# EDGAR Filing Document

**Accession Number:** 0001818255
**File Stem:** 0001104659-23-008082
**Filing Date:** 2023-1
**Character Count:** 823138
**Document Hash:** a7ff240843ee2c9063f4446eae0b3340
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-008082.hdr.sgml**: 20230130

**ACCESSION NUMBER**: 0001104659-23-008082

**CONFORMED SUBMISSION TYPE**: 486BPOS

**PUBLIC DOCUMENT COUNT**: 18

**FILED AS OF DATE**: 20230130

**DATE AS OF CHANGE**: 20230130

**EFFECTIVENESS DATE**: 20230130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CPG Cooper Square International Equity, LLC
- **CENTRAL INDEX KEY:** 0001818255
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23590
- **FILM NUMBER:** 23569266

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CENTRAL PARK ADVISERS, LLC
- **STREET 2:** 500 FIFTH AVENUE, 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10110
- **BUSINESS PHONE:** 212-317-9200

**MAIL ADDRESS:**
- **STREET 1:** C/O CENTRAL PARK ADVISERS, LLC
- **STREET 2:** 500 FIFTH AVENUE, 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10110
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CPG Cooper Square International Equity, LLC
- **CENTRAL INDEX KEY:** 0001818255
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 486BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-239925
- **FILM NUMBER:** 23569265

**BUSINESS ADDRESS:**
- **STREET 1:** C/O CENTRAL PARK ADVISERS, LLC
- **STREET 2:** 500 FIFTH AVENUE, 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10110
- **BUSINESS PHONE:** 212-317-9200

**MAIL ADDRESS:**
- **STREET 1:** C/O CENTRAL PARK ADVISERS, LLC
- **STREET 2:** 500 FIFTH AVENUE, 31ST FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10110

Securities Act File No. 333-239925<br> Investment Company Act File No. 811-23590

**UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

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FORM N-2

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ⌧<br> PRE-EFFECTIVE AMENDMENT NO.** **◻<br> POST-EFFECTIVE AMENDMENT NO. 2 ⌧**

**AND/OR**

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ⌧<br> AMENDMENT NO. 4 ⌧**

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**CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC**<br> (Exact Name of Registrant as Specified in its Charter)

**125 West 55<sup>th</sup> Street,<br> New York, New York 10019**<br> (Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: **(212) 317-9200**

**Mitchell A. Tanzman<br> c/o Central Park Advisers, LLC<br> 125 West 55<sup>th</sup> Street,<br> New York, New York 10019**<br> (Name and Address of Agent for Service)

*Copy to:*

**Stuart H. Coleman, Esq.<br> Proskauer Rose LLP<br> Eleven Times Square<br> New York, New York 10036<br> (212) 969-3000**

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APPROXIMATE DATE OF PROPOSED PUBLIC OFFERING:<br> AS SOON AS PRACTICABLE AFTER THE EFFECTIVE DATE OF THIS REGISTRATION STATEMENT.

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

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

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

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

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

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

◻ when declared effective pursuant to Section 8(c) of the Securities Act

*The following boxes should only be included and completed if the registrant is making this filing in accordance with Rule 486 under the Securities Act.*

⌧ immediately upon filing pursuant to paragraph (b)

◻ on (date) pursuant to paragraph (b)

◻ 60 days after filing pursuant to paragraph (a)

◻ on (date) pursuant to paragraph (a)

If appropriate, check the following box.

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

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

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

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

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

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

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

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

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

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

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

◻ 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).

**CPG Cooper Square International Equity, LLC**

**PROSPECTUS**

**January 30, 2023**

<u> </u>

**Class A Units**

**Class I Units**

<u> </u>

CPG Cooper Square International Equity, LLC (the "Fund") is a Delaware limited liability company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company. Central Park Advisers, LLC serves as the Fund's investment adviser (the "Adviser"), and Select Equity Group, L.P. serves as the Fund's investment sub-adviser (the "Sub-Adviser"). The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio.

The Fund's investment objective is to seek to achieve maximum total return. The Fund seeks to achieve its investment objective by investing primarily in equity securities of non-U.S.-domiciled issuers, including those domiciled in emerging markets. The Fund may invest in equity securities without restriction as to market capitalization. The Sub-Adviser's approach involves taking long and short positions in equity securities—namely, investing long on the basis of extensive research and fundamental analysis, and seeking to take opportunistic advantage of market inefficiencies by selling other securities short.

**An investment in the Fund is speculative with a substantial risk of loss. Before making your investment decision, you should consider, among other things, your liquidity needs. Liquidity, if any, may be provided by the Fund only through repurchase offers, which may, but are not required to, be made from time to time by the Fund as determined by the Fund's Board of Directors in its sole discretion. In addition, the Fund's units of limited liability company interests ("Units") are not listed on any national or other securities exchange, and it is not anticipated that a secondary market will develop. Thus, an investment in the Fund may not be suitable for investors who may need the money they invest in a specified time frame. See "Prospectus Summary—Risk Factors" and "Types of Investments and Related Risk Factors."**

In consideration of the advisory services provided to the Fund by the Adviser, the Fund pays the Adviser a fee, computed and payable monthly in arrears, at an annual rate of 1.25% of the Fund's net asset value (the "Management Fee"). In consideration of the sub-advisory services provided to the Fund by the Sub-Adviser, the Adviser pays the Sub-Adviser, out of the Management Fee, a fee (the "Sub-Advisory Fee") computed and payable monthly in arrears, at the annual rate of 0.75% of the Fund's net asset value.

In addition, promptly after the end of each fiscal year of the Fund (or such other times as described below), the Fund pays to the Sub-Adviser an incentive fee (the "Incentive Fee") in an amount equal to 20% of the Fund's net profits attributable to each class of Units, subject to reduction for prior period losses of the Fund that have not been offset by subsequent net profits. The Incentive Fee structure presents risks that are not present in funds without incentive fees. For additional information regarding the Management Fee, Sub-Advisory Fee and Incentive Fee, see "Fees and Expenses" and "Types of Investments and Related Risk Factors—Other Risks—The Incentive Fee."

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| | | | |
|:---|:---|:---|:---|
|  | Per Class A Unit | Per Class I Unit | Total |
| Public Offering Price<sup>(1)</sup> | &nbsp;&nbsp;Current NAV | &nbsp;&nbsp;Current NAV | $250000000 |
| Sales Load | &nbsp;&nbsp;None<sup>(2)</sup> | &nbsp;&nbsp;None<sup>(2)</sup> | $0 |
| Proceeds to the Fund<sup>(3)</sup> | &nbsp;&nbsp;Amount Invested at Current NAV | &nbsp;&nbsp;Amount Invested at Current NAV | $250000000 |

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<sup>(1)</sup> Class A Units and Class I Units may be purchased as of the first business day of each month at the Fund's then-current net asset value per Units. Generally, the minimum initial investment in each of the Fund's classes of Units is $50,000, which minimum may be reduced in the Adviser's sole discretion (but not below $25,000). The minimum additional investment in each class of the Fund's Units is $5,000.

<sup>(2)</sup> While neither the Fund nor Delaware Distributors, L.P., the distributor of the Fund's Units on a best efforts basis (the "Distributor"), imposes a sales load on purchases of Class A or Class I Units, financial intermediaries may directly charge Class A investors certain transaction or other fees in such amounts as they may determine. Investors should consult their financial intermediary for additional information. Any such fees will be in addition to an investor's investment in the Fund, and not deducted therefrom.

<sup>(3)</sup> Assumes that all Units will be sold in a continuous offering. The proceeds may differ from that shown if the then-current net asset value at which Units are sold varies from that shown and/or additional Units are registered.

ii

Under the terms of the distribution agreement, the Distributor is authorized to pay third parties, including brokers, dealers and certain financial advisors (which may include wealth advisors) and others (collectively, "Selling Agents") for the provision of distribution services within the meaning of Rule 12b-1 under the 1940 Act and for non-12b-1 services to investors holding Class A Units. The Fund pays the Distributor a monthly fee out of the net assets of Class A Units at the annual rate of 0.75% of the net asset value of Class A Units, determined and accrued as of the end of each month (before any repurchases of Class A Units, but after the Management Fee is calculated and accrued) (the "Distribution and Servicing Fee"). The Distributor pays the Distribution and Servicing Fee to Selling Agents, who may use such fee to compensate the financial advisors involved in the sale of Units. Amounts retained by the Distributor, if any, will be used by the Distributor to pay for Fund-related distribution and servicing expenses. Payment of the Distribution and Servicing Fee is governed by the Fund's Rule 12b-1 Plan, which, pursuant to the conditions of an exemptive order issued by the Securities and Exchange Commission (the "SEC"), has been adopted by the Fund with respect to Class A Units in compliance with Rule 12b-1 under the 1940 Act. Class I Units are not subject to the Distribution and Servicing Fee.

Although Class A Units and Class I Units are registered under the Securities Act of 1933, as amended, Units are offered only to investors that are "qualified clients," as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended. Eligible investors that subscribe for Units and are admitted to the Fund by the Adviser will become investors in the Fund. Any amounts received in advance of initial or additional purchases of Units are placed in a non-interest-bearing escrow account prior to the amounts being invested in the Fund, in accordance with Rule 15c2-4 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The purchase amount will be released from the escrow account once the investor's order is accepted.

This prospectus (the "Prospectus") provides the information that a prospective investor should know about the Fund before investing. You are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including a statement of additional information ("SAI") dated January 30, 2023, has been filed with the SEC. The table of contents of the SAI appears on page 63 of this Prospectus. The Prospectus, SAI, which is incorporated by reference into this Prospectus in its entirety, and the Fund's most recent annual and semi-annual reports are published on the Fund's website (<u>http://www.coopersquarefund.com</u>). The SAI and the Fund's annual and semi-annual reports also are available upon request and without charge by writing the Fund at c/o Central Park Advisers, LLC, 125 West 55<sup>th</sup> Street, New York, New York 10019, or by calling (collect) (212) 317-9200. In addition, you may request other information about the Fund or make investor inquiries by calling (collect) (212) 317-9200. The SAI, material incorporated by reference into the Fund's registration statement and other information about the Fund also is available on the SEC's website (http://www.sec.gov). The address of the SEC's website is provided solely for the information of prospective investors and is not intended to be an active link.

In making an investment decision, investors must rely upon their own examination of the Fund and the terms of the offering, including the merits and risks involved. Neither the SEC nor any state securities commission has approved or disapproved the Fund's Units or passed upon the adequacy of the disclosure in this Prospectus. Any representation to the contrary is a criminal offense.

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

iii

This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy, and no sale of Units will be made, in any jurisdiction in which the offer, solicitation or sale is not authorized or to any person to whom it is unlawful to make the offer, solicitation or sale.

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

**All investors and potential investors are hereby informed that (i) any tax advice contained in this Prospectus is not intended or written to be used, and cannot be used, by any taxpayer for the purpose of avoiding penalties under the Internal Revenue Code of 1986, as amended, (ii) any such advice is written to support the promotion or marketing of the transactions or matters addressed in this Prospectus, and (iii) each investor and potential investor should seek advice based on its particular circumstances from an independent tax advisor.**

**You should not assume that the information provided by this Prospectus is accurate as of any date other than the date on the front of this Prospectus. The Fund will, however, update this Prospectus to reflect any material changes to the disclosures herein.**

 **Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

iv

**TABLE OF CONTENTS**

<u>Page</u>

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| | |
|:---|:---|
| [PROSPECTUS SUMMARY](#sp1-001) | [1](#sp1-001) |
| [SUMMARY OF FUND EXPENSES](#sp02_001) | [18](#sp02_001) |
| [FINANCIAL HIGHLIGHTS](#sp1-002) | [20](#sp1-002) |
| [THE FUND](#sp02_002) | [22](#sp02_002) |
| [INVESTMENT PROGRAM](#sp02_003) | [23](#sp02_003) |
| [TYPES OF INVESTMENTS AND RELATED RISK FACTORS](#sp02_004) | [25](#sp02_004) |
| [USE OF PROCEEDS](#sp3_001) | [43](#sp3_001) |
| [PERFORMANCE INFORMATION](#sp3_002) | [43](#sp3_002) |
| [MANAGEMENT OF THE FUND](#sp3_003) | [43](#sp3_003) |
| [FEES AND EXPENSES](#sp3_004) | [46](#sp3_004) |
| [INVESTOR QUALIFICATIONS](#sp3_005) | [50](#sp3_005) |
| [REPURCHASES OF UNITS AND TRANSFERS](#sp3_006) | [51](#sp3_006) |
| [CALCULATION OF NET ASSET VALUE](#sp3_007) | [54](#sp3_007) |
| [DESCRIPTION OF UNITS](#sp3_008) | [56](#sp3_008) |
| [CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS](#sp3_009) | [57](#sp3_009) |
| [PLAN OF DISTRIBUTION](#sp3_010) | [61](#sp3_010) |
| [**TABLE OF CONTENTS** OF THE SAI](#sp1-003) | [63](#sp1-003) |
| [APPENDIX A: FORM OF INVESTOR CERTIFICATE](#sp3_012) | [A-1](#sp3_012) |
| [APPENDIX B: PRIVACY NOTICE](#sp3_011) | [B-1](#sp3_011) |
| [APPENDIX C: RESTRICTIONS ON SALES IN SELECT NON-U.S. JURISDICTIONS](#sp3_013) | [C-1](#sp3_013) |
| [APPENDIX D: PERFORMANCE INFORMATION](#sp3_014) | [D-1](#sp3_014) |

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v

**PROSPECTUS SUMMARY**

The following summary is qualified entirely by the detailed information appearing elsewhere in this Prospectus and by the terms and conditions of the Fund's Limited Liability Company Agreement, as amended and restated from time to time (the "LLC Agreement"), and the Investor Certificate (defined herein), each of which should be read carefully and retained for future reference.

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| The Fund | CPG Cooper Square International Equity, LLC (the "Fund") is a Delaware limited liability company that is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as a closed-end, non-diversified management investment company. Central Park Advisers, LLC serves as the Fund's investment adviser (the "Adviser"), and Select Equity Group, L.P. (the "Sub-Adviser") serves as the Fund's investment sub-adviser. The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio.<br>The Fund has elected, and intends to continue to qualify, to be treated as a regulated investment company (a "RIC") under the Internal Revenue Code of 1986, as amended (the "Code").<br>The Fund offers two separate classes of units of limited liability company interests ("Units") designated as Class A (the "Class A Units") and Class I (the "Class I Units") to investors ("Investors") eligible to invest in the Fund. Each class of Units has certain differing characteristics, particularly in terms of the distribution fees that may be charged to Investors. The Fund may offer additional classes of Units in the future. |
| Investment Program | The Fund's investment objective is to seek to achieve maximum total return. The Fund seeks to achieve its investment objective by investing primarily in equity securities of non-U.S.-domiciled issuers, including those domiciled in emerging markets. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. For purposes of the Fund's investment program, "equity securities" means common and preferred stocks (including investments in initial public offerings or "IPOs"), convertible securities, warrants and rights. The Fund may invest in equity securities without restriction as to market capitalization.<br>The Sub-Adviser's approach involves taking long and short positions in equity securities—namely, investing long on the basis of extensive research and fundamental analysis, and seeking to take opportunistic advantage of market inefficiencies by selling other securities short. The majority of the Fund's long exposure is held in non-U.S. domiciled growth companies with high returns on capital and high barriers to competition that the Sub-Adviser believes are trading at a discount to their intrinsic value. The Sub-Adviser invests in a majority of these companies with an expectation of a multi-year holding period. The Fund's long exposure also includes investments in more opportunistic situations that may be held for a multi-quarter, rather than multi-year, time frame. In the short portfolio, the Sub-Adviser attempts to identify companies that are exposed to ongoing competitive pressures with poor returns on capital and |

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deteriorating fundamentals. The short positions generally are not selected as direct hedges to the long positions. Under extraordinary circumstances, the Fund may acquire substantial stakes in public companies; however, the Fund generally will not invest more than 10% of its net asset value (measured at the time of purchase) in the voting securities of any one investment. The Sub-Adviser may seek to obtain exposure to particular issuers or securities through derivative transactions, including, without limitation, swaps (including total return swaps), contracts for differences ("CFDs"), options and other types of derivative arrangements for investment or hedging purposes.<br>To the extent permitted by the 1940 Act, the Fund may borrow for investment purposes, to satisfy repurchase requests from Investors and to otherwise provide the Fund with liquidity. See "Borrowing" below.<br>

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|:---|:---|
| Term | The Fund's term is perpetual unless the Fund is otherwise terminated under the terms of the Fund's organizational documents. |
| The Offering | The Fund is offering up to $250 million of Units on a continuous basis through Delaware Distributors, L.P. (the "Distributor"). The net asset values of each class of Units will vary over time as a result of the differing fees and expenses applicable to each class of Units and different initial offering prices and inception dates. <br>Units may be purchased as of the first business day of each month based upon their then current net asset value per Unit. Each date on which Units are delivered is referred to as a "Closing Date." Purchase proceeds do not become the Fund's assets until the relevant Closing Date. Each prospective Investor will be required to complete an Investor certification (the "Investor Certificate") certifying that the Units being purchased are being acquired by an Eligible Investor (defined herein). Prior to the receipt and acceptance of the Investor Certificate, an Investor's funds will be held in a non-interest-bearing account at UMB Bank, N.A., in accordance with Rule 15c2-4 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). A prospective Investor will not become an Investor of the Fund, and has no rights (including, without limitation, any voting or redemption rights, or any rights with respect to standing), until the relevant Closing Date. The Fund reserves the right to reject any purchase of Units in certain circumstances (including when the Fund has reason to believe that such purchase would be unlawful). Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective Investor.<br>Generally, the minimum initial investment in each of the Fund's classes of Units is $50,000, which minimum may be reduced in the Adviser's sole discretion (but not below $25,000). The minimum additional investment in each class of the Fund's Units is $5,000. |
| Eligible Investors | Units of the Fund are offered only to "qualified clients," as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended (the |

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|:---|:---|
|  | "Advisers Act") ("Eligible Investors"). Existing Investors seeking to purchase additional Units will be required to qualify as "Eligible Investors" at the time of the additional purchase.<br>Class A Units may be purchased by any Eligible Investor. Class I Units may be purchased by those Eligible Investors that (i) compensate their financial intermediaries for their services through asset-based fees, including asset-based fee programs (*i.e.*, wrap accounts), or (ii) purchase Units directly from the Fund.<br>Each prospective Investor must submit a completed Investor Certificate acceptable to the Adviser, certifying, among other things, that the Investor is an Eligible Investor and will not transfer the Units purchased except in the limited circumstances permitted. The Adviser may from time to time impose stricter eligibility requirements (or, in the event applicable regulatory restrictions change, less stringent eligibility requirements). If an Investor Certificate is not accepted by the Fund by the Closing Date, the subscription will not be accepted at such Closing Date and will be held in a non-interest-bearing escrow account by the Fund's escrow agent until the next Closing Date.<br>An investment in the Fund involves a considerable amount of risk. An Investor may lose some or all of its investment in the Fund. Before making an investment decision, a prospective Investor should (i) consider the suitability of this investment with respect to the Investor's investment objectives and personal situation and (ii) consider factors such as the Investor's personal net worth, income, age, risk tolerance and liquidity needs. Investors have no right to require the Fund to redeem their Units of the Fund; however, the Fund intends to offer limited periodic liquidity to Investors. See "Repurchases of Units by the Fund" below. |
| Borrowing | The Fund is authorized to borrow money subject to the limits of the Asset Coverage Requirement (as defined below). The Fund may borrow money for investment purposes, to satisfy repurchase requests from Investors and to otherwise provide the Fund with liquidity.<br>The 1940 Act requires a registered investment company to satisfy an asset coverage requirement of 300% of its indebtedness, including amounts borrowed, measured at the time indebtedness occurs (the "Asset Coverage Requirement"). This means that the value of the Fund's total indebtedness may not exceed one-third of the value of its total assets, including the value of the assets purchased with the proceeds of its indebtedness. |
| Tax Distribution Policy | *General*. The Fund expects that dividends generally will be paid at least annually on the Units in amounts representing substantially all of the Fund's net investment income, if any, earned each year. The Fund also will pay substantially all taxable net capital gain realized on investments to Investors at least annually. To qualify and maintain its status as a RIC, the Fund must, among other requirements, distribute at least 90% of its investment company taxable income (generally, the Fund's net ordinary taxable income and realized net short-term capital gains in excess of |

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|:---|:---|
|  | realized net long-term capital losses, determined without regard to the dividends paid deduction) on an annual basis. See "Certain U.S. Federal Income Tax Considerations—Taxation of the Fund." |
|  | *Dividend Reinvestment Plan.* Under the Fund's dividend reinvestment plan ("DRIP"), distributions paid by the Fund will be automatically reinvested in additional Units unless an Investor "opts out" (elects not to reinvest in Units). The tax treatment of dividends and capital gain distributions will be the same whether the Investor takes them in cash or reinvests them to purchase additional Units. Investors may opt out initially, and thereafter may change their election at any time, by contacting the Administrator (as defined below). Units purchased by reinvestment will be issued at their net asset value on the ex-dividend date (which generally is expected to be the last business day of a month). There is no sales charge or other charge for reinvestment. The Fund reserves the right to suspend or limit at any time the ability of Investors to reinvest distributions. Additional information regarding the reinvestment of distributions may be obtained by contacting the Administrator. |
| Unlisted Closed-End Structure; Limited Liquidity and Transfer Restrictions | The Fund is organized as a closed-end management investment company. Unlike open-end management investment companies (commonly known as "mutual funds"), investors in closed-end funds do not have the right to redeem their units on a daily basis. To meet daily redemption requests, mutual funds must comply with more stringent regulations than closed-end funds.<br>Units of the Fund are not listed on any securities exchange or traded in any public or other markets. In addition, Units of the Fund are subject to restrictions on transferability, and liquidity may be provided only through limited repurchase offers described below. An investment in the Fund is suitable only for Investors who can bear the risks associated with the limited liquidity of the Units and should be viewed as a long-term investment. See "Types of Investments and Related Risk Factors—General Risks—Limitations on Transferability; Units Not Listed; No Market for Units" and "Repurchases of Units and Transfers." |
| Repurchases of Units by the Fund | Investors do not have the right to require the Fund to redeem their Units. The Fund, from time to time, may provide liquidity to Investors by offering to repurchase Units pursuant to written tenders by Investors. In determining whether the Fund should offer to repurchase Units, the Board of Directors of the Fund (the "Board") will consider the recommendations of the Adviser as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Adviser anticipates that it will recommend to the Board that the Fund offer to repurchase Units from Investors on a quarterly basis, with such repurchases to occur at the value of Units determined as of each March 31, June 30, September 30 and December 31 (or, if any such date is not a business day, on the |

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|  | immediately preceding business day) (each such date is referred to as a "Tender Offer Valuation Date"). The Adviser also expects that, generally, it will recommend to the Board that each repurchase offer should apply to 25% of the net assets of the Fund. In certain circumstances, however, the Board may determine not to conduct a repurchase offer, or to conduct a repurchase offer of more or less than 25% of the Fund's net assets. Each repurchase offer generally will commence at least 20 business days prior to the applicable Tender Offer Valuation Date and expire near to (but prior to the close of business on) such Tender Offer Valuation Date (the "Tender Offer Expiration Date"). Investors tendering Units for repurchase must do so on or before such date. <br>If a repurchase offer is oversubscribed by Investors who tender Units, the Board may: (i) repurchase a pro rata portion of the Units tendered; (ii) increase the number of Units to be repurchased in accordance with Rule 13e-4 under the Exchange Act; (iii) extend the repurchase offer, if necessary, and increase the amount of Units that the Fund is offering to purchase; or (iv) take any other action permitted by applicable law and the LLC Agreement. As a result, in any particular repurchase offer, tendering Investors may not have all of their tendered Units repurchased by the Fund. In addition, the Fund may repurchase Units of Investors if, among other reasons, the Board determines that such repurchase would be in the interest of the Fund. See "Repurchases of Units and Transfers–Repurchases of Units." <br>The Board may under certain circumstances elect to postpone, suspend or terminate an offer to repurchase Units. See "Repurchases of Units and Transfers."<br>A 2% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one-year anniversary of the Investor's initial purchase of Units. The early repurchase fee will be retained by the Fund and will be for the benefit of the Fund's remaining Investors. An early repurchase fee payable by an Investor may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund.  |
| Board of Directors | Subject to the requirements of the 1940 Act, the business and affairs of the Fund will be managed under the direction of the Board. The Board has delegated day-to-day operations to the Fund's officers, the Adviser, the Sub-Adviser and other service providers, subject to oversight of the Board. |

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| The Adviser | Central Park Advisers, LLC serves as the Fund's investment adviser. The Adviser is a limited liability company organized under the laws of the State of Delaware, and is registered as an investment adviser under the Advisers Act. Since March 11, 2022, it has been an indirect wholly-owned subsidiary of Macquarie Management Holdings, Inc. ("Macquarie"). <br>Before its acquisition (the "Transaction"), the Adviser had been an independent investment advisory firm specializing in the development and  |

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management of alternative investment offerings. It was founded by Central Park Group, LLC ("Central Park Group") in 2006. Central Park Group, until its acquisition by Macquarie, offered a broad range of investments, including private equity funds, hedge funds, real estate funds and funds-of-funds. Macquarie continues to offer such investments following the acquisition. Central Park Group's founding partners, all of whom now are employed by Macquarie, have significant experience across the spectrum of alternative investments and traditional asset management. For over 25 years, they sourced, created, managed and distributed private equity funds, hedge funds, real estate opportunity funds, crossover funds and funds-of-funds that seek to offer clients attractive risk-adjusted performance in diverse strategies, asset classes and sectors, including "first-ever" funds, and have invested or committed more than $15 billion in over 200 funds, including approximately $2 billion in registered fund-of-private-equity-funds and more than $4 billion in private equity vehicles sponsored by leading firms. <br>Macquarie is an indirect wholly-owned subsidiary of Macquarie Group Limited ("Macquarie Group"), a publicly-listed (ASX: MQG) global financial services group organized under the laws of Australia. Macquarie, together with its affiliates, is a top 50 global asset manager, top 25 U.S. actively-managed, long-term mutual fund manager and the largest manager of infrastructure and real assets globally. Macquarie Group's global asset management division, Macquarie Asset Management, provides clients with access to a diverse range of capabilities and products across infrastructure, real estate, private credit, fixed-income, equities, multi-asset and liquid alternatives. As of September 30, 2022, Macquarie Asset Management had approximately $508.8 billion of assets under management. <br>At a meeting held on November 19, 2021, the Board, including a majority of the Directors who are not "interested persons" (as defined in the 1940 Act) of the Fund (the "Independent Directors"), considered and unanimously approved a new investment advisory agreement with the Adviser and a new sub-advisory agreement with the Sub-Adviser, and determined to recommend that Investors approve the new investment advisory agreement and new sub-advisory agreement (the "New Agreements"). At a special meeting of Investors held on February 18, 2022, Investors approved the New Agreements. <br>The New Agreements will continue in effect for an initial period of two years from the Closing. The new investment advisory agreement may be terminated at any time, without the payment of any penalty, by vote of the Board or by a vote of a majority of the Fund's outstanding voting securities on 60 days' written notice to the Adviser or by the Adviser at any time, without the payment of any penalty, on 60 days' written notice to the Fund. The new sub-advisory agreement may be terminated at any time, without the payment of any penalty by the Adviser on 60 days' written notice to the Sub-Adviser, by vote of the Board or by a vote of a majority of the Fund's outstanding voting securities on 60 days' written notice to the Sub-Adviser or by the Sub-Adviser on 90 days' written notice to the Fund and <br>

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|  | the Adviser. |
| The Sub-Adviser | Select Equity Group, L.P., a registered investment adviser under the Advisers Act, has been engaged to serve as the Fund's investment sub-adviser, with responsibility for the day-to-day management of the Fund's portfolio, pursuant to the Sub-Advisory Agreement.<br>The Sub-Adviser manages more than $38 billion, as of December 31, 2022, in various long/short and long-only equity strategies that invest in companies across geographies and market capitalizations. The Sub-Adviser provides investment advisory services to high-net-worth individuals, multi-family offices, endowments, foundations, private banks, insurance companies and public and corporate pensions. It also manages certain U.S. and non-U.S. private pooled investment vehicles, certain of which have investment objectives similar to the investment objective of the Fund, and provides sub-advisory services to a registered investment company and certain Undertakings for Collective Investments in Transferable Securities ("UCITS"). The Sub-Adviser is majority owned and controlled by George S. Loening. Chad M. Clark and Matthew C. Pickering serve as the portfolio managers of the Fund, and are jointly responsible for the day-to-day management of the Fund's assets. <br>Appendix D of this Prospectus contains the actual, prior performance of the Fund, as well as performance information for all other accounts managed by the Sub-Adviser that have investment objectives, policies and strategies that are substantially similar to the Fund. Prospective investors should recognize that future performance of the Fund will differ from the performance of the other accounts of the Sub-Adviser. Future investments will be made under different economic conditions. **PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS**. See "Performance Information." |
| Management Fee | In consideration of the advisory services provided to the Fund by the Adviser, the Fund pays the Adviser a fee (the "Management Fee"), computed and payable monthly in arrears, at the annual rate of 1.25% of the Fund's net asset value.<br>In consideration of the sub-advisory services provided to the Fund by the Sub-Adviser, the Adviser pays the Sub-Adviser, out of the Management Fee, a fee (the "Sub-Advisory Fee") computed and payable monthly in arrears, at the annual rate of 0.75% of the Fund's net asset value.<br>For purposes of determining the Management Fee payable to the Adviser and the Sub-Advisory Fee payable to the Sub-Adviser for any month, "net asset value" means the total value of all assets of the Fund as of the end of such month, less an amount equal to all accrued debts, liabilities and obligations of the Fund as of such date, and calculated before giving effect to any repurchase of Units on such date and before any reduction for any fees (including the Distribution and Servicing Fee (defined below) and the Incentive Fee (defined below)) and expenses of the Fund. The Management Fee and Sub-Advisory Fee will be prorated for any period of |

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less than a month based on the number of days in such period. The Management Fee is paid to the Adviser out of the Fund's assets and, therefore, will decrease the net profits or increase the net losses of the Fund.

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| Incentive Fee | Promptly after the end of each fiscal year of the Fund, the Fund pays to the Sub-Adviser an incentive fee (the "Incentive Fee") in an amount equal to 20% of the amount by which the Fund's net profits attributable to each class of Units for all Performance Periods (as defined below) ending within or coterminous with the close of such fiscal year exceed the balance of the loss carryforward account (as described below) maintained in respect of such class, without duplication for any Incentive Fee paid by the Fund in respect of such class during such fiscal year. The Fund also pays the Sub-Adviser the Incentive Fee in the event that a Performance Period ends in connection with the repurchase of Units by the Fund or a dividend or other distribution payable by the Fund, in each case on the date as of which the Fund's net asset value attributable to any class is calculated for such purpose; provided that only that portion of the Incentive Fee that is attributable to (i) the Units being repurchased (not taking into account any proceeds from any contemporaneous issuance of Units, by reinvestment of dividends and other distributions or otherwise), or (ii) the dividend or other distribution being paid by the Fund and not being reinvested in Units of the Fund, will be paid to the Sub-Adviser for such Performance Period.<br>For purposes of calculating the Incentive Fee, net profits means the amount by which: (a) the net assets of the Fund attributable to a class as of the end of a Performance Period, increased by the dollar amount of Units of such class repurchased by the Fund during the Performance Period (excluding Units of such class to be repurchased as of the last day of the Performance Period after the determination of the Incentive Fee) and by the amount of dividends and other distributions paid in respect of Units of such class during the Performance Period and not reinvested in additional Units of such class (excluding any dividends and other distributions to be paid as of the last day of the Performance Period), exceeds (b) the net assets of the Fund attributable to such class as of the beginning of the Performance Period, increased by the dollar amount of Units of such class issued during the Performance Period (excluding any Units of such class issued in connection with the reinvestment of dividends and other distributions paid by the Fund in respect of such class).<br>"Performance Period" means each 12-month period ending as of the Fund's fiscal year-end (or such other period ending as of the Fund's fiscal year-end in the event the Fund's fiscal year is changed); provided that the period of time from the prior Performance Period-end through the valuation date of (i) a repurchase offer and (ii) a dividend or other distribution also constitutes a Performance Period.<br>The Incentive Fee is payable for a Performance Period only if and to the extent that the Fund's loss carryforward account has a balance of zero. |

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The loss carryforward account is a memorandum account with respect to each class that will have an initial balance of zero upon commencement of the class's operations and, thereafter, will be credited as of the end of each Performance Period with the amount of any net loss of the Fund attributable to such class for that Performance Period, and will be debited with the amount of any net profits of the Fund attributable to such class for that Performance Period, as applicable. This is known as a "high water mark."<br>In the event of the termination of the Sub-Advisory Agreement, the Fund will pay an Incentive Fee to the Sub-Adviser calculated in a manner as if such termination date were the end of the Fund's fiscal year. The termination of the Sub-Advisory Agreement that occurred due to the Closing of the Transaction, however, did not result in the payment of any Incentive Fee. <br>The Incentive Fee structure presents risks that are not present in funds without incentive fees.<br>For additional information regarding the Management Fee, Sub-Advisory Fee and Incentive Fee, see "Fees and Expenses" and "Types of Investments and Related Risk Factors—Other Risks—The Incentive Fee."<br>

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| Distribution and Servicing Fee | Under the terms of the Fund's distribution agreement (the "Distribution Agreement"), the Distributor is authorized to pay third parties, including brokers, dealers and certain financial advisors (which may include wealth advisors) and others (collectively, "Selling Agents") for the provision of distribution services as contemplated by Rule 12b-1 under the 1940 Act and for non-12b-1 services to Investors holding Class A Units. The Fund pays the Distributor a monthly fee out of the net assets of Class A Units at the annual rate of 0.75% of the net asset value of Class A Units determined and accrued as of the end of each month (before any repurchases of Class A Units, but after the Management Fee is calculated and accrued) (the "Distribution and Servicing Fee"). The Distributor will pay the Distribution and Servicing Fee to Selling Agents, who may use such fee to compensate the financial advisors involved in the sale of Units. Amounts retained by the Distributor, if any, will be used by the Distributor to pay for Fund-related distribution and servicing expenses. Payment of the Distribution and Servicing Fee is governed by the Fund's Rule 12b-1 Plan, which, pursuant to the conditions of an exemptive order issued by the Securities and Exchange Commission (the "SEC"), has been adopted by the Fund with respect to Class A Units in compliance with Rule 12b-1 under the 1940 Act. See "Fees and Expenses." |
|  | The Distribution and Servicing Fee is charged on an aggregate class-wide basis, and Investors in Class A Units are subject to the Distribution and Servicing Fee as long as they hold their Class A Units. Each compensated Selling Agent will be paid by the Distributor based on the net asset value of outstanding Class A Units held by Investors that receive services from |

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|  | such Selling Agent.<br>Class I Units are not subject to the Distribution and Servicing Fee. Class A Units may be converted to Class I Units if a Selling Agent informs the Fund that an Investor no longer receives services from the Selling Agent or another servicing agent which has entered into an agreement with the Distributor. Upon advance notice to the Investor, Class I Units may be converted to Class A Units if an Investor is no longer eligible to participate in Class I. |
| Investor Transaction Fees; Sale of Units | While neither the Fund nor the Distributor imposes a sales load on purchases of Class A or Class I Units, Selling Agents may directly charge Class A Investors certain transaction or other fees in such amounts as they may determine. Investors should consult their Selling Agent for additional information.<br>In addition to the sale of Units through the Distributor or a Selling Agent, the Fund itself also may accept offers to purchase Units that it receives directly from certain Investors, including, but not limited to, employees or directors of the Adviser and its affiliates, and attorneys or other professional advisors engaged on behalf of the Fund, and members of their immediate families. The Fund is not obligated to sell to a broker or dealer any Units, including those that have not been placed with Eligible Investors. |
| Other Fees and Expenses | The Fund, and, therefore, Investors, bear all expenses incurred in the business of the Fund. The Fund bears its organizational expenses and certain ongoing offering costs associated with the Fund's continuous offering of Units. See "Fees and Expenses." |
| Expense Limitation and Reimbursement Agreement | The Adviser and the Sub-Adviser (together, the "Advisers") have entered into an "Expense Limitation and Reimbursement Agreement" with the Fund to limit the amount of "Specified Expenses" (as defined below) borne by the Fund to an amount not to exceed 0.60% per annum of the Fund's net assets (the "Expense Cap") until January 31, 2024. Specified Expenses means all expenses incurred by the Fund, except for: (i) the Management Fee; (ii) the Incentive Fee; (iii) any distribution or servicing fee paid with respect to certain classes of Units, including the Distribution and Servicing Fee; (iv) brokerage costs; (v) certain transaction-related expenses, including those incurred in connection with effecting short sales; (vi) interest payments; (vii) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (viii) taxes; and (ix) extraordinary expenses (as determined in the sole discretion of the Adviser). To the extent that Specified Expenses for a month exceed the Expense Cap, the Advisers will reimburse the Fund for expenses to the extent necessary to eliminate such excess. To the extent that the Advisers bear Specified Expenses, they are permitted to receive reimbursement for any expense amounts previously paid or borne by the Advisers for a period  |

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|  | not to exceed three years from the date on which such expenses were paid or borne by the Advisers, even if such reimbursement occurs after the term of the Expense Limitation and Reimbursement Agreement, provided that the Specified Expenses have fallen to a level below, and the reimbursement amount does not raise the level of Specified Expenses in the month the reimbursement is being made to a level that exceeds, the Expense Cap in place at the time such amounts were borne by the Advisers and the expense limitation in place at the time of the reimbursement, if any. |
| The Administrator | SS&C Technologies, Inc., and its affiliates, DST Asset Manager Solutions, Inc. and ALPS Fund Services, Inc. (the "Administrator"), perform certain administration, accounting and transfer agency services for the Fund. In consideration of these services, the Fund pays the Administrator an annual fee calculated based upon the net assets of the Fund (subject to certain minimums), as well as certain other fixed or transactional fees, and reimburses certain of the Administrator's expenses. See "Management of the Fund." |
| Conflicts of Interest | The Adviser, the Sub-Adviser and their respective affiliates may conduct investment activities for their own accounts and other accounts they manage that may give rise to conflicts of interest that may be disadvantageous to the Fund. Investment decisions for the Fund are made independently of such other accounts.<br>The Adviser, the Sub-Adviser and the investment professionals who manage the Fund's investment portfolio are engaged in certain activities for other accounts, and may have conflicts of interest in allocating their time and activities among the Fund and the other accounts. The Adviser's and the Sub-Adviser's investment professionals devote as much of their time to the affairs of the Fund as in their judgment is necessary and appropriate. |
| Valuation | The 1940 Act provides that securities for which market quotations are "readily available" must be valued at market value, and all other securities and other assets must be valued at "fair value" as determined in good faith by the Board. In accordance with Rule 2a-5 promulgated under the 1940 Act, the Board has appointed the Adviser as the Fund's valuation designee (the "Valuation Designee"). In that role, it has established a committee that oversees the valuation of the Fund's investments pursuant to procedures adopted by the Adviser (the "Valuation Procedures"). Under that Rule, the Board has assigned to the Adviser general responsibility for determining, in accordance with the Valuation Procedures, the value of such investments. |
| Summary of Taxation; Fiscal and Tax Year End | The Fund has elected, and intends to continue to qualify, to be treated and to operate in a manner so as to qualify continuously as a RIC under Subchapter M of the Code. If the Fund so qualifies, the Fund generally will not be subject to U.S. federal income tax on the portion of its investment company taxable income and net capital gain (realized net |

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|  | long-term capital gain in excess of realized net short term capital loss) that the Fund timely distributes (or is deemed to timely distribute) to Investors. Additionally, the Fund intends to distribute sufficient income and gains each year so as not to be subject to a U.S. federal 4% nondeductible excise tax on certain undistributed amounts.<br>To qualify as a RIC under Subchapter M of the Code, the Fund must, among other things: (i) derive in each taxable year at least 90% of its gross income from dividends, interest, payments with respect to loans of certain securities, gains from the sale of stock or other securities or foreign currencies (including certain deemed inclusions), net income from certain "qualified publicly traded partnerships," or other income derived with respect to the Fund's business of investing in such stock or securities or foreign currencies; (ii) distribute to its Investors on an annual basis at least 90% of its investment company taxable income for each taxable year; and (iii) at the end of each quarter of the Fund's taxable year, ensure that (a) at least 50% of the value of its assets consists of cash, cash equivalents, U.S. government securities, securities of other RICs, and other securities so long as such other securities of any one issuer do not represent more than 5% of the value of the Fund's assets or more than 10% of the outstanding voting securities of the issuer, and (b) 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, or of two or more issuers that are controlled, as determined under applicable Code 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."<br>If the Fund fails to qualify as a RIC, the Fund would become subject to corporate-level U.S. federal income tax on a net basis without any deduction for distributions to Investors, and distributions to Investors would be treated as dividend income to the extent of the Fund's earnings and profits. The specific character of the underlying income realization (*e.g.*, capital gains) would no longer pass-through to the Investors as if the Fund were a conduit. See "Certain U.S. Federal Income Tax Considerations—Taxation of the Fund" and "Types of Investments and Related Risk Factors—Other Risks—Tax Risks" below.<br>The Fund's fiscal year for financial reporting purposes is the twelve-month period ending September 30. The Fund's taxable year is the 12-month period ending September 30 (or such other taxable year as may be required under the Code). |
| ERISA Plans and Other Tax-Exempt Entities | Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), retirement arrangements subject to Section 4975 of the Code and other tax-exempt entities, including privately sponsored defined benefit and contribution plans, individual retirement accounts (each, an "IRA"), and 401(k) and Keogh Plans may purchase Units. Fiduciaries of such plans or arrangements should consider, among other things, that the Fund's Units are subject to limitations on |

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|  | transferability and liquidity will be provided only through limited repurchase offers described below. Moreover, fiduciaries of such plans or arrangements that are participant-directed should consider that the Fund will sell Units only to Eligible Investors, and confirm that investment in the Fund is consistent, and complies, with the governing provisions of the plan or arrangement, including any eligibility and nondiscrimination requirements that may be applicable under law with respect to any "benefit, right or feature" affecting the qualified status of the plan or arrangement. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund should not be considered to be "plan assets" for purposes of the fiduciary responsibility and prohibited transaction rules of ERISA and Section 4975 of the Code. Thus, the Adviser should not be considered a fiduciary within the meaning of ERISA or the Code with respect to the assets of any Investor subject to ERISA, solely as a result that Investor's investment in the Fund. |
| Reports to Investors | The Fund will furnish to Investors as soon as practicable after the end of each taxable year information on Form 1099 as is required by law to assist the Investors in preparing their tax returns. Investors also will receive unaudited semi-annual reports and audited annual reports (when each becomes available) which, when available, will be published on the Fund's website <u>(http://www.coopersquarefund.com</u>) within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act. |

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Risk Factors An investment in the Fund involves a high degree of risk. These risks include:

**General Risks**

• Loss
 of capital, up to the entire amount of an Investor's investment.

• Investing
 in a Fund that has a limited operating history.

• The
 Adviser and the Sub-Adviser may face conflicts of interest.

**Liquidity Risks**

• The
 Fund's Units represent securities of an unlisted closed-end fund, have limited liquidity,
 are not listed on any securities exchange or traded in any other market, and are subject
 to substantial restrictions on transferability.

• Investors
 do not have the right to require the Fund to redeem their Units. The Fund, however, from
 time to time may offer to repurchase Units pursuant to written tenders by Investors.

• The
 repurchase price payable in respect of repurchased Units will be equal to the net asset value
 of the Investor's tendered Units as of quarter-end (or any later valuation date if a tender
 offer is extended). Tendering Investors have no right to receive any other price, and will

not be paid any additional amounts, as a result of any adjustments to the Fund's net asset value made in the course of the Fund's year-end audit. Similarly, the Fund and remaining Investors will not be entitled to recover any overpayments that a year-end audit indicates may have been paid to tendering Investors.

**Investment Program Risks**

• The
 Fund's performance depends upon the performance of the Sub-Adviser and selected strategy,
 the adherence by the Sub-Adviser to the selected strategy and the instruments used by the
 Sub-Adviser.

• The
 Fund primarily invests in common stocks and other equity securities. As a result, the value
 of the Fund's portfolio will be affected by daily movements in the prices of equity securities.
 These price movements may result from factors affecting individual companies, industries
 or the securities markets as a whole. Individual companies may report poor results or be
 negatively affected by industry, regulatory or economic trends and developments. The prices
 of securities issued by such companies may suffer a decline in response. In addition, stock
 markets can be volatile at times, and stock prices can change drastically. This market risk
 will affect the Fund's net asset value per Unit, which will fluctuate as the values of the
 Fund's investments and other assets change. Not all stock prices change uniformly or at the
 same time, and not all stock markets move in the same direction at the same time.

• Market
 risks, including political, regulatory, market, economic and social developments and developments
 that impact specific economic sectors, industries or segments of the market, can affect the
 value and liquidity of the Fund's investments. In addition, turbulence and reduced liquidity
 in financial markets may negatively affect issuers, which could adversely affect the Fund.
 These risks may be magnified if certain events or developments adversely interrupt the global
 supply chain, and could affect companies worldwide. Recent examples include pandemic risks
 related to COVID-19 and the aggressive measures taken worldwide in response by governments
 and businesses.

• Among
 the risks that may affect the value and liquidity of the Fund's investments are geopolitical
 risks such as those arising from the Russian invasion of Ukraine and economic consequences
 occasioned by fiscal tightening, rapidly increasing interest rates, widespread inflation
 and attempts to contain it, and possible recession in various countries.

• The
 Fund may invest in equity securities without restriction as to market capitalization, such
 as those issued by smaller capitalization companies, including, on occasion, micro-cap companies,
 the prices of which may be subject to erratic market movements.

• The
 Fund may invest a substantial portion of its assets in the securities of growth companies.
 Investing in growth companies involves substantial risks. Securities of growth companies
 may perform differently from the stock market as a whole, and may be more volatile than stocks
 of other companies. Since growth companies usually invest a significant portion of earnings
 in their businesses, they may lack the dividends of value stocks that can cushion the impact
 of declining stock prices in a falling market. In addition, earnings disappointments for
 growth companies can lead to sharply falling stock prices because investors tend to buy growth
 company stocks in anticipation of superior earnings growth. Securities of growth companies
 also may be more expensive relative to their earnings or assets compared to value or other
 types of stocks. In response, from time to time, growth investing as an investment style
 may go out of favor with investors.

• The
 Fund's assets primarily will be invested in securities of non-U.S.-domiciled issuers, including
 those in emerging markets, and the Fund's assets may be invested in securities denominated
 in non-U.S. currencies, thereby exposing the Fund to special risks caused by foreign political,
 social and economic factors, including exposure to currency fluctuations, less liquidity,
 less developed and less efficient trading markets, political instability and less developed
 legal and auditing standards. A decline in the value of the currencies in which the Fund
 investments are denominated against the U.S. dollar will result in a decrease in the Fund's
 net asset value; however, the Sub-Adviser may seek to hedge the foreign currency exposure
 of the Fund's portfolio.

• While,
 as of the date hereof, the Fund does not intend to focus on any particular country, geographic
 region or sector, implementation of the Fund's investment strategy may, during certain periods,
 result in the investment of a significant portion of the Fund's assets in a particular country
 or geographic region, such as Europe, or sector, such as information technology or industrials,
 which may subject the Fund to greater risk and volatility than if investments had been made
 in issuers in a broader range of countries, geographic regions or sectors.

• Emerging
 markets may be more volatile than the markets of more mature economies. Many emerging countries
 providing investment opportunities have experienced substantial, and in some periods extremely
 high, rates of inflation for many years, and resulting sharp, sustained declines in the value
 of their currencies and securities markets. Inflation and rapid fluctuations in inflation
 rates have had and may continue to have adverse effects on the economies and securities markets
 of certain of these countries. Many issuers in these countries and the countries themselves
 have defaulted on their obligations.

• The
 Fund's investment program emphasizes active management of the Fund's portfolio. Consequently,
 the Fund's portfolio turnover and

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|  | brokerage commission expenses may exceed those of other investment companies. A high portfolio turnover rate (*i.e.*, 100% or higher) may also result in the greater realization of capital gains, including short-term gains which are taxable to Investors at the same rates as ordinary income. |
| • | Subject to the limitations and restrictions of the 1940 Act, the Fund may borrow for investment purposes, to satisfy repurchase requests from Investors and to otherwise provide the Fund with liquidity, which may increase the Fund's volatility. The use of leverage is likely to cause the Fund's net assets to appreciate or depreciate at a greater rate than if leverage were not used. |
| • | The Fund may engage in short selling for hedging or non-hedging purposes. A short sale of a security involves the theoretical risk of unlimited loss because of increases in the market price of the security sold short. |
| • | The Fund may use derivatives for hedging and non-hedging purposes. Derivatives can be volatile and illiquid, can be subject to counterparty credit risk and may entail investment exposure greater than their notional amount. |
| • | The Fund may invest in IPO securities. Special risks are associated with investments in IPO securities, including lack of a trading history, lack of knowledge about the issuer and limited operating history. These factors may contribute to substantial price volatility for the shares of these companies, and this volatility can affect the value of the Fund's investment in these shares. |
| • | The Fund is a "non-diversified" management investment company, which means that the percentage of its assets that may be invested in the securities of a single issuer is not limited by the 1940 Act. As a result, the Fund's investment portfolio may be subject to greater risk and volatility than if investments had been made in the securities of a broad range of issuers. |
| • | The Fund has elected, and intends to continue to qualify, to be treated as a RIC under Subchapter M of the Code but will be subject to corporate-level income tax if it fails to so qualify. |
| • | Investors bear the Fund's asset-based fees, performance-based fee and expenses. In addition, certain Selling Agents may charge transaction or other fees. |
| • | The Incentive Fee may create an incentive for the Sub-Adviser to cause the Fund to make investments that are riskier or more speculative than in the absence of the Incentive Fee. The Incentive Fee is based on both realized as well as unrealized appreciation; therefore, the Incentive Fee may be greater than if it were based only on realized gains. In addition, the application of the Incentive Fee |

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may not correspond to a particular Investor's experience in the Fund because aggregate cumulative appreciation is calculated on an overall basis by class allocated equally to each Unit of the respective class. The Incentive Fee, if any, is calculated and accrued on each date that the Fund calculates its net asset value, thereby potentially reducing the net asset value of the Fund.

**No assurance can be given that the Fund's investment program will be successful. Accordingly, the Fund should be considered a speculative investment and entails substantial risks, and a prospective Investor should invest in the Fund only if it can sustain a complete loss of its investment. An investment in the Fund should be viewed only as part of an overall investment program.**<br>See "Types of Investments and Related Risk Factors."<br>

**SUMMARY OF FUND EXPENSES**

The following table illustrates the expenses and fees that the Fund expects to incur and that Investors can expect to bear, directly or indirectly, by investing in the Fund.

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| | | |
|:---|:---|:---|
| **Investor Transaction Expenses** | Class A | Class I |
| Sales Load (as a percentage of purchase amount) | None<sup>(1)</sup> | None<sup>(1)</sup> |
| Maximum Early Redemption Fee (as a percentage of repurchased amount)<sup>(2)</sup> | 2.00% | 2.00% |
| **Annual Expenses** (as a percentage of net assets attributable to Units) |  |  |
| Management Fee<sup>(3)</sup> | 1.25% | 1.25% |
| Incentive Fee<sup>(4)(5)</sup> | 0.00% | 0.00% |
| Distribution and Servicing (12b-1) Fee<sup>(6)</sup> | 0.75% |  |
| Expenses on Securities Sold Short<sup>(7)</sup> | 1.23% | 1.24% |
| Other Expenses<sup>(8)</sup> | 1.04% | 1.04% |
| Total Annual Expenses | 4.27% | 3.53% |
| Expense Waiver<sup>(9)</sup> | (0.43)% | (0.43)% |
| Total Annual Expenses After Expense Wavier | 3.84% | 3.10% |

---

<sup>(1)</sup> Generally, the stated minimum initial investment in the Fund is $50,000 ($5,000 with respect to additional purchases of Units by an existing Investor), which minimum may be reduced in the sole discretion of the Adviser (but not below $25,000). While neither the Fund nor the Distributor imposes a sales load on purchases of Class A or Class I Units, Selling Agents may directly charge Class A Investors certain transaction or other fees in such amounts as they may determine. Investors should consult their Selling Agent for additional information. Any such fees will not constitute part of an Investor's investment in the Fund and will be paid directly by the Investor to the Selling Agent. Purchasers of Units in conjunction with certain "wrap" fee, asset allocation or other managed asset programs may purchase Class I. Investors should consult their financial advisors.

<sup>(2)</sup> A 2% early repurchase fee payable to the Fund will be charged with respect to the repurchase of an Investor's Units at any time prior to the day immediately preceding the one-year anniversary of an Investor's initial purchase of Units. An early repurchase fee payable by an Investor may be waived by the Fund, in circumstances where the Board determines that doing so is in the best interests of the Fund. The early repurchase fee will be retained by the Fund for the benefit of the remaining Investors. See "Repurchases of Units and Transfers."

<sup>(3)</sup> The Fund pays the Management Fee, computed and payable monthly in arrears, to the Adviser at the annual rate of 1.25% of the Fund's net asset value. For purposes of determining the Management Fee payable to the Adviser for any month, "net asset value" means the total value of all assets of the Fund as of the end of such month, less an amount equal to all accrued debts, liabilities and obligations of the Fund as of such date, and calculated before giving effect to any repurchase of Units on such date and before any reduction for any fees (including the Distribution and Servicing Fee and the Incentive Fee) and expenses of the Fund. See "Fees and Expenses."

<sup>(4)</sup> Promptly after the end of each fiscal year of the Fund, the Fund pays to the Sub-Adviser the Incentive Fee in an amount equal to 20% of the amount by which the Fund's net profits attributable to each class of Units for all Performance Periods ending within or coterminous with the close of such fiscal year exceed the balance of the loss carryforward account maintained in respect of such class, without duplication for any Incentive Fee paid by

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| | |
|:---|:---|
|  | the Fund in respect of such class during such fiscal year. The Fund also pays the Sub-Adviser the Incentive Fee in the event that a Performance Period ends in connection with the repurchase of Units by the Fund or a dividend or other distribution payable by the Fund, in each case on the date as of which the Fund's net asset value attributable to any class is calculated for such purpose; provided that only that portion of the Incentive Fee that is attributable to (i) the Units being repurchased (not taking into account any proceeds from any contemporaneous issuance of Units, by reinvestment of dividends and other distributions or otherwise), or (ii) the dividend or other distribution being paid by the Fund and not being reinvested in Units of the Fund, will be paid to the Sub-Adviser for such Performance Period. The Incentive Fee, if any, is calculated and accrued on each date that the Fund calculates its net asset value. See "Fees and Expenses." |
| <sup>(5)</sup> | The Sub-Adviser did not earn an Incentive Fee as respects Class A and Class I during the period from October 1, 2021 to September 30, 2022. See "—Financial Highlights." |
| <sup>(6)</sup> | The Fund pays the Distribution and Servicing Fee monthly to the Distributor out of the net assets of the Class A Units at the annual rate of 0.75% of the net assets of the Fund attributable to Class A Units. The Distributor may pay all or a portion of the Distribution and Servicing Fee to the selling agents that sell Units of the Fund. Payment of the Distribution and Servicing Fee is governed by the Fund's Rule 12b-1 Plan, which, pursuant to the conditions of an exemptive order issued by the SEC, has been adopted by the Fund with respect to Class A Units in compliance with Rule 12b-1 under the 1940 Act. Class I Units are not subject to a Distribution and Servicing Fee. See "Fees and Expenses." |
| <sup>(7)</sup> | The Fund may effect short sales of securities for both capital appreciation and for hedging purposes. "Expenses on Securities Sold Short" reflect estimates for the fiscal year ending September 30, 2022 based on net expenses incurred (after credit for any interest earned) by the Fund in effecting short sales for the period from October 1, 2021 to September 30, 2022. |
| <sup>(8)</sup> | "Other Expenses" reflect estimates of all other operating expenses payable by the Fund for the fiscal year ending September 30, 2022, and are stated as percentages of average net assets of the Fund for the period from October 1, 2021 to September 30, 2022 of approximately $83.9 million (approximately $51.8 million for Class A and approximately $32.1 million for Class I). |
| <sup>(9)</sup> | The Advisers have entered into an "Expense Limitation and Reimbursement Agreement" with the Fund to limit the amount of "Specified Expenses" borne by the Fund to an amount not to exceed 0.60% per annum of the Fund's net assets (*i.e.*, the Expense Cap) until January 31, 2024. Specified Expenses means all expenses incurred by the Fund, except for: (i) the Management Fee; (ii) the Incentive Fee; (iii) any distribution or servicing fee paid with respect to certain classes of Units, including the Distribution and Servicing Fee; (iv) brokerage costs; (v) certain transaction-related expenses, including those incurred in connection with effecting short sales; (vi) interest payments; (vii) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (viii) taxes; and (ix) extraordinary expenses (as determined in the sole discretion of the Adviser). To the extent that Specified Expenses for a month exceed the Expense Cap, the Advisers will reimburse the Fund for expenses to the extent necessary to eliminate such excess. To the extent that the Advisers bear Specified Expenses, they are permitted to receive reimbursement for any expense amounts previously paid or borne by the Advisers, for a period not to exceed three years from the date on which such expenses were paid or borne by the Advisers, even if such reimbursement occurs after the term of the Expense Limitation and Reimbursement Agreement, provided that the Specified Expenses have fallen to a level below, and the reimbursement amount does not raise the level of Specified Expenses in the month the reimbursement is being made to a level that exceeds, the Expense Cap in place at the time such amounts were borne by the Advisers and the expense limitation in place at the time of the reimbursement, if any. |

---

The purpose of the table above and the examples below is to assist you in understanding the various costs and expenses you will bear directly or indirectly as an Investor in the Fund. For a more complete description of the various costs and expenses of the Fund, see "Fees and Expenses."

