in the manner of calculation: payments of Additional Compensation may be fixed dollar amounts, or based on the aggregate value of outstanding Shares held by Shareholders introduced by the broker or dealer, or determined in some other manner. The receipt of Additional Compensation by a selling broker or dealer may create potential conflicts of interest between an investor and its broker or dealer who is recommending the Fund over other potential investments.

The Fund and the Investment Adviser have agreed to indemnify the Distributor against certain liabilities, including liabilities under the Securities Act, or to contribute to payments the Distributor may be required to make because of any of those liabilities. Such agreement does not include indemnification of the Distributor against liability resulting from willful misfeasance, bad faith or gross negligence on the part of the Distributor in the performance of its duties or from reckless disregard by the Distributor of its obligations and duties under the Distribution Agreement.

Prior to the date on which the Fund's registration statement on Form N-2 was declared by the SEC to be effective, the Investment Adviser purchased Shares from the Fund in an amount satisfying the net worth requirements of Section 14(a) of the 1940 Act.

**How to Purchase Fund Shares**

Investors may purchase Shares directly from the Fund in accordance with the instructions below. Investors may buy and sell Shares of the Fund through Financial Intermediaries and their agents that have made arrangements with the Fund and are authorized to buy and sell Shares of the Fund. 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 an investor's transaction order or maintaining an investor's account with them. Investors should check with their Financial Intermediary to determine if it is subject to these arrangements. Financial Intermediaries are responsible for placing orders correctly and promptly with the Fund, forwarding payment promptly. Orders transmitted with a Financial Intermediary before the close of regular trading (generally 4:00 p.m., Eastern Time) on a day that the NASDAQ is open for business, will be priced based on the Fund's NAV next computed after it is received by the Financial Intermediary.

*By Wire or ACH — Initial Investment*

To make an initial investment in the Fund, the Transfer Agent must receive a completed account application before an investor wires or transmits funds. Investors may mail or overnight deliver an account application to the Transfer Agent, or submit an application through the Fund's website. To make an initial purchase through the Fund's website, an investor will first create an electronic account and electronically complete, execute and deliver a copy of the subscription agreement, which is available at www.usvc.com. You will also be asked to electronically provide ACH instructions to the Fund for the full purchase price of the Fund's Shares being subscribed for.

Upon receipt of the completed account application, the Transfer Agent will establish an account. The account number assigned will be required as part of the instruction that should be provided to an investor's bank to send the wire or ACH payment. An investor's bank must include both the name of the Fund, the account number, and the investor's name so that monies can be correctly applied. If investors wish to wire money to make an investment in the Fund, please email the Fund at invest@usvc.com for wiring instructions and to notify the Fund that a wire transfer is coming. Any commercial bank can transfer same-day funds via wire. ACH payments will be made automatically once the investor's account is set up on the Fund's website. The Fund will normally accept wired or ACH transferred funds for investment on the day received if they are received by the Fund's designated bank before the close of regular trading on the NASDAQ. An investor's bank may charge such investor a fee for wiring same-day funds. The bank should transmit funds by wire to:

UMB Bank N.A.

1010 Grand Blvd, Kansas City, MO 64106

ABA (Routing) Number: 101000695

Account Number: 9872749014

Account Title: SS&C GIDS INC AS AGENT

FOR STRAWBERRY TREE MANAGEMENT LLC

*By Wire — Subsequent Investments*

Before sending a wire, investors must contact the Fund Administrator to advise it of the intent to wire funds. This will ensure prompt and accurate credit upon receipt of the wire. Wired funds must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. The Fund, and its agents, including the Transfer Agent and the Custodian, are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

*Automatic Investment Plan — Subsequent Investments*

Investors may participate in the Fund's Automatic Investment Plan, an investment plan that automatically moves money from an investor's bank account and invests it in the Fund through the use of electronic funds transfers or automatic bank drafts. Investors may elect to make subsequent investments by transfers of at least the subsequent minimum investment amount of $100 quarterly, semi-annually or yearly into such investor's established Fund account. Please email the Fund at invest@usvc.com for more information about the Fund's Automatic Investment Plan.

As requested on the application, investors must supply a full name, date of birth, social security number and permanent street address. Mailing addresses containing only a P.O. Box will not be accepted. Investors may email the Fund at invest@usvc.com for additional assistance when completing an application.

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

The Fund reserves the right to reject any application only in the event that accepting such an application would cause the Fund either to be in breach of any applicable laws or regulations, such as anti-money laundering laws or sanctions, or would impose burdensome compliance obligations on the Fund, such as certain laws and regulations related to foreign investors.

**Purchase Terms**

The minimum initial purchase by an investor is $500. The Fund's Shares are offered for sale at NAV, plus any applicable sales load. The price of the Shares during the Fund's continuous offering will fluctuate over time with the NAV of the Shares.

Investors purchasing Shares will pay a sales load based on the amount of their investment in the Fund. The sales load payable by each investor depends upon the amount invested by such investor in the Fund, but may range from 0.0% to 3.0%, as set forth in the table below. A reallowance will be made by the Distributor from the sales load paid by each investor. There are no sales charges on reinvested distributions. Each of the Fund and the Investment Adviser reserves the right to waive sales loads at its discretion. The following sales loads apply to your purchases of Shares:

---

| | |
|:---|:---|
| Investment Amount | Sales Load |
| Less than $249,999 | 3.0% |
| $250000 - $499999 | 2.5% |
| $500000 - $999999 | 2% |
| Over $1,000,000 | 0% |

---

You may be able to buy Shares without a sales load (i.e., "load-waived") or with an adjusted sales load (i.e., "load-adjusted") if you fall in one of the following categories:

● Current and retired Trustees and officers of the Fund, their families (e.g., spouse, domestic partner, dependent children, parent) and any purchases referred through the Investment Adviser.

● Employees of the Investment Adviser and their families, or any full-time employee or registered representative of the Distributor or of broker-dealers having dealer agreements with the Distributor (a "Selling Agent") and their immediate families (or any trust, pension, profit sharing or other benefit plan for the benefit of such persons).

● Investors with no associated broker-dealer who purchase Shares directly through the Fund or the Transfer Agent.

● Any full-time employee of a bank, savings and loan, credit union or other financial institution that utilizes a Selling Agent to clear purchases of the Fund's Shares and their immediate families.

● Participants in certain "wrap-fee" or asset allocation programs or other fee-based arrangements sponsored by broker-dealers and other financial institutions that have entered into agreements with the Distributor.

● Clients of registered investment advisers that have entered into arrangements with the Distributor providing for Shares to be used in particular investment products made available to such clients and for which such registered investment advisers may charge a separate fee, including third party administrators.

● Institutional investors (which may include bank trust departments and registered investment advisers).

● Any accounts established on behalf of registered investment advisers or other intermediaries or their respective clients by broker-dealers that charge a transaction fee and that have entered into agreements with the Distributor.

● Separate accounts used to fund certain unregistered variable annuity contracts or Section 403(b) or 401(a) or (k) accounts under the code.

● Employer-sponsored retirement or benefit plans with total plan assets in excess of $5 million where the plan's investments in the Fund are part of an omnibus account. A minimum initial investment of $1 million in the Fund is required. The Fund, in its sole discretion, may waive these minimum dollar requirements.

● Portfolio Company shareholders who exchange shares in such Portfolio Companies for Fund Shares.

In addition, concurrent purchases by related accounts may be combined to determine the application of the sales load. The Fund will combine purchases made by an investor, the investor's spouse or domestic partner and dependent children when it calculates the sales load.

It is the investor's responsibility to determine whether a reduced sales load would apply. The Fund is not responsible for making such determination. To receive a reduced sales load, notification must be provided at the time of the purchase order. If you purchase Shares directly from the Fund, you must notify the Fund in writing. Otherwise, notice should be provided to the Financial Intermediary through whom the purchase is made so they can notify the Fund.

**Right of Accumulation**

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

● an individual;

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

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

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

**Letter of Intent**

The letter of intent allows you to count all investments within a 13-month period in Shares of the Fund as if you were making them all at once for the purposes of calculating the applicable reduced sales loads. 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 load reduction, you also may include the cost of Shares of the Fund, as applicable, which were previously purchased at a price including a front-end sales load during the 90-day period prior to the Transfer Agent receiving the letter of intent. You may combine purchases and exchanges by family members (limited to spouse and dependent children living in the same household). 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 distributions are not aggregated to achieve the stated investment goal.

**Shareholder Services Fee**

The Fund has adopted a "Shareholder Services Plan" under which the Fund may compensate financial industry professionals for providing ongoing services in respect of clients with whom they have distributed Shares of the Fund. Such services may include responding to customer inquiries of a general nature regarding the Fund; responding to customer inquiries and requests regarding Statements of Additional information, shareholder reports, notices, proxies and proxy statements, and other Fund documents; and providing such other similar services as the Fund or the Investment Adviser may reasonably request to the extent the financial industry professional is permitted to do so under applicable statutes, rules, or regulations. The Fund may incur such foregoing expenses on an annual basis equal to 0.25% of its daily average NAV.

**QUARTERLY REPURCHASES OF SHARES**

At the recommendation of the Investment Adviser and subject to the sole discretion of the Board of Trustees (the "Board"), the Fund may, from time to time, provide Shareholders with a limited degree of liquidity by offering to repurchase Shares pursuant to written tenders (each, a "repurchase offer"). No fundamental policy or other undertaking obligates the Fund to make any repurchase offer, to conduct such offers on any set schedule, or to repurchase any specific amount of Shares. Repurchase offers, if any, will be made to all holders of Shares.

Under normal market circumstances, the Fund currently intends—but is not required—to limit each repurchase offer to no more than 5% of its net assets on a quarterly basis. The aggregate value of Shares that the Fund actually repurchases in any offer (the "Repurchase Offer Amount") will be determined by the Board in its sole discretion and may be stated as a percentage of the Fund's outstanding Shares. The Board may decide (i) not to conduct a repurchase offer at a time the Fund normally conducts one, (ii) to conduct an offer for less than 5% of net assets, or (iii) to repurchase Shares at a discount to their prevailing NAV.

If a repurchase offer is oversubscribed, the Fund will repurchase Shares on a pro rata basis (subject to the de-minimis and other adjustments permitted by the 1940 Act and related rules). Accordingly, Shareholders should not rely on being able to tender the full amount—or any—of their Shares in any particular repurchase offer.

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

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

Payments in cash for repurchased Shares may require the Fund to liquidate portfolio investments earlier than the Investment Adviser would otherwise do so, borrow monies, or hold larger-than-normal cash positions, any of which could (i) generate realized losses, (ii) increase the Fund's portfolio turnover or operating expenses, and (iii) adversely affect the Fund's ability to achieve its investment objective. During periods of market stress the Board may determine that some or all of the Fund's investments cannot be liquidated at their fair value; in such circumstances the Board is more likely to reduce, postpone, suspend, or terminate a repurchase offer, or to repurchase Shares at a discount.

The repurchase of Shares is subject to all applicable regulatory requirements. If the Board determines that modification of the procedures described above is required or appropriate to comply with such requirements—or otherwise deems a change to be in the best interests of the Fund—it may adopt revised repurchase procedures without prior notice to Shareholders, to the extent permitted by law.

**Repurchase Fee**

For Shares held less than one year, the Fund will deduct a 2.00% repurchase fee on your repurchase amount. Shares held longest will be treated as being repurchased first and Shares held shortest will be treated as being repurchased last. The repurchase fee does not apply to Shares that were acquired through reinvestment of distributions. Shares held for one year or more are not subject to the 2.00% fee. Repurchase fees are paid to the Fund directly and are designed to offset costs charged by the Transfer Agent for repurchasing Shares and for costs associated with fluctuations in Fund asset levels and cash flow caused by such repurchases.

**Minimum Account Balance**

If you tender some but not all of your Shares for repurchase, you will be required to maintain a minimum Fund account balance of $500 after giving effect to the repurchase. If the value of your Fund account falls below $500 as a result of you tendering a portion of your Shares for repurchase, the Fund may repurchase all of your remaining Shares at any time without notice and send you the proceeds. Any such repurchase will be conducted in accordance with Section 23 of the 1940 Act and the rules thereunder. You may incur a tax liability as a result of the Fund repurchasing your Shares.

The Board of Trustees may change this account minimum balance requirement from time to time, or waive this minimum in whole or in part.

**BORROWING**

The Fund may borrow or issue preferred Shares or debt during its first 12 months of operations, but it does not presently intend to do so. Thereafter the Fund intends to have the option to borrow, which such borrowing, if any, the Fund anticipates would be used to satisfy requests from Shareholders pursuant to the quarterly repurchase offers, which are at the sole discretion of the Board, and otherwise to provide the Fund with temporary liquidity. The amount that the Fund may borrow will be limited by the provisions of Section 18 of the 1940 Act, which, among other limitations contained therein relating to the declaration of dividends or distributions, limits the issuance of a "senior security" (as defined in the 1940 Act) to those instances where immediately after giving effect to such issuance, the Fund will have "net asset coverage" (as defined in the 1940 Act) of at least 300%. The interest on borrowing by the Fund will be at prevailing market rates, to the extent the Fund borrows. Notwithstanding the foregoing, the Fund intends to limit its borrowing, if any, and the overall leverage of its portfolio to an amount that does not exceed 33 1/3% of the Fund's gross asset value.

**DISTRIBUTIONS**

Following the disposition by the Fund of securities of Portfolio Companies, or the receipt by the Fund of distribution proceeds from an Investment Vehicle, the Fund will make cash distributions of the net profits, if any, to Shareholders (subject to the dividend reinvestment policy, as described below) once each fiscal year at such time as the Board of Trustees determines in its sole discretion (or twice in a fiscal year at such times determined by the Board of Trustees, if necessary for the Fund to maintain its status as a RIC and in accordance with the 1940 Act). The Fund will establish reasonable reserves to meet Fund obligations prior to making distributions.

**DIVIDEND REINVESTMENT POLICY**

The Fund will operate under a dividend reinvestment policy administered by SS&C GIDS, Inc. (the "Agent"). Pursuant to the policy, any distributions by the Fund to its Shareholders, net of any applicable U.S. withholding tax, are reinvested in Shares of the Fund.

Shareholders automatically participate in the dividend reinvestment policy, unless and until an election is made to withdraw from the policy on behalf of such participating Shareholder. Shareholders who do not wish to have distributions automatically reinvested should so notify the Agent in writing at USVC Venture Capital Access Fund, c/o SS&C GIDS, Inc. PO Box 219027, Kansas City, MO 64121. Such written notice must be received by the Agent 30 days prior to the record date of the distribution or the Shareholder will receive such distribution in Shares through the dividend reinvestment policy. Under the dividend reinvestment policy, the Fund's distributions to Shareholders are reinvested in full and fractional Shares as described below.

When the Fund declares a distribution, the Agent, on the Shareholder's behalf, will receive additional authorized Shares from the Fund. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution by the Fund's NAV per Share as of the date of such distribution.

The Agent will maintain all Shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by Shareholders for personal and tax records. The Agent will hold Shares in the account of the Shareholders in non-certificated form in the name of the participant, and each Shareholder's proxy, if any, will include those Shares purchased pursuant to the dividend reinvestment policy. The Agent will distribute all proxy solicitation materials, if any, to participating Shareholders.

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

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

The automatic reinvestment of distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such distributions. See sections entitled "Risks Related to Our Business and Structure" and "U.S. Federal Income Tax Matters."

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

All correspondence concerning the dividend reinvestment policy should be directed to, and additional information may be obtained from, the Agent at USVC Venture Capital Access Fund, c/o SS&C GIDS, Inc. PO Box 219027, Kansas City, MO 64121.

**DETERMINATION OF NET ASSET VALUE**

The NAV of the Fund's Shares is determined daily, as of the close of regular trading on the NASDAQ (normally, 4:00 p.m., Eastern time). Each Share will be offered at NAV next calculated after receipt of the purchase in good order, plus the applicable sales load. A purchase will be deemed to have been received in good order if the application for Shares has been completed in accordance with the instructions provided to the investor. During the continuous offering, the price of the Shares will increase or decrease on a daily basis according to the NAV of the Shares. In computing NAV, portfolio securities of the Fund are valued at their current fair market values determined on the basis of market quotations, if available. Because public market quotations are not typically readily available for most of the Fund's securities, they are valued at fair value as determined pursuant to procedures and methodologies approved by the Board of Trustees. The Board of Trustees has delegated the day-to-day responsibility for determining these fair values to the Investment Adviser as the Fund's valuation designee for purposes of Rule 2a-5 under the 1940 Act. The Investment Adviser has developed valuation procedures and methodologies, which have been approved by the Board of Trustees, and will make valuation determinations and act in accordance with those procedures and methodologies, and in accordance with the 1940 Act. The Board of Trustees oversees the implementation of the Fund's valuation procedures. The Board of Trustees shall monitor (i) the material aspects of the Fund's valuation procedures as adopted by the Board of Trustees and revised from time to time, and (ii) the Fund's compliance with respect to the valuation of its assets under the 1940 Act.

Pursuant to valuation policies and procedures approved by the Board of Trustees, the Investment Adviser is responsible for determining and documenting (1) whether market quotations are readily available for portfolio securities of the Fund; (2) the fair value of portfolio securities for which market quotations are not readily available; (3) the fair value of any other assets or liabilities considered in the determination of the NAV. Depending on the portfolio security being valued, the Investment Adviser is responsible for maintaining records for each investment, reflecting various significant positive or negative events in the fundamental financial and market information relating to each investment that support or affect the fair value of the investment. Fair valuation involves subjective judgments, 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 a security. Rather, in determining the fair value of a security for which there are no readily available market quotations, the Investment Adviser may consider several factors, including the implied valuation of the asset as reflected by stock purchase contracts reported on alternative trading systems, fundamental analytical data relating to the investment in the security, the nature and duration of any restriction on the disposition of the security, the cost of the security at the date of purchase, the liquidity of the market for the security, the price of such security in a meaningful private or public investment or merger or acquisition of the issuer subsequent to the Fund's investment therein, the per unit or per share price of the security to be valued in recent verifiable transactions, including private secondary transactions, and the recommendation of the Fund's Portfolio Management Team. The Investment Adviser will determine fair market value of Fund assets in accordance with consistently applied written procedures approved by the Board of Trustees and in accordance with GAAP. Under GAAP, the valuation of investment holdings is governed by Financial Accounting Standards Board Accounting Standards Code, Section 820 "Fair Value Measurement" ("ASC 820"). The Investment Adviser may engage a valuation specialist to support the Investment Adviser in its fair valuation of the Investment Vehicles and other assets held by the Fund that may require fair valuation under the Fund's valuation procedures. The cost of such valuation specialist will be paid by the Fund.

Prior to investing in any Investment Vehicle, the Investment Adviser will conduct an initial due diligence review of the valuation methodologies utilized by the Investment Vehicle, which generally shall be based upon readily observable market values when available, and otherwise utilize principles of fair value that are reasonably consistent with those used by the Fund for valuing its own investments. Subsequent to investment in an Investment Vehicle, the Investment Adviser will monitor the valuation methodologies used by each Investment Vehicle. These valuations involve significant judgment by the managers of the Investment Vehicles and may differ from their actual realizable value. In valuing its investments in Investment Vehicles that may hold cryptocurrencies and digital assets, the Fund will apply its valuation methodology to Investment Vehicles as a whole and will not be valuing cryptocurrencies and digital assets on a stand-alone basis. Valuations of Investments Vehicles will typically be provided to the Fund based on interim unaudited financial records of the Investment Vehicles, and, therefore, will be estimates and may fluctuate as a result. The Investment Adviser may have limited ability to assess the accuracy of these valuations.

**Fair value prices are necessarily subjective in nature, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.**

**CONFLICTS OF INTEREST**

The following actual and potential conflicts of interest exist in respect of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) <u>Role of the Investment Adviser</u>. The Investment Adviser has an inherent conflict of interest in recommending itself to the Board of Trustees as the Fund's Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) <u>Other Activities</u>. The principals of the Investment Adviser will devote substantially all of their working time to the management and operation of the Investment Adviser, including the investment process, monitoring and management of the Fund and other investment funds. However, the principals of the Investment Adviser may be involved in other business ventures. The Fund will not share in the risks or rewards of the Investment Adviser or its principals with respect to such other ventures. However, such other ventures will compete for their time and attention and might create other conflicts of interest. The Investment Advisory Agreement does not require the Investment Adviser to devote its full time or any specified portion of its time to the Fund, although the Investment Adviser intends to dedicate a reasonable amount of time to the Fund and its activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Other Products Managed by the Investment Adviser</u>. The Investment Adviser currently manages over 20 other fund products (including, for the avoidance of doubt, SPVs), and could possibly manage in the future additional fund products or other accounts, that has (or could have) an investment program which could overlap with that of the Fund. The allocation of investments between the Fund and any such products or accounts is and would be governed by the Investment Adviser's allocation policies and procedures described above under the caption "Risk Factors", which are designed to provide for fair and equitable treatment of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) <u>Financial Intermediaries</u>. Financial Intermediaries may receive ongoing compensation in respect of selling Shares, and they may have a conflict of interest in consulting with investors as to the purchase and repurchase of Shares. Further, Financial Intermediaries may receive different amounts of compensation with respect to sales of the Shares than from other products advised by the Investment Adviser and/or its affiliates, and therefore may have incentives to favor one or more products over others.

The Fund has implemented certain written policies and procedures to ensure that the Fund does not engage in any prohibited transactions with any affiliates. Under the 1940 Act, our Board of Trustees has a duty to evaluate, and shall oversee the analysis of, all conflicts of interest involving the Fund and its affiliates, and shall do so in accordance with the aforementioned policies and procedures.

**DESCRIPTION OF CAPITAL STRUCTURE**

The Fund is a statutory trust organized under the laws of the state of Delaware and intends to elect to be treated as a RIC for U.S. federal income tax purposes. The Fund is authorized to issue an unlimited number of Shares and may divide the Shares into one or more Classes. The Shares are not currently divided into multiple classes. The Shareholders are entitled to one vote for each Share held of the Fund, on matters on which Shares of the Fund shall be entitled to vote. Each Share, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable. Any meeting of Shareholders may be called by the Board of Trustees or Shareholders holding at least a majority of the outstanding Shares of the Fund. Except for the exercise of their 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.

All Shares are equal as to right of repurchase by the Fund, dividends and other distributions, and voting rights and currently have no preemptive or other subscription rights. Shareholders are not liable for further calls or assessments, except that a Shareholder may be obligated to repay any funds wrongfully distributed to such Shareholder. The Fund will send periodic reports (including financial statements) to all Shareholders. The Fund does not intend to hold annual meetings of Shareholders. Shareholders are entitled to receive dividends only if and to the extent declared by the Board of Trustees and only after the Board of Trustees has made provision for working capital and reserves as it in its sole discretion deems advisable. Shares are not available in certificated form. With very limited exceptions, Shares are not transferable, and liquidity will be provided only through the Fund's quarterly repurchase offers at the sole discretion of the Board. See "Prospectus Summary – Summary of Risk Factors; Illiquidity of Fund Shares."

Except as otherwise required by any provision of the Declaration of Trust and By-Laws or of the 1940 Act, any action requiring a vote of Shareholders shall be effective if taken or authorized by the affirmative vote of a majority of the total number of votes eligible to be cast by Shareholders that are present in person or by proxy at the meeting. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, after payment of all of the liabilities of the Fund, Shareholders generally are entitled to a pro rata share of the remaining assets of the Fund.

Except as otherwise required by any provision of the Declaration of Trust and By-Laws or of the 1940 Act, (1) those candidates for election to be a Trustee receiving a plurality of the votes cast at any meeting of Shareholders shall be elected as Trustees, and (2) all other actions of the Shareholders taken at a meeting shall require the affirmative vote of Shareholders holding a majority of the total number of votes eligible to be cast by those Shareholders who are present in person or by proxy at such meeting.

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

The following briefly summarizes some of the important federal income tax consequences to Shareholders of investing in the Fund's Shares, reflects the federal tax law as of the date of this Prospectus only, and does not address special tax rules applicable to certain types of investors, such as corporate, tax-exempt and non-U.S. Shareholders. The following discussion is only a summary of some of the important tax considerations generally applicable to investments in the Fund and the discussion set forth herein does not constitute tax advice. Investors should consult their tax advisers regarding other federal, state or local tax considerations that may be applicable in their particular circumstances, as well as any proposed tax law changes.

The Fund intends to elect to be treated and to qualify each year for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. In order for the Fund to qualify as a RIC, it must meet, among other things, certain source-of-income and asset diversification requirements each year. If the Fund so qualifies and satisfies certain distribution requirements, the Fund will not be subject to federal income tax to the extent it distributes its investment company taxable income and net capital gains (the excess of net long-term capital gains over net short-term capital loss) in a timely manner to its Shareholders in the form of dividends or capital gain distributions. In addition, the Code imposes a 4% nondeductible federal excise tax on regulated investment companies, such as the Fund, to the extent they do not meet certain distribution requirements by the end of each calendar year.

The Fund intends to make distributions of investment company taxable income after payment of the Fund's operating expenses no less frequently than annually. Unless a Shareholder is ineligible to participate or elects otherwise, all distributions will be automatically reinvested (net of applicable withholding tax) in additional Shares of the Fund pursuant to the dividend reinvestment policy. For U.S. federal income tax purposes, all distributions are generally taxable whether a Shareholder takes them in cash or they are reinvested pursuant to the policy in additional Shares of the Fund. Distributions of the Fund's investment company taxable income (including short-term capital gains) will generally be treated as ordinary income to the extent of the Fund's current and accumulated earnings and profits. Distributions of the Fund's net capital gains ("capital gain distributions"), if any, are taxable to Shareholders as long-term capital gains, regardless of the length of time Shares have been held by Shareholders. Distributions, if any, in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of a holder's Shares and, after that basis has been reduced to zero, will constitute capital gains to the Shareholder (assuming the Shares are held as a capital asset). The determination of the character for U.S. federal income tax purposes of any distribution from the Fund will be made as of the end of the Fund's taxable year. Generally, no later than 60 days after the close of its taxable year, the Fund will provide Shareholders with a written notice designating the amount of any capital gain distributions and any other distributions.

For more detailed information regarding tax considerations, see the section of the SAI entitled "Tax Status."

**CERTAIN PROVISIONS IN THE DECLARATION OF TRUST AND BY-LAWS**

The Fund's Declaration of Trust and By-Laws include provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund or to change the composition of the Board of Trustees, and could have the effect of depriving the Fund's Shareholders of an opportunity to sell their Shares at a premium over prevailing market prices, if any, by discouraging a third party from seeking to obtain control of the Fund. These provisions may have the effect of discouraging attempts to acquire control of the Fund, which attempts could have the effect of increasing the expenses of the Fund and interfering with the normal operation of the Fund. The Trustees are elected for indefinite terms and do not stand for reelection. A Trustee may be removed from office (i) with or without cause at any time any meeting of Shareholders by a vote of the holders of two-thirds of outstanding Shares of the Fund, or (ii) with or without cause at any time by a majority of the remaining Trustees (or, in the case of an Independent Trustee, only by action taken by a majority of the remaining Independent Trustees). The number of Trustees is currently three, but by action of a majority of the Trustees, the number of Trustees may from time to time be increased or decreased. Subject to applicable provisions of the 1940 Act, vacancies on the Board may be filled by a majority action of the remaining Trustees. Such provisions may work to delay a change in the majority of the Board.

The Fund's Declaration of Trust provides that a Shareholder may not commence a proceeding on behalf of the Fund only if the following conditions are met: (i) the Shareholder makes a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees is only deemed not likely to succeed and therefore excused if, and only if, a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Independent Trustees; and (ii) unless a demand is not required under (i), the Trustees are afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees are entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholder making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. These provisions do not apply to any claims arising under the federal securities laws, including the 1940 Act, Securities Act and Securities and Exchange Act of 1934, as amended.

The Fund's Declaration of Trust also provides that the Court of Chancery of the State of Delaware or the federal district courts of the United States of America shall be the exclusive forum in which certain types of litigation may be brought, or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction. This forum selection provision may limit a Shareholder's ability to bring a claim in a judicial forum that it finds favorable for disputes with Trustees, officers or other agents of the Fund and its service providers, which may discourage such lawsuits with respect to such claims. If a court were to find the forum selection provision contained in the Declaration of Trust to be inapplicable or unenforceable in an action, the Fund may incur additional costs associated with resolving such action in other jurisdictions. The Declaration of Trust provides that Shareholders waive any and all right to trial by jury in any claim, suit, action or proceeding.

Reference should be made to the Declaration of Trust and By-Laws on file with the SEC for the full text of these provisions.

**RESERVES**

Liabilities and accruals shall be determined in accordance with GAAP.

**LEGAL PROCEEDINGS**

The Fund is not currently a party to any legal proceeding that we believe would have a material adverse effect upon the Fund or the ability of the Investment Adviser to perform its contract with the Fund.

**ADDITIONAL INFORMATION**

The Prospectus and the SAI do not contain all of the information set forth in the Registration Statement that the Fund has filed with the SEC. The complete Registration Statement may be obtained from the SEC at www.sec.gov. See the cover page of this Prospectus for information about how to obtain a paper copy of the Registration Statement or the SAI without charge.

**PRIVACY POLICY NOTICE**

This Privacy Policy Notice discloses the privacy policies of the Fund, which is serviced by the Administrator, the Custodian, the Transfer Agent and the CCO Provider, and advised by the Investment Adviser (collectively, the "Companies"). The Fund and Companies are referred to herein collectively as "we" or "us."

**Protecting your privacy is a top priority**

We realize that our ability to offer superior products and services depends on the personal and financial information we collect from you. We value your business and are committed to maintaining your trust. That is why we have made your privacy a top priority.

**The information we have and where we get it**

We collect information about you from a variety of sources, including:

● Information we receive from you on applications or other forms, such as your name, address and phone number; email address, your social security number or tax identification number, citizenship and residency and your assets, income and other household information;

● Information about your other transactions with us, our affiliates or others including financial intermediaries or broker-dealers, such as your account balances and transactions history; and

● Information from visitors to our website provided through online forms, site visitorship data and online information-collecting devices known as "cookies."

For more information about what we collect online, including our use of cookies, please visit our website at www.usvc.com.

We do not solicit personal or financial information from minors without written parental consent, nor do we knowingly market products and services to minors. If you are a parent or guardian and you are aware that your minor child has provided us with such information, please contact us.

**How we use this information**

We may share all of the information we collect with the Companies as part of the ordinary course of providing financial products and services to you, for the purpose of offering you new products and services to address your financial needs, for product development purposes and as otherwise required or permitted by law.

To assist in our business dealings with you, we may also share this information with companies (other than the Companies) that perform services, including marketing services, on our behalf (such as vendors that package and mail our shareholder statements or reports and marketing research firms that enhance our ability to market our products and services). We do not share your information with mailing list or direct marketing companies. Thus, the information you provide to us will not result in unwanted solicitations from third-party marketers.

Finally, we may share this information with other entities outside of the Companies for the following purposes, including among others:

● To respond to a subpoena or court order, judicial process or regulatory inquiry;

● To report suspicious transactions to government agencies and law enforcement officials;

● To protect against fraud;

● To provide products and services with the consent or the direction of a customer; or

● In connection with the proposed or actual sale or merger of all or a portion of a business or operating unit.

Except as described above, and except for information we provide to nonaffiliated third parties as otherwise required or permitted by law, we do not share information about you with nonaffiliated third parties.

**Security of personal financial information**

We restrict access to information about you to those employees of the Fund or the Companies we determine need to know that information to provide products and services to you. We maintain physical, electronic and procedural safeguards to protect this information. Our contracts with the Companies contain provisions restricting their use of your personal information to those purposes for which they were hired.

We continuously assess new technology for protecting information and upgrade our systems where appropriate.

If you have any questions or concerns about this Privacy Policy Notice, please write to us at:

USVC Venture Capital Access Fund

140 Lakeside Avenue, Suite 100

Seattle, WA 98122

**Former customers**

If, for whatever reason, our customer relationship with you ends, we will preserve your information as necessary to comply with applicable laws. The measures we take to protect the privacy of customer information, as described in this Privacy Policy Notice, will continue to apply to you.

Our operations will be impacted by a growing movement to adopt comprehensive privacy and data protection laws similar to the GDPR, including in the U.S., where such laws focus on privacy as an individual right in general. For example, the State of California passed the California Consumer Privacy Act of 2018 (as amended, the "CCPA"), which took effect on January 1, 2020. The CCPA generally applies to businesses that collect personal information about California consumers and meet certain thresholds with respect to revenue or buying and/or selling consumers' personal information. The CCPA imposes stringent legal and operational obligations on such businesses as well as certain affiliated entities that share common branding. The CCPA is enforceable by the California Attorney General. Additionally, if unauthorized access, theft, or disclosure of a consumer's personal information occurs, and the business did not maintain reasonable security practices, consumers could file a civil action (including a class action) without having to prove actual damages. Statutory damages range from $100 to $750 per consumer per incident, or actual damages, whichever is greater. The California Attorney General also may impose civil penalties ranging from $2,500 to $7,500 per violation. California Privacy Rights Act ("CPRA"), which became effective on January 1, 2023, amended and extended the protections of the CCPA. Under the CPRA, California established a new state agency focused on the enforcement of its privacy laws, leading to greater levels of enforcement and greater costs related to compliance with the CCPA and CPRA.

**We reserve the right to change this Privacy Policy Notice, and any of the policies described herein, at any time. We will notify you of our Privacy Policy Notice annually and inform you of any changes as required. The examples contained in this Privacy Policy Notice are illustrations; they are not intended to be exclusive.**

**USVC VENTURE CAPITAL ACCESS FUND COMMON SHARES OF BENEFICIAL INTEREST PROSPECTUS [ ], 2025**

**The information in this Statement of Additional Information is not complete and may be changed. These securities may not be sold 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.**

***Subject to Completion, dated September 29, 2025***

**STATEMENT OF ADDITIONAL INFORMATION**

**USVC VENTURE CAPITAL ACCESS FUND Common Shares of Beneficial Interest**

**140 Lakeside Avenue, Suite 100 Seattle, WA 98122 (Address of Principal Executive Offices)**

**Registrant's Telephone Number, including Area Code: (888) 200-4361**

**[ ], 2025**

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the Prospectus of USVC Venture Capital Access Fund (the "Fund", "we", "our" or "us"), dated [ ], 2025 (the "Prospectus"). The Prospectus is hereby incorporated by reference into this SAI (legally made a part of this SAI). Defined terms used herein, and not otherwise defined herein, have the same meanings as in the Prospectus. This SAI does not include all information that a prospective investor should consider before purchasing the Fund's securities.

You should obtain and read the Prospectus and any related Prospectus supplement prior to purchasing any of the Fund's securities. A copy of the Prospectus may be obtained without charge by calling the Fund toll-free at (888) 200-4361. Information on the Fund's website is not incorporated herein by reference. The Fund's filings with the U.S. Securities and Exchange Commission ("SEC") also are available to the public on the SEC's Internet website at www.sec.gov.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| [GENERAL INFORMATION AND HISTORY](#sai_001) | [1](#sai_001) |
| [INVESTMENT OBJECTIVE AND POLICIES](#sai_002) | [1](#sai_002) |
| [MANAGEMENT OF THE FUND](#sai_003) | [2](#sai_003) |
| [PORTFOLIO TRANSACTIONS](#sai_004) | [8](#sai_004) |
| [CODE OF ETHICS](#sai_005) | [9](#sai_005) |
| [TAX STATUS](#sai_006) | [9](#sai_006) |
| [DETERMINATION OF NET ASSET VALUE](#sai_007) | [18](#sai_007) |
| [INVESTMENT BY EMPLOYEE BENEFIT PLANS](#sai_008) | [19](#sai_008) |
| [PERFORMANCE INFORMATION](#sai_009) | [20](#sai_009) |
| [CALCULATION OF FEES](#sai_010) | [21](#sai_010) |
| [PROXY VOTING POLICIES AND PROCEDURES](#sai_011) | [21](#sai_011) |
| [VOTING](#sai_012) | [22](#sai_012) |
| [THE CUSTODIAN](#sai_013) | [22](#sai_013) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#sai_014) | [22](#sai_014) |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS](#sai_015) | [22](#sai_015) |
| [FINANCIAL STATEMENTS](#sai_016) | [23](#sai_016) |

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**GENERAL INFORMATION AND HISTORY**

The Fund is a Delaware statutory trust that is registered under the 1940 Act as a non-diversified, closed-end management investment company. The Fund was initially organized as a Delaware limited liability company on April 8, 2021 and was subsequently converted into a Delaware statutory trust on August 7, 2025. The Fund has no operating history. The Fund's office is located at 140 Lakeside Avenue, Suite 100, Seattle, WA 98122. The investment objective and principal investment strategies of the Fund, as well as the principal risks associated with the Fund's investment strategies, are set forth in the Prospectus. Certain additional investment information is set forth below.

**INVESTMENT OBJECTIVE AND POLICIES**

**Investment Objective**

The Fund's investment objective is long-term capital appreciation. See "Investment Objective, Strategies, Methodology and Policies" in the Prospectus.

**Fundamental Policies**

Neither the Board of Trustees nor the Investment Adviser may change the Fund's stated fundamental policies without the additional approval of a majority vote of the Shareholders of the Fund (each, a "Shareholder", and collectively, the "Shareholders"), which means the lesser of: (i) 67% of the common shares of beneficial interest of the Fund ("Shares") present at a meeting at which holders of more than 50% of the outstanding Shares are present in person or by proxy; or (ii) more than 50% of the outstanding Shares. No other policy is a fundamental policy of the Fund, except as expressly stated. Within the limits of the Fund's fundamental policies, the Fund's management has reserved freedom of action.

As fundamental policies, the Fund:

(1) will not borrow money or issue any senior security except in compliance with Section 18 of the Investment
Company Act of 1940, as amended (the "1940 Act"), as it may be modified by SEC order, rule or regulation;

(2) will not engage in short sales, purchases on margin and the writing of put and call options;

(3) will not act as underwriter of securities of other issuers, except to the extent that in connection with
the disposition of portfolio securities, it may be deemed to be an underwriter under the U.S. federal securities laws;

(4) will not engage in the purchase or sale of real estate and real estate mortgage loans;

(5) will not engage in the purchase or sale of commodities or commodity contracts, including futures contracts;

(6) will not make loans, except as permitted by the 1940 Act, which prohibits loans to any person who controls
or is under common control with the Fund, excluding a company that owns all of the Shares of the Fund; and

(7) will not concentrate in any industry except that it will concentrate in and invest at least 25% its total
assets in companies in the information technology sector (the "Fundamental Concentration Policy"). For purposes of determining
compliance with the Fundamental Concentration Policy, the Fund will consider the underlying holdings held by Investment Vehicles and may
determine whether a particular underlying holding is in the information technology sector in any reasonable manner that is consistent
with SEC guidance.

The information below is not considered to be part of the Fund's fundamental policies and is provided for informational purposes only.

With respect to fundamental policy 2 above, Section 18 of the 1940 Act currently requires that the Fund have an asset coverage of 300% upon the issuance of senior securities representing indebtedness and an asset coverage of 200% upon the issuance senior securities that are stock. The Fund's investment policies and restrictions do not apply to the activities and transactions of the venture capital investment funds and special purpose vehicles in which the Fund invests (except inasmuch as the Fund's Fundamental Concentration Policy may be affected by the same) but do apply to investments made by the Fund directly.

**Non-Fundamental Policies**

The Fund's investment objective and investment strategies, including the Fund's 80% policy with respect to investments of U.S. venture capital funds and private growth-oriented companies, are non-fundamental and may be changed by the Fund's Board of Trustees (the "Board of Trustees"). Shareholders will be provided with sixty (60) days' notice in the manner prescribed by the SEC before any change in the Fund's policy to invest at least 80% of its net assets plus any borrowings for investment purposes (measured at the time of purchase) in the particular type of investment suggested by its name.

**MANAGEMENT OF THE FUND**

**The Board of Trustees**

The Board of Trustees of the Fund has overall responsibility for monitoring the Fund's investment program and its management and operations. At least a majority of the Board of Trustees are and will be persons who are not "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act, each, an "Independent Trustee" and, collectively, the "Independent Trustees") of the Fund or Strawberry Tree Management Company LLC, the Fund's investment adviser (the "Investment Adviser"). Any vacancy on the Board of Trustees may be filled by the remaining Trustees, except to the extent the 1940 Act requires the election of Trustees by Shareholders. Subject to the provisions of Delaware law, the Trustees will have all powers necessary and convenient to carry out this responsibility.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address<sup>(1)</sup>,<br> and Age** | &nbsp;&nbsp;**Position(s)<br> Held with<br> Fund** | &nbsp;&nbsp;**Term of<br> Office<sup>(2)</sup> and<br> Length of<br> Time<br> Served<sup>(3)</sup>** | &nbsp;&nbsp;**Principal<br> Occupation(s)<br> During the Past Five<br> Years** | &nbsp;&nbsp;**Number of<br> Portfolios in<br> Fund<br> Complex<br> Overseen by<br> Trustee** | &nbsp;&nbsp;**Other Public<br> Company<br> Directorships** |
| &nbsp;&nbsp;*Independent Trustees* |  |  |  |  |  |
| &nbsp;&nbsp;David Borecky<br> Year of Birth: 1984 | &nbsp;&nbsp;Independent Trustee | &nbsp;&nbsp;Since inception | &nbsp;&nbsp;Independent Advisor & Strategic Finance Consultant (July 2025 to present); Chief Financial Officer, ApplyBoard (2023 to 2025); Chief Financial Officer & VP (2021 to 2023), Chief Accounting Officer, Impossible Foods 2019 to 2021). | &nbsp;&nbsp;Not applicable. | &nbsp;&nbsp;Director and Audit Committee Chair, MustGrow Biologics Corp (2020 to present). |
| &nbsp;&nbsp;Nimesh Gupta<br> Year of Birth: 1981 | &nbsp;&nbsp;Independent Trustee | &nbsp;&nbsp;Since inception | &nbsp;&nbsp;CEO & Co-Founder, Briefly (2023 to present); Managing Partner & Co-Founder, Crosspath Capital (2021 to present); COO & Co-Founder, OneMob (2014 to 2021) | &nbsp;&nbsp;Not applicable. | &nbsp;&nbsp;None. |
| &nbsp;&nbsp;*Interested Trustees* |  |  |  |  |  |
| &nbsp;&nbsp;Erik Syvertsen<br> Year of Birth: 1981 | &nbsp;&nbsp;Interested Trustee | &nbsp;&nbsp;Since inception | &nbsp;&nbsp;Chief Legal Officer, Head of Customer Relations (January 2024 to present) and Head of Asset Management (July 2025 to present), AngelList | &nbsp;&nbsp;Not applicable. | &nbsp;&nbsp;None. |

---

(1) All addresses c/o USVC Venture Capital Access Fund, 140 Lakeside Avenue, Suite 100, Seattle, WA 98122.

(2) Each Trustee will serve for the duration of the Fund, or until his death, resignation, termination, removal
or retirement.

(3) The Fund has not yet commenced operations.

(4) Erik Syvertsen is an interested Trustee
 as a result of his position as a President and Chief Executive Officer of the Fund.

Additional information about each Trustee follows (supplementing the information provided in the table above) that describes some of the specific experiences, qualifications, attributes or skills that each Trustee possesses which the Board of Trustees believes has prepared them to be effective Trustees.

*Erik Syvertsen*. Erik Syvertsen serves as Chair of the Board of Trustees of the Fund and Chief Executive officer of the Fund. Mr. Syvertsen also serves as Chief Legal Officer of AngelList. Mr. Syvertsen holds an M.B.A. from Columbia Business School and received a J.D., cum laude, from Benjamin N. Cardozo School of Law.

*David Borecky.* Mr. Borecky has 20 years of operational experience in complex and highly regulated environments, both in public and private market environments. He is a financial expert and his direct experience with venture-backed technology companies collectively equip him with the judgment, expertise, and governance skills critical for effective service as a Trustee of the Fund. Mr. Borecky holds the following credentials: Chartered Accountant, Certified Public Accountant, Chartered Investment Manager, Personal Financial Planner, and the Corporate Finance qualification.

*Nimesh Gupta.* Mr. Gupta has over 15 years of experience as an entrepreneur, investor, and operator in technology and venture capital, including leading AI and SaaS companies and managing a late-stage venture fund. His roles span fund management, business operations, and legal practice, providing him with deep expertise in private markets, governance, and regulated fund structures—directly relevant to serving as Trustee of the Fund. Mr. Gupta is licensed to practice as an attorney in California.

The Board of Trustees believes that the significance of each Trustee's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Trustee may not have the same value for another) and that these factors are best evaluated at the board level, with no single Trustee, or particular factor, being indicative of board effectiveness. However, the Board of Trustees believes that Trustees need to have the ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties. The Board of Trustees believes that its members satisfy this standard, as reflected in the experience of each Trustee described in the biographies above. Experience relevant to having this ability may be achieved through a Trustee's educational background; business, professional training or practice (e.g., accountancy or law), public service or academic positions; experience from service as a board member (including the Board of Trustees of the Fund) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences.

**Composition of Board of Trustees and Leadership Structure**. To rely on certain exemptive rules under the 1940 Act, a majority of the Fund's Trustees must be Independent Trustees, and for certain important matters, such as the approval of investment advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder require the approval of a majority of the Independent Trustees. Currently, 66.66% of the Fund's Trustees are Independent Trustees. Erik Syvertsen is an interested person of the Fund. The Board of Trustees has determined that its leadership structure is appropriate in light of the Fund's investment objective and policies, the Fund's status as a new company with no performance history, the small size of the Board of Trustees and the Fund's relatively small initial capitalization, as well as the services that the Investment Adviser and its affiliates provide to the Fund and potential conflicts of interest that could arise from these relationships. This determination was made after careful consideration by the Independent Trustees and reflects the unanimous determination of the Independent Trustees. The Board of Trustees expects to play an active role in the risk oversight of the Fund and to receive risk oversight reports from the Investment Adviser no less frequently than quarterly, although this has not materially impacted the Board of Trustees' leadership structure.

**Officers**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address<sup>(1)</sup>, and<br> Age** | &nbsp;&nbsp;**Position(s) Held with<br> Fund** | &nbsp;&nbsp;**Term of Office and<br> Length of Time Served<sup>(2)</sup>** | &nbsp;&nbsp;**Principal Occupation(s)<br> During the Past Five<br> Years** |
| &nbsp;&nbsp;Erik Syvertsen<br>Year of Birth: 1981 | &nbsp;&nbsp;President and Chief Executive Officer | &nbsp;&nbsp;Since inception | &nbsp;&nbsp;Chief Legal Officer, Head of Customer Relations (January 2024 to present) and Head of Asset Management (July 2025 to present), AngelList |
| &nbsp;&nbsp;Dan Hess<br>Year of Birth: 1974 | &nbsp;&nbsp;Principal Financial Officer and Principal Accounting Officer | &nbsp;&nbsp;Since inception | &nbsp;&nbsp;Director of PFO Services at PINE Advisor Solutions (2025 to present); Managing Director, U.S. Bancorp Asset Management, Inc. (2001 to 2025) |
| &nbsp;&nbsp;Carlene Pollock<br>Year of Birth: 1967 | &nbsp;&nbsp;Assistant Treasurer | &nbsp;&nbsp;Since inception | &nbsp;&nbsp;Associate Director of PFO Services at PINE Advisor Solutions (2025 to present); Director and CFO Barings Funds Trust (2016 to 2021) |
| &nbsp;&nbsp;Lucas D. Foss<br>Year of Birth: 1977 | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;Since inception | &nbsp;&nbsp;Director, Fund Compliance and Governance, SS&C / ALPS Fund Services (2017 to present). |

---

(1) All addresses c/o USVC Venture Capital Access Fund, 140 Lakeside Avenue, Suite 100, Seattle, WA 98122.

(2) The Fund has not yet commenced operations.

*Erik Syvertsen*. Erik Syvertsen serves as Chair of the Board of Trustees of the Fund and Chief Executive officer of the Fund. Mr. Syvertsen also serves as Chief Legal Officer of AngelList. Mr. Syvertsen holds an M.B.A. from Columbia Business School and received a J.D., cum laude, from Benjamin N. Cardozo School of Law.

*Daniel Hess*. Daniel Hess is a Director on the Principal Financial Officer (PFO) Services team at PINE, which provide PFOs, Treasurers and Assistant Treasurers for a variety of SEC-registered investment funds. In this role, he serves clients by reviewing financial reports and regulatory filings, coordinating annual audits, managing fund expenses and distributions, reporting to oversight boards and overseeing fund administrators and other providers. Mr. Hess has been active in the investment fund industry since 2001 after spending several years at PricewaterhouseCoopers LLP. He previously held positions with U.S. Bancorp Asset Management, U.S. Bancorp Global Fund Services, PFM Asset Management and PFM Fund Distributors. He has experience overseeing both internal and external mutual fund accounting, administration and other service teams. He has held various roles as a broker/dealer Financial and Operations Principal, as Treasurer and Secretary of several SEC-registered investment funds, and as principal financial officer for numerous local government investment pools. He holds a Bachelor of Science in Accounting with a minor in Management Information Systems from Pennsylvania State University.

*Carlene Polluck*. Carlene Pollock is an Associate Director on the PINE Principal Financial Officer (PFO) Services team, providing services for a variety of 1940 Act registered products. In this role, she guides clients on matters pertaining to financial and regulatory reporting matters, provides oversight of fund service providers and coordinates fund audits. Ms. Pollock has been working in the financial services industry since 2000. She began her career in retirement plan administration at what is now Mission Square, providing clients with insight into their investment options and supporting the investments team. Ms. Pollock also worked at BNY helping clients navigate alternative and private equity products, services and the regulatory environment. She served as Treasurer and PFO for Barings Funds Trust reporting to the Board of Directors for the multi-billion-dollar strategy. Carlene has a Bachelor of Science in Business Administration and a Master of Arts degree.

*Lucas D. Foss*. Mr. Foss rejoined SS&C / ALPS Fund Services in November 2017 and is currently Director, Fund Compliance and Governance. Mr. Foss leads the Fund CCO Services team at SS&C and is the President of Financial Investors Trust and ALPS Series Trust. He currently serves as Chief Compliance Officer of Sound Point Meridian Capital, Inc; Bluerock Total Income + Real Estate Fund, Bluerock High Income Institutional Credit Fund; SPDR<sup>®</sup> S&P 500<sup>®</sup> ETF Trust, SPDR<sup>®</sup> Dow Jones<sup>®</sup> Industrial Average ETF Trust and SPDR<sup>®</sup> S&P MIDCAP 400<sup>®</sup> ETF Trust.

**Committees of the Board of Trustees**

*Audit Committee*

The Board of Trustees has formed an Audit Committee. The purposes of the Audit Committee are to (i) assist the Board of Trustees in its oversight of the Fund's accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of certain service providers, (ii) assist the Board of Trustees in its oversight of the quality and objectivity of the Fund's financial statements and the independent audit thereof, and (iii) select, oversee and set the compensation of the Fund's independent auditor (the "Auditor") and to act as liaison between the Auditor and the Board of Trustees.

To carry out its purposes, the Audit Committee shall: (i) pre-approve the selection of the Auditor and shall recommend the selection, retention or termination of the Auditor to the Board of Trustees and, in connection therewith, shall evaluate the independence of the Auditor, including whether the Auditor provides any consulting, auditing or non-audit services to the Investment Adviser or its affiliates, (ii) review and approve the fees charged by the Auditor for audit and non-audit services, (iii) ensure that the Auditor prepares and delivers to the Audit Committee reports, on at least an annual basis: describing (a) the Auditor's internal quality control procedures, (b) any material issues raised by the most recent internal quality control review or peer review of the Auditor, or by any inquiry or investigation by governmental or professional authorities within the preceding five years respecting one or more independent audits carried out by the Auditor, and any steps taken to deal with any such issues, and (c) all relationships between the Auditor and the Fund (in response to which the Audit Committee shall actively engage in a dialogue with the Auditor with respect to any disclosed relationships or services that may impact the objectivity and independence of the Auditor and recommend that the Board of Trustees take appropriate action to satisfy themselves of the Auditor's independence), (iv) pre-approve all auditing services and, subject to limited exception and to certain prohibitions on activities of the Auditor, permissible non-audit services provided to the Fund (and the Audit Committee may delegate to one or more of its members the authority to grant pre-approvals or the engagement to render the auditing service or permissible non-audit service is entered into pursuant to pre-approval policies and procedures established by the Audit Committee, so long as the Audit Committee is informed of each service, and which policies and procedures must be detailed as to the particular service and not involve any delegation of the Audit Committee's responsibilities under the Securities Exchange Act of 1934, as amended, to management (which, for purposes of this paragraph, includes the appropriate officers of the Fund, the Investment Adviser, the Fund Administrator, and other key service providers (other than the Auditor)), and (v) subject to limited exception, pre-approve any non-audit services proposed to be provided by the Auditor to (1) the Investment Adviser and (2) any entity controlling, controlled by, or under common control with the Investment Adviser that provides ongoing services to the Fund, if such engagement relates directly to the operations and financial reporting of the Fund.

The Audit Committee shall meet with the Auditor, including private meetings, as necessary (i) to review the arrangements for and scope of the annual audit and any special audits or other special services; (ii) to provide the Auditor the opportunity to report to the Audit Committee, on a timely basis, all critical accounting policies and practices to be used; (iii) to review the form and substance of the Fund's financial statements and discuss any matters of concern relating to the Fund's financial statements, including (a) any adjustments to such statements recommended by the Auditor, or other results of said audit(s), and (b) all alternative treatments of financial information within generally accepted accounting principles that have been discussed with management, the ramifications of the use of such alternative disclosures and treatments, and the treatment preferred by the Auditor; (iv) to provide the Auditor the opportunity to report to the Audit Committee, on a timely basis, any material written communication between the Auditor and management such as any management letter or schedule of unadjusted differences; (v) to provide the Auditor the opportunity to report all non-audit services provided to any entity in the "investment company complex" that were not pre-approved by the Audit Committee; (vi) in accordance with Statement of Auditing Standards No. 61, as amended, to consider the Auditor's comments with respect to the Fund's financial policies, procedures and internal accounting controls and responses thereto by the Fund's officers; (vii) to review the form of written opinion the Auditor proposes to render to the Board of Trustees and Shareholders of the Fund; (viii) to review with the Auditor its opinions as to the fairness of the Fund's financial statements; (ix) to attempt to identify (x) conflicts of interest between management and the Auditor as a result of employment relationships; (y) violations of audit partner rotation requirements; and (z) prohibited independent auditor compensation arrangements whereby the Auditor is compensated based on selling non-audit services to the Fund; (x) to review the quality and adequacy of the internal accounting staff (which, for purposes of this paragraph, includes the appropriate officers and employees of the Fund, the Investment Adviser, the Fund Administrator, and other key service providers (other than the Auditor)); (xi) to consider the Auditor's comments with respect to the appropriateness and adequacy of the Fund's financial policies, procedures and internal accounting controls (including computer system controls and controls over the daily net asset valuation process and the adequacy of the computer systems and technology used in the Fund's operations) and review management's responses thereto; and (xii) to provide the Auditor the opportunity to report on any other matter that the Auditor deems necessary or appropriate to discuss with the Audit Committee.

The Audit Committee shall (i) consider the effect upon the Fund of any changes in accounting principles or practices proposed by the Auditor or the Fund's officers, (ii) investigate improprieties or suspected improprieties in Fund operations, (iii) consider the effect on the Fund of: (a) any changes in service providers, such as accountants or administrators for the Fund, that could impact the Fund's internal controls or (b) any changes in schedules (such as fiscal or tax year-end changes) or structures or transactions that require special accounting activities or resources and (iv) report its activities to the Board of Trustees on a regular basis and make such recommendations with respect to the matters described above and other matters as the Audit Committee may deem necessary or appropriate. The Audit Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain special counsel and other experts or consultants at the expense of the Fund.

The Audit Committee currently consists of each of the Fund's Independent Trustees and shall always be composed entirely of Independent Trustees. David Borecky has been designated as the Audit Committee Chair.

*Nominating and Governance Committee*

The Board of Trustees has formed a Nominating and Governance Committee that has the responsibility and power to (i) identify individuals qualified to become Trustees and recommend to the Board of Trustees the candidates for all positions to be filled by the Board of Trustees or by the Shareholders of the Fund; (ii) recommend to the Board of Trustees candidates for membership on committees thereof; (iii) develop and recommend to the Board of Trustees guidelines for effective corporate governance; and (iv) lead the Board of Trustees in its annual review of the Board's performance. The Nominating and Governance Committee consists of each of the Fund's Independent Trustees. The Nominating and Governance Committee does not currently have a policy regarding whether it will consider nominees recommended by Shareholders. Nimesh Gupta has been designated as the Nominating and Governance Committee Chair.

All actions taken by a committee of the Board of Trustees will be recorded and reported to the full Board of Trustees at its next meeting following such actions.

**Trustee Ownership of Securities**

The dollar range of equity securities owned by each Trustee is set forth below.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities<br> in the Fund** | **Aggregate Dollar Range of<br> Equity Securities in all Registered<br> Investment Companies Overseen<br> by Trustee in Family of<br> Investment Companies<sup>(1)</sup>** |
| Independent Trustees |  |  |
| David Borecky | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 |
| Nimesh Gupta | $0 | $0 |
| Interested Trustees |  |  |
| Erik Syvertsen | $0 | $0 |

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(1) The Fund has not issued Shares to any person.

**Independent Trustee Ownership of Securities**

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

**Trustee Compensation**

The Fund will pay each Independent Trustee a fee of $55,000 per fiscal year. In addition, the Fund will reimburse each of the Independent Trustees for travel and other reasonable expenses incurred in connection with attendance at such meetings. The Chair of the Audit Committee receives an additional $5,000 per fiscal year. Other officers and Trustees of the Fund receive no compensation.

The following table summarizes the compensation paid to the Trustees of the Fund, including the Audit Committee and Nominating and Governance Committee meeting fees, for the period from the Fund's inception through the date of this SAI.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Trustee** | **Aggregate<br> Compensation<br> from the Fund** | **Pension or<br> Retirement<br> Benefits Accrued<br> as Part of Fund<br> Expenses** | **Estimated Annual<br> Benefits Upon<br> Retirement** | **Total<br> Compensation<br> From Fund<br> Complex Paid to<br> Trustee** |
| David Borecky | $30000<sup>(1)</sup> | N/A | N/A | $30000<sup>(1)</sup> |
| Nimesh Gupta | $27500<sup>(1)</sup> | N/A | N/A | $27500<sup>(1)</sup> |
| Erik Syvertsen | $0 | N/A | N/A | $0 |

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(1) Estimated payments for the fiscal year
 ended March 31, 2026 including payments for meetings in 2025 which have yet to be paid.
 As of the date of the SAI, no payments have been made to the Independent Trustees.