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A Example:** | 1 Year | 3 Years | 5 Years | 10 Years |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return: | $50 | $158 | $277 | $632 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Class I Example:** | 1 Year | 3 Years | 5 Years | 10 Years |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return: | $42 | $133 | $234 | $533 |

---

**The examples are based on the fees and expenses set forth in the table above, and reflect the Incentive Fee. The one-year example and the first year of the three-, five- and ten-years examples are based on net annual expenses, which reflect the impact of the Expense Limitation and Reimbursement Agreement described above. The examples should not be considered representations of future expenses. Actual Fund expenses may be greater or less than those shown. In addition to the fees and expenses set forth in the table above, you also may be required to pay transaction or other fees charged directly by Selling Agents on purchases of Class A Units, which are not reflected in the Class A example. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% return shown in the examples.**

**FINANCIAL HIGHLIGHTS**

The financial highlights table is intended to help an Investor understand the Fund's financial performance for the period of the Fund's operations. The information for the year ended September 30, 2022 has been derived from the Fund's financial statements audited by PricewaterhouseCoopers LLP, whose report and the Fund's financial statements are incorporated by reference into this Prospectus and the SAI in their entirety from the [Fund's 2022 Annual Report](https://www.sec.gov/Archives/edgar/data/1818255/000139834422024438/fp0080572-3_ncsr.htm), as filed with the SEC on Form N-CSR on December 12, 2022. The Fund's financial statements for periods ended on or prior to September 30, 2021 were audited by the Fund's prior independent registered public accounting firm named in the [Fund's 2021 Annual Report](https://www.sec.gov/Archives/edgar/data/1818255/000139834421023674/fp0070527_ncsr.htm), as filed with the SEC on Form N-CSR on December 9, 2021.

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| | | |
|:---|:---|:---|
| **Class A** | **For the Year<br> Ended<br> September 30,<br> 2022** | **For the Period<br> November 2, 2020<br> (Commencement of<br> Operations) to<br> September 30, 2021** |
|  **Per Unit Operating Performance:** |  |  |
|  **Net Asset Value, Beginning of Period** | $15.90 | $15.00 |
|  **Activity from investment operations:**<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(2)</sup> | (0.40) | (0.32) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | (5.01) | 1.22 |
|  Total from investment operations | (5.41) | 0.90 |
| **Distributions to investors** |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gains | (0.20) |  |
| &nbsp;&nbsp;&nbsp; Total distributions to investors | (0.20) |  |
|  **Net Asset Value, End of Period** | $10.29 | $15.90 |
|  **Net assets, end of period (in thousands)** | $36901 | $55083 |
| **Ratios to Average Net Assets (including interest expense and dividend expense on securities sold short)** |  |  |
|  Operating expenses excluding fee waivers/reimbursements | 4.27% | 5.11%<sup>(3)</sup> |
|  Operating expenses including fee waivers/reimbursements | 3.84% | 3.77%<sup>(3)</sup> |
|  Net investment loss including fee waivers/reimbursements | (2.99)% | (2.20)%<sup>(3)</sup> |
| **Ratios to Average Net Assets (excluding interest expense and dividend expense on securities sold short)** |  |  |
|  Operating expenses excluding fee waivers/reimbursements | 3.04% | 3.95%<sup>(3)</sup> |
|  Operating expenses including fee waivers/reimbursements | 2.61% | 2.61%<sup>(3)</sup> |
|  Net investment loss including fee waivers/reimbursements | (1.76)% | (1.04)%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 78% | 78%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Total Return<sup>(5)</sup> | (34.37)% | 6.00%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp; Total Return excluding incentive fees<sup>(7)</sup> | (34.37)% | 6.00%<sup>(6)</sup> |

---

<sup>(1)</sup> Selected data is for a single Unit outstanding throughout the period.

<sup>(2)</sup> Based on average Units outstanding during the period.

<sup>(3)</sup> Net investment loss and operating expenses ratios are annualized for periods less than one full year, except for organizational costs which are one-time expenses.

<sup>(4)</sup> Portfolio turnover rate for periods less than one year is not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

<sup>(5)</sup> Total return reflects the changes in net asset value and adjusted for cash flows related to capital contributions and withdrawals during the period. Total returns shown exclude the effect of applicable sales charges and redemption fees.

<sup>(6)</sup> Not annualized.

<sup>(7)</sup> Class A did not incur any incentive fees during the period.

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| | | |
|:---|:---|:---|
| **Class I** | **For the Year<br> Ended<br> September 30,<br> 2022** | **For the Period<br> November 2, 2020<br> (Commencement of<br> Operations) to September 30,<br> 2021**  |
|  **Per Unit Operating Performance:** |  |  |
|  **Net Asset Value, Beginning of Period** | $21.36 | $20.00 |
|  **Activity from investment operations:<sup>(1)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment loss<sup>(2)</sup> | (0.40) | (0.49) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) | (6.78) | 1.85 |
|  Total from investment operations | (7.18) | 1.36 |
| **Distributions to investors** |  |  |
| &nbsp;&nbsp;&nbsp; From net realized gains | (0.26) |  |
| &nbsp;&nbsp;&nbsp; Total distributions to investors | (0.26) |  |
|  **Net Asset Value, End of Period** | $13.92 | $21.36 |
|  **Net assets, end of period (in thousands)** | $23901 | $33333 |
| **Ratios to Average Net Assets (including interest expense and dividend expense on securities sold short)** |  |  |
|  Operating expenses excluding fee waivers/reimbursements | 3.53% | 5.42%<sup>(3)</sup> |
|  Operating expenses including fee waivers/reimbursements | 3.10% | 3.85%<sup>(3)</sup> |
|  Net investment loss including fee waivers/reimbursements | (2.25)% | (2.39)%<sup>(3)</sup> |
| **Ratios to Average Net Assets (excluding interest expense and dividend expense on securities sold short)** |  |  |
|  Operating expenses excluding fee waivers/reimbursements | 2.29% | 4.36%<sup>(3)</sup> |
|  Operating expenses including fee waivers/reimbursements | 1.86% | 2.79%<sup>(3)</sup> |
|  Net investment loss including fee waivers/reimbursements | (1.01)% | (1.33)%<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate | 78% | 78%<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp; Total Return<sup>(5)</sup> | (33.97)% | 6.80%<sup>(6)</sup> |
| &nbsp;&nbsp;&nbsp; Total Return excluding incentive fees | (33.97)%<sup>(7)</sup> | 7.55%<sup>(6)</sup> |

---

<sup>(1)</sup> Selected data is for a single unit outstanding throughout the period.

<sup>(2)</sup> Based on average Units outstanding during the period.

<sup>(3)</sup> Net investment loss and operating expenses ratios are annualized for periods less than one full year, except for organizational costs which are one-time expenses.

<sup>(4)</sup> Portfolio turnover rate for periods less than one year is not annualized and does not include securities received or delivered from processing creations or redemptions in-kind.

<sup>(5)</sup> Total return reflects the changes in net asset value and adjusted for cash flows related to capital contributions and withdrawals during the period. Total returns shown exclude the effect of applicable sales charges and redemption fees.

<sup>(6)</sup> Not annualized.

<sup>(7)</sup> Class I did not incur any incentive fees during the period.

 **THE FUND**

The Fund is a Delaware limited liability company that is registered under the 1940 Act as a closed-end, non-diversified management investment company. The Fund was organized as a Delaware limited liability company on July 14, 2020. The Fund's principal office is located at 125 West 55<sup>th</sup> Street, New York, New York 10019, and its telephone number is (212) 317-9200.

Investment advisory services are provided to the Fund by the Adviser pursuant to the Investment Advisory Agreement, and by the Sub-Adviser pursuant to the Sub-Advisory Agreement. The individuals who serve on the Board are responsible for monitoring and overseeing the investment program of the Fund.

**INVESTMENT PROGRAM**

**Investment Objective and Policies**

The Fund's investment objective is to seek to achieve maximum total return. The Fund's investment objective is not a fundamental policy, and may be changed without the approval of Investors. Except as otherwise indicated, the Fund's investment policies, strategies and restrictions are not fundamental and may be changed without a vote of the Investors. See "Additional Investment Policies—Fundamental Policies" in the Fund's SAI. No assurance can be given that the Fund will achieve its investment objective.

**Investment Strategy**

The Fund seeks to achieve its investment objective by investing primarily in equity securities of non-U.S.-domiciled issuers, including those domiciled in emerging markets. The Fund considers an issuer to be non-U.S.-domiciled when it is organized under the laws of a country other than the United States. Under normal circumstances, the Fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities (or derivative or other strategic instruments with similar economic characteristics). For purposes of the Fund's investment program, "equity securities" means common and preferred stocks (including investments in IPOs), convertible securities, warrants and rights. To the extent the Fund invests in derivative or other strategic instruments that have similar economic characteristics to equity securities, the market value of such instruments will be included for purposes of calculating the Fund's compliance with the 80% policy. The Fund's policy with respect to the investment of at least 80% of its net assets may be changed by the Board, upon 60 days' prior notice to Investors. The Fund may invest in equity securities without restriction as to market capitalization.

The Sub-Adviser's approach involves taking long and short positions in equity securities—namely, investing long on the basis of extensive research and fundamental analysis, and seeking to take opportunistic advantage of market inefficiencies by selling other securities short. The majority of the Fund's long exposure is held in non-U.S.-domiciled growth companies with high returns on capital and high barriers to competition that the Sub-Adviser believes are trading at a discount to their intrinsic value. The Sub-Adviser invests in a majority of these companies with an expectation of a multi-year holding period. The Fund's long exposure also includes investments in more opportunistic situations that may be held for a multi-quarter, rather than multi-year, time frame. In the short portfolio, the Sub-Adviser attempts to identify companies that are exposed to ongoing competitive pressures with poor returns on capital and deteriorating fundamentals. The short positions generally are not selected as direct hedges to the long positions. Under extraordinary circumstances, the Fund may acquire substantial stakes in public companies; however, the Fund generally will not invest more than 10% of its net asset value (measured at the time of purchase) in the voting securities of any one investment. The Sub-Adviser employs intensive and rigorous fundamental equity research to identify these investment opportunities.

The Fund's investment strategy includes:

<u>Attractive Businesses</u>. The Sub-Adviser focuses on investing opportunistically in businesses when it believes attractive long-term returns can be achieved. The Sub-Adviser defines attractive businesses as those that have achieved leading and defensible market positions through the creation of enduring franchise value. They are, in the view of the Sub-Adviser, both well positioned for long-term growth and resilient in difficult economic environments. The Sub-Adviser employs extensive research and fundamental analysis equity research to identify these investment opportunities.

<u>Equities with Attractive Risk/Reward Dynamics</u>. The Sub-Adviser seeks to invest a portion of the Fund's assets opportunistically in equity securities that, despite attractive prospects, have higher perceived risk/reward ratios. Relying on what it believes to be its core competency, rigorous equity research, the Sub-Adviser will seek to identify and exploit these opportunities.

<u>Short Sales</u>. In the course of its investment research, the Sub-Adviser may identify companies with deteriorating fundamentals, such as declining market share, contracting margins, product obsolescence or unfavorable industry or regulatory developments. In instances where the Sub-Adviser believes that a clear catalyst for price depreciation exists, it may choose to sell short the equity securities of those companies. In addition, when it deems appropriate, the Sub-Adviser may attempt to employ short sales as a hedge against its long positions. Selling securities short entails certain risks.

<u>Derivatives</u>. The Sub-Adviser may seek to obtain exposure to particular issuers or securities through derivative transactions, including, without limitation, swaps (including total return swaps), CFDs, options and other types of derivative arrangements. These instruments may be used, for example, when the underlying security is illiquid, unavailable for direct investment or available only on less attractive terms. Options trading may be used in lieu of or in addition to straight equity purchases or sales. Investing in options entails certain risks. While the Sub-Adviser may trade in options on individual equities as well as on indices, it does not anticipate that options trading will represent a significant part of its investment strategy. Derivatives are subject to various types of risk.

<u>Leverage</u>. The Fund may employ leverage, including margin, in the discretion of the Sub-Adviser. To the extent permitted by the 1940 Act, the Fund may borrow for investment purposes, to satisfy repurchase requests from Investors and to otherwise provide the Fund with liquidity. While the use of leverage can substantially improve the return on invested capital, leverage also may significantly increase the impact of adverse movements in the value of portfolio securities on the net asset value of the Fund's assets.

<u>Cash Positions</u>. The Sub-Adviser may maintain cash positions when, in its opinion, market conditions preclude investment opportunities meeting the standards it has established for investments. Cash positions may include money market mutual funds, commercial paper, repurchase agreements, certificates of deposit and bankers' acceptances and other money market instruments deemed appropriate by the Sub-Adviser.

<u>Bonds and Other Fixed-Income Securities</u>. The Fund primarily invests in equity securities, as described in this Prospectus. The Sub-Adviser, however, may invest a portion of the Fund's assets in bonds and other fixed-income securities rated, at the time of purchase, investment grade or, if unrated, determined to be of comparable quality by the Sub-Adviser. There are no restrictions on the dollar-weighted average maturity or average effective duration of the Fund's fixed-income portfolio or on the maturities or durations of the individual fixed-income securities the Fund may purchase. The Fund may invest in these securities when the Sub-Adviser believes that such securities offer opportunities for capital appreciation (or capital depreciation in the case of short positions) and may also invest in these securities for temporary defensive purposes and to maintain liquidity.

<u>Convertible Securities, Preferred Stocks, Warrants and Rights</u>. The Sub-Adviser may invest a portion of the Fund's assets in convertible securities, preferred stock, warrants and rights. Convertible securities may be debt securities or preferred stock with a conversion feature. Traditionally, convertible securities have paid dividends or interest at rates higher than common stocks but lower than non-convertible fixed income securities. They generally participate in the appreciation or depreciation of the underlying stock into which they are convertible, but to a lesser degree. In recent years, convertibles have been developed which combine higher or lower current income with options and other features.

Generally, preferred stock has a specified dividend and ranks after bonds and before common stocks in its claim on income for dividend payments and on assets should the entity holding such assets be liquidated. Warrants are options to buy a stated number of shares of common stock at a specified price any time during the life of the warrants (generally two or more years). Rights represent a preemptive right of shareholders to purchase additional shares of a stock at the time of a new issuance before the stock is offered to the general public, allowing the shareholder to retain the same ownership percentage after the new stock offering.

<u>Currency Hedging</u>. The base currency of the Fund is U.S. Dollars. The Fund's assets may be invested in investments denominated in various other currencies and in other financial instruments the prices of which are determined with reference to such foreign currencies. The Sub-Adviser may seek to hedge the Fund's foreign currency exposure through the use of spot and forward foreign exchange contracts and other methods of reducing exposure to currency fluctuations, including options or other derivatives including swaps.

<u>Less Liquid Securities</u>. In the course of its investment research, the Sub-Adviser may identify attractive, but relatively illiquid securities, certain of which may be restricted in their transferability under the securities laws of its jurisdiction. In situations where the Sub-Adviser believes that the potential for price appreciation and improvements in liquidity outweigh the discount that should be accorded to illiquid securities, it may elect to establish a position in some of these securities over time.

<u>Portfolio Turnover</u>. The Fund's investment approach emphasizes active management of the Fund's portfolio. This investment approach may result in portfolio turnover and brokerage commission expenses that may exceed those of other investment companies.

**No guarantee or representation is made that the investment program of the Fund will be successful, that the Fund's investments will produce positive returns or that the Fund will achieve its investment objective. Prospective Investors should refer to the discussion of the risks associated with an investment in the Fund found below.**

**TYPES OF INVESTMENTS AND RELATED RISK FACTORS**

**General Risks**

<u>Investment Risk</u>. All investments risk the loss of capital. An investment in the Fund involves a high degree of risk, including the risk that the Investor's entire investment may be lost. The value of the Fund's assets should be expected to fluctuate. To the extent that the Fund's portfolio is concentrated in securities of a single issuer or issuers in a single sector, the risk of any investment decision is increased. The Fund's use of leverage is likely to cause the Fund's assets to appreciate or depreciate at a greater rate than if leverage were not used. In addition, the Fund's use of leverage, short sales or derivative transactions can result in significant losses to the Fund.

No assurance can be given that the Fund's investment objective will be achieved. The Fund's performance depends upon the Sub-Adviser's selection of investments and the performance of the investments. The identification of investment opportunities is a difficult task, and there can be no assurance that such opportunities will be successfully recognized. While the Sub-Adviser endeavors to achieve the Fund's investment objective, there can be no assurance that the Fund will not incur losses. The value of the Fund's investments can be reduced by risks arising from national or international economic conditions, volatility in the global equity, currency, real estate and fixed-income markets, shifts in macro-economic fundamentals, the risks of short sales, the risks of leverage, the potential illiquidity of securities and derivative instruments, the risk of loss from counterparty defaults and the risk of borrowing

to meet withdrawal requests, as well as acts of God, uninsurable losses, war, terrorism, earthquakes, pandemics, hurricanes or floods and other factors which are beyond the control of the Fund. No assurance can be given that: (i) the Fund's investment program, strategy, decisions and activities will be successful; (ii) the Fund will achieve its return expectations; (iii) the Fund will achieve any return of capital invested; or (iv) Investors will not suffer losses from an investment in the Fund. The Fund's results may vary substantially over time.

<u>Market Risk</u>. Market risks, including political, regulatory, market, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market, can affect the value and liquidity of the Fund's investments. In addition, turbulence and reduced liquidity in financial markets may negatively affect issuers, which could adversely affect the Fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region or market may adversely impact issuers in a different country, region or market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain, and could affect companies worldwide. Recent examples include: pandemic risks related to COVID-19 and the aggressive measures taken in response by governments and businesses; geopolitical consequences arising from Russia's invasion of Ukraine; and economic consequences occasioned by fiscal tightening, widespread inflation and attempts to contain it, and possible recession in various countries.

In addition, legal and regulatory changes effected in response to the COVID-19 pandemic, or other significant events, could adversely affect the Fund and its ability to execute its investment strategy. For example, certain European jurisdictions, including Austria, Belgium, France, Greece, Italy and Spain, enacted temporary short sale bans in 2020 in an attempt to stabilize financial markets and maintain investor confidence.

<u>Unspecified Investments; Dependence on the Sub-Adviser</u>. The Sub-Adviser has complete discretion to select investments as opportunities arise. The Fund, and, accordingly, Investors, must rely upon the ability of the Sub-Adviser to identify and implement investments consistent with the Fund's investment objective. Investors will not receive or otherwise be privy to due diligence or risk information prepared by or for the Sub-Adviser. The Sub-Adviser has the authority and responsibility for asset allocation, the selection of Fund's investments and all other investment decisions for the Fund. The success of the Fund depends upon the ability of the Sub-Adviser to develop and implement an investment strategy that achieves the investment objective of the Fund. Investors will have no right or power to participate in the management or control of the Fund, or the terms of any such investments. There can be no assurance that the Sub-Adviser will be able to select or implement successful strategies or that the Fund will be able to achieve its investment objective.

<u>Limitations on Transferability; Units Not Listed; No Market for Units</u>. The transferability of Units is subject to certain restrictions contained in the LLC Agreement, as amended or supplemented, and is affected by restrictions imposed under applicable securities laws. Units are not traded on any securities exchange or any public or other market. No market currently exists for Class A or Class I Units, and it is not anticipated that a market will develop. Although the Adviser and the Fund expect to recommend to the Board that the Fund offer to repurchase 25% of the net assets of the Fund quarterly, no assurances can be given that the Fund will do so. Consequently, Class A and Class I Units should only be acquired by Investors able to commit their funds for an indefinite period of time.

<u>Closed-End Fund; Liquidity Risks</u>. The Fund is a non-diversified, closed-end management investment company designed for long-term Investors. An Investor should not invest in the Fund if the Investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the

right to redeem their units on a daily basis at a price based on net asset value. Units in the Fund are not traded on any securities exchange or other market and are subject to substantial restrictions on transferability. Although the Fund may offer to repurchase Units from time to time, an Investor may not be able to redeem its Units in the Fund for a substantial period of time.

<u>Legal and Regulatory Risks</u>. Legal and regulatory changes that could occur during the life of the Fund may adversely impact the performance of the Fund. The regulation of the U.S. and non-U.S. securities and futures markets and investment funds has undergone substantial change in recent years and such change may continue. Greater regulatory scrutiny may increase the exposure of the Fund, the Adviser and the Sub-Adviser to potential liabilities. Increased regulatory oversight also can impose administrative burdens and costs on the Fund, the Adviser and the Sub-Adviser, including, without limitation, responding to examinations or investigations and implementing new policies and procedures.

The Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") and related regulatory developments established financial oversight standards and resulted in significant revisions to the U.S. financial regulatory framework and the operation of financial institutions. The Dodd-Frank Act includes provisions regarding, among other things, the comprehensive regulation of the over-the-counter derivatives market, the identification, monitoring and regulation of systemic risks to financial markets and the regulation of proprietary trading and investment activity of banking institutions. The continued implementation of the Dodd-Frank Act and other similar and follow-on regulations could affect, among other things, financial consumer protection, proprietary trading, registration of investment advisers and the trading and use of derivative instruments and, therefore, could adversely affect the Fund or investments made by the Fund. There can be no assurance that such regulation will not have a material adverse effect on the Fund, increase transaction, operations, legal and/or regulatory compliance costs, significantly reduce the profitability of the Fund or impair the ability of the Fund to achieve its investment objective.

Effective August 19, 2022, the Fund began complying with Rule 18f-4 under the 1940 Act, which permits, among others, closed-end funds such as the Fund to enter into certain derivatives transactions notwithstanding the prohibitions and restrictions on the issuance of senior securities under Section 18 of the 1940 Act, provided that the closed-end fund complies with the conditions of the rule, including establishing a comprehensive derivatives risk management program and complying with certain value-at-risk leverage limits, requirements and compliance and disclosure obligations, subject to certain exceptions. Compliance with Rule 18f-4 by the Fund could, among other things, make derivatives more costly, or limit their availability or utility, or otherwise adversely affect the Fund's performance.

As of the date hereof, there is uncertainty with respect to legislation, regulation and government policy at the federal, state and local levels, notably as respects U.S. trade, fiscal, tax, healthcare, immigration, foreign and government regulatory policy. Recent events have created a climate of heightened uncertainty and introduced difficult-to-quantify macroeconomic and geopolitical risks with potentially far-reaching implications. There has been a corresponding meaningful increase in the uncertainty surrounding interest rates, tax rates, inflation, foreign exchange rates, trade volumes, trade wars and fiscal and monetary policy. To the extent the U.S. Congress or Biden administration implements additional changes to U.S. policy, those changes may impact, among other things, the U.S. and global economy, international trade and relations, unemployment, immigration, healthcare, the U.S. regulatory environment and inflation, among other areas. Until any additional policy changes are finalized, it cannot be known whether the Fund and its investments or future investments may be positively or negatively affected, or the impact of continuing uncertainty.

<u>Fees and Expenses</u>. An Investor in the Fund will bear a portion of the Management Fee, Incentive Fee (if any), Distribution and Servicing Fee (if applicable) and other expenses of the Fund. The

fees and expenses of the Fund disclosed in the fee table in "Summary of Fund Expenses" illustrate the expenses and fees that the Fund expects to incur and that Investors can expect to bear, directly or indirectly, by investing in the Fund.

<u>Non-Diversified Status</u>. The Fund is a "non-diversified" management investment company for purposes of the 1940 Act, which means it is not subject to percentage limitations under the 1940 Act on assets that may be invested in the securities of any one issuer. As a result, the Fund's net asset value may be subject to greater volatility than that of an investment company that is subject to diversification limitations. The Fund generally will not, however, invest more than 10% of its net asset value (measured at the time of purchase) in the voting securities of any one investment.

<u>Reporting Requirements</u>. Investors who beneficially own Units that constitute more than 5% or 10% of the Fund's Units are subject to certain requirements under the Exchange Act and the rules promulgated thereunder. These include requirements to file certain reports with the SEC. The Fund has no obligation to file such reports on behalf of such Investors or to notify Investors that such reports are required to be made. Investors who may be subject to such requirements should consult with their legal advisors.

**Investment Strategy-Related Risks**

Certain of the principal risks of the Fund's investment strategy are set forth below. Depending on economic and market conditions other risks may be present.

<u>Non-U.S. Investments</u>. The Fund invests primarily in equity securities of non-U.S.-domiciled issuers. Non-U.S. securities in which the Fund invests may be listed on non-U.S. securities exchanges, traded in non-U.S. over-the-counter markets or purchased in private placements and not be publicly traded. These investments involve special risks not usually associated with investing in securities of U.S. companies or U.S. federal, state or local governments.

The securities markets of foreign countries generally are less regulated than U.S. securities markets. Some foreign securities markets have a higher potential for price volatility and relative illiquidity compared to the U.S. securities markets. In addition, because there is less publicly available information about foreign companies, and because many non-U.S. entities are not subject to uniform accounting, auditing and financial reporting standards, practices and requirements comparable to those of U.S. companies, it may be difficult to analyze and compare such foreign company's performance.

Although the Fund may invest portions of its assets in non-U.S. equity or fixed-income instruments or in instruments denominated in non-U.S. currencies, the Fund will value its securities and other assets in U.S. dollars. The Fund may or may not seek to hedge all or any portion of their foreign currency exposure.

Following is a discussion of some of the more significant risks generally associated with investing in non-U.S. securities:

*Non-U.S. Currencies.* The Fund may make direct and indirect investments in a number of different currencies. In addition, the Fund will hold funds in bank deposits in non-U.S. dollar currencies. As a result, the Fund may be affected favorably or unfavorably by changes in currency rates and in exchange control regulations, and may incur transaction costs in connection with conversions between various currencies. Any returns on, and the value of the Fund's investments, may be materially affected by exchange rate fluctuations, local exchange control, limited liquidity of the relevant foreign exchange markets, the convertibility of the currencies in question and/or other factors.

The Fund may, but is not required to, hedge its exposure to fluctuations in the non-U.S. currency exchange rates. The Sub-Adviser may seek to hedge the Fund's foreign currency exposure by investing in currencies, currency futures contracts and options on currency futures contracts, spot and forward currency exchange contracts, swaps, swaptions or any combination thereof (whether or not exchange traded), but there can be no assurance that these strategies will be effective, and such techniques entail costs and additional risks. If the Fund were to enter into hedging transactions, it may not participate fully in any currency gains that would otherwise be attributable to any appreciation of the foreign currencies. To the extent unhedged, the value of the Fund's assets will fluctuate with U.S. dollar exchange rates, as well as the price changes of the Fund's investments in the various local markets and currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments. An increase in the value of the U.S. dollar compared to the other currencies in which the Fund makes its investments will reduce the effect of increases, and magnify the effect of decreases, in the prices of the Fund's securities in their local markets. The Fund could realize a net loss on an investment, even if there were a gain on the underlying investment before currency losses were taken into account.

*Characteristics of Non-U.S. Securities Markets*. The Fund may buy and sell securities on the principal stock exchange or over-the-counter market of foreign countries. Many foreign stock markets are not as developed or efficient as those in the U.S., and they may be more volatile. Generally, there is less government supervision and regulation of non-U.S. exchanges, brokers and listed companies than in the U.S. Furthermore, trading volumes in non-U.S. markets are usually lower than in U.S. markets, resulting in reduced liquidity and potentially rapid and erratic price fluctuations. Commissions for trades on foreign stock exchanges and custody expenses generally are higher than those in the U.S. Settlement practices for transactions in foreign markets may involve delays beyond periods customary in the United States, possibly requiring the Fund to borrow funds or securities to satisfy its obligations arising out of other transactions. In addition, there could be more "failed settlements," which can result in losses to the Fund.

*Less Company Information and Regulation*. Generally, there is less publicly available information about foreign companies than about U.S. companies. This may make it more difficult for the Fund to stay informed of corporate action that may affect the price of a particular security. Further, many foreign countries lack uniform accounting, auditing and financial reporting standards, practices and requirements. These factors can make it difficult to analyze and compare the performance of non-U.S. companies.

*Political and Economic Instability*. Because of volatile internal political environments, less stable monetary systems and/or external political risks, among other factors, many non-U.S. economies are less stable than the U.S. economy. Some foreign governments participate in their economies through ownership or regulation in ways that can have a significant effect on the prices of securities. Some economies depend heavily on international trade and can be adversely affected by trade barriers or changes in the economic conditions of their trading partners. In addition, some countries face the risk of expropriation or confiscatory taxation, political, economic or social instability, limitation on the removal of funds or other assets or the repatriation of profits, restrictions on investment opportunities, the imposition of trading controls, withholding or other taxes on interest, capital gain or other income, import duties or other protectionist measures, various laws enacted for the protection of creditors, greater risks of nationalization or diplomatic developments which could adversely affect the Fund's investments in those countries.

*Emerging Markets*. Emerging market countries have economic structures that generally are less diverse and mature, and political systems that are less stable, than those of developed countries.

Emerging markets may be more volatile than the markets of more mature economies. Many emerging countries providing investment opportunities for the Fund have experienced substantial, and in some periods extremely high, rates of inflation for many years, and resulting sharp, sustained declines in the value of their currencies and securities markets. Inflation and rapid fluctuations in inflation rates have had and may continue to have adverse effects on the economies and securities markets of certain of these countries. Many issuers in these countries and the countries themselves have defaulted on their obligations. Additional risks relevant to emerging markets may include: greater dependence on exports and the corresponding importance of international trade; more extensive controls on foreign investment and limitations on repatriation of invested capital; increased likelihood of governmental involvement in, and control over, the economies; decisions by the government to cease support of economic reform programs or to impose restrictions; and less established laws and regulations regarding fiduciary duties of officers and directors and protection of investors.

*Withholding Taxes*. Income and gains derived by the Fund may be subject to withholding and other taxes, which would reduce net proceeds. See "Tax Aspects—The Fund's Investments—General" in the Fund's SAI.

*"Short Squeeze."* The Fund could be caught in a "short squeeze" specific to certain non-U.S. markets. Equities issued by foreign issuers generally are subject to being recalled if loaned by a lender pursuant to a stock lending program. In addition, there are certain equities that will be recalled, generally twice a year on the last trade date prior to the record date, on which date the owners of the security must own the equity of record. A "short squeeze" is a speculative trading strategy that is sometimes observed when a security has been heavily sold short. Speculators start acquiring the security, driving up its price. As the price rises, short sellers have to post additional collateral for their borrowed securities, thereby putting pressure on those who have sold the security short. Investors who have sold the security short close out their positions. By purchasing the securities, those who are closing their short positions drive the price higher, putting even more pressure on the remaining short sellers. To the extent that the Fund has sold short a security that is being recalled in the period immediately preceding the last trade date prior to the record date, there is a risk that the Fund could be caught in such a "short squeeze," possibly preventing the Fund from unwinding its position without incurring significant losses. There is no assurance that the Fund will be able to liquidate a short position at a reasonable price if caught in a short squeeze.

*Foreign Exchange*. The Fund may engage in foreign-exchange transactions in the spot and, to a limited degree, forward markets. A forward currency exchange contract involves an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract as agreed by the parties, at a price that is fixed at the time the contract is entered into. In addition, the Fund may maintain short positions in forward currency exchange transactions, in which the Fund agrees to exchange a specified amount of a currency it does not currently own for another currency at a future date in anticipation of a decline in the value of the currency sold relative to the value of the currency the Fund agreed to purchase. A forward currency exchange contract offers less protection against defaults by the counterparty than exchange-traded currency futures contracts do. Forward currency exchange contracts also are highly leveraged. The Fund also may purchase and sell put and call options on currencies and currency futures contracts and options on currency futures contracts.

<u>Geographic and Sector Focus</u>. While, as of the date hereof, the Fund does not intend to focus on any particular country, geographic region or sector, implementation of the Fund's investment strategy may, during certain periods, result in the investment of a significant portion of the Fund's assets in a particular country or geographic region, such as Europe, or sector, such as information technology or industrials. Investments in the same countries or geographic regions may constrain the liquidity and the number of issues available for investment by the Fund, and may cause the Fund to be disproportionately

exposed to the risks associated with the country or region of concentration. Investments in the same sector may be affected similarly by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As a result, the Fund may be subject to greater investment risk and volatility, and more susceptible to risk of loss, than if investments had been made in issuers in a broader range of countries, geographic regions or sectors.

*Investing in Europe.* Ongoing concerns regarding the economies of certain European countries and/or their sovereign debt, as well as the possibility that one or more countries might leave the European Union (the "EU"), create certain risks for investing in the EU.

A number of countries in Europe have experienced severe economic and financial difficulties. Many non-governmental issuers, and even certain governments, have defaulted on, or been forced to restructure, their debts. Many other issuers have faced difficulties obtaining credit or refinancing existing obligations. Financial institutions have in many cases required government or central bank support, have needed to raise capital, and/or have been impaired in their ability to extend credit; and financial markets in Europe and elsewhere have experienced significant volatility and declines in asset values and liquidity. These difficulties may continue, worsen or spread within and outside of Europe. Responses to the financial problems by European governments, central banks and others, including austerity measures and reforms, may not be effective, may result in social unrest and may limit future growth and economic recovery or have other unintended consequences. Further defaults or restructurings by governments and others of outstanding debt could have additional adverse effects on economies, financial markets, issuers and asset valuations around the world.

In June 2016, voters within the United Kingdom (the "UK") participated in a national referendum and voted in favor of leaving the EU (known as "Brexit"). On March 29, 2017, the UK triggered the withdrawal procedures in Article 50 of the Treaty of Lisbon which provided for a two-year negotiation period between the EU and the UK. Accordingly, it initially was anticipated that the UK would cease to be a member of the EU by the end of March 2019; however, this was subsequently extended to January 31, 2020. Following such date, the UK ceased to be a member of the EU and the EU-UK Withdrawal Agreement came into force. In December 2020, the UK and the EU reached a post-Brexit trade and cooperation agreement, which went into effect on January 1, 2021. Brexit is widely expected to have consequences that are both profound and uncertain for the economic and political future of the UK and the EU, and those consequences include significant legal and business uncertainties. The full scope and nature of the potential political, regulatory, economic and market consequences are not known at this time and are unlikely to be known for a significant period of time; however, they could be significant, potentially resulting in a period of instability and market volatility. It is not possible to ascertain the precise impact these events may have on the Fund or its investments from an economic, financial, tax or regulatory perspective, but any such impact could have material consequences for the Fund and its investments, regardless as to whether the Fund invests in securities of issuers located in Europe or has significant exposure to European issuers or countries. Unforeseen geopolitical events, such as Russia's large-scale invasion of Ukraine in February 2022, have dramatically affected markets and prospects world-wide. The extent and duration of this military action, resulting sanctions and resulting future market disruptions are impossible to predict, but should be expected to be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on Russian entities or individuals could have a severe adverse effect on the region, and on others around the world, including significant negative impacts on the economies and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors. How long such military action and

related events will last cannot be predicted. These and any related events could have significant impact on Fund performance and the value of the investments in the Fund.

*Investing in the Information Technology Sector*. Certain technology companies may have limited product lines, markets or financial resources, or may depend on a limited management group. In addition, such companies are strongly affected by the volatile technology market, worldwide technological developments and advancements, government regulation, rapidly changing market conditions, new competing products and companies, changing consumer and business preferences and short product life cycles. The products manufactured and services offered by technology companies may not be economically successful, or may quickly become outdated.

Companies in the information technology sector are subject to various risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors such as obtaining and protecting patents, or the failure to do so, and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. These competitive pressures may have an adverse effect on earnings and profit margins, and may lead to technologies and products that ultimately fail. As a result, the securities of information technology companies tend to exhibit a greater degree of market risk and sharp price fluctuations than other types of securities, especially over the short term. These securities may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices.

*Investing in the Industrials Sector.* The value of companies in the industrials sector may be adversely affected by supply and demand related to their specific products or services and industrials sector products in general, as well as liability for environmental damage and product liability claims and government regulations. For example, the products of manufacturing companies may face obsolescence due to rapid technological developments and frequent new product introduction. Certain companies within this sector, particularly aerospace and defense companies, may be heavily affected by government spending policies because companies involved in this industry rely, to a significant extent, on government demand for their products and services, and, therefore, the financial condition of, and investor interest in, these companies are significantly influenced by governmental defense spending policies, which are typically under pressure from efforts to control the U.S. and other government budgets. In addition, securities of industrials companies in transportation may be cyclical and have occasional sharp price movements which may result from economic changes, fuel prices, labor relations and insurance costs. In certain countries, other companies in the industrials sector may also be subject to significant government regulation and oversight, which may adversely affect their businesses.

<u>Equity Securities</u>. The Fund primarily invests in equity securities, which, for these purposes, means common and preferred stocks (including investments in IPOs), convertible securities, warrants and rights. As a result, the value of the Fund's portfolio will be affected by daily movements in the prices of equity securities. These price movements may result from factors affecting individual companies, industries or the securities markets as a whole. Individual companies may report poor results or be negatively affected by industry, regulatory or economic trends and developments. The prices of securities issued by such companies may suffer a decline in response. In addition, stock markets can be volatile at times, and stock prices can change drastically. This market risk will affect the Fund's net asset value per Unit, which will fluctuate as the values of the Fund's investments and other assets change. Not all stock prices change uniformly or at the same time, and not all stock markets move in the same direction at the same time.

Convertible securities also carry unique risks. The value of a convertible security is a function of its "investment value" (determined by its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege) and its "conversion value" (the security's worth, at market value, if converted into the underlying common stock). The investment value of a convertible security, therefore, is influenced by changes in interest rates, with investment value declining as interest rates increase and increasing as interest rates decline. The credit standing of the issuer and other factors may also have an effect on the convertible security's investment value. The conversion value of a convertible security is determined by the market price of the underlying common stock. If the conversion value is low relative to the investment value, the price of the convertible security is governed principally by its investment value. Generally, the conversion value decreases as the convertible security approaches maturity. To the extent the market price of the underlying common stock approaches or exceeds the conversion price, the price of the convertible security is increasingly influenced by its conversion value. A convertible security generally sells at a premium over its conversion value by the extent to which investors place value on the right to acquire the underlying common stock while holding a fixed-income or preferred security, as applicable.

A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse effect on the Fund's ability to achieve its investment objective.

Warrants permit, but do not require, the holder to subscribe for other securities or commodities. Rights are similar to warrants, but typically have a shorter duration and are offered or distributed to shareholders of a company. Warrants and rights may be considered more speculative than certain other types of equity-like securities because they do not carry with them rights to dividends or voting rights, and they do not represent any rights in the assets of the issuer. If not exercised prior to their expiration dates, these instruments will lose their value. The market for warrants and rights can become very illiquid. Changes in liquidity may significantly impact the price for warrants and rights, which could decrease the value of the Fund's portfolio.

<u>Small- and Medium-Capitalization Companies</u>. The Fund may invest a substantial portion of its assets in the securities of companies with small- to medium-sized market capitalizations. While such securities may provide significant potential for appreciation, the securities of certain companies, particularly smaller-capitalization companies, may involve higher risks than do investments in securities of larger companies. For example, prices of small-capitalization and even medium-capitalization securities are often more volatile than prices of large-capitalization securities, as they typically are traded in lower volume and the issuers typically are more subject to changes in earnings and prospects, and the risk of bankruptcy or insolvency is higher than for larger, "blue-chip" companies. In addition, an investment in some small-capitalization companies may be relatively illiquid due to thin trading in their securities.

<u>IPO Securities</u>. Special risks are associated with investments in IPO securities, including lack of a trading history, lack of knowledge about the issuer and limited operating history. These factors may contribute to substantial price volatility for the shares of these companies, and this volatility can affect the value of the Fund's investment in these shares. The limited number of shares available for trading in some initial public offerings may make it more difficult for the Fund to buy or sell significant amounts of shares without an unfavorable effect on prevailing market prices. In addition, some companies in initial public offerings may be involved in relatively new industries or businesses, which may not be widely understood by investors. Some of these companies may be undercapitalized or regarded as

developmental stage companies, without revenues or operating income, or close to achieving revenues or operating income.

<u>Short Sales</u>. The Fund engages in short sales in pursuit of its investment objective and in connection with executing its investment strategy. The Sub-Adviser seeks to take opportunistic advantage of market inefficiencies by selling securities short.

To effect a short sale, the Fund will borrow a security from a brokerage firm, or other permissible financial intermediary, to make delivery to the buyer, with an obligation to replace the borrowed securities at a later date. The Fund then is obligated to replace the borrowed security by purchasing it at the market price at the time of replacement. Short-selling allows an investor to profit from declines in market prices to the extent such declines exceed the transaction costs and the costs of borrowing the securities. In certain circumstances, these techniques can substantially increase the impact of adverse price movements on the Fund's portfolio. A short sale of a security involves the theoretical risk of an unlimited increase in the market price of the security, which could result in an inability to cover the short position and thus a theoretically unlimited loss. There can be no assurance that the securities necessary to cover a short position will be available for purchase. Purchasing securities to close out the short position can itself cause the price of the securities to rise further, thereby exacerbating the loss.

Short selling is a speculative investment technique that involves expenses to the Fund and the following additional risks:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund may not be able to close out a short position at any particular time or at the desired price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund may be subject to a "short squeeze" when other short sellers desire to replace a borrowed
security at the same time as the Fund, thus increasing the price the Fund may have to pay for the security and causing the Fund to incur
losses on the position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the market for smaller capitalization or foreign companies becomes illiquid, the Fund may be unable
to obtain securities to cover short positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain foreign markets may limit the Fund's ability to short stocks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain foreign exchanges may suspend the limits on short sellers.

Short sale transactions have been subject to increased regulatory scrutiny, including the imposition of restrictions on short selling certain securities and reporting requirements. The Fund's ability to execute short sales may be materially adversely impacted by rules, interpretations, prohibitions and restrictions on short selling activity imposed by regulatory authorities, including the SEC, its foreign counterparts, other government authorities or self-regulatory organizations. These rules, interpretations, prohibitions and restrictions may be imposed with little or no advance notice, and may impact prior trading activities of the Fund. Additionally, traditional lenders of securities might be less likely to lend securities under certain market conditions. As a result, the Fund may not be able to effectively pursue a short selling strategy due to a limited supply of securities available for borrowing.

In connection with short selling, the Fund may be required to comply with the requirements of Rule 18f-4, which may limit its ability to sell securities short.

Certain European jurisdictions, including Austria, Belgium, France, Greece, Italy and Spain, enacted temporary short sale bans in 2020 in response to the COVID-19 pandemic. While the SEC did

not take similar action in response to the pandemic, it temporarily banned short selling in the stocks of numerous financial services companies, and promulgated new disclosure requirements with respect to short positions held by investment managers, in September 2008 in response to the global financial crisis. Certain international regulatory bodies, including the UK's Financial Services Authority, also promulgated restrictions on short selling in 2008. While these measures have all since expired, similar restrictions and/or additional disclosure requirements may be promulgated at any time, especially during periods of financial crisis and market turmoil, and could adversely affect the Fund and its ability to execute its investment strategy.

<u>Leverage and Borrowing</u>. The Fund's investment program makes frequent use of leverage by using net short proceeds to purchase securities or borrowing money, subject to the limits of the Asset Coverage Requirement and the requirements of Rule 18f-4, for investment purposes, to satisfy repurchase requests from Investors and to otherwise provide the Fund with liquidity. The practice of leveraging by borrowing money is speculative and involves certain risks. Because short sales involve borrowing securities and then selling them, the Fund's short sales have the additional effect of leveraging the Fund's assets.

The Fund also may use leverage in the form of loans for borrowed money (*e.g.*, margin loans) or in the form of derivative instruments, such as options, futures, forward contracts, swaps and repurchase agreements. The use of leverage by the Fund can substantially increase the market exposure (and market risk) to which the Fund's portfolio may be subject. Trading on leverage will result in interest charges or costs, which may be substantial. The level of interest rates generally, and the rates at which the Fund can leverage in particular, can affect the operating results of the Fund.

The Fund's use of short-term margin borrowings, repurchase agreements, derivatives and other instruments may present additional risks. For example, if the value of securities pledged to brokers to secure the Fund's margin accounts declines, the Fund might be subject to a "margin call," pursuant to which the Fund would be required either to deposit additional funds with the broker or liquidate the pledged securities to compensate for the decline in value. If a counterparty determines that the value of the collateral has decreased, the counterparty may initiate a margin call or other payment obligation and require the Fund to either post additional collateral to cover such decrease or repay a portion of the outstanding borrowing. Additionally, to obtain cash to satisfy a margin call, the Fund may be required to liquidate assets at a disadvantageous time, which could cause it to incur further losses. In the event of a sudden drop in the value of the Fund's assets, the Fund might not be able to liquidate assets quickly enough to pay off its margin debt.

In the U.S. futures markets, margin deposits are typically required. These deposits may range from 1% to 15% of the value of the futures contracts being purchased or sold. With respect to other derivative markets, margin deposits may be lower or may not be required at all. Such low margin deposits indicate that any trading in these markets typically is accompanied by a high degree of leverage. A relatively small adverse price movement in a futures or forward contract may result in immediate and substantial losses to the investor where low margin deposits exist.

There are no margin requirements in connection with purchases of options, because the option premium is paid for in full. The premiums for certain options traded on foreign exchanges may be paid for on margin. When the Fund sells an option on a futures contract, it may be required to deposit margin in an amount that may be determined by the margin requirement established for the futures contract underlying the option and, in addition, an amount substantially equal to the current premium for the option. The margin requirements imposed on the writing of options can be higher than those imposed when dealing in the futures markets directly. Whether any margin deposit will be required for over-the-counter options and other over-the-counter instruments, such as currency forwards, swaps and certain

other derivative instruments, will depend on the credit determinations and specific agreements of the parties to the transaction, which are individually negotiated.

<u>The Fund's Use of Derivatives Involves Risk</u>. The Fund may invest in, or enter into, derivatives, including swaps (including total return swaps), swaptions, CFDs, futures and forward agreements and options, for investment or hedging purposes. To date, the Fund has obtained considerable market exposure, and expects to continue to do so, by using total return swaps. A total return swap is an agreement between counterparties to exchange periodic payments based on the value of asset or non-asset references. Total return swap contracts are exposed to the market risk factor of the specific underlying financial instrument or index. Total return swaps are less standard in structure than other types of swaps and can isolate and/or include multiple types of market risk factors including equity risk, credit risk, and interest rate risk. The Fund could be exposed to credit or market risk due to unfavorable changes in the fluctuation of interest rates or in the price of the underlying security or index, the possibility that there is no liquid market for these agreements or that the counterparty may default on its obligation to perform. The use of these instruments involves the following risks, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Derivatives can be volatile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that
a small investment in derivatives could have a large impact on the Fund's performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The market for any derivative is, or suddenly can become, illiquid. Changes in liquidity may result in
significant, rapid and unpredictable changes in the prices for derivatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entering into derivatives in foreign markets may involve more risk than entering into domestic transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain derivatives, such as swaps, involve the assumption of the credit risk of the counterparty to the
transactions.

The stability and liquidity of derivatives depend in large part on the creditworthiness of the parties to the transactions. It is expected that the Sub-Adviser will monitor on an ongoing basis the creditworthiness of firms with which it will enter into derivatives. If there is a default by the counterparty to such transaction, the Sub-Adviser will under most normal circumstances have contractual remedies pursuant to the agreements related to the transaction. However, exercising such contractual rights may involve delays or costs that could result in the net asset value of the Fund being less than if the Sub-Adviser had not entered into the transaction. Furthermore, there is a risk that a counterparty could become insolvent. If the Sub-Adviser's counterparties (*e.g.*, prime broker or broker-dealer) were to become insolvent or the subject of liquidation proceedings, there exists the risk that the recovery of securities and other assets from such prime broker or broker-dealer will be delayed or will be of a value less than the value of the securities or assets originally entrusted to such prime broker or broker-dealer.

In addition, the Sub-Adviser may use counterparties located in various jurisdictions. Such local counterparties are subject to various laws and regulations in various jurisdictions that are designed to protect their customers in the event of their insolvency. However, the practical effect of these laws and their application to the Fund's assets are subject to substantial limitations and uncertainties.

See "Additional Investment Policies—Special Investment Techniques" in the Fund's SAI.

<u>Repurchase Agreements and Reverse Repurchase Agreements</u>. The Fund may enter into repurchase agreements and reverse repurchase agreements. For the purposes of maintaining liquidity and achieving income, the Fund may enter into repurchase agreements with domestic and foreign banks, registered broker-dealers or other appropriate counterparties. A repurchase agreement is a contract under which the Fund would acquire a security for a relatively short period subject to the obligation of the seller to repurchase and the Fund to resell such security at a fixed time and price (representing the Fund's cost plus interest). In the case of repurchase agreements with broker-dealers, the value of the underlying securities (or collateral) will be at least equal at all times to the total amount of the repurchase obligation, including the interest factor. The Fund bears a risk of loss in the event that the other party to a repurchase

agreement defaults on its obligations and the Fund is delayed or prevented from exercising its rights to dispose of the collateral securities. This risk includes the risk of procedural costs or delays in addition to a loss on the securities if their value should fall below their repurchase price. If the seller under the repurchase agreement becomes insolvent or otherwise fails to repurchase the securities, the Fund would be permitted to sell the securities. However, this right to sell may be restricted, or the value of the securities may decline before the securities can be liquidated. Repurchase agreements that are subject to foreign law may not enjoy protections comparable to those provided to certain repurchase agreements under U.S. bankruptcy law, and they therefore may involve greater risks.

The Fund may enter into reverse repurchase agreements. A reverse repurchase agreement involves the sale of a security by the Fund and its agreement to repurchase the instrument at a specified time and price. A counterparty to a reverse repurchase agreement may be unable or unwilling to complete the transaction as scheduled, which may result in losses to the Fund. Reverse repurchase agreements may be considered forms of borrowing for some purposes.

<u>Credit Risk</u>. Certain of the markets in which the Fund effects its transactions are over-the-counter or "interdealer" markets. The participants in such markets typically are not subject to credit evaluation and regulatory oversight as are members of "exchange based" markets. To the extent the Fund invests in swaps, derivative or synthetic instruments, or other over-the-counter transactions, on these markets, the Fund may take a credit risk with regard to parties with whom it trades and may also bear the risk of settlement default. These risks may differ materially from those entailed in exchange-traded transactions, which generally are backed by clearing organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered into directly between two counterparties generally do not benefit from such protections. This exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Such "counterparty risk" is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties. The Fund is not restricted from dealing with any particular counterparty or from concentrating any or all of their transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties, the lack of any independent evaluation of such counterparties' financial capabilities and the absence of a regulated market to facilitate settlement may increase the potential for losses.

<u>Bonds and Other Fixed-Income Securities</u>. The Fund may invest in bonds and other fixed-income securities, and may take short positions in these securities. The Sub-Adviser will invest in these securities when it believes such securities offer opportunities for capital appreciation (or capital depreciation in the case of short positions) and also may invest in these securities for temporary defensive purposes and to maintain liquidity. Fixed-income securities include, among other securities: bonds, notes and debentures issued by corporations; debt securities issued or guaranteed by governments; municipal securities; and mortgage-backed and asset-backed securities. Certain securities in which the Fund may invest, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to significant reductions of yield and possible loss of principal. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed-income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (*i.e.*, credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (*i.e.*, market risk).

Dislocations in the fixed-income sector and weaknesses in the broader financial market could adversely affect the Fund. As a result of such dislocations, the Fund may face increased borrowing costs,

reduced liquidity and reductions in the value of its investments. One or more of the counterparties providing financing for the Fund's portfolio could be affected by financial market weaknesses, and may be unwilling or unable to provide financing. As a result, the Fund may be unable to fully finance its investments and operations. This risk would be exacerbated if a substantial portion of the Fund's financing is provided by a relatively small number of counterparties. If one or more major market participants fail or withdraw from the market, it could negatively affect the marketability of all fixed-income securities and this could reduce the value of the securities in the Fund's portfolio, thereby reducing the Fund's net asset value. Furthermore, if one or more counterparties are unwilling or unable to provide ongoing financing, the Fund could be forced to sell its investments at a time when prices are depressed.

<u>Restricted and Illiquid Investments</u>. Although the Fund will invest primarily in publicly-traded securities, the Fund may from time to time invest in securities and other financial instruments or obligations for which little or no market exists, restricted securities and other investments that are illiquid. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the "1933 Act"), or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an exemption from registration under the 1933 Act.

Where registration is required to sell a security, the Fund may be obligated to pay all or part of the registration expenses, and a considerable period may elapse between the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If during such a period adverse market conditions were to develop, the Fund might obtain a less favorable price than the prevailing price when it decided to sell. The Fund may be unable to sell restricted and other illiquid securities at the most opportune times or at prices approximating the value at which they purchased such securities. The Fund's portfolio may include a number of investments for which no market exists and which have substantial restrictions on transferability.

<u>PIPEs</u>. The Fund may invest in private investment in public equities ("PIPEs") and other unregistered or otherwise restricted securities. The Fund expects most such private securities to be liquid within six to nine months of funding, but may also invest in other private securities with significantly longer or shorter restricted periods. PIPEs involve the direct placement of equity securities to a purchaser such as the Fund. Equity issued in this manner is often unregistered and therefore less liquid than equity issued through a public offering. Such private equity offerings provide issuers greater flexibility in structure and timing as compared to public offerings.

<u>Cash, Cash Equivalents, Investment Grade Bonds, Money Market Instruments</u>. The Fund may invest a portion of its assets in high quality fixed-income securities, money market instruments and money market mutual funds, or hold cash or cash equivalents in such amounts as the Sub-Adviser deems appropriate under the circumstances, including in response to adverse market or economic or political conditions, pending the investment of assets in accordance with its investment strategy or to maintain the liquidity necessary to effect repurchases of Units or meet expenses, subject to the Fund's policy to invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity securities. In addition, when the Sub-Adviser determines that adverse market conditions exist, the Fund may adopt a temporary defensive position and invest up to 100% of its assets in such securities. During such periods, the Fund may not achieve its investment objective.

These investments may be adversely affected by tax, legislative, regulatory, credit, political or government changes, interest rate increases and the financial conditions of issuers, which may pose credit risks that result in issuer default and the Fund may not achieve its investment objective.

<u>Registered Investment Companies</u>. The Fund may invest in the securities of other registered investment companies for cash management purposes. Under one provision of the 1940 Act, the Fund may not acquire the securities of other registered investment companies if, as a result, (i) more than 10% of the Fund's total assets would be invested in securities of other registered investment companies, (ii) such purchase would result in more than 3% of the total outstanding voting securities of any one registered investment company being held by the Fund or (iii) more than 5% of the Fund's total assets would be invested in any one registered investment company. Other provisions of the 1940 Act are less restrictive provided that the Fund is able to meet certain conditions. The Fund, as a holder of the securities of other investment companies, will bear its *pro rata* portion of the other investment companies' expenses, including advisory fees. These expenses will be in addition to the direct expenses incurred by the Fund.

<u>Active Management Risk</u>. The Fund's investment program emphasizes active management of the Fund's portfolio. Consequently, the Fund's portfolio turnover and brokerage commission expenses may exceed those of other investment companies. A high portfolio turnover rate (*i.e.*, 100% or higher) may also result in the greater realization of capital gains, including short-term gains which are taxable to Investors at the same rates as ordinary income.

**Other Risks**

<u>The Incentive Fee</u>. The Incentive Fee may create an incentive for the Sub-Adviser to cause the Fund to make investments that are riskier or more speculative than in the absence of the Incentive Fee. The Incentive Fee is based on both realized as well as unrealized appreciation; therefore, the Incentive Fee may be greater than if it were based only on realized gains.

The Incentive Fee, if any, is calculated and accrued on each date that the Fund calculates its net asset value, thereby reducing the net asset value of the Fund and the Units. The repurchase price received by an Investor whose Units are repurchased in a repurchase offer will reflect an Incentive Fee accrual if the Fund has experienced positive performance through the date of repurchase. However, the Fund will not accrue an Incentive Fee for any period unless it has fully recovered any cumulative losses from prior fiscal periods. This is known as a "high water mark." An Incentive Fee accrual may subsequently be reversed if the Fund's performance declines. No adjustment to a repurchase price will be made after it has been determined.

When Units are repurchased in a repurchase offer, or the Fund pays a dividend or a distribution, the amount of any cumulative loss will be reduced in proportion to the reduction in the Fund's assets paid in respect of such repurchase or in respect of such dividend or distribution. The amount of any cumulative loss incurred by the Fund, however, will not be increased by any sales of Units (including Units issued as a result of the reinvestment of dividends and distributions). Consequently, as the number of outstanding Units increases, the per-Unit amount (but not the dollar amount) of a cumulative loss will be reduced. As a result, if an Investor does not reinvest its distributions, the benefits that such Investor would receive from a cumulative loss (if any) will be diluted. This means that an Investor's investment may bear a higher percentage Incentive Fee than it otherwise would.

The application of the Incentive Fee may not correspond to a particular Investor's experience in the Fund because aggregate cumulative appreciation is calculated on an overall basis allocated equally to each outstanding Unit. An Investor may not owe an Incentive Fee on its investment, even though the value of its investment has increased. For example, if an Investor were to acquire Units after the Fund's trading resulted in a cumulative loss, the Investor would not owe an Incentive Fee until sufficient gains have been achieved to exceed such losses, despite the fact that the Investor will have experienced aggregate cumulative appreciation in respect of its Units. Conversely, an Investor may owe an Incentive

Fee on its investment, even though the value of its investment has declined. For example, if an Investor were to acquire Units at a time when the Fund had net profits to date for the Performance Period of $2 million in excess of the high water mark, but at the end of the Performance Period the Fund had net profits of only $1 million in excess of the high water mark, the Investor would owe an Incentive Fee despite the fact that the value of its investment declined. In addition, when Units are issued at a net asset value reduced by the accrued Incentive Fee, and such accrued Incentive Fee is subsequently reversed due to trading losses, the reversal will be allocated equally among all outstanding Units (increasing the net asset value per Unit), including those Units whose purchase price had not itself been reduced by the accrued Incentive Fee being reversed.

<u>Inadequate Return</u>. No assurance can be given that the returns on the Fund's investments will be proportionate to the risk of investment in the Fund. Potential Investors should not commit money to the Fund unless they have the resources to sustain the loss of their entire investment.

<u>Inside Information</u>. From time to time, the Fund or its affiliates may come into possession of material, non-public information concerning an entity or issuer in which the Fund has invested or may invest. The possession of such information may limit the Fund's ability to buy or sell securities of the issuer.

<u>Recourse to the Fund's Assets</u>. The Fund's assets, including any investments made by the Fund, are available to satisfy all liabilities and other obligations of the Fund. If the Fund becomes subject to a liability, parties seeking to have the liability satisfied may have recourse to the Fund's assets generally and not be limited to any particular asset, such as the asset representing the investment giving rise to the liability.

<u>Possible Exclusion of Investors Based on Certain Detrimental Effects</u>. The Fund may repurchase, outside of the repurchase procedure described under the caption "Repurchases of Units and Transfers—Repurchases of Units," Units held by an Investor or other person acquiring Units from or through an Investor, if: (i) the Units have been transferred or have vested in any person other than by operation of law as the result of the death, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Investor; (ii) the Investor or other person is not an Eligible Investor; (iii) ownership of the Units by the Investor or other person is likely to cause the Fund to be in violation of, require registration of any Units 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; (iv) continued ownership of the Units by the Investor or other person may be harmful or injurious to the business or reputation of the Fund, or may subject the Fund or any Investor to an undue risk of adverse tax or other consequences or restrictions; (v) any of the representations and warranties made by the Investor or other person in connection with the acquisition of the Units was not true when made or has ceased to be true; (vi) the Investor is likely to be subject to additional regulatory or compliance requirements under special laws or regulations by virtue of continuing to hold the Units; (vii) the Investor's investment balance falls below $25,000; or (viii) the Board determines that it would be in the best interests of the Fund. These provisions may, in effect, deprive an Investor in the Fund of an opportunity for a return that might be received by other Investors.

<u>Selling Agent Risk</u>. When a limited number of Selling Agents represents a large percentage of Investors, actions recommended by Selling Agents may result in significant and undesirable variability in terms of Investor subscription or tender activity. Additionally, it is possible that if a matter is put to a vote at a meeting of Investors, clients of a single Selling Agent may vote as a block, if so recommended by the Selling Agent.

<u>Tax Risks</u>. Special tax risks are associated with an investment in the Fund. The Fund has elected, and intends to continue to qualify, to be treated as a RIC under Subchapter M of the Code. As

such, the Fund must satisfy, among other requirements, certain ongoing asset diversification, source-of-income and annual distribution requirements. See "Certain U.S. Federal Income Tax Considerations—Taxation of the Fund."

If, before the end of any quarter of its taxable year, the Fund believes that it may fail the asset diversification requirement of RIC qualification, the Fund may seek to take certain actions to avert such a failure. The Fund may try to acquire additional investments or dispose of non-diversified assets to bring the Fund into compliance with the asset diversification test. Relevant tax provisions afford the Fund a 30-day period after the end of the relevant quarter in which to cure a diversification failure by disposing of non-diversified assets. In certain cases, the Fund may be afforded a longer cure period under applicable savings provisions. However, the Fund may be subject to a penalty tax in connection with its use of those savings provisions. If the Fund fails to satisfy the asset diversification test or other RIC requirements, it may fail to qualify as a RIC under Subchapter M of the Code. If the Fund fails to qualify as a RIC, the Fund would become subject to a corporate-level U.S. federal income tax (and any applicable U.S. state and local taxes) and distributions (including distributions of net capital gain) to Investors would be taxable as dividend income to the extent of the Fund's current and accumulated earnings and profits, and would not be deductible to the Fund. Accordingly, disqualification as a RIC may have a material adverse effect on the value of the Units and the amount of the Fund's distributions.

Under the DRIP, an Investor's dividends and capital gain distributions paid by the Fund are automatically reinvested in additional Units unless the Investor "opts out." Investors may opt out initially, and thereafter may change their election at any time, by contacting the Administrator. If an Investor participates in the DRIP, that Investor will be deemed to have received, and for U.S. federal income tax purposes will be taxed on, the amount reinvested in Units to the extent the amount reinvested was not a tax-free return of capital. As a result, an Investor may have to use funds from other sources to pay U.S. federal income tax liability on the value of the Units received. Even if an Investor does not participate in the DRIP, the Fund will have the ability to declare a large portion of a dividend in Units instead of in cash, for example, to satisfy the Annual Distribution Requirement (as defined below). As long as a portion of this dividend is paid in cash and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, an Investor generally would be subject to tax on 100% of the fair market value of the dividend on the date the dividend is received by the Investor in the same manner as a cash dividend, even though most of the dividend was paid in Units.

For U.S. federal income tax purposes, the Fund generally will be required to include in income certain amounts that the Fund has not yet received in cash, such as original issue discount ("OID"), which may arise, for example, if the Fund receives warrants in connection with the making of a loan or "payment-in-kind" interest representing contractual interest added to the loan principal balance and due at the end of the loan term. This OID or "payment-in-kind" interest is included in the Fund's income before the Fund receives any corresponding cash payments. The Fund also may be required to include in income certain other amounts that it will not receive in cash, such as amounts attributable to certain hedging and foreign currency transactions. Since, in certain cases, the Fund may recognize income before or without receiving cash in respect of this income, the Fund may have difficulty meeting the Annual Distribution Requirement. Accordingly, the Fund may have to sell some of its investments at times that are not advantageous or reduce new investments to meet these distribution requirements. If the Fund is not able to obtain cash from other sources, it may fail to qualify as a RIC and thus be subject to additional corporate-level income taxes. This failure could have a material adverse effect on the Fund and on any investment in Units. See "Certain U.S. Federal Income Tax Considerations—Taxation of the Fund."

The Fund may retain some income and capital gains in the future, which amounts may be subject to the 4% U.S. federal excise tax. In that event, the Fund will be liable for the tax on the amount by which the Fund does not meet the foregoing distribution requirement.

Any non-U.S. entities in or through which the Fund invests may be subject to non-U.S. withholding and other taxes. Further, adverse U.S. tax consequences can be associated with certain foreign investments, including potential U.S. withholding on foreign investment entities with respect to their U.S. investments (including those described in the SAI under the caption "Tax Aspects—Foreign Account Tax Compliance provisions of the Hiring Incentives to Restore Employment Act ("FATCA")").

<u>Changes in Tax Laws Governing IRAs</u>. A change in the current tax laws under the Code or other applicable tax rules governing IRAs and their investments (including, without limitation, Code provisions governing the maximum contributions that may be made to IRAs, the types of investments that IRAs may hold, the maximum amount that may be invested in IRAs and/or the annual minimum required distributions that an IRA must make) could result in adverse consequences for IRA investors (and their owners and beneficiaries). These changes could include, for example, a prohibition on IRA investors holding investments such as the Fund (*i.e.*, investments that require representations that the IRA investor has a specified minimum amount of income or assets) and a limitation on the aggregate investments that an IRA may hold, which could cause an IRA to lose its tax-exempt status if it is unable to divest from the necessary investments to satisfy any such rules and/or be exposed to penalties for failure to comply with such rules. By investing in the Fund, an IRA will be deemed to represent and warrant that it expressly understands that a Unit generally is non-transferable and may not be tendered, transferred or otherwise disposed of except as permitted under and in accordance with the LLC Agreement, and that there can be no assurance that the IRA will be able to timely tender, transfer or otherwise dispose of Units in the event of any changes in the law to avoid adverse consequences (and that neither the Fund nor the Adviser is under any obligation, whether express or implied, to assist or otherwise accommodate such tender, transfer or disposition or mitigate any adverse consequences to the IRA investor or its owners or beneficiaries).

<u>Cybersecurity Risk</u>. The Fund and its service providers are susceptible to operational and information security and related risks of cybersecurity incidents. In general, cyber-incidents can result from deliberate attacks or unintentional events. Cybersecurity attacks include, but are not limited to, gaining unauthorized access to digital systems (*e.g.*, through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber-attacks also may be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (*i.e.*, efforts to make services unavailable to intended users). Cybersecurity incidents affecting the Adviser, Sub-Adviser, Administrator, Distributor, Selling Agents, the Fund's custodian or other service providers have the ability to cause: (i) disruptions and impact business operations, potentially resulting in financial losses; (ii) interference with the Fund's ability to calculate its net asset value; (iii) the inability of Investors to transact business with the Fund; (iv) violations of applicable privacy, data security or other laws; (v) regulatory fines and penalties; (vi) reputational damage; (vii) reimbursement or other compensation or remediation costs; (viii) legal fees; or (ix) additional compliance costs. Similar adverse consequences could result from cybersecurity incidents affecting governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions and other parties. While information risk management systems and business continuity plans have been developed that are designed to reduce the risks associated with cybersecurity, there are inherent limitations in any cybersecurity risk management system or business continuity plan, including the possibility that certain risks have not been identified.

The above discussions of the various risks associated with the Fund and the Units are not, and are not intended to be, a complete enumeration or explanation of the risks involved in an investment in the Fund. Prospective Investors should read this entire Prospectus and consult with their own advisors before deciding whether to invest in the Fund. In addition, as the Fund's investment program changes or develops over time, and as market conditions change or develop over time, an investment in the Fund may be subject to risk factors not described in this Prospectus.

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

**USE OF PROCEEDS**

The Fund invests the net proceeds from the sale of Units, excluding cash retained for operational needs to pay Fund expenses and amounts to be payable to tendering Investors, in accordance with the Fund's investment objective and policies and principal strategy as soon as practicable (generally within five business days) after each Closing Date, assuming normal market conditions and the availability of suitable investments. Pending the investment of the proceeds of any offering pursuant to the Fund's investment objective and principal strategies and during periods of adverse market conditions in the equity securities markets, the Fund may invest a portion of the proceeds of the offering in short-term, high quality debt securities, money market instruments or money market funds. The Fund may be prevented from achieving its objective during any time in which the Fund's assets are not substantially invested in accordance with its principal investment strategies.

**PERFORMANCE INFORMATION**

Appendix D of this Prospectus contains the actual, prior performance of the Fund, as well as performance information for all other accounts managed by the Sub-Adviser that have investment objectives, policies and strategies that are substantially similar to the Fund. The information regarding other accounts is provided to illustrate the experience and historic investment results obtained by the Sub-Adviser. It should not be viewed as indicative of the future investment performance of the Fund. Future investments will be made under different economic conditions and the Fund is likely to invest a substantial portion of its assets in different securities. Prospective investors should carefully read the notes accompanying the investment performance charts in Appendix D. **PAST PERFORMANCE DOES NOT GUARANTEE FUTURE INVESTMENT RESULTS.**

**MANAGEMENT OF THE FUND**

**The Adviser**

Central Park Advisers, LLC serves as the Fund's investment adviser. The Adviser is a limited liability company organized under the laws of the State of Delaware, and is registered as an investment adviser under the Advisers Act. Since March 11, 2022, it has been an indirect wholly-owned subsidiary of Macquarie Management Holdings, Inc. ("Macquarie").

Before its acquisition, the Adviser had been an independent investment advisory firm specializing in the development and management of alternative investment offerings. It was founded by Central Park Group in 2006. Central Park Group, until its acquisition by Macquarie, offered a broad range of investments, including private equity funds, hedge funds, real estate funds and funds-of-funds.

Macquarie continues to offer such investments following the acquisition. Central Park Group's founding partners, all of whom now are employed by Macquarie, have significant experience across the spectrum of alternative investments and traditional asset management. For over 25 years, they sourced, created, managed and distributed private equity funds, hedge funds, real estate opportunity funds, crossover funds and funds-of-funds that seek to offer clients attractive risk-adjusted performance in diverse strategies, asset classes and sectors, including "first-ever" funds, and have invested or committed more than $15 billion in over 200 funds, including approximately $2 billion in registered fund-of-private-equity-funds and more than $4 billion in private equity vehicles sponsored by leading firms.

The Adviser serves as investment adviser to the Fund pursuant to the Investment Advisory Agreement. The Directors have engaged the Adviser to provide investment advice to, and manage the day-to-day business and affairs of, the Fund under the ultimate supervision of, and subject to any policies established by, the Board. The Adviser also provides, or arranges at its expense, for certain management and administrative services for the Fund. Some of those services include providing support services, maintaining and preserving certain records, and preparing and filing various materials with state and U.S. federal regulators.

The Administrator maintains certain required accounting related and financial books and records of the Fund. The other required books and records required to be maintained under the 1940 Act are maintained at the offices of the Adviser, located at 125 West 55<sup>th</sup> Street, New York, New York 10019.

At a meeting held on November 19, 2021, the Board, including a majority of the Independent Directors, considered and unanimously approved a new investment advisory agreement with the Adviser and a new sub-advisory agreement with the Sub-Adviser, and determined to recommend that Investors approve the new investment advisory agreement and new sub-advisory agreement (the "New Agreements"). At a special meeting of Investors held on February 18, 2022, Investors approved the New Agreements.

On March 11, 2022, Central Park Group and Macquarie announced that the Transaction had closed earlier that day (the "Closing"). The Adviser, now an indirect wholly-owned subsidiary of Macquarie, continues to operate as "Central Park Advisers, LLC," and the Fund continues to be managed by the same investment personnel at the Sub-Adviser who, prior to the Closing, were employed by the Sub-Adviser.

A discussion regarding the basis for the Board's approval of the Fund's Investment Advisory Agreement and Sub-Advisory Agreement is available in the Fund's Annual Report for the period ended September 30, 2022.

**The Sub-Adviser**

The Adviser, in compliance with applicable law and the Investment Advisory Agreement, has engaged the Sub-Adviser as the sole investment sub-adviser of the Fund, to manage the Fund's investment operations and the composition of its portfolio securities and investments under the supervision of the Adviser and the ultimate supervision of, and subject to any policies established by, the Board. The Sub-Adviser will be responsible for the day-to-day management of the Fund's portfolio.

Select Equity Group, founded in 1990, focuses on rigorous, independent research and disciplined, long-term investing. The Sub-Adviser was founded in connection with the merger of Select Equity Group, Inc. and its affiliate, Select Offshore Advisors, LLC, into a single investment advisory entity. The Sub-Adviser, which manages more than $38 billion, as of December 31, 2022, in various long/short and long-only equity strategies that invest in companies across geographies and market capitalizations, provides investment advisory services to high-net-worth individuals, multi-family offices, endowments,

foundations, private banks, insurance companies and public and corporate pensions. The Sub-Adviser also manages certain U.S. and non-U.S. private pooled investment vehicles, certain of which have investment objectives similar to the investment objective of the Fund, and provides sub-advisory services to a registered investment company and certain UCITS. The Sub-Adviser is majority owned and controlled by George S. Loening. Its principal office is located at 380 Lafayette Street, New York, New York 10003.

**Portfolio Management**

Chad M. Clark and Matthew C. Pickering serve as the Fund's portfolio managers. Messrs. Clark and Pickering are jointly responsible for the day-to-day management of the Fund's assets.

Mr. Clark joined the Sub-Adviser in August 2010. He oversees the Sub-Adviser's international strategies and is a member of its Management Committee. Prior to joining the Sub-Adviser, Mr. Clark spent 14 years at Harris Associates, where he was a Partner and co-managed the Oakmark International Small Cap Fund and Harris International Value L.P. Prior to Harris Associates, he was an Analyst in Corporate Finance at William Blair & Company. Mr. Clark received a B.S. in Industrial Management from Carnegie Mellon University (summa cum laude), and is a CFA charterholder.

Mr. Pickering, a senior member of the Sub-Adviser's investment team, joined the Sub-Adviser in December 2010. Prior to joining the Sub-Adviser, Mr. Pickering was an Analyst with Harris Associates for four years. Prior to Harris Associates, he worked for six years as an Analyst and Associate Portfolio Manager with Institutional Capital, where he was named Morningstar International Stock Co-Manager of the Year in 2005. Mr. Pickering received a B.S. from Miami University (magna cum laude), and is a CFA charterholder.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' investments in the Fund, if any.

**Fund Administrator, Custodian, Transfer Agent and Dividend Disbursing Agent**

SS&C Technologies, Inc., and its affiliates, DST Asset Manager Solutions, Inc. and ALPS Fund Services, Inc., perform certain administration, accounting and transfer agency services for the Fund, and serve as the Fund's dividend disbursing agent. In consideration of these services, the Administrator is paid a fee at the annual rate of 0.08% of the Fund's net assets up to $250 million, 0.06% of the Fund's net assets from $250 million to $500 million and 0.04% of the Fund's net assets in excess of $500 million, subject to a minimum annual fee, in addition to certain other fixed or transactional fees, and is reimbursed certain expenses.

The Bank of New York Mellon (the "Custodian") serves as the custodian of the Fund's assets, and may maintain custody of the Fund's assets with domestic and foreign subcustodians (which may be banks, trust companies, securities depositories and clearing agencies) approved by the Directors. Assets of the Fund are not held by the Adviser or Sub-Adviser, or commingled with the assets of other accounts other than to the extent that securities are held in the name of a custodian in a securities depository, clearing agency or omnibus customer account of such custodian. The Custodian's principal business address is 240 Greenwich Street, New York, NY 10007.

**FEES AND EXPENSES**

**Asset-Based Fees**

In consideration of the advisory services provided to the Fund by the Adviser, the Fund pays the Adviser the Management Fee, computed and payable monthly in arrears, at the annual rate of 1.25% of the Fund's net asset value. In consideration of the sub-advisory services provided to the Fund by the Sub-Adviser, the Adviser pays the Sub-Adviser, out of the Management Fee, the Sub-Advisory Fee computed and payable monthly in arrears, at the annual rate of 0.75% of the Fund's net asset value.

For purposes of determining the Management Fee payable to the Adviser and the Sub-Advisory Fee payable to the Sub-Adviser for any month, "net asset value" means the total value of all assets of the Fund as of the end of such month, less an amount equal to all accrued debts, liabilities and obligations of the Fund as of such date, and calculated before giving effect to any repurchase of Units on such date and before any reduction for any fees (including the Distribution and Servicing Fee and the Incentive Fee) and expenses of the Fund. The Management Fee and Sub-Advisory Fee will be prorated for any period of less than a month based on the number of days in such period.

**Incentive Fee**

Promptly after the end of each fiscal year of the Fund, the Fund pays to the Sub-Adviser the Incentive Fee in an amount equal to 20% of the amount by which the Fund's net profits attributable to each class of Units for all Performance Periods (as defined below) ending within or coterminous with the close of such fiscal year exceed the balance of the loss carryforward account maintained in respect of such class, without duplication for any Incentive Fee paid by the Fund in respect of such class during such fiscal year. The Fund also pays the Sub-Adviser the Incentive Fee in the event that a Performance Period ends in connection with the repurchase of Units by the Fund or a dividend or other distribution payable by the Fund, in each case on the date as of which the Fund's net asset value attributable to any class is calculated for such purpose; provided that only that portion of the Incentive Fee that is attributable to (i) the Units being repurchased (not taking into account any proceeds from any contemporaneous issuance of Units, by reinvestment of dividends and other distributions or otherwise), or (ii) the dividend or other distribution being paid by the Fund and not being reinvested in Units of the Fund, will be paid to the Sub-Adviser for such Performance Period. The Incentive Fee, if any, is calculated and accrued on each date that the Fund calculates its net asset value.

"Performance Period" means each 12-month period ending as of the Fund's fiscal year-end (or such other period ending as of the Fund's fiscal year-end in the event the Fund's fiscal year is changed); provided that the period of time from the prior Performance Period-end through the valuation date of (i) a repurchase offer and (ii) a dividend or other distribution also constitutes a Performance Period.

For purposes of determining the Incentive Fee, if any, payable to the Sub-Adviser, the parties will maintain a loss carryforward account with respect to each class that will have an initial balance of zero upon commencement of the class's operations and, thereafter, will be credited as of the end of each Performance Period with the amount of any net loss of the Fund attributable to such class for that Performance Period and will be debited with the amount of any net profits of the Fund attributable to such class for that Performance Period, as applicable (provided, however, that the debiting of net profits may only reduce a positive balance in the loss carryforward account and may not reduce the balance of the loss carryforward account below zero). The Incentive Fee will be payable for a Performance Period only if and to the extent that the loss carryforward account has a balance of zero. This is known as a "high water mark."

The balance of the loss carryforward account maintained for a class, if any, shall be subject to a proportionate reduction in connection with: (i) any dividend or other distribution payable by the Fund in respect of such class (to the extent such dividends and other distributions paid in respect of such class are not reinvested in Units of such class); or (ii) any repurchase by the Fund of Units of such class. The

amount of such reduction shall be that percentage of the then-current balance of the loss carryforward account maintained for a class determined by dividing (i) the aggregate amount of any dividends and other distributions paid in respect of such class and not reinvested in Units of such class, and the dollar amount of any Units of such class repurchased by the Fund, by (ii) the Net Assets of the Fund attributable to such class, prior to the reduction of Net Assets for the amount of such unreinvested dividends and other distributions and the dollar amount of Units of such class repurchased by the Fund. The loss carryforward account shall be maintained with respect to each class as a whole (rather than for each individual Investor).

For purposes of calculating the Incentive Fee: (i) net profits means the amount by which (a) the net assets of the Fund attributable to a class as of the end of a Performance Period, increased by the dollar amount of Units of such class repurchased by the Fund during the Performance Period (excluding Units of such class to be repurchased as of the last day of the Performance Period after the determination of the Incentive Fee) and by the amount of dividends and other distributions paid in respect of Units of such class during the Performance Period and not reinvested in additional Units of such class (excluding any dividends and other distributions to be paid as of the last day of the Performance Period), exceeds (b) the net assets of the Fund attributable to such class as of the beginning of the Performance Period, increased by the dollar amount of Units of such class issued during the Performance Period (excluding any Units of such class issued in connection with the reinvestment of dividends and other distributions paid by the Fund in respect of such class); (ii) net loss attributable to a class means the amount by which (a) the net assets of the Fund attributable to such class as of the beginning of a Performance Period, increased by the dollar amount of Units of such class issued during the Performance Period (excluding any Units of such class issued in connection with the reinvestment of dividends and other distributions paid by the Fund in respect of such class), exceeds (b) the net assets of the Fund attributable to such class as of the end of the Performance Period, increased by the dollar amount of Units of such class repurchased by the Fund during the Performance Period (excluding Units of such class to be repurchased as of the last day of the Performance Period after the determination of the Incentive Fee) and by the amount of dividends and other distributions paid in respect of such class during the Performance Period and not reinvested in additional Units of such class (excluding any dividends and other distributions to be paid as of the last day of the Performance Period); and (iii) net assets of a class means the total value of all assets of the Fund attributable to such class, less all accrued debts, liabilities and obligations of the Fund attributable to such class, determined in accordance with the valuation and accounting policies and procedures of the Fund as from time to time in effect.

The Sub-Adviser is under no obligation to repay any Incentive Fee or portion thereof previously paid to it by the Fund, if calculated in accordance with the Sub-Advisory Agreement. Thus, the payment of an Incentive Fee for a Performance Period will not be reversed by the subsequent decline in assets of the Fund in any subsequent Performance Period.

In the event of the termination of the Sub-Advisory Agreement, the Fund will pay an Incentive Fee to the Sub-Adviser calculated in a manner as if such termination date were the end of the Fund's fiscal year. The termination of the Sub-Advisory Agreement that occurred due to the Closing of the Transaction, however, did not result in the payment of any Incentive Fee.

**Distribution and Servicing Fee**

Under the terms of the Distribution Agreement, the Distributor is authorized to pay Selling Agents for the provision of distribution services as contemplated by Rule 12b-1 under the 1940 Act and for non-12b-1 services. The Fund pays the Distributor a monthly Distribution and Servicing Fee out of the net assets of Class A Units at the annual rate of 0.75% of the net asset value of Class A Units, determined and accrued as of the end of each month (before any repurchases of such Units, but after the

Management Fee is calculated and accrued). The Distribution and Servicing Fee is charged on an aggregate class-wide basis, and Investors in Class A Units will be subject to the Distribution and Servicing Fee regardless of how long they have held such Units. The Distribution and Servicing Fee is paid to the Distributor to reimburse it for payments made to Selling Agents. Amounts retained by the Distributor, if any, will be used by the Distributor to pay for Fund-related distribution and servicing expenses. Each compensated Selling Agent is paid by the Distributor based on the net asset value of outstanding Class A Units held by Investors that receive services from such Selling Agent. Payment of the Distribution and Servicing Fee is governed by the Fund's Rule 12b-1 Plan, which, pursuant to the conditions of an exemptive order issued by the SEC, has been adopted by the Fund in compliance with Rule 12b-1 under the 1940 Act with respect to Class A Units. Class I Units are not subject to the Distribution and Servicing Fee. Class A Units may be converted to Class I Units if a Selling Agent informs the Fund that an Investor no longer receives services from the Selling Agent or another servicing agent which has entered into an agreement with the Distributor. Upon advance notice to the Investor, Class I Units may be converted to Class A Units if an Investor is no longer eligible to participate in Class I.

**Expense Limitation and Reimbursement Agreement**

The Advisers have entered into an "Expense Limitation and Reimbursement Agreement" with the Fund to limit the amount of "Specified Expenses" borne by the Fund to an amount not to exceed 0.60% per annum of the Fund's net assets (*i.e.*, the Expense Cap) until January 31, 2024. Specified Expenses means all expenses incurred by the Fund, except for: (i) the Management Fee; (ii) the Incentive Fee; (iii) any distribution or servicing fee paid with respect to certain classes of Units, including the Distribution and Servicing Fee; (iv) brokerage costs; (v) certain transaction-related expenses, including those incurred in connection with effecting short sales; (vi) interest payments; (vii) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (viii) taxes; and (ix) extraordinary expenses (as determined in the sole discretion of the Adviser). To the extent that Specified Expenses for a month exceed the Expense Cap, the Advisers will reimburse the Fund for expenses to the extent necessary to eliminate such excess. To the extent that the Advisers bear Specified Expenses, they are permitted to receive reimbursement for any expense amounts previously paid or borne by the Advisers, for a period not to exceed three years from the date on which such expenses were paid or borne by the Advisers, even if such reimbursement occurs after the term of the Expense Limitation and Reimbursement Agreement, provided that the Specified Expenses have fallen to a level below, and the reimbursement amount does not raise the level of Specified Expenses in the month the reimbursement is being made to a level that exceeds, the Expense Cap in place at the time such amounts were borne by the Advisers and the expense limitation in place at the time of the reimbursement, if any.

**Other Expenses of the Fund**

The Adviser and the Sub-Adviser bear all of their own respective costs incurred in providing advisory services to the Fund. As described below, the Fund bears all expenses incurred in the business and investment program of the Fund. The Adviser also provides, or arranges at its expense, for certain management and administrative services for the Fund. Some of those services include providing support services, maintaining and preserving certain records, and preparing and filing various materials with state and U.S. federal regulators.

Expenses to be borne by the Fund (and, thus, indirectly by Investors) include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all expenses related to the Fund's investment program, including, but not limited to: (i) all costs
and expenses directly related to portfolio transactions and positions for the Fund's account, and enforcing the Fund's rights in respect
of such investments; (ii) transfer taxes and

premiums; (iii) taxes withheld on non-U.S. dividends or other non-U.S. source income; (iv) fees for data, software and technology providers; (v) professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts); and (vii) if applicable, brokerage commissions, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Management Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Incentive Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Distribution and Servicing Fee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses associated with the organization and initial registration of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses associated with the operation and ongoing registration of the Fund, including,
without limitation, all costs and expenses associated with repurchase offers, offering costs and the costs of compliance with any applicable
federal, state or non-U.S. laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fees of the Independent Directors and the fees and expenses of independent counsel thereto, and the
costs and expenses of holding any meetings of the Investors or the Board, its committees or the Independent Directors that are permitted
or required to be held under the terms of the Fund's Limited Liability Company Agreement, as may be amended or amended and restated from
time to time, the 1940 Act or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a portion, as determined by the Board, of the compensation payable to the Fund's chief compliance officer,
and expenses attributable to implementing the Fund's compliance program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fees and expenses of performing research, risk analysis and due diligence, including third party background
checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fees and disbursements of any attorneys, accountants, independent registered public accounting firms
and other consultants and professionals engaged on behalf of the Fund or the Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a portion, as approved by the Board, of the costs of a fidelity bond and any liability or other insurance
obtained on behalf of the Fund, the Adviser, the Directors or the officers of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• recordkeeping, custody and transfer agency fees and expenses of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the fees and expenses of other service providers to the Fund, including depositaries (such as The Depository
Trust & Clearing Corporation and National Securities Clearing Corporation), and other persons providing administrative services
to the Fund, including the Fund's administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all costs and expenses of preparing, setting in type, printing and distributing reports and other Fund
communications to Investors, whether for regulatory or some other purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all expenses of computing the Fund's net asset value, including any equipment or services obtained for
the purpose of valuing the Fund's investment portfolio, including appraisal and valuation services provided by third parties engaged by
or on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all charges for equipment or services used for communications between the Fund and any custodian, administrator
or other agent engaged by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any extraordinary expenses, that is, those incurred outside of the ordinary course of business, including,
without limitation, litigation or indemnification expenses and costs incurred in connection with holding and/or soliciting proxies for
a meeting of Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• all
 taxes to which the Fund may be subject, directly or indirectly, and whether in the U.S.,
 any state thereof or any other U.S. or non-U.S. jurisdictions, including excise taxes on
 undistributed income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 portion of expenses associated with personnel of the Adviser or its affiliates providing
 legal services to the Fund (including, without limitation, the review and updating of the
 registration statement, review of Investor reports, preparing materials relating to Board
 and Investor meetings, the negotiation of service provider agreements and other contracts
 for the Fund and the preparation and review of various regulatory filings for the Fund) and
 producing regulatory materials (including, without limitation, the production and formatting
 of Investor reports and offering documents for the Fund); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such other types of expenses as may be approved from time to time by the Board.

The Fund will reimburse the Adviser for any of the above expenses that it pays on behalf of the Fund. Macquarie has agreed not to allocate a portion of expenses associated with personnel of the Adviser or its affiliates providing legal services to the Fund and producing regulatory materials for a period of at least two years following the Closing.

"Extraordinary expenses" are expenses incurred outside of the ordinary course of business, including, without limitation, litigation or indemnification expenses and costs incurred in connection with holding and/or soliciting proxies for a meeting of Investors.

**INVESTOR QUALIFICATIONS**

Units will be offered only to Eligible Investors. This means that, to purchase Units of the Fund, a prospective Investor will be required to certify that the prospective Investor has a net worth (in the case of a natural person, either as an individual or with assets held jointly with a spouse) of more than $2.2 million, excluding the value of the primary residence of such person and any debt secured by such property (up to the current market value of the residence) or otherwise meets the definition of a "qualified client," as that term is defined in Rule 205-3 under the Advisers Act. Existing Investors seeking to purchase additional Units will be required to qualify as Eligible Investors at the time of the additional purchase.

A prospective Investor must submit a completed Investor Certificate before investing in the Fund. The form of Investor Certificate is included as Appendix A to this Prospectus. The Fund is not obligated to sell to brokers or dealers any Units that have not been placed with Eligible Investors. The Fund, in its discretion, may suspend applications for Units at any time, and reserves the right to reject, in its sole discretion, any request to purchase Units of the Fund at any time.

By acquiring Units of the Fund, an Investor acknowledges and agrees that: (i) any information provided by the Fund, the Adviser, the Sub-Adviser or any affiliates thereof (including information set forth in this Prospectus and in the SAI) is not a recommendation to invest in the Fund and that none of the Fund, the Adviser, Sub-Adviser or any affiliates thereof is undertaking to provide any investment advice to the Investor (impartial or otherwise), or to give advice to the Investor in a fiduciary capacity in connection with an investment in the Fund and, accordingly, no part of any compensation received by the Adviser or the Sub-Adviser is for the provision of investment advice to the Investor; and (ii) the Adviser and the Sub-Adviser have a financial interest in the Investor's investment in the Fund on account of the fees they expect to receive from the Fund as disclosed herein, the LLC Agreement and any other fund governing documents.

**REPURCHASES OF UNITS AND TRANSFERS**

**No Right of Redemption**

No Investor or other person holding Units acquired from an Investor has the right to require the Fund to redeem any Units. No public market for Units exists, and it is not anticipated that a market will develop. As a result, Investors may not be able to liquidate their investment other than through repurchases of Units by the Fund, as described below.

**Repurchases of Units**

The Fund, from time to time, may provide liquidity to Investors by offering to repurchase Units pursuant to written tenders by Investors. In determining whether the Fund should offer to repurchase Units, the Board will consider the recommendations of the Adviser as to the timing of such an offer, as well as a variety of operational, business and economic factors. The Adviser anticipates that it will recommend to the Board that the Fund offer to repurchase Units from Investors on a quarterly basis, with such repurchases to occur at the value of Units determined as of each March 31, June 30, September 30 and December 31 (or, if any such date is not a business day, on the immediately preceding business day) (each such date is referred to as a "Tender Offer Valuation Date"). The Adviser also expects that, generally, it will recommend to the Board that each repurchase offer should apply to 25% of the net assets of the Fund. In certain circumstances, however, the Board may determine not to conduct a repurchase offer, or to conduct a repurchase offer of more or less than 25% of the Fund's net assets.

In determining whether to accept a recommendation to conduct a repurchase offer at any such time, the Board will consider the following factors, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether any Investors have requested to tender Units to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the liquidity of the Fund's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investment plans and working capital and reserve requirements of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the relative economies of scale of the tenders with respect to the size of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the history of the Fund in repurchasing Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of information as to the value of the Fund's investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the existing conditions of the securities markets and the economy generally, as well as political, national
or international developments or current affairs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any anticipated tax consequences to the Fund of any proposed repurchases of Units; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the recommendations of the Adviser.

Each repurchase offer generally will commence at least 20 business days prior to the applicable Tender Offer Valuation Date and expire near to (but prior to the close of business on) such Tender Offer Valuation Date (the "Tender Offer Expiration Date"). Investors tendering Units for repurchase must do so on or before such date.

The Fund will repurchase Units from Investors pursuant to written tenders on terms and conditions that the Board determines to be fair to the Fund and to all Investors. When the Board determines that the Fund will repurchase Units, notice will be provided to Investors describing the terms of the offer, containing information Investors should consider in deciding whether to participate in the repurchase opportunity and containing information on how to participate. Investors deciding whether to tender their Units during the period that a repurchase offer is open may obtain the Fund's most recently available net asset value per Unit by contacting the Adviser during the period.

If a repurchase offer is oversubscribed by Investors who tender Units, the Board may: (i) repurchase a pro rata portion of the Units tendered; (ii) increase the number of Units to be repurchased in accordance with Rule 13e-4 under the Exchange Act; (iii) extend the repurchase offer, if necessary, and increase the amount of Units that the Fund is offering to purchase; or (iv) take any other action permitted by applicable law and the LLC Agreement. As a result, in any particular repurchase offer, tendering Investors may not have all of their tendered Units repurchased by the Fund. In addition, the Fund may repurchase Units of Investors if, among other reasons, the Board determines that such repurchase would be in the interests of the Fund.

Repurchases will be effective after receipt and acceptance by the Fund of eligible written tenders of Units from Investors by the applicable repurchase offer deadline.

The Fund does not impose any charges in connection with repurchases of Units unless the Unit is held for less than one year. A 2% early repurchase fee will be charged by the Fund with respect to any repurchase of Units from an Investor at any time prior to the day immediately preceding the one-year anniversary of the Investor's initial purchase of Units. The early repurchase fee will be retained by the Fund and will be for the benefit of the Fund's remaining Investors. An early repurchase fee payable by an Investor may be waived by the Fund in circumstances where the Board determines that doing so is in the best interests of the Fund. In the event that (i) Mr. Clark ceases to serve as a portfolio manager of the Fund, or (ii) Messrs. Clark and Pickering cease to serve as the portfolio managers of the Fund, a 2% early repurchase fee will not be charged by the Fund with respect to Units purchased prior to the portfolio management change that are tendered in the repurchase offer that commences immediately following the portfolio management change. If the repurchase offer that commences immediately following the portfolio management change is oversubscribed, and the Board determines that the Fund will repurchase a pro rata portion of the Units tendered, the 2% early repurchase fee will not be charged by the Fund with respect to Units purchased prior to the portfolio management change that are tendered in any subsequent repurchase offer; this obligation will cease once there is a repurchase offer in which the Fund repurchases all of the Units tendered in the repurchase offer.

Units will be repurchased by the Fund after the Management Fee, Distribution and Servicing Fee and Incentive Fee, if any, have been deducted from the Fund's assets as of the end of the quarter in which the repurchase occurs (i.e., the accrued Management Fee, Distribution and Servicing Fee and Incentive Fee, if any, for the quarter in which Units are to be repurchased are deducted before effecting the repurchase).

Each tendering Investor will receive in cash an amount equal to the net asset value, as of the respective Tender Offer Valuation Date, of the Investor's tendered Units. Payment for tendered Units will be made as promptly as practicable after the applicable Tender Offer Expiration Date, expected to be within five business days of that date.

If the Fund's repurchase procedures must be revised in order to comply with regulatory requirements, the Board will adopt modified procedures reasonably designed to provide Investors substantially the same liquidity for Units as would be available under the procedures described above. Repurchase offers principally will be funded by cash, cash equivalents or borrowings, as well as by the sale of certain liquid securities.

The Fund may be required to report to the U.S. Internal Revenue Service (the "IRS") and each Investor the cost basis and holding period for each respective Investor's Units repurchased by the Fund. The Fund has elected the "first in–first out" method as the default cost basis method for purposes of this requirement. Units tendered for repurchase will be treated as having been repurchased on a "first in–first out" basis. If an Investor wishes to accept the "first in–first out" method as its default cost basis calculation method in respect of the Units in its account, the Investor does not need to take any additional action. If, however, an Investor wishes to affirmatively elect an alternative cost basis calculation method in respect of the Units in its account, the Investor must contact the Administrator to obtain and complete a cost basis election form. The cost basis method applicable to a particular Unit repurchase may not be changed after the valuation date established by the Fund in respect of that repurchase.

Substantial requests for the Fund to repurchase Units could require the Fund to sell certain investments earlier than the Adviser would have desired to meet the repurchase requests. Such sales may potentially result in losses to the Fund, and may increase the Fund's investment related expenses as a result of higher portfolio turnover rates and, accordingly, may increase the Fund's expenses as a percentage of its net assets. If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Investors who do not tender their Units in a repurchase offer by increasing the Fund's expenses and reducing any net investment income.

An Investor tendering for repurchase only a portion of its Units must maintain an investment balance of at least $25,000 after the repurchase is effected. If an Investor tenders an amount that would cause the Investor's investment balance to fall below the required minimum, the Fund reserves the right to reduce the amount to be repurchased from the Investor so that the required minimum balance is maintained. The Fund also may repurchase all of the Investor's Units in the Fund.

The Fund may, at any time, repurchase from Investors involuntarily Units at their then net asset value in accordance with the LLC Agreement and Section 23 of the 1940 Act, and any applicable rules thereunder. In the event that the Adviser or any of its affiliates holds Units in the capacity of an Investor, the Units may be tendered for repurchase in connection with any repurchase offer made by the Fund.

**Transfers of Units**

Units may be transferred only (i) by operation of law pursuant to the death, bankruptcy, insolvency or dissolution of an Investor or (ii) with the written consent of the Adviser, which may be withheld in its sole and absolute discretion and is expected to be granted, if at all, only in limited circumstances. Notice to the Fund of any proposed transfer must include evidence satisfactory to the Fund that the proposed transferee meets any requirements imposed by the Fund with respect to Investor eligibility and suitability, including the requirement that any Investor at the time of purchase be an Eligible Investor, and must be accompanied by a properly completed Investor Certificate.

Each Investor and transferee is required to pay all costs and expenses, including, without limitation attorneys' and accountants' fees, incurred by the Fund in connection with such transfer. If such a transferee does not meet the Investor eligibility requirements, the Fund reserves the right to repurchase the Units transferred.

By purchasing Units of the Fund, each Investor has agreed to indemnify and hold harmless the Fund, the Directors, the Adviser, each other Investor and any affiliate of the foregoing against all losses, claims, damages, liabilities, costs and expenses, including legal or other expenses incurred in investigating or defending against any such losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement, joint or several, to which such persons may become subject by reason of or arising from any transfer made by such Investor in violation of these provisions or any misrepresentation made by such Investor in connection with any such transfer.

**CALCULATION OF NET ASSET VALUE**

The Fund calculates its net asset value as of the close of business on the last business day of each calendar month, each date that Units are offered or repurchased and at such other times as the Board shall determine (each, a "Determination Date"). In determining its net asset value, the Fund values its investments as of the relevant Determination Date. The net asset value of the Fund equals, unless otherwise noted, the value of the total assets of the Fund, less all of its liabilities, including accrued fees and expenses, each determined as of the relevant Determination Date. The net asset values of the Class A Units and Class I Units are calculated separately based on the fees and expenses applicable to each class. The net asset values of each class of Units will vary over time as a result of the differing fees and expenses applicable to each class, and the timing of the offerings of each class of Units and the different initial offering prices.

The 1940 Act provides that securities for which market quotations are "readily available" must be valued at market value, and all other securities and other assets must be valued at "fair value" as determined in good faith by the Board. In accordance with Rule 2a-5 promulgated under the 1940 Act, the Board has appointed the Adviser as Valuation Designee. In that role, the Adviser has established a committee that oversees the valuation of the Fund's investments pursuant to procedures adopted by the Adviser (the "Valuation Procedures"). Under that Rule, the Board has assigned to the Adviser general responsibility for determining, in accordance with the Valuation Procedures, the value of such investments. The Fund's assets managed by the Sub-Adviser will be valued in accordance with the Valuation Procedures, as summarized below.

Publicly-traded U.S. equity securities are valued, except as indicated below, at the last composite close price on the Determination Date. If and when an equity trades on multiple exchanges, the security will be valued at the closing price from the U.S. exchange that the security last traded on before or at the close on the Determination Date.

Publicly-traded foreign equity securities will be valued at the last trade price on the securities exchange or national securities market on which such securities primarily are traded (the "primary market") during regular trading hours on the Determination Date. If there are no such trades in the security on the Determination Date, the security will be valued at the last bid (for long positions) or last ask (for short positions). If there is no trade or bid/ask quotations for such security on the Determination Date, the value of such security will be the last trade or last bid (for long positions) or last ask (for short positions) from the previous day. If there is no trade or bid/ask on the previous day, the security will be fair valued.

Generally, U.S. and foreign over-the-counter issues with single-market underliers, such as American Depositary Receipts (ADRs), shall be priced using the last trade price during regular business hours on the Determination Date.

Equity-linked instruments will be valued based on the value of the underlying reference asset(s) and the terms of the instrument (*e.g.*, an interest rate) to approximate what the Fund would receive on a current termination of the instrument. Such reference asset(s) will be valued in accordance with the applicable provisions of the Valuation Procedures.

Debt securities and instruments generally will be valued, to the extent possible, by an independent pricing service, as set forth in the Valuation Procedures adopted by the Adviser. Each pricing service provides an evaluated price based on its proprietary methodologies, which may use a variety of inputs, models and assumptions based on its methodology for a particular type of security. Debt securities and instruments for which valuation is not provided by a pricing service will be valued using an evaluated price provided by Bloomberg, and if Bloomberg does not provide a price, then the security generally will be valued by obtaining prices from broker/dealers on the Determination Date. Overnight and certain other short-term debt securities and instruments with maturities of less than 60 days (excluding U.S. Treasury bills) will be valued by the amortized cost method, unless a pricing service provides a valuation for such security, or, in the opinion of the Adviser's valuation committee (the "Valuation Committee"), the amortized cost method would not represent fair value on the Determination Date.

Derivative instruments, which may be used for hedging and non-hedging purposes, will be valued by the Valuation Designee in accordance with the Valuation Procedures. Certain derivatives may be valued (i) by pricing services, (ii) based on the value of the underlying reference asset(s), (iii) using the midpoint of NBBO (National Best Bid & Offer), which is the mean of the highest bid and lowest offer across any of the exchanges on which an option is quoted, (iv) using evaluated pricing available from Bloomberg, (v) using a quotation obtained from an independent broker/dealer, (vi) at their intrinsic value, (vii) at the most recent settlement price, (viii) at their acquisition cost until such time as market prices become available or (ix) at their fair value determined by the Valuation Committee, as applicable.

Securities for which market prices are not readily available and securities for which quotations are deemed by the Adviser to be unreliable will be fair valued or otherwise valued in accordance with the Valuation Procedures. Circumstances in which market prices may not be readily available include, but are not limited to, when an exchange or market is not open for trading for an entire trading day or closes early, or trading in a particular security is halted, and no other market prices are available. In these circumstances, portfolio management personnel of the Fund, the Adviser or the Sub-Adviser shall seek to determine whether to recommend an adjustment to the last sale price on the primary market, and the Valuation Committee shall meet as necessary, in accordance with the Valuation Procedures.

In general, fair value represents a good faith approximation of the current value of an asset and will be used when there is no public market or possibly no market at all for the asset. The fair values of one or more assets may not be the prices at which those assets ultimately are sold, and the differences may be significant.

Assets and liabilities initially expressed in foreign currencies will be converted into U.S. dollars using foreign exchange rates provided by a recognized data service.

Expenses of the Fund, including the Management Fee, the Incentive Fee and the Distribution and Servicing Fee, are accrued on a monthly basis on the Determination Date, and taken into account for the purpose of determining the Fund's net asset value.

Prospective Investors should be aware that situations involving uncertainties as to the value of portfolio positions could have an adverse effect on the Fund's net asset value and the Fund if the judgments of the Board, the Adviser or the Sub-Adviser regarding appropriate valuations should prove incorrect.

**DESCRIPTION OF UNITS**

The Fund is a limited liability company organized under the laws of the state of Delaware. The Fund is authorized to issue an unlimited number of Units, which, when issued and paid for in accordance with the terms of this offering, will be fully paid and non-assessable. Each dollar of net asset value of a Unit has one vote at all meetings of Investors. Each Investor will have the right to cast a number of votes based on the net asset value of such Investor's Units at any meeting of Investors called by the Board or Investors holding at least one-third of the total number of votes eligible to be cast by all Investors. On each matter submitted to a vote of Investors, unless the Board determines otherwise, all Units of all classes shall vote as a single class, except if a separate vote of any class is required by the 1940 Act or other applicable law or attributes applicable to a particular class, or if a matter affects only the interests of a particular class. Except for the exercise of their voting privileges, Investors 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.

Except as otherwise disclosed above, all Units are equal as to dividends, assets and voting privileges and have no preemptive or other subscription rights or exchange privileges. Under certain circumstances, Units may be converted from one class of Units to another class of Units. The net asset value of the Units of the class received upon any such conversion will equal the net asset value of the converted Units on the date of the conversion without the imposition of any fee or other charge. Investors are not liable for further calls or assessments. The Fund will provide periodic reports (including financial statements) to all Investors. The Fund does not intend to hold annual meetings of Investors. Investors are entitled to receive dividends only if and to the extent declared by the Board as it in its sole discretion deems advisable. Units are not available in certificated form.

In general, any action requiring a vote of Investors shall be effective if taken or authorized by the affirmative vote of a majority of the outstanding Units. Any change in the Fund's fundamental policies (meaning those denominated as such) may be authorized only by the vote of (a) 67% or more of the voting securities present at an Investors' meeting, if the holders of more than 50% of the outstanding voting securities are present or represented by proxy; or (b) more than 50% of the outstanding voting securities of the Fund, whichever is less.

In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Fund, after payment of all of the liabilities of each class of Units of the Fund, Investors are entitled to share ratably in all the remaining assets of the Fund, proportionately in accordance with the net asset value of the Investor's Units of the Fund.

The following table provides information about the Fund's outstanding Units as of December 31, 2022:

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| | | | |
|:---|:---|:---|:---|
| **Class** | **Amount <br> Authorized** | **Amount Held by the <br> Fund or for its Account** | **Amount Outstanding<br> Exclusive of Amount Held by<br> the Fund or for its Account** |
| Class A Units | Unlimited |  | 3351084.556 |
| Class I Units | Unlimited |  | 1704321.657 |

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**CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS**

The following discussion is a general summary of certain material U.S. federal income tax considerations applicable to the Fund, to its qualification and taxation as a RIC for U.S. federal income tax purposes under Subchapter M of the Code and to the acquisition, ownership and disposition of Units in the Fund.

This discussion does not purport to be a complete description of all of the tax considerations relating thereto. In particular, we have not described certain considerations that may be relevant to certain types of Investors subject to special treatment under U.S. federal income tax laws, including Investors that are not U.S. Investors (as defined below), Investors subject to the alternative minimum tax, tax-exempt organizations, insurance companies, Investors that are treated as partnerships for U.S. federal income tax purposes, dealers in securities, traders in securities that elect to use a mark-to-market method of accounting for securities holdings, pension plans and trusts, financial institutions, a person that holds Units as part of a straddle or a hedging or conversion transaction, real estate investment trusts (REITs), RICs, U.S. persons with a functional currency that is not the U.S. dollar, persons who have ceased to be U.S. citizens or to be taxed as residents of the United States, controlled foreign corporations ("CFCs") and passive foreign investment companies (PFICs). This summary does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax nor does it discuss the special treatment under U.S. federal income tax laws that could result if the Fund invests in tax-exempt securities or certain other investment assets. This summary is limited to Investors that hold Units as capital assets (within the meaning of the Code), and does not address owners of an Investor. This discussion is based upon the Code, its legislative history, existing and proposed U.S. Treasury regulations, published rulings and court decisions, each as of the date of this Prospectus and all of which are subject to change or differing interpretations, possibly retroactively, which could affect the continuing validity of this discussion. The Fund has not sought, and will not seek any ruling from the IRS regarding any matter discussed herein and this discussion is not binding on the IRS. Accordingly, there can be no assurance that the IRS would not assert, and that a court would not sustain, a position contrary to any of the tax consequences discussed herein.

For purposes of this discussion, a "U.S. Investor" is a beneficial owner of Units that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an individual who is a citizen or resident of the United States;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a
 trust if a court within the United States is able to exercise primary supervision over its
 administration and one or more U.S. persons (as defined in the Code) have the authority to
 control all of its substantial decisions, or if the trust has a valid election in effect
 under applicable U.S. Treasury regulations to be treated as a domestic trust for U.S. federal
 income tax purposes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an estate, the income of which is subject to U.S. federal income taxation regardless of its source.

For purposes of this discussion, a "non-U.S. Investor" is a beneficial owner of Units that is not a U.S. Investor or an entity that is treated as a partnership for U.S. federal income tax purposes.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Units, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities of the partnership. Prospective beneficial owners of Units that are partnerships or partners in such partnerships should consult their own tax advisors with respect to the purchase, ownership and disposition of Units.

Tax matters are complicated and the tax consequences to an Investor of an investment in the Fund's Units will depend on the facts of such Investor's particular situation. Investors are strongly encouraged to consult their own tax advisor regarding the U.S. federal income tax consequences of the acquisition, ownership and disposition of Units, as well as the effect of state, local and foreign tax laws, and the effect of any possible changes in tax laws.

The following information supplements, and should be read in conjunction with, the section in the SAI entitled "U.S. Federal Income Taxation."

**Election to be Taxed as a RIC**

The Fund has elected, and intends to continue to qualify, to be treated and to operate in a manner so as to continuously qualify annually thereafter, as a RIC under the Code. As a RIC, the Fund generally will not pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that the Fund timely distributes (or is deemed to timely distribute) to its Investors as dividends. Instead, dividends the Fund distributes (or is deemed to timely distribute) generally will be taxable to Investors, and any net operating losses and most other tax attributes generally will not pass through to Investors; however, Investors may be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by the Fund. The Fund will be subject to U.S. federal corporate-level income tax on any undistributed income and gains. To continue to qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements. In addition, the Fund must distribute to its Investors, for each taxable year, at least 90% of its investment company taxable income (which generally is the Fund's net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses, determined without regard to the dividends paid deduction) (the "Annual Distribution Requirement") for any taxable year. See "Tax Aspects" in the Fund's SAI for additional information about the requirements that the Fund must meet to qualify to be taxed as a RIC for U.S. federal income tax purposes.

The following discussion assumes that the Fund qualifies as a RIC.

**Taxation of the Fund**

If the Fund (i) qualifies as a RIC and (ii) 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 (realized net long-term capital gain in excess of realized net short term capital loss) that the Fund timely distributes (or is deemed to timely distribute) to Investors. The Fund will be subject to U.S. federal income tax at the regular corporate rate on any of its income or capital gains not distributed (or deemed distributed) to its Investors.

If the Fund fails to distribute in a timely manner an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gain income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in the preceding years (to the extent that income tax was not imposed on such amounts) less certain over-distributions in prior years (together, the "Excise Tax Distribution Requirements"), the Fund will be subject to a 4% nondeductible federal excise tax on the portion of the

undistributed amounts of such income that are less than the amounts required to be distributed based on the Excise Tax Distribution Requirements. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid).

The Fund has an automatic DRIP. See "Tax Aspects—Taxation of U.S. Investors" and "Tax Aspects—Taxation of Non-U.S. Investors" in the Fund's SAI for additional information about the tax consequences to Investors of the DRIP.

***Nature of the Fund's Investments***

<u>Investments in CFCs</u>. If the Fund holds more than 10% of the shares in a foreign corporation that is treated as a CFC, the Fund may be treated as receiving a deemed distribution (taxable as ordinary income or, if eligible, the preferential rates that apply to "qualified dividend income") each year from such CFC in an amount equal to its *pro rata* share of the CFC's income for the tax year (including both ordinary earnings and capital gains), whether or not the CFC makes an actual distribution during such year. This deemed distribution is required to be included in the income of a U.S. shareholder of a CFC regardless of whether the shareholder has elected to be treated as a "qualified electing fund" (QEF) under the Code with respect to such CFC. In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. shareholders. A "U.S. shareholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined value or voting power of all classes of shares of a corporation. If the Fund is treated as receiving a deemed distribution from a CFC, the Fund will be required to include such distribution in its investment company taxable income regardless of whether the Fund receives any actual distributions from such CFC, and the Fund must distribute such income to satisfy the Annual Distribution Requirement and the requirements related to avoiding the 4% excise tax.

<u>Investments Denominated in Non-U.S. Currency</u>. The Fund's 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 the Fund accrues income, expenses or other liabilities denominated in a foreign currency and the time it actually collects such income or pays such expenses or liabilities may be treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts, the disposition of debt denominated in a foreign currency and other financial transactions denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, may also be treated as ordinary income or loss.

***Distributions to U.S. Investors***

Distributions by the Fund generally are taxable to U.S. Investors as ordinary income or capital gains. Distributions of the Fund's investment company taxable income, determined without regard to the deduction for dividends paid, will be taxable as ordinary income to U.S. Investors to the extent of the Fund's current or accumulated earnings and profits, whether paid in cash or reinvested in additional Units. To the extent such distributions the Fund pays to non-corporate U.S. Investors (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions ("Qualifying Dividends") generally are taxable to U.S. Investors at the preferential rates applicable to long-term capital gains. However, the Fund anticipates that its distributions will generally not be attributable to dividends and, therefore, generally will not qualify for the preferential rates applicable to Qualifying Dividends or the dividends received deduction available to corporations under the Code. Distributions of the Fund's net capital gains (which generally are the Fund's realized net long-term capital gains in excess of realized net short-term capital losses) that are properly reported by the Fund as "capital gain dividends" will be taxable to a U.S. Investor as long-term capital gains that are currently taxable at reduced rates in the case of non-corporate taxpayers, regardless of the U.S. Investor's holding period for his, her or its Units and regardless of whether paid in cash or reinvested in additional Units. Distributions in excess of the Fund's earnings and profits first will reduce a U.S. Investor's adjusted tax basis in such U.S. Investor's Units and, after the adjusted tax basis is reduced to zero, will constitute capital gains to such U.S. Investor.

***Sale, Exchange, Redemption, Retirement or Other Taxable Disposition of Units***

Upon the sale, exchange, redemption, retirement or other taxable disposition of Units, a U.S. Investor generally will recognize taxable gain or loss equal to the difference between the amount realized on the disposition and the U.S. Investor's tax basis in the Units (other than amounts attributable to accrued but unpaid stated interest, which will be taxed as interest income to the extent not previously so taxed, offset by any acquisition premium). A U.S. Investor's tax basis in a Unit generally will be equal to the cost of the Unit to such U.S. Investor.

Gain or loss recognized on the sale, exchange, redemption, retirement or other taxable disposition of a Unit generally will be capital gain or loss and will be long-term capital gain or loss if at the time of the disposition the Unit has been held for more than one year. Under current law, long-term capital gains recognized by non-corporate U.S. Investors generally are subject to reduced tax rates. The deductibility of capital losses is subject to limitations.

***Net Investment Income Tax***

An additional 3.8% surtax generally is applicable in respect of the net investment income of a non-corporate U.S. Investor (other than certain trusts) on the lesser of (i) the U.S. Investor's "net investment income" for a taxable year and (ii) the excess of the U.S. Investor's modified adjusted gross income for the taxable year over $200,000 ($250,000 in the case of joint filers). "Net investment income" as defined for this purpose generally includes interest payments and gain recognized from the sale or other taxable disposition of the Units.