**The Investment Adviser**

Under the supervision of the Board of Trustees and pursuant to an investment advisory agreement (the "Investment Advisory Agreement"), the Investment Adviser is an investment adviser registered with the SEC under the Investment Advisers Act of 1940, as amended (the "Advisers Act"), serves as investment adviser to the Fund.

The Investment Adviser was formed in December 2023 as a Delaware limited liability company, and registered with the SEC under the Advisers Act in March 2024. The Investment Adviser manages multiple investment vehicles, and as of September 23, 2025 had in the aggregate approximately $329 million under management.

Pursuant to Investment Advisory Agreement, and in consideration of the services provided by the Investment Adviser to the Fund, the Investment Adviser is entitled to an advisory fee (the "Advisory Fee"). The Advisory Fee shall accrue daily at an annual rate equal to 1.00% of the average daily calculated NAV of the Fund and shall be paid quarterly in arrears.

The Fund has paid no Advisory Fees during the last three fiscal years.

**Portfolio Manager**

The Investment Adviser's Portfolio Management Team is principally responsible for the investment management of the Fund. The Portfolio Management Team is comprised of Abraham Othman. See the Prospectus for biographies of the portfolio manager.

**Compensation of Portfolio Manager**

The portfolio manager receives a fixed annual salary and a discretionary bonus, which is dependent upon the overall performance of the Investment Adviser. The portfolio manager does not receive any additional compensation from the Fund for serving as portfolio manager of the Fund.

**Securities Ownership of Portfolio Manager**

Because the Fund is new and has not yet commenced operations, the portfolio manager does not beneficially own any Shares of the Fund.

**Portfolio Manager Conflicts of Interest**

In addition to managing the assets of the Fund, the Fund's portfolio manager may have responsibility for managing other client accounts of the Investment Adviser. The tables below show the number and asset size of (i) SEC-registered investment companies (or series thereof) other than the Fund, (ii) pooled investment vehicles that are not registered investment companies, and (iii) other accounts (e.g., accounts managed for individuals or organizations) managed by the portfolio manager. The tables also show the number of performance-based fee accounts, as well as the total assets of the accounts for which the advisory fee is based on the performance of the account. This information is provided as of September 25, 2025.

***See the Prospectus under "Conflicts of Interest" for details of certain conflicts of interest between the Fund and the Investment Adviser and its principals.***

**Other SEC-Registered Investment Companies Managed**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Portfolio Manager** | **Number of<br> Registered<br> Investment<br> Companies** | **Total Assets of<br> Registered<br> Investment<br> Companies** | **Number of Investment<br> Company Accounts with<br> Performance-Based Fees** | **Total Assets of<br> Performance-Based<br> Fee Accounts** |
| Abraham Othman | 0 | $0 | 0 | $0 |

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**Other Pooled Investment Vehicles Managed**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Portfolio Manager** | **Number of<br> Pooled<br> Investment<br> Vehicles** | **Total Assets of<br> Pooled<br> Investment<br> Vehicles** | **Number of Pooled<br> Investment Vehicles with<br> Performance-Based Fees** | **Total Assets of<br> Performance-Based<br> Fee Accounts** |
| Abraham Othman | 136 | $347706339 | 136 | $347706339 |

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**Other Accounts Managed**

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Portfolio Manager** | **Number of<br> Other<br> Accounts** | **Total Assets of<br> Other Accounts** | **Number of Other<br> Accounts with<br> Performance-Based Fees** | **Total Assets of<br> Performance-Based<br> Fee Accounts** |
| Abraham Othman | 0 | $0 | 0 | $0 |

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**PORTFOLIO TRANSACTIONS**

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

Subject to policies established by the Board of Trustees, the Investment Adviser is primarily responsible for the execution of any traded securities in the Fund's portfolio and the Fund's allocation of brokerage commissions. The Investment Adviser does not expect to execute transactions through any particular broker or dealer but seeks to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, operations facilities of the firm, and the firm's risk and skill in positioning blocks of securities.

While the Investment Adviser generally seeks reasonably competitive trade execution costs, the Fund will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements, the Investment Adviser may select a broker based partly upon brokerage or research services provided to the Investment Adviser and the Fund and any other clients. In return for such services, the Fund may pay a higher commission than other brokers would charge if the Investment Adviser determines in good faith that such commission is reasonable in relation to the services provided.

The Fund has paid no brokerage commissions during the last three fiscal years.

**CODE OF ETHICS**

The Fund and the Investment Adviser each has adopted a code of ethics as required by applicable law, which are designed to prevent affiliated persons of the Fund and the Investment Adviser from engaging in deceptive, manipulative, or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to a code of ethics). There can be no assurance that the codes of ethics will be effective in preventing such activities. The Fund's and the Investment Adviser's codes of ethics allow personnel to invest in securities for their own account, but require compliance with the codes' pre-clearance requirements and other restrictions.

The codes of ethics of the Fund and the Investment Adviser are each available on the EDGAR Database on the SEC's Internet site at www.sec.gov. The codes of ethics of the Fund and the Investment Adviser may also be examined on the Internet from the Fund's website (www.usvc.com). A copy of the codes of ethics of the Fund and the Investment Adviser may be obtained, after paying a duplicating fee, by written request at the following e-mail address: <u>publicinfo@sec.gov</u>.

**TAX STATUS**

The following discussion is a general summary of certain U.S. federal income tax considerations applicable to the Fund and to an investment in Shares. This summary does not purport to be a complete description of the income tax considerations applicable to such an investment. For example, the following does not describe tax consequences that are assumed to be generally known by investors or certain considerations that may be relevant to certain types of Shareholders subject to special treatment under U.S. federal income tax laws, including Shareholders subject to the alternative minimum tax, tax-exempt organizations, insurance companies, dealers in securities, pension plans and trusts, financial institutions, persons who hold their investment as part of a straddle or hedging, integrated or constructive sale transaction, traders in securities that elect to mark-to-market their securities holdings, regulated investments companies, real estate investment trusts, personal holding companies, persons who acquire an interest in the Fund in connection with the performance of services, U.S. expatriates, and Non-U.S. Shareholders, (as defined below). This summary assumes that Shareholders hold Shares as capital assets (generally, property held for investment). The discussion is based upon the Code, Treasury Regulations and administrative and judicial interpretations, each as of the date of this Prospectus and all of which are subject to change, possibly retroactively, which could affect the continuing validity of this discussion. The Fund has neither sought nor will seek any ruling from the Internal Revenue Service, or "IRS," regarding this offering for the Fund's status as a "regulated investment company" ("RIC") (as defined under the Code and described in more detail below). This summary does not discuss any aspects of foreign, state or local tax, estate or gift tax, or any U.S. federal taxes other than income taxes. It does not discuss the special treatment under U.S. federal income tax laws that could result if the Fund invested in tax-exempt securities or certain other investment assets.

A "U.S. Shareholder" is a beneficial owner of Shares that is for U.S. federal income tax purposes:

● a citizen or individual resident of the United States;

● a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any state thereof or the District of Columbia;

● a trust, if a court within the United States has primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions, or the trust has a valid election in effect under applicable Treasury regulations to be treated as a U.S. person; or

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

A "Non-U.S. Shareholder" is a beneficial owner of Shares that is not a U.S. Shareholder.

If an entity treated as a partnership for U.S. federal income tax purposes holds Shares, the U.S. federal income tax treatment of a Shareholder of the entity would generally depend upon the status of the Shareholder and the activities of the entity. A prospective Shareholder that is such an entity or a Shareholder of such an entity should consult its own tax advisors with respect to the purchase, ownership and disposition of Shares.

Tax matters are very complicated and the tax consequences to an investor of an investment in Shares will depend on the facts of its particular situation. Shareholders are encouraged to consult their own tax advisors regarding the specific consequences of such an investment, including tax reporting requirements, the applicability of U.S. federal, state, local and foreign tax laws, eligibility for the benefits of any applicable tax treaty and the effect of any possible changes in the tax laws.

**Election to be Taxed as a RIC**

The Fund intends to elect to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes to Shareholders as dividends. To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, the Fund must distribute to Shareholders, for each taxable year, an amount equal to at least 90% of the Fund's "investment company taxable income," which is generally its ordinary income plus the excess of recognized net short-term capital gain over recognized net long-term capital loss, reduced by deductible expenses but determined without regard to any deduction for dividends paid. Such required amount of distribution is referred to as the "Annual Distribution Requirement."

**Taxation as a RIC**

If the Fund:

● qualifies as a RIC; and

● satisfies the Annual Distribution Requirement;

then the Fund will not be subject to U.S. federal income tax on the portion of its investment company taxable income and net capital gain (generally, recognized net long-term capital gain in excess of recognized net short-term capital loss) timely distributed to Shareholders. The Fund will be subject to U.S. federal income tax at regular corporate rates on any income or capital gain not distributed (or treated as distributed for tax purposes) to Shareholders. However, as a RIC, the Fund cannot deduct its net operating loss carryovers against its taxable income. We may realize substantial net operating losses.

The Fund will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income unless the Fund distributes in a timely manner an amount at least equal to the sum of (1) 98% of the Fund's ordinary income for each calendar year, (2) 98.2% of the Fund's capital gain net income for the one-year period generally ending October 31 in that calendar year and (3) any income recognized, but not distributed, in preceding years. Collectively, such amount is referred to as the "Excise Tax Avoidance Requirement." The Fund currently intends to make sufficient distributions each taxable year to satisfy the Excise Tax Avoidance Requirements.

To qualify as a RIC for U.S. federal income tax purposes, the Fund generally must, among other things:

● derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to certain securities loans, gains from the sale of stock or other securities or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts) derived with respect to the Fund's business of investing in such stock or securities. The Fund refers to this test as the "90% Gross Income Test;" and

● diversify the Fund's holdings so that at the end of each quarter of the taxable year:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o at least 50% of the value of the Fund's
assets consists of cash, cash equivalents, U.S. Government securities, securities of other RICs, and other securities if such other securities
of any one issuer do not represent more than 5% of the value of the Fund's total assets or more than 10% of the outstanding voting
securities of such issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o no more than 25% of the value of the Fund's
assets is invested in the securities, other than U.S. Government securities or securities of other RICs, of one issuer, the securities
of two or more issuers that are controlled, as determined under applicable tax rules, by the Fund and that are engaged in the same or
similar or related trades or businesses, or the securities of one or more qualified publicly traded partnerships. Collectively, the Fund
refers to these tests as the "Diversification Tests."

With respect to these requirements, the Fund will, in certain circumstances, "look through" to the income, assets, and investments of the Investment Vehicles. If the Fund satisfies these requirements and distributes at least 90% of its investment income and net-short capital gains each year, the Fund will not be required to pay federal income taxes on any income it distributes to Shareholders.

In general, the Fund may sell assets in order to satisfy distribution requirements. However, the Fund's ability to dispose of assets to meet the distribution requirements may be limited by (1) the illiquid nature of its portfolio and (2) other requirements relating to the Fund's status as a RIC, including the Diversification Tests. If the Fund disposes of assets to meet the Annual Distribution Requirement, the Diversification Test, or the Excise Tax Avoidance Requirement, the Fund may make such dispositions at times that, from an investment standpoint, are not advantageous.

If the Fund fails to satisfy the Annual Distribution Requirement or otherwise fails to qualify as a RIC in any taxable year, the Fund will be subject to tax in that year on all of its taxable income, regardless of whether the Fund makes any distributions to Shareholders. In that case, all of the Fund's income will be subject to corporate-level U.S. federal income tax, reducing the amount available to be distributed to Shareholders. In contrast, assuming the Fund qualifies as a RIC, its corporate-level U.S. federal income tax should be substantially reduced or eliminated.

**Failure to Qualify as a RIC**

If the Fund were unable to qualify for treatment as a RIC, the Fund would be subject to U.S. federal income tax on all of its net taxable income at regular corporate rates. The Fund would not be able to deduct distributions to Shareholders, nor would they be required to be made. Distributions would generally be taxable to non-corporate Shareholders as ordinary dividend income to the extent of our current and accumulated earnings and profits. Subject to certain limitations under the Code, corporate Shareholders would be eligible to claim a dividends received deduction with respect to such dividends and non-corporate U.S. Shareholders would generally be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of federal income tax. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the Shareholder's tax basis, and any remaining distributions would be treated as a capital gain. If the Fund were to fail to meet the RIC requirements in its first taxable year or, with respect to later years, for more than two consecutive years, and then to seek to requalify as a RIC, the Fund would be required to recognize gain to the extent of any unrealized appreciation in its assets recognized during the succeeding 5-year period unless the Fund made a special election to pay corporate-level tax on any such unrealized appreciation upon requalification.

The remainder of this discussion assumes that the Fund qualifies as a RIC and has satisfied the Annual Distribution Requirement.

**Fund Investments**

The Fund will primarily invest in Investment Vehicles, some of which may be classified as partnerships for U.S. federal income tax purposes. An entity that is properly classified as a partnership (and not an association or publicly traded partnership taxable as a corporation) generally is not subject to an entity-level U.S. federal income tax. Instead, each partner of the partnership is required to take into account its distributive share of the partnership's net capital gain or loss, net short-term capital gain or loss, and its other items of ordinary income or loss (including all items of income, gain, loss and deduction allocable to that partnership from investments in other partnerships) for each taxable year of the partnership ending with or within the partner's taxable year. Each such item will have the same character to a partner, and will generally have the same source (either United States or foreign), as though the partner realized the item directly. Partners of a partnership must report these items regardless of the extent to which, or whether, the partnership or the partners receive cash distributions for such taxable year. Accordingly, the Fund may be required to recognize items of taxable income and gain and to make distributions to Shareholders prior to the time that any corresponding cash distributions are made to or by the Fund and certain Investment Vehicles (including in circumstances where investments by the Investment Vehicles, such as investments in debt instrument with "original issue discount," generate income prior to a corresponding receipt of cash). In such cases, the Fund may have difficulty meeting the annual distribution requirement necessary to qualify for and maintain RIC tax treatment under Subchapter M of the Code. The Fund may have to sell some of its investments at times and/or at prices it would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, it may not qualify for or maintain RIC tax treatment and thus may become subject to corporate-level income tax.

Some of the income that the Fund may earn directly or through an Investment Vehicle, such as income recognized from an equity investment in an operating partnership or certain income or gain from cryptocurrencies, may not satisfy the gross income test. To manage the risk that such income might jeopardize the Fund's tax status as a RIC resulting from a failure to satisfy the gross income test, the Fund may establish one or more Subsidiaries treated as either U.S. corporations or non-U.S. corporations for U.S. federal income tax purposes to hold the related investment. U.S. subsidiaries generally will be required to incur entity-level income taxes on their earnings, which ultimately will reduce the return to Shareholders.

A non-U.S. Subsidiary will be treated as a controlled foreign corporation ("CFC"), and that the Fund will be required to include certain income of such Subsidiary in its taxable income each taxable year regardless of whether or not such Subsidiary distributes such income. The income inclusion from a CFC will be treated as qualifying income for purposes of the RIC source-of-income requirements if the CFC distributes such income in the same taxable year that such income is includable in the RIC's taxable income or if the income inclusion was derived with respect to the RIC's business of investing in stock, securities, or currencies. As a result, the Fund anticipates that its income inclusion from a Subsidiary will be treated as qualifying income for purposes of the RIC source-of-income requirements. This tax treatment may be adversely affected by additional changes in legislation, regulations, or other legally binding authority. If, as a result of any such adverse action, the income of the Fund from a Subsidiary was treated as non-qualifying income, the Fund might fail to qualify as a RIC, in which case, it would be subject to U.S. federal income tax at the Fund level. Should the IRS issue guidance (which could apply to the Fund retroactively) or Congress enact legislation that adversely affects the tax treatment of the Fund's investment in the Subsidiary, it could, among other consequences, limit the Fund's ability to pursue its investment strategy and adversely affect the returns to Fund shareholders. In addition, to maintain its qualification as a RIC, the Fund intends to limit its investment in any Subsidiary so that investment in such Subsidiary does not constitute more than 25% of the Fund's total assets as of the end of any quarter of the taxable year.

UNLESS OTHERWISE INDICATED, REFERENCES IN THIS DISCUSSION TO THE FUND'S INVESTMENTS, ACTIVITIES, INCOME, GAIN AND LOSS, INCLUDE THE DIRECT INVESTMENTS, ACTIVITIES, INCOME, GAIN AND LOSS OF BOTH THE FUND, AS WELL AS THOSE INDIRECTLY ATTRIBUTABLE TO THE FUND AS A RESULT OF THE FUND'S INVESTMENT IN ANY INVESTMENT VEHICLE (OR OTHER ENTITY) THAT IS PROPERLY CLASSIFIED AS A PARTNERSHIP OR DISREGARDED ENTITY FOR U.S. FEDERAL INCOME TAX PURPOSES (AND NOT AN ASSOCIATION OR PUBLICLY TRADED PARTNERSHIP TAXABLE AS A CORPORATION).

In addition, certain of our investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things, (a) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (b) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income, (c) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (d) adversely affect the time when a purchase or sale of stock or securities is deemed to occur or (e) adversely alter the characterization of certain complex financial transactions.

Our functional currency is the U.S. dollar for U.S. federal income tax purposes. Under Section 988 of the Code, gains or losses attributable to fluctuations in exchange rates between the time we accrue income, expenses or other liabilities denominated in a foreign currency and the time we actually collect such income or pay such expenses or liabilities may be treated as ordinary income or loss.

If the Fund invests in non-U.S. securities, such investment may be subject to non-U.S. income, withholding and other taxes. In that case, our yield on those securities would be decreased. Unless more than 50% of the value of the Fund's total assets at the close of a taxable year consists of stock or securities of foreign corporations or at least 50% of the value of the Fund's total assets at the close of each quarter of its taxable year is represented by interests in other regulated investment companies, the Fund will generally not be able to pass through to Shareholders and, as a result, Shareholders will generally not be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by us.

**Investment in Passive Foreign Investment Companies**

The Fund may purchase interests in Investment Vehicles, which may be treated directly or indirectly as investing in a passive foreign investment companies ("PFICs"). The Fund may be subject to U.S. federal income tax, at ordinary income rates, on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its stockholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from such distributions or gains. If the Fund were to invest in a PFIC and elect to treat the PFIC as a "qualified electing fund" under the Code (a "QEF"), the Fund would be required, in lieu of the foregoing requirements, to include in income each year a portion of the QEF's ordinary earnings and net capital gain, even if not distributed to the Fund. If the QEF were to incur losses for a taxable year, those losses would not pass through to the Fund and, accordingly, could not offset other income and/or gain of the Fund. The Fund may not be able to make the QEF election with respect to many PFICs because of certain requirements that the PFICs would have to satisfy. Alternatively, the Fund could elect to mark-to-market at the end of each taxable year its shares in a PFIC. In this case, the Fund would recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value, to the extent it did not exceed prior increases in income. Under either election, the Fund might be required to recognize income in excess of its distributions from PFICs and its proceeds from dispositions of PFIC stock during the applicable year and such income would nevertheless be subject to the distribution requirement and would be taken into account for purposes of the 4% excise tax (described above).

**Taxation of U.S. Shareholders**

Whether an investment in our Shares is appropriate for a U.S. Shareholder will depend upon that person's particular circumstances. An investment in our Shares by a U.S. Shareholder may have adverse tax consequences. The following summary generally describes certain U.S. federal income tax consequences of an investment in our Shares by taxable U.S. Shareholders and not by U.S. Shareholders that are generally exempt from U.S. federal income taxation. U.S. Shareholders should consult their own tax advisors before investing in our Shares.

*Nature of the Fund's Investments*

The character of the Fund's distributive share of items of income, gain and loss derived through Investment Vehicles that are properly treated as partnerships for U.S. federal income tax purposes (other than certain publicly-traded partnerships) will be determined as if the Fund realized such tax items in the same manner as realized by those Investment Vehicles. Certain of the investment strategies of the Fund and the Investment Vehicles may be subject to special and complex federal income tax provisions that, among other things, can (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gain into higher taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss, (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the time as to when a purchase or sale of stock, securities or other assets is deemed to occur, (vi) adversely alter the characterization of certain complex financial transactions, and (vii) produce income that will not qualify as good income under the 90% gross income test.

*Dividends on our Shares*

Dividends by us, if any, generally are taxable to U.S. Shareholders as ordinary income or long-term capital gain. Dividends of our investment company taxable income (which is, generally, our net income excluding net capital gain determined without regard to any deduction for dividends paid) will be taxable as ordinary income to U.S. Shareholders to the extent of our current and accumulated earnings and profits, whether paid in cash or reinvested in additional Shares. Dividends of our net capital gain (which is generally the excess of our net long-term capital gain over our net short-term capital loss) properly reported by us as "capital gain dividends" will be taxable to a U.S. Shareholder as long-term capital gain in the case of non-corporate U.S. Shareholders. This is true regardless of the U.S. Shareholder's holding period for their Shares and regardless of whether the dividend is paid in cash or reinvested in additional Shares. Dividends in excess of our earnings and profits first will reduce a U.S. Shareholder's adjusted tax basis in such U.S. Shareholder's Shares and, after the adjusted basis is reduced to zero, will constitute capital gain to such U.S. Shareholder. We may make dividends in excess of our earnings and profits. As a result, a U.S. Shareholder will need to consider the effect of our dividends on such U.S. Shareholder's adjusted tax basis in our Shares in their individual circumstances.

A portion of our ordinary income dividends, but not those reported as capital gain dividends, paid to corporate U.S. Shareholders may, if certain conditions are met, qualify for the 50% dividends-received deduction to the extent that we have received dividends from certain corporations during the taxable year, but only to the extent such dividends are treated as paid out of our earnings and profits. We expect only a small portion of our dividends, if any, to qualify for this deduction. A corporate U.S. Shareholder may also be required to reduce its basis in its Shares with respect to certain "extraordinary dividends" as defined in Section 1059 of the Code. Corporate U.S. Shareholders should consult their own tax advisors in determining the application of these rules in their particular circumstances.

In general, "qualified dividend income" recognized by non-corporate U.S. Shareholders is taxable at the same rate as net capital gain. Generally, qualified dividend income is dividend income attributable to U.S. and certain foreign corporations, as long as certain holding period requirements are met. As long as certain requirements are met, our dividends paid to non-corporate U.S. Shareholders attributable to qualified dividend income may be treated by such U.S. Shareholders as qualified dividend income, but only to the extent such dividends are treated as paid out of our earnings and profits. We expect only a small portion of our dividends, if any, to qualify as qualified dividend income.

Although we currently intend to distribute any of our net capital gain, if any, at least annually (which would be automatically reinvested unless a Shareholder opts out of the dividend reinvestment option), we may in the future decide to retain some or all of our net capital gain, but treat the retained amount as a "deemed distribution" for tax purposes. In that case, among other consequences, we will pay tax on the retained amount, each U.S. Shareholder will be required to include their share of the retained amount in income as if it had been actually distributed to the U.S. Shareholder, and the U.S. Shareholder will be entitled to claim a credit equal to their allocable share of the tax paid thereon by us. The amount of the retained amount net of such tax will be added to the U.S. Shareholder's tax basis for their Shares. The Fund will report, within 60 days of the end of its tax year, on Form 2349, Notice to Shareholder of Undistributed Long-Term Capital Gains, to each U.S. Shareholder such Shareholder's allocable share of our undistributed long-term capital gains and the Shareholder's allocable share of the taxes paid by the Fund on such gains.

Because we expect to pay tax on any retained net capital gain at our regular corporate tax rate, and because that rate currently is in excess of the maximum rate currently payable by individuals on net capital gain, the amount of tax that individual U.S. Shareholders will be treated as having paid and for which they will receive a credit would exceed the tax they owe on the retained net capital gain. Such excess generally may be claimed as a credit against the U.S. Shareholder's other U.S. federal income tax obligations or may be refunded to the extent it exceeds the U.S. Shareholder's liability for U.S. federal income tax. A U.S. Shareholder that is not subject to U.S. federal income tax or otherwise is not required to file a U.S. federal income tax return would be required to file a U.S. federal income tax return on the appropriate form in order to claim a refund for the taxes we paid. In order to treat amounts as distributed for tax purposes, we must provide a written statement to our U.S. Shareholders reporting the retained amount after the close of the relevant taxable year. We cannot treat any of our investment company taxable income as a "deemed distribution".

For purposes of determining (1) whether the Annual Distribution Requirement is satisfied for any year and (2) the amount of distributions paid for that year, we may, under certain circumstances, elect to treat a distribution that is paid during the following taxable year as if it had been paid during the taxable year in question. If we make such an election, the U.S. Shareholder will still be treated as receiving the distribution in the taxable year in which the distribution is made. However, any distribution declared by us in October, November or December of any calendar year, payable to U.S. Shareholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been received by our U.S. Shareholders on December 31 of the year in which the distribution was declared.

For U.S. federal income tax purposes, all distributions are generally taxable whether a Shareholder takes them in cash or they are reinvested pursuant to the reinvestment policy in additional Shares of the Fund. The automatic reinvestment of distributions pursuant to the reinvestment policy does not relieve a participant of any U.S. federal income tax that may be payable (or required to be withheld) on such distributions and does not provide a participant a correlating distribution of cash to pay such tax.

If a U.S. Shareholder purchases Shares shortly before the record date of a distribution, the price of the Shares will include the value of the distribution and the U.S. Shareholder will be subject to tax on the distribution even though it represents a return of their investment.

*Repurchase or other Disposition of our Shares*

A repurchase or transfer of Shares by the Fund generally will be treated as a taxable transaction for U.S. federal income tax purposes, either as a "sale or exchange," or, under certain circumstances, as a "dividend." In general, the transaction should be treated as a sale or exchange of the Shares if the receipt of cash results in a meaningful reduction in the U.S. Shareholder's proportionate interest in the Fund or results in a "complete redemption" of the U.S. Shareholder's Shares, in each case applying certain constructive ownership rules in the Code. If the repurchase or transfer of a U.S. Shareholder's Shares qualifies for sale or exchange treatment, any gain arising from such repurchase or disposition generally will be treated as long-term capital gain or loss if the U.S. Shareholder has held his, her or its Shares for more than one year. Otherwise, it will be classified as short-term capital gain or loss. However, any capital loss arising from the repurchase or disposition of Shares held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such Shares. In addition, all or a portion of any loss recognized upon a disposition of Shares may be disallowed if substantially identical Shares are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition.

Alternatively, if a U.S. Shareholder does not tender all of his or her Shares, such repurchase may not be treated as a sale or exchange for U.S. federal income tax purposes, and the gross amount of such repurchase may constitute a dividend to the U.S. Shareholder to the extent of such U.S. Shareholder's pro rata share of the Fund's current and accumulated earnings and profits. In such a case, there is a risk that non-tendering U.S. Shareholders, and U.S. Shareholders who tender some but not all of their Shares or fewer than all of whose Shares are repurchased, in each case whose percentage interests in the Fund increase as a result of such tender, will be treated as having received a dividend from the Fund. The extent of such risk will vary depending upon the particular circumstances of the tender offer, and in particular whether such offer is a single and isolated event or is part of a plan for periodically repurchasing Shares of the Fund.

*Net Capital Gains and Losses*

In general, non-corporate U.S. Shareholders are subject to a preferential U.S. federal income tax rate (depending on such U.S. Shareholders' amount of taxable income) on their net capital gain (generally, the excess of net long-term capital gain over net short-term capital loss for a taxable year, including long-term capital gain derived from an investment in our Shares). Non-corporate U.S. Shareholders' ability to utilize net capital losses (*i.e.*, capital loss in excess of capital gain) is generally subject to significant limitations.

Non-corporate U.S. Shareholders generally will be subject to a 3.8% Medicare tax on their "net investment income," which ordinarily includes taxable distributions or retained amounts treated as distributions on Shares, as well as taxable gain on the disposition of Shares. It is also very likely that "net investment income" would include, for this purpose any taxable income or gain on any other securities we may offer.

Corporate U.S. Shareholders currently are subject to a flat U.S. federal income tax rate which applies to both their net capital gain and their ordinary income. Corporate U.S. Shareholders' ability to utilize net capital losses (*i.e.*, capital loss in excess of capital gain) is generally subject to significant limitations.

*Information Reporting and Backup Withholding*

We will send to each of our U.S. Shareholders, after the end of each calendar year, a notice providing, on a per Share and per distribution basis, the amounts includible in such U.S. Shareholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the U.S. federal tax status of each year's distributions generally will be reported to the IRS. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Shareholder's particular situation.

We may be required to withhold U.S. federal income tax ("backup withholding"), currently at a rate of 24%, from all taxable distributions to any non-corporate U.S. Shareholder (1) who fails to furnish us with a correct taxpayer identification number or a certificate that such U.S. Shareholder is exempt from backup withholding or (2) with respect to whom the IRS notifies us that such U.S. Shareholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number is his or her social security number. Backup withholding is not an additional tax. Any amount withheld under backup withholding is allowed as a credit against the U.S. Shareholder's U.S. federal income tax liability and may entitle such U.S. Shareholder to a refund, provided that proper information is timely provided to the IRS.

*U.S. Federally Tax-Exempt Shareholders*

Under current law, the determination of whether it's a U.S. federally tax-exempt Shareholders (including, among others, individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities) recognizes unrelated business taxable income ("UBTI") from its investment is the Fund is made by reference to the investment in shares of the Fund (and not by looking to whether investments of the Fund would create UBTI if held directly). Accordingly, a U.S. federally tax-exempt Shareholder could realize UBTI by virtue of its investment in Shares of the Fund if the U.S. federally tax-exempt Shareholder has engaged in a borrowing or other similar transaction to acquire its Shares. A U.S. federally tax-exempt Shareholder may also recognize UBTI if the Fund were to recognize "excess inclusion income" derived from direct or indirect investments in residual interests in real estate mortgage investment conduits or taxable mortgage pools. If a charitable remainder annuity trust or a charitable remainder unitrust (each as defined in Section 664 of the Code) has UBTI for a taxable year, a 100% excise tax on the UBTI is imposed on the trust.

The foregoing discussion does not address all of the U.S. federal income tax consequences that may be applicable to a tax-exempt Shareholder as a result of an investment in the Fund. For example, certain tax-exempt private universities should be aware that they are subject to an excise tax on their "net investment income" that is not otherwise taxed as UBTI, including income from interest, dividends and capital gains. Tax-exempt investors should consult with their tax advisors regarding an investment in the Fund.

*Foreign Shareholders*

U.S. taxation of a Non-U.S. Shareholder depends on whether the income derived by the Non-U.S. Shareholder from the Fund is "effectively connected" with a U.S. trade or business carried on by the Non-U.S. Shareholder. The Fund is a corporation for U.S. federal income tax purposes. Under current law, a Non-U.S. Shareholder should not be considered to be engaged in the conduct of a business in the United States solely by reason of its investment in the Fund.

If the income from the Fund is not "effectively connected" with a U.S. trade or business carried on by the Non-U.S. Shareholder, distributions of investment company taxable income will generally be subject to a U.S. tax of 30% (or lower treaty rate, except in the case of any "excess inclusion income" allocated to the Non-U.S. Shareholder), which tax is generally withheld from such distributions. Dividend distributions that the Fund properly reports as attributable to certain U.S. source income derived by the Fund generally will, however, be exempt from such withholding tax. Furthermore, capital gain dividends and any amounts retained by the Fund which are properly reported by the Fund as undistributed capital gains generally will not be subject to U.S. tax at the rate of 30% (or lower treaty rate), unless the Non-U.S. Shareholder is a nonresident alien individual and is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements. In order to qualify for any reduction or exemption from U.S. withholding tax, a Non-U.S. Shareholder must comply with applicable certification requirements relating to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI, IRS Form W-8IMY or IRS Form W-8EXP, or an acceptable substitute or successor form). However, this 30% tax on capital gains of nonresident alien individuals who are physically present in the United States for more than the 182 day period only applies in exceptional cases because any individual present in the United States for more than 182 days during the taxable year is generally treated as a resident for U.S. income tax purposes; in that case, he or she would be subject to U.S. income tax on his or her worldwide income at the graduated rates applicable to U.S. citizens, rather than the 30% tax.

Any capital gain that a Non-U.S. Shareholder realizes upon a repurchase of Shares will ordinarily be exempt from U.S. tax unless, in the case of a Non-U.S. Shareholder that is a nonresident alien individual, the gain is U.S. source income and such Non-U.S. Shareholder is physically present in the United States for more than 182 days during the taxable year and meets certain other requirements.

If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a Non-U.S. Shareholder, then distributions of investment company taxable income and capital gain dividends, any amounts retained by the Fund which are reported by the Fund as undistributed capital gains, and any gains realized upon a repurchase of Shares of the Fund will be subject to U.S. income tax at the graduated rates applicable to U.S. citizens, residents and domestic corporations. Corporate Non-U.S. Shareholders may also be subject to the branch profits tax imposed by the Code.

In the case of a Non-U.S. Shareholder, the Fund may be required to withhold U.S. federal income tax from distributions and repurchase proceeds that are otherwise exempt from withholding tax (or taxable at a reduced treaty rate), unless the Non-U.S. Shareholder certifies his foreign status under penalties of perjury or otherwise establishes an exemption in the manner discussed above.

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

*State and Local Taxes*

In addition to the U.S. federal income tax consequences summarized above, Shareholders and prospective Shareholders should consider the potential state and local tax consequences associated with an investment in the Fund. The Fund may become subject to income and other taxes in states and localities based on the Fund's investments in entities that conduct business in those jurisdictions. Shareholders will generally be taxable in their state of residence with respect to their income or gains earned and distributed by the Fund as dividends for U.S. federal income tax purposes, or the amount of their investment in the Fund.

*Foreign Account Tax Compliance Act*

The Foreign Account Tax Compliance Act ("FATCA") imposes a 30% U.S. withholding tax on certain U.S. source payments, including interest, dividends, other fixed or determinable annual or periodical gain, profits, and income, and on the gross proceeds from a disposition of property of a type which can produce U.S. source interest or dividends ("Withholdable Payments"), if paid to a foreign financial institution (including amounts paid to a foreign financial institution on behalf of a stockholder), unless such institution enters into an agreement with the Treasury to collect and provide to the Treasury certain information regarding U.S. financial account holders, including certain account holders that are foreign entities with U.S. owners, with such institution or otherwise complies with FATCA. FATCA also generally imposes a withholding tax of 30% on Withholdable Payments made to a non-financial foreign entity unless such entity provides the withholding agent with a certification that it does not have any substantial U.S. owners or a certification identifying the direct and indirect substantial U.S. owners of the entity. Under certain circumstances, a holder may be eligible for refunds or credits of such taxes.

Under proposed regulations (the preamble to which specifies that taxpayers are permitted to rely on them pending finalization), no withholding will apply on payments of gross proceeds. If we (or an applicable withholding agent) determine withholding under FATCA is appropriate, we (or such agent) will withhold tax at the applicable statutory rate, without being required to pay any additional amounts in respect of such withholding. Foreign financial institutions and non-financial foreign entities located in jurisdictions that have an intergovernmental agreement with the United States governing FATCA may be subject to different rules.

Investors are urged to consult with their tax advisors regarding the effect, if any, of FATCA to them based on their particular circumstances.

*Information Reporting of Substantial Losses*

Under U.S. Treasury regulations, if a U.S. Shareholder recognizes a loss with respect to Shares of $2 million or more for a non-corporate U.S. Shareholder or $10 million or more for a corporate U.S. Shareholder in any single taxable year (or a greater loss over a combination of years), the U.S, Shareholder must file with the IRS a disclosure statement on Form 8886. Direct U.S. holders of portfolio securities in many cases are excepted from this reporting requirement, but under current guidance, stockholders or shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to stockholders or shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Significant monetary penalties apply to a failure to comply with this reporting requirement. States may also have a similar reporting requirement. U.S. Shareholders should consult their own tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**DETERMINATION OF NET ASSET VALUE**

The NAV of the Fund's Shares is determined daily, as of the close of regular trading on the NASDAQ (normally, 4:00 p.m., Eastern time). Each Share will be offered at NAV next calculated after receipt of the purchase in good order, plus the applicable sales load. During the continuous offering, the price of the Shares will increase or decrease on a daily basis according to the NAV of the Shares. In computing NAV, portfolio securities of the Fund are valued at their current fair market values determined on the basis of market quotations, if available. Because public market quotations are not typically readily available for most of the Fund's securities, they are valued at fair value as determined pursuant to procedures and methodologies approved by the Board of Trustees. The Board of Trustees has delegated the day-to-day responsibility for determining these fair values to the Investment Adviser as the Fund's valuation designee for purposes of Rule 2a-5 under the 1940 Act. The Investment Adviser has developed valuation procedures and methodologies, which have been approved by the Board of Trustees, and will make valuation determinations and act in accordance with those procedures and methodologies, and in accordance with the 1940 Act. The Board of Trustees oversees the implementation of the Fund's valuation procedures. The Board of Trustees shall monitor (i) the material aspects of the Fund's valuation procedures as adopted by the Board of Trustees and revised from time to time, and (ii) the Fund's compliance with respect to the valuation of its assets under the 1940 Act.

Pursuant to valuation policies and procedures approved by the Board of Trustees, the Investment Adviser is responsible for determining and documenting (1) whether market quotations are readily available for portfolio securities of the Fund; (2) the fair value of portfolio securities for which market quotations are not readily available; (3) the fair value of any other assets or liabilities considered in the determination of the NAV. Depending on the portfolio security being valued, the Investment Adviser is responsible for maintaining records for each investment, reflecting various significant positive or negative events in the fundamental financial and market information relating to each investment that support or affect the fair value of the investment.

Fair valuation involves subjective judgments, 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 a security. Rather, in determining the fair value of a security for which there are no readily available market quotations, the Investment Adviser may consider several factors, including the implied valuation of the asset as reflected by stock purchase contracts reported on alternative trading systems, fundamental analytical data relating to the investment in the security, the nature and duration of any restriction on the disposition of the security, the cost of the security at the date of purchase, the liquidity of the market for the security, the price of such security in a meaningful private or public investment or merger or acquisition of the issuer subsequent to the Fund's investment therein, the per share or unit price of the security to be valued in recent verifiable transactions, including private secondary transactions, and the recommendation of the Fund's portfolio manager. The Investment Adviser will determine fair market value of Fund assets in accordance with consistently applied written procedures approved by the Board of Trustees and in accordance with GAAP. Under GAAP, the valuation of investment holdings is governed by Financial Accounting Standards Board Accounting Standards Code, Section 820 "Fair Value Measurement" ("ASC 820"). The Investment Adviser may engage a valuation specialist to support the Investment Adviser in its fair valuation of the Investment Vehicles and other assets held by the Fund that may require fair valuation under the Fund's valuation procedures. The cost of such valuation specialist will be paid by the Fund.

**Fair value prices are necessarily subjective in nature, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades.**

**Adjustments**

Although the valuation policies and procedures approved by the Board of Trustees provide that the Investment Adviser may, in certain circumstances, rely primarily on the valuations provided by the Investment Vehicle managers or their administrators, neither the Board of Trustees nor the Investment Adviser will be able to confirm independently the accuracy of any unaudited valuations provided thereby.

The valuations reported by the managers of the Investment Vehicles, upon which the Fund may in certain circumstances primarily rely in calculating its NAV and NAV per Share, may be subject to later adjustment, based on information reasonably available at that time. The Fund will pay repurchase proceeds, as well as calculate management and other fees, on the basis of net asset valuations determined using the best information available as of the valuation date. In the event that an Investment Vehicle, in accordance with its valuation procedures, subsequently corrects, revises or adjusts an unaudited estimated or final value that was properly relied upon by the Fund, or properly used by the Fund as a component of determining the fair value of their interest in that Investment Vehicle, the Fund will generally not make any retroactive adjustments to its NAV, or to any amounts paid based upon such NAV, to reflect a revised valuation. If, after the Fund pays repurchase proceeds, one or more of the valuations used to determine the NAV on which the repurchase payment is based are revised, the repurchasing Shareholder (if the valuations are revised upward) or the remaining Shareholders (if the valuations are revised downwards) will bear the risk of such revisions. A repurchasing Shareholder will neither receive distributions from, nor will it be required to reimburse, the Fund in such circumstances. This may have the effect of diluting or increasing the economic interest of other Shareholders. Such adjustments or revisions, whether increasing or decreasing the NAV at the time they occur, because they relate to information available only at the time of the adjustment or revision, will not affect the amount of the repurchase proceeds received by Shareholders who had their Shares repurchased prior to such adjustments and received their repurchase proceeds. As a result, to the extent that such subsequently adjusted valuations from managers or revisions to the NAV of an Investment Vehicle adversely affect the Fund's NAV, the outstanding Shares of the Fund will be adversely affected by prior repurchases to the benefit of Shareholders who had their Shares repurchased at a NAV per Share higher than the adjusted amount. Conversely, any increases in the NAV per Share resulting from such subsequently adjusted valuations will be entirely for the benefit of the holders of the outstanding Shares and to the detriment of Shareholders who previously had their Shares repurchased at a NAV per Share lower than the adjusted amount. New Shareholders, as well as Shareholders purchasing additional Shares, may be affected in a similar way because the same principles apply to Share purchases.

**INVESTMENT BY EMPLOYEE BENEFIT PLANS**

**General**

The following section sets forth certain consequences which should be considered by a fiduciary before acquiring Shares on behalf of (i) an "employee benefit plan" as defined in and subject to the fiduciary responsibility provisions of ERISA, (ii) a "plan" as defined in and subject to Section 4975 of the Code, or (iii) an entity deemed to hold "plan assets" as a result of investments in the entity by such plans (each such fiduciary is referred to herein as a "Plan Fiduciary", and such plans or entities, "Plans"). The following summary is not intended to be complete, but only to address certain questions under ERISA and the Code which are likely to be raised by the Plan Fiduciary's own counsel.

In general, the terms "employee benefit plan" as defined in ERISA and "plan" as defined in Section 4975 of the Code together refer to any plan or account of various types which provides retirement benefits or welfare benefits to an individual or to an employer's employees and their beneficiaries. Such plans and accounts include, but are not limited to, corporate pension and profit-sharing plans, "simplified employee pension plans," Keogh plans for self-employed individuals (including partners), individual retirement accounts described in Section 408 of the Code and medical benefit plans.

Because the Fund will be registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" of the Plans investing in the Fund for the purposes of ERISA's fiduciary responsibility and prohibited transaction rules. Thus, the Investment Adviser will not be a fiduciary within the meaning of ERISA 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.

ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to a Plan, including prudence, diversification, prohibited transaction, and other standards. In determining whether to invest assets of a Plan in the Fund, a Plan Fiduciary must give appropriate consideration to the facts and circumstances that are relevant to an investment in the Fund, including the role an investment in the Fund plays in the Plan's investment portfolio. Each Plan Fiduciary, before deciding to invest in the Fund, must be satisfied that investment in the Fund is a prudent investment for the Plan, that the investments of the Plan, including the investment in the Fund, are diversified so as to minimize the risks of large losses and that an investment in the Fund complies with the documents of the Plan and any related trust.

**Each Plan Fiduciary considering acquiring Shares must consult its own legal and tax advisors before doing so.**

**Prohibited Transactions**

Section 406 of ERISA and Section 4975 of the Code prohibit certain transactions involving the assets of a Plan and certain persons (referred to as "parties in interest" under ERISA or "disqualified persons" under the Code) having certain relationships to such Plans, unless an exemption is available. A party in interest or disqualified person who engages in a prohibited transaction may be subject to excise taxes and other penalties and liabilities under ERISA and the Code. In addition, a Plan Fiduciary who permits a Plan to engage in a transaction that the Plan Fiduciary knows or should know is a prohibited transaction may be liable to the Plan for any loss the Plan incurs as a result of the transaction or for any profits earned by the fiduciary in the transaction.

In general, Shares may not be purchased with the assets of a Plan if the Investment Adviser, any member of the Board of Trustees, the Distributor, any Financial Intermediary, any of their respective affiliates, or any of their respective agents or employees (collectively, the "Fund Affiliates") either: (a) has investment discretion with respect to the investment of such plan assets; (b) has authority or responsibility to give or regularly gives investment advice with respect to such plan assets, for a fee, and pursuant to an agreement or understanding that such advice will serve as a primary basis for investment decisions with respect to such plan assets and that such advice will be based on the particular investment needs of the Plan; or (c) is an employer maintaining or contributing to such Plan. A party that is described in clause (a) or (b) of the preceding sentence is a fiduciary under ERISA and the Code with respect to the Plan, and any such purchase might result in a prohibited transaction under ERISA and the Code, as described above. There are certain exemptions from the prohibited transaction provisions of Section 406 of ERISA and Section 4975 of the Code may be applicable, depending in part on the type of Plan Fiduciary making the decision to acquire Shares and the circumstances under which that decision is made.

A Plan and Plan Fiduciary considering investing in the Fund should consult with its legal counsel to determine if participation in the Fund is a transaction that is prohibited by ERISA or the Code or whether the investment is entitled to an exemption. A Plan Fiduciary will be required to represent that the decision to invest in the Fund was made by them as a fiduciary duly authorized to make such investment decisions, that the decision was made independent of all of the Fund Affiliates, and that the Plan Fiduciary has not relied on any individualized advice or recommendation of a Fund Affiliate as a primary basis for the decision to invest in the Fund.

Except as otherwise set forth, the foregoing statements regarding the consequences under ERISA and the Code of an investment in the Fund are based on the provisions of the Code and ERISA as currently in effect, and the existing administrative and judicial interpretations thereunder. No assurance can be given that administrative, judicial or legislative changes will not occur that may make the foregoing statements incorrect or incomplete.

**Offering of Shares to Plans is in no respect a representation by the Investment Adviser or any other party related to the Fund that this investment meets the relevant legal requirements with respect to investments by any particular Plan or that this investment is appropriate for any particular Plan. The person with investment discretion should consult with his or her attorney and financial advisers as to the propriety of an investment in the Fund in light of the circumstances of the particular Plan.**

**PERFORMANCE INFORMATION**

Advertisements and sales literature relating to the Fund as well as reports to Shareholders may include quotations of investment performance. In these materials, the Fund's performance will normally be portrayed as the net return to an investor in the Fund during each month or quarter of the period for which the investment performance is being shown. Cumulative performance and year-to-date performance computed by aggregating quarterly or monthly return data may also be used. Investment returns will be reported on a net basis, after all fees and expenses. Other methods also may be used to portray the Fund's investment performance.

The Fund's performance results will vary from time to time, and past results are not necessarily indicative of future investment results.

Comparative performance information, as well as any published ratings, rankings and analyses, reports and articles discussing the Fund, may also be used to advertise or market the Fund, including data and materials prepared by recognized sources of such information. Such information may include comparisons of the Fund's investment performance to the performance of recognized market indices and indices, including but not limited to the Standard & Poor's 500, the Russell 2000, or other lesser known indices. Comparisons also may be made to economic and financial trends and data that may be relevant for investors to consider in determining whether to invest in the Fund.

**CALCULATION OF FEES**

If, consistent with the Fund's then-current registration statement, the determination of NAV is suspended or NAV is otherwise not calculated on a particular day, then for purposes of calculating and accruing any fee payable by the Fund that is based on the Fund's NAV, such fee will be computed on the basis of the value of the Fund's net assets as last calculated.

**PROXY VOTING POLICIES AND PROCEDURES**

The Fund may invest in securities issued by Portfolio Investments. As such, it is expected that proxies and consent requests received by the Fund will deal with matters related to the operative terms and business details of such Portfolio Investments.

To the extent that the Fund receives notices or proxies from Portfolio Investments, the Fund has delegated proxy voting responsibilities to the Investment Adviser, subject to the oversight of the Board of Trustees. The Investment Adviser will vote proxies and respond to investor consent requests in the best interests of the Fund, as applicable, in accordance with the Investment Adviser's Proxy Voting Policies and Procedures (the "Policies").

The Policies provide the following general guidelines for determining the best interests of the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Investment Adviser will generally vote in favor of normal corporate housekeeping proposals including, but not limited to, 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;(A) election of directors (where there are no related corporate governance issues);

&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) selection or reappointment of auditors (where there is no compelling evidence of a lack of independence, accounting irregularities or negligence); 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;(C) increasing authorized common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Investment Adviser will generally vote against proposals 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;(A) make it more difficult to replace members of the issuer's board of directors or board of trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) introduce unequal voting rights (although there may be regulatory reasons that would make such a proposal favorable to certain clients of the Investment Adviser).

For proxies or consent requests addressing any other issues (which may include proposals related to fees paid to investment managers of underlying investment funds, redemption rights provided by underlying investment funds, investment objective modifications, etc.), the Investment Adviser shall determine (which may be based upon the advice of external lawyers or accountants) whether a proposal is in the best interests of the Fund. In doing so, the Investment Adviser will evaluate a number of factors which may include (but are not limited to): (i) the performance or financial condition of the Portfolio Investment in question; and (ii) a comparison of the proposed changes in terms to customary terms in the industry. In the event of a conflict between the best interests of the Shareholders and the best interests of the Investment Adviser, the Fund will engage an independent third party to evaluate the proposal in question, and to make a recommendation to the Investment Adviser as to how it should vote on such proposal.

Information regarding how the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ending June 30 will be available (1) without charge, upon request, by calling the Fund toll-free at (833) 729-0934; and (2) on the SEC's website at http://www.sec.gov or the Fund's website (http://www.usvc.com). In addition, copies of the Fund's proxy voting policies and procedures are also available by calling toll-free at (833) 729-0934 and will be sent within three business days of receipt of a request.

**VOTING**

Each Shareholder will have the right to cast a number of votes based on the number of Shares held by such Shareholder at any meeting of Shareholders called by (i) the Board of Trustees or (ii) Shareholders holding at least a majority of the total number of votes eligible to be cast by all Shareholders. Shareholders will be entitled to vote on any matter on which Shareholders of a RIC organized as a corporation would be entitled to vote, including selection of Trustees. Except for the exercise of their 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.

**THE CUSTODIAN**

The Fund will enter into a custody agreement (the "Custody Agreement") with U.S. Bank, N.A. (the "Custodian") to act as the Fund's custodian of all assets delivered to and accepted by the Custodian, in each case in accordance with the provisions of Section 17 of the 1940 Act and any associated rules and regulations. The Custodian may place certain of the Fund's assets with sub-custodians and/or depositories.

The fees payable to the Custodian are based on its standard schedule of fees charged by the Custodian for similar services. These fees are detailed in the Custody Agreement, a copy of which is filed herewith and can be obtained from the Investment Adviser by written request to the Investment Adviser at the following e-mail address: requests@strawberrytree.co, or by a written request addressed to the Investment Adviser at 140 Lakeside Avenue, Suite 100, Seattle, WA 98122. The Fund may retain other custodians from time to time without notice to, or approval of, any Shareholder.

The Custody Agreement is subject to termination by the Custodian or by the Fund upon not less than 90 calendar days' written notice.

The Custodian's principal business address is 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

An independent registered public accounting firm for the Fund performs an annual audit of the Fund's financial statements. RSM US LLP (the "Accounting Firm") serves as the independent registered public accounting firm of the Fund. The Accounting Firm's principal business address is located at 555 17<sup>th</sup> St, Suite 1200, Denver, CO 80202.

**CONTROL PERSONS AND PRINCIPAL HOLDERS**

A principal holder is any person who owns (either of record or beneficially) 5% or more of the outstanding equity securities of a fund. A control person is one who owns, either directly or indirectly more than 25% of the voting securities of a company or acknowledges the existence of control. A control person may be able to determine the outcome of a matter put to a Shareholder vote. As of September 1, 2025, Strawberry Tree Management Company LLC was the sole Shareholder of record of the Fund. The number of Shares owned by the Trustees and officers of the Fund as a group is less than one percent of the outstanding Shares.

**FINANCIAL STATEMENTS**

**TABLE OF CONTENTS**

**INDEX TO FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
| [STATEMENT OF ASSETS AND LIABILITIES AS OF JULY 31, 2025](#a_001) | [24](#a_001) |
| [STATEMENT OF OPERATIONS FOR THE PERIOD FROM APRIL 8, 2021 TO JULY 31, 2025](#a_002) | [25](#a_002) |
| [NOTES TO FINANCIAL STATEMENTS](#a_003) | [26](#a_003) |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#a_004) | [31](#a_004) |

---

**USVC Venture Capital Access Fund Statement of Assets and Liabilities As of July 31, 2025**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for Seed Capital Proceeds | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred offering Costs (Note 2) | 109555 |
| &nbsp;&nbsp;&nbsp;**Total Assets** | 209555 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued offering costs payable - related party (Note 2) | $109555 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 109555 |
| **Net Assets** | $100000 |
| **Components of Net Assets:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | 100000 |
| **PRICING OF UNIT** |  |
| **Net Assets** | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units of Beneficial Interest Outstanding (no par value; unlimited units) | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net asset value, per Unit | $20.00 |

---

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

**USVC Venture Capital Access Fund**

**Statement of Operations**

**For the period from April 8, 2021 (organization) through July 31, 2025**

---

| | |
|:---|:---|
| **Expenses:** | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Organizational costs (Note 3) | $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Reimbursed Expenses (Note 3) | (100000) |
| &nbsp;&nbsp;&nbsp;Net Expenses | - |
| **Net investment income** | - |
| **Net increase in net assets resulting from operations** | $- |

---

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

**USVC Venture Capital Access Fund Notes to Financial Statements**

**Note 1 — Organization and Registration**

USVC Venture Capital Access Fund (the "Fund"), formerly SVX LLC, Silicon Valley Access Fund LLC and AL Venture Fund LLC, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company that intends to operate as a "tender offer fund". Shares of beneficial interest of the Fund (the "Shares") will be continuously offered under the Securities Act of 1933, as amended (the "Securities Act"). The Fund will engage in a continuous offering of Shares. The Fund may, from time to time, offer to repurchase Shares pursuant to written tenders by Shareholders at the sole discretion of the Board.

The Fund's investment adviser is Strawberry Tree Management Company LLC, an investment adviser registered under the Investment Advisers Act of 1940 (the "Investment Adviser").

The Fund's investment objective is long-term capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in interests of venture capital funds ("Investment Vehicles"), which will principally hold equity securities (e.g., common and/or preferred stock, equity-linked securities convertible into such equity securities), without restriction to market capitalization, and in underlying private growth-oriented companies ("Portfolio Companies", and together with Investment Vehicles, "Portfolio Investments"). Investment Vehicles may include special purpose vehicles that are entities formed to purchase securities of a single Portfolio Company. Private growth-oriented companies are private companies that the Fund's Investment Adviser believes, at the time of investment, have the potential for significant growth. The Fund intends to focus on companies innovating or enabling innovation in sectors being transformed by technology. These include, without limitation, information technology, artificial intelligence, life sciences, telecommunications and media, biotechnology, energy, education, healthcare, consumer and retail, mobile internet, digital entertainment and ecommerce, cloud computing, transportation, semiconductors, robotics, logistics and infrastructure, defense, gaming and financial services. Portfolio Investments may partially hold digital assets and cryptocurrencies. Digital assets and cryptocurrencies (also called "crypto assets") are digital tokens or coins that are secured by cryptography, typically using blockchain technology, enabling decentralized transactions and ownership verification. The term "blockchain" refers to a peer-to-peer distributed ledger that is secured using cryptography. A distributed ledger is a shared electronic database where information is recorded and stored across multiple computers; a blockchain is one type of distributed ledger. Digital assets and cryptocurrencies include things like tokens used in apps, coins used to power networks and assets sold in coin offerings. The Fund does not intend to directly invest in digital assets or cryptocurrencies. The Fund may directly purchase equity securities in Portfolio Companies or purchase such securities through secondary transactions, without restriction to market capitalization and interests in private fund general partners. The Fund expects to acquire fund interests through new subscriptions, as well as the acquisition of existing fund interests in secondary transactions, and may invest in Investment Vehicles that utilize the AngelList platform, a technology platform that offers technology infrastructure and administration services to private funds, operated by AL Advisors Management Inc. and its affiliates (the "Platform") for fund administration. The Fund will generally hold Portfolio Investments until a liquidity event or dissolution event with respect to such Portfolio Investment occurs. Notwithstanding the foregoing, the Fund may sell securities of Portfolio Investments from time to time if, in the judgment of the Investment Adviser, it is necessary to further the best interests of the Fund.

Notwithstanding the foregoing, the Fund may sell securities of Portfolio Investments from time to time if, in the judgment of the Investment Adviser, it is necessary to further the best interests of the Fund.

The Fund was organized as a limited liability company on April 8, 2021 (date of organization) under the laws of the State of Delaware and converted to a statutory trust under the laws of the State of Delaware on August 7, 2025. The Fund had no operations from that date to July 31, 2025 other than those relating to organizational matters and the registration of its Shares under applicable securities laws. The Investment Adviser has agreed to purchase 5,000 Shares at a net asset value of $20.00 per Share. The Fund is authorized to issue an unlimited number of Shares.

**Note 2 — Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Basis of Presentation**

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 ("ASC") Topic 946 "Financial Services – Investment Companies."

**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.

**Organizational and Offering Costs**

Organizational costs consist of the costs of forming the Fund, drafting of bylaws, administration, custody and transfer agency agreements, legal services in connection with the initial meeting of trustees and the Fund's seed audit costs. Offering costs consist of the costs of preparation, review and filing with the SEC the Fund's registration statement (including the Prospectus and the Statement of Additional Information ("SAI")), the costs of preparation, review and filing of any associated marketing or similar materials, the costs associated with the printing, mailing or other distribution of the Prospectus, SAI and/or marketing materials, and the amounts of associated filing fees and legal fees associated with the offering. The aggregate amount of the organizational costs and offering costs as of the date of the accompanying financial statements are estimated to be approximately $100,000 and $109,555, respectively.

Organizational costs incurred by the Fund will be reimbursed by the Adviser, some of which may be subject to recoupment by the Adviser in accordance with the Fund's expense limitation agreement discussed in Note 3. Offering costs, which are also subject to the Fund's expense limitation agreement discussed in Note 3, are accounted for as a deferred charge until Fund shares are offered to the public and will thereafter, be amortized to expense over twelve months on a straight-line basis.