***Backup Withholding and Information Reporting***

The Fund may be required to withhold, for U.S. federal income taxes, a portion of all taxable distributions payable to Investors (i) who fail to provide the Fund with their correct taxpayer identification numbers (TINs) or who otherwise fail to make required certifications or (ii) with respect to whom the IRS notifies the Fund that this Investor is subject to backup withholding. Certain Investors

specified in the Code and the U.S. Treasury regulations promulgated thereunder are exempt from backup withholding but may be required to provide documentation to establish their exempt status. Backup withholding is not an additional tax. Any amounts withheld will be allowed as a refund or a credit against the Investor's U.S. federal income tax liability if the appropriate information is timely provided to the IRS. Failure by an Investor to furnish a certified TIN to the Fund could subject the Investor to a penalty imposed by the IRS.

**PLAN OF DISTRIBUTION**

**General**

Delaware Distributors, L.P. (the "Distributor"), located at 100 Independence, 610 Market Street, Philadelphia, Pennsylvania, 19106, serves as the distributor of the Fund's Units. The Distributor is an affiliate of the Adviser and is an indirect subsidiary of Macquarie. The Distributor has agreed to use its best efforts to sell shares of the Fund.

Under the terms of the Distribution Agreement, the Distributor is authorized to pay Selling Agents for the provision of distribution services as contemplated by Rule 12b-1 under the 1940 Act and for non-12b-1 services to Investors. See "Fees and Expenses."

**Purchase Terms**

Class A Units may be purchased by any Eligible Investor. Class I Units may be purchased by those Eligible Investors that (i) compensate their financial intermediaries for their services through asset-based fees, including asset-based fee programs (*i.e.*, wrap accounts), or (ii) purchase Units directly from the Fund. The Fund may offer additional classes of Units in the future.

The Fund may accept initial and additional purchases of Units as of the first business day of each calendar month. Each prospective Investor will be required to complete an Investor Certificate and certify that the Units being purchased are being acquired by an Eligible Investor. If available funds and the Investor Certificate are not received and accepted by the applicable Closing Date, the order will not be accepted at such Closing Date. The Fund will not be obligated to sell to brokers or dealers any Units, including Units that have not been placed with Eligible Investors. The Fund does not issue the Units purchased (and an Investor does not become an Investor with respect to such Units) until the applicable purchase date, *i.e.*, the first business day of the relevant calendar month. Consequently, purchase proceeds do not represent capital of the Fund, and do not become assets of the Fund, until such date.

Any amounts received in advance of initial or additional purchases of Units are placed in a non-interest-bearing escrow account prior to the amounts being invested in the Fund, in accordance with Rule 15c2-4 under the Exchange Act. The purchase amount will be released from the escrow account once the Investor's order is accepted. If an Investor Certificate is not accepted by the Fund by the Closing Date, the subscription will not be accepted at such Closing Date and will be held in the escrow account by the Fund's escrow agent until the next Closing Date. The Fund reserves the right to reject any purchase of Units in certain circumstances (including, without limitation, when the Fund has reason to believe that such purchase would be unlawful). Unless otherwise required by applicable law, any amount received in advance of a purchase ultimately rejected by the Fund will be returned to the prospective Investor.

While neither the Fund nor the Distributor imposes a sales load on purchases of Class A or Class I Units, Selling Agents may directly charge Class A Investors certain transaction or other fees in such amounts as they may determine. Investors should consult their Selling Agent for additional information. Any such fees will not constitute part of an Investor's investment in the Fund and will be paid directly by

the Investor to the Selling Agent. Purchasers of Units in conjunction with certain "wrap" fee, asset allocation or other managed asset programs may purchase Class I Units.

Generally, the minimum initial investment in each of the Fund's classes of Units is $50,000, which minimum may be reduced in the Adviser's sole discretion (but not below $25,000). The minimum additional investment in each class of the Fund's Units is $5,000. For employees or directors of the Adviser, Sub-Adviser, their affiliates and members of their immediate families, employees of Selling Agents and, in the sole discretion of the Adviser, attorneys or other professional advisors engaged on behalf of the Fund, and members of their immediate families, the minimum required initial investment in the Fund is $25,000.

To help the government fight terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each Investor. As a result, Investors will need to provide the name, address, date of birth, and other identifying information about the Investors. If an Investor's identity cannot be verified, the Investor may be restricted from conducting additional transactions and/or have their investment liquidated. In addition, any other action required by law will be taken.

****TABLE OF CONTENTS** OF THE SAI**

---

| | |
|:---|:---|
|  | <u>Page</u> |
| [ADDITIONAL INVESTMENT POLICIES](#sp5_001) | [1](#sp5_001) |
| [DIRECTORS AND OFFICERS](#sp5_002) | [6](#sp5_002) |
| [CODES OF ETHICS](#sp5_003) | [14](#sp5_003) |
| [PROXY VOTING POLICIES AND PROCEDURES](#sp5_004) | [14](#sp5_004) |
| [INVESTMENT ADVISORY SERVICES](#sp6_001) | [15](#sp6_001) |
| [CONFLICTS OF INTEREST](#sp6_002) | [18](#sp6_002) |
| [TAX ASPECTS](#sp6_003) | [21](#sp6_003) |
| [ERISA CONSIDERATIONS](#sp6_004) | [32](#sp6_004) |
| [BROKERAGE](#sp6_005) | [34](#sp6_005) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#sp6_007) | [35](#sp6_007) |
| [LEGAL COUNSEL](#LEGAL_COUNSEL) | [35](#LEGAL_COUNSEL) |
| [FINANCIAL STATEMENTS](#sp6_008) | [36](#sp6_008) |
| [APPENDIX A: PROXY VOTING POLICIES AND PROCEDURES](#sp7_001) | [A-1](#sp7_001) |

---

**APPENDIX A**

**Form of Investor Certificate**

**CPG Cooper Square International Equity, LLC**

This Investor Certificate relates to CPG Cooper Square International Equity, LLC (the "Fund") with respect to a potential purchase of units of limited liability company interests ("Units") in the Fund. **Only complete this Investor Certificate if you have received the Fund's Prospectus and you wish to invest in the Fund. Please promptly return a completed Investor Certificate to your financial advisor. The completed, executed Investor Certificate and your funds must be received at least seven (7) business days prior to month-end. Failure to do so may result in your investment being delayed.**

I hereby certify that I am a natural person with, or I am signing on behalf of an entity<sup>1</sup> with, a net worth of more than $2,200,000 (in the case of a natural person, either as an individual or with assets held jointly with a spouse) or otherwise meet the definition of a "qualified client" as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended, or, in the case of an existing investor making a subsequent investment in the Fund, I hereby certify that I, or the entity I am signing on behalf of, certified to, and continue to satisfy, the net worth requirement that was in place at the time of my, or the entity's that I am signing on behalf of, initial investment in the Fund. If I am signing on behalf of an entity, I further certify that (A) such entity is not a private investment company,<sup>2</sup> a registered investment company or a business development company or (B) if such an entity, each equity owner can make the certification in the preceding sentence. For purposes of this test, net worth is the fair market value of the assets that I (jointly with my spouse) or such entity own(s) other than household effects, less (i) the value of my primary residence and debt secured by such property (up to the current market value of the residence), and (ii) all indebtedness and liabilities of any type (including joint liabilities with any other person). I agree to produce evidence to support the foregoing certification upon request.

Subject to applicable law, the Board of Directors of the Fund (the "Board") may cause the Fund to repurchase any Units if the Board determines or has reason to believe that, among other things, the Units have been transferred in violation of the Fund's Limited Liability Company Agreement, as amended and restated from time to time.

If I am an employee benefit plan or an individual retirement account ("IRA") (each, a "Benefit Plan"), the Benefit Plan represents that: (A) the Benefit Plan has consulted counsel as necessary concerning the propriety of making an investment in the Fund and its appropriateness under the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and the Code; (B) the person executing, or directing another party to execute, this Investor Certificate (the "Fiduciary") has considered the following items and has determined that an investment in the Fund by the Benefit Plan is consistent with the Fiduciary's responsibilities under ERISA and the Code: (i) the Fiduciary's investment standards under ERISA and the Code in the context of the Benefit Plan's particular circumstances; (ii) the permissibility of an investment under the documents governing the Benefit Plan and the Fiduciary; and (iii) the risks associated with an investment and the fact that the Benefit Plan will be unable to redeem the investment except as set forth in the Fund's Prospectus; (C) the Fiduciary is solely responsible for the decision to invest in the Fund; (D) the Fiduciary is qualified to make such investment decision; and (E) the Fiduciary, in making such decision, has not relied for its decision to invest in the Fund on any advice or recommendation of the Fund, Central Park Advisers, LLC, the Fund's investment adviser (the "Adviser"), Select Equity Group, L.P., the Fund's investment sub-adviser (the "Sub-Adviser"), or the members of the Board (and their respective affiliates).

Notwithstanding that the Fund is registered under the Investment Company Act of 1940, as amended, and the Units are being offered under an effective registration statement under the Securities Act of 1933, as amended, I acknowledge, understand and recognize that there will be no secondary market for Units and that liquidity is limited as set

<sup>1</sup> For this purpose, "entity" means a corporation, a partnership, an association, a joint-stock company, a trust, a fund or any organized group of persons whether incorporated or not, or any receiver, trustee in a case under Title 11 or similar official or any liquidating agent for any of the foregoing, in his or her capacity as such.

<sup>2</sup> For this purpose, "private investment company" means a company that would be defined as an investment company under Section 3(a) of the Investment Company Act of 1940, as amended, but for the exception provided from the definition by Section 3(c)(1) of such Act (*i.e.*, not more than 100 security owners).

forth in the Prospectus. I understand that you, as my financial intermediary, the Fund and the Adviser are relying on this Investor Certificate in determining qualification and suitability as an investor in the Fund. I understand that Units are not an appropriate investment for, and may not be acquired by, any person who cannot make the certifications set forth herein, and agree to indemnify and hold you, the Fund, the Adviser, the Sub-Adviser, the Board and their respective affiliates harmless from any liability that you may incur as a result of this Investor Certificate being untrue in any respect. I understand that it may be a violation of state and federal law for me (or the entity) to provide this Investor Certificate if I know that it is not true.

I have read carefully the Fund's Prospectus, including the investor qualification, investor suitability and fee provisions contained therein. I understand that an investment in the Fund involves a considerable amount of risk and that I (or the entity) may lose some or all of my (or its) investment. I understand that an investment in the Fund is suitable only for investors who can bear the risks associated with the limited liquidity of Units and should be viewed as a long-term investment. I am aware that the Fund will pay an incentive fee to the Sub-Adviser, that Units are subject to restrictions on transferability and that liquidity may be provided only through limited repurchase offers. I hereby confirm that I understand and agree that should I (or the entity) purchase Units, the following conditions will apply to the transfer of Units: (i) Units may be transferred only (a) by operation of law pursuant to the death, bankruptcy, insolvency or dissolution of an investor or (b) with the written consent of the Adviser, which may be withheld in its sole and absolute discretion and is expected to be granted, if at all, only in limited circumstances; and (ii) notice to the Fund of any proposed transfer must include evidence satisfactory to the Fund that the proposed transferee meets any requirements imposed by the Fund with respect to investor eligibility and suitability, including the requirement that any investor at the time of purchase meet the definition of a "qualified client," and must be accompanied by a properly completed Investor Certificate. If I am not a U.S. person, I acknowledge and understand that I may be subject to certain tax consequences, including, but not limited to, a 30% U.S. withholding tax on certain dividends and other distributions by the Fund. I will promptly advise you if any of the statements herein ceases to be true prior to my (or the entity's) purchase of Units.

By signing this Investor Certificate, I hereby acknowledge and agree, to the extent permitted under applicable law, to receive electronically via e-mail, the Fund's website or any secure internet site or means any and all communications relating to the Fund or my investment in the Fund, including, but not limited to, prospectuses, statements of additional information, supplements thereto, periodic reports, tender offer materials, Form 1099s and privacy notices ("Fund Communications"). No additional charges will be assessed by the Fund or the Adviser for electronic delivery. I hereby confirm that I understand and agree that: (i) I will not receive paper copies of Fund Communications in the mail; (ii) I will receive periodic emails informing me how to access Fund Communications if they are not included as attachments to such emails; (iii) I have the ability to access the internet at my own cost and either have, or can download free of charge, software necessary to view Fund Communications in portable document format (PDF); (iv) it is my affirmative obligation to notify the Fund's administrator promptly, in writing, if my e-mail address (set forth below) changes; (v) to the extent that a Form 1099 is furnished electronically, such Form will be available through at least December 31st of the year following the year to which such Form relates, or six months after the Form is electronically furnished, whichever is later; (vi) my consent to electronic delivery of Fund Communications will be valid until it is revoked; (vii) I may revoke my consent to electronic delivery of Fund Communications at any time by contacting my financial advisor or the Fund's administrator; and (viii) the Fund, the Adviser and their respective affiliates and agents shall not be liable for any interception of Fund Communications. I further confirm that I understand and agree that, upon revocation of my consent to electronic delivery of Fund Communications, the Fund will cease delivering Fund Communications to me electronically, and that such revocation of consent will not apply to any Fund Communications that were furnished electronically before the date on which the revocation takes effect.

I acknowledge and agree that, by signing this Investor Certificate, dividends and capital gains distributions (collectively, "Dividends") paid by the Fund will be automatically reinvested in Units by the Fund's administrator, unless the Fund is otherwise instructed by me or my financial intermediary. If I am not a U.S. person, I acknowledge and understand that, to the extent that I am subject to a U.S. withholding tax on Dividends, my Dividend reinvestments will be adjusted accordingly.

I authorize the disclosure of information regarding my investment to the Fund, the Fund's administrator and their representatives and legal counsel, as well as to any governmental authority, self-regulatory organization, or any other person to the extent required by the law, regulation or any legal procedure.

**For the avoidance of doubt, I acknowledge and understand that the representations, warranties and covenants set forth herein are for the benefit of the Fund, the Adviser, the Sub-Adviser, the Board, my financial intermediary and their respective affiliates.**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR INFORMATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR INFORMATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR INFORMATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR INFORMATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR INFORMATION** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**INVESTOR INFORMATION** |
| Name of Investor: _____________________________________________________ | Name of Investor: _____________________________________________________ | Name of Investor: _____________________________________________________ | Name of Investor: _____________________________________________________ | Date of Birth: ____________ | SSN: _______________ |
| Name of Joint Investor: _________________________________________________ | Name of Joint Investor: _________________________________________________ | Name of Joint Investor: _________________________________________________ | Name of Joint Investor: _________________________________________________ | Date of Birth: ____________ | SSN: _______________ |
| Name of Investing Entity: _______________________________________________ | Name of Investing Entity: _______________________________________________ | Name of Investing Entity: _______________________________________________ | Name of Investing Entity: _______________________________________________ | Date of Formation: ________ | TIN: _______________ |
| Name and Capacity of Authorized Signatory (if applicable): ___________________ | Name and Capacity of Authorized Signatory (if applicable): ___________________ | Name and Capacity of Authorized Signatory (if applicable): ___________________ | Name and Capacity of Authorized Signatory (if applicable): ___________________ | Date of Birth: ____________ | SSN: _______________ |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Number: _____________________________________________________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Number: _____________________________________________________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Number: _____________________________________________________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Number: _____________________________________________________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Number: _____________________________________________________ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Account Number: _____________________________________________________ |
|  | Individual | Individual |  | Joint (specify type) ______________________________ | Joint (specify type) ______________________________ |
| ◻ | Trust | Trust |  | Corporation (specify type) ________________________ | Corporation (specify type) ________________________ |
| ◻ | IRA or Annuity or Other "Benefit Plan" | IRA or Annuity or Other "Benefit Plan" |  | Partnership (specify type) ________________________ | Partnership (specify type) ________________________ |
| ◻ | Limited Liability Company<br> (specify tax classification) ____________________ | Limited Liability Company<br> (specify tax classification) ____________________ |  | Other (specify type) _____________________________ | Other (specify type) _____________________________ |
| Physical Address: _____________________________________________________________________________________________________ | Physical Address: _____________________________________________________________________________________________________ | Physical Address: _____________________________________________________________________________________________________ | Physical Address: _____________________________________________________________________________________________________ | Physical Address: _____________________________________________________________________________________________________ | Physical Address: _____________________________________________________________________________________________________ |
| E-mail Address(es): _________________________________________________ | E-mail Address(es): _________________________________________________ | E-mail Address(es): _________________________________________________ | Phone Number(s): ________________________________ | Phone Number(s): ________________________________ | Phone Number(s): ________________________________ |
| **INVESTMENT** | **INVESTMENT** | **INVESTMENT** | **INVESTMENT** | **INVESTMENT** | **INVESTMENT** |
| ◻ Initial Investment | ◻ Initial Investment | ◻ Additional Investment | ◻ Additional Investment | ◻ Additional Investment | ◻ Additional Investment |
| ◻ Class A | ◻ Class A | ◻ Class I | ◻ Class I | ◻ Class I | ◻ Class I |
| Investment Amount: | Investment Amount: | $_____________________________ | $_____________________________ | $_____________________________ | $_____________________________ |
| Upfront Fee / Placement Fee / Sales Load: | Upfront Fee / Placement Fee / Sales Load: | $_____________________________ | $_____________________________ | $_____________________________ | $_____________________________ |
| *I acknowledge that, if I invest in Class A Units, my financial intermediary may directly charge me certain transaction or other fees in such amount as my financial intermediary may determine in connection with my Fund investment. Any such fees will not constitute part of my Fund investment, and will be paid directly by me to my financial intermediary.* | *I acknowledge that, if I invest in Class A Units, my financial intermediary may directly charge me certain transaction or other fees in such amount as my financial intermediary may determine in connection with my Fund investment. Any such fees will not constitute part of my Fund investment, and will be paid directly by me to my financial intermediary.* | *I acknowledge that, if I invest in Class A Units, my financial intermediary may directly charge me certain transaction or other fees in such amount as my financial intermediary may determine in connection with my Fund investment. Any such fees will not constitute part of my Fund investment, and will be paid directly by me to my financial intermediary.* | *I acknowledge that, if I invest in Class A Units, my financial intermediary may directly charge me certain transaction or other fees in such amount as my financial intermediary may determine in connection with my Fund investment. Any such fees will not constitute part of my Fund investment, and will be paid directly by me to my financial intermediary.* | *I acknowledge that, if I invest in Class A Units, my financial intermediary may directly charge me certain transaction or other fees in such amount as my financial intermediary may determine in connection with my Fund investment. Any such fees will not constitute part of my Fund investment, and will be paid directly by me to my financial intermediary.* | *I acknowledge that, if I invest in Class A Units, my financial intermediary may directly charge me certain transaction or other fees in such amount as my financial intermediary may determine in connection with my Fund investment. Any such fees will not constitute part of my Fund investment, and will be paid directly by me to my financial intermediary.* |
| **SIGNATURE(S)** | **SIGNATURE(S)** | **SIGNATURE(S)** |  |  |  |
| __________________________________________ | __________________________________________ | __________________________________________ | __________________________________________ | __________________________________________ | __________________________________________ |
| Investor Signature | Investor Signature | Investor Signature | Joint Investor Signature | Joint Investor Signature | Joint Investor Signature |
| __________________________________________ | __________________________________________ | __________________________________________ | __________________________________________ | __________________________________________ | __________________________________________ |
| Authorized Signatory (if applicable) | Authorized Signatory (if applicable) | Authorized Signatory (if applicable) | Date | Date | Date |
| **ENTITY INVESTORS: CONTROL PERSONS** (to be completed by entity investors) | **ENTITY INVESTORS: CONTROL PERSONS** (to be completed by entity investors) | **ENTITY INVESTORS: CONTROL PERSONS** (to be completed by entity investors) | **ENTITY INVESTORS: CONTROL PERSONS** (to be completed by entity investors) | **ENTITY INVESTORS: CONTROL PERSONS** (to be completed by entity investors) | **ENTITY INVESTORS: CONTROL PERSONS** (to be completed by entity investors) |
| List below all persons controlling or controlled by the Investor, including for a privately held entity, any holders of 10% or more of the beneficial interests of such entity. (Attach a separate page if not sufficient space below.) | List below all persons controlling or controlled by the Investor, including for a privately held entity, any holders of 10% or more of the beneficial interests of such entity. (Attach a separate page if not sufficient space below.) | List below all persons controlling or controlled by the Investor, including for a privately held entity, any holders of 10% or more of the beneficial interests of such entity. (Attach a separate page if not sufficient space below.) | List below all persons controlling or controlled by the Investor, including for a privately held entity, any holders of 10% or more of the beneficial interests of such entity. (Attach a separate page if not sufficient space below.) | List below all persons controlling or controlled by the Investor, including for a privately held entity, any holders of 10% or more of the beneficial interests of such entity. (Attach a separate page if not sufficient space below.) | List below all persons controlling or controlled by the Investor, including for a privately held entity, any holders of 10% or more of the beneficial interests of such entity. (Attach a separate page if not sufficient space below.) |
| Name | Address | Address | Address | Date of Birth | Social Security Number |
| _____________________ | ___________________________________________________ | ___________________________________________________ | ___________________________________________________ | ________________ | ____________________ |
| _____________________ | ___________________________________________________ | ___________________________________________________ | ___________________________________________________ | ________________ | ____________________ |
| _____________________ | ___________________________________________________ | ___________________________________________________ | ___________________________________________________ | ________________ | ____________________ |

---

---

| | |
|:---|:---|
| **FOR CUSTODIAN USE ONLY** | **FOR CUSTODIAN USE ONLY** |
| Name of Custodian: ________________________________________ | TIN: ____________________________________________________ |
| Physical Address: _____________________________________________________________________________________________________ | Physical Address: _____________________________________________________________________________________________________ |
| E-mail Address: ___________________________________________ | Phone Number: ___________________________________________ |
| __________________________________________ | __________________________________________ |
| Custodian Signature | Date |

---

---

| | | |
|:---|:---|:---|
| **FOR FINANCIAL ADVISOR USE ONLY** | **FOR FINANCIAL ADVISOR USE ONLY** | **FOR FINANCIAL ADVISOR USE ONLY** |
| Name of Financial Advisor: _________________________________ | Branch Number: _______________ | FA Number: _____________ |
| Name of Firm: ____________________________________________ | | |
| Physical Address: _____________________________________________________________________________________________________ | Physical Address: _____________________________________________________________________________________________________ | Physical Address: _____________________________________________________________________________________________________ |
| E-mail Address: ___________________________________________ | Phone Number: ___________________________________________ | Phone Number: ___________________________________________ |
| __________________________________________ | __________________________________________ | __________________________________________ |
| Financial Advisor Signature | Date | Date |
| __________________________________________ | __________________________________________ | __________________________________________ |
| Supervisory Principal Signature (if applicable) | Date | Date |

---

**APPENDIX B**

**PRIVACY NOTICE**

We are committed to protecting the privacy of our potential, current, and former customers. To provide the products and services you request, we must collect personal information about you. **We do not sell your personal information to third parties.** We collect your personal information and share it with third parties as necessary to provide you with the products or services you request and to administer your business with us. This notice describes our current privacy practices. While your relationship with us continues, we will update and send our privacy practices notice as required by law. We are committed to continuing to protect your personal information even after that relationship ends. **You do not need to take any action because of this notice.**

 **Information we may collect and use**

We collect personal information about you to help us identify you as our potential, current, or former customer; to process your requests and transactions; to offer investment services to you; or to tell you about our products or services we believe you may want to use. The type of personal information we collect depends on the products or services you request and may include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Information from you:** When you submit your application or other forms or request information on our products (online or otherwise), you give us information such as your name, address, Social Security number, your financial account information, and your financial history.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Information about your transactions:** We keep information about your transactions with us, such as the products you buy from us; the amount you paid for those products; your investment activity; and your account balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Information from your employer:** In connection with administering your retirement plan, we may obtain information about you from your employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Information received from third parties:** In order to verify your identity or to prevent fraud, we may obtain information about you from third parties.

 **How we use your personal information**

We do not disclose nonpublic personal information about our potential, current, and former customers unless allowed or required by law. We may share your personal information within our companies and with certain service providers. They use this information to process transactions you have requested; provide customer service; and inform you of products or services we offer that you may find useful. Our service providers may or may not be affiliated with us. They include financial service providers (for example, third-party administrators; broker/dealers; and other financial services companies with whom we have joint marketing agreements). Our service providers also include nonfinancial companies and individuals (for example, consultants; information services vendors; and companies that perform mailing or marketing services on our behalf). Information obtained from a report prepared by a service provider may be kept by the service provider and shared with other persons; however, we require our service providers to protect your personal information and to use or disclose it only for the work they are performing for us, or as permitted by law.

We also may provide information to regulatory authorities, law enforcement officials, and others to prevent fraud or when we believe in good faith that the law requires disclosure. In the event of a sale of all or part of our businesses, we may share customer information as part of the sale. We do not sell or share your information with outside marketers who may want to offer you their own products and services.

 **Security of information**

Keeping your information safe is one of our most important responsibilities. We maintain physical, electronic, and procedural safeguards to protect your information. Our employees are authorized to access your information only when they need it to provide you with products and services or to maintain your accounts. Employees who have access to your personal information are required to keep it strictly confidential. We provide training to our employees about the importance of protecting the privacy of your information.

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM, through its entities, operates as a full- service asset manager offering a diverse range of products including securities investment management, infrastructure and real asset management, and fund and equity-based structured products.

 **Other than Macquarie Bank Limited ABN 46 008 583 542 ("Macquarie Bank"), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.**

 **This privacy practices notice is being provided on behalf of the following:**

Central Park Advisers, LLC

Central Park Fund Administration, LLC

Central Park Group Activist Fund, LLC

Central Park Group AlpInvest Co-Investment Fund VII, LLC

Central Park Group Carlyle Equity Opportunity Fund II, LLC

Central Park Group Carlyle Equity Opportunity Fund, LLC

Central Park Group Carlyle Fund, LLC

Central Park Group Global Private Equity Fund, LLC

Central Park Group KKR Americas Fund XII, LLC

Central Park Group Lighthouse Global Long/Short Fund, LLC

Central Park Group Manager Alliance Fund II, LLC

Central Park Group Manager Alliance Fund, LLC

Central Park Group Real Estate Opportunity Fund, LLC

Central Park Group WP Energy, LLC

Central Park Group WP Global Growth, LLC

Central Park Group WP Private Equity XI, LLC

Central Park Group WP Private Equity XII, LLC

Central Park Group, LLC

CPG Brookfield Opportunistic Real Estate, LLC

CPG Carlyle Commitments Fund, LLC

CPG Carlyle Commitments Master Fund, LLC

CPG Cooper Square International Equity, LLC

CPG Focused Access Fund, LLC

CPG Vintage Access Fund II, LLC

CPG Vintage Access Fund III, LLC

CPG Vintage Access Fund IV, LLC

CPG Vintage Access Fund V, LLC

CPG Vintage Access Fund, LLC

Delaware Capital Management

Delaware Capital Management Advisers, Inc.

Delaware Distributors, Inc.

Delaware Distributors, L.P.

Delaware Funds by Macquarie®

Delaware Enhanced Global Dividend and Income Fund

Delaware Group® Adviser Funds

Delaware Group Cash Reserve

Delaware Group Equity Funds I

Delaware Group Equity Funds II

Delaware Group Equity Funds IV

Delaware Group Equity Funds V

Delaware Group Foundation Funds

Delaware Group Global & International Funds

Delaware Group Government Fund

Delaware Group Income Funds

Delaware Group Limited-Term Government Funds

Delaware Group State Tax-Free Income Trust

Delaware Group Tax-Free Fund

Delaware Investments Dividend and Income Fund, Inc.

Delaware Investments National Municipal Income Fund

Delaware Ivy High Income Opportunities Fund

Delaware Pooled® Trust

Delaware VIP® Trust

InvestED Portfolios

Ivy Funds

Ivy Variable Insurance Portfolios

Voyageur Insured Funds

Voyageur Intermediate Tax Free Funds

Voyageur Mutual Funds

Voyageur Mutual Funds II

Voyageur Mutual Funds III

Voyageur Tax Free Funds

Delaware Investments Advisers Partner, Inc.

Delaware Investments Distribution Partner, Inc.

Delaware Investments Fund Advisers

Delaware Investments Fund Services Company

Delaware Investments Management Company, LLC

Delaware Management Company

Delaware Management Trust Company

Delaware Service Company, Inc.

Ivy Distributors, Inc.

Ivy Investment Management Company

Macquarie Alternative Strategies

Macquarie Asset Advisers

Macquarie International Small Cap Equity Fund, LLC

Macquarie Emerging Markets Small Cap Fund, LLC

Macquarie Emerging Markets Debt Select Opportunities Fund, Ltd.

Macquarie Emerging Markets Debt Select Opportunities Master Fund, Ltd.

Macquarie Emerging Markets Debt Select Opportunities Fund, LLC

Macquarie Funds Management Hong Kong Limited

Macquarie Global Infrastructure Total Return Fund Inc.

Macquarie Investment Management Advisers

Macquarie Investment Management Austria Kapitalanlage AG

Macquarie Investment Management Business Trust

Macquarie Investment Management Europe Limited

Macquarie Investment Management Europe S.A.

Macquarie Investment Management General Partner, Inc.

Macquarie Investment Management Global Limited

Macquarie Multi-Cap Growth Fund, LP

Macquarie Real Estate Absolute Return Partners, Inc.

Macquarie Total Return Fund Inc.

Optimum Fund Trust

**APPENDIX C**

**RESTRICTIONS ON SALES IN SELECT NON-U.S. JURISDICTIONS**

**Notice to Prospective Non-U.S. Investors Generally**

No action has been or will be taken in any country or jurisdiction outside the U.S. that would permit an offering of Units, or possession or distribution of offering materials in connection with the issuance of Units, in any such country or jurisdiction where action for that purpose is required. It is the responsibility of any person wishing to purchase Units to satisfy himself or herself as to full observance of the laws of any relevant territory outside the U.S. in connection with any such purchase.

**Notice to Prospective Investors in Bolivia**

This is not a public offer and as such this document has not been approved by any regulatory entity in Bolivia. This is a private offer exclusively intended for the person to whom this document is addressed.

**Notice to Prospective Investors in Brazil**

The Fund is not listed with any stock exchange, organized over the counter market or electronic system of securities trading. Units have not been and will not be registered with any securities exchange commission or other similar authority, including the Brazilian Securities and Exchange Commission (Comissão de Valores Mobiliários - or the "CVM"). Units will not be directly or indirectly offered or sold within Brazil through any public offering, as determined by Brazilian law and by the rules issued by the CVM, including Law No. 6,385 (Dec. 7, 1976) and CVM Resolution No. 160 (Jul. 13, 2022), as amended from time to time, or any other law or rules that may replace them in the future.

Acts involving a public offering in Brazil, as defined under Brazilian laws and regulations and by the rules issued by the CVM, including Law No. 6,385 (Dec. 7, 1976) and CVM Resolution No. 160 (Jul. 13, 2022), as amended from time to time, or any other law or rules that may replace them in the future, must not be performed without such prior registration. Persons in Brazil wishing to acquire Units should consult with their own counsel as to the applicability of these registration requirements or any exemption therefrom. Without prejudice to the above, the sale and solicitation of Units is limited to professional investors as defined by CVM Resolution No. 30 (May 5, 2021) or as defined by any other rule that may replace it in the future.

This Prospectus is confidential and intended solely for the use of the addressee and cannot be delivered or disclosed in any manner whatsoever to any person or entity other than the addressee.

**Notice to Prospective Investors in the British Virgin Islands**

Units may not be offered in the British Virgin Islands unless the Fund or the person offering the Units on its behalf is licensed to carry on business in the British Virgin Islands. The Fund is not licensed to carry on business in the British Virgin Islands. Units may be offered to British Virgin Islands business companies (from outside the British Virgin Islands) without restriction. A British Virgin Islands business company is a company formed under or otherwise governed by the BVI Business Companies Act (British Virgin Islands).

**Notice to Prospective Investors in the Cayman Islands**

No offer or invitation to subscribe for Units may be made to the public in the Cayman Islands.

**Notice to Prospective Investors in Chile**

This Prospectus, and the Units to which it relates, may not be advertised, marketed, distributed or otherwise made available to the public in Chile. In connection with the offering of Units, no prospectus has been registered with or approved by the Securities Superintendence of Chile or any other regulatory body in Chile. Units are being offered on a limited private basis, and do not constitute marketing, offering or sales to the public in Chile. Therefore, this Prospectus is strictly private and confidential and may neither be reproduced, used for any other purpose, nor provided to any other person than the intended recipient hereof.

**Notice to Prospective Investors in Colombia**

Neither this Prospectus nor the Units have been reviewed or approved by the Financial Superintendency of Colombia (the "FSC") or any other governmental authority in Colombia, including the National Registry of Securities and Issuers *(Registro Nacional de Valores y Emisores)* nor has the Fund or any related person or entity received authorization or licensing from the FSC or any other governmental authority in Colombia to market or sell Units within Colombia. No public offering of Units is being made in Colombia or to Colombian residents, considering that the offer is addressed to less than one hundred specific investors. By receiving this Prospectus, the recipient acknowledges that it contacted the Adviser at its own initiative and not as a result of any promotion or publicity by the Fund, the Adviser or any of their respective affiliates, therefore it complies with Decree 2555 of 20120 and other applicable rules and regulation related to the promotion of foreign funds in Colombia. This Prospectus is strictly private and confidential and may not be reproduced, used for any other purpose or provided to any person other than the intended recipient.

Colombian eligible investors acknowledge Colombian laws and regulations (in particular, foreign exchange, securities and tax regulations) applicable to any transaction or investment consummated in connection with an investment in the Fund, and represent that they are the sole liable party for full compliance with any such laws and regulations. In addition, Colombian investors acknowledge and agree that the Fund will not have any responsibility, liability or obligation in connection with any consent, approval, filing, proceeding, authorization or permission required by the investor or any actions taken or to be taken by the investor in connection with the offer, sale or delivery of the Units under Colombian law.

**Notice to Prospective Investors in Dominican Republic**

The information provided herein does not constitute investment advice, and is not an offer to sell or a solicitation to buy any security or investment product in your jurisdiction. All securities transactions require signed agreements between us. No security product is offered or will be sold in any jurisdiction in which such offer or sale would be unlawful under the securities, or other laws of such jurisdiction. Some products may not be available in all jurisdictions.

**Notice to Prospective Investors in Ecuador**

The Fund is not managed or represented by a fund management company or trust administrator in Ecuador and has not been registered with or approved by the Superintendency of Companies, Securities and Insurance of Ecuador. Units are therefore not eligible for advertising, placement or circulation in Ecuador. The information provided in this Prospectus is not an offer to sell, or an invitation to make an offer to purchase, Units in Ecuador or to, or for the benefit of, any Ecuadorian person or entity. This

Prospectus may not be distributed or reproduced, in whole or in part, in Ecuador by the recipients of this Prospectus. This Prospectus has been distributed on the understanding that its recipients will only participate in the issue of Units outside of Ecuador on their own account.

**Notice to Prospective Investors in Hong Kong**

This Prospectus has not been approved by any regulatory authority in Hong Kong. Hong Kong residents wishing to acquire Units should exercise caution in relation to this offer. Additionally, such persons should obtain independent professional advice if they have any doubts regarding the contents of this Prospectus.

**Notice to Prospective Investors in Israel**

In Israel, this Prospectus is intended only to sophisticated investors listed in the first supplement to the Israeli Securities Law, 5728-1968 (the "Israeli Securities Law" and "Qualified Investors"). It may not be reproduced or used for any other purpose, nor be furnished to any other person other than those Qualified Investors to whom copies were sent. No action has been, or will be, taken in Israel that would permit an offering of the Units of the Fund or a distribution of this Prospectus to the public in Israel. Only Qualified Investors who in each case have provided written confirmation that they qualify as Qualified Investors, and that they are aware of the consequences of such designation and agree thereto, may invest in the Fund, in all cases under circumstances that will fall within the private placement exemptions of the Israeli Securities Law and as a prerequisite to making such investment in the Fund the Qualified Investor may also be required to provide a written approval or evidence, as to its qualification as a Qualified Investor pursuant to any applicable guidelines, publication or rulings issued from time to time by the Israel Securities Authority. Anyone who purchases Units of the Fund is doing so for its own benefit and for its own account and not with the aim or intention of distributing or offering such units to other parties. Anyone who purchases the Units of the Fund shall do so in accordance with its own understanding and discretion and after it has obtained any relevant investment, financial, legal, business, tax or other advice or opinion required by it in connection with such purchase. For the avoidance of doubt, nothing in this Prospectus should be considered "investment advice" or "investment marketing", as defined in the Regulation of Investment Advice, Investment Marketing and Portfolio Management Law, 5755-1995.

**Notice to Prospective Investors in Mexico**

The Units have not been and will not be registered with the Mexican National Securities Registry (*Registro Nacional de Valores*) maintained by the Mexican National Banking and Securities Commission (*Comision Nacional y de Valores* or "CNBV") and may not be offered or sold publicly in Mexico. The Units may be offered in Mexico to investors that qualify as institutional or qualified investors, pursuant to the private placement exemption set forth in article 8 of the Mexican Securities Market Law (*Ley del Mercado de Valores* or "LMV"). The Units may not be publicly offered or sold in Mexico and this Prospectus is not intended to be used in connection with a public offering of securities (*oferta publica*) under the LMV and may not be publicly distributed in Mexico. This Prospectus has not been reviewed or authorized by the CNBV.

**Notice to Prospective Investors in Nicaragua**

For purposes of the Nicaraguan market, the Fund's Units will be offered as a private placement and includes securities which are not registered with the Superintendencia de Bancos y de Otras Instituciones Financiera (the "Bank Superintendence"), and therefore has not been reviewed by any public or private entity, in order to ensure that such information is complete, accurate and timely. The

fundamental principle of this offer in its Nicaraguan placement is that it consists of a private transaction amongst private parties.

**Notice to Prospective Investors in Panama**

No public offering of Units is being made to investors resident in Panama. Units are being offered only to institutional investors and a limited number of other investors in Panama. The *Superintendencia del Mercado de Valores* has not passed upon the accuracy or adequacy of this Prospectus or otherwise approved or authorized the offering of Units to investors resident in Panama.

**Notice to Prospective Investors in Peru**

Units have not been and will not be approved by the Peruvian *Superintendencia del Mercado de Valores* (the "SMV") or any other regulatory agency in Peru, nor have they been registered under the Securities Market Law (*Ley del Mercado de Valores*), or any SMV regulations. Units may not be offered or sold within Peru except in private placement transactions.

**Notice to Prospective Investors in Taiwan**

The Units may be made available outside of Taiwan for purchase outside Taiwan by Taiwan resident investors, but may not be offered or sold in Taiwan.

**Notice to Prospective Investors in Uruguay**

The Fund is not an investment fund regulated by Uruguayan Law 16,774 of September 27, 1996, as amended, and has not been registered with the Central Bank of Uruguay. The sale of Units in the Fund qualifies as a private placement pursuant to Section 2 of Uruguayan Law 18,627 and are not and will not be registered with the Central Bank of Uruguay to be publicly offered in Uruguay.

**Notice to Prospective Investors in Venezuela**

No public offering of Units is being made to investors resident in Venezuela. Neither this Prospectus nor the Units have been approved, disapproved or passed on in any way by the National Superintendence of Securities, Office of the Superintendent of the Banking Sector Entities or any other governmental authority in Venezuela. Additionally, the Fund has not received authorization or licensing from the National Superintendence of Securities, Office of the Superintendent of the Banking Sector Entities or any other governmental authority in Venezuela to market or sell Units within Venezuela. This Prospectus is strictly confidential and may not be reproduced, used for any other purpose or provided to any person other than the intended.

**APPENDIX D**

**PRIOR PErformance OF THE FUND AND SIMILAR FUNDS AND ACCOUNTS**

**MANAGED BY Select Equity Group, L.P.**<sup>1</sup>

**FUND ANNUAL RETURNS<br> AS OF DECEMBER 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fund <br> Performance-<br> Class A** | **Fund <br> Performance- <br> Class I** | **HFRI Equity<br> Hedge (3)** | **MSCI ACWI ex<br> US (2, 4)** |
| 2020\* | 8.7% | 8.8% | 14.5% | 19.6% |
| 2021 | -4.8% | -4.0% | 12.0% | 7.8% |
| 2022 | -28.4% | -27.9% | -10.4% | -16.0% |

---

\* The Fund commenced operations on November 2, 2020.

**STRATEGY COMPOSITE ANNUAL RETURNS<br> AS OF DECEMBER 31, 2022** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Strategy Composite (1)** | **HFRI Equity<br> Hedge (3)** | **MSCI ACWI <br> ex US (2, 4)** |
| 2011.0 | -0.9% | -8.4% | -13.7% |
| 2012.0 | 25.2% | 7.4% | 16.8% |
| 2013.0 | 17.2% | 14.3% | 15.3% |
| 2014.0 | 0.9% | 1.8% | -3.9% |
| 2015.0 | 3.7% | -1.0% | -5.7% |
| 2016.0 | 1.1% | 5.5% | 4.5% |
| 2017.0 | 16.8% | 13.3% | 27.2% |
| 2018.0 | -4.1% | -7.1% | -14.2% |
| 2019.0 | 25.8% | 13.7% | 21.5% |
| 2020.0 | 15.2% | 17.9% | 10.7% |
| 2021.0 | -2.8% | 12.0% | 7.8% |
| 2022.0 | -26.8% | -10.4% | -16.0% |

---

**PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.**

**THE COMPOSITE PERFORMANCE IS NOT THE PERFORMANCE OF THE FUND.**

<sup>1</sup> The performance information set forth herein is unaudited.

**STRATEGY COMPOSITE PERFORMANCE INFORMATION**

Select Equity Group, L.P. ("SEG") employs an investment program for CPG Cooper Square International Equity, LLC (the "Fund") that is substantially similar to the Cooper Square International Long/Short investment program that it employs in managing various other international long/short investment accounts that are not registered under the Investment Company Act of 1940, as amended (the "Other Accounts"), and that had aggregate net assets as of December 31, 2022 of approximately $2.0 billion. The personnel of SEG who will be responsible for managing the investment portfolio of the Fund manage the investment portfolios of the Other Accounts. As of December 31, 2022, SEG had total assets under management, including proprietary funds, of approximately $38 billion.

Because of the similarity of investment programs, as a general matter, SEG will consider participation by the Fund in all appropriate investment opportunities that are under consideration by SEG for the Other Accounts. SEG will evaluate for the Fund and for the Other Accounts a variety of factors, including potential regulatory or tax-related (investment) limitations, that may be relevant in determining whether a particular investment opportunity or strategy is appropriate and feasible for the Fund or the Other Accounts at a particular time. Because these considerations may differ for the Fund and the Other Accounts in the context of any particular investment opportunity and at any particular time, the investment activities and future investment performance of the Fund and each of the Other Accounts will differ. See "Conflicts of Interest."

THE TABLES ON PAGE D-5 SET FORTH FOR THE PERIODS INDICATED COMPOSITE MONTHLY PERFORMANCE INFORMATION OF ALL OTHER ACCOUNTS MANAGED BY SEG THAT HAVE INVESTMENT OBJECTIVES, POLICIES AND STRATEGIES THAT ARE SUBSTANTIALLY SIMILAR TO THE FUND AND ANNUAL PERFORMANCE INFORMATION FOR THE OTHER ACCOUNTS AND FOR VARIOUS INDICES. THE CHARTS ON PAGES D-8 AND D-9 ILLUSTRATE: (1) THE GROWTH OF $1,000; (2) THE DEPTH OF DRAWDOWNS; AND (3) ROLLING ONE-YEAR STANDARD DEVIATION USING THE MONTHLY PERFORMANCE OF THE OTHER ACCOUNTS AND VARIOUS INDICES. THE RETURNS SHOWN FOR THE OTHER ACCOUNTS REFLECT A MODEL MANAGEMENT FEE OF 1.25% OF NET ASSET VALUE, A MODEL INCENTIVE FEE OF 20% OF NET PROFITS (SUBJECT TO A HIGH WATER MARK) AND THE ACTUAL OTHER EXPENSES INCURRED BY THE OTHER ACCOUNTS. THE MODEL INCENTIVE FEE IS EQUAL TO THE HIGHEST ACTUAL INCENTIVE FEE INCURRED BY THE OTHER ACCOUNTS. THE RETURNS ARE NO HIGHER THAN THOSE THAT WOULD HAVE RESULTED IF THE ACTUAL MANAGEMENT AND INCENTIVE FEES CHARGED TO INVESTORS IN THE OTHER ACCOUNTS WERE REFLECTED. THE TABLES SHOULD BE READ IN CONJUNCTION WITH THE NOTES THERETO. PAST PERFORMANCE DOES NOT GUARANTEE FUTURE RESULTS.

PROSPECTIVE INVESTORS SHOULD RECOGNIZE THAT THE FUND'S ESTIMATED EXPENSES ARE HIGHER THAN THE ACTUAL OTHER EXPENSES OF EACH OF THE OTHER ACCOUNTS. ACCORDINGLY, HAD THE OTHER ACCOUNTS' PERFORMANCE RECORDS REFLECTED THE FUND'S ESTIMATED EXPENSES, THE OTHER ACCOUNTS' RETURNS SHOWN IN THE TABLE WOULD HAVE BEEN LOWER. FURTHERMORE, THERE ARE CERTAIN DIFFERENCES BETWEEN THE INVESTMENT POLICIES OF THE FUND AND THE OTHER ACCOUNTS. UNLIKE THE FUND, CERTAIN OF THE OTHER ACCOUNTS ARE NOT SUBJECT TO CERTAIN INVESTMENT LIMITATIONS IMPOSED BY APPLICABLE SECURITIES LAWS, OR TO THE SAME REQUIREMENTS OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, TO WHICH THE FUND IS SUBJECT, WHICH, IF APPLICABLE, MAY HAVE ADVERSELY AFFECTED THE OTHER ACCOUNTS' PERFORMANCE. THE FUTURE

PERFORMANCE OF THE FUND, THE OTHER ACCOUNTS AND THE VARIOUS INDICES MAY DIFFER.

FUTURE INVESTMENTS WILL BE MADE UNDER DIFFERENT ECONOMIC CONDITIONS AND WILL INCLUDE DIFFERENT INVESTMENTS. IN ADDITION, FUTURE INVESTMENTS MADE BY THE FUND WILL BE SUBJECT TO POTENTIAL REGULATORY OR TAX-RELATED (INVESTMENT) LIMITATIONS. MEMBERS OF SEG RESPONSIBLE FOR INVESTMENTS HAVE CHANGED AND MAY CHANGE IN THE FUTURE. PROSPECTIVE INVESTORS SHOULD NOT ASSUME THAT THEY WILL EXPERIENCE PERFORMANCE COMPARABLE TO THAT SET FORTH BELOW.

THE COMPOSITE PERFORMANCE INFORMATION IS AN ASSET-WEIGHTED AVERAGE OF THE RETURNS OF EACH OF THE OTHER ACCOUNTS. THIS CALCULATION METHODOLOGY DIFFERS FROM THE SEC'S GUIDELINES FOR CALCULATING PERFORMANCE OF MUTUAL FUNDS.

**FUND MONTHLY RETURNS – CLASS A<br> AS OF DECEMBER 31, 2022** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Jan.** | **Feb.** | **Mar.** | **Apr.** | **May** | **Jun.** | **Jul.** | **Aug.** | **Sept.** | **Oct.** | **Nov.** | **Dec.** | **YEAR** |
| 2020\* |  |  |  |  |  |  |  |  |  |  | 6.9% | 1.7% | 8.7% |
| 2021 | -4.4% | 1.5% | -0.5% | 3.1% | 0.6% | -1.1% | -0.1% | 1.4% | -2.9% | 0.4% | -6.6% | 4.2% | -4.8% |
| 2022 | -8.4% | -2.1% | -2.6% | -7.5% | -2.3% | -4.4% | 6.3% | -6.5% | -10.4% | 2.1% | 7.3% | -2.7% | -28.4% |

---

\* The Fund commenced operations on November 2, 2020.

**FUND MONTHLY RETURNS – CLASS I<br> AS OF DECEMBER 31, 2022** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Jan.** | **Feb.** | **Mar.** | **Apr.** | **May** | **Jun.** | **Jul.** | **Aug.** | **Sept.** | **Oct.** | **Nov.** | **Dec.** | **YEAR** |
| 2020\* |  |  |  |  |  |  |  |  |  |  | 7.0% | 1.7% | 8.8% |
| 2021 | -3.9% | 1.2% | -0.3% | 3.0% | 0.7% | -1.0% | 0.0% | 1.5% | -2.8% | 0.4% | -6.6% | 4.2% | -4.0% |
| 2022 | -8.3% | -2.0% | -2.5% | -7.4% | -2.3% | -4.3% | 6.2% | -6.4% | -10.4% | 2.2% | 7.4% | -2.7% | -27.9% |

---

\* The Fund commenced operations on November 2, 2020.

**FUND AVERAGE ANNUAL TOTAL RETURNS<br> AS OF DECEMBER 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **1 Year<br> (12-month rolling)** | **Since Inception<br> (11/2/2020)** |
| Fund Performance – Class A | -28.4% | -12.9% |
| Fund Performance – Class I | -27.9% | -12.3% |
| HFRI Equity Hedge (3) | -16.0% | 3.8% |
| MSCI ACWI ex US (2, 4) | -10.4% | 6.6% |

---

**FUND RISK STATISTICS<br> AS OF DECEMBER 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Average Annual<br> Returns Since<br> Inception** | **Standard<br> Deviation (5, 6)** |
| Fund Performance – Class A | -12.9% | 16.2% |
| Fund Performance – Class I | -12.3% | 16.1% |
| HFRI Equity Hedge (3) | 3.8% | 10.3% |
| MSCI ACWI ex US (2, 4) | 6.6% | 18.2% |

---

**PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.**

**STRATEGY COMPOSITE MONTHLY RETURNS (1)<br> AS OF DECEMBER 31, 2022** 

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year** | **Jan.** | **Feb.** | **Mar.** | **Apr.** | **May** | **Jun.** | **Jul.** | **Aug.** | **Sept.** | **Oct.** | **Nov.** | **Dec.** | **YEAR** |
| 2011 | 0.2% | 2.5% | -0.8% | 3.5% | -0.9% | -0.5% | -1.7% | -4.0% | -7.4% | 10.4% | -1.4% | 0.2% | -0.9% |
| 2012 | 4.3% | 6.8% | 1.8% | 0.3% | -6.1% | 3.0% | 2.6% | 2.1% | 2.6% | 1.7% | 2.5% | 1.7% | 25.2% |
| 2013 | 3.9% | 1.7% | 2.1% | 0.8% | 1.2% | -2.5% | 4.2% | -1.9% | 3.8% | 1.8% | -0.4% | 1.5% | 17.2% |
| 2014 | -2.9% | 3.6% | 0.3% | -0.5% | 0.3% | 0.0% | -3.0% | 2.1% | -3.0% | 0.4% | 3.1% | 0.6% | 0.9% |
| 2015 | -1.0% | 5.5% | -0.4% | 2.5% | 1.9% | -0.4% | 0.3% | -4.6% | -2.1% | 4.2% | -0.9% | -1.1% | 3.7% |
| 2016 | -7.5% | 1.2% | 5.6% | 0.6% | -0.1% | -0.7% | 3.2% | 1.0% | 1.8% | -3.1% | -1.6% | 1.2% | 1.1% |
| 2017 | 1.4% | 2.5% | 1.0% | 3.5% | 2.9% | 0.3% | 2.5% | -0.1% | 1.5% | 0.6% | -0.7% | 0.4% | 16.8% |
| 2018 | 3.4% | -1.3% | -0.8% | 1.9% | -0.4% | -1.1% | -0.9% | 2.1% | -0.6% | -3.5% | 0.7% | -3.4% | -4.1% |
| 2019 | 7.5% | 5.0% | 1.4% | 4.2% | -3.7% | 5.2% | 0.5% | -0.4% | -0.1% | 1.0% | 0.6% | 2.4% | 25.8% |
| 2020 | -0.6% | -5.3% | -12.1% | 7.0% | 5.1% | 6.1% | 5.8% | 2.3% | -1.3% | -0.9% | 7.9% | 2.2% | 15.2% |
| 2021 | -4.5% | 1.9% | -0.2% | 3.6% | 0.5% | -0.7% | 0.0% | 1.7% | -2.9% | 0.8% | -6.8% | 4.4% | -2.8% |
| 2022 | -8.3% | -2.0% | -2.4% | -7.4% | -2.2% | -3.7% | 5.9% | -6.2% | -10.1% | 2.2% | 7.6% | -2.6% | -26.8% |

---

**STRATEGY COMPOSITE AVERAGE ANNUAL TOTAL RETURNS<br> AS OF DECEMBER 31, 2022** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year<br> (12-month rolling)** | **5 Years** | **10 Years** | **Since Inception (1/1/2011)** |
| Strategy Composite (1) | -26.8% | -0.2% | 3.6% | 4.9% |
| HFRI Equity Hedge (3) | -10.4% | 4.6% | 5.6% | 4.5% |
| MSCI ACWI ex US (2, 4) | -16.0% | 0.9% | 3.8% | 3.2% |

---

**STRATEGY COMPOSITE RISK STATISTICS<br> AS OF DECEMBER 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Average Annual Returns<br> Since Inception (5)** | **Standard<br> Deviation (5, 6)** |
| Strategy Composite (1) | 4.9% | 12.2% |
| HFRI Equity Hedge (3) | 4.5% | 8.5% |
| MSCI ACWI ex US (2, 4) | 3.2% | 15.2% |

---

**PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.**

**THE COMPOSITE PERFORMANCE IS NOT THE PERFORMANCE OF THE FUND.**

**FUND** **GROWTH OF $1,000**

![](tm234698d1_486bpossimg01.jpg)

**FUND** **DRAWDOWNS**

![](tm234698d1_486bpossimg02.jpg)

**FUND** **STANDARD DEVIATION<br> ONE YEAR ROLLING (5, 6)**

![](tm234698d1_486bpossimg03.jpg)

**PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.**

**STRATEGY** **COMPOSITE GROWTH OF $1,000**

![](tm234698d1_486bpossimg04.jpg)

**STRATEGY** **COMPOSITE DRAWDOWNS**

![](tm234698d1_486bpossimg05.jpg)

**STRATEGY** **COMPOSITE STANDARD DEVIATION<br> ONE YEAR ROLLING (5, 6)**

![](tm234698d1_486bpossimg06.jpg)

**PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.**

**THE COMPOSITE PERFORMANCE IS NOT THE PERFORMANCE OF THE FUND.**

The notes below refer to the tables on the prior pages.

(1) These tables present the investment performance of all Other Accounts. The information contained in these tables was prepared by SEG based on the following facts and assumptions:

(a) The composite performance information is an asset-weighted average of the returns of each of the Other Accounts. This calculation methodology differs from the SEC's guidelines for calculating performance of mutual funds.

(b) The Other Accounts' returns take into account each Other Account's actual other expenses. The composite uses a modeled fee structure of a 1.25% management fee and 20% incentive fee (subject to a high water mark). The model incentive fee is equal to the highest actual incentive fee incurred by the Other Accounts.

The returns do not reflect the reinvestment of any distributions made by the Other Accounts. The Fund's estimated expenses are higher than the actual other expenses of each of the Other Accounts.

(c) The composite performance information for the Other Accounts includes the performance from 1/1/2011 through 12/31/2022 of between one and three accounts, including domestic and offshore private funds. Aggregate assets under management in the Other Accounts ranged from an initial value as of January 2011 of approximately $14 million, to a high of approximately $2.1 billion in August 2021. The composite performance information for the Other Accounts was not prepared in compliance with the GIPS® standards (Global Investment Performance Standards).

(2) Does not reflect fees or expenses of any kind.

(3) The HFRI Equity Hedge is an equally weighted performance index. It uses the HFR database and consists only of Equity Hedge funds with a minimum of US $50 million AUM or a 12-month track record and that report assets in USD. It is calculated and rebalanced monthly, and shown net of all fees and expenses. Equity Hedge strategies invest in a core holding of long equities at all times with short sales of stocks and/or stock index options. HFR compiles the performance numbers from sources it believes to be reliable but makes no representations and assumes no responsibility or liability, express or implied, as to the accuracy or completeness of these numbers. The index is not available for direct investment. While the index is frequently used for comparison purposes, it has limitations (some of which are typical of other widely use indices) and cannot be used to predict performance. These limitations include survivorship bias (the returns of the indices may not be representative of all hedge funds in the universe because of the tendency of lower performing funds to leave the index); heterogeneity (not all hedge funds are alike or comparable to one another, and the index may not accurately reflect the performance of a described style); and limited data (many hedge funds do not report to indices, and the index may omit funds, the inclusion of which might significantly affect the performance shown).

(4) The MSCI ACWI ex US represents large and mid-cap representation across 22 of 23 Developed Markets (DM) countries (excluding the U.S.) and 24 Emerging Markets (EM) countries. With 2,261 constituents, the index covers approximately 85% of the global equity opportunity set outside the U.S. The index is not available for direct investment.

(5) Returns and Risk numbers are measured from the commencement of SEG's management of the Other Accounts in 2011.

(6) A statistical measure of dispersion of a set of observations about their mean or other measure of central tendency. It is used to measure an investment's volatility. The higher the standard deviation the greater the volatility of returns and, thus, the more the return deviates from expected normal returns.

OTHER DISCLOSURES

This information is intended for illustration purposes only. No index is directly comparable to the Fund or the Other Accounts. Past performance is not indicative of future results or performance of any account managed by SEG, or of the Fund. There is no guarantee that the Fund will achieve its investment objective.

**CPG Cooper Square International Equity, LLC**

**STATEMENT OF ADDITIONAL INFORMATION**

**JANUARY 30, 2023**

**Class A Units**

**Class I Units**

This Statement of Additional Information ("SAI") is not a prospectus. This SAI relates to and should be read in conjunction with the Prospectus of CPG Cooper Square International Equity, LLC (the "Fund"), dated January 30, 2023. The Prospectus and this SAI, which is incorporated by reference into the Prospectus in its entirety, are available on the Fund's website (<u>http://www.coopersquarefund.com</u>). The SAI also is available upon request and without charge by writing the Fund at c/o Central Park Advisers, LLC, 125 West 55<sup>th</sup> Street, New York, New York, 10019, or by calling (collect) (212) 317-9200. Defined terms used herein, and not otherwise defined herein, have the same meanings as in the Prospectus.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | <u>Page</u> |
| [ADDITIONAL INVESTMENT POLICIES](#sp5_001) | [1](#sp5_001) |
| [DIRECTORS AND OFFICERS](#sp5_002) | [6](#sp5_002) |
| [CODES OF ETHICS](#sp5_003) | [14](#sp5_003) |
| [PROXY VOTING POLICIES AND PROCEDURES](#sp5_004) | [14](#sp5_004) |
| [INVESTMENT ADVISORY SERVICES](#sp6_001) | [15](#sp6_001) |
| [CONFLICTS OF INTEREST](#sp6_002) | [18](#sp6_002) |
| [TAX ASPECTS](#sp6_003) | [21](#sp6_003) |
| [ERISA CONSIDERATIONS](#sp6_004) | [32](#sp6_004) |
| [BROKERAGE](#sp6_005) | [34](#sp6_005) |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#sp6_007) | [35](#sp6_007) |
| [LEGAL COUNSEL](#LEGAL_COUNSEL) | [35](#LEGAL_COUNSEL) |
| [FINANCIAL STATEMENTS](#sp6_008) | [36](#sp6_008) |
| [APPENDIX A: PROXY VOTING POLICIES AND PROCEDURES](#sp7_001) | [A-1](#sp7_001) |

---

ii

**ADDITIONAL INVESTMENT POLICIES**

The investment objective and principal investment strategy of the Fund, as well as the principal risks associated with the Fund's investment strategy, are set forth in the Prospectus. Capitalized terms used but not defined herein have the meanings assigned to them in the Fund's Prospectus. Certain additional investment information is set forth below.

**Fundamental Policies**

The Fund's stated fundamental policies, which may be changed only by the affirmative vote of a majority of the outstanding voting securities of the Fund, are listed below. For the purposes of this SAI, "majority of the outstanding voting securities of the Fund" means the vote, at an annual or special meeting of Investors duly called, (a) of 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities are present or represented by proxy; or (b) of more than 50% of the outstanding voting securities of the Fund, whichever is less. The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Borrow money, except to the extent permitted by the 1940 Act (which currently limits borrowing to no more
than 33-1/3% of the value of the Fund's total assets, including the value of the assets purchased with the proceeds of its indebtedness).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issue senior securities, except to the extent permitted by Section 18 of the 1940 Act (which currently
limits the issuance of a class of senior securities that is indebtedness to no more than 33-1/3% of the value of the Fund's total assets
or, if the class of senior security is stock, to no more than 50% of the value of the Fund's total assets).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Underwrite securities of other issuers, except insofar as the Fund may be deemed an underwriter under
the 1933 Act in connection with the disposition of its portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Make loans, except through purchasing fixed-income securities, lending portfolio securities or entering
into repurchase agreements in a manner consistent with the Fund's investment policies or as otherwise permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchase, hold or deal in real estate, except that it may invest in securities or other instruments that
are secured by real estate, or securities of companies that invest or deal in real estate or interests in real estate or are engaged in
a real estate business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Invest in commodities or commodity contracts, except that it may purchase and sell foreign currency, options,
futures and forward contracts, including those related to indexes, and options on indexes and may invest in commodity pools and other
entities that purchase and sell commodities and commodity contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Invest more than 25% of the value of its total assets in the securities of issuers in any single industry,
except that U.S. Government securities may be purchased without limitation.

With respect to these investment restrictions and other policies described in this SAI, if a percentage restriction is adhered to at the time of an investment or transaction, a later change in percentage resulting from a change in the values of investments or the value of the Fund's total assets, unless otherwise stated, will not constitute a violation of such restriction or policy. The types of securities or investment techniques that may be employed by the Fund in accordance with the 1940 Act, which may

give rise to senior securities within the meaning of the 1940 Act include: short sales, swaps (including total return swaps), swaptions, contracts for differences ("CFDs"), futures and forward agreements, options, repurchase agreements and reverse repurchase agreements.

The Fund's investment objective is non-fundamental and may be changed without investor approval.

**Special Investment Techniques**

The Fund may utilize a variety of special investment instruments and techniques, in addition to short selling, to hedge against various risks or for non-hedging purposes in seeking to achieve the Fund's investment objective. Instruments used and the particular manner in which they may be used may change over time as new instruments and techniques are developed or regulatory changes occur. Certain of these special investment instruments and techniques are speculative and involve a high degree of risk, particularly in the context of non-hedging transactions.

<u>Derivatives</u>. Derivative instruments, or "derivatives," include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices. Derivatives typically allow an investor to hedge its exposure to, or speculate upon, the price movements of a particular security, financial benchmark or index at a fraction of the cost of acquiring, borrowing or selling short the underlying asset. The value of a derivative depends largely upon price movements in the underlying asset. Therefore, many of the risks applicable to trading the underlying asset also are applicable to derivatives trading. Derivatives, however, are specialized instruments that require investment techniques and risk analyses different from those associated with stocks and bonds; there are a number of additional risks associated with derivatives trading. The use of a derivative requires an understanding not only of the underlying instrument, but also of the derivative itself. In particular, the use and complexity of derivatives require the maintenance of adequate controls to monitor the transactions entered into and the ability to assess the risk that a derivative adds to the Fund.

*Liquidity*. Derivative instruments, especially when traded in large amounts, may not always be liquid. In such cases, in volatile markets, the Fund may not be able to close out a position without incurring a loss. Daily limits on price fluctuations and speculative position limits on exchanges on which the Fund may conduct its transactions in derivative instruments may prevent profitable liquidation of positions, subjecting the Fund to potentially greater losses.

*Operational Leverage*. Trading in derivative instruments can result in large amounts of operational leverage. Thus, the leverage offered by trading in derivative instruments will magnify the gains and losses experienced by the Fund and could cause the Fund's net asset value to be subject to wider fluctuations than would be the case if the Fund did not use the leverage feature of derivative instruments.

*Over-the-Counter ("OTC") Trading*. The Fund may purchase or sell derivative instruments that are not traded on an exchange. The risk of nonperformance by the obligor on such an instrument may be greater than the risk associated with an exchange-traded instrument. In addition, the Fund may not be able to dispose of, or enter into a closing transaction with respect to, such an instrument as easily as in the case of an exchange-traded instrument. Significant disparities may exist between "bid" and "asked" prices for derivative instruments that are not traded on an exchange. Derivative instruments not traded on exchanges are not subject to the same type of government regulation as exchange-traded instruments, and many of the protections afforded to participants in a regulated environment may not be available with respect to these instruments.

*Call Options*. The Fund may engage in the use of call options. The seller (writer) of a call option which is covered (*i.e.*, the writer holds the underlying security) assumes the risk of a decline in the market price of the underlying security below the purchase price of the underlying security less the premium received, and gives up the opportunity for gain on the underlying security above the exercise price of the option. The seller of an uncovered call option assumes the risk of a theoretically unlimited increase in the market price of the underlying security above the exercise price of the option.

The buyer of a call option assumes the risk of losing its entire investment in the call option. However, if the buyer of the call sells short the underlying security, the loss on the call will be offset in whole or in part by gain on the short sale of the underlying security.

*Put Options*. The Fund may engage in the use of put options. There are risks associated with the sale and purchase of put options. The seller (writer) of a put option which is covered (*i.e.*, the writer has a short position in the underlying security) assumes the risk of an increase in the market price of the underlying security above the sales price (in establishing the short position) of the underlying security plus the premium received, and gives up the opportunity for gain on the short position for values of the underlying security below the exercise price of the option. The seller of an uncovered put option assumes the risk of a decline in the market price of the underlying security below the exercise price of the option.

The buyer of a put option assumes the risk of losing its entire investment in the put option. However, if the buyer of the put holds the underlying security, the loss on the put will be offset in whole or in part by any gain on the underlying security.

*Stock Index Options Trading*. The Fund may purchase and sell call and put options on stock indices. A stock index measures the movement of a certain group of stocks by assigning relative values to the common stocks included in the index. Because the value of an index option depends upon movements in the level of the index rather than the price of a particular stock, whether a gain or loss will be realized from the purchase or sale of options on an index depends upon movements in the level of stock prices in that index generally, rather than movements in the price of a particular stock. Successful use of options on stock indices will depend upon the ability of the Sub-Adviser to predict correctly movements in the direction of the stock market generally. This ability requires skills and techniques different from those used in predicting changes in the price of individual stocks.

*Swap Agreements*. The Fund may enter into swap agreements, including total return swaps. Swap agreements can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease the Fund's exposure to long-term or short-term interest rates, foreign currency values, corporate borrowing rates, specific securities, credit or other factors such as security prices, baskets of securities, or inflation rates. Swap agreements can take many different forms and are known by a variety of names. The Fund is not limited to any particular form of swap agreement.

Swap agreements will tend to shift the Fund's investment exposure from one type of investment to another. Depending on how they are used, swap agreements may increase or decrease the overall volatility of the Fund's portfolio. The most significant factor in the performance of swap agreements is the change in the specific interest rate, currency, individual equity values or other factors that determine the amounts of payments due to and from the Fund. If a swap agreement calls for payments by the Fund, the Fund must be prepared to make such payments when due. In addition, the value of a swap agreement is likely to decline if the counterparty's creditworthiness declines. Such a decrease in value might cause the Fund to incur losses.

In a total return swap transaction, one party makes periodic payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset (such as an equity security or basket of equity securities) or a non-asset reference (such as an index), which includes both the income generated and any capital gains, and recovers any capital losses from the first party. Total return swaps can offer more advantageous financing costs and/or a more efficient means of gaining exposure to certain foreign markets as compared to certain direct long or short transactions, notably when direct investment may be restricted or cost prohibitive. Total return swaps can result in losses if the underlying asset or reference does not perform as anticipated, and have the potential for significant risk of loss. Swaps generally involve greater risks than direct investments in securities, because swaps, among other factors, may be leveraged and are subject to counterparty risk, pricing risk and liquidity risk.

Under the Dodd-Frank Act, certain swaps and other OTC derivatives are required to be traded on a regulated swap exchange or execution facility. The U.S. Commodity Futures Trading Commission (the "CFTC") and the SEC may require the execution on a regulated market of additional OTC derivatives transactions in the future. Such requirements may make it more difficult and costly for the Fund to enter into highly tailored or customized transactions. They may also render certain strategies in which the Fund might otherwise engage unfeasible or so costly that they no longer will be economical to implement. Swaps and other transactions in OTC derivatives that are not required to be executed on a regulated market may involve other risks as well, as there is no exchange market on which to close out an open position. It may not be possible to liquidate an existing position, to assess the value of a position or to assess the exposure to risk.

*CFDs*. The Fund may enter into CFDs. CFDs permit investors to take long or short positions in an underlying instrument, which may be a single security, stock basket or index. In CFD transactions, each party assumes price positions in reference to an underlying security or other financial instrument. The "difference" is determined by comparing each party's original position with the market price of such securities or financial instruments at a pre-determined closing date. Each party will then either receive or pay the difference, depending on the success of its investment. CFDs are subject to certain risks. Financial markets for the securities or instruments which form the subject of a CFD can fluctuate significantly. Parties to a CFD assume the risk that the markets for the underlying securities will move in a direction unfavorable to their original positions. Parties to a CFD may require a deposit of 10% to 20% of the contract value as security. CFDs often involve considerable economic leverage due to the modest upfront investment relative to the overall contract value. As a result, such contracts can lead to disproportionately large losses as well as gains and relatively small market movements can have large impacts on the value of the investment. In addition, because CFDs involve contracting with a counterparty, the Fund will be subject to the risk that the counterparty will be unable to, or will refuse to, perform with respect to the underlying contract.

*Forward Contracts*. The Fund may enter into forward contracts that are not traded on exchanges and may not be regulated. There are no limitations on daily price moves of forward contracts. Banks and other dealers with which the Fund maintains accounts may require that the Fund deposit margin with respect to such trading. The Fund's counterparties are not required to continue making markets in such contracts. There have been periods during which certain counterparties have refused to continue to quote prices for forward contracts or have quoted prices with an unusually wide spread (the price at which the counterparty is prepared to buy and that at which it is prepared to sell). Arrangements to trade forward contracts may be made with only one or a few counterparties, and liquidity problems therefore might be greater than if such arrangements were made with numerous counterparties. The imposition of credit controls by governmental authorities might limit such forward trading to less than the amount that the Sub-Adviser would otherwise recommend, to the possible detriment of the Fund.

*Futures Contracts*. The Fund may use futures as part of its investment program. In connection with the use of futures, the Sub-Adviser will determine and pursue all steps that are necessary and advisable to ensure compliance with the Commodity Exchange Act and the rules and regulations promulgated thereunder. Futures positions may be illiquid because certain commodity exchanges limit fluctuations in certain futures contract prices during a single day by regulations referred to as "daily price fluctuation limits" or "daily limits." Under such daily limits, during a single trading day no trades may be executed at prices beyond the daily limits. Once the price of a particular futures contract has increased or decreased by an amount equal to the daily limit, positions in that contract can neither be entered into nor liquidated unless traders are willing to effect trades at or within the limit. Futures prices have occasionally moved beyond the daily limits for several consecutive days with little or no trading. OTC instruments generally are not as liquid as instruments traded on recognized exchanges. These constraints could prevent the Fund from promptly liquidating unfavorable positions, thereby subjecting the Fund to substantial losses. In addition, the CFTC and various exchanges limit the number of positions that the Fund may indirectly hold or control in particular commodities.

Foreign futures transactions involve the execution and clearing of trades on a foreign exchange. This is the case even if the foreign exchange is formally "linked" to a domestic exchange, whereby a trade executed on one exchange liquidates or establishes a position on the other exchange. No domestic organization regulates the activities of a foreign exchange, including the execution, delivery, and clearing of transactions on such an exchange, and no domestic regulator has the power to compel enforcement of the rules of the foreign exchange or the laws of the foreign country. Moreover, such laws or regulations will vary depending on the foreign country in which the transaction occurs. For these reasons, the Fund may not be afforded certain of the protections that apply to domestic transactions, including the right to use domestic alternative-dispute-resolution procedures. In particular, funds received to margin foreign futures transactions may not be provided the same protections as funds received to margin futures transactions on domestic exchanges. In addition, the price of any foreign futures or option contract and, therefore, the potential profit and loss resulting therefrom, may be affected by any fluctuation in the foreign exchange rate between the time the order is placed and the foreign futures contract is liquidated or the foreign option contract is liquidated or exercised.

*Hedging Transactions*. The Fund may, but is not required to, employ hedging techniques. These techniques could involve a variety of the aforementioned derivative transactions (collectively, "Hedging Instruments"). Hedging techniques involve risks different than those of underlying investments. In particular, the variable degree of correlation between price movements of Hedging Instruments and price movements in the position being hedged means that losses on the hedge may be greater than gains in the value of the Fund's positions, or that there may be losses on both legs of a transaction. In addition, certain Hedging Instruments and markets may not be liquid in all circumstances.

The Sub-Adviser may use Hedging Instruments to minimize the risk of total loss to the Fund by offsetting an investment in one security with a comparable investment in a contrasting security. However, such use may limit any potential gain that might result from an increase in the value of the hedged position. Whether the Fund hedges successfully will depend on the Sub-Adviser's ability to predict pertinent market movements. In addition, it is not possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies, because the value of those securities is likely to fluctuate as a result of independent factors not related to currency fluctuations. Finally, the daily variation margin requirements in futures contracts might create greater financial risk than would options transactions, where the exposure is limited to the cost of the initial premium and transaction costs paid by the Fund.

*Unhedged Risks*. The Fund's investments may be unhedged or only partially hedged. For a variety of reasons, the Sub-Adviser may not seek to establish a perfect correlation between the hedging

instruments used and the investments being hedged. Such an imperfect correlation may prevent the Fund from achieving the intended hedge or expose the Fund to risk of loss. The Sub-Adviser may not hedge against a particular risk because it does not regard the probability of the risk occurring to be sufficiently high as to justify the cost of the hedge, or because it does not foresee the occurrence of the risk. Moreover, it may not be possible for the Sub-Adviser to hedge against certain risks—for example, the risk of a fluctuation that is so generally anticipated by market participants that the Sub-Adviser cannot enter into a hedging transaction at a price sufficient to protect the Fund from the decline in value of the investment anticipated as a result of such fluctuation.

**Fixed-Income Securities**

The Fund primarily invests in equity securities, as described in the Prospectus. The Sub-Adviser, however, may invest a portion of the Fund's assets in bonds and other fixed-income securities when it believes that such securities offer opportunities for capital appreciation (or capital depreciation in the case of short positions) and may also invest in these securities for temporary defensive purposes and to maintain liquidity.

Fixed-income securities include, among other securities: bonds, notes and debentures issued by corporations; debt securities issued or guaranteed by governments; municipal securities; and mortgage-backed and asset-backed securities. Certain securities in which the Fund may invest, such as those with interest rates that fluctuate directly or indirectly based on multiples of a stated index, are designed to be highly sensitive to changes in interest rates and can subject the holders thereof to significant reductions of yield and possible loss of principal. These securities may pay fixed, variable or floating rates of interest, and may include zero coupon obligations. Fixed-income securities are subject to the risk of the issuer's inability to meet principal and interest payments on its obligations (*i.e.*, credit risk) and are subject to price volatility resulting from, among other things, interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity (*i.e.*, market risk).

Dislocations in the fixed-income sector and weaknesses in the broader financial market could adversely affect the Fund. As a result of such dislocations, the Fund may face increased borrowing costs, reduced liquidity and reductions in the value of its investments. One or more of the counterparties providing financing to the Fund could be affected by financial market weaknesses, and may be unwilling or unable to provide financing. If one or more major market participants fails or withdraws from the market, it could negatively affect the marketability of all fixed-income securities and this could reduce the value of the securities in the Fund's portfolio, thereby reducing the Fund's net asset value. Furthermore, if one or more counterparties are unwilling or unable to provide ongoing financing, the Fund could be forced to sell its investments at a time when prices are depressed.

**DIRECTORS AND OFFICERS**

Subject to the requirements of the 1940 Act, the business and affairs of the Fund shall be managed under the direction of the Board. The Board shall have the right, power and authority, on behalf of the Fund and in its name, to do all things necessary and proper to carry out its duties under the LLC Agreement. Each Director (whether or not such Director is an "interested person" (as defined in the 1940 Act) of the Fund (an "Independent Director")) shall be vested with the same powers, authority and responsibilities on behalf of the Fund as are customarily vested in each director of a closed-end management investment company registered under the 1940 Act that is organized under Delaware law. No Director shall have the authority individually to act on behalf of or to bind the Fund, except within the scope of such Director's authority as delegated by the Board. The Board may delegate the management of the Fund's day-to-day operations to one or more officers or other persons (including, without limitation,

the Adviser), subject to the investment objective and policies of the Fund and to the oversight of the Board.

**Board's Oversight Role in Management**

The Board's role in management of the Fund is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Fund, primarily the Adviser and the Sub-Adviser, have responsibility for the day-to-day management of the Fund, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight, the Board, acting at its scheduled meetings and between Board meetings, regularly interacts with and receives reports from senior personnel of service providers, including the Adviser's senior managerial and financial officers, the Fund's and the Adviser's Chief Compliance Officer and portfolio management personnel. The Board's Audit Committee, which consists of all of the Fund's Directors who are Independent Directors, meets during its scheduled meetings, and, as appropriate, the chair of the Audit Committee maintains contact with the independent registered public accounting firm and Principal Accounting Officer of the Fund. Similarly, the Board has established a Contracts Review Committee and a Nominating Committee, as described below. The Board also receives periodic presentations from senior personnel of the Adviser regarding risk management generally, as well as information regarding specific operational, compliance or investment areas, such as business continuity, valuation and investment research. The Board has adopted policies and procedures designed to address certain risks to the Fund. In addition, the Adviser and other service providers to the Fund, including the Sub-Adviser, have adopted a variety of policies, procedures and controls designed to address particular risks to the Fund. Different processes, procedures and controls are employed with respect to different types of risks. However, it is not possible to eliminate all of the risks applicable to the Fund. The Board also receives reports from counsel to the Fund or the Board's own independent legal counsel regarding regulatory compliance and governance matters. The Board's oversight role does not make the Board a guarantor of the Fund's investments or activities.

**Board Composition and Leadership Structure**

The 1940 Act requires that at least 40% of the Fund's Board members be Independent Directors. To rely on certain exemptive rules under the 1940 Act, a majority of the Fund's Board members must be Independent Directors, 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 Directors. Currently, four of the Fund's five Directors are Independent Directors. The Chair of the Board, Joan Shapiro Green, is an Independent Director. Additionally, the Board has constituted an Audit Committee, a Nominating Committee and a Contracts Review Committee. The members of the respective committees have designated Kristen M. Leopold to chair the Audit Committee, Janet L. Schinderman to chair the Nominating Committee and Sharon J. Weinberg to chair the Contracts Review Committee. The Board has determined that its leadership structure, in which the Chair of the Board is not affiliated with the Adviser or the Sub-Adviser, is appropriate in light of the specific characteristics and circumstances of the Fund, including, but not limited to: (i) the services that the Adviser and the Sub-Adviser provide to the Fund and potential conflicts of interest that could arise from these relationships; (ii) the extent to which the day-to-day operations of the Fund are conducted by Fund officers and employees of the Adviser and the Sub-Adviser; (iii) the Board's oversight role in management of the Fund; and (iv) the Board's size and the cooperative working relationship among the Independent Directors and among all Directors.

**Information About Each Board Member's Experience, Qualifications, Attributes or Skills**

Board members of the Fund, together with information as to their positions with the Fund, principal occupations and other board memberships for the past five years, are shown below.

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Age, Address and<br> <u>Position(s) with Fund</u>** | &nbsp;&nbsp; **Term of Office<br> and Length of <u>Time Served</u><sup>1</sup>** | &nbsp;&nbsp; **Principal Occupation(s)<br> <u>During Past 5 Years</u>** | &nbsp;&nbsp; **Number of<br> Portfolios <br> in Fund<br> Complex<br> Overseen <br> <u>by Director</u>** | &nbsp;&nbsp; **Other** **Directorships/<br> Trusteeships Held by<br> Director Outside <br> <u>Fund Complex</u>** |
| &nbsp;&nbsp; **INDEPENDENT DIRECTORS** | &nbsp;&nbsp; **INDEPENDENT DIRECTORS** | &nbsp;&nbsp; **INDEPENDENT DIRECTORS** | &nbsp;&nbsp; **INDEPENDENT DIRECTORS** | &nbsp;&nbsp; **INDEPENDENT DIRECTORS** |
| &nbsp;&nbsp; Joan Shapiro Green (78)<br> c/o Central Park Group, LLC<br> 125 W 55<sup>th</sup> Street, New York, NY 10019 <br> Chair  | &nbsp;&nbsp; Term — Indefinite Length—Since Inception | &nbsp;&nbsp; Board Director (2014 - present); Executive Director of National Council of Jewish Women New York (2007 - 2014); Executive Director of New York Society of Securities Analysts (2004 - 2006) | &nbsp;&nbsp; 9 |  |
| &nbsp;&nbsp; Kristen M. Leopold (55)<br> c/o Central Park Group, LLC<br> 125 W 55<sup>th</sup> Street, New York, NY 10019<br> Director | &nbsp;&nbsp; Term — Indefinite Length—Since Inception | &nbsp;&nbsp; Independent Consultant to Hedge Funds (2007 - present); Chief Financial Officer of Weston Capital Management, LLC (investment managers) (1997 - 2006) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; Blackstone Alternative Investment Funds (1 portfolio) (March 2013 - present); Blackstone Alternative Alpha Fund; Blackstone Alternative Alpha Fund II; Blackstone Alternative Alpha Master Fund; Blackstone Alternative Multi-Manager Fund (2012 – August 2021) |
| &nbsp;&nbsp; Janet L. Schinderman (71)<br> c/o Central Park Group, LLC<br> 125 W 55<sup>th</sup> Street, New York, NY 10019<br> Director | &nbsp;&nbsp; Term — Indefinite Length—Since Inception | &nbsp;&nbsp; Self-Employed Educational Consultant since 2006; Associate Dean for Special Projects and Secretary to the Board of Overseers, Columbia Business School of Columbia University (1990 - 2006) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; Advantage Advisers Xanthus Fund, L.L.C. |
| &nbsp;&nbsp; Sharon J. Weinberg (63)<br> c/o Central Park Group, LLC<br> 125 W 55<sup>th</sup> Street, New York, NY 10019<br> Director | &nbsp;&nbsp; Term — Indefinite Length—Since Inception | &nbsp;&nbsp; Owner, the Chatham Bookstore (March 2021 – present); Co-Founder, Blue Leaf Ventures (investing/consulting) (2018-present); Managing Director, New York Ventures, Empire State Development (2016-2018); Managing Director, JPMorgan Asset Management (2000 - 2015); Vice President, JPMorgan Investment Management (1996 - 2000); Associate, Willkie Farr & Gallagher LLP (1984 - 1996) | &nbsp;&nbsp; 9 |  |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Age, Address and<br> <u>Position(s) with Fund</u>** | &nbsp;&nbsp; **Term of Office<br> and Length of <u>Time Served</u><sup>1</sup>** | &nbsp;&nbsp; **Principal Occupation(s)<br> <u>During Past 5 Years</u>** | &nbsp;&nbsp; **Number of<br> Portfolios <br> in Fund<br> Complex<br> Overseen <br> <u>by Director</u>** | &nbsp;&nbsp; **Other** **Directorships/<br> Trusteeships Held by<br> Director Outside <br> <u>Fund Complex</u>** |
| &nbsp;&nbsp; **INTERESTED DIRECTOR** | &nbsp;&nbsp; **INTERESTED DIRECTOR** | &nbsp;&nbsp; **INTERESTED DIRECTOR** | &nbsp;&nbsp; **INTERESTED DIRECTOR** | &nbsp;&nbsp; **INTERESTED DIRECTOR** |
| &nbsp;&nbsp; Mitchell A. Tanzman (63)<br> Central Park Group, LLC<br> 125 W 55<sup>th</sup> Street, New York, NY 10019<br> Director and Principal Executive Officer <br>| &nbsp;&nbsp; Term — Indefinite Length—Since Inception | &nbsp;&nbsp; Co-Head, Wealth Solutions Macquarie Asset Management (since 2022); Co-Chief Executive Officer and Co-Chief Investment Officer of Central Park Group, LLC (2006-2022) | &nbsp;&nbsp; 9 |  |
| &nbsp;&nbsp; **OFFICER(S) WHO ARE NOT DIRECTORS** | &nbsp;&nbsp; **OFFICER(S) WHO ARE NOT DIRECTORS** | &nbsp;&nbsp; **OFFICER(S) WHO ARE NOT DIRECTORS** | &nbsp;&nbsp; **OFFICER(S) WHO ARE NOT DIRECTORS** | &nbsp;&nbsp; **OFFICER(S) WHO ARE NOT DIRECTORS** |
| &nbsp;&nbsp; Michael Mascis (55)<br> Central Park Group, LLC<br> 125 W 55<sup>th</sup> Street, New York, NY 10019<br> Principal Accounting Officer | &nbsp;&nbsp; Term — Indefinite Length—Since Inception | &nbsp;&nbsp; Chief Administrative Officer, Wealth Solutions Macquarie Asset Management (since 2022); Chief Financial Officer of Central Park Group, LLC (2006-2022) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Seth L. Pearlstein (56)<br> Central Park Group, LLC<br> 125 W 55<sup>th</sup> Street, New York, NY 10019<br> Chief Compliance Officer | &nbsp;&nbsp; Term — Indefinite Length—Since Inception | &nbsp;&nbsp; Associate Director, Wealth Solutions Macquarie Asset Management (since 2022); Chief Compliance Officer of Central Park Group, LLC (since 2015); General Counsel and Chief Compliance Officer of W.P. Stewart & Co., Ltd. (2008-2014); previously, Associate General Counsel (2002-2007) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Gregory Brousseau (67)<br> Central Park Group, LLC<br> 125 W 55<sup>th</sup> Street, New York, NY 10019<br> Vice President | &nbsp;&nbsp; Term — Indefinite Length—Since Inception | &nbsp;&nbsp; Co-Head, Wealth Solutions Macquarie Asset Management (since 2022); Co-Chief Executive Officer of Central Park Group, LLC (2006-2022) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Ruth Goodstein (62)<br> Central Park Group, LLC<br> 125 W 55<sup>th</sup> Street, New York, NY 10019<br> Vice President | &nbsp;&nbsp; Term — Indefinite Length—Since Inception | &nbsp;&nbsp; Chief Operating Officer, Wealth Solutions Macquarie Asset Management (since 2022); Chief Operating Officer of Central Park Group, LLC (2006-2022) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; David F. Connor (59)<br> c/o Central Park Group, LLC<br> 125 W 55th Street<br> New York, NY 10019<br> Vice President | &nbsp;&nbsp; Term - Indefinite Length - Since March 2022 | &nbsp;&nbsp; General Counsel of Macquarie Asset Management Public Investments Americas (since 2015) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Graeme Conway (48)<br> c/o Central Park Group, LLC<br> 125 W 55th Street<br> New York, NY 10019<br> Vice President | &nbsp;&nbsp; Term - Indefinite Length - Since March 2022 | &nbsp;&nbsp; Chief Commercial Officer and Head of Strategic Solutions of Macquarie Asset Management (since 2012) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name, Age, Address and<br> <u>Position(s) with Fund</u>** | &nbsp;&nbsp; **Term of Office<br> and Length of <u>Time Served</u><sup>1</sup>** | &nbsp;&nbsp; **Principal Occupation(s)<br> <u>During Past 5 Years</u>** | &nbsp;&nbsp; **Number of<br> Portfolios <br> in Fund<br> Complex<br> Overseen <br> <u>by Director</u>** | &nbsp;&nbsp; **Other** **Directorships/<br> Trusteeships Held by<br> Director Outside <br> <u>Fund Complex</u>** |
| &nbsp;&nbsp; Jerel A. Hopkins (51)<br> c/o Central Park Group, LLC<br> 125 W 55th Street<br> New York, NY 10019<br> Vice President | &nbsp;&nbsp; Term - Indefinite Length - Since March 2022 | &nbsp;&nbsp; Division Director, Wealth Solutions Macquarie Asset Management (since 2022); Associate General Counsel of Macquarie Asset Management (2004-2022) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Brian Murray (56)<br> c/o Central Park Group, LLC<br> 125 W 55th Street<br> New York, NY 10019<br> Vice President | &nbsp;&nbsp; Term - Indefinite Length - Since March 2022 | &nbsp;&nbsp; Chief Compliance Officer of Macquarie Asset Management Public Investments (since 2017); Chief Compliance Officer of Macquarie Asset Management (2004 - 2017) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; Richard Salus (59)<br> c/o Central Park Group, LLC<br> 125 W 55th Street<br> New York, NY 10019<br> Vice President | &nbsp;&nbsp; Term - Indefinite Length - Since March 2022 | &nbsp;&nbsp; Global Head of Fund Services of Macquarie Asset Management (since 2016) | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A |

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Additional information about each Director follows (supplementing the information provided in the table above) that describes some of the specific experiences, qualifications, attributes or skills that the Director possesses which the Board believes has prepared them to be effective Board members. The Board believes that the significance of each Director's experience, qualifications, attributes or skills is an individual matter (meaning that experience that is important for one Director may not have the same value for another) and that these factors are best evaluated at the board level, with no single Director, or particular factor, being indicative of board effectiveness. Each Board member believes that collectively the Directors have balanced and diverse experience, skills, attributes and qualifications that allow the Board to operate effectively in governing the Fund and protecting the interests of Investors. Among the attributes common to all Directors is their ability to critically review, evaluate, question and discuss information provided to them, and to interact effectively with management, service providers and counsel, in order to exercise effective business judgment in the performance of their duties; each Board member believes that each member satisfies this standard. Experience relevant to having this ability may be achieved through a Director's educational background; business, professional training or practice (*e.g.*, accounting or securities), public service or academic positions; experience from service as a board member (including the Boards of other funds in the Fund Complex); and other life experiences. The charter for the Board's Nominating Committee contains certain other factors considered by the Committee in identifying and evaluating potential nominees. To assist them in evaluating matters under federal and state law, the Independent Directors are counseled by their own independent legal counsel, who participates in the Board's meetings and interacts with the Adviser, and also may benefit from information provided by counsel to the Fund; both Board and Fund counsel have significant experience advising funds and fund board members. The Board and its committees have the ability to engage other experts as appropriate. The Board evaluates its performance on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Joan Shapiro Green</u> – Ms. Green served as President of BT Brokerage, a NYSE member firm,
from 1992 to 2001. During that period she also served two terms on the New York Stock Exchange Specialty Firms Committee and one term
on the NASD District 10 Business Conduct Committee. From 2000 to 2002, Ms. Green served as Chairman of the Securities Industry

Association Institutional Brokerage Committee. She graduated from Mount Holyoke College with an AB degree in mathematics. She has served on the Board of the Financial Women's Association since 1999 and was President from 2002 to 2003.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Kristen M. Leopold</u> – Ms. Leopold is the founder of KL Associates, LLC, a hedge fund
consulting firm specializing in financial and operational management, and the Chief Financial Officer of WFL Real Estate Services, LLC.
She graduated from Pace University with a combined MBA/BBA in Accounting in May 1990 and then served as an auditor and manager at
Arthur Andersen LLP in their financial services division specializing in brokerage, commodities and asset management until September 1997.
In October 1997, she joined Weston Capital Management LLC, an alternative investment firm with over $1 billion in assets under management
worldwide, as Chief Financial Officer, and left in December 2006 to pursue her own consulting business.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Janet L. Schinderman</u> – Ms. Schinderman has 30 years of experience in board development
and strategic management of non-profit institutions, particularly in higher education, primary and secondary education, health care, the
arts and community initiatives. At JLS Enterprises, a consultancy she founded in 2006, Ms. Schinderman serves a range of clients,
including the Archdiocese of New York, Bronx Children's Museum, The New School, Rice University, Temple Emanu-El, NYU Langone Medical
Center Cancer Institute, SUNY Maritime College and Touro Hospital of New Orleans. As associate dean of Columbia Business School from 1990
to 2006, Ms. Schinderman staffed the 80-member global Board of Overseers, supervised marketing and communications and developed and
operated the Chazen Institute of International Business. Before that, she held executive positions at the Illinois Institute of Technology
and Tulane University's A.B. Freeman School of Business, which she joined after serving for six years as founding and executive director
of Louisiana's first shelter for battered women and children, operated under the auspices of the Archdiocese of New Orleans. For more
than twenty years, Ms. Schinderman has served as a director of registered investment companies, including, in addition to the Central
Park Group funds, alternative investment funds managed by an affiliate of Oppenheimer & Co. and its predecessors. She graduated
with her B.A. and M.B.A. from Tulane University and speaks French, Italian and Spanish.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Sharon J. Weinberg</u> – Ms. Weinberg is the owner of the Chatham Bookstore and Co-Founder
of Blue Leaf Ventures, an investing and consulting firm. She has over 25 years' of experience in the asset management business. She began
her career at Willkie Farr & Gallagher LLP, where she was an Associate from 1984 to 1996. From 1996 to 2000, she was a Vice President
of JPMorgan Investment Management ("JPMIM"), where she served in various capacities, including as counsel to certain mutual
funds advised by JPMIM. From 2000 to 2015, Ms. Weinberg served as a Managing Director of JPMorgan Asset Management, where she was
responsible for, among other things, the overall investment business of the JPMorgan Private Bank Law Firms Group. From 2016 to 2018,
Ms. Weinberg was a Managing Director at New York Ventures, Empire State Development. Ms. Weinberg received her B.A. from The
Johns Hopkins University and her J.D. from Columbia Law School.

&nbsp;&nbsp;&nbsp;&nbsp;· <u>Mitchell A. Tanzman</u> – In addition to serving as a Board member of each fund in the Central
 Park Group fund complex, Mr. Tanzman is Co-Head of Macquarie Asset Management (MAM)
 Wealth Solutions, which is focused on empowering high-net-worth investors to invest for long-term
 success through access to institutional quality private equity, hedge fund, real estate,
 and infrastructure funds. Mr. Tanzman joined MAM as part of Macquarie's 2022 acquisition
 of independent investment advisory firm, Central Park Group, where he was co-chief executive
 officer and co-chief investment officer. He has more than 25 years of experience in alternative

investments, including fund-of-funds portfolio management. He has invested more than $14 billion in more than 175 funds, including more than $3.5 billion in private equity funds. Prior to co-founding Central Park Group in 2006, Mr. Tanzman served as co-head of UBS Financial Services Alternative Investment Group and was a member of the firm's Operating Committee. Before UBS, Mr. Tanzman worked at Oppenheimer & Co.'s asset management group, and ultimately co-managed the firm's alternative investment department. He was also a member of the firm's Management Committee. Mr. Tanzman began his career at Stroock & Stroock & Lavan as an attorney specializing in investment companies and advisory services. He is a member of the Board of Trustees of Emory University and Chairman of the Emory Development Committee. Mr. Tanzman was previously Chair of the Investment Committee. He graduated from Emory University and earned his juris doctor degree from the University of Chicago Law School.

The Directors serve on the Board for terms of indefinite duration, subject to a mandatory retirement age of 75 years old, with exceptions to be made on a case by case basis. A Director's position in that capacity will terminate if such Director is removed, resigns or is subject to various disabling events such as death or incapacity. A Director may resign upon 90 days' prior written notice to the other Directors, subject to waiver of notice, and may be removed either by vote of two-thirds of the Directors not subject to the removal vote or vote of the Investors holding not less than two-thirds of the total number of votes eligible to be cast by all Investors. In the event of any vacancy in the position of a Director, the remaining Directors may appoint an individual to serve as a Director, so long as immediately after such appointment at least two-thirds of the Directors then serving would have been elected by the Investors. The Directors may call a meeting of Investors to fill any vacancy in the position of a Director and must do so within 60 days after any date on which Directors who were elected by the Investors cease to constitute a majority of the Directors then serving. If no Director remains to manage the business of the Fund, the Adviser may manage and control the Fund but must convene a meeting of Investors within 60 days for the purpose of either electing new Directors or dissolving the Fund.

The only standing committees of the Board are the Audit Committee, the Nominating Committee and the Contracts Review Committee. The current members of the Audit Committee are Kristen M. Leopold, Joan Shapiro Green, Janet L. Schinderman and Sharon J. Weinberg, constituting all of the Independent Directors. Ms. Leopold currently serves as the Chair of the Audit Committee. The function of the Fund's Audit Committee, pursuant to its adopted written charter, is: (i) to oversee the Fund's accounting and financial reporting processes, the audits of the Fund's financial statements and the Fund's internal controls over, among other things, financial reporting and disclosure controls and procedures; (ii) to oversee or assist in Board oversight of the integrity of the Fund's financial statements, and the Fund's compliance with legal and regulatory requirements; and (iii) to approve, prior to appointment, the engagement of the Fund's independent registered public accounting firm and review the independent registered public accounting firm's qualifications, independence and performance.

The current members of the Nominating Committee are Kristen M. Leopold, Joan Shapiro Green, Janet L. Schinderman and Sharon J. Weinberg, constituting all of the Independent Directors. Ms. Schinderman currently serves as the Chair of the Nominating Committee. The function of the Nominating Committee, pursuant to its adopted written charter, is to select and nominate persons for election as Directors of the Fund. The Nominating Committee reviews and considers, as it deems appropriate after taking into account, among other things, the factors listed in its charter, nominations of potential Directors made by Fund management and by Investors who have sent to Davis Polk & Wardwell LLP, legal counsel for the Independent Directors, at 450 Lexington Avenue, New York, NY 10017, such nominations, which include all information relating to the recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Directors, including without limitation the biographical information and the qualifications of the proposed nominees. Nomination submissions must be accompanied by a written consent of the individual to stand for election

if nominated by the Board and to serve if elected, and such additional information must be provided regarding the recommended nominee as is reasonably requested by the Nominating Committee. The Nominating Committee meets as is necessary or appropriate.

The current members of the Contracts Review Committee are Kristen M. Leopold, Joan Shapiro Green, Janet L. Schinderman and Sharon J. Weinberg, constituting all of the Independent Directors. Ms. Weinberg currently serves as the Chair of the Contracts Review Committee. The function of the Fund's Contracts Review Committee, pursuant to its adopted written charter, is to: assist the Board in fulfilling its responsibilities under Section 15 of the 1940 Act, as respects the Investment Advisory Agreement and the Sub-Advisory Agreement; review other material contracts entered into by the Fund in connection with the operation of the Fund (such contracts, collectively with the Investment Advisory Agreement and the Sub-Advisory Agreement ("Material Contracts")); and make recommendations to the Board regarding the approval and continuance of Material Contracts.

During the period from October 1, 2021 to September 30, 2022, the Board met eight times, the Audit Committee met five times, the Contracts Review Committee met three times and the Nominating Committee did not meet.

The following table sets forth the dollar range of ownership of equity securities of the Fund and other registered investment companies overseen by each Director within the Fund Complex, in each case as of December 31, 2022. The Directors are not required to invest in the Fund.

---

| | | |
|:---|:---|:---|
| **Name of Director** | &nbsp;&nbsp;**Dollar Range of Equity <br> Securities of the Fund** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity <br> Securities of All Registered <br> Investment Companies Overseen <br> by the Director in the Fund Complex** |
| Kristen M. Leopold |  |  |
| Joan Shapiro Green |  |  |
| Janet L. Schinderman |  |  |
| Sharon J. Weinberg |  |  |
| Mitchell A. Tanzman | &nbsp;&nbsp;Over $100,000 | &nbsp;&nbsp;Over $100,000 |

---

As of December 31, 2022, none of the Independent Directors or their immediate family members owned beneficially or of record securities of the Adviser, the Sub-Adviser, the Distributor or a person (other than a registered investment company) directly or indirectly controlling, controlled by or under common control with the Adviser, the Sub-Adviser or the Distributor.

Ms. Weinberg serves on the Board of Directors of The National Institute for Reproductive Health ("NIRH"), a 501(c)(3) charitable organization, with a Principal and Portfolio Manager of the Sub-Adviser (but not a portfolio manager of the Fund). During 2020, 2021 and 2022, the Principal of the Sub-Adviser, the Sub-Adviser, a foundation controlled by the Sub-Adviser, and Ms. Weinberg, donated, in the aggregate, in excess of $120,000 to NIRH.

**Director Compensation**

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| | | | |
|:---|:---|:---|:---|
| **Name and Position with Fund** | **Aggregate Compensation <br> from the Fund\*** | **Total Compensation from Fund and <br> Fund Complex Paid to Directors\*** |  |
| Kristen M. Leopold | $21000 | $240875 | (9)\*\* |
| Director |  |  |  |
| Joan Shapiro Green | $21000 | $240875 | (9)\*\* |
| Director |  |  |  |
| Janet L. Schinderman | $21000 | $240875 | (9)\*\* |
| Director |  |  |  |
| Sharon J. Weinberg | $21000 | $240875 | (9)\*\* |
| Director |  |  |  |

---

\* For the fiscal year ended September 30, 2022.

\*\* Represents the number of separate portfolios comprising the investment companies in the Fund Complex, including the Fund, during the fiscal year.

The Independent Directors are paid by the Fund an annual retainer of $15,000, per meeting fees of $1,000, and $500 per telephonic meeting. In addition, the Chair of the Board, the Chair of the Audit Committee, the Chair of the Nominating Committee and the Chair of the Contracts Review Committee each receives an additional annual retainer of $2,000 per fund in the complex overseen by such person. All Directors are reimbursed for their reasonable out-of-pocket expenses. The Directors do not receive any pension or retirement benefits from the Fund.

**CODES OF ETHICS**

Each of the Fund, the Adviser and the Sub-Adviser has adopted a code of ethics under Rule 17j-1 under the 1940 Act (collectively the "Codes of Ethics"). Rule 17j-1 and the Codes of Ethics are designed to prevent unlawful practices in connection with the purchase or sale of securities by covered personnel ("Access Persons"). The Codes of Ethics permit Access Persons to, subject to certain restrictions, invest in securities, including securities that may be purchased or held by the Fund. Under the Codes of Ethics, Access Persons may engage in personal securities transactions, but are required to report their personal securities transactions for monitoring purposes. In addition, certain Access Persons are required to obtain approval before investing in initial public offerings, private placements or certain other securities. The Codes of Ethics are available on the EDGAR database on the SEC's website at www.sec.gov, and also may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

**PROXY VOTING POLICIES AND PROCEDURES**

The Fund has delegated any voting of proxies in respect of portfolio holdings to the Sub-Adviser to vote the proxies in accordance with the Sub-Adviser's proxy voting guidelines and procedures. The proxy voting guidelines and procedures of the Sub-Adviser are set forth in Appendix A. In general, the Board believes that voting proxies in accordance with such proxy voting guidelines and procedures is in the best interests of the Fund.

Information regarding how the Fund voted proxies related to its portfolio holdings during the 12-month period ending June 30th is available, without charge, upon request by calling collect (212) 317-9200, and on the SEC's website at www.sec.gov.

**INVESTMENT ADVISORY SERVICES**

**The Adviser and the Investment Advisory Agreement**

The Adviser serves as investment adviser to the Fund pursuant to the Investment Advisory Agreement. The Directors have engaged the Adviser to provide investment advice to, and manage the day-to-day business and affairs of, the Fund under the ultimate supervision of, and subject to any policies established by, the Board. The Adviser also provides, or arranges at its expense, for certain management and administrative services for the Fund. Some of those services include providing support services, maintaining and preserving certain records, and preparing and filing various materials with state and U.S. federal regulators.

Pursuant to the Investment Advisory Agreement, the Adviser is responsible, subject to the supervision of the Directors, for formulating an investment program for the Fund. At a meeting held on November 19, 2021, the Board, including a majority of the Independent Directors, considered and unanimously approved a new investment advisory agreement with the Adviser, and determined to recommend that Investors approve the new investment advisory agreement. At a special meeting of Investors held on February 18, 2022, Investors approved the new investment advisory agreement with the Adviser.

On March 11, 2022, Macquarie Asset Management, the asset management division of Macquarie Group Limited ("Macquarie"), announced the completion of its acquisition (the "Closing") of Central Park Group, LLC ("Central Park Group"), the parent company of the Adviser. The Adviser, now an indirect wholly-owned subsidiary of Macquarie, continues to operate as "Central Park Advisers, LLC," and the Fund continues to be managed by the same investment personnel at the Sub-Adviser who, prior to the Closing, were employed by the Sub-Adviser.

The new investment advisory agreement is identical in all material respects to the prior agreement, except that the new investment advisory agreement provides that the Fund may bear a portion of expenses associated with personnel of the Adviser or its affiliates providing legal services to the Fund (including, without limitation, the review and updating of the registration statement, review of investor reports, preparing materials relating to Board and investor meetings, the negotiation of service provider agreements and other contracts for the Fund and the preparation and review of various regulatory filings for the Fund) and producing Fund regulatory materials (including, without limitation, the production and formatting of investor reports and offering documents for the Fund). The prior agreement did not specifically provide for the allocation of certain internal expenses. None of these expenses will be allocated to the Fund for a period of at least two years following the Closing. Macquarie believes that the provision by personnel of the Adviser or its affiliates of such services currently provided by external counsel and service providers will be more cost-efficient for the Fund. There is no guarantee, however, that this expectation will prove to be true.

The new investment advisory agreement will continue in effect for an initial period of two years from the Closing and thereafter will continue in effect from year to year if its continuance is approved annually by either the Board or the vote of a majority of the outstanding voting securities of the Fund, provided that, in either event, the continuance also is approved by a majority of the Independent Directors by vote cast in person at a meeting called for the purpose of voting on such approval. The new investment advisory agreement may be terminated at any time, without the payment of any penalty, by vote of the Board or by a vote of a majority of the Fund's outstanding voting securities on 60 days' written notice to the Adviser or by the Adviser at any time, without the payment of any penalty, on 60 days' written notice to the Fund. The new investment advisory agreement will automatically terminate in the event of its "assignment" (as defined in the 1940 Act).

In consideration of the advisory services provided to the Fund by the Adviser, the Fund pays the Adviser the Management Fee, computed and payable monthly in arrears, at the annual rate of 1.25% of the Fund's net asset value. For purposes of determining the Management Fee payable to the Adviser for any month, "net asset value" means the total value of all assets of the Fund as of the end of such month, less an amount equal to all accrued debts, liabilities and obligations of the Fund as of such date, and calculated before giving effect to any repurchase of Units on such date and before any reduction for any fees (including the Distribution and Servicing Fee and the Incentive Fee) and expenses of the Fund. The Management Fee is paid to the Adviser out of the Fund's assets and, therefore, decreases the net profits or increases the net losses of the Fund. The Management Fee will be prorated for any period of less than a month based on the number of days in such period.

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

During the period from October 1, 2021 to September 30, 2022 and November 2, 2020 (commencement of operations) to September 30, 2021, the Fund paid Management Fees to the Adviser of $1,041,177 and $719,766, respectively, pursuant to the Investment Advisory Agreement.

A discussion of the basis for the Board's approval of the Investment Advisory Agreement is set forth in the Fund's Annual Report to Investors for the period ending September 30, 2022.

**The Sub-Adviser and the Sub-Advisory Agreement**

The Adviser, in compliance with applicable law and the Investment Advisory Agreement, has engaged the Sub-Adviser as the sole investment sub-adviser of the Fund, to manage the Fund's investment operations and the composition of its portfolio securities and investments under the supervision of the Adviser and the ultimate supervision of, and subject to any policies established by, the Board. The Sub-Adviser is responsible for the day-to-day management of the Fund's portfolio.

The Fund and the Adviser have entered into the Sub-Advisory Agreement with the Sub-Adviser. At a meeting held on November 19, 2021, the Board, including a majority of the Independent Directors, considered and unanimously approved a new sub-advisory agreement with the Sub-Adviser, and determined to recommend that Investors approve the new sub-advisory agreement. At a special meeting of Investors held on February 18, 2022, Investors approved the new sub-advisory agreement with the Sub-Adviser. The new sub-advisory agreement may be terminated at any time, without the payment of any penalty by the Adviser on 60 days' written notice to the Sub-Adviser, by vote of the Board or by a vote of a majority of the Fund's outstanding voting securities on 60 days' written notice to the Sub-Adviser or by the Sub-Adviser on 90 days' written notice to the Fund and the Adviser. In addition, if the Investment Advisory Agreement terminates for any reason, the Sub-Advisory Agreement shall terminate effective upon the date the Investment Advisory Agreement terminates. The new sub-advisory agreement will automatically terminate in the event of its "assignment" (as defined in the 1940 Act). The new sub-

advisory agreement will continue in effect for an initial period of two years from the Closing and thereafter will continue in effect from year to year if its continuance is approved annually by either the Board or the vote of a majority of the outstanding voting securities of the Fund, provided that, in either event, the continuance also is approved by a majority of the Independent Directors by vote cast in person at a meeting called for the purpose of voting on such approval.

In consideration of the sub-advisory services provided to the Fund by the Sub-Adviser, the Adviser pays the Sub-Adviser, out of the Management Fee, the Sub-Advisory Fee computed and payable monthly in arrears, at the annual rate of 0.75% of the Fund's net asset value. For purposes of determining the Sub-Advisory Fee payable to the Sub-Adviser for any month, "net asset value" means the total value of all assets of the Fund as of the end of such month, less an amount equal to all accrued debts, liabilities and obligations of the Fund as of such date, and calculated before giving effect to any repurchase of Units on such date and before any reduction for any fees (including the Distribution and Servicing Fee and the Incentive Fee) and expenses of the Fund. The Sub-Advisory Fee will be prorated for any period of less than a month based on the number of days in such period. During the period from October 1, 2021 to September 30, 2022 and November 2, 2020 (commencement of operations) to September 30, 2021, the Adviser paid Sub-Advisory Fees to the Sub-Adviser of $624,688 and $431,860, respectively, pursuant to the Sub-Advisory Agreement.

In addition, as described in the Prospectus, promptly after the end of each fiscal year of the Fund (and at such other times described in the Prospectus), the Fund pays to the Sub-Adviser the Incentive Fee in an amount equal to 20% of the amount by which the Fund's net profits attributable to each class of Units for all Performance Periods ending within or coterminous with the close of such fiscal year exceed the balance of the loss carryforward account maintained in respect of such class, without duplication for any Incentive Fee paid by the Fund in respect of such class during such fiscal year. During the period from October 1, 2021 to September 30, 2022, the Sub-Adviser did not earn an Incentive Fee as respects Class A and Class I.

A discussion of the basis for the Board's approval of the Sub-Advisory Agreement is available in the Fund's Annual Report to Investors for the period ended September 30, 2022.

**Expense Limitation and Reimbursement Agreement**

The Adviser and the Sub-Adviser (together, the "Advisers") have entered into an "Expense Limitation and Reimbursement Agreement" with the Fund to limit the amount of "Specified Expenses" borne by the Fund to an amount not to exceed 0.60% per annum of the Fund's net assets (*i.e.*, the Expense Cap) until January 31, 2024. Specified Expenses means all expenses incurred by the Fund, except for: (i) the Management Fee; (ii) the Incentive Fee; (iii) any distribution or servicing fee paid with respect to certain classes of Units, including the Distribution and Servicing Fee; (iv) brokerage costs; (v) certain transaction-related expenses, including those incurred in connection with effecting short sales; (vi) interest payments; (vii) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (viii) taxes; and (ix) extraordinary expenses (as determined in the sole discretion of the Adviser). To the extent that Specified Expenses for a month exceed the Expense Cap, the Advisers will reimburse the Fund for expenses to the extent necessary to eliminate such excess. To the extent that the Advisers bear Specified Expenses, they are permitted to receive reimbursement for any expense amounts previously paid or borne by the Advisers, for a period not to exceed three years from the date on which such expenses were paid or borne by the Advisers, even if such reimbursement occurs after the term of the Expense Limitation and Reimbursement Agreement, provided that the Specified Expenses have fallen to a level below, and the reimbursement amount does not raise the level of Specified Expenses in the month the reimbursement is being made to a level that exceeds, the Expense Cap in place at the time such

amounts were borne by the Advisers and the expense limitation in place at the time of the reimbursement, if any.

**Portfolio Management**

Chad M. Clark and Matthew C. Pickering serve as the Fund's portfolio managers (the "Portfolio Managers"). Messrs. Clark and Pickering are jointly responsible for the day-to-day management of the Fund's assets.

The Portfolio Managers provide advisory services to other clients, including other pooled investment vehicles, that invest in securities of the same type in which the Fund invests. As a result, there may be an incentive to favor one vehicle or account over another, resulting in conflicts of interest. The Sub-Adviser is aware of its obligation to ensure that, when orders for the same securities are entered on behalf of the Fund and other accounts, the Fund receives a fair and equitable allocation of the orders, particularly where affiliated accounts may participate. The Sub-Adviser has adopted various compliance policies and procedures that it believes are reasonably designed to address various conflicts of interest that may arise in connection with its management of other accounts and investment vehicles, and that provide a methodology for seeking to ensure fair treatment of all clients.

Each Portfolio Manager's compensation is comprised of a fixed annual salary, a discretionary bonus and potentially an annual supplemental distribution paid by the Sub-Adviser, or its parent company, and not by the Fund.

The following table lists the number and types of accounts, other than the Fund, managed by the Fund's Portfolio Managers and assets under management in those accounts, as of September 30, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered <br> Investment Companies** | **Registered <br> Investment Companies** | **Pooled <br> Investment Vehicles** | **Pooled <br> Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio <br> Manager** | Number of<br> Accounts | Assets<br> Managed | Number of<br> Accounts | Assets <br> Managed | Number of<br> Accounts | Assets<br> Managed |
| Chad M. Clark | 1 | $1944304397 | 12<sup>(1)</sup> | $12068636715 | 16<sup>(2)</sup> | $2921520137 |
| Matthew C. Pickering | 1 | $1944304397 | 11<sup>(1)</sup> | $7542099512 | 16<sup>(2)</sup> | $2921520137 |

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<sup>1</sup> Of these accounts, 6 accounts with total assets of approximately $2,138,422,760 charge performance-based advisory fees.

<sup>2</sup> Of these accounts, one account with total assets of approximately $28,202,549 charges performance-based advisory fees.

As of September 30, 2022, each of the Fund's Portfolio Managers beneficially owned Units with a value of more than $1,000,000.

**CONFLICTS OF INTEREST**

**The Adviser and the Sub-Adviser**

The Adviser, the Sub-Adviser or their affiliates provide or may provide investment advisory and other services to various entities, including, without limitation, investment funds with investment objectives similar to and different than those of the Fund. The Adviser, the Sub-Adviser, their affiliates

and certain of their investment professionals and other principals, also may carry on substantial investment activities for their own accounts, for the accounts of family members and for other accounts (collectively, the "Other Accounts"). The Fund has no interest in these activities, and investment decisions for the Fund are made independently of such Other Accounts. If, however, the Fund desires to invest in, or sell, the same security as an Other Account, the opportunity will be allocated equitably in accordance with the Sub-Adviser's allocation policies and procedures. There may be circumstances under which the Adviser, the Sub-Adviser or their affiliates will cause one or more Other Accounts to commit a larger percentage of its assets to an investment opportunity than to which the Fund's assets will be committed. There also may be circumstances under which the Adviser, the Sub-Adviser or their affiliates will consider participation by Other Accounts in investment opportunities in which they do not intend to invest on behalf of the Fund, or vice versa.