**Federal Income Taxes**

The Fund intends to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code of 1986, as amended, and, if so qualified, will not be liable for federal income taxes to the extent earnings are distributed to Shareholders on a timely basis. The Fund intends to distribute substantially all of its net investment income as dividends to its Shareholders. The Fund intends to distribute net realized capital gains, if any, at least once a year.

**Indemnification**

The Fund intends to enter into agreements pursuant to which the Fund would agree to indemnify its officers, the Fund Board of Managers, the Investment Adviser, and distributor 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 and 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.

**Note 3 — Investment Advisory and Other Agreements**

The Fund will pay a fee (the "Advisory Fee") to the Investment Adviser as compensation for its investment advisory services. The Advisory Fee shall accrue daily commencing on the date that the Fund is operational and its registration statement is declared effective at an annual rate equal to 1% of the average daily net asset value of the Fund and shall be paid quarterly in arrears.

Expense Limitation Agreement. The Investment Adviser has entered into a written expense limitation agreement (the "Expense Limitation Agreement") under which it has agreed to limit the total expenses of the Fund (excluding (i) the management fee; (ii) organizational and offering expenses; (iii) any administrative, distribution, servicing, account opening, shareholder servicing, transfer and sub-transfer agency and sub-accounting fees, and all expenses in connection with shareholder meetings and/or proxy solicitations; (iv) all acquired fund fees and expenses and all transactional costs, including legal, structuring, audit, and brokerage commissions, associated with consummated and unconsummated acquisitions, dispositions and maintenance of investments by the Fund; (v) interest, borrowing costs and expenses (including those associated with lines of credit and credit facilities); (vi) all federal, state, local and foreign taxes; (vii) merger or reorganization expenses; and (viii) extraordinary expenses distinguished by their unusual nature or infrequency, including, without limitation, costs incurred in connection with litigation, arbitration, mediation, indemnification, government investigations, claims or proceedings, and any expenses in connection with holding and/or soliciting proxies for annual or other meetings of shareholders) to an annual rate of 1.00% of the average NAV of the Fund (the "Expense Limitation") until one year from the effective date of this Prospectus, and from year to year thereafter; provided that each such continuance is specifically approved by the Board of Trustees and the Investment Adviser. The Investment Adviser may recoup from the Fund fees previously reduced or expenses previously reimbursed by the Investment Adviser with respect to the Fund pursuant to the Expense Limitation Agreement if such recoupment does not cause the Fund to exceed the Expense Limitation in effect at the time of waiver/reimbursement or at the time of recoupment and the reimbursement is made within three years after the time at which the Investment Adviser reduced the fee or incurred the expense.

As of July 31, 2025, the amount recoverable by the Investment Adviser under the Expense Limitation Agreement is $100,000.

Expense Reimbursement Agreement. The Investment Adviser will incur the Fund's organizational costs and the initial offering costs associated with the Fund's continuous offering of Shares. Pursuant to an expense reimbursement agreement (the "Expense Reimbursement Agreement") between the Fund and the Investment Adviser, the Fund will be obligated to reimburse the Investment Adviser for any such payments within two years of the Investment Adviser incurring such expenses only if and to the extent that the Fund's net assets exceed $20,000,000. This contractual arrangement will remain in effect through at least one year from the effective date of this prospectus, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. The Investment Adviser has paid or accrued $109,555 of the Fund's offering costs and $100,000 of the Fund's organizational costs as of July 31, 2025.

SS&C Technologies, Inc. will provide administrative, fund accounting and other services to the Fund for a monthly administration fee based on the greater of an annual minimum fee or an asset based fee, which scales downward based upon average daily net assets.

ALPS Fund Services, Inc., serves as the Fund's distributor (the "Distributor"). The Distributor acts as an agent for the Fund and the distributor of its Shares. Pursuant to a distribution agreement (the "Distribution Agreement") between the Fund and the Distributor, the Distributor will bear all of its expenses of providing distribution services as described under that agreement. The Fund assumes and pays all charges not specifically assumed or otherwise to be provided by the Distributor under the Distribution Agreement. The Fund pays, among other things: (i) all fees and expenses in connection with the registration of the Fund and the Shares under the United States securities laws and the registration and qualification of Shares for sale in the various jurisdictions in which the Fund will determine it is advisable to qualify such Shares for sale; and (ii) the cost of preparing and printing of sufficient copies of the Fund's Prospectus and any other sales material (and any supplements or amendments thereto). The Distributor serves in such capacity on a commercially reasonable efforts basis, subject to various conditions, and may enter into related selling group agreements with various financial intermediaries to assist in the distribution of Shares. Shares are available to investors investing through financial intermediaries where such financial intermediary has agreed to provide certain administrative services.

SS&C GIDS, Inc. will serve as the transfer agent to the Fund (the "Transfer Agent"). Under the Transfer Agency Agreement, the Transfer Agent will be responsible for maintaining all Shareholder records of the Fund.

**Note 4 — Subsequent Events**

The Fund is required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Fund is required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made. Management has evaluated subsequent events through the issuance of these financial statements and has determined that there are no events, except as disclosed below, that would require adjustment to or disclosure in the Fund's Statement of Assets and Liabilities and related notes through the date of issuance on September 29, 2025.

The Investment Adviser completed the subscription to purchase 5,000 Shares at a net asset value of $20.00 per Share, by funding the investment amount on September 9, 2025.

**Report of Independent Registered Public Accounting Firm**

To the Shareholder and the Board of Trustees of USVC Venture Capital Access Fund

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of USVC Venture Capital Access Fund (the Fund) as of July 31, 2025, and the related statements of operations for the period from April 8, 2021 (date of organization) through July 31, 2025, and the related notes to the financial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2025 and the results of its operations for the period from April 8, 2021 (date of organization) through July 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our 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 U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. 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 risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.

/s/ RSM US LLP

We have served as the auditor of the Fund since 2021.

Denver, Colorado

September 29, 2025

**PART C**

**OTHER INFORMATION**

**Item 25. *Financial Statements and Exhibits***

25(1) Financial Statements:

The Financial Statements of the Registrant, dated as of July 31, 2025, are included in the SAI.

---

| | |
|:---|:---|
| 25(2) |  |
| [(a)(1)](https://www.sec.gov/Archives/edgar/data/1858660/000110465921059303/tm2113167d2_ex99a1.htm) | [Certificate of Formation. (1)](https://www.sec.gov/Archives/edgar/data/1858660/000110465921059303/tm2113167d2_ex99a1.htm) |
| [(a)(2)](https://www.sec.gov/Archives/edgar/data/1858660/000110465922071950/tm228990d5_ex99-a2.htm) | [Certificate of Amendment dated November 30, 2021 to the Certificate of Formation. (2)](https://www.sec.gov/Archives/edgar/data/1858660/000110465922071950/tm228990d5_ex99-a2.htm) |
| [(a)(3)](https://www.sec.gov/Archives/edgar/data/1858660/000110465922071950/tm228990d5_ex99-a3.htm) | [Certificate of Amendment dated June 16, 2022 to the Certificate of Formation. (2)](https://www.sec.gov/Archives/edgar/data/1858660/000110465922071950/tm228990d5_ex99-a3.htm) |
| [(a)(4)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax4.htm) | [Certificate of Conversion. (4)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax4.htm) |
| [(a)(5)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax5.htm) | [Certificate of Trust. (4)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax5.htm) |
| [(a)(6)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax6.htm) | [Initial Declaration of Trust. (4)](https://www.sec.gov/Archives/edgar/data/1858660/000110465925076128/tm2519868d3_ex99-xax6.htm) |
| [(a)(7)](tm2519868d7_ex99-xax7.htm) | [Amended and Restated Declaration of Trust. (6)](tm2519868d7_ex99-xax7.htm) |
| [(b)](tm2519868d7_ex99-xb.htm) | [By-Laws. (6)](tm2519868d7_ex99-xb.htm) |
| (c) | Not Applicable. |
| (d) | Incorporated by reference to Exhibits (a)(7) and (b) above. |
| (f) | Not Applicable. |
| [(g)](tm2519868d7_ex99-xg.htm) | [Investment Advisory Agreement between the Registrant and Strawberry Tree Management Company LLC. (6)](tm2519868d7_ex99-xg.htm) |
| [(h)(1)](tm2519868d7_ex99-xhx1.htm) | [Distribution Agreement between the Registrant and ALPS Distributors, Inc. (6)](tm2519868d7_ex99-xhx1.htm) |
| (i) | Not Applicable. |
| [(j)](tm2519868d7_ex99-xj.htm) | [Custody Agreement between the Registrant and U.S. Bank, N.A. (6)](tm2519868d7_ex99-xj.htm) |
| [(k)(1)](tm2519868d7_ex99-xkx1.htm) | [Services Agreement between the Registrant and SS&C GIDS, Inc. (6)](tm2519868d7_ex99-xkx1.htm) |
| [(k)(2)](tm2519868d7_ex99-xkx2.htm) | [Expense Limitation Agreement between the Registrant and Strawberry Tree Management Company LLC. (6)](tm2519868d7_ex99-xkx2.htm) |
| [(k)(3)](tm2519868d7_ex99-xkx3.htm) | [Shareholder Services Plan. (6)](tm2519868d7_ex99-xkx3.htm) |
| [(k)(4)](tm2519868d7_ex99-xkx4.htm) | [Indemnification Agreement between the Registrant and each Trustee. (6)](tm2519868d7_ex99-xkx4.htm) |
| [(k)(5)](tm2519868d7_ex99-xkx5.htm) | [Expense Reimbursement Agreement between the Registrant and Strawberry Tree Management Company LLC. (6)](tm2519868d7_ex99-xkx5.htm) |
| [(l)](tm2519868d7_ex99-xl.htm) | [Opinion and Consent of Dechert LLP. (6)](tm2519868d7_ex99-xl.htm) |
| (m) | Not Applicable. |
| [(n)](tm2519868d7_ex99-xn.htm) | [Consent of RSM US LLP, independent registered public accounting firm for the Registrant. (6)](tm2519868d7_ex99-xn.htm) |
| (o) | Not Applicable. |
| [(p)](tm2519868d7_ex99-xp.htm) | [Subscription Agreement between the Registrant and Strawberry Tree Management Company LLC. (6)](tm2519868d7_ex99-xp.htm) |
| (q) | Not applicable. |
| [(r)(1)](tm2519868d7_ex99-xrx1.htm) | [Code of Ethics of the Fund. (6)](tm2519868d7_ex99-xrx1.htm) |
| [(r)(2)](tm2519868d7_ex99-xrx2.htm) | [Code of Ethics of the Investment Adviser. (6)](tm2519868d7_ex99-xrx2.htm) |
| [(r)(3)](tm2519868d7_ex99-xrx3.htm) | [Code of Ethics of the Distributor. (6)](tm2519868d7_ex99-xrx3.htm) |
| [(s)(1)](tm2519868d7_ex99-xsx1.htm) | [Powers of Attorney. (6)](tm2519868d7_ex99-xsx1.htm) |
| [(s)(2)](tm2519868d7_exfilingfees.htm) | [Filing Fee Exhibit. (6)](tm2519868d7_exfilingfees.htm) |

---

(1) Incorporated herein by reference to the corresponding exhibit of the Registrant's initial Registration Statement on Form N-2 (File Nos. 333-255702; 811-23660), filed on April 30, 2021.

(2) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 4 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-255702; 811-23660), filed on June 16, 2022.

(3) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 5 to the Registrant's Registration Statement on Form N-2 (File Nos. 333-255702; 811-23660), filed on May 30, 2025.

(4) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 7 to the Registrant's Registration Statement of Form N-2 (File No. 333-255702; 811-23660), filed on August 11, 2025.

(5) Incorporated herein by reference to the corresponding exhibit of Pre-Effective Amendment No. 8 to the Registrant's Registration Statement of Form N-2 (File No. 333-255702; 811-23660), filed on September 11, 2025.

(6) Filed herewith.

**Item 26. *Marketing Arrangements***

Not applicable.

**Item 27. *Other Expenses of Issuance and Distribution***

*All figures are estimates*

---

| | |
|:---|:---|
| Registration Fees | $76550 |
| Audit Fees | 60000 |
| Legal Fees and Expenses | 601275 |
| Blue Sky Fees | 40000 |
| Printing Fees | 25000 |
| Miscellaneous Fees | 0 |
| **Total** | **802825** |

---

**Item 28. *Persons Controlled By or Under Common Control***

Not Applicable.

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

The following table sets forth the approximate number of record holders of the Registrant's securities as of September 1, 2025.

---

| | | |
|:---|:---|:---|
| **Title of Class** | **Number of Record<br> Holders** | **Number of Record<br> Holders** |
| Common Shares of Beneficial Interest |  | 1 |

---

**Item 30. *Indemnification***

Reference is made to Section 5.2 of the Registrant's Declaration of Trust filed as Exhibit (2)(a)(6) to this Registration Statement.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 Act (the "1933 Act") may be permitted to the managers, 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 SEC, 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 the manager, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by the manager, officer or controlling person, 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, Strawberry Tree Management Company LLC (the "Investment Adviser"), together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Investment Adviser, and each director, executive officer, managing member or partner of the Investment Adviser, is or has been, at any time during the past two fiscal years, engaged in for their own account or in the capacity of director, officer, employee, managing member, partner or trustee, is set forth in the Registrant's Prospectus and Statement of Additional Information in the sections entitled "Management of the Fund", and is included in the Investment Adviser's Form ADV as filed with the Securities and Exchange Commission (File No. 801-129822).

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

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder are maintained at the offices of:

&nbsp;&nbsp;&nbsp;&nbsp;(1) the Registrant, Strawberry Tree Management Company LLC, 140 Lakeside Avenue, Suite 100, Seattle,
WA 98122;

&nbsp;&nbsp;&nbsp;&nbsp;(2) the Transfer Agent, SS&C GIDS, Inc.,
 PO Box 219027, Kansas City, MO 64121;

&nbsp;&nbsp;&nbsp;&nbsp;(3) the Custodian, U.S. Bank N.A., 1555
 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212.; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) the Investment Adviser, Strawberry Tree Management Company LLC, 140 Lakeside Avenue, Suite 100, Seattle,
WA 98122.

**Item 33. *Management Services***

Except as described under "The Investment Adviser" and "The Fund Administrator and Transfer Agent" in this Registration Statement, the Fund is not party to any management service related contract.

**Item 34. *Undertakings***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Registrant undertakes to suspend the offering of Shares until the prospectus is amended if (1) subsequent to the effective date of its registration statement, the net asset value declines more than ten percent from its net asset value as of the effective date of the registration statement or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus.

&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;&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 the registration statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 1933 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to reflect in the prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) that, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at that time shall be deemed to be the initial bona fide offering thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that, for the purpose of determining liability under the 1933 Act to any purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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) if the Registrant is subject to Rule 430C: Each prospectus filed pursuant to Rule 424(b) under the 1933 Act as part of a registration statement relating to an offering, other than registration statements relying on rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness; provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) that for the purpose of determining liability of the Registrant under the 1933 Act to any purchaser in the initial distribution of securities:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 1933 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;&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; 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;&nbsp;&nbsp;&nbsp;&nbsp;(3) the portion of any other free writing prospectus or advertisement pursuant to Rule 482 under the 1933 Act [17 CFR 230.482] relating to the offering containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 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) The Registrant undertakes 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;(a) not applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purpose of determining any liability under the 1933 Act, each post-effective amendment that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of the 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;(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 prospectus or Statement of Additional Information.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this amendment to the registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Cold Spring Harbor, and State of New York, on the 29th day of September, 2025.

---

| | |
|:---|:---|
| USVC Venture Capital Access Fund | USVC Venture Capital Access Fund |
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | President |

---

Pursuant to the requirements of the Securities Act of 1933, this Pre-Effective Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ David Borecky\* |  |  |
| David Borecky | Trustee | September 29, 2025 |
| /s/ Nimesh Gupta\* |  |  |
| Nimesh Gupta | Trustee | September 29, 2025 |
| /s/ Erik Syvertsen |  |  |
| Erik Syvertsen | Trustee, Chief Executive Officer and President | September 29, 2025 |
| /s/ Daniel Hess |  |  |
| Daniel Hess | Principal Financial Officer | September 29, 2025 |
|  | (Principal Accounting Officer) |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Erik Syvertsen |
|  | Erik Syvertsen |
|  | Attorney-in-Fact |
|  | (Pursuant to Powers of Attorney filed herewith) |

---

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| [(a)(7)](tm2519868d7_ex99-xax7.htm) | [Amended and Restated Declaration of Trust.](tm2519868d7_ex99-xax7.htm) |
| [(b)](tm2519868d7_ex99-xb.htm) | [By-Laws.](tm2519868d7_ex99-xb.htm) |
| [(g)](tm2519868d7_ex99-xg.htm) | [Investment Advisory Agreement between the Registrant and Strawberry Tree Management Company LLC.](tm2519868d7_ex99-xg.htm) |
| [(h)(1)](tm2519868d7_ex99-xhx1.htm) | [Distribution Agreement between the Registrant and ALPS Distributors, Inc.](tm2519868d7_ex99-xhx1.htm) |
| [(j)](tm2519868d7_ex99-xj.htm) | [Custody Agreement between the Registrant and U.S. Bank, N.A.](tm2519868d7_ex99-xj.htm) |
| [(k)(1)](tm2519868d7_ex99-xkx1.htm) | [Services Agreement between the Registrant and SS&C GIDS, Inc.](tm2519868d7_ex99-xkx1.htm) |
| [(k)(2)](tm2519868d7_ex99-xkx2.htm) | [Expense Limitation Agreement between the Registrant and Strawberry Tree Management Company LLC.](tm2519868d7_ex99-xkx2.htm) |
| [(k)(3)](tm2519868d7_ex99-xkx3.htm) | [Shareholder Services Plan.](tm2519868d7_ex99-xkx3.htm) |
| [(k)(4)](tm2519868d7_ex99-xkx4.htm) | [Indemnification Agreement between the Registrant and each Trustee.](tm2519868d7_ex99-xkx4.htm) |
| [(k)(5)](tm2519868d7_ex99-xkx5.htm) | [Expense Reimbursement Agreement between the Registrant and Strawberry Tree Management Company LLC.](tm2519868d7_ex99-xkx5.htm) |
| [(l)](tm2519868d7_ex99-xl.htm) | [Opinion and Consent of Dechert LLP.](tm2519868d7_ex99-xl.htm) |
| [(n)](tm2519868d7_ex99-xn.htm) | [Consent of RSM US LLP, independent registered public accounting firm for the Registrant.](tm2519868d7_ex99-xn.htm) |
| [(p)](tm2519868d7_ex99-xp.htm) | [Subscription Agreement between the Registrant and Strawberry Tree Management Company LLC.](tm2519868d7_ex99-xp.htm) |
| [(r)(1)](tm2519868d7_ex99-xrx1.htm) | [Code of Ethics of the Fund.](tm2519868d7_ex99-xrx1.htm) |
| [(r)(2)](tm2519868d7_ex99-xrx2.htm) | [Code of Ethics of the Investment Adviser.](tm2519868d7_ex99-xrx2.htm) |
| [(r)(3)](tm2519868d7_ex99-xrx3.htm) | [Code of Ethics of the Distributor.](tm2519868d7_ex99-xrx3.htm) |
| [(s)(1)](tm2519868d7_ex99-xsx1.htm) | [Powers of Attorney.](tm2519868d7_ex99-xsx1.htm) |
| [(s)(2)](tm2519868d7_exfilingfees.htm) | [Filing Fee Exhibit.](tm2519868d7_exfilingfees.htm) |

---

---

| | |
|:---|:---|
| EX-101 | Inline Interactive Data File - the instance document does not appear on the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| EX-101.INS | XBRL Taxonomy Instance Document |
| EX-101.SCH | XBRL Taxonomy Schema Document |
| EX-101.DEF | XBRL Taxonomy Definition Linkbase Document |
| EX-101.LAB | XBRL Taxonomy Label Linkbase Document |
| EX-101.PRE | XBRL Taxonomy Presentation Linkbase Document |

---

## Ex-99.(A)(7)

**Exhibit 99.(a)(7)**

**USVC VENTURE CAPITAL ACCESS FUND**

**AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST**

**Dated as of September 18, 2025**

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| ARTICLE I THE TRUST | ARTICLE I THE TRUST | 1 |
| 1.1 | Name | 1 |
| 1.2 | Definitions | 1 |
| ARTICLE II TRUSTEES | ARTICLE II TRUSTEES | 3 |
| 2.1 | Number and Qualification | 3 |
| 2.2 | Term and Election | 3 |
| 2.3 | Resignation and Removal | 4 |
| 2.4 | Vacancies | 4 |
| 2.5 | Meetings | 4 |
| 2.6 | Trustee Action by Written Consent | 5 |
| 2.7 | Officers | 5 |
| ARTICLE III POWERS AND DUTIES OF TRUSTEES | ARTICLE III POWERS AND DUTIES OF TRUSTEES | 5 |
| 3.1 | General | 5 |
| 3.2 | Investments | 6 |
| 3.3 | Legal Title | 6 |
| 3.4 | Issuance and Repurchase of Shares | 6 |
| 3.5 | Borrow Money or Utilize Leverage | 7 |
| 3.6 | Delegation; Committees | 7 |
| 3.7 | Collection and Payment | 7 |
| 3.8 | Expenses | 7 |
| 3.9 | By-Laws | 7 |
| 3.10 | Miscellaneous Powers | 8 |
| 3.11 | Further Powers | 8 |
| 3.12 | Sole Discretion; Good Faith | 8 |
| ARTICLE IV ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | ARTICLE IV ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS | 9 |
| 4.1 | Advisory and Management Arrangements | 9 |
| 4.2 | Distribution Arrangements | 9 |
| 4.3 | Parties to Contract | 9 |
| ARTICLE V LIMITATIONS OF LIABILITY AND INDEMNIFICATION | ARTICLE V LIMITATIONS OF LIABILITY AND INDEMNIFICATION | 10 |
| 5.1 | No Personal Liability of Shareholders, Trustees, etc. | 10 |
| 5.2 | Mandatory Indemnification | 10 |
| 5.3 | No Bond Required of Trustees | 11 |
| 5.4 | No Duty of Investigation; No Notice in Trust Instruments, etc. | 12 |
| 5.5 | Reliance on Experts, etc. | 12 |

---

i

****TABLE OF CONTENTS** (continued)**

**Page**

---

| | | |
|:---|:---|:---|
| ARTICLE VI SHARES OF BENEFICIAL INTEREST | ARTICLE VI SHARES OF BENEFICIAL INTEREST | 12.0 |
| 6.1 | Beneficial Interest | 12.0 |
| 6.2 | Other Securities | 13.0 |
| 6.3 | Rights of Shareholders | 13.0 |
| 6.4 | Exchange and Conversion Privileges | 13.0 |
| 6.5 | Trust Only | 13.0 |
| 6.6 | Issuance of Shares | 13.0 |
| 6.7 | Register of Shares | 14.0 |
| 6.8 | Transfer Agent and Registrar | 14.0 |
| 6.9 | Transfer of Shares | 14.0 |
| 6.10 | Notices | 15.0 |
| 6.11 | Derivative Actions | 15.0 |
| ARTICLE VII DETERMINATION OF NET ASSET VALUE | ARTICLE VII DETERMINATION OF NET ASSET VALUE | 15.0 |
| 7.1 | Net Asset Value | 15.0 |
| 7.2 | Power to Modify Foregoing Procedures | 16.0 |
| ARTICLE VIII CUSTODIANS | ARTICLE VIII CUSTODIANS | 16.0 |
| 8.1 | Appointment and Duties | 16.0 |
| 8.2 | Central Certificate System | 17.0 |
| ARTICLE IX REPURCHASES OF SHARES | ARTICLE IX REPURCHASES OF SHARES | 17.0 |
| 9.1 | Repurchase of Shares | 17.0 |
| 9.2 | Disclosure of Holding | 17.0 |
| ARTICLE X SHAREHOLDERS | ARTICLE X SHAREHOLDERS | 17.0 |
| 10.1 | Meetings of Shareholders | 17.0 |
| 10.2 | Voting | 17.0 |
| 10.3 | Notice of Meeting and Record Date | 18.0 |
| 10.4 | Quorum and Required Vote | 18.0 |
| 10.5 | Proxies, etc. | 19.0 |
| 10.6 | Reports | 19.0 |
| 10.7 | Inspection of Records | 19.0 |
| 10.8 | Shareholder Action by Written Consent | 19.0 |
| 10.9 | Delivery by Electronic Transmission or Otherwise | 19.0 |

---

ii

****TABLE OF CONTENTS** (continued)**

**Page**

---

| | | |
|:---|:---|:---|
| ARTICLE XI DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS; ETC. | ARTICLE XI DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS; ETC. | 20.0 |
| 11.1 | Duration | 20.0 |
| 11.2 | Termination | 20.0 |
| 11.3 | Amendment Procedure | 20.0 |
| 11.4 | Merger, Consolidation and Sale of Assets | 21.0 |
| 11.5 | Subsidiaries | 22.0 |
| ARTICLE XII MISCELLANEOUS | ARTICLE XII MISCELLANEOUS | 22.0 |
| 12.1 | Filing | 22.0 |
| 12.2 | Resident Agent | 22.0 |
| 12.3 | Governing Law | 22.0 |
| 12.4 | Counterparts | 22.0 |
| 12.5 | Reliance by Third Parties | 22.0 |
| 12.6 | Provisions in Conflict with Law or Regulation | 23.0 |
| 12.7 | Exclusive Delaware Jurisdiction | 23.0 |

---

iii

<u>USVC VENTURE CAPITAL ACCESS FUND</u>

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

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made as of the 18th day of September, 2025, by the Trustees hereunder.

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

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

WHEREAS, the Trustees have agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the Trustees have determined to amend and restate in its entirety the Trust's Declaration of Trust dated as of August 7, 2025.

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

ARTICLE I

<u>THE TRUST</u>

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings:

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

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

"<u>By-Laws</u>" shall mean the By-Laws of the Trust as amended from time to time by the Trustees.

"<u>Class</u>" shall mean a class of Shares the Trust established in accordance with the provisions hereof.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"<u>Commission</u>" shall mean the Securities and Exchange Commission.

"<u>Declaration</u>" shall mean this Amended and Restated Agreement and Declaration of Trust, as amended, supplemented or amended and restated from time to time.

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

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

"<u>Exchange Act</u>" refers to the Securities Exchange Act of 1934 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

"<u>Fiscal Year</u>" means each period commencing on January 1 of each year and ending on December 31 of the next year (or on the date of a final distribution made in accordance with Section 12.2 of this Declaration), unless the Trustees designate another fiscal year for the Trust. The taxable year of the Trust will end on December 31 of each year, or on any other date designated by the Trustees that is a permitted taxable year-end for tax purposes, and need not be the same as the Fiscal Year.

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

"<u>Majority Shareholder Vote</u>" shall mean a vote of "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Trust with all classes of Shares voting together as a single class, except as with respect to votes which affect only one or more Classes, as provided for herein, in which case it shall mean a vote of a majority of outstanding voting securities of such Class or Classes, as applicable.

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

"<u>Prospectus</u>" shall mean the Prospectus of the Trust, if any, as in effect and as may be amended from time to time.

"<u>Securities Act</u>" refers to the Securities Act of 1933 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

"<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares of the Trust, at such time.

"<u>Shares</u>" shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares.

"<u>Trust</u>" shall mean the trust governed by this Declaration, as amended from time to time, inclusive of each such amendment.

"<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

"<u>Trustees</u>" shall mean the signatories to this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

ARTICLE II

<u>TRUSTEES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Number and Qualification</u>. As of the date hereof, the number of Trustees shall be three and such Trustees shall be the signatories hereto. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office, or by resolution approved at a duly constituted meeting, provided that the number of Trustees shall be no less than two or more than thirteen. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his or her term. Trustees need not own Shares and may succeed themselves in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Term and Election</u>. The term of office of a Trustee shall continue until death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of a Trustee. Subject to the provisions of the 1940 Act, the Trustees at any time may appoint individuals to fill vacancies on the Board of Trustees. Each Trustee elected shall hold office until his or her successor shall have been elected and shall have qualified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Resignation and Removal</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the other Trustees or the Chairperson (if any), the President, or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (a) with or without cause at any meeting of Shareholders by a vote of the holders of two-thirds of outstanding Shares of the Trust, or (b) with or without cause at any time by a majority of the remaining Trustees (or, in the case of an independent trustee (as such term is defined in the Delaware Statutory Trust Act), only by action taken by a majority of the remaining independent trustees) by resolution approved at a duly constituted meeting or by written instrument signed by the necessary Trustees, specifying the date when such removal shall become effective. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chairperson, if any, or the President, the Secretary or any two Trustees. Regular meetings of the Trustees may be held without call or notice, except as may be otherwise required by law, at a time and place fixed by the By-Laws or by resolution of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be one-third, but not less than two, of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees.

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of a majority of the members.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing, including by electronic transmission, and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Officers</u>. The Trustees shall elect a President, a Secretary and a Treasurer and may elect a Chairperson who shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chairperson, if any, or President to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. A Chairperson shall, and the President, Secretary and Treasurer may, but need not, be a Trustee. Except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the Securities Act, the Exchange Act, and the 1940 Act (collectively, the "federal securities laws"), all officers shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law; provided, however, such fiduciary duties shall not be deemed to control to the extent that the express terms of the Delaware Statutory Trust Act, this Declaration or the By-Laws conflict with or are inconsistent with such fiduciary duties in which case the express terms of the Delaware Statutory Trust Act, this Declaration or the By-Laws shall control.

ARTICLE III

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General</u>. Except as to the duties (including state law fiduciary duties of loyalty and care) and liabilities with regards to matters arising under the federal securities laws, the Trustees shall owe to the Trust and its Shareholders the same fiduciary duties as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Declaration. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Investments</u>. The Trustees shall have power, subject to the Fundamental Policies in effect from time to time with respect to the Trust, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) manage, conduct, operate and carry on the business of an investment company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Legal Title</u>. Legal title to all the Trust Property shall be vested in the Trust except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected.

The right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the ceasing of any person to be a Trustee for any reason, such person shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, classify and/or reclassify, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, subject to the more detailed provisions set forth in Articles VIII and IX, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property whether capital or surplus or otherwise, to the full extent now or hereafter permitted corporations formed under the Delaware General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Borrow Money or Utilize Leverage</u>. Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Delegation; Committees</u>. The Trustees shall have the power, consistent with their continuing exclusive authority over the management of the Trust and the Trust Property, to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient or appropriate to the extent permitted by law. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Collection and Payment</u>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments. Except to the extent required for a corporation formed under the Delaware General Corporation Law, the Shareholders shall have no power to vote as to whether or not a court action, legal proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Expenses</u>. The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust. The Trustees shall have the power, as frequently as they may determine, to cause each Shareholder to pay directly, in advance or arrears, for charges of distribution, of the custodian or of the transfer, Shareholder servicing or similar agent, a pro rata amount as defined from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>By-Laws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal By-Laws for the conduct of the business of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Miscellaneous Powers</u>. The Trustees shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept; and (i) adopt a seal for the Trust, even though the absence of such seal shall not impair the validity of any instrument executed on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Further Powers</u>. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court order to deal with the Trust Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Sole Discretion; Good Faith</u>. Except as to the obligations of Trustees under federal securities laws and notwithstanding any other provision of this Declaration or otherwise applicable law, whenever in this Declaration the Trustees are permitted or required to make a decision: (i) in their "discretion" or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or (ii) in their "good faith" or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard.

ARTICLE IV

<u>ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Advisory and Management Arrangements</u>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters and/or selling agents to sell Shares and other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the By-Laws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with persons who are not registered securities dealers to further the purposes of the distribution or repurchase of the securities of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Parties to Contract</u>. Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VIII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the By-Laws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VIII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.3.

ARTICLE V

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>No Personal Liability of Shareholders, Trustees, etc</u>. No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. No Trustee who has been determined to be an "audit committee financial expert" (for purposes of Section 407 of the Sarbanes-Oxley Act of 2002 or any successor provision thereto) by the Trustees shall be subject to any greater liability or duty of care in discharging such Trustee's duties and responsibilities by virtue of such determination than is any Trustee who has not been so designated. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Mandatory Indemnification</u>.

&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 Trust hereby agrees to indemnify each person who at any time serves as a Trustee or officer of the Trust (each such person being an "indemnitee") against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or, in the case of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was unlawful, provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "disabling conduct"). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither "Interested Persons" of the Trust nor parties to the proceeding ("Disinterested Non-Party Trustees"), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph 5.2(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee's good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under this Declaration, the By-Laws of the Trust, any statute, agreement, or vote of Shareholders or Trustees who are not "interested persons" (as defined in Section 2(a)(19) of the 1940 Act) or any other right to which he or she may be lawfully entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>No Duty of Investigation; No Notice in Trust Instruments, etc</u>. No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability and such other insurance as the Trustees in their sole judgment shall deem advisable or as is required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Reliance on Experts, etc</u>. Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of the Trust's officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.

ARTICLE VI

<u>SHARES OF BENEFICIAL INTEREST</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Beneficial Interest</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The beneficial interest in the Trust shall be divided into an unlimited number of transferable shares of beneficial interest. Such Shares of beneficial interest shall have no par value unless the Trustees otherwise determine. Shares may be issued in different Classes and/or series of beneficial interests. The establishment and designation or re-designation of any Class and shall not constitute an amendment of this Declaration of Trust. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend or distribution in Shares or a split of Shares, shall be fully paid and, except as provided in the last sentence of Section 3.8, nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the further provisions of this Article VI, any restriction set forth in the By-Laws and any applicable requirements of the 1940 Act or any applicable exemptive relief issued by the SEC, the Trustees shall have full power and authority, in their sole discretion, and without obtaining any authorization or vote of the Shareholders of any Class to: (i) divide the beneficial interest in each Class into Shares as the Trustees shall determine; (ii) establish, designate, redesignate, classify, reclassify and change in any manner any Class—and fix such preferences, voting powers, rights, duties and privileges and business purpose of each Class as the Trustees may from time to time determine, which preferences, voting powers, rights, duties and privileges may be different from any existing Class; provided, however, that the Trustees may not reclassify or change outstanding Shares in a manner materially adverse to Shareholders of such Shares, without obtaining the authorization or vote of the Class of Shareholders that would be materially adversely affected; (iii) divide or combine the Shares of any Class into a greater or lesser number without thereby materially changing the proportionate beneficial interest of the Shares of such Class in the assets held with respect to that Class; (iv) change the name of any Class; (v) dissolve and terminate any one or more Classes; and (vi) take such other action with respect to the Classes as the Trustees may deem desirable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The establishment and designation of any Class of Shares of the Trust shall be effective upon the adoption by a majority of the then Trustees of a resolution that sets forth such establishment and designation and the relative rights and preferences of such Class of Shares of the Trust, whether directly in such resolution or by reference to another document including, without limitation, any registration statement of the Trust, or as otherwise provided in such resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Other Securities</u>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred shares, debt securities or other senior securities. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Rights of Shareholders</u>. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business hereinbefore described are vested exclusively in the Trustees on behalf of the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, as provided in the last sentence of Section 3.8, suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive or appraisal rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Exchange and Conversion Privileges</u>. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class shall have the right to convert such Shares for Shares of one or more other Classes. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class may exchange their Shares for those of another fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time divide, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Register of Shares</u>. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Each such register shall be conclusive as to who are the holders of the Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefor and rules and regulations as to their use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Transfer of Shares</u>. Except as otherwise provided by the Trustees, Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer. Each Shareholder will indemnify and hold harmless the Trust, the Trustees, each other Shareholder and any Affiliated Person of the Trust, the Trustees, and each of the other Shareholders against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which these Persons may become subject by reason of or arising from (1) any transfer made by the Shareholder in violation of this Section 6.9 and (2) any misrepresentation by the transferring Shareholder or substituted Shareholder in connection with the transfer. Pursuant to Section 3.8 hereof, a Shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Trust in connection with the transfer.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Notices</u>. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least fifty percent (50%) of the outstanding Shares join in the bringing of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if, and only if, a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 6.11, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 6.11 shall not apply to any claims brought under federal securities law, or the rules and regulations thereunder.

ARTICLE VII

<u>DETERMINATION OF NET ASSET VALUE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Net Asset Value</u>. The net asset value of each outstanding Share of each Class of the Trust shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees and shall be as set forth in the Prospectus or as may otherwise be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees and shall be as generally set forth in the Prospectus or as may otherwise be determined by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article VII, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the net asset value of each Class of the Trust's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the Code, the 1940 Act, any securities exchange or association registered under the Exchange Act, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

ARTICLE VIII

<u>CUSTODIANS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Appointment and Duties</u>. The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By-Laws of the Trust and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to hold the securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust; all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub- custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Exchange Act, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

ARTICLE IX

<u>REPURCHASES OF SHARES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Repurchase of Shares</u>. Except as otherwise provided by the Trustees, no Shareholder or other Person holding Shares will have the right to withdraw or tender Shares to the Trust for repurchase. The Trustees may, from time to time, in their complete and exclusive discretion and on terms and conditions as they may determine, cause the Trust to repurchase Shares in accordance with written tenders. In determining whether to cause the Trust to repurchase Shares, pursuant to written tenders, the Trustees may consider such factors as the Trustees deem appropriate at such time. Additionally, the Trust shall offer to repurchase Shares from time to time as may be required by applicable law and/or specified in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Disclosure of Holding</u>. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

ARTICLE X

<u>SHAREHOLDERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Meetings of Shareholders</u>. The Trust will not hold Shareholder meetings unless required by the 1940 Act, the provisions of this Declaration, the By-Laws or any other applicable law. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the President and shall be called by any Trustee for any proper purpose upon written request of Shareholders of the Trust holding in the aggregate at least a majority of the outstanding Shares of the Trust, such request specifying the purpose or purposes for which such meeting is to be called. Any Shareholder meeting, including a special meeting, shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate and may be held virtually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Voting</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) Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by applicable law, this Declaration or resolution of the Trustees. There shall be no cumulative voting in the election or removal of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other provision of this Declaration, on any matters submitted to a vote of the Shareholders, all Shares of the Trust then-entitled to vote shall be voted in aggregate, except: (i) when required by the 1940 Act and/or other applicable law, Shares shall be voted by individual Class; (ii) when the matter involves any action that the Trustees have determined will affect only the interests of one or more Classes, then only the Shareholders of such Class or Classes shall be entitled to vote thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Notice of Meeting and Record Date</u>. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting, shall occur according to the provisions of the Trust's By-Laws, including via electronic transmission to a Shareholder at his or her address as it is registered with the Trust, at least 10 days and not more than 120 days before the meeting or otherwise in compliance with applicable law. Only the business stated in the notice of the meeting shall be considered at such meeting; provided, however, that the foregoing shall in no way limit the ability of one or more adjournments to be considered at a meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than 120 days after the record date. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than 120 days nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Quorum and Required Vote</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 holders of one-third of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. When any one or more Classes is to vote separately from any other Classes of Shares, holders of one-third of the Shares entitled to vote of each such Class shall constitute a quorum at a Shareholders' meeting of that Class. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters. Notwithstanding the foregoing, in the absence of a quorum, a Shareholders' meeting may be adjourned by either a vote of a majority of the Shares present and entitled to vote at such meeting, or by the chair of such meeting in his or her 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;(b) Subject to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, except that Trustees shall be elected by plurality of the Shares voted at such a meeting to the extent Shareholders are entitled to vote to elect Trustees, 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;&nbsp;&nbsp;&nbsp;&nbsp;(ii) where a separate vote of more or more Classes of Shares is required on any matter, the affirmative vote of a majority of the Shares of such Class present in person or represented by proxy and entitled to vote on the subject matter shall decide that matter insofar as that Class is concerned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Proxies, etc</u>. At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Reports</u>. The Trustees shall cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. Copies of such reports shall be mailed to all Shareholders of record within the time required by the 1940 Act. The Trustees shall, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Inspection of Records</u>. The records of the Trust shall be open to inspection by Shareholders to the extent permitted by Section 3819 of the Delaware Statutory Trust Act but subject to such reasonable regulation as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Shareholder Action by Written Consent</u>. Any action which may be taken by Shareholders by vote may be taken without a meeting if the holders, entitled to vote thereon, of the proportion of Shares required for approval of such action at a meeting of Shareholders pursuant to Section 10.4 consent to the action in writing and the written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.9 <u>Delivery by Electronic Transmission or Otherwise</u>. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the By-Laws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Act), including via the internet, or in any other manner permitted by applicable law.

ARTICLE XI

<u>DURATION; TERMINATION OF TRUST; AMENDMENT; MERGERS; ETC.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Duration</u>. Subject to possible termination in accordance with the provisions of Section 11.2 hereof, the Trust created hereby shall have perpetual existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Termination</u>. (a) The Trust may be dissolved, only upon approval of not less than 80% of the Trustees or, to the extent provided under those circumstances described in the registration statement, by the vote of the majority of the Shareholders. Upon the dissolution of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature and amount of the consideration by Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Amendment Procedure</u>. (a) Except as provided in subsection (b) of this Section 11.3, this Declaration may be amended, after a majority of the Trustees (including a majority of the independent Trustees if such a vote is required under the 1940 Act) have approved a resolution therefor, by the affirmative vote required by Section 10.4 of this Declaration. The Trustees also may amend this Declaration without any vote of Shareholders to change the name of the Trust, to change the U.S. federal income tax classification of the Trust from an association taxable as a corporation to a partnership if the Trust elects to cease qualifying as a regulated investment company under Subchapter M of the Code, to make any other change that does not adversely affect the relative rights or preferences of any Shareholder, as they may deem necessary, or to conform this Declaration to the requirements of the 1940 Act or any other applicable federal or state laws or regulations including pursuant to Section 6.2 or, if applicable, the requirements of the regulated investment company provisions of the Code, but the Trustees shall not be liable for failing to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment may be made to Section 2.1, Section 2.2, Section 2.3, Section 3.8, Section 5.1, Section 5.2, Section 11.2(a), this Section 11.3 or Section 11.4 of this Declaration and no amendment may be made to this Declaration which would change any rights with respect to any Shares of the Trust by reducing the amount payable thereon upon liquidation of the Trust or by diminishing or eliminating any voting rights pertaining thereto (except that this provision shall not limit the ability of the Trustees to authorize, and to cause the Trust to issue, other securities pursuant to Section 6.2), except after a majority of the Trustees have approved a resolution therefor, and such amendment has been approved by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares, unless such amendment has been approved by 80% of the Trustees, in which case approval by a Majority Shareholder Vote shall be required. Nothing contained in this Declaration shall permit the amendment of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or to permit assessments upon Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An amendment duly adopted by the requisite vote of the Board of Trustees and, if required under the 1940 Act or otherwise under this Declaration, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Board.

Notwithstanding any other provision hereof, until such time as a Registration Statement under the Securities Act, covering the first public offering of Shares of the Trust shall have become effective, this Declaration may be terminated or amended in any respect by the affirmative vote of a majority of the Trustees or by an instrument signed by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Merger, Consolidation and Sale of Assets</u>. The Trust may merge or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all or substantially all of the Trust Property or the property, including its goodwill, upon such terms and conditions and for such consideration when and as authorized by two-thirds of the Trustees and approved by a Majority Shareholder Vote to the extent required by the 1940 Act and any such merger, consolidation, sale, lease or exchange shall be determined for all purposes to have been accomplished under and pursuant to the statutes of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Subsidiaries</u>. Without approval by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, limited liability companies, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest, and to sell, convey and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

ARTICLE XII

<u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Filing</u>. This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee stating that such action was duly taken in a manner provided herein and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Resident Agent</u>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be Cogency Global Inc., 850 New Burton Road, Suite 201, County of Kent, Dover, Delaware 19904. The Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until written notice thereof and any required filing is delivered to the office of the Secretary of the State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Governing Law</u>. This Declaration is executed by the Trustees and delivered in the State of Delaware and with reference to the laws thereof (except for conflict-of-laws provisions or doctrines thereof), and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to laws of said State, and reference shall be specifically made to the Delaware General Corporation Law as to the construction of matters not specifically covered herein or as to which an ambiguity exists, although such law shall not be viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any By-Laws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Provisions in Conflict with Law or Regulation</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 provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, if applicable, with the regulated investment company provisions of the Code (if applicable) or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Exclusive Delaware Jurisdiction</u>. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Act, (i) irrevocably agrees that, except for any claims, suits, actions or proceedings arising under federal securities laws, any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Statutory Trust Act, this Declaration or the By-Laws (including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the 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 Delaware Statutory Trust Act or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Statutory Trust Act, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Act, the Declaration or the 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 agrees that any claims, suits, actions or proceedings arising under the federal securities laws shall be exclusively brought in the federal district courts of the United States of America, (iii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iv) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (v) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (v) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (vi) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. Notwithstanding anything to the contrary in this Section 12.7, the Trust may, at its sole discretion, select and/or consent to an alternative forum for any claims, suits, actions or proceedings relating in any way to the Trust.

IN WITNESS WHEREOF, the undersigned has caused these presents to be executed as of the day and year first above written.

---

| | |
|:---|:---|
| By: | /s/ Erik Syvertsen |
|  | Erik Syvertsen |
|  | Trustee |
| By: | /s/ David Borecky |
|  | David Borecky |
|  | Trustee |
| By: | /s/ Nimesh Gupta |
|  | Nimesh Gupta |
|  | Trustee |

---

## Ex-99.(B)

**Exhibit 99.(b)**

**USVC** **VENTURE CAPITAL ACCESS FUND**

**BY-LAWS**

**Dated as of September 18, 2025**

**TABLE OF CONTENTS**

**Page**

---

| | | |
|:---|:---|:---|
| ARTICLE I SHAREHOLDER MEETINGS | ARTICLE I SHAREHOLDER MEETINGS | 1 |
| 1.1 | Chairperson | 1 |
| 1.2 | Proxies; Voting | 1 |
| 1.3 | Fixing Record Dates | 1 |
| 1.4 | Inspectors of Election | 1 |
| 1.5 | Records at Shareholder Meetings | 2 |
| 1.6 | Postponement, Adjournment and Change of Place of Meetings | 2 |
| 1.7 | Meetings by Remote Communication | 2 |
| ARTICLE II TRUSTEES | ARTICLE II TRUSTEES | 3 |
| 2.1 | Regular Meetings | 3 |
| 2.2 | Chairperson; Records | 3 |
| ARTICLE III OFFICERS | ARTICLE III OFFICERS | 3 |
| 3.1 | Officers of the Trust | 3 |
| 3.2 | Election and Tenure | 3 |
| 3.3 | Removal of Officers | 3 |
| 3.4 | Bonds and Surety | 4 |
| 3.5 | President and Vice Presidents | 4 |
| 3.6 | Secretary | 4 |
| 3.7 | Treasurer | 4 |
| 3.8 | Other Officers and Duties | 5 |
| ARTICLE IV MISCELLANEOUS | ARTICLE IV MISCELLANEOUS | 5 |
| 4.1 | Depositories | 5 |
| 4.2 | Signatures | 5 |
| 4.3 | Seal | 5 |
| ARTICLE V SHARE TRANSFERS | ARTICLE V SHARE TRANSFERS | 5 |
| 5.1 | Transfer Agents, Registrars and the Like | 5 |
| 5.2 | Transfer of Shares | 6 |
| 5.3 | Registered Shareholders | 6 |
| ARTICLE VI AMENDMENT OF BY-LAWS | ARTICLE VI AMENDMENT OF BY-LAWS | 6 |
| 6.1 | Amendment and Repeal of By-Laws | 6 |

---

i

<u>USVC VENTURE CAPITAL ACCESS FUND</u>

<u>BY-LAWS</u>

These By-Laws are made and adopted pursuant to Section 3.9 of the Agreement and Declaration of Trust establishing USVC Venture Capital Access Fund dated as of September 18, 2025, as from time to time amended (hereinafter called the "Declaration"). All words and terms capitalized in these By-Laws shall have the meaning or meanings set forth for such words or terms in the Declaration.

ARTICLE I<u><br> SHAREHOLDER MEETINGS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Chairperson</u>. The Chairperson, if any, shall act as Chairperson at all meetings of the Shareholders; in the Chairperson's absence, the Trustee or Trustees present at each meeting may elect a temporary Chairperson for the meeting, who may be one of themselves.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Proxies; Voting</u>. Shareholders may vote either in person or by duly executed proxy and each full share represented at the meeting shall have one vote, all as provided in Article X of the Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 <u>Fixing Record Dates</u>. For the purpose of determining the Shareholders who are entitled to notice of or to vote or act at any meeting, including any adjournment thereof, or who are entitled to participate in any dividends, or for any other proper purpose, the Trustees may from time to time, without closing the transfer books, fix a record date in the manner provided in Section 10.3 of the Declaration. If the Trustees do not prior to any meeting of Shareholders so fix a record date or close the transfer books, then the date of transmission of the notice of the meeting or the date upon which the dividend resolution is adopted, as the case may be, shall be the record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 <u>Inspectors of Election</u>. In advance of any meeting of Shareholders, the Trustees may appoint Inspectors of Election to act at the meeting or any adjournment thereof. If Inspectors of Election are not so appointed, the Chairperson, if any, of any meeting of Shareholders may, and on the request of any Shareholder or Shareholder proxy shall, appoint Inspectors of Election of the meeting. The number of Inspectors of Election shall be either one or three. If appointed at the meeting on the request of one or more Shareholders or proxies, a majority of Shares present shall determine whether one or three Inspectors of Election are to be appointed, but failure to allow such determination by the Shareholders shall not affect the validity of the appointment of Inspectors of Election. In case any person appointed as Inspector of Election fails to appear or fails or refuses to act, the vacancy may be filled by appointment made by the Trustees in advance of the convening of the meeting or at the meeting by the person acting as Chairperson. The Inspectors of Election shall determine the number of Shares outstanding, the Shares represented at the meeting, the existence of a quorum, the authenticity, validity and effect of proxies, shall receive votes, ballots or consents, shall hear and determine all challenges and questions in any way arising in connection with the right to vote, shall count and tabulate all votes or consents, determine the results, and do such other acts as may be proper to conduct the election or vote with fairness to all Shareholders. If there are three Inspectors of Election, the decision, act or certificate of a majority is effective in all respects as the decision, act or certificate of all. On request of the Chairperson, if any, of the meeting, or of any Shareholder or Shareholder proxy, the Inspectors of Election shall make a report in writing of any challenge or question or matter determined by them and shall execute a certificate of any facts found by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 <u>Records at Shareholder Meetings</u>. At each meeting of the Shareholders, there shall be made available for inspection at a convenient time and place during normal business hours, if requested by Shareholders, the minutes of the last previous meeting of Shareholders of the Trust and a list of the Shareholders of the Trust, as of the record date of the meeting or the date of closing of transfer books, as the case may be. Such list of Shareholders shall contain the name and the address of each Shareholder in alphabetical order and the number of Shares owned by such Shareholder. Shareholders shall have such other rights and procedures of inspection of the books and records of the Trust as are granted to shareholders of a Delaware business corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 <u>Postponement, Adjournment and Change of Place of Meetings</u>. Prior to the date upon which any meeting of Shareholders is to be held, the Board of Trustees may, in its sole discretion, which may be delegated to the officers of the Trust, postpone or change the place of such meeting (including by specifying that the meeting will be held by remote communication) one or more times for any reason by giving notice to each Shareholder entitled to vote at the meeting so postponed or changed of the place (including that the meeting will be held by remote communication, as applicable), date and hour at which such meeting will be held. Such notice shall be given not fewer than two (2) days before the date of such meeting and otherwise in accordance with the Declaration and Section 1.3 hereof. Any Shareholders' meeting may be adjourned by the chairman of the meeting one or more times for any reason, including the failure of a quorum to be present at the meeting with respect to any proposal or the failure of any proposal to receive sufficient votes for approval. No Shareholder vote shall be required for any adjournment. A Shareholders' meeting may be adjourned by the chairman of the meeting as to one or more proposals regardless of whether action has been taken on other matters. No notice of adjournment of a meeting to another time or place need be given to Shareholders if such time and place are announced at the meeting at which the adjournment is taken or notice is given to persons present at the meeting. Any adjourned meeting may be held at such time and place (including that the meeting will be held by remote communication, as applicable) as determined by the Board of Trustees or by the chairman of the meeting or the officers of the Trust or other authorized persons pursuant to delegated authority from the Trustees in the sole discretion of such Trustees, chairman, officers or authorized persons and announced at the meeting. Any business that might have been transacted at the original meeting may be transacted at any adjourned meeting. If, after a postponement or adjournment, a new record date is fixed for the postponed or adjourned meeting, the Secretary shall give notice of the postponed or adjourned meeting to Shareholders of record entitled to vote at such meeting. If a quorum is present with respect to any one or more proposals, the chairman of the meeting may, but shall not be required to, cause a vote to be taken with respect to any such proposal or proposals which vote can be certified as final and effective notwithstanding the adjournment of the meeting with respect to any other proposal or proposals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 <u>Meetings by Remote Communication</u>. The Trustees may, in their sole discretion, determine that a meeting of Shareholders may be held solely by means of remote communication. If authorized by the Trustees, in their sole discretion, and subject to such guidelines and procedures as the Trustees may adopt, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communication: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communication, provided that: (i) the Trust shall implement such measures as the Trustees deem to be reasonable (A) to verify that each person deemed present and permitted to vote at the meeting by means of remote communication is a Shareholder or proxyholder; and (B) to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Shareholders; and (ii) if any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communication, a record of such vote or other action shall be maintained by the Trust.

ARTICLE II<u><br> TRUSTEES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Regular Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chairperson, if any, the President, the Secretary or any two Trustees. Regular meetings of the Trustees may be held without call or notice and shall generally be held quarterly. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Trustees need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by written consent, except as may otherwise be required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Chairperson; Records</u>. The Chairperson, if any, shall act as Chairperson at all meetings of the Trustees; in absence of a Chairperson, the Trustees present shall elect a Trustee to act as temporary Chairperson. The results of all actions taken at a meeting of the Trustees, or by written consent of the Trustees, shall be recorded by the Secretary or the person appointed by the Board of Trustees as the meeting secretary.

ARTICLE III<u><br> OFFICERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Officers of the Trust</u>. The officers of the Trust shall consist of a President, a Secretary, a Treasurer and such other officers or assistant officers as may be elected or authorized by the Trustees. Any two or more of the offices may be held by the same Person. No officer of the Trust need be a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Election and Tenure</u>. At the initial organization meeting, the Trustees shall elect the Chairperson, if any, President, Secretary, Treasurer and such other officers as the Trustees shall deem necessary or appropriate in order to carry out the business of the Trust. Such officers shall serve at the pleasure of the Trustees or until their successors have been duly elected and qualified. The Trustees may fill any vacancy in office or add any additional officers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Removal of Officers</u>. Any officer may be removed at any time, with or without cause, by action of a majority of the Trustees. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chairperson, if any, President, or Secretary, and such resignation shall take effect immediately upon receipt by the Chairperson, if any, President, or Secretary, or at a later date according to the terms of such notice in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Bonds and Surety</u>. Any officer may be required by the Trustees to be bonded for the faithful performance of such officer's duties in such amount and with such sureties as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>President and Vice Presidents</u>. The President shall be the principal executive officer of the Trust and, subject to the control of the Trustees, shall have general supervision, direction and control of the business of the Trust and of its employees and shall exercise such general powers of management as are usually vested in the office of President of a corporation. Subject to direction of the Trustees, the President shall have power in the name and on behalf of the Trust to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Trust. Unless otherwise directed by the Trustees, the President shall have full authority and power, on behalf of all of the Trustees, to attend and to act and to vote, on behalf of the Trust at any meetings of business organizations in which the Trust holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons. The President shall have such further authorities and duties as the Trustees shall from time to time determine. In the absence or disability of the President, the Vice-Presidents in order of their rank as fixed by the Trustees or, if more than one and not ranked, the Vice-President designated by the Trustees, shall perform all of the duties of the President, and when so acting shall have all the powers of and be subject to all of the restrictions upon the President. Subject to the direction of the Trustees, and of the President, each Vice-President shall have the power in the name and on behalf of the Trust to execute any and all instruments in writing, and, in addition, shall have such other duties and powers as shall be designated from time to time by the Trustees or by the President.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Secretary</u>. The Secretary shall maintain the minutes of all meetings of, and record all votes of, Shareholders, Trustees and any committee of the Trustees. The Secretary shall be custodian of the seal of the Trust, if any, and the Secretary (and any other person so authorized by the Trustees) shall affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Trust which would be sealed by a Delaware business corporation executing the same or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Trust. The Secretary shall also perform any other duties commonly incident to such office in a Delaware business corporation, and shall have such other authorities and duties as the Trustees shall from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Treasurer</u>. Except as otherwise directed by the Trustees, the Treasurer shall have the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Trust, and shall have and exercise under the supervision of the Trustees and of the President all powers and duties normally incident to the office. The Treasurer may endorse for deposit or collection all notes, checks and other instruments payable to the Trust or to its order. The Treasurer shall deposit all funds of the Trust in such depositories as the Trustees shall designate. The Treasurer shall be responsible for such disbursement of the funds of the Trust as may be ordered by the Trustees or the President. The Treasurer shall keep accurate account of the books of the Trust's transactions which shall be the property of the Trust, and which together with all other property of the Trust in the Treasurer's possession, shall be subject at all times to the inspection and control of the Trustees. Unless the Trustees shall otherwise determine, the Treasurer shall be the principal accounting officer of the Trust and shall also be the principal financial officer of the Trust. The Treasurer shall have such other duties and authorities as the Trustees shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Trustees may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Other Officers and Duties</u>. The Trustees may elect such other officers and assistant officers as they shall from time to time determine to be necessary or desirable in order to conduct the business of the Trust. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Trust shall have such other duties and authority as may be conferred upon such person by the Trustees or delegated to such person by the President.