The Adviser, the Sub-Adviser and the investment professionals who, on behalf of the Adviser or the Sub-Adviser, manage the Fund's investment portfolio will be engaged in certain activities for Other Accounts, and may have conflicts of interest in allocating their time and activities among the Fund and the Other Accounts. The aforementioned investment professionals will devote as much of their time to the affairs of the Fund as in their judgment is necessary and appropriate.

**The Selling Agents**

The Adviser may compensate certain Selling Agents or other servicing agents in connection with various services, including those related to the support and conduct of due diligence, Investor account maintenance, the provision of information and support services to clients and the inclusion on preferred provider lists. Such compensation may take various forms, including a fixed fee, a fee determined by a formula that takes into account the amount of client assets invested in the Fund, the timing of investment or the overall net asset value of the Fund, or a fee determined in some other method by negotiation between the Adviser and such Selling Agents. In addition, while neither the Fund nor the Distributor imposes a sales load on purchases of Class A or Class I Units, Selling Agents may directly charge Class A Investors certain transaction or other fees in such amounts as they may determine. Investors should consult their Selling Agent for additional information. All or a portion of such compensation may be paid by a Selling Agent to the financial advisors involved in the sale of Units. As a result of the various payments that Selling Agents may receive from Investors and the Adviser, the amount of compensation that a Selling Agent may receive in connection with the sale of Units in the Fund may be greater than the compensation it may receive for the distribution of other investment products. This difference in compensation may create an incentive for a Selling Agents to recommend the Fund over another investment product.

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

Selling Agents may perform investment advisory and other services for other investment entities with investment objectives and policies similar to those of the Fund. Such entities may compete with the Fund for investment opportunities and may invest directly in such investment opportunities.

A Selling Agent may pay all or a portion of the fees paid to it to certain of its affiliates, including, without limitation, financial advisors whose clients purchase Units of the Fund. Such fee arrangements

may create an incentive for a Selling Agent to encourage investment in the Fund, independent of a prospective Investor's objectives.

A Selling Agent may provide financing, investment banking services, research or other services to third parties and receive fees therefor in connection with transactions in which such third parties have interests which may conflict with those of the Fund. A Selling Agent may give advice or provide financing or research to such third parties that may cause them to take actions adverse to the Fund. A Selling Agent also may directly or indirectly provide services to, or serve in other roles for compensation for, the Fund or the Sub-Adviser. These services and roles may include (either currently or in the future), as applicable, managing trustee, managing member, general partner, adviser, investment sub-adviser, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, recordkeeper, shareholder servicer, rating agency, interfund lending servicer, Fund accountant, transaction (*e.g.*, a swap) counterparty and/or lender. As a result, these Selling Agents may have an incentive to recommend and offer Units to their clients.

The trading activities of Selling Agents generally are carried out without reference to positions held by the Fund and may have an effect on the value of the positions so held, or may result in a Selling Agent having an interest in the issuer adverse to the Fund. No Selling Agent is prohibited from purchasing or selling the securities of, otherwise investing in or financing, issuers in which the Fund has an interest.

**Participation in Investment Opportunities**

Directors, principals, officers, members, employees and affiliates of the Adviser and the Sub-Adviser may buy and sell securities or other investments for their own accounts and may have actual or potential conflicts of interest with respect to investments made on behalf of the Fund. As a result of differing investment strategies or constraints, positions may be taken by (i) directors, principals, officers, members, employees and affiliates of the Adviser and the Sub-Adviser, or (ii) by the Adviser, the Sub-Adviser or their affiliates and certain of their investment professionals and other principals for the Other Accounts that are the same as, different from or made at a different time than, positions taken for the Fund.

**Other Matters**

The Sub-Adviser may, from time to time, effect certain principal transactions in securities with one or more accounts, subject to certain conditions. Future investment activities of the Sub-Adviser, its affiliates and its principals, partners, directors, officers or employees, may give rise to additional conflicts of interest.

The Adviser, the Sub-Adviser and their affiliates will not purchase securities or other property from, or sell securities or other property to, the Fund, except that the Fund may in accordance with rules under the 1940 Act engage in transactions with accounts that are affiliated with the Fund as a result of common officers, directors, advisers, members or managing general partners. These transactions would be effected in circumstances in which the Adviser or the Sub-Adviser determined that it would be appropriate for the Fund to purchase and another client to sell, or the Fund to sell and another client to purchase, the same security or instrument on the same day.

Future investment activities of the Adviser, the Sub-Adviser, their affiliates and their principals, partners, members, directors, officers or employees may give rise to conflicts of interest other than those described above.

**TAX ASPECTS**

The following discussion is a general summary of certain material U.S. federal income tax considerations applicable to the Fund, to its qualification and taxation as a RIC for U.S. federal income tax purposes under Subchapter M of the Code, and to the acquisition, ownership and disposition of Units.

This discussion does not purport to be a complete description of all of the tax considerations relating thereto. In particular, we have not described certain considerations that may be relevant to certain types of Investors subject to special treatment under U.S. federal income tax laws, including, non-U.S. Investors, Investors subject to the alternative minimum tax, tax-exempt organizations, insurance companies, Investors that are treated as partnerships for U.S. federal income tax purposes, dealers in securities, traders in securities that elect to use a mark-to-market method of accounting for securities holdings, pension plans and trusts, financial institutions, a person that holds Units as part of a straddle or a hedging or conversion transaction, REITs, RICs, U.S. persons with a functional currency that is not the U.S. dollar, persons who have ceased to be U.S. citizens or to be taxed as residents of the United States, CFCs and "passive foreign investment companies" ("PFICs"). This summary does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax nor does it discuss the special treatment under U.S. federal income tax laws that could result if the Fund invests in tax-exempt securities or certain other investment assets. This summary is limited to Investors that hold Units as capital assets (within the meaning of the Code), and does not address owners of an Investor. This discussion is based upon the Code, its legislative history, existing and proposed U.S. Treasury regulations, published rulings and court decisions, each as of the date of this SAI and all of which are subject to change or differing interpretations, possibly retroactively, which could affect the continuing validity of this discussion. The Fund has not sought, and will not seek any ruling from the IRS regarding any matter discussed herein and this discussion is not binding on the IRS. Accordingly, there can be no assurance that the IRS would not assert, and that a court would not sustain, a position contrary to any of the tax consequences discussed herein.

For purposes of this discussion, a "U.S. Investor" and "non-U.S. Investor" have the same meanings assigned in the Prospectus.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Units, the tax treatment of a partner in the partnership generally will depend upon the status of the partner and the activities of the partnership. Prospective beneficial owners of Units that are partnerships or partners in such partnerships should consult their own tax advisors with respect to the purchase, ownership and disposition of Units.

Tax matters are complicated and the tax consequences to an Investor of an investment in the Fund's Units will depend on the facts of such Investor's particular situation. Investors are strongly encouraged to consult their own tax advisor regarding the U.S. federal income tax consequences of the acquisition, ownership and disposition of Units, as well as the effect of state, local and foreign tax laws, and the effect of any possible changes in tax laws.

**Election to be Taxed as a RIC**

The Fund has elected, and intends to continue to qualify, to be treated as a RIC under the Code. As a RIC, the Fund generally will not pay corporate-level U.S. federal income taxes on any net ordinary income or capital gains that the Fund timely distributes (or is deemed to timely distribute) to its Investors as dividends. Instead, dividends the Fund distributes (or is deemed to timely distribute) generally will be taxable to Investors, and any net operating losses and most other tax attributes generally will not pass through to Investors. The Fund will be subject to U.S. federal corporate-level income tax on any

undistributed income and gains. To continue 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 its Investors, for each taxable year, at least 90% of its investment company taxable income (which generally is the Fund's net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses, determined without regard to the dividends paid deduction) (the "Annual Distribution Requirement") for any taxable year.

The following discussion assumes that the Fund qualifies as a RIC.

**Taxation of the Fund**

If the Fund (i) qualifies as a RIC and (ii) 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 (realized net long-term capital gain in excess of realized net short term capital loss) that the Fund timely distributes (or is deemed to timely distribute) to Investors. The Fund will be subject to U.S. federal income tax at the regular corporate rate on any of its income or capital gains not distributed (or deemed distributed) to its Investors.

If the Fund fails to distribute in a timely manner an amount at least equal to the sum of (i) 98% of its ordinary income for the calendar year, (ii) 98.2% of its net capital gain income (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (iii) any income realized, but not distributed, in the preceding years (to the extent that income tax was not imposed on such amounts) less certain over-distributions in prior years (together, the "Excise Tax Distribution Requirements"), the Fund will be subject to a 4% nondeductible federal excise tax on the portion of the undistributed amounts of such income that are less than the amounts required to be distributed based on the Excise Tax Distribution Requirements. For this purpose, however, any ordinary income or capital gain net income retained by the Fund that is subject to corporate income tax for the tax year ending in that calendar year will be considered to have been distributed by year end (or earlier if estimated taxes are paid). The Fund currently intends to make sufficient distributions each taxable year to satisfy the Excise Tax Distribution Requirements.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• elect to be treated and qualify as a registered management company under the 1940 Act at all times during
each taxable year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derive in each taxable year at least 90% of the Fund's gross income from (a) dividends, interest,
payments with respect to certain securities loans, gains from the sale of stock, other securities, foreign currencies or other income
(including certain deemed inclusions) derived with respect to the Fund's business of investing in such stock, securities or foreign currencies,
or (b) net income derived from the Fund's interest in a qualified publicly traded partnership ("QPTP") (collectively, the
 "90% Gross Income Test");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 that, with respect to any issuer, do not represent more than 5% of the value of the Fund's
assets or more than 10% of the outstanding voting securities of that issuer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 (i) one issuer; (ii) two or more issuers that are controlled, as determined under
the Code, by the Fund and that are engaged in the same or similar or related trades or businesses; or (iii) securities of one or
more QPTPs (collectively, the "Diversification Tests").

The Fund has an automatic DRIP, pursuant to which Investors receive dividends and distributions in Units rather than cash, unless Investors choose to opt out. The tax consequences to Investors of participating in the DRIP are discussed below. See "—Taxation of U.S. Investors" and "—Taxation of Non-U.S. Investors."

The Fund may have investments that require income to be included in investment company taxable income in a year prior to the year in which the Fund actually receives a corresponding amount of cash in respect of such income. For example, if the Fund holds corporate stock with respect to which Section 305 of the Code requires inclusion in income of amounts of deemed dividends even if no cash distribution is made, the Fund must include in its taxable income in each year the full amount of its applicable share of the Fund's allocable share of these deemed dividends. Additionally, if the Fund holds debt obligations that are treated under applicable U.S. federal income tax rules as having original issue discount (such as debt instruments with "payment in kind" interest or, in certain cases, that have increasing interest rates or are issued with warrants), the Fund must include in its taxable income in each year a portion of the original issue discount that accrues over the life of the obligation, regardless of whether the Fund receives cash representing such income in the same taxable year. The Fund may also have to include in its taxable income other amounts that the Fund has not yet received in cash, such as accruals on a contingent payment debt instrument or deferred loan origination fees that are paid after origination of the loan or are paid in non-cash compensation such as warrants or stock.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If the Fund's deductible expenses in a given year exceed its investment company taxable income, the Fund will have a net operating loss for that year. A RIC is not able to offset its investment company taxable income with net operating losses on either a carryforward or carryback basis, and net operating losses generally will not pass through to Investors. In addition, expenses may be used only to offset investment company taxable income and may not be used to offset net capital gain. A RIC may not use any net capital losses (*i.e.*, realized capital losses in excess of realized capital gains) to offset its investment company taxable income but may carry forward those losses, and use them to offset future capital gains, indefinitely. Further, a RIC's deduction of net business interest expense is limited to 30% (generally increased to 50% for taxable years beginning in 2019 or 2020) of its "adjusted taxable income" plus "floor plan financing interest expense." It is not expected that any portion of any underwriting or similar fee will be deductible for U.S. federal income tax purposes to the Fund or its Investors. Due to these limits on the deductibility of expenses, net capital losses and business interest expenses, the Fund may, for U.S. federal income tax purposes, have aggregate taxable income for several years that the Fund is required to distribute and that is taxable to Investors even if this income is greater than the aggregate net income the Fund actually earned during those years.

In order to enable the Fund to make distributions to Investors that will be sufficient to enable the Fund to satisfy the Annual Distribution Requirement or the Excise Tax Distribution Requirements in the event that the circumstances described in the preceding two paragraphs apply, the Fund may need to liquidate or sell some of its assets at times or at prices that the Fund would not consider advantageous, the Fund may need to raise additional equity or debt capital, the Fund many need to take out loans, or the Fund may need to forego new investment opportunities or otherwise take actions that are disadvantageous to the Fund's business (or be unable to take actions that are advantageous to its business). Even if the

Fund is authorized to borrow and to sell assets in order to satisfy the Annual Distribution Requirement or the Excise Tax Distribution Requirements, under the 1940 Act, the Fund generally is not permitted to make distributions to its Investors while the Fund's debt obligations and senior securities are outstanding unless certain "asset coverage" tests or other financial covenants are met.

If the Fund is unable to obtain cash from other sources to enable the Fund to satisfy the Annual Distribution Requirement, the Fund may fail to qualify for the U.S. federal income tax benefits allowable to RICs and, thus, become subject to a corporate-level U.S. federal income tax (and any applicable state and local taxes). Although the Fund expects to operate in a manner so as to qualify continuously as a RIC, the Fund may decide in the future to be taxed as a "C" corporation, even if the Fund would otherwise qualify as a RIC, if the Fund determines that such treatment as a C corporation for a particular year would be in the Fund's best interests.

If the Fund is unable to obtain cash from other sources to enable the Fund to satisfy the Excise Tax Distribution Requirements, the Fund may be subject to additional tax. However, no assurances can be given that the Fund will not be subject to the excise tax and, the Fund may choose in certain circumstances to pay the excise tax as opposed to making an additional distribution.

For the purpose of determining whether the Fund satisfies the 90% Gross Income Test and the Diversification Tests, the character of the Fund's distributive share of items of income, gain, losses, deductions and credits derived through any investments in companies that are treated as partnerships for U.S. federal income tax purposes (other than certain publicly traded partnerships), or are otherwise treated as disregarded from the Fund for U.S. federal income tax purposes, generally will be determined as if the Fund realized these tax items directly. Further, for purposes of calculating the value of the Fund's investment in the securities of an issuer for purposes of determining the 25% requirement of the Diversification Tests, the Fund's proper proportion of any investment in the securities of that issuer that are held by a member of the Fund's "controlled group" must be aggregated with the Fund's investment in that issuer. A controlled group is one or more chains of corporations connected through stock ownership with the Fund if (i) at least 20% of the total combined voting power of all classes of voting stock of each of the corporations is owned directly by one or more of the other corporations, and (ii) the Fund directly owns at least 20% or more of the combined voting stock of at least one of the other corporations.

**Failure to Qualify as a RIC**

If the Fund fails to satisfy the 90% Gross Income Test for any taxable year or the Diversification Tests in any quarter of a taxable year, the Fund may continue to be taxed as a RIC for the relevant taxable year if certain relief provisions of the Code apply (which might, among other things, require the Fund to pay certain corporate-level U.S. federal taxes or to dispose of certain assets). If the Fund fails to qualify as a RIC for more than two consecutive taxable years and then seeks to re-qualify as a RIC, the Fund would generally be required to recognize gain to the extent or any unrealized appreciation in its assets unless the Fund elects to pay U.S. corporate income tax on any such unrealized appreciation during the succeeding 5-year period.

If the Fund fails to qualify for treatment as a RIC and such relief provisions do not apply to the Fund, the Fund would be subject to U.S. federal income tax on all of its taxable income at the regular corporate U.S. federal income tax rate and would be subject to any applicable state and local taxes, regardless of whether the Fund makes any distributions to the Fund's Investors and would reduce the amount available to be distributed to the Fund's Investors. The Fund would not be able to deduct distributions to its Investors, nor would distributions to its Investors be required to be made for U.S. federal income tax purposes. Any distributions the Fund makes generally would be taxable to Investors as ordinary dividend income and, subject to certain limitations under the Code, would be eligible for the

current maximum rate applicable to qualified dividend income of individuals and other non-corporate U.S. Investors, to the extent of the Fund's current or accumulated earnings and profits. Subject to certain limitations under the Code, U.S. Investors that are corporations for U.S. federal income tax purposes would be eligible for the dividends-received deduction. 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 an Investor's adjusted tax basis in its Units, and any remaining distributions would be treated as capital gain.

The remainder of this discussion assumes that the Fund will continuously qualify as a RIC for each taxable year.

**The Fund's Investments**

<u>General</u>. Certain of the Fund's investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (i) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income; (ii) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (iii) convert lower-taxed long-term capital gain into higher-taxed short-term capital gain or ordinary income; (iv) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (v) cause it to recognize income or gain without receipt of a corresponding cash payment; (vi) adversely affect the time as to when a purchase or sale of stock or securities is deemed to occur; (vii) adversely alter the characterization of certain complex financial transactions; and (viii) produce income that will not be qualifying income for purposes of the 90% Gross Income Test. The Fund intends to monitor its transactions and may make certain tax elections in order to mitigate the effects of these provisions; however, no assurance can be given that the Fund will be eligible for any such tax elections or that any elections it makes will fully mitigate the effects of these provisions.

Gain or loss recognized by the Fund from securities and other financial assets acquired by the Fund, as well as any loss attributable to the lapse of options, warrants, or other financial assets taxed as options generally will be treated as capital gain or loss. Such gain or loss generally will be long-term or short-term depending on how long the Fund held a particular security or other financial asset.

A company in which the Fund invests may face financial difficulties that require the Fund to work-out, modify or otherwise restructure its investment in the company. Any such transaction could, depending upon the specific terms of the transaction, cause the Fund to recognize taxable income without a corresponding receipt of cash, which could affect its ability to satisfy the Annual Distribution Requirement or the Excise Tax Distribution Requirements or result in unusable capital losses and future non-cash income. Any such transaction could also result in the Fund receiving assets that give rise to non-qualifying income for purposes of the 90% Gross Income Test.

The Fund's investment in non-U.S. securities may be subject to non-U.S. income, withholding and other taxes. If the Fund is eligible, and determines, to make an election to pass through to Investors their proportionate share of the Fund's foreign tax credits (or deduction for foreign taxes paid, if higher), Investors may be entitled to claim a U.S. foreign tax credit or deduction with respect to non-U.S. taxes paid by the Fund.

<u>PFICs</u>. The Fund does not intend to invest in any foreign corporation that, at the time of the Fund's investment, would be classified as a PFIC for U.S. federal income tax purposes. If, however, the Fund were to invest in a foreign corporation that, subsequent to the Fund's investment, inadvertently became classified as a PFIC, the Fund could be subject to U.S. federal income tax on a portion of any "excess distribution" received on, or any gain from the disposition of, such shares, even if the Fund were to distribute such income as a taxable dividend to Investors. Additional charges in the nature of interest

generally would be imposed on the Fund in respect of deferred taxes arising from any such excess distribution or gain. The Fund may not receive timely information from a PFIC to prevent all of the negative impacts of a change in classification.

<u>CFCs</u>. If the Fund holds more than 10% of the shares in a foreign corporation that is treated as a CFC, the Fund may be treated as receiving a deemed distribution (taxable as ordinary income or, if eligible, the preferential rates that apply to "qualified dividend income") each year from such CFC in an amount equal to its pro rata share of the CFC's income for the tax year (including both ordinary earnings and capital gains), whether or not the CFC makes an actual distribution during such year. This deemed distribution is required to be included in the income of a U.S. shareholder of a CFC regardless of whether the shareholder has made a "qualified electing fund" (QEF) election under the Code with respect to such CFC (if such CFC is also a PFIC). In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. shareholders. A "U.S. shareholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined value or voting power of all classes of shares of a corporation. If the Fund is treated as receiving a deemed distribution from a CFC, the Fund will be required to include such distribution in its investment company taxable income regardless of whether the Fund receives any actual distributions from such CFC, and the Fund must distribute such income to satisfy the Annual Distribution Requirement and the requirements related to avoiding the 4% excise tax.

<u>Non-U.S. Currency</u>. The Fund's 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 the Fund accrues income, expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such income or pays such expenses or liabilities may be treated as ordinary income or loss. Similarly, gains or losses on foreign currency forward contracts, the disposition of debt denominated in a foreign currency and other financial transactions denominated in foreign currency, to the extent attributable to fluctuations in exchange rates between the acquisition and disposition dates, may also be treated as ordinary income or loss by the Fund.

<u>Hedging and Derivative Transactions</u>. Gain or loss, if any, realized from certain financial futures or forward contracts and options transactions ("Section 1256 contracts") generally is treated as 60% long-term capital gain or loss (as applicable) and 40% short-term capital gain or loss (as applicable). Gain or loss will arise upon exercise or lapse of Section 1256 contracts. In addition, any Section 1256 contracts remaining unexercised at the end of an Investor's taxable year are treated as sold for their then fair market value, resulting in the recognition of gain or loss characterized in the manner described above.

Offsetting positions held by the Fund involving certain financial futures or forward contracts or options transactions with respect to actively traded personal property may be considered, for U.S. federal income tax purposes, to constitute "straddles." To the extent the straddle rules apply to positions established by the Fund, losses realized by the Fund may be deferred to the extent of unrealized gain in the offsetting positions. Short-term capital loss on straddle positions may be recharacterized as long-term capital loss, and long-term capital gains on straddle positions may be treated as short-term capital gains or ordinary income. Interest and carrying charges allocable to positions in straddles is required to be capitalized, rather than deducted as accrued. Certain of the straddle positions held by a Fund may constitute "mixed straddles." One or more elections may be made in respect of the U.S. federal income tax treatment of "mixed straddles," resulting in different tax consequences. In certain circumstances, the provisions governing the tax treatment of straddles override or modify certain of the provisions discussed above.

If the Fund either holds (i) an appreciated financial position with respect to stock, certain debt obligations or partnership interests ("appreciated financial position") and enters into a short sale, futures, forward, or offsetting notional principal contract (collectively, a "Contract") with respect to the same or substantially identical property, or (ii) an appreciated financial position that is a Contract and acquires property that is the same as, or substantially identical to, the underlying property, the Fund generally will be taxed as if the appreciated financial position were sold at its fair market value on the date the Fund enters into the financial position or acquires the property, respectively. The foregoing will not apply, however, to any transaction during any taxable year that otherwise would be treated as a constructive sale if the transaction is closed within 30 days after the end of that year and the appreciated financial position is held unhedged for 60 days after that closing (*i.e.*, at no time during that 60-day period is the risk of loss relating to the appreciated financial position reduced by reason of certain specified transactions with respect to substantially identical or related property, such as by reason of an option to sell, being contractually obligated to sell, making a short sale, or granting an option to buy substantially identical stock or securities).

If the Fund enters into certain derivatives (including forward contracts, long positions under notional principal contracts, and related puts and calls) with respect to equity interests in certain pass-through entities (including other RICs, REITs, partnerships, REMICs and certain trusts and foreign corporations), long-term capital gain with respect to the derivative may be recharacterized as ordinary income to the extent it exceeds the long-term capital gain that would have been realized had the interest in the pass-through entity been held directly during the term of the derivative contract. Any gain recharacterized as ordinary income will be treated as accruing at a constant rate over the term of the derivative contract and may be subject to an interest charge.

**Taxation of U.S. Investors**

The following summary generally describes certain material U.S. federal income tax consequences of an investment in the Fund's Units beneficially owned by U.S. Investors (as defined above). If you are not a U.S. Investor, this section does not apply to you.

<u>Distributions On, and Sale or Other Disposition of, Units</u>. Distributions by the Fund generally are taxable to U.S. Investors as ordinary income or capital gains. Distributions of the Fund's investment company taxable income, determined without regard to the deduction for dividends paid, will be taxable as ordinary income to U.S. Investors to the extent of the Fund's current or accumulated earnings and profits, whether paid in cash or reinvested in additional Units. To the extent such distributions the Fund pays to non-corporate U.S. Investors (including individuals) are attributable to dividends from U.S. corporations and certain qualified foreign corporations, such distributions ("Qualifying Dividends") generally are taxable to U.S. Investors at the preferential rates applicable to long-term capital gains. However, the Fund anticipates that its distributions generally will not be attributable to dividends, and, therefore, generally will not qualify for the preferential rates applicable to Qualifying Dividends under the Code. Distributions of the Fund's net capital gains (which generally are the Fund's realized net long-term capital gains in excess of realized net short-term capital losses) that are properly reported by the Fund as "capital gain dividends" will be taxable to a U.S. Investor as long-term capital gains that are currently taxable at reduced rates in the case of non-corporate taxpayers, regardless of the U.S. Investor's holding period for his, her or its Units and regardless of whether paid in cash or reinvested in additional Units. Distributions in excess of the Fund's earnings and profits first will reduce a U.S. Investor's adjusted tax basis in such U.S. Investor's Units and, after the adjusted tax basis is reduced to zero, will constitute capital gains to such U.S. Investor.

A portion of the Fund's ordinary income dividends paid to corporate U.S. Investors may, if certain conditions are met, qualify for the 50% dividends received deduction to the extent that the Fund

has received dividends from certain corporations during the taxable year, but only to the extent these ordinary income dividends are treated as paid out of earnings and profits of the Fund. It is not possible to predict whether and to what extent any dividends paid by the Fund will be eligible for the dividends received deduction available to corporations under the Code because it is unclear whether and to what extent the Fund's ordinary income dividends will satisfy the requirements to qualify for the dividends received deduction. A corporate U.S. Investor may be required to reduce its basis in its Units with respect to certain "extraordinary dividends," as defined in Section 1059 of the Code. Corporate U.S. Investors should consult their own tax advisors in determining the application of these rules in their particular circumstances.

U.S. Investors who have not "opted-out" of the Fund's DRIP will have their cash dividends and distributions automatically reinvested in additional Units, rather than receiving cash dividends and distributions. Any dividends or distributions reinvested under the DRIP will nevertheless remain taxable to U.S. Investors. A U.S. Investor will have an adjusted basis in the additional Units purchased through the plan equal to the dollar amount that would have been received if the U.S. Investor had received the dividend or distribution in cash, unless the Fund were to issue new Units that are trading at or above net asset value, in which case, the U.S. Investor's basis in the new Units would generally be equal to their fair market value. The additional Units will have a new holding period commencing on the day following the day on which the Units are credited to the U.S. Investor's account.

In addition, the Fund has the ability to declare a large portion of a dividend in Units instead of in cash, even if a U.S. Investor has not elected to participate in the DRIP. In order for the distribution to qualify for the Annual Distribution Requirement, the dividend must be payable at the election of each Investor in cash or Units (or a combination of the two), but may have a "cash cap" that limits the total amount of cash paid to not less than 20% (10% for distributions declared on or after April 1, 2020, and on or before December 31, 2020) of the entire distribution. If Investors in the aggregate elect to receive an amount of cash greater than the Fund's cash cap, then each Investor who elected to receive cash will receive a pro rata share of the cash and the rest of their distribution in Units of the Fund. The value of the portion of the distribution made in Units will be equal to the amount of cash for which the Units is substituted, and the Fund's U.S. Investors will be subject to tax on such amount as though they had received cash.

Although the Fund currently intends to distribute any of its net capital gain for each taxable year on a timely basis, the Fund may elect in the future to retain its net capital gain or a portion thereof for investment and be taxed at corporate-level tax rates on the amount retained, and therefore designate the retained amount as a "deemed dividend." In this case, the Fund may report the retained amount as undistributed capital gains to its U.S. Investors, who will be treated as if each U.S. Investor received a distribution of its pro rata share of this gain, with the result that each U.S. Investor will (i) be required to report its pro rata share of this gain on its tax return as long-term capital gain, (ii) receive a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and (iii) increase the tax basis for its Units by an amount equal to the deemed distribution less the tax credit. In order to utilize the deemed distribution approach, the Fund must provide written notice to its Investors prior to the expiration of 60 days after the close of the relevant taxable year. The Fund cannot treat any of its investment company taxable income as a "deemed distribution."

For purposes of determining (i) whether the Annual Distribution Requirement is satisfied for any year and (ii) the amount of capital gains dividends paid for that year, the Fund may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If the Fund makes such an election, a U.S. Investor will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by the Fund in October, November or December of any calendar year, payable to

Investors 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 the Fund's Investors on December 31 of the year in which the dividend was declared.

If a U.S. Investor purchases Units shortly before the record date of a distribution, the price of the Units will include the value of the distribution and such U.S. Investor will be subject to tax on the distribution even though it economically represents a return of its investment.

A U.S. Investor generally will recognize taxable gain or loss if the U.S. Investor sells or otherwise disposes of such U.S. Investor's Units. The amount of gain or loss will be measured by the difference between such U.S. Investor's adjusted tax basis in the Units sold and the amount of the proceeds received in exchange. Any gain or loss arising from such sale, redemption or other disposition generally will be treated as long term capital gain or loss if the U.S. Investor has held such Units for more than one year. Otherwise, such gain or loss will be classified as short term capital gain or loss. However, any capital loss arising from the sale, redemption or other disposition of Units 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 Units. In addition, all or a portion of any loss recognized upon a disposition of the Units may be disallowed if substantially identical stock or securities are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition. In such case, any disallowed loss is generally added to the U.S. Investor's adjusted tax basis of the acquired Units.

In general, U.S. Investors that are individuals, trusts or estates are taxed at preferential rates on their net capital gain. Such rate is lower than the maximum rate on ordinary income currently payable by individuals. Corporate U.S. Investors currently are subject to U.S. federal income tax on net capital gain at the maximum rate also applies to ordinary income. A non-corporate U.S. Investor with net capital losses for a year (*i.e.*, capital loss in excess of capital gain) generally may deduct up to $3,000 of such losses against its ordinary income each year; any net capital losses of a non-corporate U.S. Investor in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate U.S. Investors generally may not deduct any net capital losses for a year, but may carry back such losses for three years or carry forward such losses for five years.

The Fund will send to each U.S. Investor, 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. Investor'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 will generally be reported to the IRS (including the amount of dividends, if any, eligible for the preferential rates applicable to long-term capital gains).

Although the Fund anticipates that a portion of distributions paid by the Fund will consist of dividends, it is uncertain whether and to what extent they will be eligible for the preferential tax rate applicable to Qualifying Dividends or the dividends received deduction available to corporations under the Code. Distributions by the Fund out of current or accumulated earnings and profits generally will not be eligible for the 20% pass through deduction under Section 199A of the Code, although qualified REIT dividends earned by the Fund may qualify for such deduction. Distributions may also be subject to additional state, local and non-U.S. taxes depending on a U.S. Investor's particular situation.

<u>Tax Shelter Reporting Regulations</u>. Under U.S. Treasury regulations, if a U.S. Investor recognizes a loss with respect to its Units of at least $2 million for a non-corporate U.S. Investor or $10 million for a corporate U.S. Investor in any single taxable year, such Investor must file with the IRS a disclosure statement on Form 8886. Direct investors of "portfolio securities" in many cases are excepted from this reporting requirement, but under current guidance, equity owners of a RIC are not excepted.

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 requirements. States may also have a similar reporting requirement. U.S. Investors should consult their tax advisor to determine the applicability of these regulations in light of their individual circumstances.

<u>Net Investment Income Tax</u>. An additional 3.8% surtax generally is applicable in respect of the net investment income of non-corporate U.S. Investors (other than certain trusts) on the lesser of (i) the U.S. Investor's "net investment income" for a taxable year and (ii) the excess of the U.S. Investor's modified adjusted gross income for the taxable year over $200,000 ($250,000 in the case of joint filers). For these purposes, "net investment income" generally includes interest and taxable distributions and deemed distributions paid with respect to Units, and net gain attributable to the disposition of Units (in each case, unless the Units are held in connection with certain trades or businesses), but will be reduced by any deductions properly allocable to these distributions or this net gain.

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

The following discussion applies only to persons that are non-U.S. Investor. If you are not a non-U.S. Investor, this section does not apply to you.

<u>Distributions On, and Sale or Other Disposition of the Fund's Units</u>. Distributions by the Fund to non-U.S. Investors generally will be subject to U.S. withholding tax (unless lowered or eliminated by an applicable income tax treaty) to the extent payable from the Fund's current and accumulated earnings and profits.

If a non-U.S. Investor receives distributions and such distributions are effectively connected with a U.S. trade or business of the non-U.S. Investor and, if an income tax treaty applies, attributable to a permanent establishment in the United States of such non-U.S. Investor, such distributions generally be subject to U.S. federal income tax at the rates applicable to U.S. persons. In that case, the Fund will not be required to withhold U.S. federal income tax if the non-U.S. Investor complies with applicable certification and disclosure requirements.

Actual or deemed distributions of the Fund's net capital gain (which generally is the excess of the Fund's net long term capital gain over the Fund's net short term capital loss) to a non-U.S. Investor, and gains recognized by a non-U.S. Investor upon the sale of the Units, will not be subject to withholding of U.S. federal income tax and generally will not be subject to U.S. federal income tax unless (a) the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the non-U.S. Investor and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. Investor in the United States (as discussed above) or (b) the non-U.S. Investor is an individual, has been present in the United States for 183 days or more during the taxable year, and certain other conditions are satisfied. For a corporate non-U.S. Investor, distributions, including deemed distributions, and gains recognized upon the sale of the Units that are effectively connected with a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" (unless lowered or eliminated by an applicable income tax treaty). Non-U.S. Investors are encouraged to consult their own tax advisors as to the applicability of an income tax treaty in their individual circumstances.

No assurance can be given that the Fund will distribute any interest related dividends or short term capital gain dividends. In general, no U.S. source withholding taxes will be imposed on dividends paid by RICs to non-U.S. Investors to the extent the dividends are designated as "interest related dividends" or "short term capital gain dividends." Under this exemption, interest related dividends and

short term capital gain dividends generally represent distributions of interest or short term capital gain that would not have been subject to U.S. withholding tax at the source if they had been received directly by a non-U.S. Investor, and that satisfy certain other requirements.

If the Fund distributes its net capital gain in the form of deemed rather than actual distributions (which the Fund may do in the future), a non-U.S. Investor will be entitled to U.S. federal income tax credit or tax refund equal to the non-U.S. Investor's allocable share of the tax the Fund pays on the capital gain deemed to have been distributed. In order to obtain the refund, the non-U.S. Investor must obtain a U.S. taxpayer identification number (if one has not been previously obtained) and timely file a U.S. federal income tax return even if the non-U.S. Investor would not otherwise be required to obtain a U.S. taxpayer identification number or file a U.S. federal income tax return.

Non-U.S. Investors who have not otherwise elected will have their dividends and distributions automatically reinvested in additional Units, rather than receiving cash dividends and distributions, pursuant to the DRIP. Any dividends or distributions reinvested under the DRIP will, nevertheless, remain taxable to non-U.S. Investors to the same extent as if such dividends were received in cash. In addition, the Fund has the ability to declare a large portion of a dividend in Units instead of in cash, even if a non-U.S. Investor has not elected to participate in the DRIP, in which case, as long as a portion of such dividend is paid in cash (which portion could be as low as 20%, or as low as 10% for distributions declared between April 1, 2020 and December 31, 2020) and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, the Fund's non-U.S. Investors will be taxed on 100% of the fair market value of the dividend paid entirely or partially in the Fund's Units on the date the dividend is received in the same manner (and to the extent such non-U.S. Investor is subject to U.S. federal income taxation) as a cash dividend (including the application of withholding tax rules described above), even if most or all of the dividend is paid in the Fund's Units. In such a circumstance, the Fund may be required to withhold all or substantially all of the cash the Fund would otherwise distribute to a non-U.S. Investor.

**Certain Additional Tax Considerations**

<u>Information Reporting and Backup Withholding</u>. The Fund may be required to withhold, for U.S. federal income taxes, a portion of all taxable distributions payable to Investors (i) who fail to provide the Fund with their correct taxpayer identification numbers (TINs) or who otherwise fail to make required certifications or (ii) with respect to whom the IRS notifies the Fund that this Investor is subject to backup withholding. Certain Investors specified in the Code and the U.S. Treasury regulations promulgated thereunder are exempt from backup withholding but may be required to provide documentation to establish their exempt status. Backup withholding is not an additional tax. Any amounts withheld will be allowed as a refund or a credit against the Investor's U.S. federal income tax liability if the appropriate information is timely provided to the IRS. Failure by an Investor to furnish a certified TIN to the Fund could subject the Investor to a penalty imposed by the IRS.

<u>Withholding and Information Reporting on Foreign Financial Accounts</u>. A non-U.S. Investor who is otherwise subject to withholding of U.S. federal income tax may be subject to information reporting and backup withholding of U.S. federal income tax on dividends unless the non-U.S. Investor provides the Fund or the dividend paying agent with an IRS Form W-8BEN or W-8BEN-E (or an acceptable substitute form) or otherwise meets documentary evidence requirements for establishing that it is a non-U.S. Investor or otherwise establishes an exemption from backup withholding.

Pursuant to Sections 1471 to 1474 of the Code and the U.S. Treasury regulations thereunder, the relevant withholding agent generally will be required to withhold 30% of any dividends paid on the Units to (i) a foreign financial institution unless such foreign financial institution agrees to verify, report and

disclose its U.S. owners and meets certain other specified requirements or is subject to an applicable "intergovernmental agreement;" or (ii) a non-financial foreign entity beneficial owner unless the entity certifies that it does not have any substantial U.S. owners or provides the name, address and taxpayer identification number of each substantial U.S. owner and meets certain other specified requirements. If payment of this withholding tax is made, non-U.S. Investors that are otherwise eligible for an exemption from, or reduction of, U.S. federal withholding taxes with respect to such dividends or proceeds will be required to seek a credit or refund from the IRS to obtain such benefit of this exemption or reduction. In certain cases, the relevant foreign financial institution or non-financial foreign entity may qualify for an exemption from, or be deemed to be in compliance with, these rules. Certain jurisdictions have entered into agreements with the United States that may supplement or modify these rules. Non-U.S. Investors could consult their own tax advisors regarding the particular consequences to them of this legislation and guidance. The Fund will not pay any additional amounts in respect to any amounts withheld.

**ERISA CONSIDERATIONS**

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

ERISA imposes certain general and specific responsibilities on persons who are fiduciaries with respect to an ERISA Plan, including prudence, diversification, an obligation not to engage in a prohibited transaction and other standards. In determining whether a particular investment is appropriate for an ERISA Plan, U.S. Department of Labor ("DOL") regulations provide that a fiduciary of an ERISA Plan must give appropriate consideration to, among other things, the role that the investment plays in the ERISA Plan's portfolio, taking into consideration whether the investment is designed reasonably to further the ERISA Plan's purposes, an examination of the risk and return factors, the portfolio's composition with regard to diversification, the liquidity and current return of the total portfolio relative to the anticipated cash flow needs of the ERISA Plan, the income tax consequences of the investment and the projected return of the total portfolio relative to the ERISA Plan's funding objectives. Before investing the assets of an ERISA Plan in the Fund, a fiduciary should determine whether such an investment is consistent with its fiduciary responsibilities and the foregoing regulations. For example, a fiduciary should consider whether an investment in the Fund may be too illiquid or too speculative for a particular ERISA Plan, and whether the assets of the ERISA Plan would be sufficiently diversified. Fiduciaries of such plans or arrangements also should confirm that investment in the Fund is consistent, and complies, with the governing provisions of the plan or arrangement, including any eligibility and nondiscrimination requirements that may be applicable under law with respect to any "benefit, right or feature" affecting the qualified status of the plan or arrangement, which may be of particular importance for participant-directed plans given that the Fund sells Units only to Eligible Investors, as described herein. If a fiduciary with respect to any such ERISA Plan breaches its responsibilities with regard to selecting an investment or an investment course of action for such ERISA Plan, the fiduciary itself may be held liable for losses incurred by the ERISA Plan as a result of such breach. Fiduciaries of plans or arrangements subject to Section 4975 of the Code (such as IRAs and Keoghs) should consider carefully these same factors.

The DOL has adopted regulations, which, along with provisions adopted by Congress (collectively, the "Plan Assets Rules"), treat the assets of certain pooled investment vehicles as "plan assets" for purposes of, and subject to, Title I of ERISA and Section 4975 of the Code ("Plan Assets"). The Plan Assets Rules provide, however, that, in general, funds registered as investment companies under the 1940 Act are not deemed to be subject to the fiduciary responsibility provisions of ERISA or Section 4975 of the Code merely because of investments made in the fund by Benefit Plans. Accordingly, the

underlying assets of the Fund should not be considered to be the Plan Assets of the Benefit Plans investing in the Fund for purposes of ERISA's (or the Code's) fiduciary responsibility and prohibited transaction rules. Thus, the Adviser should not be considered a fiduciary within the meaning of ERISA or the Code by reason of its authority with respect to the Fund.

The Fund will require a Benefit Plan (and each person causing such Benefit Plan to invest in the Fund) to represent that it, and any such fiduciaries responsible for such Benefit Plan's investments (including in its individual or corporate capacity, as may be applicable), are aware of and understand the Fund's investment objective, policies and strategies, that the decision to invest Plan Assets in the Fund was made with appropriate consideration of relevant investment factors with regard to the Benefit Plan and is consistent with the duties and responsibilities imposed upon fiduciaries with regard to their investment decisions under ERISA and/or the Code.

Certain prospective Investors that are Benefit Plans may currently maintain relationships with the Adviser, the Sub-Adviser or other entities that are affiliated with the Adviser or the Sub-Adviser. Each of such persons may be deemed to be a party in interest (or disqualified person) to and/or a fiduciary of any Benefit Plan to which it provides investment management, investment advisory or other services. ERISA prohibits (and the Code penalizes) the use of ERISA and Benefit Plan assets for the benefit of a party in interest (or disqualified person) and also prohibits (or penalizes) an ERISA or Benefit Plan fiduciary from using its position to cause such Plan to make an investment from which it or certain third parties in which such fiduciary has an interest would receive a fee or other consideration. Investors that are Benefit Plans should consult with counsel to determine if participation in the Fund is a transaction which is prohibited by ERISA or the Code. Fiduciaries of Investors that are Benefit Plans will be required to represent (including in their individual or corporate capacity, as applicable) that the decision to invest in the Fund was made by them as fiduciaries that are independent of such affiliated persons, that such fiduciaries are duly authorized to make such investment decision, that they have not relied on any advice or recommendation of such affiliated persons as a basis for the decision to invest in the Fund and that any information provided by the Fund and the affiliated persons is not a recommendation to invest in the Fund.

Benefit Plan Investors may be required to report certain compensation paid by the Fund (or by third parties) to the Fund's service providers as "reportable indirect compensation" on Schedule C to IRS Form 5500 ("Form 5500"). To the extent that any compensation arrangements described herein constitute reportable indirect compensation, any such descriptions are intended to satisfy the disclosure requirements for the alternative reporting option for "eligible indirect compensation," as defined for purposes of Schedule C to Form 5500.

The provisions of ERISA and the Code are subject to extensive and continuing administrative and judicial interpretation and review. The discussion of ERISA and the Code contained in this SAI is general, does not purport to be a thorough analysis of ERISA or the Code, may be affected by future publication of regulations and rulings and should not be considered legal advice. Potential Investors that are Benefit Plans and their fiduciaries should consult their legal advisers regarding the consequences under ERISA and the Code of the acquisition and ownership of Units.

Employee benefit plans that are not subject to the requirements of ERISA or Section 4975 of the Code (such as governmental plans, foreign plans and certain church plans) may be subject to similar rules under other applicable laws or documents, and should consult their own advisers as to the propriety of an investment in the Fund. In particular, "governmental plans" (as defined in Section 3(32) of ERISA) are not subject to Title I of ERISA or Section 4975 of the Code. However, state laws applicable to certain governmental plans have provisions that impose restrictions on the investments and management of the assets of such plans that are, in some cases, similar to those under ERISA and the Code discussed above.

It is uncertain whether exemptions and interpretations under ERISA would be recognized by the respective state authorities in such cases. Also, some state laws prohibit, or impose percentage limitations on investments of a particular type, in obligations or securities of foreign governments or entities, or bar investments in particular countries or businesses operating in such countries. Fiduciaries of governmental plans, in consultation with their advisers, should consider the impact of their respective state pension laws and regulations on investments in the Fund, as well as the considerations discussed above to the extent applicable.

By acquiring Units of the Fund, an Investor acknowledges and agrees that: (i) any information provided by the Fund, the Adviser, the Sub-Adviser or any affiliates thereof (including information set forth in the Prospectus and this SAI) is not a recommendation to invest in the Fund and that none of the Fund, the Adviser, the Sub-Adviser or any affiliates thereof is undertaking to provide any investment advice to the Investor (impartial or otherwise), or to give advice to the Investor in a fiduciary capacity in connection with an investment in the Fund and, accordingly, no part of any compensation received by the Adviser or the Sub-Adviser is for the provision of investment advice to the Investor; and (ii) the Adviser and the Sub-Adviser have a financial interest in the Investor's investment in the Fund on account of the fees they expect to receive from the Fund as disclosed herein, the LLC Agreement and any other Fund governing documents.

**BROKERAGE**

The Sub-Adviser is responsible for placing orders for the execution of portfolio transactions and the allocation of brokerage for the Fund. Transactions on a majority of foreign stock exchanges involve the payment of a combination of fixed and negotiated commissions, while transactions on U.S. stock exchanges and on some foreign stock exchanges involve the payment of negotiated brokerage commissions. No stated commission is generally applicable to securities traded in OTC markets, but the prices of those securities include undisclosed commissions or mark-ups. The Sub-Adviser may not pay the lowest available commissions or mark-ups or mark-downs on securities transactions.

In selecting brokers and dealers to effect transactions on behalf of the Fund, the Sub-Adviser will seek to obtain the best price and execution for the transactions, considering factors such as: price; order size; financing costs; nature of the market for the security; timing of the transaction; the reputation, experience and financial stability of the broker-dealer; the quality of service, difficulty of execution and operational facilities of the broker-dealer; the ability to effect the transaction where a large block or other complicating factors are involved; and the availability of the broker to stand ready to execute possible difficult transactions in the future. Although the Sub-Adviser generally will seek reasonably competitive commission rates, the Sub-Adviser will not necessarily pay the lowest commissions available on transactions. The Sub-Adviser has no obligation to deal with any broker or group of brokers in executing transactions in portfolio securities.

Consistent with seeking best price and execution, the Sub-Adviser may place brokerage orders with brokers that may provide the Sub-Adviser and its affiliates with supplemental research, market and statistical information, including advice as to the value of securities, the advisability of investing in, purchasing or selling securities, and the availability of securities or of purchasers or sellers of securities, and furnishing analyses and reports concerning issuers, industries, securities, economic factors and trends, portfolio strategy and the performance of accounts. These allocations may occur to the extent that the Sub-Adviser views the commissions as reasonable in relation to the value of the brokerage and/or research services provided by the broker-dealer, viewed in terms of either the particular transaction or the Sub-Adviser's overall responsibilities with respect to the accounts as to which the Sub-Adviser exercises investment discretion, without any requirement to demonstrate that any such factor is of a direct benefit to a particular client. Research and other services furnished by broker-dealers through which the Sub-

Adviser effects securities transactions for a particular client may be used by the Sub-Adviser in advising other clients and, thus, the Fund may not necessarily, in any particular instance, be the direct or indirect beneficiary of the research provided to the Sub-Adviser. The Sub-Adviser's expenses may not be reduced as a result of its receiving this supplemental information, which may be useful to the Sub-Adviser or its affiliates in providing services to clients other than the Fund. In addition, as noted above, the Sub-Adviser may not use all of the information in connection with the Fund. Conversely, the information provided to the Sub-Adviser or its affiliates by broker-dealers through which other clients of the Sub-Adviser or its affiliates effect securities transactions may be useful to the Sub-Adviser in providing services to the Fund.

The aggregate amount of commissions paid by the Fund for brokerage commissions for the last fiscal year was $88,314.69, of which (i) 6.5% ($5,707.11) of the aggregate brokerage commission and (ii) 4.1% ($11,749,887.68) of the aggregate dollar amount of transactions involving the payment of commissions effected through a broker, were paid to Macquarie Equities Limited, a broker that: (i) is an affiliated person of the Fund; (ii) is an affiliated person of an affiliated person of the Fund; or (iii) has an affiliated person that is an affiliated person of the Fund, the Adviser, the Sub-Adviser or the Distributor.

The aggregate amount of commissions paid by the Fund for brokerage commissions from November 2, 2020 (commencement of operations) to September 30, 2021 was $288,517, none of which was paid to brokers that: (i) are affiliated persons of the Fund; (ii) are affiliated persons of an affiliated person of the Fund; or (iii) have an affiliated person that is an affiliated person of the Fund, the Adviser, the Sub-Adviser or the Distributor.

During the last fiscal year, the Sub-Adviser did not, pursuant to an agreement or understanding with a broker or otherwise through an internal allocation procedure, direct the Fund's brokerage transactions to certain brokers because of research services provided.

During the last fiscal year, the Fund did not hold securities of its regular brokers or dealers (as defined in Rule 10b-1 under the 1940 Act) or their parents.

**CONTROL PERSONS AND PRINCIPAL INVESTORS**

The following persons are known by the Fund to own of record 5% or more of the indicated class of the Fund's outstanding Units as of December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Address** | **Class** | **Number of<br> Units Held** | **Percentage of<br> Units Held** |
| Chad M. Clark Trust | Winnetka, IL 60093 | Class I | 638363.142 | 37.46% |

---

Investors who beneficially own 25% or more of the outstanding Units of the Fund may be deemed to be a "control person" of the Fund for purposes of 1940 Act.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

PricewaterhouseCoopers LLP, Two Commerce Square, 2001 Market Street, Suite 1800, Philadelphia, PA 19103, serves as the independent registered public accounting firm of the Fund.

**LEGAL COUNSEL**

Proskauer Rose LLP, Eleven Times Square, New York, New York 10036, acts as legal counsel to the Fund.

**FINANCIAL STATEMENTS**

The Fund's financial statements for the period from October 1, 2021 to September 30, 2022, as audited by the Fund's independent registered public accounting firm, PricewaterhouseCoopers LLP, ("PwC"), and the report of PwC are incorporated herein by reference in their entirety from the Fund's 2022 Annual Report, as filed with the SEC on Form N-CSR on December 12, 2022. The Annual Report is published on the Fund's website (<u>http://www.coopersquarefund.com</u>). It also is available upon request and without charge by writing the Fund at c/o Central Park Advisers, LLC, 125 West 55<sup>th</sup> Street, New York, New York 10019, or by calling (collect) (212) 317-9200. The Fund's financial statements for periods ended on or prior to September 30, 2021 were audited by the Fund's prior independent registered public accounting firm named in the Fund's [2021 Annual Report](https://www.sec.gov/Archives/edgar/data/1818255/000139834421023674/fp0070527_ncsr.htm), as filed with the SEC on Form N-CSR on December 9, 2021.

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

**Select Equity Group, L.P.**

**Proxy Voting Policies for**

**CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC**

 **<u>ISSUE</u>**

Rule 206(4)-6<sup>1</sup> (the "Rule") under the Advisers Act requires every investment adviser to adopt and implement written policies and procedures, reasonably designed to ensure that the adviser votes proxies in the best interest of its clients and in a manner that is free of conflicts of interest. The Rule further requires the adviser to provide a concise summary of the adviser's proxy voting process and offer to provide copies of the complete proxy voting policy and procedures to clients upon request. Lastly, the Rule requires that the adviser disclose to clients how they may obtain information on how the adviser voted their proxies.

Select Equity Group ("Select Equity" or "SEG") votes proxies for a great majority of its clients, and therefore has adopted and implemented this Proxy Voting policy and procedures. Any questions about this document should be directed to the Proxy Committee (the "Committee").

SEG has established the following guidelines to effectuate and monitor its Proxy Voting policy and procedures.

<u>Policy</u>

It is the general policy of SEG to vote client proxies in the interest of maximizing shareholder value. To that end, SEG will vote in a way that it believes, consistent with its fiduciary duty, will cause the value of the issue to increase the most or decline the least. Specifically, the following guidelines are designed to be responsive to the wide range of subjects that can have a significant effect on the investment value of the securities held in clients' accounts. These guidelines are not exhaustive due to the variety of proxy voting issues that SEG may be required to consider. SEG reserves the right to depart from these guidelines in order to avoid voting decisions that it believes may be contrary to SEG's clients' best interests. In reviewing proxy issues, SEG will apply the following general guidelines:

**A.** **Elections of Directors:** SEG
 will vote in favor of management's proposed slate of directors unless there is a proxy fight for seats on the board or SEG
 determines that there are other compelling reasons to vote against or withhold votes. Select Equity believes that directors have
 a duty to respond to shareholder actions that have received significant shareholder support. Accordingly, SEG may vote against or
 withhold votes for directors that, for instance, fail to submit a rights plan to a shareholder vote or fail to act on tender offers
 where a majority of shareholders have tendered their shares.

<sup>1</sup> Rule 206(4)-6 is supplemented by Investment Advisers Act Release No. 5325 (September 10, 2019) ("Release No. 5325"), which contains guidance regarding the proxy voting responsibilities of investment advisers under the Advisers Act. Among other subjects, Release No. 5325 addresses the oversight of proxy advisory firms by investment advisers. In addition, Investment Advisers Act Release No. 5547 (July 22, 2020), contains supplementary guidance addressing the risk of voting a proxy before an issuer files additional soliciting materials with the SEC and associated client disclosures in this regard.

**B.** **Appointment of Auditors:** SEG
 believes that the company remains in the best position to choose the auditors and will generally support management's recommendation.
 However, SEG recognizes that there may be inherent conflicts when a company's independent auditor performs substantial non-audit
 related services for the company. Therefore, SEG may vote against the appointment of auditors if the fees for non-audit related services
 are disproportionate to the total audit fees paid by the company or there are other reasons to question the independence of the company's
 auditors.

**C.** **Changes in Capital Structure:** Changes in a company's charter, articles of incorporation or by-laws are often technical and administrative
 in nature, or driven by changes in laws or regulation. Absent a compelling reason to the contrary, SEG will cast its votes in accordance
 with the company's management on such proposals. However, SEG will review and analyze on a case-by-case basis any non-routine
 proposals that are likely to affect the structure and operation of the company or have a material economic effect on the company.
 For example, SEG will generally support proposals to increase authorized common stock when it is necessary to implement a stock split,
 aid in restructuring or acquisition or provide a sufficient number of shares for an employee savings plan, stock option or executive
 compensation plan. However, a satisfactory explanation of a company's intentions must be disclosed in the proxy statement for
 proposals requesting an increase of greater than one hundred percent of the shares outstanding. Select Equity will oppose increases
 in authorized common stock where there is evidence that the shares will be used to implement a poison pill or another form of anti-takeover
 device.

**D.** **Corporate Restructurings, Mergers and Acquisitions:** SEG believes proxy votes dealing with corporate reorganizations are an extension of the
 investment decision. Accordingly, SEG will analyze such proposals on a case-by-case basis.

**E.** **Proposals Affecting Shareholder Rights:** SEG believes that certain fundamental rights of shareholders must be protected. Select Equity
 will generally vote in favor of proposals that give shareholders a greater voice in the affairs of the company and generally oppose
 measures that seek to limit those rights. However, when analyzing such proposals SEG will weigh the financial impact of the proposal
 against the impairment of shareholder rights.

**F.** **Corporate Governance:** SEG
 recognizes the importance of good corporate governance in ensuring that management and the board of directors fulfill their obligations
 to the shareholders. Select Equity favors proposals promoting transparency and accountability within a company. For example, SEG
 will vote for proposals providing for equal access to proxies and a majority of independent directors on key committees.

**G.** **Anti-Takeover Measures:** SEG
 believes that measures that impede takeovers or entrench management not only infringe on the rights of shareholders but may also
 have a detrimental effect on the value of the company. Select Equity will generally oppose proposals, regardless of whether they
 are advanced by management or shareholders, if its purpose or effect is to entrench management or dilute shareholder ownership. Conversely,
 SEG supports proposals that would restrict or otherwise eliminate anti-takeover measures that have already been adopted by corporate
 issuers. For example, SEG will support shareholder proposals that seek to require the company to submit a shareholder rights plan
 to a shareholder vote. Select Equity will evaluate, on a case-by-case basis, proposals to completely redeem or eliminate such plans.
 Furthermore, SEG will generally oppose proposals put forward by management (including blank check preferred stock, classified boards
 and supermajority vote requirements) that appear to be intended as management entrenchment mechanisms.

**H.** **Executive Compensation:** SEG
 believes that company management and the compensation committee of the board of directors should, *within reason*, be given
 latitude to determine the types and mix of compensation and benefit awards offered. Whether proposed by a shareholder or management,
 SEG will review proposals relating to executive compensation plans on a case-by-case basis to ensure that the long-term interests
 of management and shareholders are properly aligned.

Select Equity will analyze the proposed plans to ensure that shareholder equity will not be excessively diluted, the option exercise price is not below market price on the date of grant and an acceptable number of employees are eligible to participate in such programs. As a general rule SEG strongly supports the granting of restricted stock rather than stock options, and SEG will generally oppose plans that permit re-pricing of underwater stock options without shareholder approval. Other factors such as the company's performance and industry practice will generally be factored into SEG's analysis. Select Equity will support proposals to submit severance packages triggered by a change in control to a shareholder vote and proposals that seek additional disclosure of executive compensation. Finally, SEG will support shareholder proposals requiring companies to expense stock options because SEG views them as a large corporate expense.

Any general or specific proxy voting guidelines provided by an advisory client or its designated agent in writing will supersede this policy. Clients may wish to have their proxies voted by an independent third party or other named fiduciary or agent, at the client's cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **I. Environmental and Social Proposals:** SEG believes companies should understand the full range of risks facing their businesses that can impact long term shareholder value, including those related to natural and social capital. While we will review proposals on a case-by-case basis, we will generally support resolutions that ask for reasonable environmental or social disclosures where we identify the issue as material to the business, where we believe there is insufficient disclosure for investors to appropriately assess the risks, and where greater attention to these issues may help protect shareholder value.

<u>Procedures for Identification and Voting of Proxies</u>

These proxy voting procedures are designed to enable SEG to resolve material conflicts of interest with clients before voting their proxies in the interest of shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SEG shall maintain a
 list of all clients for which it votes proxies. The list will be maintained electronically and updated with proxy voting information
 from client agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SEG shall work with
 the client to ensure that SEG is the designated party to receive proxy voting materials from companies or intermediaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SEG or its designated
 third party proxy administrator shall receive all proxy voting materials and will be responsible for ensuring that proxies are voted
 and submitted in a timely manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. At least once each week,
 Portfolio Administration shall check prime broker websites to determine that any shares out on loan have been recalled and are available
 prior to the record date of any scheduled vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The PrAnalyst voting
 the proxy will reasonably try to assess any material conflicts between SEG's interests and those of its clients with respect
 to proxy voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. So long as no material
 conflicts of interest have been identified, SEG will vote proxies according to the guidelines set forth above. SEG may also elect
 to abstain from voting if it deems such abstention in its clients' best interests. The rationale for the occurrence of voting
 that deviates from the guidelines will be documented and the documentation will be maintained in a permanent file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. If the Analyst voting
 the proxy detects a conflict of interest, the following process will be followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Committee and Legal/Compliance
 will be notified of the conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If SEG's proposed
 vote is consistent with the proxy voting guidelines and policy as set forth above, no further action is required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If SEG's proposed
 vote is inconsistent with the proxy voting guidelines and policy, then the Chairperson of the Committee will, as soon as is reasonably
 practicable, convene the Committee and the proceedings and decisions made in such meeting will be recorded in the minutes. Members
 of the Committee include the persons listed on Attachment A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Committee will identify
 the issuer and proposal to be considered. The Committee will also identify the conflict of interest that has been detected, the vote
 that the relevant Analyst believes is in the interest of shareholder value and the reasons why.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The members of the Committee
 will then consider the proposal by reviewing the proxy voting materials and any additional documentation a member(s) feels necessary
 in determining the appropriate vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Committee will then
 discuss the proposal at hand and determine the vote that it believes will best promote shareholder value ("Determination").
 The Committee will document its decision for SEG's internal records, and the vote will be cast in line with the Committee's
 final Determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. All proxy votes will
 be recorded on an internal SEG proxy voting record or in another suitable place, including electronic storage format with any third
 party SEG engages to facilitate proxy voting. In the event that SEG votes the same proxy in two directions, it shall maintain documentation
 to support its voting (this may occur if a client requires SEG to vote a certain way on an issue, while SEG deems it beneficial to
 vote in the opposite direction for its other clients) in the file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Portfolio Administration
 shall have procedures in place to reconcile proxies voted with client positions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SEG may abstain from
 voting proxies for which their clients were the account holder of record but have since completely liquidated the position before
 the proxy voting deadline for submission is reached. SEG may additionally abstain from voting proxies when it is deemed in the client's
 best interests to not vote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Proxy Voting Committee
 is responsible for overseeing the services provided by the proxy

advisory firm in accordance with the Vendor Management Oversight policy and the guidance set out in Release No. 5325

<u>Conflicts of Interest</u>

SEG has advisory clients that are officers, directors, or significant shareholders in public companies, the securities of which may be held in advisory client portfolios, or the portfolios of some of SEG's affiliates. If, at the time of the scheduled vote, the Analyst voting the proxy is aware that SEG or its affiliates hold securities of a company for which an advisory client acts as an officer, director, or is a significant shareholder, the Analyst will flag the conflict of interest for the Committee and Legal/Compliance and the procedure described under Item 7 of the *Procedures for Identification and Voting of Proxies* section above will be followed.

Upon the detection of any other material conflict of interest, the procedure described under Item 7 of the *Procedures for Identification and Voting of Proxies* section above will also be followed.

<u>Recordkeeping</u>

SEG must maintain the documentation described in the following section for a period of not less than five years, the first two years at its principal place of business. The Committee or its designee will be responsible for the following procedures and for ensuring that the required documentation is retained.

*<u>Client request to review proxy votes</u> :*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any request, whether
 written (including e-mail) or oral, for SEG's proxy voting policies and procedures or for information as to how a particular
 client's securities were voted, received by any employee of SEG, must be promptly reported to Client Services. All written
 requests must be retained in the client's file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Clients are permitted
 to request the proxy voting record for the 5-year period prior to their request.

*<u>Proxy Voting Policy and Procedures</u> :*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "Concise"
 Proxy Policy and Procedure separate disclosure documentation must be provided to clients prior to or at the time of entering into
 an advisory agreement. This disclosure document (attached as Attachment B) discloses how clients may obtain information about how
 SEG voted with respect to their securities and describes SEG's voting policies and procedures.

*<u>Proxy statements received regarding client securities</u> :*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Upon receipt of a proxy,
 copy or print a sample of the proxy statement or card and maintain the copy in a central file along with a sample of the proxy solicitation
 instructions.

**Note:** SEG is permitted to rely on proxy statements filed on the SEC's EDGAR system instead of keeping its own copies.

*<u>Proxy voting records</u> :*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· SEG proxy voting record.
 The following information must be maintained in connection with each proxy vote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuer Name

&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's ticker
 symbol or CUSIP, as 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;· Shareholder meeting
 date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Number of shares voted
 by SEG

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Brief identification
 of the matter voted on

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether the matter was
 proposed by issuer or a security-holder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether SEG cast a vote

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· How SEG cast its vote
 (for the proposal, against the proposal or abstain)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether SEG cast its
 vote with or against management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Documents prepared or

 minutes.

<u>Proxy Solicitation</u>

As a matter of practice, it is SEG's policy not to reveal or disclose to any client how SEG may have voted (or intends to vote) on a particular proxy until after such proxies have been counted at a shareholders' meeting. SEG will never disclose such information to unrelated third parties except as required by law or as requested in any reporting required by industry organizations in which SEG participates.

Legal/Compliance is to be promptly informed of the receipt of any solicitation from any person to vote proxies on behalf of clients. At no time may any employee accept any remuneration in the solicitation of proxies. The Committee or its designee shall handle all responses to such solicitations.

<u>Class Actions and Other Litigation</u>

SEG does not undertake to provide advice or participate on behalf of its individually managed account clients with respect to legal matters, including class action settlements and bankruptcies. SEG does not believe it has the requisite authority to act on its clients' behalf in such matters. SEG may, however, where it deems appropriate in its discretion, elect to participate in class action settlements or other litigation on behalf of its private funds where it does have the requisite authority to take such action.

Though SEG does not have the authority to act on behalf of its individually managed account clients, SEG will assist clients who wish to participate in such litigation by providing relevant client account information in conjunction with such clients' custodian.

 **Attachment A**

List of Proxy Voting Committee Members

The following is a list of the members of SEG's proxy voting committee:

---

| |
|:---|
| Loren Lewallen Evan Guillemin |
| Pri Abeyasekera |
| Manica Piputbundit |
| Kerry Dempsey |
| Benjamin Gifford |
| Lisa McKenna |

---

Loren Lewallen is the Chairman of the Proxy Voting Committee.

 **Attachment B**

**Select Equity Group, L.P.**

**Statement of Voting Policies and Procedures Provided to Clients**

Dear Client:

The Securities and Exchange Commission has issued rules that require all registered investment advisors to make certain disclosures regarding their proxy voting procedures.

Select Equity Group, L.P. has adopted general policies with respect to the election of directors, appointment of auditors, changes in the capital structure of an issuer, restructurings, mergers and acquisitions, corporate governance, anti-takeover measures, and executive compensation and social and environmental proposals. Our policy is to vote your proxies in the interest of maximizing shareholder value – voting proxies in such a manner as to cause the issue to increase the most or decline the least – considering both the short- and long-term implications of the proposal to be voted.

If an analyst determines that they or Select Equity Group, L.P. is facing a material conflict of interest in voting your proxy, and our proposed vote is in conflict with our stated guidelines or policies on a particular issue, our procedures provide for a Proxy Voting Committee to determine the appropriate vote.

Our written proxy voting policy and procedures are available for your review. In addition, our complete proxy voting record is available exclusively to our clients. Please contact Client Service team at (XXX) XXX-XXXX if you have any questions or if you would like to review either of these documents.

Respectfully,

SELECT EQUITY GROUP, L.P.

PART C. OTHER INFORMATION

<u>Item 25</u>. <u>Financial Statements and Exhibits</u>.

---

| | | |
|:---|:---|:---|
| 1. | &nbsp;&nbsp;Financial Statements: | &nbsp;&nbsp;Part A: [Financial Highlights](#sp1-002)\* |
|  |  | &nbsp;&nbsp;Part B: [Report of Independent Registered Public Accounting Firm, Statement of Assets and Liabilities, Statement of Operations, Statement of Changes in Net Assets, Statement of Cash Flows, Financial Highlights, Notes to Financial Statements and Schedule of Portfolio Investments](https://www.sec.gov/Archives/edgar/data/1818255/000139834422024438/fp0080572-3_ncsr.htm)\*\* |
| 2. | &nbsp;&nbsp;Exhibits: |  |
|  | &nbsp;&nbsp;(a)(1) | &nbsp;&nbsp;[Certificate of Formation is incorporated by reference to Exhibit (a)(1) of the Registration Statement on Form N-2 (Reg. Nos. 333-239925, 811-23590) (the "Registration Statement"), filed on July 17, 2020](https://www.sec.gov/Archives/edgar/data/1818255/000110465920084540/tm2025024d2_ex99-a1.htm). |
|  | &nbsp;&nbsp;(a)(2) | &nbsp;&nbsp;[Limited Liability Company Agreement is incorporated by reference to Exhibit (a)(2) of the Registration Statement, filed on July 17, 2020.](https://www.sec.gov/Archives/edgar/data/1818255/000110465920084540/tm2025024d2_ex99-a2.htm) |
|  | &nbsp;&nbsp;(a)(3) | &nbsp;&nbsp;[Amended and Restated Limited Liability Company Agreement is incorporated by reference to Exhibit (a)(3) to Pre-Effective Amendment No. 2 to the Registration Statement, filed on October 1, 2020 ("Pre-Effective Amendment No. 2").](https://www.sec.gov/Archives/edgar/data/1818255/000110465920111161/tm2032056d1_ex99-a3.htm) |
|  | &nbsp;&nbsp;(b) | &nbsp;&nbsp;Not Applicable |
|  | &nbsp;&nbsp;(c) | &nbsp;&nbsp;Not Applicable |
|  | &nbsp;&nbsp;(d)(1) | &nbsp;&nbsp;[Rule 18f-3 Plan is incorporated by reference to Exhibit (d)(1) to Pre-Effective Amendment No. 2.](https://www.sec.gov/Archives/edgar/data/1818255/000110465920111161/tm2032056d1_ex99-d1.htm) |
|  | &nbsp;&nbsp;(d)(2) | &nbsp;&nbsp;See Items 25(2)(a)(2) and (a)(3) |
|  | &nbsp;&nbsp;(e) | &nbsp;&nbsp;[Dividend Reinvestment Plan is incorporated by reference to Exhibit (e) to Pre-Effective Amendment No. 2.](https://www.sec.gov/Archives/edgar/data/1818255/000110465920111161/tm2032056d1_ex99-e.htm) |
|  | &nbsp;&nbsp;(f) | &nbsp;&nbsp;Not Applicable |
|  | &nbsp;&nbsp;(g)(1) | &nbsp;&nbsp;[Investment Advisory Agreement\*](tm234698d1_ex99-g1.htm) |
|  | &nbsp;&nbsp;(g)(2) | &nbsp;&nbsp;[Sub-Advisory Agreement\*](tm234698d1_ex99-g2.htm) |
|  | &nbsp;&nbsp;(g)(3) | &nbsp;&nbsp;[Form of Expense Limitation and Reimbursement Agreement\*](tm234698d1_ex99-g3.htm) |
|  | &nbsp;&nbsp;(h)(1) | &nbsp;&nbsp;[Form of Distribution Agreement\*](tm234698d1_ex99-h1.htm) |
|  | &nbsp;&nbsp;(h)(2) | &nbsp;&nbsp;[Rule 12b-1 Plan\*](tm234698d1_ex99-h2.htm) |
|  | &nbsp;&nbsp;(h)(3) | &nbsp;&nbsp;[Form of Servicing and Selling Agent Agreement\*](tm234698d1_ex99-h3.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;(i) | &nbsp;&nbsp;Not Applicable. |
| &nbsp;&nbsp;(j)(1) | &nbsp;&nbsp;[Form of Custody Agreement is incorporated by reference to Exhibit (j)(1) to Pre-Effective Amendment No. 2.](https://www.sec.gov/Archives/edgar/data/1818255/000110465920111161/tm2032056d1_ex99-j1.htm) |
| &nbsp;&nbsp;(j)(2) | &nbsp;&nbsp;[Form of Foreign Custody Manager Agreement is incorporated by reference to Exhibit (j)(2) to Pre-Effective Amendment No. 2.](https://www.sec.gov/Archives/edgar/data/1818255/000110465920111161/tm2032056d1_ex99-j2.htm) |
| &nbsp;&nbsp;(k)(1) | &nbsp;&nbsp;[Form of Services Agreement and Amendments to Services Agreement is incorporated by reference to Exhibit (k)(1) to Pre-Effective Amendment No. 2.](https://www.sec.gov/Archives/edgar/data/1818255/000110465920111161/tm2032056d1_ex99-k1.htm) |
| &nbsp;&nbsp;(k)(2) | &nbsp;&nbsp;[Escrow Agreement for Class A Units is incorporated by reference to Exhibit (k)(2) to Post-Effective Amendment No. 1](https://www.sec.gov/Archives/edgar/data/1818255/000110465922009011/tm224505d1_ex99-k2.htm). |
| &nbsp;&nbsp;(k)(3) | &nbsp;&nbsp;[Escrow Agreement for Class I Units is incorporated by reference to Exhibit (k)(3) to Post-Effective Amendment No. 1](https://www.sec.gov/Archives/edgar/data/1818255/000110465922009011/tm224505d1_ex99-k3.htm). |
| &nbsp;&nbsp;(l) | &nbsp;&nbsp;[Opinion and Consent of Proskauer Rose LLP is incorporated by reference to Exhibit (l) to Pre-Effective Amendment No. 2.](https://www.sec.gov/Archives/edgar/data/1818255/000110465920111161/tm2032056d1_ex99-l.htm) |
| &nbsp;&nbsp;(m) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;(n) | &nbsp;&nbsp;[Consent of PricewaterhouseCoopers LLP\*](tm234698d1_ex99-n.htm) |
| &nbsp;&nbsp;(o) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;(p) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;(q) | &nbsp;&nbsp;Not Applicable |
| &nbsp;&nbsp;(r)(1) | &nbsp;&nbsp;[Code of Ethics of Registrant\*](tm234698d1_ex99-r1.htm) |
| &nbsp;&nbsp;(r)(2) | &nbsp;&nbsp;[Code of Ethics of Central Park Advisers, LLC\*](tm234698d1_ex99-r2.htm) |
| &nbsp;&nbsp;(r)(3) | &nbsp;&nbsp;[Code of Ethics of Select Equity Group, L.P.\*](tm234698d1_ex99-r3.htm) |
| &nbsp;&nbsp;(s) | &nbsp;&nbsp;[Power of Attorney is incorporated by reference to Exhibit (s) to Pre-Effective Amendment No. 2.](https://www.sec.gov/Archives/edgar/data/1818255/000110465920111161/tm2032056d1_ex99-s.htm) |

---

\* Filed herewith or herein.

\*\* Incorporated into Part B by reference to the Registrant's 2022 Annual Shareholder Report, as filed with the Securities and Exchange Commission (the "SEC") on Form N-CSR on December 12, 2022 (File No. 811-23590).

<u>Item 26</u>. <u>Marketing Arrangements</u>:

Not applicable.

<u>Item 27</u>. <u>Other Expenses of Issuance and Distribution</u>:\*

Registration fees

---

| |
|:---|
| Legal fees |
| FINRA fees |
| Blue Sky fees |
| Accounting fees |
| Printing |
| Miscellaneous |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |

---

\* Incorporated by reference to Pre-Effective Amendment No. 2.

<u>Item 28</u>. <u>Persons Controlled by or Under Common Control with Registrant</u>:

No person is directly or indirectly under common control with the Registrant, except that the Registrant may be deemed to be controlled by Central Park Advisers, LLC, the Registrant's investment adviser (the "Adviser"). Information regarding the ownership of the Adviser is set forth in its Form ADV as filed with the SEC (File No. 801-67480), and is incorporated herein by reference.

<u>Item 29</u>. <u>Number of Holders of Securities as of December 31, 2022</u>:

---

| | |
|:---|:---|
| <u>Title of Class</u> | <u>Number of Record Holders</u> |
| Class A Units of Limited Liability Company Interests | 531 |
| Class I Units of Limited Liability Company Interests | 149 |

---

<u>Item 30</u>. <u>Indemnification</u>:

Reference is made to Section 3.7 of the Registrant's Amended and Restated Limited Liability Company Agreement (the "LLC Agreement"), filed as Exhibit (a)(3) to Pre-Effective Amendment No. 2, and to Paragraph 7 of the Registrant's Investment Advisory Agreement, as revised (the "Investment Advisory Agreement"), filed as Exhibit (g)(1) to Pre-Effective Amendment No. 2. The Registrant hereby undertakes that it will apply the indemnification provisions of the LLC Agreement and the Investment Advisory Agreement in a manner consistent with Release 40-11330 of the SEC under the Investment Company Act of 1940, as amended (the "1940 Act"), so long as the interpretation therein of Sections 17(h) and 17(i) of the 1940 Act remains in effect.

The Registrant maintains insurance on behalf of any person who is or was an independent director, officer, employee or agent of the Registrant against certain liability asserted against and incurred by, or arising out of, his or her position. However, in no event will the Registrant pay that portion of the premium, if any, for insurance to indemnify any such person for any act for which the Registrant itself is not permitted to indemnify.

<u>Item 31</u>. <u>Business and Other Connections of Investment Adviser</u>:

Information as to the directors and officers of the Adviser, together with information as to any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each director, executive officer, or member of the Adviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner, or trustee, is included in its Form ADV as filed with the SEC (File No. 801-67480), and is incorporated herein by reference.

Information as to the directors and officers of Select Equity Group, L.P. ("SEG"), the Registrant's investment sub-adviser, together with a description of any other business, profession, vocation, or employment of a substantial nature in which SEG and each director, executive officer, or partner of SEG, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of director, officer, employee, partner, or trustee, is included in its Form ADV as filed with the SEC (File No. 801-78977), and is incorporated herein by reference.

<u>Item 32</u>. <u>Location of Accounts and Records</u>:

SS&C Technologies, Inc., and its affiliates, DST Asset Manager Solutions, Inc. and ALPS Fund Services, Inc., serve as the Registrant's administrator, and maintain certain required accounting related and financial books and records of the Registrant at 430 W. 7th Street, Kansas City, Missouri 64105-1594 and 1290 Broadway, Suite 1100, Denver, Colorado 80203. The other required books and records are maintained by Central Park Advisers, LLC, 125 West 55<sup>th</sup> Street, New York, New York 10019.

<u>Item 33</u>. <u>Management Services</u>: Not Applicable.

<u>Item 34</u>. <u>Undertakings</u>:

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

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

&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;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;(1) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933 ("Securities
Act");

&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; and

&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 the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not applicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. that, for the purpose of determining liability of the Registrant under the Securities Act to any purchaser
in the initial distribution of securities, 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;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required
to be filed pursuant to Rule 424 under the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Registrant;

&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
Securities Act relating to the offering containing material information about the undersigned Registrant or its securities provided by
or on behalf of the undersigned Registrant; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Not applicable.

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

<u>SIGNATURES</u>

Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Investment Company Act of 1940, as amended, the Registrant represents that this Amendment to the Registration Statement meets all the requirements for effectiveness pursuant to Rule 486(b) under the Securities Act and 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 New York, State of New York, on the 30th day of January, 2023.

---

| | |
|:---|:---|
| CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC | CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC |
| By: | /s/ Mitchell A. Tanzman |
|  | Mitchell A. Tanzman |
|  | Authorized Person |

---

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

---

| | | |
|:---|:---|:---|
| <u>Name</u> | <u>Title</u> | <u>Date</u> |
| /s/ Mitchell A. Tanzman | Principal Executive Officer and Director | January 30, 2023 |
| Mitchell A. Tanzman |  |  |
| /s/ Michael Mascis | Principal Accounting Officer (also performs the functions of a principal financial officer) | January 30, 2023 |
| Michael Mascis |  |  |
| /s/ Joan Shapiro Green\* | Director | January 30, 2023 |
| Joan Shapiro Green |  |  |
| /s/ Kristen M. Leopold\* | Director | January 30, 2023 |
| Kristen M. Leopold |  |  |
| /s/ Janet L. Schinderman\*<br>| Director | January 30, 2023 |
| Janet L. Schinderman |  |  |
| /s/ Sharon J. Weinberg\* | Director | January 30, 2023 |
| Sharon J. Weinberg |  |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Michael Mascis |
|  | Michael Mascis, |
|  | Attorney-in-Fact |

---

<u>Exhibit Index</u>

---

| | |
|:---|:---|
| [(g)(1)](tm234698d1_ex99-g1.htm) | [Investment Advisory Agreement](tm234698d1_ex99-g1.htm) |
| [(g)(2)](tm234698d1_ex99-g2.htm) | [Sub-Advisory Agreement](tm234698d1_ex99-g2.htm) |
| [(g)(3)](tm234698d1_ex99-g3.htm) | [Form of Expense Limitation and Reimbursement Agreement](tm234698d1_ex99-g3.htm) |
| [(h)(1)](tm234698d1_ex99-h1.htm) | [Form of Distribution Agreement](tm234698d1_ex99-h1.htm) |
| [(h)(2)](tm234698d1_ex99-h2.htm) | [Rule 12b-1 Plan](tm234698d1_ex99-h2.htm) |
| [(h)(3)](tm234698d1_ex99-h3.htm) | [Form of Servicing and Selling Agent Agreement](tm234698d1_ex99-h3.htm) |
| [(n)](tm234698d1_ex99-n.htm) | [Consent of PricewaterhouseCoopers LLP](tm234698d1_ex99-n.htm) |
| [(r)(1)](tm234698d1_ex99-r1.htm) | [Code of Ethics of Registrant](tm234698d1_ex99-r1.htm) |
| [(r)(2)](tm234698d1_ex99-r2.htm) | [Code of Ethics of Central Park Advisers, LLC](tm234698d1_ex99-r2.htm) |
| [(r)(3)](tm234698d1_ex99-r3.htm) | [Code of Ethics of Select Equity Group, L.P.](tm234698d1_ex99-r3.htm) |

---

## Ex-99.(G)(1)

**Exhibit 99.(g)(1)**

**INVESTMENT ADVISORY AGREEMENT**

AGREEMENT, made as of March 11, 2022, between CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC (the "Fund"), a Delaware limited liability company, and CENTRAL PARK advisErS, llc (the "Adviser"), a Delaware limited liability company registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Agreement").

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

WHEREAS, the Adviser has served as the investment adviser of the Fund since the commencement of the Fund's investment operations, pursuant to an Investment Advisory Agreement between the Fund and the Adviser made as of August 21, 2020, as revised September 21, 2020 (the "Prior Agreement");

WHEREAS, on October 21, 2021, Central Park Group, LLC ("Central Park"), the parent company of the Adviser, entered into a purchase agreement with Macquarie Management Holdings, Inc.("Macquarie") pursuant to which Macquarie has agreed to acquire Central Park, subject to the satisfaction of certain customary closing conditions (the "Transaction"), which will constitute an assignment of the Prior Agreement and cause the Prior Agreement to terminate automatically in accordance with its terms, as required by applicable law, upon the closing of the Transaction (the "Closing Date"); and

WHEREAS, the Fund desires to continue to retain the Adviser as investment adviser to furnish certain investment advisory and portfolio management services to the Fund, and the Adviser is willing to continue to furnish these services.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

1. <u>Appointment</u>. The Fund hereby appoints the Adviser as investment adviser of the Fund for the period and on the terms set forth in this Agreement. The Adviser accepts this appointment and agrees to render the services herein set forth, for the compensation herein described.

2. <u>Duties as Investment Adviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the supervision of the Fund's Board of Directors (the "Board"), the Adviser will have full discretion and authority (i) to manage the assets and liabilities of the Fund and (ii) to manage the day-to-day business and affairs of the Fund. In furtherance of and subject to the foregoing, the Adviser will have full power and authority on behalf of the Fund, among other matters:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to purchase, sell (including selling short), exchange, trade and otherwise deal in and with securities
and other property of the Fund and to loan securities of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to do any and all acts and exercise all rights with respect to the Fund's interest in any person, firm,
corporation, partnership or other entity, and to delegate, in compliance with applicable law, to one or more investment sub-advisers any
of the duties enumerated in this Agreement, including the provision of certain investment advisory and portfolio management services and/or
management of the Fund's assets or a portion thereof; provided, that in each case, the Adviser will continue to oversee the services provided
by

such sub-adviser and its employees and any such delegation will not relieve the Adviser of any of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to enter into agreements to irrevocably to forego the right to vote interests or shares of the Fund's
investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) to enter into agreements that provide for, among other things, the indemnification by the Fund of the
companies in which the Fund invests to the same or different extent as provided for in respect of the Adviser, and to terminate such agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) to open, maintain and close accounts with brokers and dealers, to make all decisions relating to the manner,
method and timing of securities and other investment transactions, to select and place orders with brokers, dealers or other financial
intermediaries for the execution, clearance or settlement of any transactions on behalf of the Fund on such terms as the Adviser considers
appropriate, and to grant limited discretionary authorization to such persons with respect to price, time and other terms of investment
and trading transactions, subject to Paragraph 2(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) to borrow from banks or other financial institutions (including for investment purposes) and to pledge
Fund assets as collateral therefor, to trade on margin, to exercise or refrain from exercising all rights regarding the Fund's investments,
and to instruct custodians regarding the settlement of transactions, the disbursement of distributions and the disbursement of other payments
to the Fund's investors ("Investors"), including, but not limited to, in connection with repurchases of units of limited liability
company interests in the Fund ("Units"), and the payment of Fund expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) to call and conduct meetings of Investors at the Fund's principal office or elsewhere as it may determine
and to assist the Board in calling and conducting meetings of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) to engage and terminate such attorneys, accountants and other professional advisers and consultants as
the Adviser may deem necessary or advisable in connection with the affairs of the Fund or as may be directed by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) to engage and terminate the services of persons to assist the Adviser in providing, or to provide under
the Adviser's control and supervision, advice and management with respect to the Fund at the expense of the Adviser (except as set forth
in any sub-advisory agreement related to the Fund or otherwise agreed to by the Board);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) as directed by the Board, to commence, defend and conclude any action, suit, investigation or other proceeding
that pertains to the Fund or any assets of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) if directed by the Board, to arrange for the purchase of any insurance covering the potential liabilities
of the Fund or relating to the performance of the Board or the Adviser, or any of their respective principals, trustees, officers, members,
employees and agents; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) to execute, deliver and perform such contracts, agreements and other undertakings, and to engage in such
activities and transactions as are, in the opinion of the Adviser, necessary and appropriate for the conduct of the business of the Fund
without the act, vote or approval of any other Investors or person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser, in its discretion, and to the extent permitted by applicable law, may use brokers that provide the Fund with research, analysis, advice and similar services to execute portfolio transactions on behalf of the Fund, and the Adviser may pay to those brokers in return for brokerage and research services a higher commission than may be charged by other brokers, subject to the Adviser's good faith determination that such commission is reasonable in terms of either the particular transaction or the overall responsibility of the Adviser to the Fund and its other clients, and that the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term. Should the Adviser simultaneously place orders to purchase or sell the same security on behalf of the Fund and one or more other accounts advised by the Adviser, such orders will be allocated as to price and amount among all such accounts in a manner believed to be equitable to each account. The Fund recognizes that in some cases this procedure may adversely affect the results obtained for the Fund. To the extent that the Adviser delegates to one or more investment sub-advisers the provision of certain investment advisory and portfolio management services and/or management of the Fund's assets or a portion thereof as provided for in Section 2(a)(2) hereof, the Adviser does not anticipate using the discretion provided for in this Section 2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser agrees to provide certain management and administrative services to the Fund. These services shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) provision of administrative and secretarial, clerical and other personnel as necessary to provide the
services required to be provided under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) general supervision of the entities which are retained by the Fund to provide administration, accounting,
transfer agency, custody, escrow, audit and other services to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) handling Investor inquiries regarding the Fund and providing Investors with information concerning their
investment in the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) monitoring relations and communications between Investors and the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) overseeing the drafting and updating of disclosure documents relating to the Fund and assisting in preparing
and providing offering materials to Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) overseeing the maintenance and updating of Investor information, such as change of address;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) overseeing the distribution and acceptance of Investor Certifications (as defined in the Fund's Prospectus)
and confirming the receipt of such Investor Certifications and funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) issuing instruments certifying Investor ownership of Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) monitoring compliance with regulatory requirements and with the Fund's investment objective, policies
and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) coordinating and organizing meetings of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) preparing materials and reports for use in connection with meetings of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) maintaining and preserving those books and records of the Fund not maintained by any investment sub-advisers or the Fund's administrator
(which books and records shall be the property of the Fund and shall be surrendered to the Fund promptly upon request; *provided, however*,
that the Adviser may retain copies of the Fund's books and records);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) overseeing the preparation of and filing of any required tax or information returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) reviewing and approving all regulatory filings required under applicable law.

Notwithstanding the appointment of the Adviser to provide services hereunder, the Board shall remain responsible for supervising the management, business and affairs of the Fund.

3. <u>Services Not Exclusive</u>. The services furnished by the Adviser hereunder are not to be deemed exclusive and the Adviser shall be free to furnish similar services to others. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of the Adviser or its affiliates, who also may be a Director, officer or employee of the Fund, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar or dissimilar nature.

4. <u>Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, the Fund will bear all expenses incurred in the business of the Fund, other than those not specifically assumed by the Adviser and other service providers pursuant to their agreements with the Fund. Expenses to be borne by the Fund will include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) all expenses related to the Fund's investment program, including, but not limited to: (i) all costs and expenses directly related to portfolio transactions and positions for the Fund's account, and enforcing the Fund's rights in respect of such investments; (ii) transfer taxes and premiums; (iii) taxes withheld on non-U.S. dividends or other non-U.S. source income; (iv) fees for data, software and technology providers; (v) professional fees (including, without limitation, the fees and expenses of consultants, attorneys and experts); and (vii) if applicable, brokerage commissions, interest and commitment fees on loans and debit balances, borrowing charges on securities sold short, dividends on securities sold but not yet purchased and margin fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Management Fee (as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any incentive or performance fees or allocations paid to an investment sub-adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any distribution or servicing fee, as described in the Fund's Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) all costs and expenses associated with the organization and initial registration of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) all costs and expenses associated with the operation and ongoing registration of the Fund, including,
without limitation, all costs and expenses associated with repurchase offers, offering costs and the costs of compliance with any applicable
federal, state or non-U.S. laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) the fees of the Directors who are not "interested persons" (as defined in the 1940 Act) of the
Fund (the "Independent Directors") and the fees and expenses of independent counsel thereto, and the costs and expenses of holding
any meetings of the Investors or the Board, its committees or the Independent Directors that are permitted or required to be held under
the terms of the Fund's Limited Liability Company Agreement, as may be amended or amended and restated from time to time, the 1940 Act
or other applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) a portion, as determined by the Board, of the compensation payable to the Fund's chief compliance officer,
and expenses attributable to implementing the Fund's compliance program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) the fees and expenses of performing research, risk analysis and due diligence, including third party background
checks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) the fees and disbursements of any attorneys, accountants, independent registered public accounting firms
and other consultants and professionals engaged on behalf of the Fund or the Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) a portion, as approved by the Board, of the costs of a fidelity bond and any liability or other insurance
obtained on behalf of the Fund, the Adviser, the Directors or the officers of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) recordkeeping, custody and transfer agency fees and expenses of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) the fees and expenses of other service providers to the Fund, including depositaries (such as The Depository
Trust & Clearing Corporation and National Securities Clearing Corporation), and other persons providing administrative services to
the Fund, including the Fund's administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) all costs and expenses of preparing, setting in type, printing and distributing reports and other Fund
communications to Investors, whether for regulatory or some other purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) all expenses of computing the Fund's net asset value, including any equipment or services obtained for
the purpose of valuing the Fund's investment portfolio, including appraisal and valuation services provided by third parties engaged by
or on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) all charges for equipment or services used for communications between the Fund and any custodian, administrator
or other agent engaged by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) any extraordinary expenses, that is, those incurred outside of the ordinary course of business, including,
without limitation, litigation or indemnification expenses and costs incurred in connection with holding and/or soliciting proxies for
a meeting of Investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) all taxes to which the Fund may be subject, directly or indirectly, and whether in the U.S., any state
thereof or any other U.S. or non-U.S. jurisdictions, including excise taxes on undistributed income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) a portion of expenses associated with personnel of the Adviser or its affiliates providing legal services
to the Fund (including, without limitation, the review and updating of the registration statement, review of Investor reports, preparing
materials relating to Board and Investor meetings, the negotiation of service provider agreements and other contracts for the Fund and
the preparation and review of various regulatory filings for the Fund) and producing regulatory materials (including, without limitation,
the production and formatting of Investor reports and offering documents for the Fund); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) such other types of expenses as may be approved from time to time by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The payment or assumption by the Adviser of any expenses of the Fund that the Adviser is not required by this Agreement to pay or assume shall not obligate the Adviser to pay or assume the same or any similar expense of the Fund on any subsequent occasion, and the Adviser shall be reimbursed for any advance payment made on behalf of the Fund upon the request of the Adviser.

5. <u>Compensation</u>. The Fund will pay the Adviser a fee (the "Management Fee") computed and payable monthly in arrears, at the annual rate of 1.25% of the Fund's net asset value. For purposes of determining the Management Fee payable to the Adviser for any month, "net asset value" means the total value of all assets of the Fund as of the end of such month, less an amount equal to all accrued debts, liabilities and obligations of the Fund as of such date, and calculated before giving effect to any repurchase of Units on such date and before any reduction for any fees (including distribution and servicing fees and any incentive or performance fees or allocations) and expenses of the Fund. The Management Fee will be prorated for any period of less than a month based on the number of days in such period.

6. <u>Limitation of Liability of the Adviser</u>. The Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund or any Investors in connection with the matters to which this Agreement relates, except to the extent that such a loss results from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement. Any person, even though also an officer, director, employee, or agent of the Adviser or its affiliates, who may be or become an officer, Director, employee or agent of the Fund, shall be deemed, when rendering services to the Fund or acting with respect to any business of the Fund, to be rendering such service to or acting solely for the Fund and not as an officer, director, employee, or agent or one under the control or direction of the Adviser even though compensated by it.

7. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund will indemnify the Adviser and its affiliates, and each of their respective members, directors, officers and employees and any of their affiliated persons, executors, heirs, assigns, successors or other legal representatives (each an "Indemnified Person") against any and all costs, losses, claims, damages or liabilities, joint or several, including, without limitation, reasonable attorneys' fees and disbursements, resulting in any way from the performance or non-performance of any Indemnified Person's duties in respect of the Fund, except those resulting from the willful misfeasance, bad faith or gross negligence of an Indemnified Person or the Indemnified Person's reckless disregard of such duties and, in the case of criminal proceedings, unless such Indemnified Person had reasonable cause to believe its actions unlawful (collectively, "disabling conduct"). Indemnification shall be made following: (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the Indemnified Person was not liable by reason of disabling conduct or (ii) a reasonable determination, based upon a review of the facts and reached by (A) the vote of a majority of the Directors who are not

parties to the proceeding or (B) legal counsel selected by a vote of a majority of the Board in a written opinion, that the Indemnified Person is entitled to indemnification hereunder. The Fund shall advance to an Indemnified Person reasonable attorneys' fees and other costs and expenses incurred in connection with the defense of any action or proceeding arising out of such performance or non-performance. The Adviser agrees, and each other Indemnified Person will be required to agree as a condition to any such advance, that if one of the foregoing parties receives any such advance, the party will reimburse the Fund for such fees, costs and expenses to the extent that it shall be determined that the party was not entitled to indemnification under this Paragraph 7. The rights of indemnification provided hereunder shall not be exclusive of or affect any other rights to which any person may be entitled by contract or otherwise under law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any of the foregoing, the provisions of this Paragraph 7 shall not be construed so as to relieve the Indemnified Person of, or provide indemnification with respect to, any liability (including liability under federal securities laws, which, under certain circumstances, impose liability even on persons who act in good faith) to the extent (but only to the extent) that such liability may not be waived, limited or modified under applicable law or that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the provisions of this Paragraph 7 to the fullest extent permitted by law. The provisions of this Paragraph 7 shall survive the termination or cancellation of this Agreement.

8. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will become effective on the Closing Date, provided that this Agreement will not take effect unless it has first been approved (i) by a vote of a majority of those Directors who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any party to this Agreement, cast in person at a meeting (or as otherwise permitted by applicable law or regulatory relief) called for the purpose of voting on such approval, and (ii) by vote of a majority of the outstanding voting securities of the Fund. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date of effectiveness. Thereafter, if not terminated, this Agreement shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of those Directors who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any party to this Agreement, cast in person at a meeting (or as otherwise permitted by applicable law or regulatory relief) called for the purpose of voting on such approval, and (ii) by the Board or by vote of a majority of the outstanding voting securities of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any penalty, by vote of the Board or by a vote of a majority of the Fund's outstanding voting securities on 60 days' written notice to the Adviser or by the Adviser at any time, without the payment of any penalty, on 60 days' written notice to the Fund. This Agreement will automatically terminate in the event of its assignment.

9. <u>Use of Name</u>. The Fund agrees that the names "Central Park Group" and "CPG" are owned by Central Park or an affiliate of Central Park and that, at the Adviser's request, it will take all necessary action to change the name of the Fund to a name not including "Central Park Group" or "CPG" in any form or combination within 10 days of the Adviser's request, that the Fund's failure to do so is not compensable by monetary damages and that the Adviser shall be entitled to equitable relief to enforce the Fund's obligation hereunder. The provisions of this Paragraph 9 shall survive the termination or cancellation of this Agreement.

10. <u>Amendment of this Agreement</u>. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought.

11. <u>Governing Law</u>. This Agreement shall be construed in accordance with the laws of the State of New York, without giving effect to the conflicts of laws principles thereof, and in accordance with the 1940 Act. To the extent that the applicable laws of the State of New York conflict with the applicable provisions of the 1940 Act, the latter shall control.

12. <u>Miscellaneous</u>. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "national securities exchange," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the Securities and Exchange Commission by any rule, regulation or order. Where the effect of a requirement of the 1940 Act reflected in any provision of this contract is relaxed by a rule, regulation or order of the Securities and Exchange Commission, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

*[Remainder of Page Intentionally Blank]*

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated as of the day and year first above written.

---

| | |
|:---|:---|
| CENTRAL PARK ADVISERS, LLC | CENTRAL PARK ADVISERS, LLC |
| By: | /s/ MICHAEL MASCIS |
|  | Name: Michael Mascis<br> Title: Principal Accounting Officer |
| CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC | CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC |
| By: | /s/ MICHAEL MASCIS |
|  | Name: Michael Mascis<br> Title: Principal Accounting Officer |

---

## Ex-99.(G)(2)

**Exhibit 99.(g)(2)**

**SUB-ADVISORY AGREEMENT**

AGREEMENT, made as of March 11, 2022, among CENTRAL PARK ADVISERS, LLC, a Delaware limited liability company (the "Adviser"), SELECT EQUITY GROUP, L.P., a Delaware limited partnership ("Sub-Adviser"), and, solely with respect to Section 7 and Exhibit A, CPG Cooper Square International Equity, LLC (the "Fund").

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

WHEREAS, the Adviser has served as the investment adviser of the Fund since the commencement of the Fund's investment operations (the "Commencement Date"), pursuant to an Investment Advisory Agreement between the Fund and the Adviser, made as of August 21, 2020, as revised September 21, 2020 (the "Prior Investment Advisory Agreement");

WHEREAS, the Sub-Adviser has served as the sole investment sub-adviser of the Fund since the Commencement Date, pursuant to a Sub-Advisory Agreement among the Adviser, the Sub-Adviser and the Fund made as of August 21, 2020, as revised September 21, 2020 (together with the Prior Investment Advisory Agreement, the "Prior Agreements");

WHEREAS, on October 21, 2021, Central Park Group, LLC ("Central Park"), the parent company of the Adviser, entered into a purchase agreement with Macquarie Management Holdings, Inc. ("Macquarie") pursuant to which Macquarie has agreed to acquire Central Park, subject to the satisfaction of certain customary closing conditions (the "Transaction"), which will constitute an assignment of the Prior Agreements and cause the Prior Agreements to terminate automatically in accordance with their terms, as required by applicable law, upon the closing of the Transaction (the "Closing Date");

WHEREAS, the Fund has retained the Adviser to serve as investment adviser of the Fund pursuant to a new Investment Advisory Agreement between the Adviser and the Fund to be effective as of the Closing Date (the "Investment Advisory Agreement");

WHEREAS, the Adviser has the authority under the Investment Advisory Agreement to delegate, in compliance with applicable law, to one or more investment sub-advisers any of the duties enumerated in the Investment Advisory Agreement; provided, that, in each case, the Adviser will continue to oversee the services provided by such sub-adviser and its employees and any such delegation will not relieve the Adviser of any of its obligations under the Investment Advisory Agreement;

WHEREAS, the Adviser wishes to continue to engage the Sub-Adviser as the sole investment sub-adviser of the Fund after the Closing Date; and

WHEREAS, the Sub-Adviser is willing to continue to furnish certain investment advisory and portfolio management services pursuant to this Agreement.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment</u>. The Adviser hereby appoints the Sub-Adviser to act as investment sub-adviser to the Fund on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, on the terms stated in this Agreement and for the compensation stated on Exhibit A to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties as Sub- Adviser</u>. Subject to the general supervision of (i) the Fund's Board of Directors (the "Board") and (ii) the Adviser, the Sub-Adviser shall manage the investment operations and the composition of the portfolio securities and investments, including cash, of the Fund (collectively, the "Assets"), including the purchase, retention and disposition thereof and agreements relating thereto, in accordance with the Fund's investment objective and policies as stated in the Fund's Prospectus (as defined in Section 5(e) of this Agreement) and subject to the following understandings:

&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 Sub-Adviser shall furnish a continuous investment program for the Assets of the Fund's portfolio and determine from time to time which investments and securities will be purchased, retained, sold (including sold short) or lent by the Fund, whether, when and to what extent the Fund will engage in borrowing from banks or other financial institutions for investment purposes and which portion of the assets will be invested or held uninvested as cash or cash equivalents and shall communicate as provided in this Agreement in a timely manner all such transactions to the Adviser and custodian or such depositories designated in advance by the Fund or the Adviser.

&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) The Sub-Adviser may lend securities from the Fund's portfolio in connection with short sales or other portfolio investment techniques. The Sub-Adviser is not, and shall not be, required to manage a securities lending program for the Fund and no such securities lending program will be implemented for the Fund without the written consent of the Sub-Adviser.

&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 Sub-Adviser, in the performance of its duties and obligations under this Agreement, shall act in conformity with the Fund's Governing Documents (as defined below) and with the policies adopted by the Board in respect of the Fund, provided such documents and any amendments thereto have been delivered to the Sub-Adviser in accordance with Section 5 below. The Adviser shall take reasonable steps to ensure that the operations of the Fund will conform to and comply with the requirements of the 1940 Act and all other applicable federal and state laws and regulations, provided, that the Sub-Adviser shall take reasonable steps to ensure that transactions effected by the Sub-Adviser for the account of the Fund will not violate the requirements of the 1940 Act and will comply with the requirements relating to investments generating qualifying income and asset diversification applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code").

&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 Adviser has claimed an exclusion from registration as a "commodity pool operator" with respect to the Fund under the Regulation 4.5 of the Commodities Exchange Act (the "CEA") and rely on the exemption in Regulation 4.14(a)(8) of the CEA to provide commodity interest trading advice to the Fund. The Sub-Adviser shall not manage the Assets in a manner that would cause the Adviser to not qualify for such exclusions until otherwise approved by the Adviser in writing.

&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) The Sub-Adviser shall determine the Assets to be purchased, sold or lent by the Fund and as agent for the Fund will effect portfolio transactions pursuant to its determinations either directly with the issuer or with any broker and/or dealer in such securities; in placing orders with brokers and/or dealers the Sub-Adviser intends to seek best price and execution for purchases and sales, except to the extent it may be permitted to pay higher brokerage commissions for brokerage and research services as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser may cause the Fund to allocate brokerage to broker-dealers that provide the Sub-Adviser with research and other services, even though such brokers or dealers may charge commissions that exceed those other broker-dealers may have charged for the same transactions, provided (i) the Sub-Adviser determines in good faith that the commission is reasonable in relation to the value of the brokerage and/or research services provided by the broker-dealer, viewed in terms of either the particular transaction or the Sub-Adviser's overall responsibilities with respect to the Fund and the

other accounts as to which the Sub-Adviser exercises investment discretion, without any requirement to demonstrate that any such factor is of a direct benefit to the Fund, (ii) such commission is paid in compliance with all applicable state and federal laws, including Section 28(e) of the Securities Exchange Act of 1934, as amended, and (iii) in the opinion of the Sub-Adviser, the total commissions paid by the Fund will be reasonable in relation to the benefits to the Fund over the long term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Provided that the relevant materials have been forwarded to the Sub-Adviser in a timely fashion by, or on behalf of, the Fund, the Sub-Adviser shall be responsible for voting proxies and making all other voting and consent determinations with respect to the issuers of securities and other instruments held in the Fund's portfolio in (i) a manner deemed by the Sub-Adviser to be in the best interests of the Fund and (ii) accordance with the Sub-Adviser's proxy voting policies and procedures, a copy of which has been provided to the Adviser. Such authority shall remain in effect unless the Adviser has advised the Sub-Adviser in writing that the right to vote proxies has been expressly reserved to the Adviser or the Fund or otherwise delegated to another party. The Sub-Adviser shall have the power to exercise rights, options, warrants, conversion privileges, and redemption privileges and tender securities pursuant to a tender offer with respect to any Assets held by the Fund. The Adviser shall be responsible for the timely filing of all claims (or otherwise causing the Fund to participate) in class action settlements or similar proceedings in which investors may participate related to securities currently or previously associated with the Fund and shall provide the Sub-Adviser with a copy of any such claim or related document so filed. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other customers, the Sub-Adviser, may, to the extent permitted by applicable laws and regulations, but shall not be obligated to, aggregate the securities to be so sold or purchased in order to obtain the best execution and lower brokerage commissions, if any. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Sub-Adviser in the manner it considers to be the most equitable and consistent with its obligations to the Fund and to such other customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall: (i) provide the Adviser with any information reasonably requested regarding its management of the Assets required for the Prospectus, reports to the Fund's investors or filings with the Securities and Exchange Commission (the "Commission"), and other information reasonably requested by the Adviser; (ii) render to the Board such periodic and special reports as the Board or the Adviser may reasonably request; and (iii) meet with representatives of the Adviser or members of the Board at the reasonable request of the Adviser or the Board for the purpose of reviewing the Sub-Adviser's performance under this Agreement at reasonable times and upon reasonable advance notice.

&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 Sub-Adviser will maintain a written code of ethics (the "Code of Ethics") that complies with the requirements of Rule 17j-1 under the 1940 Act ("Rule 17j-1"), a copy of which will be provided to the Adviser and the Fund, and will institute procedures reasonably necessary to prevent any Access Person (as defined in Rule 17j-1) from violating its Code of Ethics. The Sub-Adviser will follow such Code of Ethics in performing its services under this Agreement. The Sub-Adviser also will certify annually to the Fund that it and its "Advisory Persons" (as defined in Rule 17j-1) have complied materially with the requirements of Rule 17j-1 during the previous period or, if not, explain what the Sub-Adviser has done to seek to ensure such compliance in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Sub-Adviser will promptly notify the Adviser in writing of, in each case prior to, or promptly after, the occurrence of: (i) any actual or, to the extent known, reasonably expected future change in control or management of the Sub-Adviser; (ii) the death, incapacitation or departure of George S. Loening, Chad M. Clark or Matthew C. Pickering from the Sub-Adviser, or the cessation of the active involvement of any of the foregoing persons in the management of the Sub-Adviser or portfolio

management of the Fund; and (iii) any other change in the portfolio manager(s) employed by the Sub-Adviser that are primarily responsible for the day-to-day management of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser will maintain records relating to its portfolio transactions and placing and allocation of brokerage orders for the Fund as are required to be maintained by the Fund under the 1940 Act. The Sub-Adviser shall prepare and maintain, or cause to be prepared and maintained, in such form, for such periods and in such locations as may be required by applicable law, all documents and records relating to the services provided by the Sub-Adviser pursuant to this Sub-Advisory Agreement required to be prepared and maintained by the Sub-Adviser pursuant to applicable law. To the extent required by law, the books and records pertaining to the Fund, which are in possession of the Sub-Adviser, shall be the property of the Fund; *provided, however*, that the Sub-Adviser may retain copies of the Fund's books and records at its own cost. Upon the reasonable advance notice of the Adviser or the Fund, copies of any such books and records shall be provided promptly by the Sub-Adviser to the Adviser and the Fund, or their respective designated representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Upon request, and in accordance with the scope of its obligations and responsibilities contained in this Agreement, Sub-Adviser will provide reasonable certifications and documentation to the Adviser in connection with the Fund's compliance with applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and regulations thereunder, and Rule 38a-1 under the 1940 Act. Such assistance shall include, but not be limited to: (i) providing, upon the request of the Fund's Chief Compliance Officer, copies of the Sub-Adviser's compliance policies and procedures, and a summary thereof; (ii) certifying quarterly, or more frequently upon reasonable request, that the Sub-Adviser's compliance program adopted pursuant to Rule 206(4)-7 under the Investment Advisers Act of 1940, as amended (the "Advisers Act") is 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 Sub-Adviser is obligated to provide to the Fund and is operating effectively; (iii) providing the Fund's Chief Compliance Officer with direct access to the Sub-Adviser's compliance personnel as reasonably requested; (iv) providing the Fund's Chief Compliance Officer with such periodic reports as reasonably requested and in a form satisfactory to the Adviser and the Sub-Adviser; and (vi) promptly providing the Fund's Chief Compliance Officer with a written report in the event of any material compliance violations in respect of the Fund. Upon request, the Sub-Adviser will provide certifications to the Fund, in a form satisfactory to the Fund and the Sub-Adviser, to be relied upon by the Fund's officers certifying the Fund's periodic reports on Form N-CSR pursuant to Rule 30a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Sub-Adviser has provided to the Adviser prior to the execution of this Agreement, and the Adviser has acknowledged receipt of, all accounts, books, internal working papers and any other records or documents that are necessary to form the basis for or demonstrate the calculation of any historical performance or rate of return data previously furnished to the Adviser or its affiliates, for each month, quarter and year from the earliest date until the date hereof and, within five days following the request of the Adviser, will provide such materials with respect to monthly, quarterly and annual periods commencing hereafter.

&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) In connection with any purchase and sale of securities or other instruments for the Fund, the Sub-Adviser will arrange for the transmission to the custodian for the Fund (the "Custodian") on a daily basis such confirmation, trade tickets, and other documents and information, including, but not limited to, CUSIP, Sedol, or other numbers that identify the securities or other instruments to be purchased or sold on behalf of the Fund, as may be reasonably necessary to enable the Custodian to perform its custodial, administrative and recordkeeping responsibilities with respect to the Fund. The parties acknowledge that the Sub-Adviser is not a custodian of the Fund's assets and will not take possession or custody of the Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The Sub-Adviser will assist the Custodian, administrator or similar party designated by the Adviser in assessing the fair value of securities or other instruments held in the Fund's portfolio for which market quotations are not readily available or for which the Adviser or the Board has otherwise determined to fair value such portfolio holdings. Notwithstanding the foregoing, the Adviser acknowledges and agrees that Sub-Adviser is not a pricing vendor for the Fund, the Sub-Adviser agrees to provide pricing information solely as an accommodation for the Fund, to the extent legally and contractually permissible, and the Sub-Adviser does not have any responsibility for determining the price of any security held by the Fund or calculating the Fund's net asset value. The Sub-Adviser shall not be liable for any damages or losses resulting from prices for which the Sub-Adviser provides assistance in obtaining a valuation, or for which it makes a recommendation, except to the extent that the Sub-Adviser knew or had reason to know that the information provided by the Sub-Adviser was incorrect or unreliable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) The Sub-Adviser will provide reasonable assistance to Adviser in respect of the Adviser's marketing efforts, provided that Sub-Adviser shall not be required to take any action that would render it an underwriter, broker or dealer in respect of the Fund or its securities. The Sub-Adviser's International Long/Short Equity team agrees to meet by conference call once quarterly with the Adviser to discuss the Fund's performance and outlook. For all quarterly calls, at least one investment team member will participate. A senior member of the Sub-Adviser's International Long/Short Equity team will participate in these quarterly calls as his schedule allows. In addition, the Sub-Adviser agrees to prepare and to deliver to the Adviser no later than 45-60 days after the end of each fiscal quarter a quarterly investment letter for the Fund. A member of the Sub-Adviser's International Long/Short Equity team shall make commercially reasonable attempts to attend Board meetings no less than quarterly or upon reasonable request after prior notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The Sub-Adviser represents and covenants that, for the period beginning as of the Commencement Date and ending on the fourth anniversary of the Commencement Date, subject to fiduciary duties, it will make a good faith effort to accept investment management authority for at least $1 billion in Fund assets, which may be utilized at any time, and from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Services Not Exclusive</u>. The investment management services of the Sub-Adviser to the Fund under this Agreement are not to be deemed exclusive, and the Sub-Adviser shall be free to render similar services to others; *provided, however*, that, except with the Adviser's prior written consent, the Sub-Adviser shall not enter into any agreement to utilize the Sub-Adviser's International Long/Short Strategy, as described in the Sub-Adviser's then current Form ADV, to manage, advise or sub-advise assets of any other U.S. closed-end registered investment company. Notwithstanding anything in this section to the contrary, in the event that the net assets raised by the Fund as of the fourth anniversary of the Commencement Date do not exceed $200 million, the terms of exclusivity rights granted in this section will no longer apply and the Sub-Adviser shall be permitted to make the International Long/Short Strategy available to other U.S. closed-end registered investment companies; provided, however, that, any monies, commitments or assets of the Sub-Adviser invested in the Fund shall be disregarded in calculating such $200 million threshold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Use of Name</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 Sub-Adviser shall have no rights relating to the Fund's name or in the name "Central Park Group", "Central Park Advisers", "Central Park" or "CPG" as it is used in connection with investment products, services or otherwise, and the Sub-Adviser will make no use of such names without the express written consent of the Fund or the Adviser, as the case may be; provided that notwithstanding anything in this Agreement to the contrary, the Sub-Adviser shall be entitled to, solely to the extent necessary to perform its services for the Adviser and the Fund pursuant to and in accordance with this Agreement during the term of this Agreement, (i) use the Fund's name and the name "Central Park

Advisers" in Form ADV or any other document required to be filed with any governmental agency or self-regulatory organization, and (ii) give the Fund's name to brokers and other third parties providing services to the Fund. The Sub-Adviser shall also be permitted to identify the Fund (A) on the Sub-Adviser's client list and marketing materials, subject to the prior review and approval of the Fund or the Adviser with respect to marketing materials produced for client use (*i.e.*, materials that are required to be filed with the Financial Industry Regulatory Authority ("FINRA")), which shall not be unreasonably withheld, conditioned or delayed and (B) to the extent necessary to perform its obligations under and in accordance with this Agreement. Nothing in this Agreement shall prevent the Sub-Adviser from (i) using the Fund's performance in calculating composite performance or (ii) otherwise publicizing the performance of the Fund as achieved by the Sub-Adviser where the Fund and the Adviser are not specifically identified.