ARTICLE IV<u><br> MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Depositories</u>. In accordance with Section 8.1 of the Declaration, the funds of the Trust shall be deposited in such custodians as the Trustees shall designate and shall be drawn out on checks, drafts or other orders signed by such officer, officers, agent or agents (including the adviser, administrator or manager), as the Trustees may from time to time authorize.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Signatures</u>. All contracts and other instruments shall be executed on behalf of the Trust by its properly authorized officers, agent or agents, as provided in the Declaration or By-laws or as the Trustees may from time to time by resolution provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Seal</u>. The Trust is not required to have any seal, and the adoption or use of a seal shall be purely ornamental and be of no legal effect. The seal, if any, of the Trust may be affixed to any instrument, and the seal and its attestation may be lithographed, engraved or otherwise printed on any document with the same force and effect as if it had been imprinted and affixed manually in the same manner and with the same force and effect as if done by a Delaware business corporation. The presence or absence of a seal shall have no effect on the validity, enforceability or binding nature of any document or instrument that is otherwise duly authorized, executed and delivered.

ARTICLE V<u><br> SHARE TRANSFERS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Transfer Agents, Registrars and the Like</u>. As provided in Section 6.8 of the Declaration, the Trustees shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares of the Trust as the Trustees shall deem necessary or desirable. In addition, the Trustees shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any of them by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Transfer of Shares</u>. The Shares of the Trust shall be subject to the limitations on transfer as provided in Section 6.9 of the Declaration. The Trust, or its transfer agents, shall be authorized to refuse any transfer unless and until presentation of proper evidence as may be reasonably required to show that the requested transfer is proper.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Registered Shareholders</u>. The Trust may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person.

ARTICLE VI<u><br> AMENDMENT OF BY-LAWS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Amendment and Repeal of By-Laws</u>. In accordance with Section 3.9 of the Declaration, the Trustees shall have the exclusive power to amend or repeal the By-Laws or adopt new By-Laws at any time. Action by the Trustees with respect to the By-Laws shall be taken by an affirmative vote of a majority of the Trustees. The Trustees shall in no event adopt By-Laws which are in conflict with the Declaration, and any apparent inconsistency shall be construed in favor of the related provisions in the Declaration.

## Ex-99.(G)

**Exhibit 99.(g)**

**USVC VENTURE CAPITAL ACCESS FUND**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement is hereby made as of the 18th day of September, 2025 (the "<u>Agreement</u>"), between USVC Venture Capital Access Fund, a Delaware statutory trust (the "Fund"), and Strawberry Tree Management Company LLC, a Delaware limited liability company (the "<u>Adviser</u>").

**WITNESSETH:**

**WHEREAS,** the Fund has filed a registration statement on Form N-2 (the "<u>Registration Statement</u>") with the U.S. Securities and Exchange Commission (the "<u>SEC</u>") under and pursuant to the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>") to register its shares of beneficial interest (the "<u>Shares</u>"), for issuance in a public offering (the "<u>Offering</u>");

**WHEREAS,** the Adviser is engaged in rendering investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "<u>Advisers Act</u>"); and

**WHEREAS,** the Fund desires to retain the Adviser to provide investment advisory services to the Fund, and the Adviser is willing to provide or procure such services, on the terms and conditions hereinafter set forth.

**NOW, THEREFORE,** in consideration of the covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows:

**<u>ARTICLE I</u>**

**<u>APPOINTMENT</u>**

The Fund hereby appoints the Adviser to act as investment adviser to the Fund for the period and on the terms set forth in this Agreement. The Adviser hereby accepts such appointment and agrees to provide the advisory services herein described, for the compensation herein provided.

**<u>ARTICLE II</u>**

**<u>SERVICES OF THE ADVISER</u>**

1. <u>Advisory Duties of the Adviser</u>. Subject to the supervision of the board of trustees of the Fund (the "<u>Board of Trustees</u>"), the Adviser shall act as the investment adviser to the Fund and shall manage the investment and reinvestment of the assets of the Fund (a) in accordance with the investment objective, policies and restrictions that are set forth in the Fund's filings with the SEC, as the same may be amended from time to time, (b) in accordance with the 1940 Act, the Advisers Act and all other applicable federal and state law, and (c) in accordance with the Fund's certificate of trust, amended and restated declaration of trust and bylaws (collectively, the "<u>organizational documents</u>"), each as amended or restated from time to time. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement, (i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing such changes; (ii) identify, evaluate and negotiate the structure of the investments made by the Fund (including performing due diligence on prospective investments); (iii) execute, close, service and monitor the Fund's investments; (iv) determine the securities and other assets that the Fund will purchase, retain or sell; and (v) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably require for the investment of its funds. The Adviser shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund's investments and the placement of orders for other purchase or sale transactions on behalf of the Fund, subject to the oversight and approval of the Board of Trustees. In the event that the Fund determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Fund's behalf, subject to the oversight and approval of the Board of Trustees. If it is necessary or convenient for the Adviser to make investments on behalf of the Fund through a subsidiary or special purpose vehicle or otherwise form such subsidiary or special purpose vehicle, the Adviser shall have authority to create or arrange for the creation of such subsidiary or special purpose vehicle, and to make such investments through such subsidiary or special purpose vehicle, in accordance with the 1940 Act.

2. <u>Subadvisers</u>. Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the Board of Trustees who are not "interested persons" and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may, through a subadvisory agreement or other arrangement, delegate to a subadviser any of the duties enumerated in this Agreement, including the management of all or a portion of the assets being managed hereby. Subject to the prior approval of a majority of the members of the Board of Trustees, including a majority of the members of the Board of Trustees who are not "interested persons" and, to the extent required by applicable law, by the shareholders of the Fund, the Adviser may adjust such duties, the portion of assets being managed, and the fees to be paid by the Adviser; provided that, in each case, the Adviser shall continue to oversee the services provided by such company or employees and any such delegation shall not relieve the Adviser of any of its obligations hereunder.

3. <u>Books and Records</u>. The Adviser agrees to maintain, in the form and for the period required by Rule 31a-2 under the 1940 Act or such longer period as the Fund may direct, all records relating to the services rendered by the Adviser under this Agreement and the Fund's investments made by the Adviser as are required by Section 31 under the 1940 Act, and rules and regulations thereunder, and by other applicable legal provisions, including the Advisers Act, the Securities Exchange Act of 1934, as amended, the Commodities Exchange Act, and the respective rules and regulations thereunder, and the Fund's compliance policies and procedures, and to preserve such records for the periods and in the manner required by that Section, and those rules, regulations, legal provisions and compliance policies and procedures. In compliance with the requirements of Rule 31a-3 under the 1940 Act, 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 Adviser on behalf of the Fund are the property of the Fund and shall be surrendered promptly to the Fund on request.

4. <u>Brokerage Commissions</u>. The Adviser is hereby authorized, to the fullest extent now or hereafter permitted by law, to cause the Fund to pay a member of a national securities exchange, broker or dealer an amount of commission or other compensation for effecting a securities transaction in excess of the amount of commission or other compensation another member of such exchange, broker or dealer would have charged for effecting such transaction if the Adviser determines, in good faith and taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities, that the amount of such commission or other compensation is reasonable in relation to the value of the brokerage and/or research services provided by such member, broker or dealer, viewed in terms of either that particular transaction or its overall responsibilities with respect to the Fund's portfolio, and constitutes the best net result for the Fund.

5. <u>Proxy Voting</u>. The Adviser shall be responsible for voting any proxies solicited by an issuer of securities held by the Fund in the best interest of the Fund and in accordance with the Adviser's proxy voting policies and procedures, as any such proxy voting policies and procedures may be amended from time to time. The Fund has been provided with a copy of the Adviser's proxy voting policies and procedures and has been informed as to how it can obtain further information from the Adviser regarding proxy voting activities undertaken on behalf of the Fund. The Adviser shall be responsible for reporting the Fund's proxy voting activities, as required, through periodic filings on Form N-PX.

6. <u>Advisory Services Not Exclusive</u>. The Adviser's services to the Fund pursuant to this Agreement are not exclusive, and it is understood that the Adviser may render investment advice, management and services to other persons (including other investment companies) and engage in other activities, so long as its services under this Agreement are not impaired by such other activities. It is understood and agreed that officers or directors of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, trustees or directors of any other firm, trust or corporation, including other investment companies. Whenever the Fund and one or more other funds, accounts or investment companies advised by the Adviser have available funds for investment, and the responsibility for the management of all of the assets of the Fund has not been delegated to a subadviser, investments suitable and appropriate for each entity shall be allocated in accordance with procedures believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. Similarly, opportunities to sell securities shall be allocated in a manner believed by the Adviser to be equitable to each entity over time to the extent permitted by applicable law. The Fund recognizes that in some cases this procedure may adversely affect the size of the position that may be acquired by or disposed of for the Fund.

**<u>ARTICLE III</u>**

**<u>EXPENSES</u>**

1. <u>Expenses Borne by Adviser</u>. All investment professionals of the Adviser and their respective staffs, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services, shall be provided and paid for by the Adviser and not by the Fund.

2. <u>Expenses Borne by the Fund</u>. The Fund shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating to: (a) the Management Fee (as defined below); (b) fees to the Fund's administrators, transfer agent, custodians, depositaries, and trustees and other service providers; (c) the cost of calculating the Fund's net asset value (including the cost and expenses of any independent valuation firm); (d) borrowing and indebtedness of the fund, including the costs of establishing such borrowing or indebtedness, as well as any interest expenses; (e) trading and investment expenses (e.g., expenses that the Adviser reasonably determines to be related to the investment of the Fund's assets), including: (i) brokerage commissions and expenses relating to short sales, (ii) clearing and settlement charges and other related amounts, (iii) prime broker fees and other bank service fees, and (iv) custodial fees, and fees of the trustee and any depositary in relation to trading and settlements; (f) dividends on preferred shares, if any, and any expenses relating to the offering of any preferred shares, including costs related to the use of one or more distributors and/or underwriters; (g) the costs and expenses of products and services relating to research concerning the Fund's investments or potential investments (except to the extent that such costs or expenses are paid for with "soft dollars"), including the following: (i) the costs of obtaining third-party research products and services, including the cost of research reports relating to securities, issuers, market segments or geographic regions, (ii) investment- and portfolio-related research surveys, (iii) the costs of computerized historical financial data, data feeds, audiovisual media, and databases (e.g., Bloomberg) and the costs of credit rating services, (iv) alternative data, and systems and services relating to research for alternative data, (v) the costs of subscriptions, publications, and news feeds regarding investments and/or the general investment markets, (vi) professional fees, including the expenses of consultants and experts, to the extent such professional fees relate to research, (vii) the costs of information technology hardware and software (including computers, telephones, videoconferencing equipment, and similar items) to the extent that such hardware or software is used for research (to include initial and ongoing costs for purchase or lease, licensing, data and physical file storage, maintenance, cyber and information security technology and services, consulting and third-party labor support, and other related expenses), and (viii) the cost of investigating actual or potential investments, including investment and general market conferences, travel expenses and out-of-pocket expenses of the officers and employees of the Adviser in relation to research concerning investments or potential investments for the Fund; (h) costs of third-party valuation consultants and price quotation services; (i) the costs of portfolio modeling and analyses, and data analytics, including expenses relating to services provided by affiliated or unaffiliated service providers; (j) professional fees, including: (i) expenses of consultants, experts and third-party advisors, related to portfolio investments (and not related to research), (ii) fees of any underwriter or rating agency in connection with borrowing or indebtedness of the Fund, (iii) fees and expenses associated with the Board of Trustees of the Fund, including travel expenses and costs associated with ongoing meetings of any such entities, and (iv) fees and expenses of anti-money laundering officers of the Fund; (k) legal, litigation, compliance, regulatory, and tax expenses, including consulting expenses, filing fees; (l) auditing and tax preparation expenses; (m) federal and state registration fees and any applicable exchange listing fees; (n) federal, state and local taxes of the Fund; (o) costs associated with offering or repurchasing the Fund's Shares and other securities (including, but not limited to, preferred shares and indebtedness), including costs related to the use of one or more distributors and/or underwriters; (p) distributions on the Fund's Shares or other securities; (q) direct costs and expenses of administration and operation, including printing, mailing, long distance telephone and staff, including fees payable in connection with outsourced administrative functions; (r) any fees and expenses relating to escrow agent services; (s) Independent Trustee fees and expenses; (t) the costs of any reports, proxy statements or other notices to the Fund's Shareholders, including printing costs; (u) any applicable distribution and/or shareholder servicing fees; (v) insurance expenses (including fidelity insurance, Trustees and officers/errors and omissions liability insurance, cybersecurity insurance, and travel-related insurance); (w) costs associated with the Fund's reporting and compliance obligations under the 1940 Act and applicable U.S. federal and state securities laws; (x) the costs of services, systems, data, databases, physical storage, electronic storage, and disaster recovery solutions relating to the management of the Fund (to include initial and ongoing costs for purchase or lease, licensing, maintenance, consulting and third-party labor support, and other related expenses), including the following: (i) the costs of third-party compliance, legal, client service, tax, trading, technology, portfolio analysis, operational and accounting products, services and consultants, including the costs of compliance, portfolio analysis and accounting software packages, (ii) the costs of risk management products and services, including the costs of risk management software or database packages, (iii) the costs of performance measurement services and GIPS and other verifications; and (iv) the costs of maintaining the books and records of the Fund; (y) fees, costs and expenses associated with Shareholder meetings; (z) costs and expenses, including travel expenses and costs associated with investor conferences or any other similar meetings of the Fund; (aa) expenses associated with special purpose vehicles and investment vehicles through which the Fund invests, including organizational, tax, legal, audit, administrative and transaction expenses, dedicated staffing expenses, and occupancy expenses for required physical locations (occupancy expenses to include rent, overhead, property taxes, and utilities in dedicated and shared locations (whether paid to third parties or allocated from Strawberry Tree Management Company LLC or its affiliates)); (ab) corporate licensing; (ac) organizational expenses; (ad) fees and expenses associated with marketing, distribution, training and investor relations efforts; (ae) dues, fees and charges of any trade association of which the Fund is a member; (af) extraordinary expenses, including the costs of indemnification; and (ag) all other expenses reasonably incurred by the Fund or the Adviser in connection with administering the Fund's business, such as the allocable portion of overhead and other expenses incurred by the Adviser on behalf of the Fund and allocable to the Fund under this Agreement or incurred by the Adviser in performing its obligations under any administration or other services agreement with the Fund, including rent, the fees and expenses associated with performing compliance functions, and the Fund's allocable portion of the costs of compensation and related expenses of the Fund's Chief Compliance Officer, Chief Financial Officer, Chief Operating Officer and their respective support staff to the extent applicable.

**<u>ARTICLE IV</u>**

**<u>COMPENSATION</u>**

1. <u>Management Fee</u>. Effective commencing on the date that the Fund's Registration Statement is declared effective by the SEC, the Fund agrees to pay, and the Adviser agrees to accept, as compensation for the investment advisory and management services provided by the Adviser hereunder, a quarterly advisory fee (the "Management Fee"). The Management Fee shall accrue daily at an annual rate equal to 1.00% of the average daily calculated net asset value (as determined each business day at the time set forth in the prospectus for determining net asset value per share) of the Fund and shall be paid quarterly in arrears. The net asset value of the Fund is determined by subtracting the Fund's liabilities from the fair market value of its assets in accordance with the Fund's prospectus. For purposes of this Agreement, a "business day" is any day the Fund is open for business or as otherwise provided in the Fund's prospectus. The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct. To the extent permitted by applicable law, the Adviser may elect to defer all or a portion of its fees hereunder for a specified period of time. The Management Fee for any partial calculation period shall be appropriately pro-rated (based on the number of days actually elapsed at the end of such calculation period relative to the total number of days in such calculation period).

2. <u>Effective Date of Fee Calculation</u>. The effective date of this Article IV shall be the date the Registration Statement is declared effective by the SEC.

**<u>ARTICLE V</u>**

**<u>ADDITIONAL OBLIGATIONS OF THE FUND</u>**

1. <u>Documents</u>. The Fund has delivered, or shall deliver, to the Adviser copies of each of the following documents and shall deliver to it all future amendments and supplements thereto, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund's certificate of trust, as filed with the Secretary of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund's amended and restated declaration of trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's by-laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Certified resolutions of the Board of Trustees authorizing the appointment of the Adviser and approving the form of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Registration Statement as filed with the SEC and all amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notification of Registration of the Fund under the 1940 Act on Form N-8A as filed with the SEC and all amendments thereto; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The form of Prospectus and Statement of Additional Information of the Fund pursuant to which the Fund's Shares are offered for sale to the public.

**<u>ARTICLE VI.</u>**

**<u>LIMITATION OF LIABILITY; INDEMNIFICATION</u>**

To the full extent permitted by applicable law, the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) shall not be liable to the Fund for any action taken or omitted to be taken by the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser) in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund, except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services, and the Fund shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with any such person or entity or with the Adviser, each of whom shall be deemed a third party beneficiary hereof) (collectively, the "<u>Indemnified Parties</u>") and hold them harmless from and against all damages, liabilities, costs and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding sentence of this Article VI to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder). Nothing in this Agreement shall in any way constitute a waiver or limitation by the Fund of any rights or remedies which may not be so limited or waived in accordance with applicable law.

**<u>ARTICLE VII.</u>**

**<u>MISCELLANEOUS</u>**

1. <u>Covenants of the Adviser</u>. The Adviser hereby covenants that it is registered as an investment adviser under the Advisers Act. The Adviser hereby agrees that its activities shall at all times comply in all material respects with all applicable federal and state laws governing its operations and investments.

2. <u>Adviser Personnel</u>. The Adviser shall authorize and permit any of its directors, officers and employees who may be elected or appointed as trustees or officers of the Fund to serve in the capacities in which they are elected or appointed. Services to be furnished by the Adviser under this Agreement may be furnished through the medium of any of such trustees, officers or employees. The Adviser shall make its directors, officers and employees available to attend meetings of the Board of Trustees as may be reasonably requested by the Board of Trustees from time to time. The Adviser shall prepare and provide such reports on the Fund and its operations as may be reasonably requested by the Board of Trustees from time to time.

3. <u>Independent Contractor</u>. Except as otherwise provided herein or authorized by the Board of Trustees from time to time, the Adviser shall for all purposes herein be deemed to be an independent contractor and shall have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund.

4. <u>Name.</u> The Fund agrees that the Fund (to the extent that it lawfully can) shall cease to use the name "Strawberry Tree Management Company LLC" upon such date as the Adviser ceases to act as the investment adviser to the Fund, unless an affiliate of the Adviser serves as the investment adviser.

5. <u>Effectiveness, Duration and Termination</u>. This Agreement shall become effective as of the first date above written. This Agreement shall remain in effect for two years, and thereafter shall continue automatically for successive annual periods; provided that such continuance is specifically approved at least annually by (a) the vote of the Board of Trustees or the vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act) and (b) the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party, in accordance with the requirements of the 1940 Act or any exemptive relief therefrom.

This Agreement may be terminated at any time, without the payment of any penalty, by (x) (i) the Board of Trustees or (ii) a vote of a majority of the outstanding voting securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), in each case upon not less than 60 days' written notice or (y) the Adviser upon not less than 90 days' written notice. This Agreement shall automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act). The provisions of Article VI of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Article IV through the date of termination or expiration, and Article VI shall continue in force and effect and apply to the Indemnified Parties as and to the extent applicable.

6. <u>Amendment</u>. This Agreement may be amended by mutual consent, but the consent of the Fund must be obtained in accordance with the 1940 Act, including, if applicable, pursuant to a vote of the Board of Trustees, the vote of a majority of the outstanding securities of the Fund (as defined in Section 2(a)(42) of the 1940 Act), or the vote of a majority of the Fund's trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of any such party.

7. <u>Notice</u>. Any notice or other communication required to be given pursuant to this Agreement shall be given in writing, addressed and delivered or mailed to the other party at its principal office.

8. <u>Entire Agreement; Governing Law</u>. This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be governed by, and construed in accordance with, the laws of the State of New York and the applicable provisions of the 1940 Act. To the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

*[signature page follows]*

**IN WITNESS WHEREOF,** the parties hereto have caused this Agreement to be duly executed as of the date first written above.

---

| | |
|:---|:---|
| **USVC VENTURE CAPITAL ACCESS FUND** | **USVC VENTURE CAPITAL ACCESS FUND** |
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | Trustee, President and Chief Executive Officer |
| **STRAWBERRY TREE MANAGEMENT COMPANY LLC** | **STRAWBERRY TREE MANAGEMENT COMPANY LLC** |
| By: | /s/ Huoy-Ming Yeh |
| Name: | Huoy-Ming Yeh |
| Title: | Chief Executive Officer |

---

*[Signature Page to Investment Advisory Agreement of USVC Venture Capital Access Fund]*

## Ex-99.(H)(1)

**Exhibit 99.(h)(1)**

**Distribution Services Agreement**

This Distribution Services Agreement (the "<u>Agreement</u>") is entered into and effective as of September 25, 2025 (the "<u>Effective Date</u>") between:

1. **ALPS Distributors, Inc**., a corporation incorporated in the State of Colorado (" <u>ADI</u> ");
and

2. **USVC Venture Capital Access Fund,** a Delaware statutory trust, registered under the Investment Company
Act of 1940, as amended (" <u>1940 Act</u> "), as a closed-end investment company that is operated as a tender offer fund (the
 " <u>Fund</u> ");

The Fund and ADI each may be referred to individually as a "<u>Party</u>" or collectively as "<u>Parties</u>."

**1.**  **<u>Definitions; Interpretation</u>** 

1.1. As used in this Agreement, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>1933 Act</u>" means the Securities Act of 1933, as amended, and the rules and regulations issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended, and the rules and regulations issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>1940 Act</u>" means the Investment Company Act of 1940, as amended, and the rules and regulations issued thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Action</u>" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted, commenced or threatened by any Person (including any Government Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>ADI Associates</u>" means ADI and each of its Affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>ADI Property</u>" means all hardware, software, source code, data, report designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by ADI in connection with its performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Affiliate</u>" means, with respect to any Person, any other Person that is controlled by, controls, or is under common control with such Person and "control" of a Person means: (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that Person or (ii) the right to control the appointment of the Board or analogous governing body, management or executive officers of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Board</u>" means the Board of Trustees or Directors, as the case may be, of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Business Day</u>" means a day other than a Saturday or Sunday on which the New York Stock Exchange is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Claim</u>" means any Action arising out of the subject matter of, or in any way related to, this Agreement, its formation or the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Client Data</u>" means all data of Fund (or, if a Management entity receives Services, such entity), including data related to information and documents submitted to ADI for review in the ADI Web Portal, securities trades and other transaction data, investment returns, issue descriptions, and Market Data provided by Fund and all output and derivatives thereof, necessary to enable ADI to perform the Services, but excluding ADI Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Confidential Information</u>" means any information about Fund or ADI, including this Agreement, except for information that (i) is or becomes part of the public domain without breach of this Agreement by the receiving Party, (ii) was rightfully acquired from a third party, or is developed independently, by the receiving Party, or (iii) is generally known by Persons in the technology, securities, or financial services industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Data Supplier</u>" means a third party supplier of Market Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>DTC</u>" means The Depository Trust Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>FINRA</u>" mean the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Governing Documents</u>" means the constitutional documents of an entity and, with respect to Fund, all minutes of meetings of the Board or analogous governing body and of shareholders meetings, and any registration statements, offering memorandum, subscription materials, Board or committee charters, policies and procedures, investment advisory agreements, other material agreements, and other disclosure or operational documents utilized by Fund in connection with the offering of any of its securities or interests to investors, all as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Intermediary Agreement</u>" means an agreement with one or more financial intermediaries in connection with the sale of Fund shares, entered into upon direction of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Law</u>" means statutes, rules, regulations, interpretations and orders of any Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Losses</u>" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Management</u>" means the Fund's officers, directors, employees, and the investment adviser and sub-adviser(s) (if any), as well as any officers, directors, employees or agents of the then current investment adviser and sub-adviser(s) (if applicable) who are responsible for the day to day operations and management of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Market Data</u>" means third party market and reference data, including intermediary, NSCC, DTC, due diligence and related data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) "<u>NSCC</u>" means the National Securities Clearing Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) "<u>Person</u>" means any natural person or corporate or unincorporated entity or organization and that person's personal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) "<u>SEC</u>" means the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) "<u>Services</u>" means the services listed in <u>Schedule A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) "<u>Shares</u>" means the shares issued by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) "<u>Third Party Claim</u>" means a Claim (i) brought by any Person other than the indemnifying Party or (ii) brought by a Party on behalf of or that could otherwise be asserted by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) "<u>USA Patriot Act</u>" means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, as amended.

1.2. Other capitalized terms used in this Agreement but not defined in this Section 1 shall have the meanings ascribed thereto.

1.3. Section and Schedule headings shall not affect the interpretation of this Agreement. This Agreement includes the schedules and appendices hereto. In the event of a conflict between this Agreement and such schedules or appendices, the former shall control.

1.4. Words in the singular include the plural and words in the plural include the singular. The words "including," "includes," "included" and "include", when used, are deemed to be followed by the words "without limitation." Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "hereof," "herein" and "hereunder" and words of analogous import shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

1.5. The Parties' duties and obligations are governed by and limited to the express terms and conditions of this Agreement, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party. The Parties have mutually negotiated the terms hereof and there shall be no presumption of law relating to the interpretation of contracts against the drafter.

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**2.**  **<u>Services and Fees</u>** 

2.1. Subject to the terms of this Agreement, ADI will perform the Services set forth in <u>Schedule A</u> for the Fund. ADI shall be under no duty or obligation to perform any service except as specifically listed in <u>Schedule A</u> or take any other action except as specifically listed in <u>Schedule A</u> or this Agreement, and no other duties or obligations, including, fiduciary or analogous duties or obligations, shall be implied. Any Fund requests to change the Services, including those necessitated by a change to the Governing Documents of the Fund or changes in applicable Law, will only be binding on ADI when they are reflected in an amendment to <u>Schedule A</u>.

2.2. The Adviser will pay the fees, charges and expenses on behalf of each Fund in accordance with, and in the manner set forth in, the confidential fee letter(s) (a "<u>Fee Letter</u>"), which may be amended from time to time. Each <u>Fee Letter</u> is incorporated by reference into this Agreement and subject to the terms of this Agreement. Payment by the Adviser shall not limit ADI's rights of recourse against the Fund.

2.3. In carrying out its duties and obligations pursuant to this Agreement, some or all Services may be delegated by ADI to one or more of its Affiliates or other Persons (and any required Fund consent to such delegation shall not be unreasonably revoked or withheld in respect of any such delegations), provided that such Persons are selected in good faith and with reasonable care and are monitored by ADI. If ADI delegates any Services, (i) such delegation shall not relieve ADI of its duties and obligations hereunder, (ii) in respect of Personal Data, such delegation shall be subject to a written agreement obliging the delegate to comply with the relevant delegated duties and obligations of ADI, and (iii) if required by applicable Law, ADI will identify such agents and the Services delegated and will update Fund when making any material changes in sufficient detail to enable Fund to object to a particular arrangement.

2.4. After the first anniversary of the Agreement and on each year thereafter, all fees reflected in Fee Letter will incur an annual cost of living increase as described in <u>Fee Letter</u>.

**3.**  **<u>Responsibilities</u>** 

3.1. The management and control of Fund are vested exclusively in the Fund. The Fund and its Management is responsible for and will make all decisions, perform all management functions relating to the operation of Fund, and shall authorize and are responsible for all transactions. Without limiting the foregoing, Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate properly qualified individuals to oversee the Services and establish and maintain internal controls, including monitoring the ongoing activities of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluate the accuracy, and accept responsibility for the results, of the Services, review and approve all reports, analyses and records resulting from the Services and promptly inform ADI of any errors it is in a position to identify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide ADI with timely and accurate information required by ADI in order to perform the Services and its duties and obligations hereunder.

3.2. Fund is solely and exclusively responsible for ensuring that it complies with Law and its respective Governing Documents. It is the Fund's responsibility to provide all final Fund Governing Documents as of the Effective Date. Fund will notify ADI in writing of any changes to the Fund Governing Documents that may materially impact the Services and/or that affect Fund's distribution strategy, liquidity or risk profile in any material respect prior to such changes taking effect. ADI is not responsible for monitoring compliance by Fund with (i) Law, (ii) its respective Governing Documents or (iii) any investment trading restrictions.

3.3. In the event that Market Data is supplied to or through ADI Associates in connection with the Services, the Market Data is proprietary to Data Suppliers and is provided on a limited internal-use license basis. Market Data may: (i) only be used by Fund in connection with the Services and (ii) not be disseminated by Fund or used to populate internal systems in lieu of obtaining a data license. Access to and delivery of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued with or without notice. Notwithstanding anything in this Agreement to the contrary, neither ADI nor any Data Supplier shall be liable to Fund or any other Person for any Losses with respect to Market Data, reliance by ADI Associates or Fund on Market Data or the provision of Market Data in connection with this Agreement.

3.4. Fund shall deliver, and procure that its agents, prime brokers, counterparties, brokers, counsel, advisors, auditors, clearing agents, and any other Persons promptly deliver, to ADI, all Client Data and the then most current version of all Fund Governing Documents and any other material Fund agreements. Fund shall arrange with each such Person to deliver such information and materials on a timely basis, and ADI will not be required to enter any agreements with that Person in order for ADI to provide the Services.

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3.5. Notwithstanding anything in this Agreement to the contrary, so long as they act in good faith ADI Associates shall be entitled to rely on the authenticity, completeness and accuracy of any and all information and communications of whatever nature received by ADI Associates from the Fund its employees, Affiliates or agents, in connection with the performance of the Services and ADI's duties and obligations hereunder, without further enquiry or liability.

3.6. Notwithstanding anything in this Agreement to the contrary, if ADI is in doubt as to any action it should or should not take in its provision of Services, ADI Associates may request directions, advice or instructions from the Fund, or as applicable, Management, custodian or other service providers. If ADI is in doubt as to any question of law pertaining to any action it should or should not take, the Fund will make available to and ADI Associates may request advice from counsel for any of the Fund, the Fund's independent Board members, its officers, or Management (including its investment adviser or sub-adviser), each at the Fund's expense.

**4.**  **<u>Term</u>** 

4.1. The initial term of this Agreement will be from the Effective Date through the date ending two (2) years following the Effective Date ("<u>Initial Term</u>"). Thereafter, this Agreement will automatically renew for successive terms of one (1) year each, provided such continuance is specifically approved at least annually (i) by the Fund's Board; or (ii) by a vote of a majority of the outstanding voting securities of the Fund, provided that in either event the continuance is also approved by the majority of the Board members who are not interested persons (as defined in the 1940 Act) of any Party to this Agreement by vote cast in person at a meeting called for the purpose of voting on such approval (such periods, in the aggregate, the "<u>Term</u>").

**5.**  **<u>Termination</u>** 

5.1. This Agreement is terminable on 60 calendar days' written notice by the Fund's Board, by vote of the holders of a majority of the outstanding voting securities of the Fund, or by ADI.

5.2. ADI or Fund also may, by written notice to the other, terminate this Agreement if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The other Party breaches any material term, condition or provision of this Agreement, which breach, if capable of being cured, is not cured within 30 calendar days after the non-breaching Party gives the other Party written notice of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The other Party (i) liquidates, terminates or suspends its business, (ii) becomes insolvent, admits in writing its inability to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a trustee, receiver or analogous authority, (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding, (iv) where the other Party is Fund, it becomes subject to a material Action and/or an Action that ADI reasonably determines could cause ADI reputational harm (including any Action against an investment adviser, sub-adviser, or other service provider of the Fund), or (v) where the other Party is Fund, material changes in Fund's Governing Documents or the assumptions set forth in Section 1 of <u>Fee Letter</u> are determined by ADI, in its reasonable discretion, to materially affect the Services or to be materially adverse to ADI.

If any such event occurs, the termination will become effective immediately or on the date stated in the written notice of termination, which date shall not be greater than 60 calendar days after the event.

5.3. Upon the receipt of ADI of a termination notice from the Fund, subject to the receipt by ADI of all then-due fees, charges and expenses, including any fees remaining for the balance of the Term, as noted herein, ADI shall continue to provide the Services up to the effective date of the termination notice; thereafter, ADI shall have no obligation to perform any services of any type unless and to the extent set forth in an amendment to <u>Schedule A</u> and/or <u>Fee Letter</u> executed by ADI. In the event of the termination of this Agreement, the <u>Fee Letter</u> may be amended to compensate ADI a reasonable fee determined by ADI for services provided in connection with the Fund liquidating or reorganization to another Fund. In the event that Fund wishes to retain ADI to perform transition or post-termination services, including providing Intermediary Agreement services, the Fund and ADI shall agree in writing to the additional services and related fees and expenses in a statement of work or amendment to <u>Schedule A</u> and/or <u>Fee Letter</u>, as appropriate. Should either Party exercise its right to terminate, all out-of-pocket expenses or costs associated with the movement of records and material will be charged in accordance with the <u>Fee Letter</u>.

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5.4. Termination of this Agreement shall not affect: (i) any liabilities or obligations of any Party arising before such termination (including payment of fees and expenses) or (ii) any damages or other remedies to which a Party may be entitled for breach of this Agreement or otherwise. Sections 2.2., 5.2 (as applicable), 6, 8, 9, 10, 11, 12 and 13 of this Agreement shall survive the termination of this Agreement. To the extent any services that are Services are performed by ADI for Fund after the termination of this Agreement all of the provisions of this Agreement except <u>Schedule A</u> shall survive the termination of this Agreement for so long as those services are performed.

**6.**  **<u>Limitation of Liability and Indemnification; Standard of Care</u>** 

6.1. Notwithstanding anything in this Agreement to the contrary ADI Associates shall not be liable to Fund or any other Person for any action or inaction of any ADI Associate except to the extent of direct Losses finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence, willful misconduct or fraud of ADI in the performance of ADI's duties or obligations under this Agreement or an Intermediary Agreement. Under no circumstances shall ADI Associates be liable to Fund for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value. Fund shall indemnify, defend and hold harmless ADI Associates from and against Losses (including legal fees and costs to enforce this provision) that ADI Associates suffer, incur, or pay as a result of any Third Party Claim or Claim among the Parties arising out of the subject matter of or otherwise in any way related to this Agreement or an Intermediary Agreement. Any expenses (including legal fees and costs) incurred by ADI Associates in defending or responding to any Claims (or in enforcing this provision) shall be paid by Fund on a quarterly basis prior to the final disposition of such matter upon receipt by Fund of an undertaking by ADI to repay such amount if it shall be determined that an ADI Associate is not entitled to be indemnified.

**7.**  **<u>Representations and Warranties</u>** 

7.1. Each Party represents and warrants to each other Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a legal entity duly created, validly existing and in good standing under the Law of the jurisdiction in which it is created, and is in good standing in each other jurisdiction where the failure to be in good standing would have a material adverse effect on its business or its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Save for access to and delivery of Market Data that is dependent on Data Suppliers and may be interrupted or discontinued with or without notice, it has all necessary legal power and authority to own, lease and operate its assets and to carry on its business as presently conducted and as it will be conducted pursuant to this Agreement and will comply in all material respects with all Law to which it may be subject, and to the best of its knowledge and belief, it is not subject to any Action that would prevent it from performing its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has all necessary legal power and authority to enter into this Agreement, the execution of which has been duly authorized and will not violate the terms of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Person signing on its behalf has the authority to contractually bind it to the terms and conditions in this Agreement and that this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms.

7.2. Fund represents and warrants to ADI that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the Governing Documents of Fund and other corporate actions thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is a statutory trust duly organized and existing and in good standing under the laws of the state of Delaware and is registered with the SEC as a closed-end management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is empowered under applicable laws and by its Declaration of Trust and By-laws (together, the "Organizational Documents") to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board has duly authorized it to enter into and perform this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It will promptly notify ADI of (1) any Action against it or its investment adviser or sub-adviser and (2) changes (or pending changes) in applicable Law with respect to Fund that are relevant to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) It will take all actions necessary to register the Shares under the 1933 Act and the 1940 Act (subject to the necessary approval of its shareholders), take all actions necessary in connection with the qualification of the Shares for sale in such states and jurisdictions where the Shares will be offered, and notify ADI, in writing, of any changes to such registration or qualification that will impact the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Tender offers or repurchase offers of Shares of the Fund will be made at the net asset value per Share in accordance with the Fund's applicable then-current prospectus and Rule 13(e)-4 of the 1934 Act or Rule 23c-3 of the 1940 Act, as the case may be. If a fee in connection with any tender offer or repurchase offer is in effect, such fee will be paid to the Fund. The net asset value of the Shares will be calculated by the Fund or by another entity on behalf of the Fund. ADI has no duty to inquire into, or liability for, the accuracy of the net asset value per Share as calculated or the Fund's compliance with any periodic tender offer or repurchase offer in accordance with Rule 13(e)-4 of the 1934 Act or Rule 23c-3 of the 1940 Act, as applicable, and/or related policies adopted by the Fund. In addition, ADI has no duty and shall not be responsible for any applicable FINRA filings in association with such offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) It reserves the right to suspend sales and ADI's authority to process orders for Shares on behalf of the Fund if, in the judgment of the Fund, it is in the best interests of the Fund to do so. Suspension will continue for such period as may be determined by the Fund. The Fund agrees to promptly notify ADI in the event that the Fund determines not to issue a tender offer or repurchase, as applicable, in accordance with the specified schedule set forth in the Fund's then-current prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund's registration statement, prospectus and statement of additional information, as such may be amended by the Fund: (i) have been prepared, and all sales literature and advertisements approved by the Fund and/or the Fund's investment adviser or other materials prepared by or on behalf of the Fund for ADI's use ("<u>Sales Materials</u>") shall: (i) be prepared, in all material respects, in conformity with applicable Law; and (ii) contain, and all Sales Materials shall contain, all statements required to be stated therein in accordance with the 1933 Act and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) All statements of fact contained in the Fund's registration statement, prospectus and statement of additional information, or to be contained in all Sales Materials, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and none of any registration statement, prospectus or statement of additional information, nor any Sales Materials, shall include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of each Fund's prospectus or statement of additional information in light of the circumstances in which made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Fund shall, from time to time, file such amendment or amendments to the registration statement, prospectus, and statement of additional information that, in the opinion of the Fund's counsel, are necessary in order to have the registration statement, prospectus or statement of additional information at all times contain all material facts required to be stated therein or necessary to make the statements therein, in the case of the prospectus or statement of additional information in light of the circumstances in which made, not misleading. The Fund shall not file any amendment to the registration statement, prospectus or statement of additional information that would impact the Services without providing ADI reasonable notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Fund's right to file at any time such amendments to the registration statement or a Fund's prospectus or statement of additional information as the Fund may deem advisable. Notwithstanding the foregoing, the Fund shall not be deemed to make any representation or warranty as to any information or statement provided by ADI for inclusion in the registration statement or any prospectus or statement of additional information.

7.3 ADI represents and warrants to Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the rights granted by the Fund to ADI hereunder, ADI shall have the right to distribute the Shares as agent on behalf of the Fund during the term of this Agreement, subject to the registration and qualification requirements set forth in the Fund's registration statement, prospectus and statement of additional information then in effect under the 1933 Act and 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as otherwise noted in the Fund's then-current registration statement, prospectus and statement of additional information, all Shares distributed by ADI will be at the public offering price, which shall be the net asset value per Share, as determined in the manner described in such registration statement, prospectus and statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It maintains an anti-money laundering program in compliance with Title III of the USA Patriot Act and all applicable laws and regulations promulgated thereunder. ADI confirms that, as soon as possible, following the request from the Fund, ADI will supply the Fund with copies of its anti-money laundering policy and procedures, and such other relevant certifications and representations regarding such policy and procedures as the Fund may reasonably request from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It has conducted a review of its supervisory controls system and has made available to the Fund the most current summary report of such review and any updates thereto. Each time ADI conducts a review of its supervisory control system it will make available to the Fund for inspection a summary report of such review and any updates thereto. ADI shall immediately notify the Fund of any changes in how it conducts its business that would materially change the results of its most recent review of its supervisory controls system and any other changes to ADI's business that would affect the business of the Fund or Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It will maintain at its expense an errors and omissions insurance policy adequate to cover its distribution activities hereunder relating to the Fund.

**8.**  **<u>Client Data</u>** 

8.1. Fund (i) will provide or ensure that other Persons provide all Client Data to ADI in an electronic format that is acceptable to ADI (or as otherwise agreed in writing) and (ii) confirm that each has the right to so share such Client Data. As between ADI and Fund, all Client Data shall remain the property of the Fund. Client Data shall not be used or disclosed by ADI other than in connection with providing the Services and as permitted under Section 11.2. ADI shall be permitted to act upon instructions from Fund or Management with respect to the disclosure or disposition of Client Data related to Fund, but may refuse to act upon such instructions where it doubts, in good faith, the authenticity or authority of such instructions.

8.2. ADI shall maintain and store material Client Data used in the official books and records of Fund for a rolling period of seven (7) years starting from the Effective Date, or such longer period as required by applicable Law or its internal policies or until such earlier time as it returns such records to the Fund or the Fund's designee.

**9.**  **<u>Data Protection</u>** 

9.1. From time to time and in connection with the Services, ADI may obtain access to certain personal information from the Fund. Personal information relating to the Fund and its Affiliates, directors, officers, employees, agents, current and prospective Fund shareholders, plan sponsors and plan participants may be processed by ADI and its Affiliates. The Fund consents to the transmission and processing of such information within and outside the United States in accordance with applicable Law.

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9.2. ADI will notify the Fund without undue delay after becoming aware of a confirmed breach of Personal Information and provide reasonable assistance to the Fund in its notification of that breach to the relevant supervisory authority and those individual impacted, as required by applicable Law. ADI will not disclose or use Personal Information obtained from or on behalf of the Fund except in accordance with the lawful instructions of the Fund to carry out ADI's obligations under, or as otherwise permitted pursuant to the terms of, its agreements with the Fund and to comply with applicable Law.

**10.**  **<u>ADI Property</u>** 

10.1. ADI Property is and shall remain the property of ADI or, when applicable, its Affiliates or suppliers. Neither Fund nor Management nor any other Person shall acquire any license or right to use, sell, disclose, or otherwise exploit or benefit in any manner from, any ADI Property, except as specifically set forth herein. Fund shall not (unless required by Law) either before or after the termination of this Agreement, disclose to any Person not authorized by ADI to receive the same, any information concerning the ADI Property and shall use reasonable efforts to prevent any such disclosure.

**11.**  **<u>Confidentiality</u>** 

11.1. Each Party shall not at any time disclose to any Person any Confidential Information concerning the business, affairs, customers, clients or suppliers of the other Party or its Affiliates, except as permitted by this Section 11.

11.2. Each Party may disclose the other Party's Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of Fund, to each of its Affiliates, members, shareholders, directors, officers, partners,
employees and agents (" <u>Fund Representative</u> ") who need to know such information for the purpose of carrying out its
duties under, or receiving the benefits of or enforcing, this Agreement. Fund shall ensure compliance by Fund Representatives with Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of ADI, to ADI Associate who needs to know such information for the purpose of carrying out
ADI's duties under or enforcing this Agreement. ADI shall ensure compliance by ADI Associates with Section 11.1 but shall not
be responsible for such compliance by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As may be required by Law or pursuant to legal process; provided that the disclosing Party (i) where
reasonably practicable and to the extent legally permissible, provides the other Party with prompt written notice of the required disclosure
so that the other Party may seek a protective order or take other analogous action, (ii) discloses no more of the other Party's
Confidential Information than reasonably necessary and (iii) reasonably cooperates with actions of the other Party in seeking to
protect its Confidential Information at that Party's expense.

11.3. Neither Party shall use the other Party's Confidential Information for any purpose other than to perform its obligations under this Agreement. Each Party may retain a record of the other Party's Confidential Information for the longer of (i) 7 years or (ii) as required by Law or its internal policies.

11.4. ADI's ultimate parent company is subject to U.S. federal and state securities Law and may make disclosures as it deems necessary to comply with such Law. ADI shall have no obligation to use Confidential Information of, or data obtained with respect to, any other client of ADI in connection with the Services.

11.5. Upon the prior written consent of the Management, ADI shall have the right to identify Fund in connection with its marketing-related activities and in its marketing materials as a client of ADI. Upon the prior written consent of ADI, Fund shall have the right to identify ADI and to describe the Services and the material terms of this Agreement in the offering documents of Fund. This Agreement shall not prohibit ADI from using any Fund data (including Client Data) in tracking and reporting on ADI's clients generally or making public statements about such subjects as its business or industry; provided that neither Fund nor Management is named in such public statements without its prior written consent. Fund shall not, in any communications with any Person, whether oral or written, make any representations stating or implying that ADI is (i) verifying the existence of any assets in connection with the investments, products or services of Fund, or (ii) acting as a fiduciary with respect to Fund, Management or any of their respective assets, investors or customers.

11.6. In the event the Fund obtains information from ADI, which is not intended for the Fund, the Fund agrees to (i) immediately, and in no case more than twenty-four (24) hours after discovery thereof, notify ADI that unauthorized information has been made available to the Fund; (ii) not knowingly review, disclose, release, or in any way, use such unauthorized information; (iii) provide ADI reasonable assistance in retrieving such unauthorized information and/or destroy such unauthorized information; and (iv) deliver to ADI a certificate executed by an authorized officer of the Fund certifying that all such unauthorized information in the Fund's possession or control has been delivered to ADI or destroyed as required by this provision.

**12.**  **<u>Notices</u>** 

12.1. Except as otherwise provided herein, all notices required or permitted under this Agreement or required by Law shall be effective only if in writing and delivered: (i) personally, (ii) by registered mail, postage prepaid, return receipt requested, (iii) by receipted prepaid courier (iv) by any electronic mail, to the relevant address or number listed below (or to such other address or number as a Party shall hereafter provide by notice to the other Parties). Notices shall be deemed effective when received by the Party to whom notice is required to be given.

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**If to ADI (to each of):**

ALPS Distributors, Inc.

1290 Broadway, Suite 1000

Denver, CO 80203

Attention: General Counsel

E-mail: <u>notices@sscinc.com</u> with a copy to IntermediaryAgreements@sscinc.com

**If to Fund:**

USVC Venture Capital Access Fund

140 Lakeside Avenue, Suite 100

Seattle, WA 98122

Attention: [NAME]

E-mail: [E-MAIL]

**13.**  **<u>Miscellaneous</u>** 

13.1. <u>Amendment; Modification</u>. This Agreement may not be amended or modified except in writing signed by an authorized representative of each Party. No ADI Associate has authority to bind ADI in any way to any oral covenant, promise, representation or warranty concerning this Agreement, the Services or otherwise.

13.2. <u>Assignment</u>. This Agreement will automatically terminate in the event of its assignment (as defined in the 1940 Act). Neither this Agreement nor any rights under this Agreement may be assigned or otherwise transferred by either Party, in whole or in part, whether directly or by operation of Law, without the prior written consent of the other Party. ADI may assign or otherwise transfer this Agreement to the extent permissible under the 1940 Act, and (i) to a successor in the event of a change in control of ADI, (ii) to an Affiliate or (iii) in connection with an assignment or other transfer of a material part of ADI's business; provided, each case, that any such entity is registered as a broker-dealer under the 1934 Act and with FINRA. Any attempted delegation, transfer or assignment prohibited by this Agreement shall be null and void.

13.3. <u>Choice of Law; Choice of Forum</u>. This Agreement shall be interpreted in accordance with and governed by the Law of the State of New York. The courts of the State of New York and the United States District Court for the Southern District of New York shall have exclusive jurisdiction to settle any Claim. EACH PARTY SUBMITS TO THE EXCLUSIVE JURISDICTION OF SUCH COURTS AND WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW ALL RIGHTS TO A TRIAL BY JURY.

13.4. <u>Counterparts; Signatures</u>. This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and shall be binding to the same extent as if original signatures were exchanged.

13.5. <u>Entire Agreement</u>. This Agreement (including any schedules, attachments, amendments and addenda hereto) contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto. This Agreement sets out the entire liability of ADI Associates related to the Services and the subject matter of this Agreement, and no ADI Associate shall have any liability to Fund or any other Person for, and Fund hereby waives to the fullest extent permitted by applicable law recourse under, tort, misrepresentation or any other legal theory.

13.6. <u>Force Majeure</u>. ADI will not be responsible for any Losses of property in ADI Associates' possession or for any failure to fulfill its duties or obligations hereunder if such Loss or failure is caused, directly or indirectly, by war, terrorist or analogous action, the act of any Government Authority or other authority, riot, civil commotion, rebellion, storm, accident, fire, lockout, strike, power failure, computer error or failure, delay or breakdown in communications or electronic transmission systems, or other analogous events. ADI shall use commercially reasonable efforts to minimize the effects on the Services of any such event.

13.7. <u>Non-Exclusivity</u>. The duties and obligations of ADI hereunder shall not preclude ADI from providing services of a comparable or different nature to any other Person and to receive economic or other benefits in connection therewith. Fund understands that ADI may have commercial relationships with Data Suppliers and providers of technology, data or other services to Fund and ADI may receive economic or other benefits in connection with the Services provided hereunder.

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13.8. <u>No Partnership</u>. Nothing in this Agreement is intended to, or shall be deemed to, constitute a partnership or joint venture of any kind between or among any of the Parties.

13.9. <u>No Solicitation</u>. During the term of this Agreement and for a period of 12 months thereafter, Fund will not directly or indirectly solicit the services of, or otherwise attempt to employ or engage any employee of ADI or its Affiliates without the consent of ADI; provided, however, that the foregoing shall not prevent Fund from soliciting employees through general advertising not targeted specifically at any or all ADI Associates. If Fund employs or engages any ADI Associate during the term of this Agreement or the period of 12 months thereafter in contravention of this Section 13.9, such entity shall pay for any fees and expenses (including recruiters' fees) incurred by ADI or its Affiliates in hiring replacement personnel as well as any other remedies available to ADI.

13.10. <u>No Warranties</u>. Except as expressly listed herein, ADI and each Data Supplier make no warranties, whether express, implied, contractual or statutory with respect to the Services or Market Data. ADI disclaims all implied warranties of merchantability and fitness for a particular purpose with respect to the Services. All warranties, conditions and other terms implied by Law are, to the fullest extent permitted by Law, excluded from this Agreement.

13.11. <u>Severance</u>. If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not practical, the relevant provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and enforceability of the rest of this Agreement. If a Party gives notice to another Party of the possibility that any provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended, it is valid, legal and enforceable and achieves the intended commercial result of the original provision.

13.12. <u>Testimony</u>. If ADI is required by a third party subpoena or otherwise, to produce documents, testify or provide other evidence regarding the Services, this Agreement or the operations of Fund in any Action to which Fund or Management is a party or otherwise related to Fund, Fund shall reimburse ADI for all costs and expenses, including the time of its professional staff at ADI's standard rates and the cost of legal representation, that ADI reasonably incurs in connection therewith.

13.13. <u>Third Party Beneficiaries</u>. This Agreement is entered into for the sole and exclusive benefit of the Parties and will not be interpreted in such a manner as to give rise to or create any rights or benefits of or for any other Person except as set forth with respect to ADI Associates and Data Suppliers.

13.14. <u>Waiver</u>. No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by Law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

13.15. <u>Certain Third Party Vendors.</u> Nothing herein shall impose any duty upon ADI in connection with or make ADI liable for the actions or omissions to act of the following types of unaffiliated third parties: (a) courier and mail services including but not limited to Airborne Services, Federal Express, UPS and the U.S. Mails, (b) telecommunications companies including but not limited to AT&T, Verizon, Sprint, and other delivery, telecommunications and other such companies not under the Party's reasonable control, and (c) third parties not under the Party's reasonable control or subcontract relationship providing services to the financial industry generally, such as, by way of example and not limitation, the Depository Trust Clearing Corporation (processing and settlement services), Fund custodian banks (clearing services), Data Suppliers, and national database providers such as Choice Point, Acxiom, TransUnion or Lexis/Nexis and any replacements thereof or similar entities, provided, if ADI selected such company, ADI shall have exercised due care in selecting the same. Such third party vendors shall not be deemed, and are not, subcontractors for purposes of this Agreement.

**\*** **\* \***

***[signature page follows]***

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This Agreement has been entered into by the Parties as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **ALPS DISTRIBUTORS, INC.** | **ALPS DISTRIBUTORS, INC.** | **USVC VENTURE CAPITAL ACCESS FUND** | **USVC VENTURE CAPITAL ACCESS FUND** |
| By: | /s/ Stephen Kyllo | By: | /s/ Erik Syvertsen |
| Name: | Stephen Kyllo | Name: | Erik Syvertsen |
| Title: | SVP & Director | Title: | CEO |

---

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**Schedule A**

**Services**

**A.**  **<u>General</u>** 

1. Any references to Law shall be construed to the Law as amended to the date of the effectiveness of the
applicable provision referencing the Law.

2. Fund acknowledges that ADI's ability to perform the Services is subject to the following dependencies
(in addition to any others described in the Agreement):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fund, Management and other Persons that are not employees or agents of ADI whose cooperation is reasonably
required for the ADI to provide the Services providing cooperation, information and, as applicable, instructions to ADI promptly, in agreed
formats, by agreed media and within agreed timeframes as required to provide the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The communications systems operated by Fund and other Persons that are not employees or agents of ADI
remaining fully operational.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The accuracy and completeness of any Client Data or other information provided to ADI Associates in connection
with the Services by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fund and Management informing ADI on a timely basis of any modification to, or replacement of, any agreement
to which it is a party that is relevant to the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any warranty, representation, covenant or undertaking expressly made by Fund or Management under or in
connection with this Agreement being and remaining true, correct and discharged at all relevant times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ADI's timely receipt of the then most current version of Fund Governing Documents and required implementation
documentation, including client questionnaire(s) and ADI Web Portal and other application User information.

**B.**  **<u>ADI Distribution Services and Terms</u>** 

The following Services will be performed by ADI under this Agreement and, as applicable, are contingent on the performance by Fund of its duties and obligations otherwise contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;· Act as legal underwriter/distributor

&nbsp;&nbsp;&nbsp;&nbsp;· Facilitate setup of an NSCC Fund/SERV Participant
Number under ALPS Distributors, Inc. specific for your fund family

&nbsp;&nbsp;&nbsp;&nbsp;· Provide investment company advertising and sales
literature review, approval and record maintenance Online submission, review/approval, & real-time status updates through SS&C
Advertising Review Portal

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· File required materials with FINRA

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Provide advertising regulatory and disclosure
guidance

&nbsp;&nbsp;&nbsp;&nbsp;· Prepare, update, execute & maintain
financial intermediary agreements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Online access provided through SS&C Portal

&nbsp;&nbsp;&nbsp;&nbsp;· Support financial intermediary relations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Consult and support client's distribution
model & strategy

&nbsp;&nbsp;&nbsp;&nbsp;· Perform financial intermediary payments &
reporting

&nbsp;&nbsp;&nbsp;&nbsp;· Fulfill key account intermediary initial and
ongoing information and due diligence requests

&nbsp;&nbsp;&nbsp;&nbsp;· Intermediary Due Diligence and Oversight Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Review each intermediary in accordance with SS&C
Intermediary Oversight Program

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Deliver quarterly reporting detailing due diligence
activity associated with your network, including risk ratings of each intermediary

**Notes and Terms to ADI Services**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ADI agrees to maintain at all times a program reasonably designed to prevent violations of the federal
securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect to the services provided hereunder, and shall provide
to the Fund a certification to such effect no less frequently than annually or as otherwise reasonably requested by the Fund. ADI shall
make available its compliance personnel and shall provide at its own expense summaries and other relevant materials relating to such program
as reasonably requested by the Fund.

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**C.**  **<u>Miscellaneous</u>** 

1. Notwithstanding anything to the contrary in this Agreement, ADI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Does not maintain custody of any cash, securities or customer accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have the ability to authorize transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Does not have the authority to enter into contracts on behalf of the Fund; ADI will only enter into Intermediary
Agreements with respect to the Fund upon direction of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Is not responsible for determining the Fund's distribution strategy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Does not perform any management functions or make any management decisions with regard to the operation
of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Is not obligated to perform any additional or materially different services due to changes in law or audit
guidance.

2. If ADI allows Fund, Management, investors or their respective agents and representatives (" <u>Users</u> ")
to (i) receive information and reports from ADI and/or (ii) issue instructions to ADI via web portals or other similar electronic
mechanisms hosted or maintained by ADI or its agents (" <u>Web Portals</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Access to and use of Web Portals by Users shall be subject to the proper use by Users of usernames, passwords
and other credentials issued by ADI (" <u>User Credentials</u> ") and to the additional terms of use that are noticed to Users
on such Web Portals. Fund shall be solely responsible for the results of any unauthorized use, misuse or loss of User Credentials by their
authorized Users and for compliance by such Users with the terms of use noticed to Users with respect to Web Portals, and shall notify
ADI promptly upon discovering any such unauthorized use, misuse or loss of User Credentials or breach by Fund or their authorized Users
of such terms of use. Any change in the status or authority of an authorized User communicated by Fund shall not be effective until ADI
has confirmed receipt and execution of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) ADI grants to the Fund a limited, non-exclusive, non-transferable, non-sublicenseable right during the
term of this Agreement to access Web Portals solely for the purpose of accessing Client Data and, if applicable, issue instructions. Fund
will ensure that any use of access to any Web Portal is in accordance with ADI's terms of use, as noticed to the Users from time
to time. This license does not include: (i) any right to access any data other than Client Data; or (ii) any license to any
software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fund will not (A) permit any third party to access or use the Web Portals through any time-sharing
service, service bureau, network, consortium, or other means; (B) rent, lease, sell, sublicense, assign, or otherwise transfer its
rights under the limited license granted above to any third party, whether by operation of law or otherwise; (C) decompile, disassemble,
reverse engineer, or attempt to reconstruct or discover any source code or underlying ideas or algorithms associated with the Web Portals
by any means; (D) attempt to modify or alter the Web Portal in any manner; or (E) create derivative works based on the web portal.
Neither Fund nor Management will remove (or allow to be removed) any proprietary rights notices or disclaimers from the Web Portal or
any reports derived therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) ADI reserves all rights in ADI systems and in the software that are not expressly granted to Fund hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) ADI may discontinue or suspend the availability of any Web Portals at any time without prior notice; ADI
will endeavor to notify Fund as soon as reasonably practicable of such action.

3. ADI shall provide reasonable assistance to responding to due diligence and analogous requests for information
from Intermediaries (or their authorized representatives); provided, that ADI may elect to provide these services only upon Fund agreement
in writing to separate fees in the event responding to such requests becomes, in ADI's sole discretion, excessive.

4. Reports and information shall be deemed provided to Fund if they are made available to Fund online through
ADI's portal.

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## Ex-99.(J)

**Exhibit 99.(j)**

**CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and between **USVC VENTURE CAPITAL ACCESS 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**

**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. 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 O.

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>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

1.08 <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.

1.09 <u>"Fund Custody Account"</u> shall mean any of the accounts in the name of the Fund, which is provided for in Section 3.2 below.

1.10 <u>"IRS"</u> shall mean the Internal Revenue Service.

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>"SEC"</u> shall mean the U.S. Securities and Exchange Commission.

1.13 <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.

1.14 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the 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.

1.15 <u>"Shares"</u> shall mean, with respect to a Fund, the shares of common stock issued by the Fund on account of the Fund.

1.16 "Straight Through Processing" shall have the meaning assigned to it in Section 4.07 of this Agreement.

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 a 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.**

**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 <u>Exhibit B</u>.

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.**

**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. The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its duties hereunder.

3.03 <u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In its discretion, 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 measurers 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 gross 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 Written 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, in addition to Written Instructions, 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 Written 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 Written 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, in addition to Written Instructions, specifying the Securities to be delivered,
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 gross negligence or willful misconduct.

3.08 <u>Actions Not Requiring Written 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 Written 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) <u>Important information related to ADR's and Preferential Tax Treatment:</u> 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
(" <u>ADRs</u> ") 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.**

**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 a Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

4.07 <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund directs Custodian to process Fund-initiated cash and security instructions received by Custodian via online portal, SWIFT,
secure file transfer protocol, or equivalent method in an automated, electronic process without manual review by Custodian ("Straight
Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund (1) acknowledges and agrees that it is solely responsible for and assumes all risks and liabilities associated with
instructions given to Custodian regarding any transactions eligible for Straight Through Processing and (2) understands that any
non-repetitive wire instructions concerning cash or securities to be transferred out of Custodian or to a different entity will be deemed
not eligible for Straight Through Processing. Such non-repetitive wire instructions may be subject to a call back process in order to
obtain further verification and/or additional authorized direction or other documentation as reasonably requested for verification purposes
by Custodian.

**ARTICLE V.**

**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 Written Instructions specifying that the funds are required to repurchase Shares of the Fund, the Custodian shall wire each amount specified in such Written 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.**

**SEGREGATED ACCOUNTS**

Upon receipt of Written 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 Written 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 Written Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII.**

**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 <u>Exhibit A</u> 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 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance change of 1<sup>1</sup>/<sub>2</sub> % per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Fund to the Custodian 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 <u>Exhibit A</u> hereto (as amended from time to time)

**ARTICLE VIII.**

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It, on behalf of itself and any of its agents and/or intermediaries who may initiate and deliver Straight Through Processing instruction(s) to
Custodian and its operations group, has been granted the authority to provide the direction as required hereunder, and that such instruction
meets all applicable requirements hereunder.

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.**

**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, gross 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.**

**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, (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Fund as a result of Straight Through Processing, 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, gross 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, gross 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, gross 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.

**ARTICLE XI.**

**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.**

**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 non-public 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 governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law, rule or regulation; or (iii) when so requested in writing by the Fund. 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. The Custodian shall 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 Trust 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 to not 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 Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Fund, provided that the Trust will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

12.04 Notwithstanding anything herein to the contrary, (i) the Trust 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 Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

12.05 This Article shall survive the termination of this Agreement.

**ARTICLE XIII.**

**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 fifty percent (50%) of the remaining unpaid fees.

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.**

**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.**

**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 Trust 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 Trust or any Fund or the services provided under this Agreement. Further, the Trust agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by the Custodian. The Custodian's functions hereunder shall not relieve the Trust of their primary day-to-day responsibility for assuring such compliance.

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 shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, 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 facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

<u>Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com</u>

Notice to the Fund shall be sent to:

c/o Strawberry Tree Management Company LLC

140 Lakeside Avenue, Suite 100

Seattle, WA 98122 Phone: (833) 729-0934

Fax:

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 as 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 THE 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.

---

| | |
|:---|:---|
| **USVC VENTURE CAPITAL ACCESS FUND** | **USVC VENTURE CAPITAL ACCESS FUND** |
| By: | /s/ Huoy-Ming Yeh |
| Name: Huoy-Ming Yeh | Name: Huoy-Ming Yeh |
| Title: Sole Trustee | Title: Sole Trustee |
| Date: 9/10/2025 | Date: 9/10/2025 |
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Greg Farley |
| Name: Greg Farley | Name: Greg Farley |
| Title: Senior Vice President | Title: Senior Vice President |
| Date: 9/11/2025 | Date: 9/11/2025 |

---

## Ex-99.(K)(1)

**Exhibit 99.(k)(1)**

**Services Agreement**

This Services Agreement (the "<u>Agreement</u>") is entered into and effective as of August 14, 2025 (the "<u>Effective Date</u>") by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **ALPS Fund Services, Inc.**, a corporation incorporated in the State of Colorado (" <u>SS&C ALPS</u> "), **SS&C GIDS, Inc.**, a corporation incorporated in the State
 of Delaware (" <u>SS&C GIDS</u> ")
 and **SS&C Technologies, Inc.**, a corporation incorporated in the State of Delaware
 (" <u>SS&C Tech</u> " and, collectively
 with SS&C ALPS and SS&C GIDS, " <u>SS&C</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **USVC Venture Capital Access Fund**, a Delaware statutory trust, registered under the Investment
 Company Act of 1940, as amended (" <u>1940 Act</u> "), as a non-diversified, closed-end, management investment company (the
 " <u>Fund</u> ").

SS&C and Fund each may be referred to individually as a "<u>Party</u>" or collectively as "<u>Parties</u>."

**1. <u>Definitions; Interpretation</u>**

1.1. As used in this Agreement, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Action</u>" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted, commenced or threatened by any Person (including any Government Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means, with respect to any Person, any other Person that is controlled by, controls, or is under common control with such Person and "control" of a Person means: (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that Person or (ii) the right to control the appointment of the board of directors or analogous governing body, management or executive officers of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Business Day</u>" means a day other than a Saturday or Sunday on which the New York Stock Exchange is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Claim</u>" means any Action arising out of the subject matter of, or in any way related to, this Agreement, its formation or the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Client Data</u>" means all data of Fund, including data related to securities trades and other transaction data, investment returns, issue descriptions, and Market Data provided by Fund and all output and derivatives thereof, necessary to enable SS&C to perform the Services, but excluding SS&C Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Confidential Information</u>" means any information about Fund, Management or SS&C, including this Agreement, except for information that (i) is or becomes part of the public domain without breach of this Agreement by the receiving Party, (ii) was rightfully acquired from a third party, or is developed independently, by the receiving Party, or (iii) is generally known by Persons in the technology, securities, or financial services industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Data Supplier</u>" means a supplier of Market Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Governing Documents</u>" means the constitutional documents of an entity and, with respect to Fund, all minutes of meetings of the board of Trustees or analogous governing body and of shareholders meetings, and any registration statements, offering memorandum, subscription materials, board or committee charters, policies and procedures, investment advisory agreements, other material agreements, and other disclosure or operational documents utilized by Fund in connection with the offering of any of its securities or interests to investors, all as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Law</u>" means statutes, rules, regulations, interpretations and orders of any Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Losses</u>" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Management</u>" means a Fund's officers, directors, employees, and then current investment adviser and sub-advisor(s) (if any), including any officers, directors, employees or agents of the then current investment adviser and sub-advisor(s) (if applicable) who are responsible for the day-to-day operations and management of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Market Data</u>" means third party market and reference data, including pricing, valuation, indexes, ratings, security master, corporate action and related data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Person</u>" means any natural person or corporate or unincorporated entity or organization and that person's personal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Services</u>" means the services listed in <u>Schedule A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>SS&C Associates</u>" means SS&C and each of its Affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>SS&C Property</u>" means all hardware, software, source code, data, report designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by SS&C in connection with its performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Third Party Claim</u>" means a Claim (i) brought by any Person other than the indemnifying Party or (ii) brought by a Party on behalf of or that could otherwise be asserted by a third party.

1.2. Other capitalized terms used in this Agreement but not defined in this Section 1 shall have the meanings ascribed thereto.

1.3. Section and Schedule headings shall not affect the interpretation of this Agreement. This Agreement includes the schedules and appendices hereto. In the event of a conflict between this Agreement and such schedules or appendices, the former shall control.

1.4. Words in the singular include the plural and words in the plural include the singular. The words "including," "includes," "included" and "include", when used, are deemed to be followed by the words "without limitation." Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "hereof," "herein" and "hereunder" and words of analogous import shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

1.5. The Parties' duties and obligations are governed by and limited to the express terms and conditions of this Agreement, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party. The Parties have mutually negotiated the terms hereof and there shall be no presumption of law relating to the interpretation of contracts against the drafter.

**2. <u>Services and Fees</u>**

2.1. Subject to the terms of this Agreement, SS&C will perform the Services set forth in <u>Schedule A</u> for Fund. SS&C shall be under no duty or obligation to perform any service except as specifically listed in <u>Schedule A</u> or take any other action except as specifically listed in <u>Schedule A</u> or this Agreement, and no other duties or obligations, including, valuation related, fiduciary or analogous duties or obligations, shall be implied. Fund requests to change the Services, including those necessitated by a change to the Governing Documents of Fund or a change in applicable Law, will only be binding on SS&C when they are reflected in an amendment to <u>Schedule A</u>.

2.2. Fund agrees to pay the fees, charges and expenses set forth in the fee letter(s) (a "<u>Fee Letter</u>"), which may be amended from time to time. Each <u>Fee Letter</u> is incorporated by reference into this Agreement and subject to the terms of this Agreement.

2.3. In carrying out its duties and obligations pursuant to this Agreement, some or all Services may be delegated by SS&C to one or more of its Affiliates or other Persons (and any required Fund consent to such delegation shall not be unreasonably revoked or withheld in respect of any such delegations), provided that such Persons are selected in good faith and with reasonable care and are monitored by SS&C. If SS&C delegates any Services, (i) such delegation shall not relieve SS&C of its duties and obligations hereunder, (ii) in respect of personal data, such delegation shall be subject to a written agreement obliging the delegate to comply with the relevant delegated duties and obligations of SS&C, and (iii) if required by applicable Law, SS&C will identify such agents and the Services delegated and will update Fund when making any material changes in sufficient detail to provide transparency and to enable Fund to object to a particular arrangement.

2 of 25

**3. <u>Fund Responsibilities</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate properly qualified individuals to oversee the Services and establish and maintain internal controls, including monitoring the ongoing activities of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluate the accuracy, and accept responsibility for the results, of the Services, review and approve all reports, analyses and records resulting from the Services and promptly inform SS&C of any errors it is in a position to identify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide, or cause to be provided, and accept responsibility for, valuations of Fund's assets and liabilities in accordance with Fund's written valuation policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Provide SS&C with timely and accurate information including trading and Fund investor records, valuations and any other items required by SS&C in order to perform the Services and its duties and obligations hereunder.

3.2. The Services, including any services that involve price comparison to vendors and other sources, model or analytical pricing or any other pricing functions, are provided by SS&C as a support function to Fund and do not limit or modify Fund's responsibility for determining the value of Fund's assets and liabilities.

3.3. Fund is solely and exclusively responsible for ensuring that it complies with Law and its respective Governing Documents. It is Fund's responsibility to provide all final Fund Governing Documents as of the Effective Date. Fund will notify SS&C in writing of any changes to Fund Governing Documents that may materially impact the Services and/or that affect Fund's investment strategy, liquidity or risk profile in any material respects prior to such changes taking effect. SS&C is not responsible for monitoring compliance by Fund with (i) Law, (ii) its respective Governing Documents or (iii) any investment restrictions.

3.4. In the event that Market Data is supplied to or through SS&C Associates in connection with the Services, the Market Data is proprietary to Data Suppliers and is provided on a limited internal-use license basis. Market Data may: (i) only be used by Fund in connection with the Services and (ii) not be disseminated by Fund or used to populate internal systems in lieu of obtaining a data license. Notwithstanding the forgoing, Fund or Management may be required to enter into agreements with Data Suppliers directly in order for SS&C to provide Market Data to Fund or Management in connection with the Services. Access to and delivery of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued with or without notice. Notwithstanding anything in this Agreement to the contrary, neither SS&C nor any Data Supplier shall be liable to Fund or any other Person for any Losses with respect to Market Data, reliance by SS&C Associates or Fund on Market Data or the provision of Market Data in connection with this Agreement.

3.5. Fund shall deliver, and procure that its agents, prime brokers, counterparties, brokers, counsel, advisors, auditors, clearing agents, and any other Persons promptly deliver, to SS&C, all Client Data and the then most current version of all Fund Governing Documents and any other material Fund agreements. Fund shall arrange with each such Person to deliver such information and materials on a timely basis, and SS&C will not be required to enter any agreements with that Person in order for SS&C to provide the Services.

3.6. Notwithstanding anything in this Agreement to the contrary, so long as they act in good faith SS&C Associates shall be entitled to rely on the authenticity, completeness and accuracy of any and all information and communications of whatever nature received by SS&C Associates in connection with the performance of the Services and SS&C's duties and obligations hereunder, without further enquiry or liability.

3.7. Notwithstanding anything in this Agreement to the contrary, if SS&C is in doubt as to any action it should or should not take in its provision of Services, SS&C Associates may request directions, advice or instructions from Fund, or as applicable, Management, custodian or other service providers. If SS&C is in doubt as to any question of law pertaining to any action it should or should not take, Fund will make available to and SS&C Associates may request advice from counsel for any of Fund, Fund's independent board members, its officers, or Management (including its investment adviser or sub-adviser), each at Fund's expense.

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3.8. Fund agrees that, to the extent applicable, if officer position(s) are filled by SS&C Associates, such SS&C Associate(s) shall be covered by Fund's Directors & Officers/Errors & Omissions Policy (the "Policy"), and Fund shall use reasonable efforts to ensure that such coverage be (i) reinstated should the Policy be cancelled; (ii) continued after such officer(s) cease to serve as officer(s) of Fund on substantially the same terms as such coverage is provided for the other persons serving as officers of Fund after such persons are no longer officers of Fund; or (iii) continued in the event Fund merges or terminates, on substantially the same terms as such coverage is continued for the other Fund officers (but, in any event, for a period of no less than six years). Fund shall provide SS&C with proof of current coverage, including a copy of the Policy, and shall notify SS&C immediately should the Policy be cancelled or terminated.

**4. <u>Term</u>**

4.1. The initial term of this Agreement will be from the Effective Date through the date ending 3 years following the Effective Date ("<u>Initial Term</u>"). Thereafter, this Agreement will automatically renew for successive terms of 2 years each unless either SS&C or Fund provides the other with a written notice of termination at least 90 calendar days prior to the commencement of any successive term (such periods, in the aggregate, the "<u>Term</u>").

**5. <u>Termination</u>**

5.1. SS&C or Fund also may, by written notice to the other, terminate this Agreement if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The other Party breaches any material term, condition or provision of this Agreement, which breach, if capable of being cured, is not cured within 30 calendar days after the non-breaching Party gives the other Party written notice of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The other Party (i) liquidates, terminates or suspends its business, (ii) becomes insolvent, admits in writing its inability to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a Trustee, receiver or analogous authority, (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding, (iv) where the other Party is Fund, it becomes subject to a material Action or an Action that SS&C reasonably determines could cause SS&C reputational harm (including any Action against a Management, investment adviser, sub-adviser or other service providers of Fund), or (v) where the other Party is Fund, material changes in Fund's Governing Documents or the assumptions set forth in Section 1 of <u>Fee Letter</u> are determined by SS&C, in its reasonable discretion, to materially affect the Services or to be materially adverse to SS&C.

If any such event occurs, the termination will become effective immediately or on the date stated in the written notice of termination, which date shall not be greater than 90 calendar days after the event.

5.2. Upon delivery of a termination notice from Fund, subject to the receipt by SS&C of all then-due fees, charges and expenses, (which, for the avoidance of doubt, with respect to Section 4.1, shall be the fees, charges and expenses due to the date specified in the termination notice, including any fees remaining for the balance of the unexpired portion of the Term, as noted in Section 5.3 below), SS&C shall continue to provide the Services up to the effective date of the termination notice; thereafter, SS&C shall have no obligation to perform any services of any type unless and to the extent set forth in an amendment to <u>Schedule A</u> executed by SS&C. In the event of the termination of this Agreement, SS&C shall provide exit assistance by promptly supplying requested Client Data to the applicable Fund to which the Client Data relate, or any other Person(s) designated by such entities, in formats already prepared in the course of providing the Services; provided that all fees, charges and expenses have been paid, including any minimum fees set forth in <u>Fee Letter</u> for the balance of the unexpired portion of the Term. Except for exit assistance as described in this Section 5.2, SS&C shall cease to perform all work as of the termination date and will not deliver any reporting deliverables after such date. In the event that Fund wishes to retain SS&C to perform additional transition or related post-termination services, including, but not limited to, providing data and reports in new formats, performing work, committing resources, or reporting deliverables after the termination date, the applicable entity and SS&C shall agree in writing to the additional services and related fees and expenses in an amendment to <u>Schedule A</u> and/or <u>Fee Letter</u>, as appropriate. Should either Party exercise its right to terminate, all out-of-pocket expenses or costs associated with the movement of records and material will be borne by Fund.

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5.3. Fund may terminate this Agreement for convenience at any time, provided that if Fund elects to terminate this Agreement prior to the end of the Term, Fund agrees to pay an amount equal to the average monthly fee paid by Fund to SS&C under the Agreement multiplied by the number of months remaining in the Term, and further multiplied by 50%. To the extent any services are performed by SS&C for Fund after the termination of this Agreement, all of the provisions of this Agreement except portions that are inapplicable to such continuing services shall survive the termination of this Agreement for so long as those services are performed.

5.4. Termination of this Agreement shall not affect: (i) any liabilities or obligations of any Party arising before such termination (including payment of fees and expenses) or (ii) any damages or other remedies to which a Party may be entitled for breach of this Agreement or otherwise. Sections 2.2., 5.2 (as applicable), 6, 8, 9, 10, 11, 12 and 13 of this Agreement shall survive the termination of this Agreement. To the extent any services that are Services are performed by SS&C for Fund or Management after the termination of this Agreement all of the provisions of this Agreement except <u>Schedule A</u> shall survive the termination of this Agreement for so long as those services are performed.

**6. <u>Limitation of Liability and Indemnification</u>**

6.1. Notwithstanding anything in this Agreement to the contrary SS&C Associates shall not be liable to Fund or Management for any action or inaction of any SS&C Associate except to the extent of direct Losses finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence, willful misconduct or fraud of SS&C in the performance of SS&C's duties or obligations under this Agreement. Under no circumstances shall SS&C Associates be liable to Fund or Management for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value. Fund and Management shall indemnify, defend and hold harmless SS&C Associates from and against Losses (including legal fees and costs to enforce this provision) that SS&C Associates suffer, incur, or pay as a result of any Third Party Claim or Claim among the Parties. Any expenses (including legal fees and costs) incurred by SS&C Associates in defending or responding to any Claims (or in enforcing this provision) shall be paid by Fund on a quarterly basis prior to the final disposition of such matter upon receipt by Fund of an undertaking by SS&C to repay such amount if it shall be determined that an SS&C Associate is not entitled to be indemnified. The maximum amount of cumulative liability of SS&C Associates to Fund and Management for Losses arising out of the subject matter of, or in any way related to, this Agreement shall not exceed the fees paid by that Fund or Management entity to SS&C under this Agreement for the most recent 12 months immediately preceding the date of the event giving rise to the Claim.

**7. <u>Representations and Warranties</u>**

7.1. Each Party represents and warrants to each other Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a legal entity duly created, validly existing and in good standing under the Law of the jurisdiction in which it is created, and is in good standing in each other jurisdiction where the failure to be in good standing would have a material adverse effect on its business or its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Save for access to and delivery of Market Data that is dependent on Data Suppliers and may be interrupted or discontinued with or without notice, it has all necessary legal power and authority to own, lease and operate its assets and to carry on its business as presently conducted and as it will be conducted pursuant to this Agreement and will comply in all material respects with all Law to which it may be subject, and to the best of its knowledge and belief, it is not subject to any Action that would prevent it from performing its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has all necessary legal power and authority to enter into this Agreement, the execution of which has been duly authorized and will not violate the terms of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Person signing on its behalf has the authority to contractually bind it to the terms and conditions in this Agreement and that this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms.

7.2. Fund represents and warrants to SS&C that: (i) it has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the Governing Documents of Fund and other corporate actions thereof; (ii) it is a statutory Trust duly organized and existing and in good standing under the laws of the state of Delaware and is registered with the SEC as a non-diversified, closed-end management investment company; (iii) it is empowered under applicable laws and by its Declaration of Fund and By-laws (together, the "Organizational Documents") to enter into and perform this Agreement; (iv) the Board of Trustees of Fund has duly authorized it to enter into and perform this Agreement; and (v) it will promptly notify SS&C of (1) any Action against it, Management and its investment adviser or sub-adviser and (2) changes (or pending changes) in applicable Law with respect to Fund that are relevant to the Services.

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**8. <u>Client Data</u>**

8.1. Fund (i) will provide or ensure that other Persons provide all Client Data to SS&C in an electronic format that is acceptable to SS&C (or as otherwise agreed in writing) and (ii) confirm that each has the right to so share such Client Data. As between SS&C and Fund, all Client Data shall remain the property of Fund to which such Client Data relate. Client Data shall not be used or disclosed by SS&C other than in connection with providing the Services and as permitted under Section 11.5. SS&C shall be permitted to act upon instructions from Fund with respect to the disclosure or disposition of Client Data related to Fund, but may refuse to act upon such instructions where it doubts, in good faith, the authenticity or authority of such instructions.

8.2. SS&C shall maintain and store material Client Data used in the official books and records of Fund for a rolling period of 7 years starting from the Effective Date, or such longer period as required by applicable Law or its internal policies.

**9. <u>Data Protection</u>**

9.1. From time to time and in connection with the Services SS&C may obtain access to certain personal data from Fund, Management or from Fund investors and prospective investors. Personal data relating to Fund, Management and their respective Affiliates, members, shareholders, directors, officers, partners, employees and agents and of Fund investors or prospective investors will be processed by and on behalf of SS&C.

9.2. Fund and Management consent to the transmission and processing of such data outside the jurisdiction governing this Agreement in accordance with applicable Law.

**10. <u>SS&C Property</u>**

10.1. SS&C Property is and shall remain the property of SS&C or, when applicable, its Affiliates or suppliers. Neither Fund nor Management nor any other Person shall acquire any license or right to use, sell, disclose, or otherwise exploit or benefit in any manner from, any SS&C Property, except as specifically set forth herein. Fund shall not (unless required by Law) either before or after the termination of this Agreement, disclose to any Person not authorized by SS&C to receive the same, any information concerning the SS&C Property and shall use reasonable efforts to prevent any such disclosure.

**11. <u>Confidentiality</u>**

11.1. Each Party shall not at any time disclose to any Person any Confidential Information concerning the business, affairs, customers, clients or suppliers of the other Party or its Affiliates, except as permitted by this Section 11.

11.2. Each Party may disclose the other Party's Confidential Information:

(a) In
 the case of Fund, to each of Management, its Affiliates, members, shareholders, directors,
 officers, partners, employees and agents (" <u>Fund Representative</u> ") who need to know such information for the purpose of carrying
 out its duties under, or receiving the benefits of or enforcing, this Agreement. Fund shall
 ensure compliance by Fund Representatives with Section 11.1.

(b) In
 the case of SS&C, to Fund and each SS&C Associate, Fund Representative, investor,
 Fund or Management bank or broker, Fund or Management counterparty or agent thereof, or payment
 infrastructure provider who needs to know such information for the purpose of carrying out
 SS&C's duties under or enforcing this Agreement. SS&C shall ensure compliance
 by SS&C Associates with Section 11.1 but shall not be responsible for such compliance
 by any other Person.

(c) As
 may be required by Law or pursuant to legal process; provided that the disclosing Party (i) where
 reasonably practicable and to the extent legally permissible, provides the other Party with
 prompt written notice of the required disclosure so that the other Party may seek a protective
 order or take other analogous action, (ii) discloses no more of the other Party's
 Confidential Information than reasonably necessary and (iii) reasonably cooperates with
 actions of the other Party in seeking to protect its Confidential Information at that Party's
 expense.

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11.3. Neither Party shall use the other Party's Confidential Information for any purpose other than to perform its obligations under this Agreement. Each Party may retain a record of the other Party's Confidential Information for the longer of (i) 7 years or (ii) as required by Law or its internal policies.

11.4. SS&C's ultimate parent company is subject to U.S. federal and state securities Law and may make disclosures as it deems necessary to comply with such Law. SS&C shall have no obligation to use Confidential Information of, or data obtained with respect to, any other client of SS&C in connection with the Services.

11.5. Upon the prior written consent of Fund, SS&C shall have the right to identify Fund in connection with its marketing-related activities and in its marketing materials as a client of SS&C. Upon the prior written consent of SS&C, Fund shall have the right to identify SS&C and to describe the Services and the material terms of this Agreement in the offering documents of Fund. This Agreement shall not prohibit SS&C from using any Fund data (including Client Data) in tracking and reporting on SS&C's clients generally or making public statements about such subjects as its business or industry; provided that Fund is not named in such public statements without its prior written consent. If the Services include the distribution by SS&C of notices or statements to investors, SS&C may, upon advance notice to Fund, include reasonable notices describing those terms of this Agreement relating to SS&C and its liability and the limitations thereon; if investor notices are not sent by SS&C but rather by Fund or some other Person, Fund will reasonably cooperate with any request by SS&C to include such notices. Fund shall not, in any communications with any Person, whether oral or written, make any representations stating or implying that SS&C is (i) providing valuations with respect to the securities, products or services of Fund or Management, or verifying any valuations, (ii) verifying the existence of any assets in connection with the investments, products or services of Fund or Management, or (iii) acting as a fiduciary, investment advisor, tax preparer or advisor, custodian or bailee with respect to Fund, Management or any of their respective assets, investors or customers.

11.6. In the event the Fund obtains information from SS&C or the TA2000 System which is not intended for the Fund, the Fund agrees to (i) immediately, and in no case more than twenty-four (24) hours after discovery thereof, notify SS&C that unauthorized information has been made available to the Fund; (ii) not knowingly review, disclose, release, or in any way, use such unauthorized information; (iii) provide SS&C reasonable assistance in retrieving such unauthorized information and/or destroy such unauthorized information; and (iv) deliver to SS&C a certificate executed by an authorized officer of the Fund certifying that all such unauthorized information in the Fund's possession or control has been delivered to SS&C or destroyed as required by this provision.

**12. <u>Notices</u>**

12.1. Except as otherwise provided herein, all notices required or permitted under this Agreement or required by Law shall be effective only if in writing and delivered: (i) personally, (ii) by registered mail, postage prepaid, return receipt requested, (iii) by receipted prepaid courier, (iv) by any confirmed facsimile or (v) by any electronic mail, to the relevant address or number listed below (or to such other address or number as a Party shall hereafter provide by notice to the other Parties). Notices shall be deemed effective when received by the Party to whom notice is required to be given.

**If to SS&C (to each of):**

SS&C Technologies, Inc.

4 Times Square, 6<sup>th</sup> Floor

New York, New York 10036

Attention: Chief Operating Officer

General Counsel

E-mail: <u>notices@sscinc.com</u>

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**If to Fund or Management:**

c/o Strawberry Tree Management Company LLC

USVC Venture Capital Access Fund

140 Lakeside Avenue, Suite 100

Seattle, Washington 98122

Attn: Huoy Ming Leh

<u>Email: ming@strawberrytree.co</u>

**13. <u>Miscellaneous</u>**

13.1. <u>Amendment; Modification</u>. This Agreement may not be amended or modified except in writing signed by an authorized representative of each Party. No SS&C Associate has authority to bind SS&C in any way to any oral covenant, promise, representation or warranty concerning this Agreement, the Services or otherwise.

13.2. <u>Assignment</u>. Neither this Agreement nor any rights under this Agreement may be assigned or otherwise transferred by Fund, in whole or in part, whether directly or by operation of Law, without the prior written consent of SS&C. SS&C may assign or otherwise transfer this Agreement: (i) to a successor in the event of a change in control of SS&C, (ii) to an Affiliate or (iii) in connection with an assignment or other transfer of a material part of SS&C's business. Any attempted delegation, transfer or assignment prohibited by this Agreement shall be null and void.

13.3. <u>Choice of Law; Choice of Forum</u>. This Agreement shall be interpreted in accordance with and governed by the Law of the State of New York. The courts of the State of New York and the United States District Court for the Southern District of New York shall have exclusive jurisdiction to settle any Claim. Each Party submits to the exclusive jurisdiction of such courts and waives to the fullest extent permitted by Law all rights to a trial by jury.

13.4. <u>Counterparts; Signatures</u>. This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and shall be binding to the same extent as if original signatures were exchanged.

13.5. <u>Entire Agreement</u>. This Agreement (including any schedules, attachments, amendments and addenda hereto) contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto. This Agreement sets out the entire liability of SS&C Associates related to the Services and the subject matter of this Agreement, and no SS&C Associate shall have any liability to Fund, Management or any other Person for, and Fund and Management hereby waives to the fullest extent permitted by applicable law recourse under, tort, misrepresentation or any other legal theory.

13.6. <u>Force Majeure</u>. SS&C will not be responsible for any Losses of property in SS&C Associates' possession or for any failure to fulfill its duties or obligations hereunder if such Loss or failure is caused, directly or indirectly, by war, terrorist or analogous action, the act of any Government Authority or other authority, riot, civil commotion, rebellion, storm, accident, fire, lockout, strike, power failure, computer error or failure, delay or breakdown in communications or electronic transmission systems, or other analogous events. SS&C shall use commercially reasonable efforts to minimize the effects on the Services of any such event.

13.7. <u>Non-Exclusivity</u>. The duties and obligations of SS&C hereunder shall not preclude SS&C from providing services of a comparable or different nature to any other Person. Fund understands that SS&C may have relationships with Data Suppliers and providers of technology, data or other services to Fund and SS&C may receive economic or other benefits in connection with the Services provided hereunder.

13.8. <u>No Partnership</u>. Nothing in this Agreement is intended to, or shall be deemed to, constitute a partnership or joint venture of any kind between or among any of the Parties.

13.9. <u>No Solicitation</u>. During the term of this Agreement and for a period of 12 months thereafter, neither Fund nor Management will directly or indirectly solicit the services of, or otherwise attempt to employ or engage any employee of SS&C or its Affiliates without the consent of SS&C; provided, however, that the foregoing shall not prevent Fund or Management from soliciting employees through general advertising not targeted specifically at any or all SS&C Associates. If Fund or Management employs or engages any SS&C Associate during the term of this Agreement or the period of 12 months thereafter, such entity shall pay for any fees and expenses (including recruiters' fees) incurred by SS&C or its Affiliates in hiring replacement personnel as well as any other remedies available to SS&C.

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13.10. <u>No Warranties</u>. Except as expressly listed herein, SS&C and each Data Supplier make no warranties, whether express, implied, contractual or statutory with respect to the Services or Market Data. SS&C disclaims all implied warranties of merchantability and fitness for a particular purpose with respect to the Services. All warranties, conditions and other terms implied by Law are, to the fullest extent permitted by Law, excluded from this Agreement.

13.11. <u>Severance</u>. If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not practical, the relevant provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and enforceability of the rest of this Agreement. If a Party gives notice to another Party of the possibility that any provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended, it is valid, legal and enforceable and achieves the intended commercial result of the original provision.

13.12. <u>Testimony</u>. If SS&C is required by a third party subpoena or otherwise, to produce documents, testify or provide other evidence regarding the Services, this Agreement or the operations of Fund in any Action to which Fund or Management is a party or otherwise related to Fund or Management, Fund and Management shall reimburse SS&C for all costs and expenses, including the time of its professional staff at SS&C's standard rates and the cost of legal representation, that SS&C reasonably incurs in connection therewith.

13.13. <u>Third Party Beneficiaries</u>. This Agreement is entered into for the sole and exclusive benefit of the Parties and will not be interpreted in such a manner as to give rise to or create any rights or benefits of or for any other Person except as set forth with respect to SS&C Associates and Data Suppliers.

13.14. <u>Waiver</u>. No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by Law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

13.15. <u>Certain Third Party Vendors.</u> Nothing herein shall impose any duty upon SS&C in connection with or make SS&C liable for the actions or omissions to act of the following types of unaffiliated third parties: (a) courier and mail services including, but not limited to, Airborne Services, Federal Express, UPS and the U.S. Mails, (b) telecommunications companies including, but not limited to, AT&T, Verizon, Sprint, and other delivery, telecommunications and other such companies not under the Party's reasonable control, and (c) third parties not under the Party's reasonable control or subcontract relationship providing services to the financial industry generally, such as, by way of example and not limitation, the Depository Fund Clearing Corporation (processing and settlement services), Broadridge Financial Services (investor communications), the Fund custodian banks (custody and fund accounting services) and administrators (blue sky and Fund administration services), Data Suppliers, and national database providers such as Choice Point, Acxiom, TransUnion or Lexis/Nexis and any replacements thereof or similar entities, provided, if SS&C selected such Fund, SS&C shall have exercised due care in selecting the same. Such third party vendors shall not be deemed, and are not, subcontractors for purposes of this Agreement.

**\* \* \***

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---

| | | | |
|:---|:---|:---|:---|
| This Agreement has been entered into by the Parties as of the Effective Date. | This Agreement has been entered into by the Parties as of the Effective Date. | This Agreement has been entered into by the Parties as of the Effective Date. | This Agreement has been entered into by the Parties as of the Effective Date. |
| **ALPS Fund Services, Inc.** | **ALPS Fund Services, Inc.** | **USVC Venture Capital Access Fund** | **USVC Venture Capital Access Fund** |
| **SS&C GIDS, Inc.** | **SS&C GIDS, Inc.** |  |  |
| **SS&C Technologies, Inc.** | **SS&C Technologies, Inc.** |  |  |
|  | /s/ Bhagesh Malde |  | /s/ Huoy-Ming Yeh |
| Name: | Bhagesh Malde | Name: | Huoy-Ming Yeh |
| Title: | Authorized Signatory | Title: | Trustee |

---

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**Schedule A <br>Services**

**A. <u>General</u>**

1. As used in this <u>Schedule A</u>, the following additional terms have the meanings ascribed to them below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>ACH</u> "
 shall mean the Automated Clearing House;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>AML</u> "
 means anti-money laundering and countering the financing of terrorism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) " <u>Bank</u> "
 shall mean a nationally or regionally known banking institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Blue Sky</u> " shall mean the various statutes and regulations of the states, District
 of Columbia, Puerto Rico, and the United States Virgin Islands governing the offer and sales
 of mutual funds and the related compliance services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) " <u>Code</u> "
 shall mean the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) " <u>DTCC</u> "
 shall mean the Depository Fund Clearing Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) " <u>investor</u> "
 or " <u>securityholder</u> " means
 an equity owner in Fund, whether a limited liability company interest holder in a limited
 liability company, a shareholder in a company, a partner in a partnership, a unitholder in
 a Fund or otherwise. A " <u>prospective investor</u> " means an applicant to become an investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) " <u>IRA</u> "
 shall mean Individual Retirement Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) " <u>NAV</u> "
 means net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) " <u>OFAC</u> "
 means the Office of Foreign Assets Control, an agency of the United States Department of
 the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) " <u>Procedures</u> "
 shall collectively mean SS&C GIDS's transfer agency procedures manual, third party
 check procedures, checkwriting draft procedures, Compliance + and identity theft programs
 and signature guarantee procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) " <u>Program</u> "
 shall mean Networking, Fund Serv or other DTCC program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) " <u>Sales Feed</u> " shall mean a data file in industry standard format sent by a third party;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) " <u>TA2000 System</u> " shall mean SS&C GIDS's TA2000<sup>TM</sup> computerized data processing
 system for shareholder accounting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Any
 references to Law shall be construed to the Law as amended to the date of the effectiveness
 of the applicable provision referencing the Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Fund
 and Management acknowledge that SS&C's ability to perform the Services is subject
 to the following dependencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fund,
 Management and other Persons that are not employees or agents of SS&C whose cooperation
 is reasonably required for SS&C to provide the Services providing cooperation, information
 and, as applicable, instructions to SS&C promptly, in agreed formats, by agreed media
 and within agreed timeframes as required to provide the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 communications systems operated by Fund, Management and other Persons that are not employees
 or agents of SS&C remaining fully operational.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 accuracy and completeness of any Client Data or other information provided to SS&C Associates
 in connection with the Services by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fund
 and Management informing SS&C on a timely basis of any modification to, or replacement
 of, any agreement to which it is a party that is relevant to the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any
 warranty, representation, covenant or undertaking expressly made by Fund or Management under
 or in connection with this Agreement being and remaining true, correct and discharged at
 all relevant
 times.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) SS&C's
 timely receipt of the then most current version of Fund Governing Documents and required
 implementation documentation, including authority certificate, profile questionnaire and
 accounting preferences, and SS&C Web Portal and other application User information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notwithstanding
 anything in this Agreement to the contrary, SS&C GIDS is responsible for providing the
 Services listed under Section E "Shareholder Recordkeeping, Transfer Agency and
 Investor Relations" and Section F "AML," SS&C Tech is responsible
 for providing the Services listed under Section B4 "Tax Administration"
 while SS&C ALPS is responsible for providing all other Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 following Services will be performed by SS&C and, as applicable, are contingent on the
 performance by Fund and Management of the duties and obligations listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** <u>**Registered Fund Accounting and Administration (applicable to Fund only and not to separate sleeves, subsidiaries or special purpose vehicles)**</u> 

1. **Fund Accounting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculate
 daily NAVs as required by Fund and in conformance with generally accepted accounting principles
 ("GAAP"), SEC Regulation S-X (or any successor regulation) and the Internal Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transmit
 NAVs to investment adviser, NASDAQ, Transfer Agent & other third parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Reconcile
 cash & investment balances with the custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide
 data and reports to support preparation of financial statements and filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Prepare
 required Fund Accounting records in accordance with the 1940 Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Obtain
 and apply security valuations as directed and determined by Fund consistent with Fund's
 pricing and valuation policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Participate,
 when requested, in Fair Value Committee meetings as a non-voting member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Calculate
 monthly SEC standardized total return performance figures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Coordinate
 reporting to outside agencies including Morningstar, etc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Prepare
 and file Form N-PORT

2. **Fund Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prepare
 annual and semi-annual financials statements utilizing templates for standard layout and
 printing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare
 Forms N-CEN, N-CSR, N-PX and 24F-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Host
 annual audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Prepare
 required reports for quarterly Board meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Monitor
 expense ratios, expense support and recoupment calculations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Maintain
 budget vs. actual expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Manage
 fund invoice approval and bill payment process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Post Trade Compliance</u>.

- Perform daily prospectus & SAI, SEC investment restriction monitoring.

- Provide warning/Alert notification with supporting documentation.

- Provide quarterly compliance testing certification to Board.

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3. **Legal Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Coordinate
 the preparation of repurchase offer notices and circulation of draft notices to client, Fund
 counsel, internal personnel and Transfer Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Coordinate
 annual updates to 1 prospectus and 1 statement of additional information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Coordinate
 standard layout and printing of prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) File
 Forms N-CSR, N-PX and Schedule TO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Coordinate
 EDGARization and filing of above referenced SEC documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Compile
 and distribute quarterly board meeting materials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Attend
 quarterly board meetings telephonically and prepare first draft of quarterly meeting minutes
 (special board meetings will incur additional project fees per hour at SS&C's standard
 rates)

4. **Tax Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculate
 dividend and capital gain distribution rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare
 ROCSOP and required tax designations for Annual Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Prepare
 and coordinate filing of income and excise tax returns (audit firm to sign all returns as
 paid preparer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Calculate/monitor
 book-to-tax differences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provide
 quarterly Subchapter M asset diversification compliance monitoring and reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Provide
 annual Subchapter M gross income test information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Provide
 tax re-allocation data for shareholder 1099 reporting

 **Notes and Terms to Fund Accounting and Administration Services**

1. SS&C
 ALPS agrees to maintain at all times a program reasonably designed to prevent violations
 of the federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect
 to the services provided hereunder, and shall provide to Fund a certification to such effect
 no less frequently than annually or as otherwise reasonably requested by Fund. SS&C ALPS
 shall make available its compliance personnel and shall provide at its own expense summaries
 and other relevant materials relating to such program as reasonably requested by Fund.

2. Portfolio
 compliance with: (i) the investment objective and certain policies and restrictions
 as disclosed in Fund's prospectus and statement of additional information, as applicable;
 and (ii) certain SEC rules and regulations (collectively, "Portfolio Compliance")
 is required daily and is the responsibility of Fund or its Management, as applicable. SS&C
 ALPS will perform Portfolio Compliance testing (post-trade, daily on a T+2 basis) to test
 Fund's Portfolio Compliance (the "Portfolio Compliance Testing"). The frequency
 and nature of the Portfolio Compliance Testing and the methodology and process in accordance
 with which the Portfolio Compliance Testing are conducted, are mutually agreed to between
 SS&C ALPS and Fund. SS&C ALPS will report violations, if any, to Fund's Chief
 Compliance Officer as promptly as practicable following discovery.

3. SS&C
 ALPS independently tests Portfolio Compliance based upon information contained in the source
 reports received by SS&C ALPS' fund accounting department and supplemental data
 from certain third-party sources. As such, Portfolio Compliance Testing performed by SS&C
 ALPS is limited by the information contained in Fund accounting source reports and supplemental
 data from third-party sources. Fund agrees and acknowledges that SS&C ALPS' performance
 of the Portfolio Compliance Testing shall not relieve Fund of its primary day-to-day responsibility
 for assuring such Portfolio Compliance, including on a pre-trade basis, and SS&C ALPS
 shall not be held liable for any act or omission of Fund or its Management (or any other
 Party) as applicable, with respect to Portfolio Compliance.

4. Fund
 acknowledges that SS&C ALPS may rely on and shall have no responsibility to validate
 the existence of assets reported by Fund, its Management, Fund's custodian or other
 Fund service

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5. provider,
 other than SS&C ALPS' completion of a reconciliation of the assets reported by
 the Parties or as otherwise provided for under this Agreement. Except as otherwise provided
 for herein, Fund acknowledges that it is the sole responsibility of Fund to validate the
 existence of assets reported to SS&C ALPS. SS&C ALPS may rely, and has no duty to
 investigate the representations of Fund, its Management, Fund's custodian or other
 Fund service provider. SS&C
 ALPS shall utilize one or more pricing services, as directed by Fund. Fund shall identify
 in writing to SS&C ALPS the pricing service(s) to be utilized on behalf of Fund.
 For those securities where prices are not provided by the pricing service(s), Fund shall
 approve the method for determining the fair value of such securities and shall determine
 or obtain the valuation of the securities in accordance with such method and shall deliver
 to SS&C ALPS the resulting price(s). In the event Fund desires to provide a price that
 varies from the price provided by the pricing service(s), Fund shall promptly notify and
 supply SS&C ALPS with the valuation of any such security on each valuation date. All
 pricing changes made by Fund will be provided to SS&C ALPS in writing or e-mail and must
 specifically identify the securities to be changed by security identifier, name of security,
 new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are
 effective.

**C.** <u>**Report Modernization Terms and Conditions**</u>

1. Fund
 acknowledges that SS&C ALPS may rely on and shall have no responsibility to validate
 the existence of assets reported by Fund, Fund's custodian or other Fund service provider,
 other than SS&C ALPS' completion of a reconciliation of the assets reported by
 the parties. Fund acknowledges that it is the sole responsibility of Fund to validate the
 existence of assets reported to SS&C ALPS. SS&C ALPS may rely, and has no duty to
 investigate the representations of Fund, Fund's custodian or other Fund service provider.

SS&C ALPS shall utilize one or more pricing services, as directed by Fund. Fund shall identify in writing to SS&C ALPS the pricing service(s) to be utilized on behalf of Fund. For those securities where prices are not provided by the pricing service(s), Fund shall approve the method for determining the fair value of such securities and shall determine or obtain the valuation of the securities in accordance with such method and shall deliver to SS&C ALPS the resulting price(s). In the event Fund desires to provide a price that varies from the price provided by the pricing service(s), Fund shall promptly notify and supply SS&C ALPS with the valuation of any such security on each valuation date. All pricing changes made by Fund will be provided to SS&C ALPS in writing or e-mail and must specifically identify the securities to be changed by security identifier, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective.

2. In
 addition to the terms and conditions of the Agreement, the below terms and conditions apply
 to the provision of the following Services (the listed Services known as "Modern Data
 Services"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Preparation and Filing of Form N-PORT and Form N-CEN

(i) In
 connection with completion of the Modern Data Services, Market Data may be supplied to Fund
 through an SS&C ALPS Associate(s) or directly by a Data Supplier (for the purposes
 of this Section H, Data Supplier shall include the Data Supplier's third party
 suppliers). Any Market Data being provided to a Fund by SS&C ALPS or a Data Supplier
 is being supplied for the sole purpose of assisting the completion of the Modern Data Services.
 Accordingly, Fund acknowledges that Market Data is proprietary to SS&C ALPS Associates
 and/or the Data Suppliers and is provided on a limited internal-use license basis. Market
 Data may not be disseminated by Fund to any other affiliated or non-affiliated entity, used
 to populate internal systems or to create a historical database, or for any other purpose
 in lieu of Fund obtaining a data license from SS&C ALPS Associates or Data Supplier,
 as applicable. Fund accepts responsibility for, and acknowledges it exercises its own independent
 judgment in, the selection of the Data Supplier(s) to provide the Market Data, its selection
 of the use or intended use of such, and any results obtained. Access to and delivery of Market
 Data is dependent on the Data Suppliers and may be interrupted or discontinued with or without
 notice to Fund.

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(ii) Fund
 acknowledges that (i) the Market Data is intended for use as an aid to institutional
 investors, registered brokers or professionals of similar sophistication in making informed
 judgments concerning characteristics of certain securities; and (ii) the Data Supplier
 and/or SS&C ALPS Associate(s), as applicable, holds all title, license, copyright or
 similar intellectual property rights in the Market Data.

(iii) No
 SS&C ALPS Associate or Data Supplier will have any liability for errors, omissions or
 malfunctions in the Market Data, except that SS&C ALPS will endeavor, upon receipt of
 notice from Fund, to correct a malfunction, error, or omission in the Market Data utilized
 in the Modern Data Services that is identified by Fund.

(iv) Notwithstanding
 anything in this Agreement to the contrary, no SS&C ALPS Associate nor Data Supplier
 shall be liable to Fund or any other Person for any Losses related, directly or indirectly,
 to the Market Data, the provision of (or failure to provide) the Market Data, and/or the
 reliance by an SS&C ALPS Associate(s), Fund or any other Person on such Market Data.
 Further, Fund shall indemnify all SS&C ALPS Associates and applicable Data Suppliers
 against, and hold such SS&C ALPS Associates and Data Suppliers harmless from, any and
 all Losses (including legal fees and costs to enforce this provision), that any SS&C
 ALPS Associate(s) or Data Provider suffer, incur, or pay as a result of any Third Party
 Claim or Claim among the Parties arising out of or related to the Market Data or any data,
 information, service, report, analysis or publication derived therefrom.

(v) Notwithstanding
 anything in this Agreement to the contrary, as it relates to the provision of the Modern
 Data Services, no SS&C ALPS Associate nor Data Supplier shall be liable for (i) any
 special, indirect or consequential damages (even if advised of the possibility of such),
 (ii) any delay by reason of circumstances beyond its control, including acts of civil
 or military authority, national emergencies, labor difficulties, fire, mechanical breakdown,
 flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control
 of transportation or power supply, or (iii) any claim that arose more than one year
 prior to the institution of suit therefor.

(vi) FUND
 ACCEPTS THE MARKET DATA AS IS AND NO SS&C ALPS ASSOCIATE OR ANY DATA SUPPLIER MAKE ANY
 WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS OR ANY OTHER MATTER RELATED
 TO THE MARKET DATA.

**D. <u>CCO Services</u>**

1. Within this Section D, the following definitions will apply:

(i) " <u>Federal Securities Laws</u> " shall mean the definition as put forth in Rule 38a-1,
 specifically the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley
 Act of 2002, the Investment Fund Act of 1940, the Investment Advisers Act of 1940, Title
 V of the Gramm-Leach-Bliley Act, any SEC rules adopted under any of the foregoing laws,
 the Bank Secrecy Act as it applies to registered investment companies, and any rules adopted
 thereunder by the SEC or the Department of Treasury.

(ii) " <u>Material Compliance Matter</u> " shall mean "any compliance matter about which the Board
 would reasonably need to know to oversee the Fund's compliance," which involves
 any of the following (without limitation): (i) a violation of Federal Securities Laws
 by the Fund or its service providers (or officers, directors, employees or agents thereof)
 (ii) a violation of the Compliance Program of the Fund, or the written compliance policies
 and procedures of its service providers; or (iii) a weakness
 in the design or implementation of the Compliance Program policies and procedures of the
 Fund, or the written compliance policies and procedures of the service providers to the Fund.

15 of 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "<u>Rule 38a-1</u>" shall mean Rule 38a-1 under the 1940 Act

2. All
 Services described in this Section D (the " <u>CCO Services</u> ") are optional and only apply upon the request of the Fund that SS&C
 provide such CCO Services and the written acceptance of such request by SS&C. SS&C
 requires 120 days' notice prior to commencement of provision of such CCO Services,
 which time period may be reduced upon mutual agreement. The Board of the Fund may terminate
 the provision of CCO Services on 120 days written notice to SS&C. All CCO Services fees
 described in <u>Fee Letter</u> will continue
 until the later of 120 days from the receipt of such termination notice or the date that
 the SS&C employee no longer serves as the Fund's Chief Compliance Officer.

3. SS&C
 shall designate, subject to the approval of the Board, one of its own employees to serve
 as Chief Compliance Officer of the Fund within the meaning of Rule 38a-1 (such individual,
 the " <u>CCO</u> "). The CCO shall
 render to the Fund such advice and services as are required to be performed by a CCO under
 Rule 38a1 and as are set forth as follows:

(i) <u>Review of Compliance Program</u>.
 The CCO shall, with the assistance of the Fund, review and revise, where necessary, the written
 compliance policies and procedures (the " <u>Compliance Program</u> ") of the Fund, which shall address compliance with, and be reasonably
 designed to prevent violation of, " <u>Federal Securities Laws</u>." In addition to provisions of Federal Securities Laws that
 apply to the Fund, the Compliance Program will be revised, where necessary, to address compliance
 with, and ensure that it is reasonably designed to prevent violation of, the Fund's
 charter and by-laws and all exemptive orders, no-action letters and other regulatory relief
 received by the Fund from the SEC and Financial Industry Regulatory Association, Inc.
 (the " <u>FINRA</u> ") (all such
 items collectively, " <u>Regulatory Relief</u> ");
 provided, however, that the Compliance Program shall address only that Regulatory Relief
 afforded the Service Providers or the Fund or relevant to compliance by the Service Providers
 or the Fund, and shall not address the terms by which other parties may receive the benefits
 of any Regulatory Relief.

(ii) <u>Administration of Compliance Program</u>.
 The CCO shall administer and enforce the Fund's Compliance Program. The CCO shall consult
 with the Board and the Fund's officers as necessary to amend, update and revise the
 Compliance Program as necessary, but no less frequently than annually (if required).

(iii) <u>Oversight of Service Providers</u>.
 The CCO is responsible for overseeing, on behalf of the Fund, adherence to the written compliance
 policies and procedures of the Fund's service providers, including the Fund, its investment
 adviser (and sub-adviser, if applicable), the distributor, the administrator, and the transfer
 agent (the " <u>Service Providers</u> ").
 In furtherance of this duty:

(a) The
 CCO shall obtain and review the written compliance policies and procedures of the Service
 Providers or summaries of such policies that have been drafted by someone familiar with them.

(b) The
 CCO shall monitor the Service Providers' compliance with their own written compliance
 policies and procedures, Federal Securities Laws and the Fund's Indenture and Regulatory
 Relief. In so doing, the CCO shall interact with representatives of the Service Providers
 as appropriate.

(c) The
 CCO shall attempt to obtain the following representations from each Service Provider and,
 if it fails to obtain such representations, shall report this fact to the Fund:

a. In
 connection with the documentation of its written policies and procedures governing the provision
 of its services to the relevant Fund, the Service Provider has prepared and delivered to
 the Fund a summary of core services that it provides to the Fund or, if
 no such summary is available, that it has delivered copies of the relevant policies and procedures
 to the Fund.

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b. The
 Service Provider will provide to the Fund and the CCO any revisions to its written compliance
 policies and procedures on at least an annual basis, or more frequently in the event of a
 material revision.

c. The
 Service Provider's written compliance policies and procedures have been reasonably
 designed to prevent, detect and correct violations of the applicable Federal Securities Laws
 and critical functions related to the services performed by Service Provider pursuant to
 the applicable agreement between the Service Provider and the Fund.

d. The
 Service Provider has established monitoring procedures, and shall review, no less frequently
 than annually, the adequacy and effectiveness of its written compliance policies and procedures
 to check that they are reasonably designed to prevent, detect and correct violations of those
 applicable Federal Securities Laws and critical functions related to the services performed
 by the Service Provider pursuant to the applicable agreement between the Service Provider
 and the Fund.

(iv) <u>Annual Review.</u> Rule 38a-1
 requires that, at least annually, the Fund review its Compliance Program and that of its
 Service Providers and the effectiveness of their respective implementations (the " <u>Annual Review</u> "). The CCO shall perform the Annual Review for the Fund. The first Annual
 Review shall be completed no later than the regularly scheduled Board meeting following one
 year after the commencement of the CCO Services.

(v) <u>Attendance of Board Meetings; Reports to the Fund's Board; Escalation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 CCO shall attend up to four board meetings per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 CCO shall make regular reports to the Board regarding its administration and enforcement
 of the Compliance Program. These regular reports shall address compliance by the Fund and
 the Service Providers and such other matters as the Board may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 addition, at least annually, the CCO shall submit a written report to the Board by addressing
 the following issues:

&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
 operation of the Compliance Program, and the written compliance policies and procedures of
 the Service Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any
 material changes made to the Compliance Program since the date of the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any
 material changes to the Compliance Program recommended as a result of the Annual Review;
 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;d. each
 "Material Compliance Matter" that occurred since the date of the last report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 written report shall be based on the Annual Review. The first written report shall be presented
 to the Board no later than 90 days after the date of the first Annual Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 CCO shall report any Material Compliance Matters to the Board at least quarterly.

(vi) <u>Recordkeeping</u>.
 The CCO expects to rely on the Fund or its Service Providers, as applicable, to maintain
 and preserve records. The CCO will determine that the Service Provider has policies and procedures
 that are reasonably designed to ensure that the Fund records will be maintained in accordance
 with the Fund's recordkeeping policy and applicable Law, including provisions requiring
 that any material violation of the Fund's recordkeeping policy and/or applicable Law
 by the service provider be promptly reported to the CCO.

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(vii) <u>Meeting with Regulators.</u> The
 CCO shall meet with, and reply to inquiries from the SEC, the Fund and other legal and regulatory
 authorities with responsibility for administering Federal Securities Laws as necessary or
 as reasonably requested by Fund or the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 parties agree that only employees of SS&C ALPS and its Affiliates shall act as CCO or
 otherwise perform services to the Fund under this Agreement unless otherwise agreed to by
 the Fund. Notwithstanding his/her other duties for SS&C or any other investment Fund,
 the CCO shall perform the Services in a professional manner and shall devote appropriate
 time, energies and skill to the Services. Fund acknowledges that other employees of SS&C
 and its Affiliates will assist the CCO in the performance of his/her duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. For
 clarity, the Fund shall reimburse, or shall cause the Fund to reimburse, SS&C for all
 reasonable expenses (including travel expenses for attendance at in-person board meetings)
 and other out-of-pocket disbursements incurred by SS&C in connection with the performance
 of SS&C's or the CCO's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
 Fund shall cooperate in good faith with SS&C and the CCO in order to assist in the performance
 of the Services. In furtherance of this agreement to cooperate, the Fund shall make those
 of its and its Affiliates' and Service Providers', officers, employees, outside
 counsel and others as may be reasonable related to the Services available for consultation
 with SS&C and the CCO, in each case as SS&C or the CCO may reasonably request. The
 Fund shall provide SS&C and the CCO with the names of appropriate contact people at the
 Service Providers and shall otherwise assist SS&C and the CCO in obtaining the cooperation
 of the Service Providers. The Fund shall provide SS&C and the CCO with such books and
 records regarding the Fund as SS&C and the CCO may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Notwithstanding
 anything in this Agreement to the contrary, SS&C ALPS may terminate the CCO Services
 immediately upon notice and without further liability, if, in the sole determination of the
 CCO:

(i) Management
 directly or indirectly takes any action to coerce, manipulate, mislead, or fraudulently influence
 the Fund's CCO in the performance of the CCO's duties under this Agreement;

(ii) Management
 takes a position inconsistent with compliance with Federal Securities Laws;

(iii) Management
 fails to take action consistent with recommendations of the CCO to remediate the failure(s) that
 caused or could cause a Material Compliance Matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**  **<u>Shareholder Recordkeeping, Transfer Agency and Investor Relations</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SS&C
 GIDS utilizing the TA2000 System will perform the following services:

(i) issue,
 transfer and redeem book entry shares or cancelling share certificates as applicable;

(ii) maintain
 shareholder accounts on the records of Fund on the TA2000 System in accordance with the instructions
 and information received by SS&C GIDS from Fund, Fund's distributor, manager or managing
 dealer, Fund's investment adviser, Fund's sponsor, Fund's custodian, or Fund's
 administrator and any other person whom Fund names on <u>Fee Letter</u> (each an "Authorized Person"), broker-dealers or shareholders;

(iii) when
 and if a Fund participates in the DTCC, and to the extent SS&C GIDS supports the functionality
 of the applicable DTCC program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept
 and effectuate the registration and maintenance of accounts through the Program and the purchase,
 redemption, exchange and transfer of shares in such accounts through systems or applications
 offered via the Program in accordance with instructions transmitted to and received by SS&C
 GIDS by transmission from DTCC on behalf of broker-dealers and banks which have been established
 by, or in accordance with the instructions of, an Authorized Person, on the Dealer File maintained
 by SS&C GIDS,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue
 instructions to Funds' banks for the settlement of transactions between Funds and DTCC
 (acting on behalf of its broker-dealer and bank participants),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide
 account and transaction information from Fund's records on TA2000 in accordance with
 the applicable Program's rules, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) maintain
 shareholder accounts on TA2000 through the Programs;

(iv) provide
 transaction journals;

(v) once
 annually prepare shareholder meeting lists for use in connection with the annual meeting;

(vi) withhold,
 as required by federal law, taxes on securityholder accounts, perform and pay backup withholding
 as required for all securityholders, and prepare, file and provide, in electronic format,
 the applicable U.S. Treasury Department information returns or K-1 data file, as applicable,
 to Fund's vendor of choice.

(vii) disburse
 income dividends and capital gains distributions to shareholders and record reinvestment
 of dividends and distributions in shares of Fund;

(viii) prepare
 and provide, in electronic format, to Fund's print vendor of choice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) confirmation
 forms for shareholders for all purchases and liquidations of shares of Fund and other confirmable
 transactions in shareholders' accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) copies
 of shareholder statements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) shareholder
 reports and prospectuses provided by Fund;

(ix) provide
 or make available on-line daily and monthly reports as provided by the TA2000 System and
 as requested by Fund;

(x) maintain
 those records necessary to carry out SS&C GIDS's duties hereunder, including all information
 reasonably required by Fund to account for all transactions on TA2000 in Fund shares;

(xi) calculate
 the appropriate sales charge, if applicable and supported by TA2000, with respect to each
 purchase of Fund shares as instructed by an Authorized Person, determining the portion of
 each sales charge payable to the dealer participating in a sale in accordance with schedules
 and instructions delivered to SS&C GIDS by Fund's managing dealer or distributor or any
 other Authorized Person from time to time, disbursing dealer commissions collected to such
 dealers, determining the portion of each sales charge payable to such managing dealer and
 disbursing such commissions to the managing dealer;

(xii) receive
 correspondence pertaining to any former, existing or new shareholder account, processing
 such correspondence for proper recordkeeping, and responding to shareholder correspondence;

(xiii) arrange
 the mailing to dealers of confirmations of wire order trades;

(xiv) process,
 generally on the date of receipt, purchases, redemptions, exchanges, or instructions, as
 applicable, to settle any mail or wire order purchases, redemptions or exchanges received
 in proper order as set forth in the prospectus and general exchange privilege applicable,
 and reject any requests not received in proper order (as defined by an Authorized Person
 or the Procedures as hereinafter defined);

(xv) if
 a Fund is a registered product, provide to the person designated by an Authorized Person
 the daily Blue Sky reports generated by the Blue Sky module of TA2000 with respect to purchases
 of shares of Fund on TA2000. For clarification, with respect to obligations, Fund is responsible
 for any registration or filing with a federal or state government body or obtaining approval
 from such body required for the sale of shares of Fund in each jurisdiction in which it is
 sold. SS&C GIDS's sole obligation is to provide Fund access to the Blue Sky module
 of TA2000 with respect to purchases of shares of Fund on TA2000, and generate output reports
 to Fund as mutually agreed. It is Fund's responsibility
 to validate that the Blue Sky module settings are accurate and complete and to validate the
 output produced thereby and other applicable reports provided by SS&C GIDS, to ensure
 accuracy. SS&C GIDS is not responsible in any way for claims that the sale of shares
 of Fund violated any such requirement (unless such violation results from a failure of the
 SS&C GIDS Blue Sky module to notify Fund that such sales do not comply with the parameters
 set by Fund for sales to residents of a given state);

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(xvi) provide
 to Fund escheatment reports as requested by an Authorized Person with respect to the status
 of accounts and outstanding checks on TA2000;

(xvii) as
 mutually agreed upon by the parties as to the service scope and fees, answer telephone inquiries
 during mutually agreed upon times, each day on which the New York Stock Exchange is open
 for trading. SS&C GIDS shall answer and respond to inquiries from existing shareholders,
 prospective shareholders of Fund and broker-dealers on behalf of such shareholders in accordance
 with the telephone scripts provided by Fund to SS&C GIDS, such inquiries may include
 requests for information on account set-up and maintenance, general questions regarding the
 operation of Fund, general account information including dates of purchases, redemptions,
 exchanges and account balances, requests for account access instructions and literature requests;

(xviii) support
 Fund repurchase offers, including but not limited to: assistance with shareholder communication
 plan; coordination of repurchase offer materials; establishment of informational website;
 receipt, review and reconciliation of letters of transmittal; daily tracking, reconciliation
 and reporting of shares tendered; and issuing tax forms;

(xix) in
 order to assist Fund with Fund's anti-money laundering responsibilities under applicable
 anti-money laundering laws, SS&C GIDS offers certain risk-based shareholder activity
 monitoring tools and procedures that are reasonably designed to: (i) promote the detection
 and reporting of potential money laundering activities; and (ii) assist in the verification
 of persons opening accounts with Fund, pursuant to Section F hereto;

(xx) as
 mutually agreed upon by the Parties as to the service scope and fees, provide any additional
 related services (i.e., pertaining to escheatments, abandoned property, garnishment orders,
 bankruptcy and divorce proceedings, Internal Revenue Service or state tax authority
 tax levies and summonses and all matters relating to the foregoing); and

(xxi) upon
 request of Fund and mutual agreement between the Parties as to the scope and any applicable
 fees, SS&C GIDS may provide additional services to Fund under the terms of this Schedule
 and the Agreement. Such services and fees shall be set forth in writing and may be added
 by an amendment to, or as a statement of work under, this Schedule or the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. At
 the request of an Authorized Person, SS&C GIDS shall use reasonable efforts to provide
 the services set forth in Section E.1 of this <u>Schedule A</u> in connection with transactions (i) the processing of which transactions require
 SS&C GIDS to use methods and procedures other than those usually employed by SS&C
 GIDS to perform shareholder servicing agent services, (ii) involving the provision of
 information to SS&C GIDS after the commencement of the nightly processing cycle of the
 TA2000 System or (iii) which require more manual intervention by SS&C GIDS, either
 in the entry of data or in the modification or amendment of reports generated by the TA2000
 System than is usually required by normal transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SS&C
 GIDS shall use reasonable efforts to provide the same services with respect to any new, additional
 functions or features or any changes or improvements to existing functions or features as
 provided for in Fund's instructions, prospectus or application as amended from time to time,
 for Fund, provided SS&C GIDS is advised in advance by Fund of any changes therein and
 the TA2000 System and the mode of operations utilized by SS&C GIDS as then constituted
 supports such additional functions and features. If any new, additional function or feature
 or change or improvement to existing functions or features or new service or mode of operation
 measurably increases SS&C GIDS's cost of performing the services required hereunder at
 the current level of service, SS&C GIDS shall advise Fund of the amount of such increase
 and if Fund elects to utilize such function, feature or service, SS&C GIDS shall be entitled
 to increase its fees by the amount of the increase in costs.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Fund
 shall add all new funds to the TA2000 System upon at least 60 days' prior written notice
 to SS&C GIDS provided that the requirements of the new funds are generally consistent
 with services then being provided by SS&C GIDS under the Agreement. If less than 60 days'
 prior notice is provided by Fund, additional 'rush' fees may be applied by SS&C
 GIDS. Rates or charges for additional funds shall be as set forth in Fee Letter for the remainder
 of the contract term except as such funds use functions, features or characteristics for
 which SS&C GIDS has imposed an additional charge as part of its standard pricing schedule.
 In the latter event, rates and charges shall be in accordance with SS&C GIDS's then-standard
 pricing schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The
 Parties agree that to the extent that SS&C GIDS provides any services under the Agreement
 that relate to compliance by Fund with the Code (or any other applicable tax law), it is
 the parties' mutual intent that SS&C GIDS will provide only printing, reproducing,
 and other mechanical assistance to Fund and that SS&C GIDS will not make any judgments
 or exercise any discretion of any kind. Fund agrees that it will provide express and comprehensive
 instructions to SS&C GIDS in connection with all of the services that are to be provided
 by SS&C GIDS under the Agreement that relate to compliance by Fund with the Code (or
 any other applicable tax law), including providing responses to requests for direction that
 may be made from time to time by SS&C GIDS of Fund in this regard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Fund
 instructs and authorizes SS&C GIDS to provide the services as set forth in the Agreement
 in connection with transactions on behalf of certain IRAs featuring Funds made available
 by Fund. Fund acknowledges and agrees that as part of such services, SS&C GIDS will act
 as service provider to the custodian for such IRAs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If
 applicable, SS&C GIDS will make original issues of shares, or if shares are certificated,
 stock certificates upon written request of an officer of Fund and upon being furnished with
 a certified copy of a resolution of the Board of Trustees authorizing such original issue,
 evidence regarding the value of the shares, and necessary funds for the payment of any original
 issue tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Upon
 receipt of a Fund's written request, SS&C GIDS shall provide transmissions of shareholder
 activity to the print vendor selected by Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. If
 applicable, Fund will furnish SS&C GIDS with a sufficient supply of blank stock certificates
 and from time to time will renew such supply upon the request of SS&C GIDS. Such certificates
 will be signed manually or by facsimile signatures of the officers of Fund authorized by
 law and by bylaws to sign stock certificates, and if required, will bear the corporate seal
 or facsimile thereof. In the event that certificates for shares of Fund shall be represented
 to have been lost, stolen or destroyed, SS&C GIDS, upon being furnished with an indemnity
 bond in such form and amount and with such surety as shall be reasonably satisfactory to
 it, is authorized to countersign a new certificate or certificates for the number of shares
 of Fund represented by the lost or stolen certificate. In the event that certificates of
 Fund shall be represented to have been lost, stolen, missing, counterfeited or recovered,
 SS&C GIDS shall file Form X-17F-1A as required by applicable federal securities
 laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Shares
 of stock will be transferred in accordance with the instructions of the shareholders and,
 upon receipt of Fund's instructions that shares of stock be redeemed and funds remitted
 therefor, such redemptions will be accomplished and payments dispatched provided the shareholder
 instructions are deemed by SS&C GIDS to be duly authorized. SS&C GIDS reserves the
 right to refuse to transfer, exchange, sell or redeem shares as applicable, until it is satisfied
 that the request is authorized, or instructed by Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Further,
 and notwithstanding anything herein to the contrary, with respect to "as of" adjustments,
 SS&C will not assume one hundred percent (100%) responsibility for losses resulting from
 "as ofs" due to clerical errors or misinterpretations of securityholder instructions, but
 SS&C will discuss with Fund, SS&C's accepting liability for an "as of" on a case-by-case
 basis and may accept financial responsibility for a particular situation resulting in a financial
 loss to Fund where such loss is "material", as hereinafter defined, and, under
 the particular facts at issue, and subject to the applicable standard of care and liability
 limits in the Agreement, SS&C in its discretion believes SS&C's conduct was
 culpable and SS&C's conduct is the sole cause of the loss. A loss is "material"
 for purposes of this Section when it results in a pricing error on a given day which
 is (i) greater than a negligible amount per securityholder, (ii) equals or exceeds
 one ($.01) full cent per share times the number of shares outstanding or (iii) equals
 or exceeds the product of one-half of one percent (1%) times Fund's Net Asset Value
 per share times the number of shares outstanding (or, in case of (ii) or (iii), such
 other amounts as may be adopted by applicable accounting or regulatory authorities from time
 to time). When SS&C concludes that it should contribute to the settlement of a loss,
 SS&C's responsibility will commence with that portion of the loss over $0.01 per
 share calculated on the basis of the total value of all shares owned by the affected portfolio
 (i.e., on the basis of the value of the shares of the total portfolio, including all classes
 of that portfolio, not just those of the affected class).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Changes and Modifications.</u> 

(i) SS&C
 GIDS shall have the right, at any time, to modify any systems, programs, procedures or facilities
 used in performing its obligations hereunder; provided that Fund will be notified as promptly
 as possible prior to implementation of such modifications and that no such modification or
 deletion shall materially adversely change or affect the operations and procedures of Fund
 in using the TA2000 System hereunder, the Services or the quality thereof, or the reports
 to be generated by such system and facilities hereunder, unless Fund is given thirty (30)
 days' prior notice to allow Fund to change its procedures and SS&C GIDS provides
 Fund with revised operating procedures and controls.

(ii) All
 enhancements, improvements, changes, modifications or new features added to the TA2000 System
 however developed or paid for, including, without limitation, Fund Requested Software (collectively,
 "Deliverables"), shall be, and shall remain, the confidential and exclusive property
 of, and proprietary to, SS&C GIDS. The parties recognize that during the Term of this
 Agreement Fund will disclose to SS&C GIDS Confidential Information and SS&C GIDS
 may partly rely on such Confidential Information to design, structure or develop one or more
 Deliverables. Provided that, as developed, such Deliverable(s) contain no Confidential
 Information that identifies Fund or any of its investors or which could reasonably be expected
 to be used to readily determine such identity, (i) Fund hereby consents to SS&C
 GIDS's use of such Confidential Information to design, to structure or to determine
 the scope of such Deliverable(s) or to incorporate into such Deliverable(s) and
 that any such Deliverable(s), regardless of who paid for it, shall be, and shall remain,
 the sole and exclusive property of SS&C GIDS and (ii) Fund hereby grants SS&C
 GIDS a perpetual, nonexclusive license to incorporate and retain in such Deliverable(s) Confidential
 Information of Fund. All Confidential Information of Fund shall be and shall remain the property
 of Fund.

13. <u>Fund Obligations</u>.

(i) Fund
 agrees to use its reasonable efforts to deliver to SS&C GIDS in Kansas City, Missouri,
 as soon as they are available, all of its shareholder account records.

(ii) Fund
 will provide SS&C GIDS written notice of any change in Authorized Personnel as set forth
 on <u>Schedule B</u>.

(iii) Fund
 will notify SS&C GIDS of material changes to its Articles of Incorporation, Declaration
 of Fund, Bylaws or similar governing document (e.g. in the case of recapitalization) that
 impacts the services provided by SS&C GIDS under the Agreement.

(iv) If
 at any time Fund receives notice or becomes aware of any stop order or other proceeding in
 any such state affecting such registration or the sale of Fund's shares, or of any stop order
 or other proceeding under the federal securities laws affecting the sale of Fund's shares,
 Fund or Sponsor will give prompt notice thereof to SS&C GIDS.

(v) Fund
 shall not enter into one or more omnibus, third-party sub-agency or sub accounting agreements
 with (i) unaffiliated third-party broker/dealers or other financial intermediaries who
 have a distribution agreement with the affected Funds or (ii) third party administrators
 of group retirement or annuity plans, unless Fund either (1) provides SS&C GIDS
 with a minimum of 12 months' notice before the accounts are deconverted from SS&C
 GIDS, or (2), if 12 months' notice is not possible, Fund shall compensate SS&C
 GIDS by paying a one-time termination fee equal to $0.10 per deconverted
 account per month for every month short of the 12 months' notice in connection with
 each such deconversion.

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14. <u>Compliance</u>.

(i) SS&C
 GIDS shall perform the services under this Schedule A in conformance with SS&C GIDS's
 present procedures as set forth in its Procedures with such changes or deviations therefrom
 as may be from time to time required or approved by Fund, its investment adviser or managing
 dealer, or its or SS&C GIDS's counsel and the rejection of orders or instructions not
 in good order in accordance with the applicable prospectus or the Procedures. Notwithstanding
 the foregoing, SS&C GIDS's obligations shall be solely as are set forth in this
 Schedule and any of other obligations of Fund under applicable law that SS&C GIDS has
 not agreed to perform on Fund's behalf under this Schedule or the Agreement shall remain
 Fund's sole obligation.

15. <u>Bank Accounts</u>.

(i) SS&C
 GIDS, acting as agent for Fund, is authorized (1) to establish in the name of, and to
 maintain on behalf of, Fund, on the usual terms and conditions prevalent in the industry,
 including limits or caps (based on fees paid over some period of time or a flat amount, as
 required by the affected Bank on the maximum liability of such Banks into which SS&C
 GIDS shall deposit Funds SS&C GIDS receives for payment of dividends, distributions,
 purchases of Fund shares, redemptions of Fund shares, commissions, corporate re-organizations
 (including recapitalizations or liquidations) or any other disbursements made by SS&C
 GIDS on behalf of Fund provided for in this Schedule A, (2) to draw checks upon such
 accounts, to issue orders or instructions to the Bank for the payment out of such accounts
 as necessary or appropriate to accomplish the purposes for which such funds were provided
 to SS&C GIDS, and (3) to establish, to implement and to transact Fund business through
 ACH, draft processing, wire transfer and any other banking relationships, arrangements and
 agreements with such Bank as are necessary or appropriate to fulfill SS&C GIDS's
 obligations under the Agreement. SS&C GIDS, acting as agent for Fund, is also hereby
 authorized to execute on behalf and in the name of Fund, on the usual terms and conditions
 prevalent in the industry, including limits or caps (based on fees paid over some period
 of time or a flat amount, as required by the affected Bank) on the maximum liability of such
 Banks, agreements with banks for ACH, wire transfer, draft processing services, as well as
 any other services which are necessary or appropriate for SS&C GIDS to utilize to accomplish
 the purposes of this Schedule. In each of the foregoing situations Fund shall be liable on
 such agreements with the Bank as if it itself had executed the agreement.

(ii) SS&C
 GIDS is authorized and directed to stop payment of checks theretofore issued hereunder, but
 not presented for payment, when the payees thereof allege either that they have not received
 the checks or that such checks have been mislaid, lost, stolen, destroyed or through no fault
 of theirs, are otherwise beyond their control, and cannot be produced by them for presentation
 and collection, and, to issue and deliver duplicate checks in replacement thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Records.</u> SS&C
 GIDS will maintain customary transfer agent records in connection with its agency in accordance
 with the transfer agent recordkeeping requirements under the 1934 Act, and particularly will
 maintain those records required to be maintained pursuant to subparagraph (2) (iv) of
 paragraph (b) of Rule 31a-1 under the 1940 Act, if any. Notwithstanding anything
 in the Agreement to the contrary, the records to be maintained and preserved by SS&C
 GIDS on the TA2000 System under the Agreement shall be maintained and preserved in accordance
 with the following:

(i) Annual
 purges by August 31: SS&C GIDS and Fund shall mutually agree upon a date for the
 annual purge of the appropriate history transactions from the Transaction History (A88) file
 for accounts (both regular and tax advantaged accounts) that were open as of January 1
 of the current year, such purge to be complete no later than August 31. Purges completed
 after this date will subject Fund to the Aged History Retention fees set forth in the <u>Fee Letter</u>.

(ii) Purge
 criteria: In order to avoid the Aged History Retention fees, history data for regular or
 ordinary accounts (that is, non-tax advantaged accounts) must be purged if the confirmation
 date of the history transaction is prior to January 1 of the current year and history
 data for tax advantaged accounts (retirement and educational savings accounts) must be purged
 if the confirmation date of the history transaction is prior to January 1 of the prior
 year. All purged history information shall be retained on magnetic tape for seven (7) years.

23 of 25

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purged
 history retention options (entail an additional fee): For the additional fees set forth in
 the <u>Fee Letter</u>, or as otherwise mutually
 agreed, then Fund may choose (i) to place purged history information on the Purged Transaction
 History (A19) table or (ii) to retain history information on the Transaction History
 (A88) file beyond the timeframes defined above. Retaining information on the A19 table allows
 for viewing of this data through online facilities and E-Commerce applications. This database
 does not support those histories being printed on statements and reports and is not available
 for on request job executions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Disposition of Books, Records and Canceled Certificates.</u> SS&C
 GIDS may send periodically to Fund, or to where designated by Fund, all books, documents,
 and all records no longer deemed needed for current purposes, upon the understanding that
 such books, documents, and records will be maintained by Fund under and in accordance with
 the requirements of applicable federal securities laws. Such materials will not be destroyed
 by Fund without the consent of SS&C GIDS (which consent will not be unreasonably withheld),
 but will be safely stored for possible future reference.

**F. <u>AML</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SS&C
 may assume the authenticity and accuracy of any document or information provided by a prospective
 investor or investor without verification unless, in the sole discretion of SS&C, the
 same on its face appears not to be genuine. In the event of delay or failure by a prospective
 investor or investor to produce any information required by the subscription or similar agreement
 of Fund or requested by SS&C, SS&C may refuse to process the subscription and the
 subscription monies related thereto or may refuse to allow a redemption until the applicable
 information has been provided. SS&C shall not process any payment from a prospective
 investor or make any payment for redemption proceeds to an investor if SS&C determines,
 or if SS&C receives instructions that Fund has (or, if applicable and defined below,
 Fund AML Officers) have determined, that such payment would violate any AML law.

<u>**U.S. Domiciled Funds**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Notwithstanding
 the ability of Fund to delegate the maintenance of certain AML procedures to SS&C, Fund
 is ultimately responsible for ensuring its compliance with applicable AML law, including
 identifying, assessing and understanding relevant AML risks. SS&C will disclose to Fund
 if SS&C files, on its own behalf, a suspicious activity report in relation to Fund, investors
 or prospective investors, unless in the sole discretion of SS&C, such disclosure would
 be prohibited by applicable Law. Such disclosure shall identify the prospective investor
 or investor and the transaction which is the subject of the suspicious activity report and
 include a summary statement as to why the transaction is believed to be suspicious.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. With
 respect to Funds that are U.S. domiciled, relying on external services as well as information
 provided on Fund subscription documents, screen the names of each prospective investor and
 report whether each subscriber is (i) a person identified on the sanctions lists administered
 and published by OFAC, including the list of specially designated nationals and blocked persons
 or (ii) believed to be a senior non-U.S. political figure or an immediate family member
 or close associate of such a figure (collectively " <u>PEP</u> ")
 or a non-U.S. shell bank.

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**G. <u>Miscellaneous</u>**

1. Notwithstanding anything to the contrary in this Agreement, SS&C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Does
 not maintain custody of any cash or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does
 not have the ability to authorize transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Does
 not have the authority to enter into contracts on behalf of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Is
 not responsible for determining the valuation of Fund's assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Does
 not perform any management functions or make any management decisions with regard to the
 operation of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Is
 not responsible for affecting any U.S. federal or state regulatory filings which may be required
 or advisable as a result of the offering of interests in Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Is
 not Fund's tax advisor and does not provide any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Is
 not obligated to perform any additional or materially different services due to changes in
 law or audit guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If
 SS&C allows Fund, Management, investors or their respective agents and representatives
 (" <u>Users</u> ") to (i) receive
 information and reports from SS&C and/or (ii) issue instructions to SS&C via
 web portals or other similar electronic mechanisms hosted or maintained by SS&C or its
 agents (" <u>Web Portals</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Access
 to and use of Web Portals by Users shall be subject to the proper use by Users of usernames,
 passwords and other credentials issued by SS&C (" <u>User Credentials</u> ") and to the additional terms of use that are noticed to Users on
 such Web Portals. Fund and Management shall be solely responsible for the results of any
 unauthorized use, misuse or loss of User Credentials by their authorized Users and for compliance
 by such Users with the terms of use noticed to Users with respect to Web Portals, and shall
 notify SS&C promptly upon discovering any such unauthorized use, misuse or loss of User
 Credentials or breach by Fund or Management or their authorized Users of such terms of use.
 Any change in the status or authority of an authorized User communicated by Fund shall not
 be effective until SS&C has confirmed receipt and execution of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SS&C
 grants to the Fund and Management a limited, non-exclusive, non-transferable, non-sublicenseable
 right during the term of this Agreement to access Web Portals solely for the purpose of accessing
 Client Data and, if applicable, issue instructions. Fund and Management will ensure that
 any use of access to any Web Portal is in accordance with SS&C's terms of use,
 as noticed to the Users from time to time. This license does not include: (i) any right
 to access any data other than Client Data; or (ii) any license to any software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fund
 and Management will not (A) permit any third party to access or use the Web Portals
 through any time-sharing service, service bureau, network, consortium, or other means; (B) rent,
 lease, sell, sublicense, assign, or otherwise transfer its rights under the limited license
 granted above to any third party, whether by operation of law or otherwise; (C) decompile,
 disassemble, reverse engineer, or attempt to reconstruct or discover any source code or underlying
 ideas or algorithms associated with the Web Portals by any means; (D) attempt to modify
 or alter the Web Portal in any manner; or (E) create derivative works based on the Web
 Portal. Neither Fund nor Management will remove (or allow to be removed) any proprietary
 rights notices or disclaimers from the Web Portal or any reports derived therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) SS&C
 reserves all rights in SS&C systems and in the software that are not expressly granted
 to Fund or Management hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) SS&C
 may discontinue or suspend the availability of any Web Portals at any time without prior
 notice; SS&C will endeavor to notify Fund as soon as reasonably practicable of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Notwithstanding
 anything in this Agreement to the contrary, Fund has ultimate authority over and responsibility
 for its tax matters and financial statement tax disclosures. All memoranda, schedules, tax
 forms and other work product produced by SS&C are the responsibility of Fund and are
 subject to review and approval by Fund and Fund's auditors, or tax preparers, as applicable
 and SS&C bears no responsibility for reliance on tax calculations and memoranda prepared
 by SS&C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. SS&C
 shall provide reasonable assistance to responding to due diligence and analogous requests
 for information from investors and prospective investors (or others representing them); provided,
 that SS&C may elect to provide these services only upon Fund agreement in writing to
 separate fees in the event responding to such requests becomes, in SS&C's sole
 discretion, excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Reports
 and information shall be deemed provided to Fund if they are made available to Fund online
 through SS&C's Web Portal.

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

**Exhibit 99.(k)(2)**

**EXPENSE LIMITATION AGREEMENT**

September 18, 2025

USVC Venture Capital Access Fund

140 Lakeside Avenue, Suite 100

Seattle, WA 98122

Dear Ladies and Gentlemen:

Strawberry Tree Management Company LLC ("STM"), as investment adviser to USVC Venture Capital Access Fund (the "Fund"), agrees to waive its management fees and/or reimburse the Fund's expenses to the extent that the Fund's total expenses (excluding (i) the management fee; (ii) organizational and offering expenses; (iii) any administrative, distribution, servicing, account opening, shareholder servicing, transfer and sub-transfer agency and sub-accounting fees, and all expenses in connection with shareholder meetings and/or proxy solicitations; (iv) all acquired fund fees and expenses and all transactional costs, including legal, structuring, audit, and brokerage commissions, associated with consummated and unconsummated acquisitions, dispositions and maintenance of investments by the Fund; (v) interest, borrowing costs and expenses (including those associated with lines of credit and credit facilities); (vi) all federal, state, local and foreign taxes; (vii) merger or reorganization expenses; and (viii) extraordinary expenses distinguished by their unusual nature or infrequency, including, without limitation, costs incurred in connection with litigation, arbitration, mediation, indemnification, government investigations, claims or proceedings, and any expenses in connection with holding and/or soliciting proxies for annual or other meetings of shareholders ("Excluded Expenses")) exceed an annual rate of 1.00% of the average net asset value of the Fund (the "Expense Limitation"). Each quarter the Fund's total expenses, exclusive of Excluded Expenses, shall be annualized as of the last day of the quarter, and if the annualized total expenses, exclusive of Excluded Expenses, for any quarter exceed the Expense Limitation, STM shall waive or reduce its management fee for such quarter or reimburse the Fund by an amount sufficient to reduce the annualized total expenses, exclusive of Excluded Expenses, so that such expenses do not exceed the Expense Limitation for that quarter.

This agreement (this "Agreement") shall commence on the date first set forth above. This Agreement shall continue in effect through at least one year from the effective date of the Fund's registration statement on Form N-2 (file no. 333-255702). Thereafter, this Agreement shall continue in effect from year to year for successive one-year periods provided that each such continuance is specially approved by the Fund's Board of Trustees and the Investment Adviser. The Fund's Board of Trustees may terminate this Agreement at any time upon at least sixty (60) days' written notice to STM, and this Agreement shall automatically terminate upon the termination of the Investment Advisory Agreement between STM and the Fund. Notwithstanding anything to the contrary, this paragraph of this Agreement shall survive any termination of this Agreement with respect to any expenses that have not been recouped by the Adviser from the Fund.

STM may recoup from the Fund any fees previously reduced or expenses previously reimbursed with respect to the Fund pursuant to this Agreement if (i) such recoupment does not cause the Fund to exceed the Expense Limitation in effect at the time of waiver/reimbursement or at the time of recoupment and (ii) the reimbursement is made within three (3) years after the time at which STM reduced the fee or incurred the expense. Subject to the terms of this Agreement, STM may elect to seek recoupment or forgo seeking recoupment at its discretion; however, upon proper request to the Fund, the Fund shall be obligated to pay STM such recoupment to the extent permitted under this Agreement.

STM agrees that it shall look only to the assets of the Fund for performance of this Agreement and for any claims for payment. No trustees, officers, employees, agents or shareholders of the Fund shall be personally liable for performance by the Fund under this Agreement.

This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling. Any amendment to this Agreement shall be in writing signed by the parties hereto. Subject to approval by STM, this Agreement may be amended by the Fund's Board of Trustees without the approval of Fund shareholders.

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| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Strawberry Tree Management Company LLC | Strawberry Tree Management Company LLC |
| By: | /s/ Huoy-Ming Yeh |
| Name: | Huoy-Ming Yeh |
| Title: | Chief Executive Officer |

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| | |
|:---|:---|
| USVC Venture Capital Access Fund | USVC Venture Capital Access Fund |
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | Trustee, President and Chief Executive Officer |

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## Ex-99.(K)(3)

**Exhibit 99.(k)(3)**

**USVC Venture Capital Access Fund**

**Common Shares of Beneficial Interest**

**Shareholder Services Plan**

**September 18, 2025**

This plan constitutes the Shareholder Services Plan (the "**Plan**") subject to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "**Act**"), for USVC Venture Capital Access Fund, a Delaware statutory trust (the "**Fund**").

**WHEREAS**, it is desirable to provide the Fund flexibility in meeting the investment and shareholder servicing needs of its investors;

**WHEREAS**, the Fund desires to adopt a plan in respect of its shares, and the Board of Trustees of the Fund (the "**Board**," and each shareholder thereof, a "**Trustee**") determined that there is a reasonable likelihood that adoption of said plan will benefit the shares and their shareholders; and

**WHEREAS**, the Fund intends to have its distributor ("**Distributor**") enter into agreements ("**Services Agreements**") with certain financial institutions, broker-dealers, and other financial intermediaries ("**Authorized Service Providers**") pursuant to which the Authorized Service Providers will provide certain administrative and shareholder support services to the beneficial owners of the Fund's shares;

**NOW THEREFORE**, the Fund hereby adopts the Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Implementation</u>. The Distributor is authorized to execute written Services Agreements with Authorized Service Providers that are record owners of Fund shares or that have a servicing relationship with the beneficial owners of shares of the Fund. Any such agreement shall specifically acknowledge that payments thereunder are subject to the terms of the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services</u>. Pursuant to the Services Agreements, the Authorized Service Provider shall provide to those customers who own Fund shares shareholder support services, not primarily intended to result in the sale of shares of the Fund, as set forth therein and as described in the Fund's prospectus. Shareholder support services ("**Shareholder Services**") include, but are not limited to: (i) responding to customer inquiries of a general nature regarding the Fund; (ii) responding to customer inquiries and requests regarding Statements of Additional Information, shareholder reports, notices, proxies and proxy statements, and other Fund documents; and (iii) providing such other similar services as the Fund or the Fund's investment adviser may reasonably request to the extent the financial industry professional is permitted to do so under applicable statutes, rules, or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Compensation</u>. The Fund shall pay to the Distributor a fee, computed daily and paid quarterly in the manner set forth in the respective Services Agreements, at an annual rate of up to 0.25% of the aggregate average daily net assets of the Fund shares. The Distributor shall re-allow such fee to each Authorized Service Provider in accordance with the applicable Services Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Effective Date and Termination</u>. The Plan will be effective with regard to the shares of the Fund only after approval by a vote of a majority of the Board of Trustees of the Fund, including a majority of Trustees who are not "interested persons" of the Fund as that term is defined in Section 2(a)(19) of the Act cast at a meeting (or meetings) called for the purpose of voting on the Plan and any related agreements in accordance with the requirements of Rule 12b-1. The Plan may be terminated with respect to any applicable class of shares of the Fund at any time by vote of a majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities (as defined in the Act) of the applicable class of the Fund. The Plan will terminate automatically in the event of its assignment (as defined in the Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Renewal</u>. The Plan shall remain in effect for one year after the date first written above, and shall continue in effect thereafter so long as such continuance is specifically approved at least annually in the manner provided in Section 4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendment</u>. The Plan may be amended at any time by the Board of Trustees, *provided* that all material amendments to the Plan shall be approved by the Fund's Trustees in the manner provided herein with respect to the initial approval of the Plan. The Plan may not be amended with respect to any class of securities of the Fund to increase materially the amount payable hereunder by such class of securities unless such amendment is approved by a vote of a majority of the outstanding voting securities (as defined in the Act) of that class of the Fund, except to the extent that the approval of another class of the Fund is required in accordance with the Fund's exemptive order from the U.S. Securities and Exchange Commission to permit the Fund to offer multiple classes of shares, in which case the approval of a majority of the outstanding voting securities (as defined in the Act) of such class shall also be required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Board Composition</u>. While the Plan is in effect, the selection and nomination of the Independent Trustees shall be committed to the discretion of the Independent Trustees then in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Reporting</u>. While the Plan is in effect, the Board of Trustees shall be provided with a quarterly written report of the amounts expended pursuant to the Plan and the purposes for which the expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Records</u>. The Fund shall preserve copies of the Plan (including any amendments thereto) and any related agreements and all reports made pursuant to Paragraph 7 hereof for a period of not less than six years from the date of the Plan, the first two years in an easily accessible place.

## Ex-99.(K)(4)

**Exhibit 99.(k)(4)**

**<u>INDEMNIFICATION AGREEMENT</u>**

This Indemnification Agreement (the "Agreement") is made as of the date set forth on the signature page by and between **USVC Venture Capital Access Fund**, a Delaware statutory trust (the "Fund"), and the trustee of the Fund whose name is set forth on the signature page (the "Trustee").

WHEREAS, the Trustee is a trustee of the Fund, and the Fund wishes the Trustee to continue to serve in that capacity; and

WHEREAS, the Amended and Restated Declaration of Trust of the Fund and applicable laws permit the Fund to contractually obligate itself to indemnify the Trustee to the fullest extent permitted by law;

NOW, THEREFORE, in consideration of the foregoing recitals and the mutual agreements set forth herein, the parties hereby agree as set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. <u>Definitions</u>**. For purposes of this Agreement, the following terms shall have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Board" shall mean the Board of Trustees of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Change in Control" shall mean that during any period of two consecutive years (or less), a majority of the existing members of the Board of Trustees of the Fund at the commencement of that period cease, for any reason, to constitute at least a majority of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Disabling Conduct" shall be as defined in Section 2 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Expenses" shall mean all costs, disbursements or expenses of the type customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or acting as a witness in a Proceeding, including without limitation all judgments, penalties, fines, amounts paid or to be paid in settlement, ERISA excise taxes, liabilities, losses, interest, expenses of investigation, attorneys' fees, retainers, court costs, transcript costs, fees of experts and witnesses, expenses of preparing for and attending depositions and other proceedings, travel expenses, duplicating costs, printing and binding costs, computerized legal research costs, telephone charges, postage, and delivery service fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Final Decision" or "Final Judgment" shall mean a final adjudication by court order or judgment of the court or other body before which a matter is pending, from which no further right of appeal or review exists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "Independent Counsel" shall mean a law firm, or a member of a law firm, that is experienced in matters of investment company law and neither at the time of designation is, nor in the five years immediately preceding such designation was, retained to represent (A) the Fund or the Trustee in any matter material to either, or (B) any other party to the Proceeding giving rise to a claim for indemnification or advancements hereunder. Notwithstanding the foregoing, however, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest at the time of designation in representing either the Fund or the Trustee in an action to determine the Trustee's rights pursuant to this Agreement, regardless of when the Trustee's act or failure to act occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "Independent Trustee" shall mean a Trustee of the Fund who is neither an "interested person" of the Fund as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended ("1940 Act"), nor a party to the Proceeding with respect to which indemnification or advances are sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The term "Proceeding" shall mean a legal proceeding, including without limitation any threatened, pending or completed claim, demand, threat, discovery request, request for testimony or information, action, suit, arbitration, alternative dispute resolution mechanism, investigation, or hearing, and any appeal from any of the foregoing, whether civil, criminal, administrative or investigative, whether formally or informally initiated, and shall also include any proceeding brought by the Trustee against the Fund if (but only if) the Trustee is the prevailing party in such proceeding against the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trustee's "service to the Fund" shall mean the Trustee's service as a Trustee of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. <u>Indemnification</u>.** The Fund shall indemnify and hold harmless the Trustee against any Expenses actually and reasonably incurred by the Trustee in any Proceeding arising out of or in connection with the Trustee's service to the Fund, to the maximum extent permitted by the Delaware Statutory Trust Act, 12 Del. C. Sect. 3801 et seq., the Securities Act of 1933, as amended ("Securities Act"), and the 1940 Act, each as now or hereafter in force, subject to the conditions set forth in subparagraphs (a), (b) and (c) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Disabling Conduct</u>. The Trustee shall be indemnified pursuant to this Section 2 against any Expenses reasonably incurred unless (i) the Trustee incurred such Expenses by reason of the Trustee's willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office as defined in Section 17(h) of the 1940 Act; or (ii) the Trustee engaged in any act or omission that constitutes a bad faith violation of the implied contractual covenant of good faith and fair dealing as provided in Section 3806(e) of the Delaware Statutory Trust Act (the conduct described in the foregoing clauses (i) and (ii) shall hereinafter be referred to as "Disabling Conduct").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conditions to Indemnification.</u> The Trustee shall be indemnified pursuant to this Section 2 if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the court or other body before which the Proceeding is brought shall have rendered a Final Decision on the merits, finding that the Trustee is not liable, has not engaged in Disabling Conduct, and/or is entitled to indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Proceeding against the Trustee shall have been dismissed for insufficiency of evidence of any Disabling Conduct with which the Trustee has been charged; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) in the absence of such a Final Decision, dismissal or withdrawal, a determination shall have been made that the Trustee has not engaged in Disabling Conduct: (i) by the court or other body approving the settlement or other disposition of the Proceeding; or (ii) based upon a review of the available facts with respect to the Proceeding, by, in the Independent Trustees' sole discretion, either the vote of a majority of a quorum of Independent Trustees or by Independent Counsel in a written opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conditions to Securities Act Indemnification.</u> In addition to the conditions set forth in subparagraph (b), during any period in which an undertaking by the Fund pursuant to Rule 484 under the Securities Act is effective, the Trustee shall be indemnified pursuant to this Section 2 with respect to liabilities arising under the Securities Act, only if either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the indemnification request is made in connection with the successful defense of an action against the Trustee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) in the opinion of Independent Counsel the question whether such indemnification is against public policy as expressed in the Securities Act has been settled by controlling precedent; or if Independent Counsel is unable to provide such an opinion, Independent Counsel has submitted to a court of appropriate jurisdiction on behalf of the Fund the question whether such indemnification is against public policy and a Final Decision has been rendered with respect to such submission that such indemnification is not against public policy.

**3** **. <u>Advancement of Expenses</u>.** The Fund shall promptly advance funds to the Trustee to cover any and all Expenses the Trustee reasonably incurs with respect to any Proceeding arising out of or in connection with the Trustee's service to the Fund, to the fullest extent permitted by the laws of the State of Delaware and the 1940 Act, as such statutes are now or hereafter in force, subject to the provisions of subparagraphs (a) and (b) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Affirmation of Conduct and Undertaking.</u> A request by the Trustee for advancement of funds pursuant to this Section 3 shall be accompanied by (i) the Trustee's written affirmation of his or her good faith belief that he or she met the standard of conduct necessary for indemnification, and (ii) a written undertaking by or on behalf of the Trustee to repay such advancements upon the occurrence of any of the events barring indemnification set forth in Section 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conditions to Advancement.</u> Funds shall be advanced to the Trustee pursuant to this Section 3 if: (1) the Fund is insured against losses arising by reason of any such lawful advancements to the Trustee; (2) a determination is made by, in the Independent Trustees' sole discretion, the vote of a majority of a quorum of Independent Trustees or by Independent Counsel in a written opinion, based on a review of the readily available facts then known (as opposed to a full trial-type inquiry), that there is reason to believe that the Trustee ultimately will be found to be entitled to indemnification pursuant to Section 2; or (3) in the absence of insurance or such a determination by the Independent Trustees or Independent Counsel, such undertaking as required by subparagraph 3(a) above is secured by a surety bond or other appropriate security provided by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. <u>Procedure for Determination of Entitlement to Indemnification and Advancements</u>.** The procedures set forth in this Section shall govern determinations regarding advancements of Expenses and indemnifications. A request by the Trustee for indemnification or advancement of Expenses shall be made in writing, and shall be accompanied by such relevant documentation and information as is reasonably available to the Trustee. The Secretary of the Fund shall promptly advise the Board of such request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Rebuttable Presumption</u>. In any determination by the Independent Trustees or Independent Counsel, the Trustee shall be afforded a rebuttable presumption that the Trustee did not engage in Disabling Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Cooperation</u>. The Trustee shall cooperate with the person or persons making a determination, including without limitation providing to such persons upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and is reasonably available to the Trustee and reasonably necessary to such determination. Any Expenses incurred by the Trustee in so cooperating shall be borne by the Fund, irrespective of the determination as to the Trustee's entitlement to indemnification or advancement of reasonable Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Methods of Determination.</u> Except as specified in subparagraph 2(c)(2), upon the Trustee's request for indemnification or advancement of Expenses, a determination with respect to the Trustee's entitlement thereto shall be made: (i) if there has been no Change in Control by, in the Independent Trustees' sole discretion, a quorum of the Board consisting of Independent Trustees, or (if such a quorum is not obtainable or such Independent Trustees so direct) by Independent Counsel, or (ii) if there has been a Change in Control, by Independent Counsel; provided, that with regard to advancements no such determination shall be necessary if (x) the Fund shall have received written confirmation in reasonably acceptable form that the Fund is insured against all such losses arising by reason of any lawful advancements and that the insurer will pay all the Expenses of the Trustee in a reasonably prompt manner, or (y) the Trustee has provided an adequate security interest in addition to his affirmation and undertaking to repay (as required by subparagraph 3(a) above).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Independent Counsel.</u> If the determination of entitlement to indemnification or advancement of Expenses is to be made by Independent Counsel, the Independent Counsel shall be selected by the Board, and the Fund shall give written notice to the Trustee advising the Trustee of the identity of the Independent Counsel selected. The Trustee may, within five days after receipt of such written notice, deliver to the Fund a written objection to such selection. Such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirement of independence set forth in the definition of Independent Counsel in Section 1, and shall set forth with particularity the factual basis of such assertion. Upon receipt of such objection, the Board shall select another Independent Counsel, subject to a similar right of objection.

If within fourteen days after submission by the Trustee of a written request for indemnification or advancement of Expenses no such Independent Counsel shall have been selected by the Board (whether or not an objection by the Trustee is the cause of the delay), then either the Fund or the Trustee may petition a court of competent jurisdiction in California for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom an objection is favorably resolved or the person so appointed shall act as Independent Counsel.

The Fund shall pay all reasonable fees and Expenses charged or incurred by Independent Counsel in connection with his or her determinations pursuant to this Agreement, and shall pay all reasonable fees and Expenses incident to the procedures described in this paragraph, regardless of the manner in which such Independent Counsel was selected or appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Failure to Make Timely Determination.</u> If the person or persons empowered or selected under subparagraphs (c) or (d) to determine whether the Trustee is entitled to indemnification or advancement of Expenses shall not have made such determination within thirty days after receipt by the Fund of the request therefor, the requisite determination of entitlement to indemnification or advancement of Expenses shall be deemed to have been made, and the Trustee shall be entitled to such indemnification or advancement, absent (i) an intentional misstatement by the Trustee of a material fact, or an intentional omission of a material fact necessary to make the Trustee's statement not materially misleading, in connection with the request for indemnification or advancement of Expenses, or (ii) a prohibition of such indemnification or advancements under applicable law; provided, however, that such period may be extended for a reasonable period of time, not to exceed an additional thirty days, if the person or persons making the determination in good faith require such additional time to obtain or evaluate documentation or information relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Payment Upon Determination of Entitlement.</u> If a determination is made pursuant to Sections 2, 3, and 4 (c) through (e) above that the Trustee is entitled to indemnification or advancement of Expenses, payment of any indemnification amounts or advancements owing to the Trustee shall be made within ten days after such determination (and, in the case of advancements of further Expenses, within ten days after submission of supporting information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Arbitration Upon Determination of Non-Entitlement</u>. If a determination is made that the Trustee is not entitled to indemnification or advancement of Expenses pursuant to Sections 2 through 4(e) above, the Trustee shall be entitled to an adjudication of the Trustee's entitlement to such indemnification or advancement by a single arbitrator appointed by the American Arbitration Association, Los Angeles City Office, in an arbitration conducted pursuant to that Association's then-existing commercial arbitration rules. The Trustee shall commence such arbitration seeking an adjudication within one year following the date on which the Trustee receives the determination denying indemnification or advancement. In any such proceeding, the Trustee and the Fund shall be bound by the determination of the arbitrator, subject to rights of appeal to a court of competent jurisdiction to review such an arbitration award and to vacate such an award only on one or more of the bases set forth in Sections 10 and 11 of the Federal Arbitration Act, 9 U.S.C. Sections 10 and 11. The Fund shall advance the costs of such an arbitration to the American Arbitration Association but the arbitrator shall, as part of the award, make a final award of such costs (including arbitrator's fees) to the prevailing party in the arbitration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. <u>General Provisions.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>No Indemnification if Otherwise Reimbursed</u>. The Fund shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if and to the extent that the Trustee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Continuation of Provisions</u>. This Agreement shall be binding upon and inure to the benefit of all successors of the Fund, including without limitation any transferee of all or substantially all assets of the Fund and any successor by merger, consolidation, or operation of law, and shall inure to the benefit of the Trustee's spouse, heirs, assigns, devisees, executors, administrators and legal representatives. No amendment of the Amended and Restated Declaration of Trust of the Fund shall limit or eliminate the right of the Trustee to indemnification and advancement of Expenses set forth in this Agreement. Moreover, unless contrary to applicable law, the procedures set forth in Sections 3 through 5 of this Agreement shall be the exclusive means by which the parties' rights and obligations with regard to indemnification and advancement of Expenses shall be determined, regardless of whether those rights and obligations arise by operation of law, the Amended and Restated Declaration of Trust or this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Selection of Counsel</u>. The Fund shall be entitled to assume the defense of any Proceeding for which the Trustee seeks indemnification or advancement of Expenses under this Agreement. However, a Trustee may request separate counsel if he or she so elects. Counsel selected by the Trustee shall conduct the defense of the Trustee to the extent reasonably determined by such counsel to be necessary to protect the interests of the Trustee, and the Fund shall indemnify the Trustee therefor to the extent otherwise permitted under this Agreement, if Independent Counsel determines that there is a conflict in the Proceeding between the positions of the Trustee and the positions of the Fund or the other parties to the Proceeding that are indemnified by the Fund. If the Fund shall not have elected to assume the defense of any such Proceeding for the Trustee within thirty days after receiving written notice thereof from the Trustee, the Fund shall be deemed to have waived any right it might otherwise have to assume such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>T&O Insurance</u>. For a period of six years after the Trustee has ceased to provide services to the Fund, the Fund shall purchase and maintain in effect one or more policies of insurance on behalf of the Trustee which collectively provide limits of coverage for claims made against the Trustee in the event of the insolvency of the Fund which are consistent with the limits of coverage available for that Trustee in such circumstances when he or she ended service as a Trustee, unless (1) such insurance is not reasonably available, or (2) the limits of coverage which the Trustee had upon the termination of his service as a Trustee of the Fund is in excess of that provided to any of the current Trustees of the Fund and the current Board provides the coverage to the Trustee at least equal to the highest limit available to those current Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Subrogation</u>. In the event of any payment by the Fund pursuant to this Agreement, the Fund shall be subrogated to the extent of such payment to all of the rights of recovery of the Trustee, who shall, upon reasonable written request by the Fund and at the Fund's expense, execute all such documents and take all such reasonable actions as are necessary to enable the Fund to enforce such rights. Nothing in this Agreement shall be deemed to diminish or otherwise restrict the right of the Fund or the Trustee to proceed or collect against any insurers and to give such insurers any rights against the Fund under or with respect to this Agreement, including without limitation any right to be subrogated to the Trustee's rights hereunder, unless otherwise expressly agreed to by the Fund in writing, and the obligation of such insurers to the Fund and the Trustee shall not be deemed to be reduced or impaired in any respect by virtue of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Notice of Proceedings</u>. The Trustee shall promptly notify the Fund in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document commencing any Proceeding which may be subject to indemnification or advancement of expense pursuant to this Agreement, but no delay in providing such notice shall in any way limit or affect the Trustee's rights or the Fund's obligations under this Agreement, except to the extent that the rights of the Fund are materially adversely affected by such delay.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Notices</u>. All notices, requests, demands and other communications to a party pursuant to this Agreement shall be in writing, addressed to such party (and/or designated representative) at the address(es) specified on the signature page of this Agreement (or such other address as may have been furnished by such party by notice in accordance with this paragraph), and shall be deemed to have been duly given when delivered personally (with a written receipt signed by the addressee or his/her representative) or two days after being sent (1) by certified or registered mail, postage prepaid, return receipt requested, or (2) by nationally recognized overnight courier service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Severability</u>. If any provision of this Agreement shall be held to be invalid, illegal, or unenforceable, in whole or in part, for any reason whatsoever, (1) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any provision that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby, and (2) to the fullest extent possible, the remaining provisions of this Agreement shall be construed so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Modification and Waiver</u>. This Agreement supersedes any existing or prior agreement between the Fund and the Trustee pertaining to the subject matter of indemnification, advancement of Expenses and insurance and any such prior written or oral agreement shall be of no further force or effect. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both parties or their respective successors or legal representatives. Any waiver by either party of any breach by the other party of any provision contained in this Agreement to be performed by the other party must be in writing and signed by the waiving party or such party's successor or legal representative, and no such waiver shall be deemed a waiver of similar or other provisions at the same or any prior or subsequent time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Headings</u>. The headings of the Sections of this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be an original, and all of which when taken together shall constitute one document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Applicable Law</u>. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware without reference to principles of conflict of laws of the State of Delaware.

***(The remainder of this page has been left intentionally blank. The signature pages follow.)***

 ****

IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date set forth below.

Dated: September 18, 2025

---

| | |
|:---|:---|
| **USVC Venture Capital Access Fund** | **USVC Venture Capital Access Fund** |
| a Delaware Statutory Trust | a Delaware Statutory Trust |
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | Trustee, President and Chief Executive Officer |
| Address for notices: | Address for notices: |
| 140 Lakeside Avenue, Suite 100 | 140 Lakeside Avenue, Suite 100 |
| Seattle, WA 98122 | Seattle, WA 98122 |

---

***(The remainder of this page has been left intentionally blank.)***

---

| |
|:---|
| TRUSTEE: |
| Address for notices: |
| 140 Lakeside Avenue, Suite 100 |
| Seattle, WA 98122 |

---

## Ex-99.(K)(5)

**Exhibit 99.(k)(5)**

**EXPENSE REIMBURSEMENT AGREEMENT**

This Expense Reimbursement Agreement (the "**Agreement**") is made this 18th day of September, 2025, by and between USVC Venture Capital Access Fund, a Delaware statutory trust (the "**Fund**"), and Strawberry Tree Management Company LLC, a Delaware limited liability company (the "**Adviser**").

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

WHEREAS, the Fund has retained the Adviser to furnish investment advisory services to the Fund on the terms and conditions set forth in the investment advisory agreement, dated September 18, 2025, entered between the Fund and the Adviser, as may be amended or restated (the "**Investment Advisory Agreement**"); and

WHEREAS, the Fund and the Adviser have determined that it may be appropriate and in the best interests of the Fund for the Adviser to pay certain expenses of the Fund.

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the parties hereby agree as follows:

**1. <u>Expense Reimbursement</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall incur the Fund's organizational costs and the initial offering costs associated
with the Fund's continuous offering of shares including, but not limited to, legal expenses, printing costs, and expenses relating
to the initial seed audit. The Fund shall reimburse the Adviser for any such payments within two years of the Adviser incurring such expenses
subject to the limitation that a reimbursement (an "Adviser Recoupment") will be made only if and to the extent that the Fund's
net assets exceed $20,000,000.

**2. <u>Termination and Survival</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the date first written
above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement shall continue in effect through at least one year from the effective date of the Fund's
registration statement on Form N-2 (file no. 333-255702), and prior to such date, the Adviser may not terminate the Agreement without
the approval of the Fund's Board of Trustees. Thereafter, this Agreement may be terminated, without the payment of any penalty,
by the Fund or the Adviser at any time, with or without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall automatically terminate in the event of (i) the termination by the Fund of the
Investment Advisory Agreement; (ii) the Board of Trustees of the Fund makes a determination to dissolve or liquidate the Fund; or
(iii) upon a quotation or listing of the Fund's securities on a national securities exchange (including through an initial
public offering) or a sale of all or substantially all of the Fund's assets to, or a merger or other liquidity transaction with,
an entity in which the Fund's shareholders receive shares of a publicly-traded company which continues to be managed by the Adviser
or an affiliate thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Sections 2 and 3 of this Agreement shall survive any termination of this Agreement. Notwithstanding anything
to the contrary, Section 1 of this Agreement shall survive any termination of this Agreement with respect to any expenses that have
not been reimbursed by the Fund to the Adviser.

**3. <u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The captions of this Agreement are included for convenience only and in no way define or limit any of
the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings
and arrangements with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the place where this Agreement may be executed by any of the parties hereto, this Agreement
shall be construed in accordance with the laws of the State of Delaware. For so long as the Fund is a registered investment company under
the 1940 Act, this Agreement shall also be construed in accordance with the applicable provisions of the 1940 Act. In such case, to the
extent the applicable laws of the State of Delaware or any of the provisions herein conflict with the provisions of the 1940 Act, the
latter shall control. Further, nothing in this Agreement shall be deemed to require the Fund to take any action contrary to the Fund's
Declaration of Trust or By-Laws, as may be amended or restated, or to relieve or deprive the Board of Trustees of the Fund of its
responsibility for and control of the conduct of the affairs of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 and, to this extent, the provisions of this Agreement shall be
deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund shall not assign this Agreement or any right, interest or benefit under this Agreement without
the prior written consent of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement may be amended only in writing by mutual consent of the parties. This Agreement may be
executed by the parties on any number of counterparts, delivery of which may occur by facsimile or as an attachment to an electronic communication,
each of which shall be deemed an original, and all of said counterparts taken together shall be deemed to constitute one and the same
instrument.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized representatives as of the date first written above.

---

| | |
|:---|:---|
| **USVC Venture Capital Access Fund** | **USVC Venture Capital Access Fund** |
| By: | /s/ Erik Syvertsen |
| Name: | Erik Syvertsen |
| Title: | Trustee, President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| **Strawberry Tree Management Company LLC** | **Strawberry Tree Management Company LLC** |
| By: | /s/ Huoy-Ming Yeh |
| Name: | Huoy-Ming Yeh |
| Title: | Chief Executive Officer |

---

*[Signature Page to Expense Reimbursement Agreement]*

## Ex-99.(L)

**Exhibit 99.(l)**

---

| | |
|:---|:---|
| ![](tm2519868d7_ex99-xlimg001.jpg) | 1900 K Street, NW<br> Washington, DC 20006-1110 <br> +1 202 261 3300 Main <br> +1 202 261 3333 Fax <br> www.dechert.com |

---

September 29, 2025

USVC Venture Capital Access Fund

60 East 42nd Street

26th Floor

New York, NY 10165

Re: <u>Registration Statement on Form N-2</u>

Ladies and Gentlemen:

We have acted as counsel to USVC Venture Capital Access Fund, a Delaware statutory trust (the "<u>Fund</u>"), in connection with the preparation and filing of the Pre-Effective Amendment No. 9 to the Fund's registration statement on Form N-2 as filed with the Securities and Exchange Commission (the "<u>Commission</u>") on or around the date hereof under the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), and Amendment No. 9 under the Investment Company Act of 1940, as amended (the "<u>Registration Statement</u>"), relating to the proposed issuance of the Fund's common shares of beneficial interest ("<u>Shares</u>").

In rendering the opinion expressed below, we have examined and relied on originals or copies, certified or otherwise identified to our satisfaction, of such documents, corporate records and other instruments and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Fund and others, and such other documents as we have deemed necessary or appropriate as a basis for rendering this opinion, including the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration
 Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Certificate
 of Trust of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Amended
 and Restated Agreement and Declaration of Trust of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the By-Laws
 of the Fund; and

(v) a certificate
 of good standing with respect to the Secretary of State of the State of Delaware as of a recent date; and

---

| | |
|:---|:---|
| ![](tm2519868d7_ex99-xlimg001.jpg) | September 29, 2025<br> Page 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) resolutions
 of the board of trustees of the Fund relating to, among other things, the authorization and issuance of the Shares.

As to the facts upon which this opinion is based, we have relied, to the extent we deem proper, upon certificates of public officials and certificates and written statements of officers, directors, employees and representatives of the Fund.

In our examination, we have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as original documents and the conformity to original documents of all documents submitted to us as copies. In addition, we have assumed (i) the legal capacity of natural persons and (ii) the legal power and authority of all persons signing on behalf of the parties to all documents (other than the Fund).

On the basis of the foregoing and subject to the assumptions and qualifications set forth in this letter, we are of the opinion that when the Shares are issued and sold in the manner described in the Registration Statement, the Shares will be validly issued, fully paid and nonassessable.

The opinion expressed herein is limited to the Delaware Statutory Trust Act and judicial interpretations thereof.

We assume no obligation to advise you of any changes in the foregoing subsequent to the date of this opinion.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to this firm under the caption "Independent Registered Public Accounting Firm and Legal Counsel" in the Statement of Additional Information forming a part of the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.

---

| |
|:---|
| Very truly yours, |
| /s/ Dechert LLP |
| Dechert LLP |

---

## Ex-99.(N)

**Exhibt 99.(n)**

**Consent of Independent Registered Public Accounting Firm**

We consent to the inclusion in this Registration Statement (No. 333-255702) on Form N-2 of USVC Venture Capital Access Fund of our report dated September 29, 2025, relating to our audit of the financial statements, which is included in the Registration Statement.

We also consent to the references to our firm under the captions "Independent Registered Public Accounting Firm and Legal Counsel", "Independent Registered Public Accounting Firm", and "Financial Statements" in such Registration Statement.

/s/ RSM US LLP

Denver, Colorado

September 29, 2025

## Ex-99.(P)

**Exhibit 99.(p)**

**SVX LLC**

**<u>SUBSCRIPTION AGREEMENT</u>**

This Subscription Agreement is entered into this 31<sup>st</sup> day of July, 2025 by and between SVX LLC, a Delaware limited liability company (the "<u>Fund</u>"), and Strawberry Tree Management Company LLC (the "<u>Subscriber</u>");

WITNESSETH:

WHEREAS, the Fund has been formed for the purposes of carrying on business as a closed-end management investment company; and

WHEREAS, the Subscriber wishes to subscribe for and purchase, and the Fund wishes to sell to the Subscriber, **<u>5,000</u>** units of beneficial interest (the "<u>Shares</u>") for a purchase price of **<u>$20.00</u>** per Share; and

WHEREAS, from time to time, the Subscriber may subscribe for and purchase, and the Fund may sell to the Subscriber, additional Shares in the future;

NOW THEREFORE, IT IS AGREED:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Subscriber subscribes for and agrees to purchase from the Fund  **<u>5,000</u>** Shares for a
purchase price of  **<u>$20.00</u>** per Share. Subscriber agrees to make payment for these Shares at such time as demand for payment
may be made by an officer of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund agrees to issue and sell said Shares to Subscriber promptly upon its receipt of the purchase
price.

&nbsp;&nbsp;&nbsp;&nbsp;3. To induce the Fund to accept its subscription and issue the Shares subscribed for, the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Represents and warrants that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has no present intention of selling or redeeming, (1) the Shares subscribed for under this Subscription Agreement or (2) any
additional Shares subscribed for in the future, to any party other than the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) it is (i) an "accredited investor" as defined in Rule 501(a) of Regulation D of the Securities Act of 1933,
as amended (the " <u>Securities Act</u> ") and (ii) not subject to and is not aware of any facts that would cause itself
to be subject to any of the "Bad Actor" disqualifications as described in Rule 506(d)(1)(i) to (viii) under
the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;4. This Subscription Agreement and all of its provisions shall be binding upon the legal representatives,
heirs, successors and assigns of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;5. This Agreement is executed on behalf of the Fund by the Fund's officers as officers and not individually
and the obligations imposed upon the Fund by this Subscription Agreement are not binding upon any of the Fund's Managers, officers
or shareholders individually but are binding only upon the assets and property of the Fund.

IN WITNESS WHEREOF, this Subscription Agreement has been executed by the parties hereto as of the day and date first above written.

---

| | |
|:---|:---|
| **SVX LLC** | **SVX LLC** |
| By: | /s/ Huoy-Ming Yeh |
| Name: Huoy-Ming Yeh | Name: Huoy-Ming Yeh |
| Title: Manager | Title: Manager |
| **Strawberry Tree Management Company LLC** | **Strawberry Tree Management Company LLC** |
| By: | /s/ Huoy-Ming Yeh |
| Name: Huoy-Ming Yeh | Name: Huoy-Ming Yeh |
| Title: Chief Executive Officer | Title: Chief Executive Officer |

---

## Ex-99.(R)(1)

**Exhibit 99.(r)(1)**

**USVC Venture Capital Access Fund**

**(the "Fund")**

**Code of Ethics**

I. *Purpose of the Code of Ethics* 

This Code of Ethics (the "Code") is based on the principle that, you as an "Access Person" (as defined below) of the Fund, will conduct your personal investment activities in accordance with

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the duty at all times to place the interests
of the Fund's shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the requirement that all personal securities
transactions be conducted consistent with this Code and in such a manner as to avoid any actual or potential conflict of interest or any
abuse of an individual's position of Fund and responsibility; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the fundamental standard that the Fund personnel
should not take inappropriate advantage of their positions.

In view of the foregoing, the Fund has adopted this Code to specify a code of conduct for certain types of personal securities transactions which may involve conflicts of interest or an appearance of impropriety and to establish reporting requirements and enforcement procedures.

II. *Legal Requirement* 

Pursuant to Rule 17j-1(b) of the Act, it is unlawful for any Access Person to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· employ any device, scheme or artifice to defraud
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make any untrue statement of a material fact
to the Fund or omit to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances
under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice, or course of business
that operates or would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect
to the Fund.

III. *Definitions -* All definitions shall have the same meaning as explained in Section 2(a) of
the Act and Rule 17j-1 thereunder and are summarized below.

**Access Person** – means (1) any Trustee, officer, general partner, registered person, or employee, of the Fund or the Fund's investment adviser (or of any company in a control relationship to the Fund or the Fund's investment adviser), and (2) any director, officer or general partner of a principal underwriter 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.

For purposes of this Code, an "Access Person" does not include any person who is subject to the securities transaction pre-clearance requirements and securities transaction reporting requirements of the Code of Ethics adopted by the Fund's investment adviser or principal underwriter in compliance with Rule 17j-1 under the Act and Rule 204A-2 of the Investment Advisers Act of 1940 and Section 15(f) of the Securities Exchange Act of 1934, as applicable.

**Automatic Investment Plan** – means a program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

**Beneficial ownership** – shall have the same meaning as that set forth in Rule 16a-1(a)(2) of the Securities Exchange Act of 1934.

**Control** – shall have the same meaning as that set forth in Section 2(a)(9) of the Act.

**Covered Security** – means a security as defined in Section 2(a)(36) of the Act except that it does not include an Exempt Security (as defined herein).

**Exempt Security** – means (1) direct obligations of the Government of the United States, which include securities issued by the United States Government, short-term debt securities which are "government securities" within the meaning of Section 2(a)(16) of the Act; (2) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (3) shares of registered open-end investment companies (excluding open-end exchange traded funds).

**Exchange-Traded Fund -** means a registered open-end management company (1) that issues (and redeems) creation units to (and from) authorized participants in exchange for a basket and a cash balancing amount if any; and (2) whose shares are listed on a national securities exchange and traded at market-determined prices.

**Exempt Transactions** shall mean

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. purchases or sales effected in any account over which the Access Person
has no direct or indirect influence or control ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. purchases or sales of securities issued by any company included in the Standard &
Poor's 500 Stock Index in an amount less than $10,000 ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. purchases which are part of an automatic dividend reinvestment plan ;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. purchases effected upon the exercise of rights issued by an issuer pro rata to all holders of a class
of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

**Fund** – USVC Venture Capital Access Fund

**Investment Company** – a company registered as such under the Act.

**Investment Personnel** – (1) employees of the Fund, the Investment Adviser and/or the Underwriter who participate in making investment recommendations to the Company; and (2) person in a control relationship with the Company or adviser who obtain information about investment recommendations made to the Company.

**Security being considered for purchase or sale** – when a recommendation to purchase or sell a security has been made or communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

**Security held or to be acquired** – means (1) any Covered Security which, within the most recent 15 days (a) is or has been held by the Fund, or (b) is being or has been considered by the Fund or its investment advisor for purchase by the Fund; and (2) any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security that is held or to be acquired by the Fund.

**Trustee** – means USVC Venture Capital Access Fund's Board of Trustees (the "Board" or the "Trustees").

**Underwriter** – as may be appointed by the Board from time to time.

IV. *Policies of the Fund Regarding Personal Securities Transactions* 

<u>General</u>

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.

<u>Specific Policies</u>

No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he/she knows or should have known at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is being considered for purchase or sale by the
Fund, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is being purchased or sold by the Fund.

<u>Pre-approval of Investments in IPOs and Limited Offerings</u>

Investment Personnel must obtain approval from the Fund or the Fund's investment adviser before directly or indirectly acquiring beneficial ownership in any securities in an initial public offering or in a private placement or other limited offering.

V. *Reporting Procedures* 

The Chief Compliance Officer of the Fund shall notify each person (annually in January of each year) considered to be an Access Person of the Fund that he/she is subject to the reporting requirements detailed in Sections (a), (b) and (c) below and shall deliver a copy of this Code to such Access Person.

In order to provide the Fund with information to enable it to determine with reasonable assurance whether the provisions of this Code are being observed, each Access Person of the Fund must report to the Fund the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Initial Holdings Reports</u>. Each Access Person must report on Exhibit A, attached hereto, no
later than 10 days after becoming an Access Person, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title, number of shares and principal amount
of each Covered Security in which the Access Person had any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of any broker, dealer or bank with whom
the Access Person maintained an account in which any securities were held for the direct or indirect benefit of the Access Person as of
the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date that the report is submitted by the
Access Person.

This information must be current as of a date no more than 45 days prior to the date the person becomes an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Quarterly Transaction Reports</u>. Each Access Person must report on Exhibit B, attached hereto,
no later than 30 days after the end of a calendar quarter, the following information with respect to any transaction during the quarter
in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date of the transaction, the title, the interest
rate and maturity date (if applicable), the number of shares, and the principal amount of each Covered Security involved;

&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 that the report is submitted by the
Access Person.

Furthermore, an Access Person need not make a quarterly transaction report under section V.b. of this Code of Ethics with respect to transactions effected pursuant to an Automatic Investment Plan.

With respect to any account established by the Access Person in which **any securities** were held during the quarter for the direct or indirect benefit of the Access Person, each Access Person must report on Exhibit B, attached hereto, no later than 30 days after the end of a calendar quarter 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 established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date that the report is submitted by the
Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Annual Holdings Reports</u>. Each Access Person must report
on Exhibit C, attached hereto, annually, the following information (which information must be current as of a date no more than
45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title, number of shares and principal amount
of each Covered Security in which the Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name of any broker, dealer or bank with whom
the Access Person maintains an account in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date that the report is submitted by the
Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Exceptions from Reporting Requirements</u>. Any Trustee who is not an
Interested Trustee of the Fund and who would be required to make a report solely by reason of being a Trustee, need not make:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an initial holdings report under section V.a.
of this Code of Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an annual holdings report under section V.c.
of this Code of Ethics; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a quarterly transaction report under section
V.b. of this Code of Ethics, unless the Trustee knew, or, in the ordinary course of fulfilling his or her official duties as a Trustee,
should have known that during the 15-day period immediately before or after the Trustee's transaction in a Covered Security, the
Fund purchased or sold the Covered Security, or the Fund or its investment adviser considered purchasing or selling the Covered Security.

VI. *Review of Reports* 

The Chief Compliance Officer of the Fund, 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, comparing the reports with this Code, and reporting to the Board:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any transaction that appears to evidence a possible
violation of this Code, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· apparent violations of the reporting requirements
stated herein.

The Trustees shall review the reports made to them hereunder and shall determine whether the policies established in Sections IV and V of 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 termination of the violator's license with the Underwriter, or the unwinding of the transaction and the disgorgement of any profits.

The Board of Trustees shall review the operation of this Code at least annually. All material violations of this Code and any sanctions imposed with respect thereto shall periodically be reported to the Board with respect to the securities being considered for purchase or sale by, or held or to be acquired by, the Fund.

VII. *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 hereto as Exhibit D.

Before the Board may approve the Fund's Code of Ethics, the Fund must certify to the Board that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating their Code of Ethics. Such certification shall be submitted to the Trustees at least annually.

Adopted: September 18, 2025

EXHIBIT A

INITIAL HOLDINGS REPORT

To: The Chief Compliance Officer of the USVC Venture Capital Access Fund (the "Fund")

At the time I became an Access Person, I had a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of Ethics of the Fund:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Security</u> | &nbsp;&nbsp;<u>Number of Shares</u> | &nbsp;&nbsp;<u>Principal Amount</u> |

---

The name of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above. I understand that this information must be reported no later than ten (10) days after I became an Access Person.

---

| | |
|:---|:---|
| Date | Print Name |
|  | Signature |

---

EXHIBIT B

QUARTERLY TRANSACTION REPORT

For the Calendar Quarter Ended ____________________

To: The Chief Compliance Officer of the USVC Venture Capital Access Fund (the "Fund")

A. <u>Securities Transactions</u>. During the quarter referred to above, the following transactions were effected in securities of which
I had, or by reason of such transactions acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant
to the Code of Ethics of the Fund. I understand that this information must be reported no later than <u> </u>.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Title of<br> <u>Security</u> | &nbsp;&nbsp;Date of <br> <u>Transaction</u> | &nbsp;&nbsp;Number of<br> Shares or<br> Principal<br> <u>Amount</u> | &nbsp;&nbsp;Dollar <br> Amount of<br> <u>Transaction</u> | &nbsp;&nbsp;Interest Rate<br> and Maturity<br> Date (if<br> <u>applicable)</u> | &nbsp;&nbsp;Nature of <br> Transaction<br> (Purchase, <u><br> Sale, Other)</u> | &nbsp;&nbsp;<u>Price</u> | &nbsp;&nbsp;Broker/Dealer <br> or Bank<br> Through<br> Whom<br> <u>Effected</u> |

---

\* Transactions that are asterisked indicate transactions in a security where I knew at the time of the transaction or, in the ordinary course of fulfilling my official duties as a Trustee or officer, should have known that during the 15-day period immediately preceding or after the date of the transaction, such security was purchased or sold, or such security was being considered for purchase or sale by the Fund.

B. <u>New Brokerage Accounts</u>. During the quarter referred to above, I established the following accounts in which securities
were held during the quarter for my direct or indirect benefit:

<u>Name of Broker, Dealer or Bank</u> <u><u>Date Account Was Established:</u></u>

C. <u>Other Matters</u>. This report (i) excludes transactions with respect to which I had no direct or indirect influence or control,
(ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or
indirect beneficial ownership in the securities listed above.

Date:   Signature:   <br> <br> Print Name:  

EXHIBIT C

ANNUAL HOLDINGS REPORT

For the following period: <u>January 1, 20[ ] – December 31, 20[ ]</u>

To: The Chief Compliance Officer of the USVC Venture Capital Access Fund (the "Fund")

As of the period referred to above, I have a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of Ethics of the Fund:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>Security</u> | &nbsp;&nbsp;<u>Number of Shares</u> | &nbsp;&nbsp;<u>Principal Amount</u> |

---

The name of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

---

| | |
|:---|:---|
| Date | Print Name |
|  | Signature |

---

EXHIBIT D

ANNUAL CERTIFICATE

Pursuant to the requirements of the Code of Ethics of the USVC Venture Capital Access Fund, the undersigned hereby certifies as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have read the Fund's Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I understand the Code of Ethics and acknowledge that I am subject to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Since the date of the last Annual Certificate (if any) given pursuant to the Code of Ethics, I have reported all personal securities
transactions and provided any securities holding reports required to be reported under the requirements of the Code of Ethics.

---

| | |
|:---|:---|
| Date | Print Name |
|  | Signature |

---

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

**Exhibit 99.(r)(2)**

**CODE OF ETHICS**

Strawberry Tree Management Company LLC ("Strawberry Tree")

April 2, 2024

This Code of Ethics ("Code") is the sole property of Strawberry Tree Management Company LLC ("Strawberry Tree") and must be returned should a person's association with the firm end. The contents of this document are strictly confidential, and it may not be duplicated, copied, or reproduced in whole or in part, or made available in any form to any outside parties without prior written approval of the Chief Compliance Officer.

**CONTENTS**

---

| | |
|:---|:---|
| **CHAPTER 1: INTRODUCTION AND DEFINED TERMS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Background and Purpose | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Questions and Accountability | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Defined Terms | 1 |
| **CHAPTER 2: GENERAL CONCEPTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Statement of General Principles | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Initial and Annual Acknowledgements | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Reporting Violations of the Code | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Failure to Comply | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Supervision of the CCO | 5 |
| **CHAPTER 3: INSIDER TRADING** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Material Non-Public Information | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Policy and Prohibitions | 6 |
| **CHAPTER 4: PERSONAL TRADING** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pre-Clearance Requirements and Procedures | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Other Trading Restrictions | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Reporting | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Restricted List | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Remedial Actions | 12 |
| **CHAPTER 5: OUTSIDE BUSINESS ACTIVITIES** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Policy Overview | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Requirements | 13 |
| **CHAPTER 6: GIFTS AND ENTERTAINMENT** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Policy Overview | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Requirements | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Implications of Foreign Corrupt Practices Act | 16 |
| **CHAPTER 7: POLITICAL CONTRIBUTIONS POLICY** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Policy Overview | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Requirements | 19 |

---

**<u>CHAPTER 1: INTRODUCTION AND DEFINED TERMS</u>**

**A. BACKGROUND AND PURPOSE**

This Code is applicable to each of Strawberry Tree's Employees and is intended to govern the activities and conduct of Employees when acting on behalf of Strawberry Tree, as well as certain personal activities and conduct. As an investment adviser, Strawberry Tree owes its Funds the highest duty of loyalty and relies on each Employee to avoid conduct that is or may be inconsistent with that duty. The Code does not attempt to serve as a comprehensive guide regarding the behavior and actions of Employees, but rather is intended to establish general rules of conduct and procedures applicable to all Employees.

**B. QUESTIONS AND ACCOUNTABILITY**

Any questions regarding this Code, or other compliance issues, must be directed to the CCO (see Defined Terms). The CCO is responsible for administering and implementing this Code. All Employees are required to be thoroughly familiar with Strawberry Tree's standards and procedures as described herein.

**C. DEFINED TERMS**

To make it easier to review and understand the standards and procedures of this Code, commonly used terms are defined below. Other capitalized terms used herein may be defined elsewhere in the Code or have the meaning given such term under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Access Person,"** as defined in the Advisers Act means any Supervised Person of Strawberry Tree who: (i) has
access to non-public information regarding Funds' investments, including the purchase or sale of Securities; (ii) has access
to non-public information regarding the portfolio holdings of any Fund; (iii) is involved in making investment and Securities recommendations
to the Funds; (iv) has access to such recommendations that are non-public; or (v) is a director, officer or partner of Strawberry
Tree. Strawberry Tree has deemed all Employees to be Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Advisers Act"** means the Investment Advisers Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"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 or "DRIP."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Beneficial Ownership"** in Securities means a direct or indirect pecuniary interest in the Securities held or shared
directly or indirectly through any contract, arrangement, understanding, relationship or otherwise. An Employee is presumed to be a Beneficial
Owner of Securities that are held by his or her immediate family members sharing the Employee's household or to whom the Employee
provides material financial support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Chief Compliance Officer"** or **"CCO"** means Annie Kong or such other person as may be appointed
from time to time. In certain circumstances, it may be appropriate for the CCO party to assign his or her duties to one or more qualified
persons or third-party providers (aka, a capable "designee"). Therefore, any assignment of duties or responsibilities specified
in the Code should be considered to apply to the CCO and her designee. For example, the statement, *"the CCO will review all holdings reports"* should be taken to mean that the "*CCO or her designee"* will review such reports.

INTRODUCTION AND DEFINED TERMS PAGE 1 <br> CODE OF ETHICS APRIL 2, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Client"** means any entity to which Strawberry Tree provides investment advisory or management services, including
each private investment Fund, collectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Compliance Monitoring System" or "CMS"** means any electronic software, tool, or app used by Strawberry
Tree at any given time to maintain and monitor compliance with certain Firm policies. The CCO determines the appropriate use case for
the system which may include, but is not limited to the facilitation of attestations, acknowledgements, disclosures, reporting, and pre-approval
activities as well as any correlated compliance procedures. In limited circumstances when the system is not reasonably available (or as
otherwise determined appropriate by the CCO), use of email or hard copy forms are permissible alternatives, so long as what's submitted
contains all required information. Strawberry Tree uses gVue as their CMS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Covered Accounts"** means a personal investment or trading account of an Employee and certain other related accounts.
Specifically, Covered Accounts includes: (i) trusts for which an Employee acts as trustee, executor, Fund custodian or discretionary
manager; (ii) accounts for the benefit of the Employee's spouse or minor child; (iii) accounts for the benefit of a relative
living with the Employee; and (iv) accounts for the benefit of any person to whom the Employee provides material financial support.
A Covered Account may also include an investment or trading account over which an Employee exercises control or provides investment advice
or a proprietary investment or trading account maintained for Strawberry Tree or its Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**Covered Associates**" of an adviser include (i) any general partner, managing member, or executive officer,
or other individual with similar status or function; (ii) any employee who solicits a government entity for the adviser and any person
who supervises, directly or indirectly, such employee; and (iii) any political action committee controlled by the adviser or by any
such persons described in (i) and (ii). For avoidance of doubt, Strawberry Tree has deemed all Employees as Covered Associates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Crypto-Related Assets"** means any "blockchain assets" (i.e., any asset housed on, making use of, or
connected to a blockchain through cryptographic ownership, including cryptocurrency coins and "utility" tokens).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**Employee**" traditionally means a person employed for wages or salary by Strawberry Tree. For the purposes of this
Code and for ease of reference, Employee means Covered Associates as well as any Supervised Person and any Access Person, who may or may
not be employed by Strawberry Tree, but who otherwise meets such definitions or the criteria<sup>1</sup> for monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Exchange Act"** means the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Exempt Account"** means either: (i) a non-discretionary account, where the Employee has no discretionary power,
influence, or control with respect to the trading activity within the account; or (ii) an account that is restricted by the terms
of the account relationship to holding only cash and Non-Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Firm"** means Strawberry Tree Management Company LLC ("Strawberry Tree") and each other affiliate entity
under common control, which is engaged in the business of providing investment advisory or management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Fund"** means any pooled investment vehicle (e.g., a private fund vehicle) to which Strawberry Tree provides investment
advisory or management services.

<sup>1</sup> Occasionally, certain consultants, independent contractors, or others providing services to Strawberry Tree will fit the definition of a Supervised or Access Person. Upon engagement and as needed thereafter, the CCO will determine which, if any, non-employees should be captured in the definitions and will decide whether the individual should be subject to all or part of the Code along with a rationale for the determination*.*

INTRODUCTION AND DEFINED TERMS PAGE 2 <br> CODE OF ETHICS APRIL 2, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Initial Public Offering"** or **"IPO"** means an offering of Securities registered under the Securities
Act, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of
the Exchange Act (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Non-Reportable Securities"** see Securities, defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Private Placement" or "Limited Offering"** means an offering of Securities that is exempt from registration
under the Securities Act, pursuant to Section 4(a)(2) or Section 4(a)(5) or pursuant to Rules 504 or 506 of Regulation
D. This includes investments in private funds (i.e., hedge, private equity, venture capital, and real estate funds).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Reportable Securities"** see Securities, defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"SEC"** means the United States Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Security"** or **"Securities"** means any, or a combination of any, note, stock, treasury stock,
security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit-sharing agreement,
collateral-trust certificate, preorganization certificate or subscription, transferable share, investment contract, voting-trust certificate,
certificate of deposit for a security, fractional undivided interest in oil, gas or other mineral rights, any put, call, straddle, option
or privilege on any security (including a certificate of deposit) or on any group or index of securities (including any interest therein
or based on the value thereof) or any put, call, straddle, option or privilege entered into on a national securities exchange relating
to foreign currency or, in general, any interest or instrument commonly known as a "security" or any certificate of interest
or participation in, temporary or interim certificate for, receipt for, guaranty of or warrant or right to subscribe to or purchase any
of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Reportable Securities"** Includes all "Securities" except those that are deemed to be "Non-Reportable
Securities", as defined below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Non-Reportable Securities"** includes: (i) direct obligations of the United States federal government; (ii) bankers'
acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements;
(iii) shares issued by money market funds; (iv) shares issued by open-end registered investment companies (e.g., open-end mutual
funds), other than Funds advised or underwritten by Strawberry Tree or an affiliate; or, (v) shares issued by unit investment trusts
that are invested exclusively in one or more open-end registered investment companies, none of which are advised or underwritten by Strawberry
Tree or an affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Securities Act"** means the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Supervised Person"** means any partner, officer, director (or other person occupying a similar status or performing
similar functions) or employee of Strawberry Tree or other person who provides investment advice on behalf of Strawberry Tree and is subject
to the supervision and control of Strawberry Tree. For avoidance of doubt, all employees of Strawberry Tree are Supervised Persons.

INTRODUCTION AND DEFINED TERMS PAGE 3 <br> CODE OF ETHICS APRIL 2, 2024

**<u>CHAPTER 2: GENERAL CONCEPTS</u>**

**A. STATEMENT OF GENERAL PRINCIPLES**

Pursuant to Section 206 of the Advisers Act, Strawberry Tree owes a fiduciary duty to any entity to which Strawberry Tree provides investment advisory or management services, including its Funds. The fiduciary duty owed to Funds should pervade all investment-related activities of all Employees, personal as well as professional. Put simply, fiduciary duty means the interests of Strawberry Tree's Funds come before Strawberry Tree's interests or any Employee's interests. Each Employee's professional activities and personal investment activities must be consistent with this Code and avoid any actual or potential conflict between the interests of Funds and those of Strawberry Tree or the Employee.

In consideration of the foregoing, Strawberry Tree requires that all Employees conduct the business affairs of Strawberry Tree in accordance with the highest principles of business ethics, and avoid any situation that might (i) present, or appear to present, any actual or potential conflict of interest with the interests of Funds; or (ii) compromise or appear to compromise, their ability to exercise fully their independent best judgment for the benefit of the Funds. This Code has been established in furtherance of these objectives.

Employees must comply fully with both the letter and spirit of this Code and the principles described herein. Moreover, Employees are broadly required to comply with all applicable securities laws, rules and regulations and must promptly report any suspected violations to the CCO. Employees should also promptly report to the CCO any situation or circumstance which may give rise to a conflict of interest. For more information on conflicts, please refer to the "Conflicts Policy" in Strawberry Tree's Compliance Manual.

**B. INITIAL AND ANNUAL ACKNOWLEDGEMENTS**

The Code is an integral part of Strawberry Tree's compliance program. The Code may be revised and supplemented from time to time by the CCO.

It is the responsibility of each Employee to adhere to all applicable policies and procedures set forth herein. Upon hire, each Employee is required to certify that he or she has received a copy of the Code and that he or she has read, understands, and agrees to abide by the Code's provisions. Thereafter, each Employee will, no less than annually, reaffirm, among other things, that he or she continues to abide by the Code's provisions and that he or she has remitted all requisite reporting. Such certifications are to be completed via Strawberry Tree's Compliance Monitoring System.

**C. REPORTING VIOLATIONS OF THE CODE**

Employees must promptly report any violations of the Code to the CCO. Any violations reported to, or independently discovered by the CCO, will be reviewed, investigated, and addressed expeditiously. The CCO is empowered to take all such other and further actions necessary to substantiate such report (or discovery) and to determine an appropriate resolution.

---

| | |
|:---|:---|
| GENERAL CONCEPTS | PAGE 4 |
| CODE OF ETHICS | APRIL 2, 2024 |

---

All reported Code violations will be treated confidentially, consistent with the need to conduct an adequate investigation. Any retaliation for reporting a violation of the Code will constitute a further violation of the Code, as well as a possible violation of the anti-retaliation provisions of the SEC's Whistleblower Rule (Section 21F of the Exchange Act). For more information, please refer to the "Whistleblower Policy" in Strawberry Tree's Compliance Manual.

**D. FAILURE TO COMPLY**

Failure to comply with the Code may result in stringent penalties, in addition to disciplinary actions up to and including termination of employment. The CCO will determine what disciplinary and remedial action is warranted, taking into consideration the relevant facts and circumstances, including the severity of the violation, possible harm to the Funds and Fund investors and whether the Employee has previously violated this Code or otherwise engaged in any improper conduct. The CCO may consult with Firm management<sup>2</sup>, outside counsel, or consultants to make such determinations; however, the decision whether to impose disciplinary action or remedial measures and sanctions, and the nature of such disciplinary actions or remedial measures and sanctions, ultimately rests with the CCO.

For avoidance of doubt, Employees may not take actions indirectly that, if done directly, would be in violation of this Code, such as executing, directing, coordinating, or soliciting an activity through any family members, friends, or any other person that is prohibited or requires disclosure or pre-approval. Such actions will be deemed as failure to comply with the Code.

**E. SUPERVISION OF THE CCO**

The CCO is a contractor for Strawberry Tree and not a Supervised Person of Strawberry Tree and is not obligated to the Personal Trading provisions of the Code. The CCO is, however, required to follow all other requirements of the Code. Abe Othman, the Firm's Managing Member and Chief Investment Officer (the "Managing Member") is responsible for supervising the Outside Business, Gifts and Entertainment, and Political Contribution activities of the CCO. The Managing Member will ensure the CCO complies with any disclosures, pre-approvals or reporting (including the receipt and review of such items), and any other requirements mandated to Supervised Persons.

<sup>2</sup> "Management" generally means the executive leadership of Strawberry Tree.

---

| | |
|:---|:---|
| GENERAL CONCEPTS | PAGE 5 |
| CODE OF ETHICS | APRIL 2, 2024 |

---

**<u>CHAPTER 3: INSIDER TRADING</u>**

**A. MATERIAL NON-PUBLIC INFORMATION**

In the course of their duties, Employees may be required to deal with highly confidential or sensitive information. The misuse of such information, which is also known as material non-public information ("MNPI" as defined below), may violate federal and state securities laws as well as other regulatory and/or contractual requirements. Such misuse may also damage the reputation and financial position of Strawberry Tree and its Employees and therefore must be avoided.

For information to be considered as material non-public or "MNPI" it means the information meets each criterion below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Material"** information is generally defined as information that a reasonable investor would likely consider important
in making his or her investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's
securities. Information that should be considered material includes, but is not limited to: dividend changes, earnings estimates, changes
in previously released earnings estimates, merger or acquisition proposals or agreements, major litigation, liquidity problems, and extraordinary
management developments. Material information does not have to relate to a company's business; it can be significant market information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Non-Public**" information is non-public unless it has been effectively communicated to the marketplace (i.e., generally
disseminated to the public). For example, information found in a report filed with the SEC or appearing in Dow Jones, The Wall Street
Journal or another publication of general circulation is considered public.

**B. POLICY AND PROHIBITIONS**

Trading while in possession of MNPI is generally known as "insider trading." Insider trading is not explicitly defined in securities laws; however, it has been interpreted to mean trading on the basis of MNPI for profit or to avoid loss. Securities laws have been interpreted to prohibit trading while in possession of MNPI, whether received directly or indirectly or communicating MNPI to others in breach of duty. For example, case law concerning insider trading generally prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchase or sale of securities by an insider, on the basis of MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchase or sale of securities by a non-insider, on the basis of MNPI where the information was disclosed to the non-insider in violation
of an insider's duty to keep the information confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Communication of MNPI in violation of a confidentiality obligation, whether written or unwritten, where the information leads to a
purchase or sale of securities.

INSIDER TRADING PAGE 6 <br> CODE OF ETHICS APRIL 2, 2024

All Employees are forbidden from trading for Strawberry Tree, on behalf of the Funds, oneself or for others on the basis of MNPI. Furthermore, communicating MNPI to others is expressly forbidden, except (i) to the CCO; and (ii) in the ordinary course of Firm business, such as to select Employees, legal counsel, financing sources, accountants, consultants or advisors or others engaged in Strawberry Tree's business, but only as specifically required by the duties of Strawberry Tree or the work responsibilities of the Employee. This policy extends to activities both associated with and outside an Employee's relationship with Strawberry Tree.

Employees are required to notify the CCO immediately if they come into possession of MNPI. If uncertain about such possession or the composition of MNPI, Employees must consult with the CCO. Employees should also remember that certain information obtained by Strawberry Tree that does not constitute "inside" information still constitutes confidential information that must be protected by Employees in accordance with other Firm policies.

Violations of this policy may result in stringent penalties, in addition to disciplinary actions that may be taken by Strawberry Tree. Employees may face monetary penalties of up to three times the illicit profits gained, or losses avoided, as well as disgorgement of profits or losses avoided from such transactions, bars from the securities industry and/or incarceration. In addition, Strawberry Tree may face monetary penalties and reputational damage.

INSIDER TRADING PAGE 7 <br> CODE OF ETHICS APRIL 2, 2024

**<u>CHAPTER 4: PERSONAL TRADING</u>**

Rule 204A-1 under the Advisers Act requires Strawberry Tree's Code to impose certain restrictions on the personal securities trading of Employees and their Covered Accounts. Such restrictions include obtaining pre-approval for certain trades or private transactions and reporting certain trading activities and Securities holdings.

Personal trading activities must avoid any conflict or perceived conflict with the interests of Strawberry Tree, the Funds and Fund investors. Pursuant to the Rule, the following Personal Trading Policy is designed to prevent potential legal, business, or ethical conflicts and to minimize the risk of unlawful trading in any Covered Account and guard against the misuse of confidential information.

Additionally, during the business day, Employees are expected to devote their time to Strawberry Tree's advisory business. Excessive personal trading that would distract Employees from their daily work responsibilities is discouraged and monitored for.

**A. PRE-CLEARANCE REQUIREMENTS AND PROCEDURES**

**REQUIREMENTS**

Personal trading for any Covered Account must not be executed without first obtaining the necessary permission, as required. The direct or indirect purchase, sale, acquisition, or disposition of Beneficial Ownership in the following requires pre-approval from the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private Placements (i.e., hedge fund, venture capital fund, crypto fund, private equity fund, limited offerings, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private Companies, including investments into a private company through a special purpose vehicle, limited liability company, or similar

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Initial Public Offering/Initial Coin Offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuers/Securities/Crypto-Related Assets appearing on the Restricted List

The pre-approval requirement do not apply to: (i) purchases or sales in any Non-Reportable Securities or in any CCO confirmed Exempt Accounts; (ii) purchases that are part of any broker-assisted dividend reinvestment plan, (iii) direct investment program; (iv) purchases effected upon the exercise of rights issued by an issuer or company pro-rata to all holders of a class of Securities to the extent such rights were acquired from such issuer or company or the sale of such rights; and (v) purchases or sales of ETFs.

*Crypto-Related Assets*

The Firm has adopted these policies for investing in the following crypto-related assets:

&nbsp;&nbsp;&nbsp;&nbsp;· **Trading Virtual Currencies on a Digital Asset Exchange** – Employees do not need to pre-approve virtual currencies traded
on a digital asset exchange unless the crypto-related asset is on the Restricted List. In addition, virtual currencies are not subject
to quarterly transaction reporting and annual holdings reporting at this time.

&nbsp;&nbsp;&nbsp;&nbsp;· **Initial Coin Offerings ("ICO")** - The policy treats ICOs similar to an IPO. As such, Employees are required to obtain
the pre-approval from the CCO prior to participating in an ICO and such transactions are subject to quarterly and annual reporting.

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&nbsp;&nbsp;&nbsp;&nbsp;· **Simple Agreements for Future Tokens ("SAFTs") or similarly structured transactions** - The policy treats SAFTs or
similarly structured transactions as a private placement. As such, Employees are required to obtain the pre-approval from the CCO prior
to entering into a SAFT or similarly structured transaction and such transactions are subject to quarterly and annual reporting.

&nbsp;&nbsp;&nbsp;&nbsp;· **Investments into Companies or other Pooled Resources to Engage in Mining Activity or Similar** – The policy treats such
investments like a private placement offering. As such, Employees are required to obtain the pre-approval from the CCO prior to execution
and such transactions are subject to quarterly and annual reporting.

&nbsp;&nbsp;&nbsp;&nbsp;· **Investments into Pooled Investment Vehicles with Crypto-Related Investments** – The policy treats such investments like
a private placement offering. As such, Employees are required to obtain the pre-approval from the CCO prior to execution and such transactions
are subject to quarterly and annual reporting.

Access Persons should be aware that crypto-related assets may be included on the Restricted List and thus will be subject to the Firm's Restricted List policy. In addition, the regulatory environment for crypto-related assets can change at any time. Thus, Employees may be subject to additional reporting and pre-approval requirements in the future.

**PROCEDURES**

The Compliance Monitoring System is to be utilized for requests, approvals, or denials, and for related recordkeeping. When submitting requests, Employees may be required to certify that they do not possess MNPI or have any other reason preventing them from engaging in the requested transaction.

The CCO will promptly review and respond to Employees requested transactions and they will be assessed on a case-by-case basis. If pre-approval for a transaction that is executed on an exchange (e.g. public securities or cryptocurrency) is granted, the transaction must generally be executed within two (2) days of approval. If the transaction is not executed or is only partially executed within the approved timeframe, a new pre-approval request must be submitted to the CCO prior to executing or continuing the transaction.

The CCO may request additional information from an Employee when considering whether to approve a transaction. For instance, when determining whether to approve a Private Placement transaction, the CCO will consider, among other factors: (i) whether any Fund has any foreseeable interest in purchasing the security or whether the opportunity should otherwise be reserved for or first offered to Funds; (ii) whether the investment is being offered to the Employee by virtue of his or her position with Strawberry Tree; and (iii) whether notice to the Funds and Fund investors is necessary.

All pre-approval requests for personal Securities transactions and their respective approvals or denials, are to be kept confidential. Employees are prohibited from disclosing such information to other Employees.

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**B. OTHER TRADING RESTRICTIONS**

No Employee may engage in what is commonly known as "frontrunning" or "scalping," i.e., buying or selling securities in a Covered Account, prior to Funds, to benefit from any price movement that may be caused by Fund transactions or Strawberry Tree's recommendations regarding the Security. No Employee may buy or sell a Security when he or she knows Strawberry Tree is actively considering the Security for purchase or sale (as applicable) in Fund accounts. Employee transactions in options, derivatives or convertible instruments that are related to a transaction in an underlying security for a Fund are subject to the same restriction.

**C. REPORTING**

Each Employee must submit the following reports (via the Compliance Monitoring System) to the CCO for all Covered Accounts and Reportable Securities:

**INITIAL AND ANNUAL ACCOUNTS AND HOLDINGS REPORTS**

Upon hire and no less than annually thereafter, Employees are required to report to the CCO, all Covered Accounts, the Reportable Securities held in these accounts, and any investment positions held outside an account such as Private Placements.

No later than 10 days after employment commences, new Employees must report all Reportable Securities holdings in Covered Accounts. Initial holdings reports must be current as of a date not more than 45 days prior to the date the person becomes an Employee. Annually thereafter, existing Employees must provide Strawberry Tree with a complete list of Reportable Securities holdings, no later than 45 days after each calendar year end. The Compliance Monitoring System is to be utilized for initial and ongoing disclosures of Covered Accounts.

All Reportable Securities holdings reports must contain, at a minimum: (i) 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 in which the Employee has any direct or indirect Beneficial Ownership; (ii) the name of any broker, dealer or bank with which the Employee maintains an account in which any Securities are held for the Employee's direct or indirect benefit; and (iii) the date the Employee submits the report.

*Exempt Accounts*

Any account in which an Employee believes is an Exempt Account should be brought to the attention of the CCO who will, on a case-by-case basis, determine whether or not it qualifies as an Exempt Account. The CCO may ask for additional documentation when making the determination, such as a copy of the Automatic Investment Plan or the discretionary account management agreement, and/or a written certification from the unaffiliated investment adviser, The CCO is entitled to periodically request reports on holdings and/or transactions made in any Exempt Accounts.

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**QUARTERLY TRANSACTION REPORTS**

On a quarterly basis, Employees must also disclose Reportable Securities transactions in Covered Accounts. Quarterly transaction reports must contain at least the following details for each completed transaction during the period: (i) the transaction date, 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 involved; (ii) the nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition); (iii) the price of the Reportable Security at which the transaction was effected; (iv) the name of the broker, dealer or bank with or through which the transaction was effected; and (v) the date that the report is submitted.

Reports must be received no later than 30 days after the end of each calendar quarter and to facilitate reporting, Employees are required to have their accounts linked<sup>3</sup> to the Compliance Monitoring System. Transactions that do not occur through a broker-dealer (i.e., purchase of a private investment fund) will be reported, via the Compliance Monitoring System, prior to the transaction and upon any subsequent changes.

**OTHER REPORTING REQUIREMENTS**

Unless otherwise approved in writing by the CCO, Employees must also promptly notify the CCO upon the opening, closing, or renaming of a Covered Account or an Exempt Account.

**REVIEW OF REQUIRED REPORTING**

No less than quarterly, or at any other time as may be prudent, the CCO will review Employees' personal trading activities. If the CCO identifies violations of these policies, unusual or concerning trading patterns, or personal trading that presents actual or potential conflicts of interest, appropriate remedial action will be taken.

**D. RESTRICTED LIST**

**OVERVIEW**

A Restricted List refers to the list of Securities in which purchasing or selling is generally prohibited. As noted previously, Employees may not, on their own, or on behalf of Covered Accounts, purchase or sell Issuers/Securities/Crypto-Related Assets that are on Strawberry Tree's Restricted List without CCO pre-approval.

The CCO maintains and periodically updates the Restricted List and considers several factors when determining whether to place Issuers/Securities/Crypto-Related Assets on, or to remove it from, the list, and may amend the Restricted List as she deems appropriate<sup>4</sup>. The CCO ensures that the Restricted List is available to all Employees and Employees are required to consult the Restricted List as needed to comply with this policy. The Restricted List is available to all Employees via the Firm's CMS.

In addition, the Restricted List itself is confidential and may not be disclosed to anyone outside Strawberry Tree without the prior consent of the CCO.

<sup>3</sup> Employees must submit any access or authorization instructions to brokers to facilitate the link

<sup>4</sup> The CCO may, but is not required to, consider the opinion of Strawberry Tree's investment professionals or outside legal counsel in deciding as to whether an issuer or company should be added to or removed from the Restricted List

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**LIST CONTENTS**

The CCO will maintain the following on the Restricted List: the name of the Issuer/Security/Crypto-Related Asset; the exchange ticker symbol or CUSIP (if applicable); the date a Issuer/Security/Crypto-Related Asset was added; the date such Issuer/Security/Crypto-Related Asset is expected to be removed (if known) and the date of removal (as applicable); as well as the rationale for adding or removing the Issuer/Security/Crypto-Related Asset.

An Issuer/Security/Crypto-Related Asset may be placed on Strawberry Tree's Restricted List for a variety of reasons including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· MNPI about an issuer is in the possession of, or Strawberry Tree may come into the possession of an issuer's MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An Employee is in a position, such as a member of an issuer's board of directors, that may be likely to cause Strawberry Tree
or such Employee to receive MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Firm has executed a non-disclosure agreement or other agreement with a specific issuer that restricts trading in that issuer's
Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An Employee transacting in the Issuer/Security/Crypto-Related Asset may present a conflict of interest or the appearance of a conflict
of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A publicly traded company is or may be involved in a transaction with a Fund's portfolio company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Due to a Fund portfolio company's IPO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An investor relationship that involves a senior officer or director of an issuer of an Issuer/Security/Crypto- Related Asset in which
Strawberry Tree has invested, sometimes known as a "Value-Added Investor"; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· For any other reason that warrants the Issuer/Security/Crypto-Related Asset be on the Restricted List, as determined by the CCO.

As discussed above, Employees are required to notify the CCO if they believe that they may have come into possession of MNPI.

**E. REMEDIAL ACTIONS**

The potential for conflicts of interest through personal trading is taken very seriously by Strawberry Tree and Strawberry Tree reserves the right to prevent purchases or sales of an Issuer/Security/Crypto-Related Asset for any reason it deems appropriate. Failure to comply with personal trading requirements may result in various sanctions or remedial actions, such as: (i) cancellation of personal trading transactions; (ii) restrictions on or suspension of future personal trading; (iii) monetary fines; (iv) disgorgement of profits or prevented losses; or (v) disciplinary actions ranging from reprimands to suspension or termination of employment.

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**<u>CHAPTER 5: OUTSIDE BUSINESS ACTIVITIES</u>**

**A. POLICY OVERVIEW**

In light of the Firm's fiduciary obligations to the Funds, and because business activities other than employment at the Firm may give rise to certain conflicts of interest, the Firm has adopted this outside business activities policy to impose limits on and monitor the nature of the external endeavors and enterprises of its Employees. Employees should avoid situations which place themselves or the Firm at risk of violating their fiduciary duty or creating an appearance of impropriety. Additionally, certain outside business activities ("OBAs") must be disclosed on particular regulatory filings, further solidifying the importance of such supervision.

As a general matter, OBAs can be any full or part-time activity that an Employee is engaged in outside of their employment with the Firm (whether for profit or not), including but not limited to, service as an officer, director, partner, employee, consultant, or independent contractor with any other organization.

**B. REQUIREMENTS**

Each Employee is required to (i) disclose all OBAs to the CCO upon hire; (ii) seek approval from the CCO before engaging in any new OBA; and (iii) confirm their OBA disclosures annually thereafter. Activities subject to these requirements include, but may not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Serving as an officer, director, trustee, partner consultant, agent or employee of another business organization (public or private);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Serving on the board of directors of any publicly traded company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Participating as a member of a limited liability company or a limited partner of a limited partnership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Serving as a consultant, a teacher or lecturer, a publisher of articles or participation as a podcast, radio, television or other
media guest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Providing, or entering into arrangements to provide, financial or investment advice (*e.g.*, through service on a finance or
investment committee) to a private, educational or charitable organization or other organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Being compensated by, or having the reasonable expectation of compensation<sup>5</sup> as a result of any OBA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Engaging in any business activities that involve a material time commitment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Serving in a fiduciary capacity (*e.g.*, trustee, executor, or power of attorney) for someone other than a family member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Involvement with investment activities for charitable or educational organizations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Involvement in family or other business, charities, and professional associations.

Not including, in each case, such roles or activities for Client portfolio companies. Approval for any of the above activities is to be obtained by an Employee before undertaking any such activity so that a determination may be made that the activities do not interfere with any of such person's responsibilities at the Firm, and so that any conflicts of interest in such activities may be addressed.

<sup>5</sup> Compensation may include, without limitation, as cash or non-cash salaries or bonuses, commissions, fees (*e.g.*, director, board, consulting, finders, and advisory fees), or contingent compensation.

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Participation in any engagements on a podcast, radio appearance, television segment, conference, and any media appearance is not considered an outside business activity but is still subject to pre-clearance per the "Advertising & Marketing" section of the Firm's compliance manual.

The CCO will determine whether permission to engage in an OBA should be granted or denied, based on a consideration of the nature of the outside activity, the number of hours involved, the amount of compensation, the potential conflicts of interest or disclosure obligations, and any other factors that, in the CCO's discretion, may be relevant. If appropriate, Employees engaged in an approved OBA will be isolated from other Employees who are involved in making decisions as to the securities of that company through procedures determined by the CCO to be appropriate in the circumstances.

Finally, under no circumstances may an Employee represent or suggest that his or her association with an OBA reflects, in any way, the approval by the Firm of that organization, its manner of doing business, or any person connected with such organization or its activities. Employees are also prohibited from using Firm resources (tangible or intangible) in pursuit of an OBA..

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**<u>CHAPTER 6: GIFTS AND ENTERTAINMENT</u>**

**A. POLICY OVERVIEW**

Considering the nature of Strawberry Tree's business, its fiduciary obligations to its Funds, as well as the regulatory environment in which Strawberry Tree conducts its business, Strawberry Tree has adopted this Gifts and Entertainment Policy. The policy imposes limits on and monitors the nature, value, and quantity of business- related gifts and entertainment. "Business-related" gifts and entertainment are those that Strawberry Tree's Employees give to or receive from a person or firm that: (i) conducts business with or provides services to Strawberry Tree or a Fund; (ii) may do business or is being solicited to do business with Strawberry Tree or a Fund; or (iii) is associated with an organization that conducts or seeks to conduct business with Strawberry Tree or a Fund (collectively, "Business Relationships"). In addition, Employees may not make Business Relationship referrals if the Employee may personally benefit in any way, including, but not limited, being directly or indirectly compensated.

This policy is not intended to prevent Employees from giving or receiving gifts or entertainment. It is intended to ensure that giving and accepting gifts or entertainment is not abused and does not compromise the integrity, objectivity, or fiduciary responsibilities of Strawberry Tree or its Employees, or create an appearance of impropriety, or raise potential conflicts of interest. For avoidance of doubt, gifts and entertainment between Employees are not subject to the guidelines set forth below.

If there is any question as to the scope or proper application of this policy, Employees should consult with the CCO. Employees should also note that, for purposes of this policy and its referenced thresholds, the value of the Gift or Entertainment is the greater of the cost or the fair market value.

**B. REQUIREMENTS**

**OFFERING AND ACCEPTING GIFTS**

A "Gift" refers to any object or thing of value provided for the recipient's personal use or enjoyment. If, for example, the giver of tickets for an event does not intend to be present at such event, then the tickets will be deemed a gift. Employees may offer or accept business-related Gifts of up to $500 in value per individual Gift to or from any Business Relationship, without the prior written approval of the CCO. For individual Gifts that exceed this threshold, Employees must request approval via Strawberry Tree's Compliance Monitoring System upon receipt of or prior to offering such Gift.

GIFTS AND ENTERTAINMENT PAGE 15 <br> CODE OF ETHICS APRIL 2, 2024

**OFFERING AND ACCEPTING ENTERTAINMENT**

"Entertainment" refers to legitimate business-related<sup>6</sup> meals, sporting events, concerts, or other entertainment events in which the giver participates or intends to participate with the recipient (e.g., accompanies the recipient of baseball tickets to the game). Employees may offer or accept business-related Entertainment of up to $500 per person in value to or from any Business Relationship, without the prior written approval of the CCO. For Entertainment that exceeds this threshold, Employees must request approval via Strawberry Tree's Compliance Monitoring System upon receipt of or prior to offering such Entertainment. Employees are expected to use professional judgment in entertaining and being entertained by a Business Relationship. If there is any question as to whether a specific entertainment event can be accepted or given, the CCO should be consulted.

**ADDITIONAL RESTRICTIONS AND PROHIBITIONS**

No Gift or Entertainment should ever be accepted with the expectation of any *quid pro quo* from Strawberry Tree or a Fund or any Employee. Employees are also prohibited from giving, and must tactfully refuse, any gift of cash, gift certificate or cash equivalent.

Additionally, Employees may not make referrals to service providers if the Employee expects to personally benefit in any way from the referral. If an Employee has a personal relationship with any Employee of a service provider to Strawberry Tree or any Fund or its portfolio companies, the CCO must be informed.

Finally, while this policy is not intended to impede legitimate charitable fundraising activities, Employees should contact the CCO with questions regarding how this policy may impact Business Relationships and the giving or receiving of charitable contributions, including whether Strawberry Tree's name may be associated with the contribution.

**C. IMPLICATIONS OF FOREIGN CORRUPT PRACTICES ACT**

The U.S. Foreign Corrupt Practices Act (the "FCPA") generally<sup>7</sup> prohibits the payment of bribes to foreign officials to assist in obtaining or retaining business and essentially makes it a crime for any U.S. person, business, or employee to offer/provide (directly or through a third-party) anything of value to a foreign government official with intent to influence or to gain an unfair advantage. Employees should know that the standard for intent is quite low. Intent/knowledge is usually inferred from the fact that the bribery took place and cases have shown that "willful blindness" is no excuse.

<sup>6</sup> Legitimate business entertainment generally means (a) business matters are being discussed or are planned to be discussed; (b) persons relevant to the business relationship are the ones participating or attending (i.e., it should make sense that the giver and receiver are the people engaging in the entertainment); and (c) it's arguably within the normal course of business (doesn't stand out as unordinary).

<sup>7</sup> The FCPA includes a number of provisions, including certain accounting and transparency requirements, however the most relevant to Employees are the anti-bribery provisions.

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When transacting business internationally, the FCPA assumes there are a number of ways to obtain an unfair advantage. Accordingly, the FCPA aims to mitigate those risks through the breadth of its definitions, the application of its rules, and considerable consequences for violations. For example, "Government Official" is defined broadly and includes foreign officials, political parties, political officials, or candidates for political office. It also includes any officer or employee of a foreign government or any department, agency, or instrumentality, not just those in senior positions. "Instrumentality" encompasses a number of government-owned or controlled entities that perform a function the controlling government treats as its own. A number of factors are used to determine if a business functions as a government entity.

"Agents" include third-party agents, consultants, distributors, and joint venture partners, among others. "Intermediary" can be any third party who assists the company in some aspect of its foreign business. Additionally, there is no concept of "materiality" in the FCPA, which means the value of the gift or service given is not a factor in deciding whether sanctions will be imposed. Finally, the sanctions for FCPA violations can be significant. Companies and individuals that violate the FCPA may have to disgorge their ill-gotten gains plus pay prejudgment interest and substantial civil penalties and/or serve prison time. Companies may also be required to engage an independent consultant to remediate and/or supervise their activities.

Unless otherwise pre-approved in writing by the CCO, Employees are prohibited from directly or indirectly paying or giving, offering, or promising to pay, authorizing, or approving such offer or payment of any funds, gifts, services, or anything else of any value to any foreign government official or instrumentality (as defined under the FCPA) for any Firm-related reasons. This includes payments to any agents or intermediaries of Strawberry Tree who could potentially interact with and pass on (or offer) payments to a foreign official. Due to the complex nature and stringent enforcement of the FCPA, Strawberry Tree's policy applies to all such payments, gifts, services or items of value, no matter how small, or seemingly insignificant.

Because of the complexity of the FCPA rules and potential consequences, Employees must inform the CCO prior to any meetings with the categories defined above. Any questions or concerns regarding foreign business activities should be brought to the CCO.

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**<u>CHAPTER 7: POLITICAL CONTRIBUTIONS POLICY</u>**

**A. POLICY OVERVIEW**

Rule 206(4)-5 under the Advisers Act (the "Pay-to-Play Rule") addresses practices commonly known as "pay-to- play," where an investment adviser or its Covered Associates directly or indirectly make contributions or other payments to certain U.S. public officials or candidates for office with the intent of generating investment advisory business. Violations of the Pay-to-Play Rule can have serious implications. Specifically, Strawberry Tree can be precluded from managing money for a U.S. state or local government entity (i.e., it may prevent the management of certain Fund accounts or restrict certain investors from investing in the Funds or may be required to return fees received or waive fees to be received from such government entity for up to two years.

The Political Contributions Policy places certain restrictions and obligations on Employees in connection with their Political Contributions and Solicitation Activities (each as defined herein) and is designed to ensure that Employees do not violate the Pay-to-Play Rule. In addition, other state, or local laws, may require an Employee or third-party engaged by Strawberry Tree to register as a lobbyist. State or local laws also generally limit the amount of Political Contributions that advisers and their Employees may make to officials, candidates, political parties, and political action committees. This policy also governs all Political Contributions made in Strawberry Tree's name or on Strawberry Tree's behalf.

If there is any question as to the scope or proper application of the Political Contributions Policy, Employees should consult with the CCO.

**DEFINITIONS**

For purposes of this Political Contributions Policy, the following definitions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**Official**" means any person (including any election committee for such person) who was, at the time of a contribution,
an incumbent, candidate or successful candidate for elective office of a U.S. government entity, if the office (i) is directly or
indirectly responsible for, or can influence the outcome of, the hiring of an investment adviser by a government entity, or (ii) has
authority to appoint any person who is directly or indirectly responsible for, or can influence the outcome of, the hiring of an investment
adviser by a government entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "**Government entity**" includes any state or political subdivision of a state, its agencies and instrumentalities,
any pool of assets sponsored or established by any of the foregoing, and any participant-directed investment program or plan sponsored
or established by any of the foregoing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Political Contribution"** means a contribution to any candidate or Official for federal, state,
 or local public office. Specifically, a Political Contribution is any gift, subscription,
 loan, advance, deposit of money or thing of value made for the purpose of supporting a candidate
 for or influencing an election to office. This includes, for example, repaying a candidate's
 campaign debt incurred in connection with any such election or paying the transition or inaugural
 expenses of the successful candidate for any such election. Political Contribution also captures
 "in-kind"<sup>8</sup> and monetary contributions to a candidate or Official,
 as well as indirect contributions (e.g., contributions made at the behest of an Employee
 through a family member or friend), and contributions or payments made to political action
 committees and state or local political parties. Donations of time alone are generally not
 considered to be contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Political Fundraising"** means to fundraise in support of a candidate and/or communicate, directly or indirectly,
for the purpose of obtaining, arranging, or influencing a Political Contribution or otherwise facilitating the Political Contributions
made by other parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Political Action Committee"** or **"PAC"** means an organization that raises money privately to influence
elections or legislation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Related Party"** means any family member living in the same household [or to whom the Employee provides material
financial support.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **"Solicitation Activity"** means coordinating, or soliciting any person or PAC to make, any (i) Political Contributions;
or (ii) payments to a political party of a state or locality where Strawberry Tree is providing or seeking to provide investment
advisory services to a Government Entity.

**B. REQUIREMENTS**

**PROHIBITED ACTIONS**

This Political Contributions Policy bars any direct or indirect Political Contributions by Strawberry Tree or its Employees to any Officials that are intended to or may appear as an intention to influence an investment decision (e.g., the awarding of investment management contracts) or to otherwise conduct business with Strawberry Tree, its' Funds or their portfolio companies. Moreover, all requests for Political Contributions to be made on behalf of or in the name of Strawberry Tree should be directed to the CCO.

Use of Strawberry Tree's name in association with Political Fundraising literature for an Official of a Government Entity or sponsoring a meeting, conference, or other event that: (i) features an Official as an attendee or guest speaker and (ii) that involves fundraising for the Official is not permitted without the express written consent of the CCO and Management<sup>9</sup>.

Finally, Strawberry Tree prohibits incurring politically related expenses, the types of which should be broadly construed by Employees. Generally, Employees may not use personal or Firm funds to make Political Contributions or to engage in Political Fundraising<sup>10</sup> on behalf of or in the name of Strawberry Tree, and Strawberry Tree will not reimburse any Political Contribution made by any Employee.

<sup>8</sup> A non-monetary contribution. Most commonly, goods or services (meeting or event space, catering, etc.) offered free or at less than the usual charge.

<sup>9</sup> "Management" generally means the executive leadership of Strawberry Tree

<sup>10</sup> Includes, without limitation, the cost of the facility and refreshments, administrative expenses and the payment or reimbursement of any of the government Official's expenses for hosting an event described in the preceding paragraph.

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Employees should also note that they and their Related Parties may not enter into business relationships or other business ventures with Officials unless expressly approved in writing by the CCO. Employees must disclose such relationships in accordance with Strawberry Tree's Outside Business Activities Policy.

**EMPLOYEE CONTRIBUTIONS**

The Political Contributions Policy places certain restrictions and obligations on Employees in connection with their individual Political Contributions and Solicitation Activities.

Employees are required to disclose Political Contributions made by themselves and their Related Parties, within the past two (2) years at the time of hire and annually thereafter. Additionally, Employees and their Related Parties, must obtain prior written approval from the CCO before making any Political Contribution of any amount to or engaging in any political Solicitation Activity on behalf of any political candidate, Official, party or organization. This policy applies to all political candidates, Official, party or organization at the federal, state, and local levels.

For avoidance of doubt, this policy does not prohibit or require pre-approval of Political Contributions to incumbents in or candidates for national office except those who currently hold a state or local office.

**ADDITIONAL PROCEDURES**

The Compliance Monitoring System is to be used for all disclosures and pre-approval matters. For pre-approval requests, the CCO will determine whether a request should be granted or denied, based on a number of considerations, including: (i) if the contributor is permitted to vote for the candidate; (ii) if the Official is directly or indirectly responsible for or can influence the outcome of the hiring of an investment adviser by a Government Entity; (iii) whether the contribution could adversely affect Strawberry Tree's ability to obtain or retain public pension plans or other Government Entities as investors in its Funds; (iv) other state, local and plan restrictions; and (v) any other factors that, in the CCO's discretion, may be relevant.

The CCO keeps all records associated with this policy.

**CHARITABLE CONTRIBUTIONS DISTINGUISHED**

This policy is not intended to impede legitimate, charitable fundraising activities. Contributions to a charity are not considered Political Contributions unless made to, through, in the name of, or to a fund controlled by a federal, state, or local candidate or Official.

**INTERNATIONAL CONTRIBUTIONS**

In accordance with certain non-U.S. rules and regulations (such as, the FCPA and the UK Bribery Acts), Political Contributions by Strawberry Tree or its Employees to politically connected individuals or entities, anywhere in the world, with the intention of influencing such individuals or entities for business purposes are strictly prohibited.

POLITICAL CONTRIBUTIONS POLICY PAGE 20 <br> CODE OF ETHICS APRIL 2, 2024

## Ex-99.(R)(3)

**Exhibit 99.(r)(3)**

![](tm2519868d7_ex99-xrx3img001.jpg)

**<u>**Table of Contents**</u>**

**I.** **Introduction** 3

&nbsp;&nbsp;&nbsp;&nbsp;A. Applicability 4

**II.** **General Standards of Business Conduct** 5

&nbsp;&nbsp;&nbsp;&nbsp;A. Conflicts of Interest 5

&nbsp;&nbsp;&nbsp;&nbsp;B. Protecting Confidential Information 5

&nbsp;&nbsp;&nbsp;&nbsp;C. Insider Trading 5

&nbsp;&nbsp;&nbsp;&nbsp;D. Excess Trading 6

&nbsp;&nbsp;&nbsp;&nbsp;E. Limitation on Trading SS&C Stock 6

**III.** **Gifts and Entertainment** 8

**IV.** **Other Activities** 10

&nbsp;&nbsp;&nbsp;&nbsp;A. Improper Payments or Rebates 10

&nbsp;&nbsp;&nbsp;&nbsp;B. Service on a Board of Directors/Outside Business Activities 10

&nbsp;&nbsp;&nbsp;&nbsp;C. Political Contributions 10

**V.** **Reporting Requirements** 12

&nbsp;&nbsp;&nbsp;&nbsp;A. Covered Securities 12

&nbsp;&nbsp;&nbsp;&nbsp;B. Initial Holdings and Accounts Reports 12

&nbsp;&nbsp;&nbsp;&nbsp;C. Duplicate Statements/Electronic Feeds 13

&nbsp;&nbsp;&nbsp;&nbsp;D. Quarterly Transaction Reports 13

&nbsp;&nbsp;&nbsp;&nbsp;E. Annual Holdings Reports 14

**VI.** **Access Persons - Restrictions** 15

&nbsp;&nbsp;&nbsp;&nbsp;A. Trading Restrictions 15

&nbsp;&nbsp;&nbsp;&nbsp;B. Account Restrictions 15

**VII.** **Investment Persons - Restrictions** 16

&nbsp;&nbsp;&nbsp;&nbsp;A. Trading Restrictions 16

&nbsp;&nbsp;&nbsp;&nbsp;B. Account Restrictions 16

&nbsp;&nbsp;&nbsp;&nbsp;C. Pre-Clearance 17

&nbsp;&nbsp;&nbsp;&nbsp;D. Serving on a Board of Directors 17

**VIII.** **Sanctions** 18

&nbsp;&nbsp;&nbsp;&nbsp;A. Procedures 18

&nbsp;&nbsp;&nbsp;&nbsp;B. Appeals Process 18

**IX.** **Compliance & Supervisory Procedures** 19

&nbsp;&nbsp;&nbsp;&nbsp;A. Prevention of Violations 19

&nbsp;&nbsp;&nbsp;&nbsp;B. Detection of Violations 19

&nbsp;&nbsp;&nbsp;&nbsp;C. Compliance Procedures 19

&nbsp;&nbsp;&nbsp;&nbsp;D. Annual Reports 19

&nbsp;&nbsp;&nbsp;&nbsp;E. Records 20

&nbsp;&nbsp;&nbsp;&nbsp;F. Inspection 20

&nbsp;&nbsp;&nbsp;&nbsp;G. Confidentiality 20

&nbsp;&nbsp;&nbsp;&nbsp;H. The Ethics Committee 20

---

| | |
|:---|:---|
| **Appendix A - Broker/Dealers with Electronic Feeds** | 22 |
| **Appendix B - Sub-Advisers to ALPS Advisors, Inc.** | 23 |
| **Appendix C - Glossary of Defined Terms** | 24 |

---

**I.** **Introduction** 

This Code of Ethics ("Code") has been adopted by various SS&C ALPS Entities, together and separately referred to as "SS&C ALPS", including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· ALPS Holdings, Inc. ("AHI")

· ALPS Advisors Inc. ("AAI")

· ALPS Distributors, Inc. ("ADI")

· ALPS Portfolio Solutions Distributor, Inc. ("APSD")

The Code is designed to comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act"). By adopting and adhering to a code that meets the applicable requirements under the Advisers Act and 1940 Act, it is intended that ALPS employees who are deemed to be Access Persons and/or Investment Persons, will not also be subject to duplicative reporting requirements under various other codes for fund companies for which they may serve as an officer or are otherwise deemed to be an Access Person. However, all such persons should check with each company's Compliance or Legal representatives to confirm their status.

SS&C ALPS and its employees are subject to certain laws, rules and regulations governing personal securities trading, conflicts of interest, treatment of client assets and information, generally prohibiting fraudulent, deceptive or manipulative conduct. The Code is designed to ensure compliance with these. The actual requirements of the Code may vary depending on the employee's business role of respective subsidiary so care should be taken by each employee to understand how the Code applies to them.

*Employees who are also registered with the Financial Industry Regulatory Authority ("FINRA") as a Registered Representative may have additional requirements and/or restrictions in addition to those described herein. Those Registered Representatives should consult their Written Supervisory Procedures for additional requirements.*

SS&C ALPS and its employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct. The Code is designed to reinforce SS&C ALPS' reputation for integrity by avoiding even the appearance of impropriety in the conduct of our business. This Code was developed to promote the highest standards of behavior and ensure compliance with applicable laws.

Employees are required to promptly report any known violations of the Code to the relevant entity's Chief Compliance Officer ("CCO" as defined). This includes violations that come to your attention that may have been inadvertent and/or violations that other employees may have committed. The CCO (or a designee) will promptly investigate the matter and take action if needed. There will be no retribution against any employee for making such a report, and every effort will be made to protect the identity of the reporting employee. There may be additional provisions for reporting violations that are covered under applicable policies and employees should make themselves familiar with these policies or consult with the CCO.

&nbsp;&nbsp;Employees should be aware that they may be held personally liable for any improper or illegal acts committed during their course of employment, and that "ignorance of the law" is not a defense. SS&C ***ALPS employees are expected to read the Code carefully and observe and adhere to its guidance at all times.*** Failure to comply with the provisions of the Code may result in serious sanctions including, but not limited to: disgorgement of profits, termination, personal criminal or civil liability and referral to law enforcement agencies or other regulatory agencies.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for employees of SS&C ALPS in their conduct. In those situations where an employee may be uncertain as to the intent or purpose of the Code, they are advised to consult with the CCO. All questions arising in connection with personal securities trading should be resolved in favor of the Client, even at the expense of the interests of employees.

The CCO will periodically report to senior management/board of directors of SS&C ALPS and the respective fund boards where SS&C ALPS serves in the capacity of investment adviser and/or distributor to document compliance or non- compliance with this Code. Each employee is responsible for knowing their responsibilities under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Applicability** 

***SS&C ALPS Employees***

This Code is applicable to SS&C ALPS employees ("employee(s)") as required by the applicable rules, regulations, or as determined by the CCO. This includes full-time, part-time, benefited and non-benefited, officers, directors, exempt and non-exempt personnel. Additionally, new employee's offer letter will include a copy of the Code of Ethics and a statement advising the individual that they will be subject to the Code of Ethics if they accept the offer of employment. Employees with access to certain information (as described herein) may also be deemed to be "Access Persons" or "Investment Persons and be subject to additional restrictions, limitations, reporting requirements and other policies and procedures.

*SS&C ALPS employees have an obligation to promptly notify the Administrator of the Code of Ethics if there is a change to their duties, responsibilities or title which affects their reporting status under the code.*

***Family Members and Related Parties***

 ****

The Code applies to the Accounts of employee's as specified, their spouse or domestic partner, minor children, immediate family members residing in the same household as the employee (e.g. adult children or parents living at home), and any relative, person or entity for whom the employee directs the investments or securities trading.

***Contractors and Consultants***

 ****

SS&C ALPS contractor/consultant/temporary employee contracts may include the Code as an addendum, and each contractor/consultant/temporary employee may be required to sign an acknowledgement that they have read the Code and will abide by it. Certain sections might not be applicable.

**II.** **General Standards of Business Conduct** 

SS&C ALPS employees are subject to and expected to abide by the Code including, but not limited to, the General Standards of Business Conduct and all reporting requirements outlined herein.

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

A conflict of interest is a situation where our personal loyalties or interests may be at odds with those of SS&C ALPS, its

subsidiaries, or its clients or where our position at SS&C ALPS affords us improper personal benefits. When determining whether or not a conflict exists, make sure to consider not only your own activities, but also those of your family members and related parties.

Employees may not act on behalf of SS&C ALPS or its clients in any Securities Transaction or other transfer or receipt of property, services or benefits involving other persons or organizations where such employee may have any financial or another interest without prior approval from the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Protecting Confidential Information** 

Employees may receive information about SS&C ALPS, its Clients and other parties that, for various reasons, should be treated as confidential. Employees have an obligation to safeguard personal client or fellow employee personal information and material non-public information regarding SS&C ALPS and its Clients. Accordingly, employees may not disclose current portfolio holdings, Fund Transactions, Securities Transactions proxy vote or corporate action made or contemplated, personal client or fellow employee personal information or any other non-public information to anyone outside of SS&C ALPS, without approval from the CCO or the Ethics Committee. SS&C ALPS employees are expected to strictly comply with measures necessary to preserve the confidentiality of the information. Refer to applicable SS&C ALPS and SS&C policies for additional information.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Insider Trading** 

The misuse of Material Nonpublic Information, or inside information, constitutes fraud under the securities laws of the United States and many other countries. Anyone aware of Material Nonpublic Information (or inside information) may not trade in, recommend, or in some cases *refrain* from selling those securities whether directly, through a third party, for a personal account, SS&C ALPS or the account of any SS&C ALPS' Client.

No employee may cause SS&C ALPS or a Client to take action, or to fail to take action, for personal benefit, rather than to benefit SS&C ALPS or such Client. For example, a person would violate this Code by causing a Client to purchase securities owned by the Access Person for the purpose of supporting or increasing the price of that security or by causing a Client to refrain from selling securities in an attempt to protect a personal investment, such as an option on that security.

As a general rule, we should consider all information we learn about our clients, proprietary products, SS&C or other companies in the course of our employment to be material nonpublic information unless it has been fully disclosed to the public.

In addition, employees must not engage in tipping. Tipping occurs when one individual (the tipper) passes Material Nonpublic information to another (the tippee) under circumstances that suggest the tipper was trying to help the tippee make a profit or avoid a loss in exchange for some benefit to the tipper. The benefit does not have to be pecuniary and could result from a family or personal relationship. In this situation, both the tipper and the tippee may be liable, and this liability may extend to everyone to whom the tippee discloses the information.

Employees may not engage in "front running," that is, the purchase or sale of securities for their own accounts on the basis of their knowledge of a Fund's Transactions or planned Transactions.

Trading activity will be monitored by the Administrator of the Code of Ethics for Access and Investment persons as described.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Excess Trading** 

While active personal trading may not in and of itself raise issues under applicable laws and regulations, we believe that a very high volume of personal trading can be time consuming and can increase the possibility of actual or apparent conflicts with portfolio transactions. Accordingly, an unusually high level of personal trading activity (as determined by SS&C ALPS based on the facts and circumstances) is strongly discouraged. A pattern of excessive trading may lead to the taking of appropriate corrective or restrictive action under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Limitation on Trading SS&C Stock** 

In addition to Insider Trading restrictions, some SS&C stock transactions are prohibited altogether as described below.

**Prohibited SS&C Stock Transactions**

*Short sales*

Employees may never engage in a short sale of SS&C's securities. A short sale is a sale of securities the seller does not own or, if owned, is not delivered against the sale within 20 days (a short sale against the box). Short sales of SS&C's securities show the seller's expectation that the securities will decline in value. Therefore, these sales signal to the market that the seller has no confidence in SS&C or its short-term prospects. In addition, short sales may reduce the seller's incentive to improve SS&C's performance. For these reasons, short sales of SS&C securities are not permitted.

*Option trades*

 

Employees may not take part in certain option trades that are more profitable as SS&C stock declines in value. Employees may not:

&nbsp;&nbsp;&nbsp;&nbsp;· Purchase a put option on SS&C securities

· Write a call option on SS&C securities

*Hedging transactions*

 

Employees must not enter into hedging transactions, as these transactions may permit the employee to continue to own SS&C securities without the full risks and rewards of ownership. When that occurs, the employee may no longer have the same objectives as other SS&C stockholders. For that reason, employees must not enter into prepaid variable forward contracts, equity swaps, collars and exchange funds or other similar hedging or monetization transactions involving SS&C stock.

*Margin accounts and pledges*

 

Holding or pledging SS&C securities as collateral in margin accounts are not permitted.

*Blackout Period*

 

Certain employees may be restricted from buying or selling shares of SS&C during specified blackout periods or required to pre-clear transactions of SS&C shares. If either or both restrictions apply, employees will be contacted directly by SS&C regarding the restrictions and when blackout periods occur.

*Pre-Clearances*

 

Certain employees may be subject to the pre-clearance requirements as outlined in the SS&C Securities Transactions Policy. These employees will be notified by SS&C regarding their reporting obligations.

**Permitted SS&C Stock Transactions**

The prohibitions set forth above do not apply to the following (each, a "Permitted Transaction"):

&nbsp;&nbsp;&nbsp;&nbsp;· for SS&C stock options or equity awards
 that would otherwise expire, exercises of such options and awards and the surrender of shares to SS&C in payment of the exercise
 price or in satisfaction of any tax withholding obligations (in each case in a manner permitted by the applicable equity award
 agreement); provided, however, that the securities so acquired may not be sold (either outright or in connection with a
 "cashless" exercise transaction through a broker) while the director or employee is aware of material non-public
 information or during a Blackout Period; and

· bona fide gifts, unless the person making the
gift has reason to believe that the recipient intends to sell the securities while the director or employee is aware of material non-public
information or during a Blackout Period.

**III.** **Gifts and Entertainment** 

Gifts or Entertainment may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipients' independent business judgment. Therefore, SS&C ALPS has established reasonable limits and procedures relating to the giving and receiving of Gifts and Entertainment.

SS&C ALPS employees are required to follow the standards below regarding the acceptance or giving of gifts and entertainment with respect to all Business Partners. Every circumstance where gifts or entertainment may be given or received may not be listed below however, employees are expected to avoid any gifts or entertainment that:

&nbsp;&nbsp;&nbsp;&nbsp;· Could create an apparent or actual conflict,

· Is excessive or would reflect unfavorably on ALPS or its Clients, or

· Would be inappropriate or disreputable nature.

A Gift is anything of value that is given with the intent to foster a legitimate business relationship. Gifts can include merchandise such as wine, gift baskets, or tickets if the giver does not attend.

**Entertainment** is a meeting, meal or other activity where both you and the business partner are present and have the opportunity to discuss business or any participant's employer bears the cost. It does not include events that have been organized by SS&C ALPS directly, such as receptions following an industry gathering or multi-client entertainment. If the Business Partner will not be present for the event it will be considered a gift.

A **Business Partner**, for the purpose of this Code, includes all current Clients and vendors with which ALPS Holdings conducts business, any potential clients or vendors with whom SS&C ALPS could engage in business with, any registered broker/dealers, and any firms under contract to do business with ALPS Holdings or our subsidiaries.

The **Value** of any Gifts or Entertainment given or received must be the greater of cost or market value. If the cost or market value is not easily determined an employee can estimate the approximate value or request further guidance from the CCO or designee.

All **Disclosures** of applicable gifts or entertainment must be disclosed via the Gifts Request Form found on https://www.mycomplianceoffice.com/customer/portal. Unless otherwise indicated, this should be done on a quarterly basis along with regular quarterly Code requirements. Some Gifts or Entertainment may require prior approval

All **Approvals**, unless otherwise indicated, must come from the appropriate CCO or designee. Due to the nature of gift- giving and the impromptu nature of some Entertainment, approval for SS&C ALPS employees accepting such items may often be after the fact. However, to the extent feasible, any required approvals should be obtained before accepting Gifts or Entertainment. If a gift request is not approved and returning or rejecting the item would negatively affect the business relationship the gift should be turned over to the CCO. The gift will then be donated to a charity of the Ethics Committee's choosing.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Gifts to be Given/Received by<br> SS&C ALPS Employees** | &nbsp;&nbsp;&nbsp;**Approval/Disclosure Required** |
| &nbsp;&nbsp;&nbsp;Cash or Cash Equivalent | &nbsp;&nbsp;&nbsp;Prohibited from giving or receiving |
| &nbsp;&nbsp;&nbsp;Gifts received from the same Business Partner which would aggregate **less than** $100/twelve months | &nbsp;&nbsp;&nbsp;Quarterly disclosure required, no approval required |
| &nbsp;&nbsp;&nbsp;Gifts received from the same Business Partner which would aggregate **equal/more** than $100/twelve months | &nbsp;&nbsp;&nbsp;Approval required, Quarterly disclosure required, **strictly prohibited for FINRA registered reps** |
| &nbsp;&nbsp;&nbsp;Promotional gifts such as those that bear a logo valued **less than** $50 | &nbsp;&nbsp;&nbsp;Quarterly disclosure not required, approval not required |
| &nbsp;&nbsp;&nbsp;Gifts given to or received by a wide group of recipients (e.g. gift basket to a department) that are reasonable in nature | &nbsp;&nbsp;&nbsp;Quarterly disclosure not required, approval not required |
| &nbsp;&nbsp;&nbsp;Gifts given on behalf of ALPS Holdings or its subsidiaries (from an ALPS budget) | &nbsp;&nbsp;&nbsp;Indication of who received the gift must be included via regular expense reports, gifts must be reasonable in nature |
| &nbsp;&nbsp;&nbsp;Gifts of any value given or received by Investment Persons (as defined in Glossary) to or from a broker/dealer | &nbsp;&nbsp;&nbsp;Must be pre-cleared with their immediate supervisor and the CCO (or designee) |
| &nbsp;&nbsp;&nbsp;**Entertainment provided by and for <br> SS&C ALPS employees** | &nbsp;&nbsp;&nbsp;**Approval/Disclosure Required** |
| &nbsp;&nbsp;&nbsp;Entertainment provided on behalf of ALPS or its subsidiaries (from an ALPS budget) valued at $500 **or less** per person per event | &nbsp;&nbsp;&nbsp;Indication of who was present must be included via expense reports |
| &nbsp;&nbsp;&nbsp;Entertainment provided to an ALPS employee, other than an Investment Person, at $500 **or less** per person per event \* <br>\*Entertainment provided to an Investment Person at $250 or less per person per event from anyone other than a broker/dealer | &nbsp;&nbsp;&nbsp;Quarterly disclosure required (excluding entertainment of de minimis value - below approx. $50), no approval required |
| &nbsp;&nbsp;&nbsp;Entertainment provided on behalf of ALPS or its subsidiaries (from an ALPS budget) valued at **equal/more than** $500 per person per event | &nbsp;&nbsp;&nbsp;Typically not allowed, Approval required, Indication of who was present must be included via expense reports |
| &nbsp;&nbsp;&nbsp;Entertainment provided to an ALPS employee at **equal/more than** $500 per person per event | &nbsp;&nbsp;&nbsp;Typically not allowed, Approval required, Quarterly disclosure required |
| &nbsp;&nbsp;&nbsp;Attendance and participation at industry sponsored events | &nbsp;&nbsp;&nbsp;No approval required, no disclosure required |
| &nbsp;&nbsp;&nbsp;Entertainment of any value given or received by Investment Persons (as defined on page 5) to or from a broker/dealer | &nbsp;&nbsp;&nbsp;Must be pre-cleared with their immediate supervisor and the CCO (or designee) |

---

**IV.** **Other Activities** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Improper Payments or Rebates** 

Associates must not offer or receive gratuities, bribes, kickbacks, or improper rebates from public officials, officials of foreign governments, competitors or suppliers.

Pursuant to the Foreign Corruption Practices Act ("FCPA"), employees are prohibited from making or offering to make any payment to or for the benefit of any Foreign Official if the purpose of such payment is to improperly influence or induce that Foreign Official to obtain or retain business for the company (a so-called bribe or kickback). All payments, whether large or small, are prohibited if they are, in essence, bribes or kickbacks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cash payments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· gifts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· entertainment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· amenities

If an employee is unsure about whether they are being asked to make an improper payment, they should not make the payment. Employees must promptly report to the CCO any request made by a Foreign Official for a payment that would be prohibited under the guidelines set above and any other actions taken to induce such a payment. If you have any questions or need any guidance, please contact the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Service on a Board of Directors/Outside Business Activities** 

SS&C ALPS employees are required to comply with the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;· Employees are to avoid any business activity, outside employment or professional
service that competes with SS&C ALPS or conflicts with the interests of SS&C ALPS
or its Clients.

· An employee is required to obtain the approval from the CCO, or designee,
prior to becoming an employee, director, officer, partner, sole proprietor
of a "for profit" organization, or otherwise compensated by an entity outside of SS&C ALPS. The request for approval should
disclose the name of the organization, the nature of the business, whether any conflicts of interest could reasonably result from the
association, whether fees, income or other compensation will be earned and whether there are any relationships between the organization
and SS&C ALPS.

· Employees may not accept any personal fiduciary
appointments such as administrator, executor or trustee other than those arising from family or other close personal relationships.

· Employees may not use ALPS resources, including computers, software, proprietary
information, letterhead and other property in connection with any employment or other activity
outside SS&C ALPS.

· Employees must disclose a conflict of interest or the appearance of a conflict
with SS&C ALPS or Clients and discuss how to control the risk.

When completing the quarterly Code requirements, employees may be asked to disclose all outside affiliations. Any director/trustee positions with public companies or companies with the potential to become public are prohibited without prior written approval of the CCO or designee.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Political Contributions** 

All political activities of employees must be kept separate from employment and expenses may not be charged to SS&C ALPS. Employees may not use ALPS facilities for political campaign purposes.

Any employees who are deemed Covered Associates are required to comply with the provisions under Rule 206(4)-5 of the Advisers Act as well as the Political Contributions Policy within AAI's Compliance Program. Spouses and household family members of each Covered Associate are also subject to the provisions under Rule 206(4)-5 and this Political Contribution Policy, including pre-approval and reporting requirements.

Covered Associates are prohibited from making political contributions on behalf of AAI or individually in their capacity as a covered associate unless their contribution is within the de minimis exception. The de minimis exception permits contributions according to the following guidelines:

&nbsp;&nbsp;&nbsp;&nbsp;· Up to $350 per candidate per election cycle, to incumbents or candidates
for whom they are eligible to vote

· Up to $150 per candidate per election cycle, to other incumbents or candidates

Covered Associates will be required to obtain a pre-approval for all political contributions, including but not limited to those noted above.

On a quarterly basis, the CCO, or designee, will request a reporting of political contributions during the previous quarter by all Covered Associates. The reporting should include contributions by spouses, household family members and all contributions by other parties (lawyers, affiliated companies, acquaintances, etc.) directed by the Covered Associate. The report should include the individual or election committee receiving the contribution, the office for which the individual is running, the current elected office held, if any, the dollar amount of the contribution or value of the donated item and whether or not the Covered Associate is eligible to vote for the candidate. The Covered Associate report must be completed within 30 days of each quarter end so that if an inadvertent political contribution (of $350.00 or less) has been made to an official for whom the Covered Associate is not entitled to vote, the contributor may be required to request the return of the contribution in order to avoid the two year compensation ban against AAI.

**V.** **Reporting Requirements** 

Access Persons and Investment Persons ("Person" or "Persons"), as defined in the subsequent sections, are subject to the following Initial, Quarterly and Annual Reporting requirements unless specifically exempted by Rule 204A-1 or 17j-1. Such Persons are required to disclose any account in which securities transactions <u>can</u> be effected and in which the Person has a beneficial interest (as further defined in Appendix C).

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Covered Securities** 

All Covered Securities are subject to the reporting requirements of the Code. Covered Securities will include all Securities as well as all Proprietary Products, any equivalents in local non-US jurisdictions, single stock futures, and both the U.S. Securities and Exchange Commission ("SEC"), and Commodity Futures Trading Commission ("CFTC") regulated futures. For purposes of the Code, Securities shall have the meaning set forth in Section 2(a)(36) of the 1940 Act. This definition of Security includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;· Any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificates of interest or participation in any profit-sharing agreement,

· Any put, call, straddle, option or privilege on any Security or on any group or index of Securities,

· Any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency,

· Any exchange-traded vehicle (including, but not limited to, closed-end mutual funds, exchange-traded notes and exchange-traded funds),

· Any commodity contracts as defined in Section 2(a)(1)(A) of the Commodity Exchange Act. Including but not limited to futures contracts on equity indices,

· Any derivative of a Security

The following securities/assets are exempt from the reporting requirements:

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions made in an account where the employee, pursuant to a valid legal instrument, has given <u>full</u> investment discretion to an unaffiliated/unrelated third party

· Direct Obligations of any government of the United States;

· Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements;

· Investments in dividend reinvestment plans;

· Variable and fixed insurance products;

· Non Proprietary Product open-end mutual funds;

· Qualified tuition programs pursuant to Section 529 of the Internal Revenue Code;

· Cryptocurrency assets/accounts; and

· Accounts that are strictly limited to any of the above transactions.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Initial Holdings and Accounts Reports** 

Within ten (10) calendar days of being designated as, or determined to be, an Access Person or Investment Person (which may be upon hire), each Person must disclose all broker, dealer or bank accounts in which any Covered Securities are held, including any Managed Accounts.

In addition, all Persons must provide a statement of all Covered Securities holdings, and the information must be current as of a date no more than 45 days prior to the date of the person becoming an Access or Investment Person.

More specifically, each such Person must provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· The title, number of shares and principal amount of each Covered Security in which the employee had any direct or indirect Beneficial Ownership when the person became an employee;

· The name of any financial institution with whom the employee maintained an account in which any securities were held for the direct or indirect benefit of the employee as of the date the person became an employee; and

· The date the report is submitted by the employee.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Duplicate Statements/Electronic Feeds** 

All new employees and any new account(s) opened by existing employees after April 1, 2015 shall be limited to the financial institutions listed in Appendix A - Broker/Dealers with Electronic Feeds of the Code.

If an account is held with a financial institution that does <u>not</u> supply electronic feeds to SS&C ALPS, new employees who are deemed an Access or Investment Person will have 30 calendar days to close or transfer the existing account and are asked to only open an account with a firm listed in Appendix A of the Code.

Existing employees hired prior to April 1, 2015, who are deemed an Access or Investment Person, with existing accounts can maintain those accounts and continue satisfying their quarterly reporting requirements in the system as they have in the past. However, existing employees will only be allowed to open any new accounts with financial institutions listed in Appendix A of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Quarterly Transaction Reports** 

Each Access and Investment Person is required to submit quarterly his/her Quarterly Securities Report within thirty (30) calendar days of each calendar quarter end. If no transactions were executed or if transactions were exempt from reporting, this should be noted on the quarterly report.

Specific information to be provided includes:

&nbsp;&nbsp;&nbsp;&nbsp;i. With respect to any Securities Transaction during the quarter in a Covered Security in which any employee had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date of the transaction, the title, the interest rate and maturity date (if applicable), the number of shares and the principal amount of each Security involved;

· The nature of the transaction, (i.e., purchase, sale, or other type of acquisition or disposition);

· The price of the Security at which the transaction was effected;

· The name of the financial institution with or through which transaction was effected; and

· The date that the report is submitted by the employee.

&nbsp;&nbsp;&nbsp;&nbsp;ii. With respect to any account established by the Access or Investment Person in which any securities were held during the quarter for the direct or indirect benefit of the Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of the financial institution with whom the employee established the account;

· The date the account was established; and

· The date the report is submitted by the employee.

**Exceptions**

&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Automatic Investment Plans</u> – Transactions need not be reported in the Quarterly Securities Report but holdings in Covered Securities are
 subject to the annual holdings reporting requirement discussed in the subsequent section.

ii. <u>Managed Accounts</u> *–* Securities Transactions in accounts in which the Person has no direct or indirect influence or control are not required to be reported. Persons that have Managed Accounts managed by an immediate family member are <u>not</u> exempt and still subject to the requirements under this Section V.

iii. <u>Other "No Knowledge" Transactions</u> – This includes Securities Transactions in which the Person has no knowledge of the transaction before it is completed (i.e., Securities Transactions effected for Persons by a trustee of a blind trust or automated adviser without the Person's input or approval).

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Annual Holdings Reports** 

Each Access and Investment Person is required to submit annually (i.e., once each and every calendar year) a list of applicable holdings, which is current as of a date no more than forty five (45) calendar days before the report is submitted. In addition, each employee is required to certify <u>annually</u> that they has reviewed and understands the provisions of the Code.

Specific information to be provided includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
title, number of shares and principal amount of each Covered Security in which the employee had any direct or indirect beneficial ownership;

· The
name of any financial institution with whom the employee maintains an account in which any securities are held for the direct
or indirect benefit of the employee; and

· The
date that the report is submitted by the employee.

**VI.** **Access Persons - Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Trading Restrictions** 

**Initial Public Offering ("IPO")** - Access Persons are prohibited from acquiring securities through an allocation by the underwriter of an initial public offering ("IPO"). Exceptions may be made with prior written disclosure to and written approval from the CCO, whereby an Access Person could acquire shares in an IPO of his/her employer.

**Initial Coin Offerings ("ICOs")** – Access persons are prohibited in participating in ICOs or any similar offerings of tokens. Exceptions may be made with prior written disclosure to and written approval from the CCO.

**Limited or Private Offerings** - Access Persons are prohibited from purchasing securities in a private offering unless the purchase is approved in writing by the CCO. Private placements include certain co-operative investments in real estate, commingled investment vehicles such as hedge funds, and investments in family owned businesses. Time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

**Investment Clubs** - Access Persons are prohibited from participating in investment clubs unless such membership is approved in writing by the CCO. An **investment club** is any group of people who pool their money to make joint or group investments.

**Short-Term Trading** - Access Persons are prohibited from the purchase and sale or sale and purchase of the same Proprietary Products within a sixty (60) calendar day holding period (ALPS is the investment Adviser).

**Blackout Period** – Blackout periods may be determined and established by the CCO. Any such periods will be communicated to all affected persons as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Account Restrictions** 

**Managed Accounts** – Access Persons are restricted from establishing an external Managed Account (also referred to as a discretionary account) with any adviser that conducts business with ALPS Advisors, Inc. See Appendix B for a list of advisers that work with AAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Investment Persons - Restrictions** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Trading Restrictions** 

**Initial Public Offering ("IPO")** - Investment Persons are prohibited from acquiring securities through an allocation by the underwriter of an initial public offering ("IPO"). Exceptions may be made with prior written disclosure to and written approval from the CCO, whereby an Investment Person could acquire shares in an IPO of his/her employer.

**Initial Coin Offerings ("ICOs")** – Investment persons are prohibited in participating in ICOs or any similar offerings of tokens. Exceptions may be made with prior written disclosure to and written approval from the CCO.

**Limited or Private Offerings** - Investment Persons are prohibited from purchasing securities in a private offering unless the purchase is approved in writing by the CCO. Private placements include certain co-operative investments in real estate, commingled investment vehicles such as hedge funds, and investments in family owned businesses. Time-shares and cooperative investments in real estate used as a primary or secondary residence are not considered to be private placements.

**Investment Clubs** - Investment Persons are prohibited from participating in investment clubs unless such membership is approved in writing by the CCO. An **investment club** is any group of people who pool their money to make joint or group investments.

**Options** - Investment Persons are *not* prohibited from buying or selling options on Covered Securities, however all other trading restrictions such as limitations on short-term and excess trading and pre-clearance apply to Investment Persons buying, selling or exercising options.

**Short-Term Trading** - Investment Persons are prohibited from the purchase and sale or sale and purchase of the same Covered Securities within thirty (30) calendar days. In addition, all Proprietary Products are subject to a sixty (60) calendar day holding period (ALPS is the investment Adviser). Non-Proprietary exchange-traded funds are *not* subject to this requirement.

**Blackout Period** – Blackout periods may be determined and established by the CCO. Any such periods will be communicated to all affected persons as necessary.

**Shorting of Securities** - Investment Persons are *not* prohibited from the practice of short selling securities, however all other trading restrictions such as limitations on short-term and excess trading and pre-clearance apply to Investment Persons shorting of securities.

**Restricted List** – Certain Investment Persons may not purchase or sell any listed private equity security that is being considered for purchase or sale by AAI for any account in which they have any beneficial interest. The list of Restricted Securities (the "Restricted List") includes the Listed Private Equity Universe of securities and their subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Account Restrictions** 

**Managed Accounts** – Investment Persons are restricted from establishing an external Managed Account (also referred to as a discretionary account) with any adviser that conducts business with AAI. See Appendix B for a list of advisers that work with AAI. See Appendix B for a list of advisers that work with AAI.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Pre-Clearance** 

Unless the investment transaction is exempted from pre-clearance requirements all Investment Persons must request and receive pre-clearance prior to engaging in the purchase or sale of a Covered Security.

Pre-clearance approval is only good until midnight local time of the day after approval is obtained. "Good-till-Cancelled" orders are not permitted. "Limit" orders must receive pre-clearance every day the order is open.

As there could be many reasons for pre-clearance being granted or denied, Investment Persons should not infer from the pre-clearance response anything regarding the security for which pre-clearance was requested.

**Exempted Securities/Transactions**

Pre-clearance by Investment Persons is <u>not</u> required for the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions that meet the de minimis exception (defined below);

· Transactions made in an account where the employee, pursuant to a valid legal instrument, has given <u>full</u> investment discretion to an unaffiliated/unrelated third party;

· Purchases or sales of direct obligations of the government of the United States or other sovereign government or supra-national agency, high quality short-term debt instruments, bankers acceptances, certificates of deposit ("CDs"), commercial paper, repurchase agreements;

· Automatic investments in programs where the investment decisions are non-discretionary after the initial selections by the account owner (although the initial selection requires pre-clearance);

· Investments in dividend reinvestment plans;

· Exercised rights, warrants or tender offers;

· General obligation municipal bonds;

· Transactions in Employee Stock Ownership Programs ("ESOPs");

· Securities received via a gift or inheritance

· Transactions in cryptocurrencies; and

· **Non-Proprietary Product** open-end mutual funds.

**De Minimis Exception**

A **De Minimis** transaction is a personal trade that meets the following conditions: (a) less than $25,000; and (b) is made with no knowledge that a Client Fund have purchased or sold the Covered Security, or the Client Fund or its investment adviser considered purchasing or selling the Covered Security.

*Notwithstanding the foregoing, transactions that fall under the de minimis exception should not be so frequent and repetitive in nature that in totality the transactions appear to be improperly avoiding the intent of the de minimis exception. The CCO may require an Investment Person to pre-clear transactions regardless of if the transaction falls under the de minimis exception should the CCO deem reasonable and appropriate. Further, transactions effected pursuant to the de minimis exception remain subject to reporting requirements of the Code.*

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Serving on a Board of Directors** 

Investment Personnel may not serve on the board of directors of a publicly traded company without prior written authorization from the Ethics Committee. No such service shall be approved without a finding by the Ethics Committee that the board service would be consistent with the interests of Clients.

If board service is authorized by the Ethics Committee, in some instances, it may be required that the Investment Personnel serving as a Director may be isolated from making investment decisions with respect to the company involved through the use of information barriers, firewalls, or other procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Sanctions** 

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Procedures** 

Upon discovering a violation of this Code by an employee, family member, or related party sanctions as deemed appropriate may be imposed. Including, but not limited to, the following:

A written warning with a copy provided to the employee's direct report;

&nbsp;&nbsp;&nbsp;&nbsp;· Monetary fines and/or disgorgement of profits when an employee profits on the trading of a security deemed to be in violation of the Code;

· Suspension of the employment;

· Termination of the employment; or

· Referral to the SEC or other civil regulatory authorities determined by ALPS.

Violations and proposed sanctions will be documented by the Administrator of the Code of Ethics and will be submitted to the CCO for review and approval. In some cases, the Code of Ethics Committee may assist in determining the materiality of the violation and appropriate sanctions. Records of all reviews are the responsibility of and will be maintained by the Administrator of the Code of Ethics.

In determining the materiality of the violation, among other considerations, the CCO may review:

&nbsp;&nbsp;&nbsp;&nbsp;· Indications of fraud, neglect or indifference to Code of Ethics provisions;

· Evidence of violation of law, policy or guideline;

· Frequency of repeat violations;

· Level of influence of the violator; and

· Any mitigating circumstances that may exist.

In assessing the appropriate penalties, other factors considered may include:

&nbsp;&nbsp;&nbsp;&nbsp;· The extent of harm (actual or potential) to client interests;

· The extent of personal benefit or profit;

· Prior record of the violator;

· The degree to which there is a personal benefit or perceived benefit from unique knowledge obtained through employment with ALPS;

· The level of accurate, honest and timely cooperation from the violator; and

· Any mitigating circumstances that may exist.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Appeals Process** 

If an employee decides to appeal a sanction, they should contact the Administrator of the Code of Ethics who will refer the issue to the CCO for review and consideration. Any appeals submitted by an employee will be kept along with records of the violation and actions taken.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IX.** **Compliance & Supervisory Procedures** 

The CCO, or designee, is responsible for implementing supervisory and compliance review procedures. Supervisory procedures can be divided into two classifications: prevention of violations and detection of violations. Compliance review procedures include preparation of special and annual reports, record maintenance and review, and confidentiality preservation.

&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Prevention of Violations** 

To prevent violations of the Rules, the CCO or designee should, in addition to enforcing the procedures outlined in the Rules:

&nbsp;&nbsp;&nbsp;&nbsp;1. Review and update the procedures as necessary, at least once annually, including but not limited to a review of the Code by the CCO, the Code of Ethics Committee and/or counsel;

2. Answer questions regarding the Code;

3. Request from all persons upon commencement of services, and annually thereafter, any applicable forms and reports as required by the procedures;

4. Identify all Access Persons and Investment Persons, and notify them of their responsibilities and reporting requirements;

5. With such assistance from the Human Resources Department as may be appropriate, maintain a continuing education program consisting of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Orienting employees who are new to ALPS and the Rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Continually educating employees by distributing applicable materials and offering training to employees on at least an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Detection of Violations** 

To detect violations of these procedures, the CCO, or designee, should, in addition to enforcing the policies, implement procedures to review holding and transaction reports, forms and statements relative to applicable restrictions, as provided under the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Compliance Procedures** 

 

*Reports of Potential Deviations or Violations*

Upon learning of a potential deviation from or violation of the policies, the CCO shall either present the information at the next regular meeting of the Code of Ethics Committee or conduct a special meeting. The Code of Ethics Committee shall thereafter take such action as it deems appropriate (see Penalty Guidelines).

&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Annual Reports** 

The CCO shall prepare a written report to the Code of Ethics Committee and Senior Management at least annually. The written report shall include any certification required by Rule 17j-1. This report shall set forth the following information:

&nbsp;&nbsp;&nbsp;&nbsp;· Copies of the Code, as revised, including a summary of any changes made since the last report;

· Identification of any material issues including material violations requiring significant remedial action since the last report;

· Identification of any immaterial violations as deemed appropriate by the CCO;

· Identification of any material conflicts arising since the last report; and

· Recommendations, if any, regarding changes in existing restrictions or procedures based upon experience under these Rules, evolving industry practices, or developments in applicable laws or regulations.

&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Records** 

ALPS shall maintain the following records:

&nbsp;&nbsp;&nbsp;&nbsp;· A copy of this Code and any amendment thereof which is or at any time within the past five years has been in effect;

· A record of any violation of this Code, or any amendment thereof, and any action taken as a result of such violation;

· Files for personal securities account statements, all reports and other forms submitted by employees pursuant to these Rules and any other pertinent information;

· A list of all persons who are, or have been, required to submit reports pursuant to this Code;

· A list of persons who are, or within the last five years have been responsible for, reviewing transaction and holdings reports; and

· A copy of each report produced pursuant to this Code.

&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Inspection** 

The records and reports maintained by SS&C ALPS pursuant to the Rules shall at all times be available for inspection, without prior notice, by any member of the Code of Ethics Committee.

&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Confidentiality** 

All procedures, reports and records monitored, prepared or maintained pursuant to this Code shall be considered confidential and proprietary to ALPS and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than to members of the Code of Ethics Committee or as requested.

&nbsp;&nbsp;&nbsp;&nbsp;**H.** **The Code of Ethics Committee** 

The purpose of this section is to describe the Code of Ethics Committee. The Code Of Ethics Committee was created to provide an effective mechanism for monitoring compliance with the standards and procedures contained in the Rules and to take appropriate action at such times as violations or potential violations are discovered.

*Membership*

 

The Committee consists of the Chief Compliance Officer(s) of ALPS Portfolio Solutions Distributor, Inc., ALPS Distributors, Inc., and ALPS Advisors, Inc., SS&C ALPS General Counsel, and other executives and senior leadership of ALPS entities.

The CCO currently serves as the Chairperson of the Committee, where the role of CCO for covered legal entities is held by multiple individuals, they shall service as Co-Chairpersons of the Committee. The composition of the Committee may be changed from time-to-time and the Committee may seek input of other employees concerning matters related to this Code as they deem appropriate.

The Committee may also appoint a non-voting Administrator of the Code and/or Secretary, responsible for day to day implementation and oversight of the Code and the Committee.

*Committee Meetings*

 

The Committee shall meet approximately every six months, or as often as necessary, to review operation of this Code and to consider technical deviations from operational procedures, inadvertent oversights or any other potential violation of the Rules. Deviations alternatively may be addressed by including them in the employee's personnel records maintained by SS&C ALPS. Committee meetings are primarily intended for consideration of the general operation of the compliance procedures as well as for substantive or serious departures from the standards and procedures in the Rules.

Other persons may attend a Committee meeting, at the discretion of the Committee, as the Committee shall deem appropriate. Any individual whose conduct has given rise to the meeting may also be called upon, but shall not have the right, to appear before the Committee. It is not required that minutes of Committee meetings be maintained; in lieu of minutes the Committee may issue a report describing any action taken. The report shall be included in the confidential file maintained by the CCO with respect to the particular employee whose conduct has been the subject of the meeting.

If a Committee member has committed, or is the subject of, a violation, they shall not be considered a voting member of the Committee or be involved in the review or decisions of the Committee with respect to his or her activities, or sanctions.

*Special Discretion*

 

The Committee shall have the authority by unanimous action to exempt any person or class of persons or transaction or class of transactions from all or a portion of the Rules provided that:

&nbsp;&nbsp;&nbsp;&nbsp;· The Committee determines, on advice of counsel, that the particular application of all or a portion of the Code is not legally required;

· The Committee determines that the likelihood of any abuse of the Code by such exempted person(s) or as a result of such exempted transaction is remote;

· The terms or conditions upon which any such exemption is granted is evidenced in writing; and

· The exempted person(s) agrees to execute and deliver to the CCO, at least annually, a signed Acknowledgment Form, which Acknowledgment shall, by operation of this provision, describe such exemptions and the terms and conditions upon which it was granted.

The Committee shall also have the authority by unanimous action to impose such additional requirements or restrictions as it, in its sole discretion, determines appropriate or necessary, as outlined in the Sanctions Guidelines.

Any exemption, and any additional requirement or restriction, may be withdrawn by the Committee at any time (such withdrawal action is not required to be unanimous).

**Appendix A – Approved Broker/Dealers with Electronic Feeds**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Ameriprise

· Charles Schwab

· Chase Investment Services

· Edward Jones

· Fidelity

· Goldman Sachs

· Interactive Brokers

· JP Morgan

· Merrill Lynch

· Morgan Stanley

· OptionsXpress

· Raymond James

· RBC Capital Markets

· Robinhood

· Stifel Nicolaus

· UBS

· Vanguard

· Wells Fargo

*Updated: July 1, 2024*

**Appendix B - Sub-Advisers to ALPS Advisors, Inc.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Aristotle Capital Management, LLC

· Brown Brothers Harriman & Co.

· CoreCommodity Management, LLC

· Congress Asset Management Company

· Fiduciary Management, Inc.

· GSI Capital Advisors, LLC

· Kotak Mahindra (UK) Limited

· Level Four Capital Management

· Morningstar Investment Management LLC

· Principal Real Estate Investors, LLC

· Pzena Investment Management, LLC

· RiverFront Investment Group, LLC

· Smith Capital Investors, LLC

· Sustainable Growth Advisers, LP

· TCW Investment Management Company

· Weatherbie Capital, LLC

*Updated: July 1, 2024*

**Appendix C - Glossary of Defined Terms**

***Access Person*** - Any Director, Trustee, Officer, Partner, Investment Person, or Employee of ALPS Holdings Inc. and its subsidiaries, who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has access to non-public information regarding any Clients' Transactions, or non-public information regarding the portfolio holdings of any fund(s) of a Client or any SS&C ALPS fund(s) or fund(s) of a subsidiary;

· is involved in making Securities Transactions recommendations to Clients, or has access to such recommendations that are non-public;

· in connection with his or her regular functions or duties, makes, participates in or obtains information regarding a Fund's Transactions or whose functions relate to the making of any recommendations with respect to a Fund's Transactions;

· obtains information regarding a Fund's Transactions or whose functions relate to the making of any recommendations with respect to a Fund's Transactions; or

· any other person designated by the CCO or the Ethics Committee has having access to non-public information.

***Account*** - Any accounts in which Securities (as defined below) transactions can be effected including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any accounts held by any employee;

· accounts of the employee's immediate family members (any relative by blood or marriage) living in the employee's household or is financially dependent;

· accounts held by any other related individual over whose account the employee has discretionary control;

· any other account where the employee has discretionary control and materially contributes; and

· any account in which the employee has a direct or indirect beneficial interest, such as trusts and custodial accounts or other accounts in which the employee has a beneficial interest or exercises investment discretion.

***Administrator of the Code of Ethics*** – by the Chief Compliance Officer tasked with assisting in the oversight of SS&C ALPS' Code of Ethics and all applicable restrictions and requirements.

***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 scheduled and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

***Beneficial Ownership*** - For purposes of the Code, "Beneficial Ownership" shall be interpreted in the same manner as it would be in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 ("Exchange Act") in determining whether a person is subject to the provisions of Section 16 under the Exchange Act and the rules and regulations there under.

Generally speaking, beneficial ownership encompasses those situations where the beneficial owner has the right to enjoy some economic benefits which are substantially equivalent to ownership regardless of who is the registered owner. This would include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securities which a person holds for his or her own benefit either in bearer form, registered in his or her own name or otherwise, regardless of whether the securities are owned individually or jointly;

· securities held in the name of a member of his or her immediate family sharing the same household;

· securities held by a trustee, executor, administrator, custodian or broker;

· securities owned by a general partnership of which the person is a member or a limited partnership of which such person is a general partner;

· securities held by a corporation which can be regarded as a personal holding company of a person; and

· securities recently purchased by a person and awaiting transfer into his or her name.

***Chief Compliance Officer ("CCO")*** - The CCO refers as appropriate to Matthew Sutula, so designated as CCO by AAI, and Stephen Kyllo, CCO of ADI, APSD and AFS, or the designated Administrator of the Code of Ethics. The CCO may designate additional individuals, where appropriate, to operate in the capacity of the CCO as outlined in this Code of Ethics.

***Covered Associate*** – Any employee that is required to comply with the provisions under Rule 206(4)-5 of the Advisers Act as well as the Political Contributions Policy within AAI's Compliance Program. A person is generally considered to be a covered associate for these purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if they are a President, managing director, VP in charge of a business unit and any other employee who performs a policy-making function of ALPS Advisors, Inc. ("AAI");

· if they are an employee who solicits a government entity for AAI and such employee's direct or indirect supervisor;

· a political action committee controlled by AAI or by any of AAI's covered associates; or

· any other AAI employee so designated by the CCO of AAI.

***Covered Securities*** – For purposes of the Code, "Covered Securities" will include all Securities (as defined below) as well as all Proprietary Products (as defined below) or any equivalents in non-US jurisdictions, single stock futures or swap, security based swap and security futures products regulated by both the U.S. Securities and Exchange Commission ("SEC") and Commodity Futures Trading Commission ("CFTC").

***Employee*** – Employees of ALPS Holdings, Inc. and its subsidiaries, including directors, officers, partners of AAI (or other persons occupying similar status), any temporary worker, contractor, or independent contractor as designated by the CCO or the Ethics Committee.

***Financial Institution*** – Any broker, dealer, trust company, registered or unregistered pooled investment or trading account, record keeper, bank, transfer agent or other financial firm holding and/or allowing securities transactions in Covered Securities.

***Foreign Official*** – the term "Foreign Official" includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· government officials;

· political party leaders;

· candidates for office;

· employees of state-owned enterprises (such as state-owned banks or pension plans); and

· relatives or agents of a Foreign Official if a payment is made to such relative or agent of a Foreign Official with the knowledge or intent that it ultimately would benefit the Foreign Official.

***Fund Transactions*** – For purposes of the Code, "Fund Transactions" refers to any transactions of a fund itself. It does not include "Securities Transactions" of an employee (Securities Transactions are defined below).

***Investment Persons*** – "Investment Person" shall mean any Access Person (within ALPS) who makes investment decisions for AAI or Clients, who provides investment related information or advice to portfolio managers, or helps to execute and/or implement a portfolio manager's decisions. This typically includes for example, portfolio managers, portfolio assistants, traders, and securities analysts.

***Managed Account*** – An account where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The employee has a direct or indirect beneficial interest; <u>and</u> 

· The employee does not exercise discretionary control or influence over the selection or transaction of Covered Securities.

***Material Nonpublic Non-public Information*** – Any information that has not been publicly disseminated, or that was obtained legitimately while acting in a role of trust or confidence of an issuer or that was obtained wrongfully from an issuer or such person acting in a role of trust or confidence that a reasonable investor would consider important in making a decision to buy, hold or sell a company's securities. Regardless of whether it is positive or negative, historical or forward looking, any information that a reasonable investor could expect to affect a company's stock price. Material Nonpublic Non-public Information could include, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· projections of future earnings or losses;

· news of a possible merger, acquisition or tender offer;

· significant new products or services or delays in new product or service introduction or development;

· plans to raise additional capital through stock sales or otherwise;

· the gain or loss of a significant customer, partner or supplier;

· discoveries, or grants or allowances or disallowances of patents;

· changes in management;

· news of a significant sale of assets;

· impending bankruptcy or financial liquidity problems; or

· changes in dividend policies or the declaration of a stock split.

***Portfolio Securities*** – Securities held by accounts (whether registered or private) managed or serviced by SS&C ALPS.

***Proprietary Products*** – Any funds (open-end, closed-end, Exchange-Traded Funds) where SS&C ALPS is the investment adviser. A list will be made available to employees on a quarterly basis.

***Registered Representative*** – The term "Registered Representative" as used within this Code, refers to an employee who holds a securities license, and is actively registered, with FINRA.

***Restricted Accounts*** – Employees are restricted from establishing external managed accounts (also referred to as a discretionary account) with any adviser that conducts business with AAI. A managed account is defined as an investment account that is owned by an individual investor but is managed by a hired professional money manager. Investment in a hedge fund is **not** deemed to be managed account. See Appendix B for a list of advisers that work with AAI.

***Securities*** – For purposes of the Code, "Security" shall have the meaning set forth in Section 2(a)(36) of the 1940 Act. This definition of "Security" includes, but is not limited to: any note, stock, treasury stock, bond, debenture, evidence of indebtedness, certificates of interest or participation in any profit-sharing agreement, any put, call, straddle, option or privilege on any Security or on any group or index of Securities, or any put, call, straddle, option or privilege entered into on a national securities exchange relating to foreign currency, any exchange-traded vehicle (including, but not limited to, closed-end mutual funds, exchange-traded notes and exchange-traded funds). Further, for the purpose of the Code, "Security" shall include any commodity contracts as defined in Section 2(a)(1)(A) of the Commodity Exchange Act. This definition includes but is not limited to futures contracts on equity indices. For purposes of the Code, any derivative of a "Security" shall also be considered a Security.

"Security" shall ***not*** include direct obligations of the government of the United States or any other sovereign country or supra-national agency, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements, variable and fixed insurance products.

***Securities Transactions*** – The term "Securities Transactions" as used within this Code typically refers to the purchase and/or sale of Securities, (as defined herein), by an employee. Securities Transactions shall include any gift of Covered Securities that is given or received by the employee, including any inheritance received that includes Covered Securities.

![](tm2519868d7_ex99-xrx3img002.jpg)

## Ex-99.(S)(1)

**Exhibit 99.(s)(1)**

**USVC Venture Capital Access Fund**

<u>Power of Attorney</u>

**Know All Men By These Presents,** that the undersigned, Erik Syvertsen, hereby constitutes and appoints Huoy-Ming Yeh and Chanelle Blackie, jointly and severally, his attorneys-in-fact, each with power of substitution, for him in any and all capacities to sign the Registration Statement on Form N-2 (File No. 333-255702) under the Securities Act of 1933 and the Investment Company Act of 1940 of USVC Venture Capital Access Fund and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue thereof.

Dated: September 18, 2025

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| |
|:---|
| /s/ Erik Syvertsen |
| Erik Syvertsen |

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**USVC Venture Capital Access Fund**

<u>Power of Attorney</u>

**Know All Men By These Presents,** that the undersigned, David Borecky, hereby constitutes and appoints Erik Syvertsen, Huoy-Ming Yeh, and Chanelle Blackie, jointly and severally, his attorneys-in-fact, each with power of substitution, for him in any and all capacities to sign the Registration Statement on Form N-2 (File No. 333-255702) under the Securities Act of 1933 and the Investment Company Act of 1940 of USVC Venture Capital Access Fund and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue thereof.

Dated: September 18, 2025

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| |
|:---|
| /s/ David Borecky |
| David Borecky |

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**USVC Venture Capital Access Fund**

<u>Power of Attorney</u>

**Know All Men By These Presents,** that the undersigned, Nimesh Gupta, hereby constitutes and appoints Erik Syvertsen, Huoy-Ming Yeh, and Chanelle Blackie, jointly and severally, his attorneys-in-fact, each with power of substitution, for him in any and all capacities to sign the Registration Statement on Form N-2 (File No. 333-255702) under the Securities Act of 1933 and the Investment Company Act of 1940 of USVC Venture Capital Access Fund and any and all amendments to such Registration Statement, and to file the same, with exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, hereby ratifying and confirming all that each of said attorneys-in-fact, or his or her substitute or substitutes, may do or cause to be done by virtue thereof.

Dated: September 18, 2025

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| |
|:---|
| /s/ Nimesh Gupta |
| Nimesh Gupta |

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

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| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Calculation of Filing Fee Tables**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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-2**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **USVC Venture Capital Access Fund**  |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Calculation or Carry Forward Rule**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fee Rate**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Registration Fee**  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to be Paid | 1 | Equity | Common shares of beneficial interest | 457(o) | $500000000.00 | 0.0001531 | $76550.00 |
| Fees Previously Paid | 2 | Equity | Common shares of beneficial interest | 457(o) | $500000000.00 |  | $54550.00 |
| **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** | **Carry Forward Securities** |
| Carry Forward Securities |  |  |  |  |  |  |  |
|  |  |  | Total Offering Amounts: | Total Offering Amounts: | $1000000000.00  |  | $131100.00  |
|  |  |  | Total Fees Previously Paid:  | Total Fees Previously Paid:  |  |  | $54550.00  |
|  |  |  | Total Fee Offsets:  | Total Fee Offsets:  |  |  | $0.00  |
|  |  |  | Net Fee Due:  | Net Fee Due:  |  |  | $76550.00  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Offering Note** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> Estimated pursuant to Rule 457(o) under the Securities Act of 1933 solely for the purpose of determining the registration fee. The proposed maximum offering price per security will be determined, from time to time, by the Registrant in connection with the sale by the Registrant of the securities registered under this registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup> The registrant previously paid $54,550 in connection with the registrant's registration statement on Form N-2 (File No. 333-255702) as filed with the Securities and Exchange Commission on April 30, 2021.

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| | |
|:---|:---|
| | |
| **Rules 457(b) and 0-11(a)(2)** | **Rules 457(b) and 0-11(a)(2)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/A |
| **Rule 457(p)** | **Rule 457(p)** |
| Fee Offset Claims | N/A |
| Fee Offset Sources | N/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;&nbsp;&nbsp;&nbsp;&nbsp; **Security Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Security Class Title**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Amount of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Maximum Aggregate Offering Price of Securities Previously Registered**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Form Type**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **File Number**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Initial Effective Date**  |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |

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