&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) Neither the Adviser nor the Fund shall have any rights relating to the name of the Sub-Adviser or "Cooper Square" or any derivation thereof and will make no use of such name without the express written consent of the Sub-Adviser; provided that notwithstanding anything in this Agreement to the contrary, the Sub-Adviser hereby grants to the Fund and the Adviser a limited, non-exclusive, worldwide license to use the name of the Sub-Adviser or "Cooper Square", or any derivation thereof (i) in the Prospectus, including any draft Prospectus or amendment thereto, as well as other informational materials, correspondence or conversations relating to the Fund, including, without limitation, any brochure or other marketing materials, subject to the prior review and approval of Sub-Adviser with respect to marketing materials produced for client use (*i.e.*, materials that are required to be filed with FINRA), which shall not be unreasonably withheld, conditioned or delayed, and (ii) in any regulatory correspondence with respect to the Fund with the Commission or any other applicable regulatory institution with competent jurisdiction over the Fund. The Sub-Adviser represents and warrants that it has all necessary rights, title and interest necessary to grant the foregoing license and that the uses set forth in this Section 4(b) will not infringe any third party's intellectual property rights. In the event the Sub-Adviser ceases to serve as sub-adviser to the Fund, the Fund shall remove all references to the Sub-Adviser, "Cooper Square" or any derivation thereof in the Prospectus or any marketing or other informational material within 120 days, provided that the Fund may continue reference to the Sub-Adviser as a prior sub-adviser to the Fund or reference "Cooper Square" in the Fund's former name, in each case, as required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Adviser and the Sub-Adviser represents, warrants and covenants that it will not make, or cause or allow any of its affiliates to make, any oral or written statement to any third party that disparages, defames, or is intended to reflect adversely upon the Fund, the Adviser or the Sub-Adviser, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Governing Documents</u>. The Adviser has delivered, or will deliver prior to the Closing Date, copies of each of the following documents (collectively, the "Governing Documents") to the Sub-

Adviser and will promptly notify and deliver to the Sub-Adviser all future amendments and supplements, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Certificate of Formation of the Fund and all amendments thereto;

&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) Limited Liability Company Agreement of the Fund and all amendments thereto or amendments and restatements 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) Certified resolutions of the Board authorizing the appointment of the Sub-Adviser and the Adviser and approving this Agreement and the Investment Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Fund's Registration Statement under the 1940 Act and the Securities Act of 1933, as amended (the "Securities Act"), on Form N-2 (the "Registration Statement") as filed with the Commission, and all amendments and supplements thereto; 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;(e) Prospectus and Statement of Additional Information of the Fund (such prospectus and statement of information, as in effect as of the Closing Date and as amended or supplemented with respect to the Fund from time to time, together herein are referred to as the "Prospectus").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Sub-Adviser shall not be responsible for compliance with any change or supplement to a Governing Document until five business days following the Sub-Adviser's notice thereof; *provided, however*, that if the change or supplement to a Governing Document is, based on the advice of Fund counsel, required to address a regulatory or compliance matter, the Sub-Adviser shall be responsible for compliance with such change or supplement promptly following the Sub-Adviser's notice thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses</u>. The Sub-Adviser shall be responsible solely for the expenses of its investment professionals and staff performing services for the Fund, including any consultants or other professionals hired by the Sub-Adviser in order to perform services for the Fund. For the avoidance of doubt, it is acknowledged and agreed that in no event will the Sub-Adviser be responsible for payment of any fee, expense, commission, tax or other cost or remuneration incurred by the Fund, except to the extent otherwise agreed to in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Compensation</u>. For the services provided and the expenses borne pursuant to this Agreement, the Sub-Adviser will be paid as full compensation therefor the fee set forth on <u>Exhibit A</u> hereto. The Adviser and the Fund shall seek to ensure that units of limited liability company interests in the Fund ("Units") are sold only to "qualified clients" (as such term is defined in Rule 205-3 under the Advisers Act). The Fund and the Adviser shall be deemed to have fulfilled the foregoing responsibility by their reasonable and diligent review or the reasonable and diligent review by a Fund service provider or a selling agent of reasonably detailed and completed investor certifications to the effect that the prospective investor is a "qualified client" within the meaning of Rule 205-3 under the Advisers Act. For the avoidance of doubt, the form of investor certification included in the Prospectus shall be deemed "reasonably detailed."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. [RESERVED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Standard of Care; Limitation of Liability of the Sub-Adviser</u>. The Sub-Adviser shall use the same skill and care in the management of the Assets as it uses in the investment management of other accounts with similar characteristics for which it has investment responsibility as adviser or sub-adviser. The Sub-Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund or the Adviser in connection with the matters to which this Agreement relates, except a loss, damage, cost or expense directly arising from a breach of fiduciary duty owed to the Fund as a result of

this Agreement or a loss, damage, cost or expense resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser shall indemnify the Sub-Adviser and each of its partners, members, officers, and employees, and each person, if any, who controls the Sub-Adviser within the meaning of Section 15 of the Securities Act ("Sub-Adviser Persons"), against, and hold them harmless from, any and all losses, claims, damages, liabilities, costs and expenses (including, without limitation, reasonable and documented attorneys' and accountants' fees and disbursements) (collectively, "Losses") asserted or threatened to be asserted by any person in so far as such Losses (or actions with respect thereto) arise out of or are based upon (i) any material breach of any of the representations, warranties, covenants or obligations of the Adviser with respect to this Agreement; (ii) any material breach of any of the representations, warranties, covenants or obligations of the Adviser with respect to the Investment Advisory Agreement; (iii) the bad faith, willful misconduct or gross negligence by the Adviser in the performance of its duties under this Agreement or the Investment Advisory Agreement or reckless disregard of obligations or duties hereunder or under the Investment Advisory Agreement; or (iv) any untrue statement of a material fact contained in the Prospectus, the Registration Statement, any proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund or the omission to state therein a material fact known to the Fund or the Adviser that was required to be stated therein or necessary to make the statements therein not misleading, except to the extent such untrue statement or omission (i) was made in reliance upon information furnished to the Adviser or the Fund by the Sub-Adviser specifically for use therein and such information was reproduced without alteration in the form provided by the Sub-Adviser and used in the context in which it was given or otherwise approved in writing by the Sub-Adviser, or (ii) is "Sub-Adviser Information." "Sub-Adviser Information" shall mean disclosures made concerning: (i) the Sub-Adviser; (ii) the Sub-Adviser's International Long/Short Strategy; (iii) the investment performance or rate of return of the Sub-Adviser's advisory accounts, in each case that has been approved in writing by the Sub-Adviser specifically for inclusion in the Prospectus, the Registration Statement, any proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund (the "Fund Materials") or (iv) otherwise provided to, and approved in writing by, Sub-Adviser for inclusion in Fund Materials. Sub-Adviser shall approve or object in writing to the inclusion in the Fund Materials of any materials provided pursuant to clause (iv) of the definition of Sub-Adviser Information in a reasonably prompt manner. To the extent Sub-Adviser does not object to the inclusion of such materials in the Fund Materials within three business days following receipt by Sub-Adviser, such materials shall be deemed to be approved by Sub-Adviser. For the avoidance of doubt, any approvals required by this Section 10(a) may be made via electronic mail.

&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) The Sub-Adviser shall indemnify the Fund, the Adviser and each of their respective partners, members, officers, directors, and employees, and each person, if any, who controls the Fund or the Adviser within the meaning of Section 15 of the Securities Act ("CPG Persons"), against, and hold them harmless from, any and all losses, claims, damages, liabilities, costs and expenses (including, without limitation, reasonable and documented attorneys' and accountants' fees and disbursements) (collectively, "Losses") asserted or threatened to be asserted by any person in so far as such Losses (or actions with respect thereto) arise out of or are based upon (i) any material breach of any of the representations, warranties, covenants or obligations of the Sub-Adviser with respect to this Agreement; (ii) the bad faith, willful misconduct or gross negligence by the Sub-Adviser in the performance of its duties under this Agreement or reckless disregard of obligations or duties hereunder; or (iii) any untrue statement of a material fact contained in the Prospectus, the Registration Statement, any proxy materials, reports, advertisements, sales literature, or other materials pertaining to the Fund or the omission to state therein a material fact known to the Sub-Adviser that was required to be stated therein or

necessary to make the statements therein not misleading to the extent such untrue statement or omission was (i) made in reliance upon information furnished to the Adviser or the Fund by the Sub-Adviser specifically for use in such document and such information was reproduced without alteration in the form provided by the Sub-Adviser and used in the context in which it was given or otherwise approved in writing by the Sub-Adviser or (ii) is Sub-Adviser Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rights of indemnification provided in this section shall not be exclusive of or affect any other rights to which any person may be entitled by contract or otherwise by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Sub-Adviser shall not be responsible for any Losses incurred by the Fund as a direct or indirect result of circumstances beyond the Sub-Adviser's control, including without limitation acts of God, earthquakes, fires, floods, storms, wars, acts of terrorism, pandemics, acts of civil or military authorities, governmental actions, or power outages.

&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) Neither party to this Agreement shall be liable to the other party for consequential damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser and/or the Fund may have rights under U.S. federal or state laws and/or other applicable laws that may not be waived under such laws. Nothing in this Agreement is intended to override provisions of applicable law to the extent such provisions may not be waived or modified by agreement or disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser shall not be deemed to have breached this Agreement or the Governing Documents, or caused the Fund or the Adviser to suffer loses, due to fluctuations in the value or amount of the Assets arising from market movements. For the avoidance of doubt, it is agreed and acknowledged that upon the discovery of a violation of any Governing Document in connection with such market fluctuations, the Sub-Adviser will promptly move the Fund's portfolio into compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. [RESERVED]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Confidentiality</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) Except as expressly authorized in this Agreement or a party's performance of services in accordance with this Agreement or as required by applicable law, regulation or court order, each party hereto and its affiliates (each, for purposes of this section, the "Recipient Party") shall keep confidential and shall not use or disclose, except with the consent of the other party hereto (each, for purposes of this section, the "Disclosing Party"), any and all non-public, proprietary or confidential information concerning the business of the Disclosing Parties and/or their affiliates or investors therein obtained in connection with the services rendered under this Agreement, including, without limitation, Portfolio Information (as defined below) (the "Information"); provided that the Recipient Party may make such disclosure to its directors, officers, partners, members, employees, agents, advisors, service providers, potential financing counterparties or representatives, including legal and compliance personnel (collectively, the "Representatives") who (i) need to know the Information in connection with this Agreement, (ii) have been informed of the confidential nature of such Information and (iii) have been advised that such Information is to be kept confidential and not used for any other purpose. Notwithstanding the foregoing, the Fund, the Adviser and the Sub-Adviser shall be permitted to disclose Portfolio Information consistent with applicable law. The Recipient Party shall be responsible for a breach of this section. Notwithstanding the foregoing, the Sub-Adviser shall be permitted to use Portfolio Information to the extent necessary in calculating and disclosing performance information or for other purposes required by law. The term "Information" will not include information that (i) is or becomes publicly available other than as a result of a disclosure by the Recipient Party in violation of this section,

(ii) is or becomes available to the Recipient Party or its Representatives from a source other than the Disclosing Party, which source, to the knowledge of the Recipient Party or its Representatives, does not have an obligation of confidentiality to the Disclosing Party with respect to such information, (iii) was already in the Recipient Party's possession or the possession of its Representatives prior to receiving such information from the Disclosing Party, or (iv) is developed independently by the Recipient Party or its Representatives without use of the Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As used herein "Portfolio Information" means confidential and proprietary information of the Fund, the Adviser or the Sub-Adviser that is received by a party hereto in connection with this Agreement, and information with regard to the portfolio securities held both long and short, investment activity and characteristics of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the Adviser and the Sub-Adviser agrees that it shall exercise the same standard of care that it uses to protect its own confidential and proprietary information, but no less than reasonable care, to protect the confidentiality of the Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Recipient Party acknowledges the nature of each Disclosing Party's businesses and the efforts the Disclosing Parties undertake to develop, preserve and protect their Information and their business and competitive advantage and goodwill. Accordingly, each Recipient Party acknowledges and agrees that the restrictions, limitations and obligations in this section are reasonable and necessary for the protection of the legitimate business interests of the Disclosing Parties and their affiliates. Each Recipient Party also acknowledges that the Disclosing Parties would not have entered into this Agreement unless the Recipient Party agreed to such restrictions, limitations and obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Insurance</u>. Each of the Adviser and the Sub-Adviser agrees to maintain errors and omissions or professional liability insurance coverage in an amount that is reasonable in light of the nature and scope of their business activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Duration and Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement will become effective on the Closing Date, provided that this Agreement will not take effect unless it has first been approved (i) by a vote of a majority of those Directors who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any party to this Agreement, cast in person at a meeting (or as otherwise permitted by applicable law or regulatory relief) called for the purpose of voting on such approval, and (ii) by vote of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act). Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date of effectiveness. Thereafter, if not terminated, this Agreement shall continue automatically for successive one-year periods, provided that such continuance is specifically approved at least annually (i) by a vote of a majority of those Directors who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any party to this Agreement, cast in person at a meeting (or as otherwise permitted by applicable law or regulatory relief) called for the purpose of voting on such approval, and (ii) by the Board or by vote of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any penalty, (i) by the Adviser on 60 days' written notice to the Sub-Adviser, (ii) by vote of the Board or by a vote of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act) on 60 days' written notice to the Sub-Adviser or (iii) by the Sub-Adviser on 90 days' written notice to the Fund and the Adviser. This Agreement will automatically terminate in the event of

its assignment (as defined in the 1940 Act or the Advisers Act) and the Sub-Adviser shall be notified by the Fund and the Adviser, or the Sub-Adviser shall notify the Fund and the Adviser, as applicable, as soon as reasonably practicable and as permissible under applicable law or this Agreement before any such assignment occurs. In addition, notwithstanding anything herein to the contrary, if the Investment Advisory Agreement terminates for any reason, this Agreement shall terminate effective upon the date the Investment Advisory Agreement terminates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Independent Contractor Status; Notice of Change in Partners</u>. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Board from time to time, have no authority to act for or represent the Fund or the Adviser in any way or otherwise be deemed an agent of the Fund or the Adviser. The Sub-Adviser will notify the Adviser of any change in the membership of the Sub-Adviser as required by the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Amendment of this Agreement</u>. This Agreement may be amended by mutual consent, provided that any material amendment hereto shall be approved (a) by vote of a majority of those members of the Board who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any party to this Agreement cast in person at a meeting (or as otherwise permitted by applicable law or regulatory relief) called for the purpose of voting on such amendment, and, to the extent required by law, (b) by vote of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Notices</u>. Notices of any kind to be given to the parties hereto shall be in writing and shall be duly given if (A) mailed or delivered to the Adviser at 500 Fifth Avenue, 31<sup>st</sup> Floor, New York, New York 10110, Attention: Principal Accounting Officer, or at such other address or to such other individual as shall be specified by the Adviser to the Sub-Adviser, or transmitted via electronic mail to legalcompliance@selectequity.com and (B) mailed or delivered to the Sub-Adviser at 380 Lafayette Street New York, New York 10003 Attention: Legal Department, with a copy to Compliance Department at the same address, or at such other address or to such other individual as shall be specified by the Sub-Adviser to the Adviser in writing, or transmitted via electronic mail to SPearlstein@centralparkgroup.com and MMascis@centralparkgroup.com. Notwithstanding the foregoing, all notices given by electronic mail shall be deemed duly given when actually received as evidenced by written confirmation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Representations and Warranties of the Adviser</u>. The Adviser represents, warrants and agrees, on and as of the date hereof, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is duly organized, validly existing, and in good standing as a limited liability company under the laws of the State of Delaware, and is qualified to do business in each jurisdiction in which failure to be so qualified would reasonably be expected to have a material adverse effect upon it.

&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) The execution, delivery and performance by the Adviser of this Agreement and the Investment Advisory Agreement are within its and the Adviser's powers and have been duly authorized by all necessary action, and no action by or in respect of, or filing with, any governmental body, agency or official is required for the execution, delivery and performance of this Agreement or the Investment Advisory Agreement, and the execution, delivery and performance of this Agreement and the Investment Advisory Agreement by the Adviser does not contravene or constitute a material breach or default under (i) any provision of applicable law, rule or regulation applicable to the Adviser, (ii) the Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instruments binding upon the Adviser. Any individuals whose signatures are affixed to this Agreement on behalf of the Adviser have full authority and power to execute this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement and the Investment Advisory Agreement are each enforceable against the Adviser in accordance with its terms, subject as to enforcement to bankruptcy, insolvency, reorganization, arrangement, moratorium, and other similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&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 Adviser is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement or the Investment Advisory Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the best of its knowledge, there are no material pending, threatened, or contemplated actions, suits, proceedings, or investigations before or by any court, governmental, administrative, or self-regulatory body, board of trade, exchange, or arbitration panel to which it or any of its affiliates, is a party or to which it or any of its affiliates or assets are subject, nor has it or any of its affiliates received any notice of an investigation, inquiry, or dispute by any court, governmental, administrative, or self-regulatory body, board of trade, exchange, or arbitration panel regarding any of their respective activities which might reasonably be expected to result in a material adverse change in the Adviser's condition (financial or otherwise) or which might reasonably be expected to impair the Adviser's ability to discharge its obligations under this Agreement or the Adviser's investment management agreement with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser shall provide the Sub-Adviser with a list of each entity that is an "affiliated person", as such term is defined in the 1940 Act, of the Fund and each person that, to the Adviser's knowledge, is an affiliated person of such person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser (i) is registered with the Commission as an investment adviser under the Advisers Act and shall maintain such registration for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by the Investment Advisory Agreement; and (iii) is not presently under investigation by any regulatory agency and does not know of any pending or impending investigation or litigation by any such regulatory agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Adviser has materially met and will seek to continue to materially meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency and will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of a registered investment company pursuant to Section 9 of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If, at any time during the term of this Agreement, the Adviser discovers any fact or omission, or any event or change of circumstances has occurred, which would make any of its representations and warranties herein inaccurate or incomplete in any material respect, it will, to the extent permitted by applicable law or regulatory authority, provide prompt written notification to the Sub-Adviser of such fact, omission, event, or change of circumstance, and the facts related thereto. The Adviser agrees that it will provide prompt notice to the Sub-Adviser in the event that: (i) it makes an assignment for the benefit of creditors, files a voluntary petition in bankruptcy, or is otherwise adjudged bankrupt or insolvent by a court of competent jurisdiction; or (ii) a material event occurs that could reasonably be expected to adversely impact the Adviser's ability to perform this Agreement. The Investment Advisory Agreement permits the Adviser to delegate certain of its duties as investment adviser thereunder to a sub-adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Representations and Warranties of the Sub-Adviser</u>. The Sub-Adviser represents, warrants and agrees, on and as of the date hereof, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized, validly existing, and in good standing as a limited partnership under the laws of the State of Delaware, and is qualified to do business in each jurisdiction in which failure to be so qualified would reasonably be expected to have a material adverse effect upon it.

&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) The execution, delivery and performance by the Sub-Adviser of this Agreement are within its powers and have been duly authorized by all necessary action, and no action by or in respect of, or filing with, any governmental body, agency or official is required for the execution, delivery and performance of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement does not contravene or constitute a material breach or default under (i) any provision of applicable law, rule or regulation applicable to Sub-Adviser, (ii) the Sub-Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instruments binding upon Sub-Adviser. Any individuals whose signatures are affixed to this Agreement on behalf of Sub-Adviser have full authority and power to execute this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement is enforceable against Sub-Adviser in accordance with its terms, subject as to enforcement to bankruptcy, insolvency, reorganization, arrangement, moratorium, and other similar laws of general applicability relating to or affecting creditors' rights and to general equity principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the best of its knowledge, there are no material pending, threatened, or contemplated actions, suits, proceedings, or investigations before or by any court, governmental, administrative, or self-regulatory body, board of trade, exchange, or arbitration panel to which it or any of its affiliates, is a party or to which it or any of its affiliates or assets are subject, nor has it or any of its affiliates received any notice of an investigation, inquiry, or dispute by any court, governmental, administrative, or self-regulatory body, board of trade, exchange, or arbitration panel regarding any of their respective activities which might reasonably be expected to result in a material adverse change in Sub-Adviser's condition (financial or otherwise) or which might reasonably be expected to impair Sub-Adviser's ability to discharge its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; (v) will promptly notify the Adviser of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9 of the 1940 Act or otherwise; and (vi) is not presently under investigation by any regulatory agency and does not know of any pending or impending investigation or litigation by any such regulatory agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If, at any time during the term of this Agreement, Sub-Adviser discovers any fact or omission, or any event or change of circumstances has occurred, which would make any of their representations and warranties herein inaccurate or incomplete in any material respect, it will, to the extent permitted by applicable law or regulatory authority, provide prompt written notification to the Adviser of such fact, omission, event, or change of circumstance, and the facts related thereto. Sub-Adviser agrees that it will provide prompt notice to the Adviser in the event that: (i) it makes an assignment for the benefit of creditors, files a voluntary petition in bankruptcy, or is otherwise adjudged bankrupt or insolvent by a court of competent jurisdiction; or (ii) a material event occurs that could reasonably be expected to adversely impact the Sub-Adviser's ability to perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Sub-Adviser has provided the Adviser with a copy of its Form ADV, which as of the date of this Agreement is its Form ADV most recently filed with the Commission and will furnish a copy of all amendments to the Adviser at least annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser has adopted, maintains and implements written compliance policies and procedures as required by Rule 206(4)-7 under the Advisers 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;(i) The Sub-Adviser has adopted proxy voting policies, a copy of which has been provided to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, all of which together shall for all purposes constitute one agreement, binding on the parties. Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Entire Agreement; Governing Law</u>. This Agreement shall constitute the entire agreement of the parties hereto, and shall be governed by and construed in accordance with the laws of the State of New York, and in accordance with the 1940 Act. To the extent that the applicable laws of the State of New York conflict with the applicable provisions of the 1940 Act, the latter shall control. BY SIGNING THIS AGREEMENT, THE PARTIES CONSENT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND FEDERAL COURTS LOCATED IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Survival</u>. Sections 2(k), 4, 9, 10 and 12 hereof shall survive any expiration or termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Miscellaneous</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 captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemption as may be granted by the Commission by any rule, regulation or order. Where the effect of a requirement of the 1940 Act reflected in any provision of this contract is relaxed by a rule, regulation or order of the Securities and Exchange Commission, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the avoidance of doubt, it is acknowledged and agreed that the Exhibits appended hereto form a part of this Agreement. All defined terms used in this Agreement have the same meanings when used in the Exhibits hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The parties have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, the parties intend that this Agreement be construed as if drafted jointly by the parties and that no presumption or burden of proof arise favoring or disfavoring any party by virtue of the authorship of any of the provisions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Third Party Beneficiaries</u>. The Fund and the Board are expressly made third party beneficiaries of this Agreement with rights to the same extent as if they had been a party to all sections hereto.

*[Remainder of Page Intentionally Blank]*

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers or partners designated below on the day and year first above written.

---

| | |
|:---|:---|
| CENTRAL PARK ADVISERS, LLC | CENTRAL PARK ADVISERS, LLC |
| By: | /s/ MICHAEL MASCIS |
|  | Name: Michael Mascis<br> Title: Principal Accounting Officer |
| SELECT EQUITY GROUP, L.P. | SELECT EQUITY GROUP, L.P. |
| By: | /s/ HANNAH P. DAVIS |
|  | Name: Hannah P. Davis<br> Title: Authorized Signatory |
| CPG Cooper Square International Equity, LLC, solely with respect to Section 7 and Exhibit A | CPG Cooper Square International Equity, LLC, solely with respect to Section 7 and Exhibit A |
| By: | /s/ MICHAEL MASCIS |
|  | Name: Michael Mascis<br> Title: Principal Accounting Officer |

---

**<u>Exhibit A</u>**

In consideration of services rendered pursuant to this Agreement, the Adviser will pay the Sub-Adviser, out of the management fee paid by the Fund to the Adviser, a fee (the "Sub-Advisory Fee") computed and payable monthly in arrears, at the annual rate of 0.75% of the net asset value of the Assets. For purposes of determining the Sub-Advisory Fee payable to the Sub-Adviser for any month, "net asset value" means the total value of the Assets as of the end of such month, less an amount equal to all accrued debts, liabilities and obligations of the Fund as of such date, and calculated before giving effect to any repurchase of Units on such date and before any reduction for any fees (including distribution and servicing fees and the Incentive Fee (defined below)) and expenses of the Fund. The Sub-Advisory Fee will be prorated for any period of less than a month based on the number of days in such period.

Promptly after the end of each fiscal year of the Fund, the Fund will pay to the Sub-Adviser an incentive fee (the "Incentive Fee") in an amount equal to 20% of the amount by which the Fund's Net Profits (as defined below) attributable to each class of Units (a "Class") for all Performance Periods (as defined below) ending within or coterminous with the close of such fiscal year exceed the balance of the Loss Carryforward Account (as defined below) maintained in respect of such Class, without duplication for any Incentive Fee paid by the Fund in respect of such Class during such fiscal year. In the event that a Performance Period ends in connection with the repurchase of Units by the Fund or a dividend or other distribution payable by the Fund, in each case on the date as of which the Fund's net asset value attributable to any Class is calculated for such purpose (each, a "valuation date"), the Incentive Fee also will be determined as if the end of such Performance Period were the end of the Fund's fiscal year; provided that only that portion of the Incentive Fee that is attributable to (i) the Units being repurchased (not taking into account any proceeds from any contemporaneous issuance of Units, by reinvestment of dividends and other distributions or otherwise), or (ii) the dividend or other distribution being paid by the Fund and not being reinvested in Units of the Fund, will be paid to the Sub-Adviser for such Performance Period.

For purposes of determining the Incentive Fee, if any, payable to the Sub-Adviser, the parties will maintain a memorandum account (the "Loss Carryforward Account") with respect to each Class that will have an initial balance of zero upon commencement of the Class's operations and, thereafter, will be credited as of the end of each Performance Period with the amount of any Net Loss (as defined below) of the Fund attributable to such Class for that Performance Period and will be debited with the amount of any Net Profits of the Fund attributable to such Class for that Performance Period, as applicable (provided, however, that the debiting of Net Profits may only reduce a positive balance in the Loss Carryforward Account and may not reduce the balance of the Loss Carryforward Account below zero). The Incentive Fee will be payable for a Performance Period only if and to the extent that the Loss Carryforward Account has a balance of zero.

The balance of the Loss Carryforward Account maintained for a Class, if any, shall be subject to a proportionate reduction in connection with: (i) any dividend or other distribution payable by the Fund in respect of such Class (to the extent such dividends and other distributions paid in respect of such Class are not reinvested in Units of such Class); or (ii) any repurchase by the Fund of Units of such Class. The amount of such reduction shall be that percentage of the then-current balance of the Loss Carryforward Account maintained for a Class determined by dividing (i) the aggregate amount of any dividends and other distributions paid in respect of such Class and not reinvested in Units of such Class, and the dollar amount of any Units of such Class repurchased by the Fund, by (ii) the Net Assets of the Fund attributable to such Class, prior to the reduction of Net Assets for the amount of such unreinvested dividends and other distributions and the dollar amount of Units of such Class repurchased by the Fund. The Loss Carryforward Account shall be maintained with respect to each Class as a whole (rather than for each individual investor).

For purposes of this Agreement, the following definitions apply:

&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) "Net Assets" of a Class shall mean the total value of all assets of the Fund attributable to such Class, less all accrued debts, liabilities and obligations of the Fund attributable to such Class, determined in accordance with the valuation and accounting policies and procedures of the Fund as from time to time in effect. For purposes of determining the Fund's net asset value attributable to any Class, the Incentive Fee will be calculated and accrued on each date that the Fund calculates its net asset value.

&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) "Performance Period" shall mean each 12-month period ending as of the Fund's fiscal year-end (or such other period ending as of the Fund's fiscal year-end in the event the Fund's fiscal year is changed); provided that the period of time from the prior Performance Period-end through the valuation date of (i) a repurchase offer and (ii) a dividend or other distribution also shall constitute a Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "Net Profits" attributable to a Class shall mean the amount by which (a) the Net Assets of the Fund attributable to a Class as of the end of a Performance Period, increased by the dollar amount of Units of such Class repurchased by the Fund during the Performance Period (excluding Units of such Class to be repurchased as of the last day of the Performance Period after the determination of the Incentive Fee) and by the amount of dividends and other distributions paid in respect of Units of such Class during the Performance Period and not reinvested in additional Units of such Class (excluding any dividends and other distributions to be paid as of the last day of the Performance Period), exceeds (b) the Net Assets of the Fund attributable to such Class as of the beginning of the Performance Period, increased by the dollar amount of Units of such Class issued during the Performance Period (excluding any Units of such Class issued in connection with the reinvestment of dividends and other distributions paid by the Fund in respect of such Class).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "Net Loss" attributable to a Class shall mean the amount by which (a) the Net Assets of the Fund attributable to such Class as of the beginning of a Performance Period, increased by the dollar amount of Units of such Class issued during the Performance Period (excluding any Units of such Class issued in connection with the reinvestment of dividends and other distributions paid by the Fund in respect of such Class), exceeds (b) the Net Assets of the Fund attributable to such Class as of the end of the Performance Period, increased by the dollar amount of Units of such Class repurchased by the Fund during the Performance Period (excluding Units of such Class to be repurchased as of the last day of the Performance Period after the determination of the Incentive Fee) and by the amount of dividends and other distributions paid in respect of such Class during the Performance Period and not reinvested in additional Units of such Class (excluding any dividends and other distributions to be paid as of the last day of the Performance Period).

Notwithstanding anything to the contrary herein, in the event of the termination of this Agreement, the Fund will be required to pay an Incentive Fee to the Sub-Adviser calculated in a manner as if such termination date were the end of the Fund's fiscal year.

## Ex-99.(G)(3)

**Exhibit 99.(g)(3)**

CENTRAL PARK ADVISERS, LLC<br> 125 West 55<sup>th</sup> Street<br> New York, New York 10019<br>SELECT eQUITY GROUP, L.P.<br> 380 Lafayette Street<br> New York, New York 10003

January [ ], 2023

CPG Cooper Square International Equity, LLC<br> 125 West 55<sup>th</sup> Street<br> New York, New York 10019

Re: <u>Expense Limitation and Reimbursement Agreement (the "Agreement")</u>

Ladies and Gentlemen:

Each of Central Park Advisers, LLC (the "Investment Adviser") and Select Equity Group, L.P. (the "Sub-Investment Adviser" and, together with the Investment Adviser, the "Advisers"), intending to be legally bound, hereby confirms its agreement as follows in respect of CPG Cooper Square International Equity, LLC (the "Fund"):

The Advisers hereby agree, jointly and severally, to limit the amount of Specified Expenses (as defined below) borne by the Fund to an amount not to exceed 0.60% per annum of the Fund's net assets (the "Expense Cap"). Specified Expenses means all expenses incurred by the Fund, except for: (i) the management fee paid to the Investment Adviser; (ii) the incentive fee paid to the Sub-Investment Adviser; (iii) any distribution or servicing fee paid with respect to certain classes of Units, including the distribution and servicing fee paid by the Fund to Foreside Fund Services, LLC, the Fund's distributor; (iv) brokerage costs; (v) certain transaction-related expenses, including those incurred in connection with effecting short sales; (vi) interest payments; (vii) fees and expenses incurred in connection with a credit facility, if any, obtained by the Fund; (viii) taxes; and (ix) extraordinary expenses (as determined in the sole discretion of the Investment Adviser).

To the extent that Specified Expenses for a month exceed the Expense Cap, the Advisers will reimburse the Fund for expenses to the extent necessary to eliminate such excess (the "Expense Cap Payment"). To the extent that the Advisers bear Specified Expenses, they are permitted to receive reimbursement for any expense amounts previously paid or borne by the Advisers, for a period not to exceed three years from the date on which such expenses were paid or borne by the Advisers, even if such reimbursement occurs after the term of this Agreement, provided that the Specified Expenses have fallen to a level below the Expense Cap and the reimbursement amount does not raise the level of Specified Expenses in the month the reimbursement is being made to a level that exceeds the Expense Cap (the "Expense Cap Reimbursement").

The Advisers' agreement to limit the amount of Specified Expenses, as described above, is entered into for a term beginning on the date of this agreement and ending on January 31, 2024. The proportion of the Expense Cap Payment to be paid by each of the Investment Adviser and the Sub-Investment Adviser,

and the proportion of the Expense Cap Reimbursement each of the Investment Adviser and the Sub-Investment Adviser shall be entitled to, shall be as mutually agreed in writing between the Adviser and the Sub-Adviser from time to time.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| Central Park Advisers, LLC | Central Park Advisers, LLC |
| By: |  |
|  | Name: |
|  | Title: |
| Select Equity Group, L.P. | Select Equity Group, L.P. |
| By: |  |
|  | Name: |
|  | Title: |
| Accepted and Agreed: | Accepted and Agreed: |
| CPG Cooper Square International Equity, LLC | CPG Cooper Square International Equity, LLC |
| By: |  |
|  | Name: |
|  | Title: |

---

## Ex-99.(H)(1)

**Exhibit 99.(h)(1)**

**FORM OF**

**[FUND NAME]**

**[DISTRIBUTION AGREEMENT [***NOTE: FOR 1933 ACT-REGISTERED FUNDS***]**

**[PLACEMENT AGENCY AGREEMENT [***NOTE: FOR PRIVATELY OFFERED FUNDS THAT ARE REGISTERED AS INVESTMENT COMPANIES UNDER THE 1940 ACT***]**

[Distribution Agreement] [Placement Agency Agreement] (the "Agreement") made as of April 1, 2022 by and between [FUND] (the "Fund"), a Delaware limited liability company, and DELAWARE DISTRIBUTORS, L.P. (the "Distributor"), a Delaware limited partnership.

**WITNESSETH**

**WHEREAS**, the Fund is an investment company regulated by Federal and State regulatory bodies, and

**WHEREAS**, the Distributor is engaged in the business of promoting the distribution of the securities of investment companies and, in connection therewith and acting solely as agent for such investment companies and not as principal, advertising, promoting, offering and selling their securities to the public, and

**WHEREAS**, the Fund desires to enter into an agreement with the Distributor as of the date hereof, pursuant to which the Distributor shall serve as the [national distributor] [placement agent] of the interests in the Fund ("Units") on the terms and conditions set forth below.

**NOW, THEREFORE,** the parties hereto, intending to be legally bound hereby, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund hereby engages the Distributor
 to promote the distribution of the Units and, in connection therewith and as agent for the
 Fund and not as principal, to advertise, promote, offer and sell shares of the Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. (a) The Distributor agrees to serve as [distributor] [placement agent]
 of the Units and, as agent for the Fund and not as principal, [to advertise, promote and
 use its best efforts to sell the Units wherever their sale is legal, either through dealers
 or otherwise, in such places and in such manner, as may be mutually determined by the Fund
 and the Distributor from time to time] [to use its best efforts to find qualified applicants
 for purchase of Units] and that comply with: (1) the provisions of this Agreement; (2) all
 applicable laws, rules and regulations, including, without limitation, the Investment Company
 Act of 1940, as amended [the Securities Act of 1933, as amended], all rules and regulations
 promulgated by the Securities and Exchange Commission ("SEC") thereunder; (3)
 the Fund's Limited Liability Company Agreement; (4) instructions received from the
 Directors of the Fund; and (5) the Fund's [Prospectus and

628/821

Statement of Additional Information] [Confidential Memorandum and subscription documents], (collectively, the "Offering Documents").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as may otherwise be agreed to by the
 Fund and noted in this section 2(b), the Distributor will bear all costs and expenses incurred
 by the Distributor in connection with the performance of its obligations under this Agreement.

The Fund will pay all costs incurred in the preparation and filing of the Fund's Registration Statement, including typesetting, the costs incurred in printing and mailing the Offering Documents and any supplements or amendments thereto to its own investors. The Fund will also pay all costs included in preparing, typesetting, printing and mailing all Annual, Semi-Annual and other financial reports to its own investors. The Fund will pay all fees and expenses of its counsel and accountants. The Fund will pay the costs and fees incurred in registering or qualifying the Units with the various states and with the SEC.

The Distributor will pay the costs incurred in printing and mailing copies of the Offering Documents to prospective investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [The Distributor may receive a fee with respect
 to certain classes of Units, pursuant to and as described in the Fund's Rule 12b-1
 Plan. The Distributor shall prepare reports for the Fund's Directors regarding its
 activities under this Agreement as from time to time shall be reasonably requested by the
 Directors, including reports regarding the use of 12b-1 payments received by the Distributor,
 if any.]

[The Distributor shall be entitled to a placement fee of up to [•]% of the amount invested by a prospective investor, or such other amount as may be approved by the Fund's Board, and as consistent with the information in the Offering Documents. [Distributor shall not be entitled to any other fee and shall pay any sub-placement agents out of the placement fee described in this Section 2(c).]]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) The Fund agrees to make available for
 sale by the Fund through the Distributor all or such part of the authorized but unissued
 Units as the Distributor shall require from time to time and, except as provided in Paragraph
 3(b) hereof, the Fund will not sell Units other than through the efforts of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund reserves the right from time to
 time (1) to sell and issue Units other than for cash; (2) to issue Units in exchange for
 substantially all of the assets of any corporation or trust, or in exchange of Units of any
 corporation or trust; (3) to pay stock dividends to its investors, or to pay dividends in
 cash or Units of beneficial interest at the option of its

629/821

investors, or to sell Units of beneficial interest to existing investors to the extent of dividends payable from time to time in cash, or to split up or combine its outstanding Units; (4) to offer Units for cash to its investors as a whole, by the use of transferable rights or otherwise, and to sell and issue Units pursuant to such offers; (5) to act as its own distributor in any jurisdiction in which the Distributor is not registered as a broker-dealer; and (6) to reject any order for Units.

[(c) The offers and sales of Units are to be effected pursuant to exemptions from the registration requirements of the Securities Act of 1933, as amended, pursuant to Section 4(2) thereof and Regulation D thereunder.]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Distributor may, at its expense, select
 and contract with one or more [registered broker-dealers] [sub-placement agents] to perform
 some or all of the services for which it is responsible under this agreement. The Distributor
 will be responsible for paying the compensation, if any, to any such [broker-dealer] [sub-placement
 agent] for its services. The Distributor may terminate the services of any such [broker-dealer]
 [sub-placement agent] at any time in its sole discretion, and shall at such time assume the
 responsibilities of such [broker-dealer] [sub-placement agent] unless or until a replacement
 is selected and approved by the Board of Directors. The Distributor will continue to have
 responsibility for all [distribution-related] [placement-related] services furnished by any
 such [broker-dealer] [sub-placement agent].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Fund represents and warrants the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund has been duly formed and is validly existing as a limited liability
 company in good standing under the laws of the State of Delaware with all requisite power
 and authority, all necessary authorizations, approvals, orders, licenses, certificates and
 permits of and from all governmental regulatory officials and bodies, and all necessary rights,
 licenses and permits from other parties to conduct its business as described in the Offering
 Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund is, or will be at the time it sells
 any Units, a properly registered investment company, and any and all Units to be or which
 may be issued by the Fund have been duly authorized for issuance and sale, and when issued
 and delivered by the Fund, Units will conform to all statements relating thereto contained
 in the Offering Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Agreement do not
 violate the terms of any instrument by which the Fund is bound, nor do they violate any law
 or regulation of any body having jurisdiction over the Fund or its property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The issue and sale of Units, and the execution
 delivery and performance of the Fund's obligations under the Offering Documents, will
 not result in the violation of applicable law.

630/821

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All Offering Documents will be, as of the
 closing date of each sale of Units in respect of which it is used, true, complete and correct
 in all material respects and will not contain any untrue statement of material fact, or omit
 to state a material fact required to be stated in order to make the statements contained
 therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Agreement has been duly authorized,
 executed and delivered by the Fund, and assuming Distributor's
execution hereof, will constitute a valid and binding agreement of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. (a) The
Fund will supply to the Distributor a conformed copy of the Offering Documents and all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund, without expense to the Distributor:

&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) will provide the Distributor such financial
 statements, periodic reports to investors, and other information as may be reasonably requested
 from time to time by the Distributor in connection with the discharge of its duties under
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) will, if an event occurs or a situation arises which, in the opinion
 of counsel to the Fund materially affects the Fund and which should be set forth in an amendment
 or supplement to the Offering Documents in order to make the statements contained in the
 Offering Documents not misleading, notify the Distributor as promptly as practicable and
 furnish the Distributor with copies of an amendment or supplement to the Offering Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Distributor represents and warrants
 the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a limited partnership duly organized
 and existing and in good standing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Agreement has been duly authorized,
 executed and delivered by the Distributor, and assuming the Fund's
execution hereof, will constitute a valid and binding agreement of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The performance by Distributor of its obligations
 under this Agreement does not and will not contravene any provision of its organizational
 documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributor has and will maintain all licenses
 and registrations necessary under applicable law and regulations to provide the services
 required to be provided by Distributor hereunder.

631/821

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Distributor has not and will not solicit
 any offer to buy or offer to sell Units in any manner that would be inconsistent with applicable
 laws and regulations, including the Securities Act of 1933, the Securities Exchange Act of
 1934, the Investment Company Act of 1940, the rules thereunder, the regulations of FINRA,
 or with the procedures for solicitations contemplated by the Offering Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Distributor agrees to submit to the
 Fund, prior to its use, the form of all sales literature, institutional sales material, and
 independently prepared reprints (each as defined below) proposed to be generally disseminated
 by or for the Distributor, all advertisements proposed to be used by the Distributor, all
 sales literature, advertisements, institutional sales material and independently prepared
 reprints (each as defined in Rule 2210 of the Conduct Rules of
FINRA, Inc. ("FINRA") or any successor rule) prepared by or for the Distributor for such dissemination or for use by
others in connection with the sale of the Units, and the form of dealers' sales contract the Distributor intends to use in
connection with sales of the Units. The Distributor also agrees that the Distributor will submit such sales literature and
advertisements to the FINRA, SEC or other regulatory agency as from time to time may be appropriate, considering practices then
current in the industry. The Distributor agrees not to use such form of dealers' sales contract or to use or to permit others
to use such sales literature, advertisements, institutional sales material, or independently prepared reprints, without the written
consent of the Fund if any regulatory agency expresses objection thereto or if the Fund delivers to the Distributor a written
objection thereto. Neither the Distributor nor any dealer or other person is authorized by the Fund to provide any information or
make any representation about the Fund or its Units other than those contained in the Fund's Offering Documents, advertising,
sales literature or institutional sales material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. [The purchase price of each Unit sold hereunder
 shall be the offering price per share mutually agreed upon by the parties hereto and, as
 described in the Fund's Offering Documents, as amended from time to time, determined
in accordance with any applicable provision of law, the provisions of its Limited Liability Company Agreement and Declaration of Fund
and the Conduct Rules of FINRA.]

[The initial offering period for Units shall commence as soon as practicable after the date as of which this Agreement is effective and be closed on such date as may be agreed to by the Fund. Applications for Units and payments by applicants for Units shall be made pursuant to the terms and conditions set forth in the Offering Documents, and such applications shall be subject to acceptance as described in the Offering Documents. If the offering is not completed in accordance with the conditions set forth in the Offering Documents, the Fund may terminate the offering. The Fund may make additional offerings after the initial offering period as may be consistent with the Offering Documents and subject to approval by the Fund's Board of Directors.]

632/821

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The responsibility of the Distributor hereunder
 shall be limited to the promotion of sales of Units. The Distributor shall undertake to promote
 such sales solely as agent of the Fund, and shall not purchase or sell such Units as principal.
 The Distributor is not empowered to approve orders for sales of Units or accept payment for
 such orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The books and records maintained by the
 Distributor shall be the property of the Fund. The Distributor shall prepare, maintain and
 preserve such books and records as required by the 1940 Act and other applicable laws, rules
 and regulations. The Distributor shall surrender such books and records to the Fund, in the
 form in which such books and records have been maintained or preserved, promptly upon receipt
 of instructions from the Fund. The Fund shall have access to such books and records at all
 time during the Distributor's normal business hours. Upon the reasonable request of
 the Fund, copies of any such books and records shall be provided by the Distributor to the
 Fund at the Fund's expense. The Distributor shall assist the Fund, the Fund's
independent auditors, or, upon approval of the Fund, any regulatory body, in any requested review of the Fund's books and records,
and reports by the Distributor or its independent accountants concerning its accounting system and internal auditing controls will be
open to such entities for audit or inspection upon reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Distributor shall maintain at all times
 a program reasonably designed to prevent violations of the federal securities laws (as defined
 in Rule 38a-1 under the 1940 Act) with respect to the services provided, and shall provide
 to the Fund a certification to such effect no less than annually or as otherwise reasonably
 requested by the Fund. The Distributor 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. The Distributor agrees to maintain an anti-money
 laundering program in compliance with Title III of the Uniting and Strengthening America
 by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "USA Patriot Act") and all applicable laws and
regulations promulgated thereunder. At the request of the Fund, the Distributor will supply the Fund with copies of the Distributor's
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;14. The Distributor may
 engage in other business, provided such other business does not interfere with the performance
 by the Distributor of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. The Fund agrees to indemnify, defend and
 hold harmless from the assets of the Fund, the Distributor, its directors, its officers,
 and each person, if any, who controls the Distributor within the meaning of Section 15 of
 the Securities Act of 1933, from and against any and all losses, damages, or liabilities
 to which, jointly or severally, the Distributor or such controlling person may become subject,

633/821

insofar as the losses, damages or liabilities arise out of the performance of the Distributor's duties hereunder, except that the Fund shall not be liable for indemnification of the Distributor or any controlling person thereof for any liability resulting from the willful misfeasance, bad faith, or gross negligence of the Distributor or any controlling person thereof in the performance of the Distributor's duties under this Agreement.

The Distributor agrees to indemnify, defend and hold harmless from the assets of the Distributor, the Fund, its directors, its officers, and each person, if any, who controls the Fund within the meaning of Section 15 of the Securities Act of 1933, from and against any and all such losses, damages, or liabilities to which, jointly or severally, the Fund or such controlling person may become subject, insofar as the losses, damages or liabilities arise out of the performance of the Distributor's duties under this Agreement, but only to the extent such losses, damages, or liabilities are the result of any material action or omission resulting from the willful misfeasance, bad faith or gross negligence of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. Copies of financial reports, Offering Documents,
 as well as demands, notices, requests, consents, waivers, and other communications in writing
 which it may be necessary or desirable for either party to deliver or furnish to the other
 will be duly delivered or furnished, if delivered to such party at its address shown below
 during regular business hours, or if sent to that party by registered mail or overnight mail,
 postage prepaid, in all cases within the time or times herein prescribed, addressed to the
 recipient at 100 Independence, 610 Market Street, Philadelphia, Pennsylvania 19106, or at
 such other address as the Fund or the Distributor may designate in writing and furnish to
 the other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. This Agreement shall not be assigned, as that term is defined in the
 Investment Company Act of 1940, by the Distributor and shall terminate automatically in the
 event of its attempted assignment by the Distributor. This Agreement shall not be assigned
 by the Fund without the written consent of the Distributor signed by its duly authorized
 officers and delivered to the Fund. Except as specifically provided in the indemnification
 provision contained in Paragraph 15 herein, this Agreement and all conditions and provisions
 hereof are for the sole and exclusive benefit of the parties hereto and their legal successors
 and no express or implied provision of this Agreement is intended or shall be construed to
 give any person other than the parties hereto and their legal successors any legal or equitable
 right, remedy or claim under or in respect of this Agreement or any provisions herein contained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. (a) This Agreement shall be executed and become effective as of the date first written above. It shall remain in force for a period of two
years from the date hereof and from year to year thereafter, but only so long as such continuance is specifically approved at least annually
by the Board of Directors.

634/821

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor may also terminate this Agreement
 at any time by giving the Fund written notice of its intention to terminate the Agreement
 at the expiration of three months from the date of delivery of such written notice of intention
 to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund may terminate this Agreement at
 any time on at least thirty days' prior written notice to the Distributor (1) if proceedings
 are commenced by the Distributor or any of its partners for the Distributor's liquidation
 or dissolution or the winding up of the Distributor's affairs; (2) if a receiver or
 trustee of the Distributor or any of its property is appointed and such appointment is not
 vacated within thirty days thereafter; (3) if, due to any action by or before any court or
 any federal or state commission, regulatory body, or administrative agency or other governmental
 body, the Distributor shall be prevented from selling securities in the United States or
 because of any action or conduct on the Distributor's part, sales of the Units are not qualified
for sale. The Fund may also terminate this Agreement at any time upon prior written notice to the Distributor of its intention to so
terminate at the expiration of three months from the date of the delivery of such written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement may be amended only if such amendment is approved (1)
 either by action of the Directors of the Fund or at a meeting of the investors of the Fund
 by the affirmative vote of a majority of the outstanding Units of the Fund; and (2) by a
 majority of the Directors of the Fund who are not interested persons of the Fund and who
 have no direct or indirect financial interest in the operation of this Agreement by vote
 cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The validity, interpretation
 and construction of this Agreement, and of each part hereof, will be governed by the laws
 of the Commonwealth of Pennsylvania.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. In the event any provision of this Agreement
 is determined to be void or unenforceable, such determination shall not affect the remainder
 of the Agreement, which shall continue to be in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. This Agreement is executed by the Fund
 and the obligations hereunder are not binding upon any of the Directors, officers or investors
 of the Fund individually.

---

| |
|:---|
| **DELAWARE DISTRIBUTORS, L.P.** |
| **DELAWARE DISTRIBUTORS, INC.,** |
| **General Partner** |
| By: |
| Name: |
| Title: |

---

635/821

---

| |
|:---|
| **[FUND]** |
| By: |
| Name: |
| Title: |

---

636/821

## Ex-99.(H)(2)

**Exhibit 99.(h)(2)**

**CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC**

**RULE 12B-1 PLAN**

August 21, 2020

This plan (the "Plan") has been adopted in conformity with Rule 12b-1 (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act"), by CPG Cooper Square International Equity, LLC, a Delaware limited liability company (the "Fund"), with respect to each class (each, a "Class") of units of limited liability company interests (the "Units") listed on Appendix A hereto, as such Appendix may be revised from time to time, subject to the terms and conditions set forth herein.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Payments**

&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) Amounts payable hereunder will be paid to Foreside Fund Services, LLC (the "Distributor"), in its capacity as the distributor of the Fund's Units pursuant to the terms of the Distribution Agreement between the Fund and the Distributor. The Distributor is authorized, in connection with Units of the Classes listed on Appendix A, to pay third parties, including brokers, dealers and certain financial advisors (which may include wealth advisors) and others for the provision of distribution services as contemplated by the Rule and for non-12b-1 services. Among the purposes for which payments under the Plan may be made are for services in connection with the promotion and distribution of Units, advertising, compensation to financial intermediaries and selling personnel, the printing and mailing of prospectuses and sales literature to other than current Fund Unitholders and payments to financial intermediaries for Unitholder servicing activities. The aggregate fee shall be at the annual rate specified with respect to such Class on Appendix A (the "Fee").

&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) All payments made hereunder shall be in accordance with the terms and limitations of applicable Financial Industry Regulatory Authority Conduct Rules.

&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) Payments of the Fee on behalf of a particular Class must be in consideration of services rendered for or on behalf of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing herein is intended to limit any payments by the Adviser or other person out of its past profits or any additional sources other than Fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Calculation and Payment of Fees**

The Fee payable with respect to each Class listed on Appendix A will be accrued, calculated and paid as of the end of each month (before any repurchases of Units of such Class, but after the Management Fee (as defined in the Fund's Prospectus) is calculated and accrued), at the applicable annual rates indicated on Appendix A. The Fee will be calculated separately for each Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Approval of Plan**

The Plan will become effective, as to any Class (including any Class not currently listed on Appendix A), upon its approval by (a) a majority of the Board of Directors, including a majority of the Directors who are not "interested persons" (as defined in the 1940 Act) of the Fund and who have no

<sup>1</sup> By its terms, the Rule does not apply to closed-end funds such as the Fund. However, the Fund, pursuant to the terms of an exemptive order issued by the Securities and Exchange Commission, may offer multiple classes of Units, conditioned on its compliance with the provisions of the Rule as if the Fund was a registered open-end investment company.

direct or indirect financial interest in the operation of the Plan or in any agreements related to the Plan ("Qualified Directors"), pursuant to a vote cast in person at a meeting (or as otherwise permitted by applicable law or regulatory relief) called for the purpose of voting on the approval of the Plan, and (b) if the Plan is adopted for a Class after any offering of Units of the Class or the sale of Units of the Class to persons who are not affiliated persons of the Fund, affiliated persons of such persons, promoters of the Fund, or affiliated persons of such promoters, a majority of the outstanding voting securities (as defined in the 1940 Act) of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Continuance of the Plan**

The Plan will continue in effect with respect to a Class for a period of more than one year after it takes effect only so long as its continuance is specifically approved at least annually by the Fund's Board of Directors in the manner described in Section 3(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Implementation**

All agreements with any person relating to implementation of the Plan with respect to any Class shall be in writing, and any agreement related to the Plan with respect to any Class shall provide: (a) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Qualified Directors or by a majority vote of the outstanding voting securities of the relevant Class, on not more than 60 days' written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Termination**

The Plan may be terminated at any time with respect to the Units of any Class by vote of a majority of the Qualified Directors, or by a majority vote of the outstanding voting securities of the relevant Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Amendments**

The Plan may be amended with respect to any Class (including any Class not currently listed on Appendix A) by a majority of the Board of Directors, including a majority of Qualified Directors, provided that any material amendment of the terms of the Plan shall become effective only if approved in the manner described in Section 3(a) above, and provided further that any amendment to increase materially the amount to be spent for distribution by a Class shall require the approval of a majority of the outstanding voting securities (as defined in the 1940 Act) of such Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Selection of Certain Directors**

While the Plan is in effect, the selection and nomination of the Fund's Directors who are not "interested persons" (as defined in the 1940 Act) of the Fund will be committed to the discretion of the Directors then in office who are not "interested persons" of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Written Reports**

While the Plan is in effect, the Directors will receive, and will review at least quarterly, written reports complying with the requirements of the Rule, which set out the amounts expended under the Plan and the purposes for which those expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Preservation of Materials**

The Fund will preserve copies of the Plan, any agreement relating to the Plan and any report made pursuant to Section 9 above, for a period of not less than six years (the first two years in an easily accessible place) from the date of the Plan, agreement or report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Severability**

If the Plan shall cover more than one Class, the provisions of the Plan shall be severable for each Class, and whenever the Rule provides for any action to be taken with respect to the Plan, that action must be taken separately for each Class affected by the matter.

IN WITNESS WHEREOF, the Fund has executed the Plan as of the date first above written on behalf of each Class listed on Appendix A.

---

| | |
|:---|:---|
| CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC | CPG COOPER SQUARE INTERNATIONAL EQUITY, LLC |
| By: | /s/ Michael Mascis |
| Name: | Michael Mascis |
| Title: | Authorized Person |

---

**APPENDIX A**

---

| | |
|:---|:---|
| Class of Units | Fee<sup>2</sup> |
| Class A | 0.75% |

---

<sup>2</sup> Expressed as an annual rate of the net asset value of the class of Units.

## Ex-99.(H)(3)

**Exhibit 99.(h)(3)**

**<u>Servicing and Sub-Placement Agency Agreement</u>**

**CPG Cooper Square International Equity, LLC** (the "**<u>Fund</u>**"), **Central Park Advisers, LLC**, the Fund's Adviser (the "**<u>Adviser</u>**"), and Foreside Fund Services, LLC, the Fund's Distributor ("**Foreside**" or the "**<u>Distributor</u>**") hereby agree with Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. (each a separate party and together referred to as "**<u>Raymond James</u>**") as follows in connection with the offering of limited liability company interests (the "**<u>Interests</u>**") in the Fund, a limited liability company organized under the laws of the State of Delaware, in accordance with the Fund's prospectus, as amended from time to time and including the statement of additional information incorporated therein (the "**<u>Prospectus</u>**"), and the services the Distributor, the Adviser and the Fund desire Raymond James to perform hereunder. All capitalized terms used in this Servicing and Sub-Placement Agency Agreement (this "**<u>Agreement</u>**") that are not separately defined herein shall have the respective meaning set forth in the Prospectus.

1. <u>Services</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions set forth in this Agreement, Raymond James is hereby appointed as
a non-exclusive servicing and sub-placement agent in connection with sales of Interests. Raymond James hereby accepts such appointment
and agrees to the terms and conditions herein set forth to use its reasonable efforts to find qualified investors for the Interests (each
an "  **<u>Investor</u>**") in accordance with the terms of the investor certification or other subscription documents used
in connection with subscribing for Interests (the "**Investor Certificate** "). For purposes of this Agreement, the term
Investor shall mean and include any Investor whose Interests are purchased by a client of Raymond James or transferred into a Raymond
James account from a third party brokerage account as evidenced by the appropriate documentation provided to the Fund or its agent. Raymond
James shall provide personal service to each Investor and assist Investors in maintaining their accounts, as well as responding to inquiries
made by Investors and otherwise servicing Investors as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Raymond James agrees that it will only make offers or sales of any Interests in compliance with the following
procedures:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Offers and sales of Interests will be made only to investors reasonably believed to qualify as "qualified
clients," as defined in Rule 205-3 under the Investment Advisers Act of 1940, as amended (the "  **<u>Advisers Act</u>** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All sales of Interests shall be in accordance with the terms described in the Prospectus, the Investor
Certificate, and certain other investor materials, sales and marketing material, specifically prepared or approved for distribution by
the Fund (**" <u>Offering Documents</u>** "), and shall be made in a manner consistent with applicable laws and regulations.
Raymond James shall furnish to each subscriber a copy of the Prospectus prior to receipt of a subscription. Notwithstanding the foregoing,
Distributor, Adviser or Fund may instruct Raymond James in writing that any or all of the Offering

---

| | |
|:---|:---|
|  | Documents should no longer be distributed to Investors or prospective Investors. |
| (iii) | No offer or sale of any Interest shall be made in any state or jurisdiction, or to any prospective Investor located in any state or jurisdiction, where such Interests have not been registered or qualified for offer and sale under applicable securities laws unless the Fund has notified Raymond James in writing that such Interests are exempt from the registration or qualification requirements of such laws. Raymond James agrees that it will only make offers or sales of any Interests consistent with such exemption. Without the written prior approval of the Fund or Adviser, Sales of Interests will be made only to investors that are U.S. Persons as defined in Section 7701 of the Internal Revenue Code of 1986, as amended. Raymond James shall have the right to prepare for internal use only its own internal marketing memorandums, bulletins, and/or information relating to the Fund or Interests represented by this Agreement. The Fund and the Distibutor shall have the right to review any and all such materials. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Raymond James shall, upon request by the Fund or the Manager,
suspend solicitation of Investors for the Fund in any specified jurisdiction at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of the offering of Interests and providing related services, Raymond James will contact the
Fund, which shall furnish, or cause to be furnished, copies of the Prospectus and Investor Certificate, or such other Offering Documents
as requested, to Raymond James. Raymond James is authorized to furnish to prospective Investors only such information concerning the Fund
and the offering as may be contained in the Offering Documents or as otherwise approved by the Fund. Raymond James shall make no representations
in offering the Interests inconsistent with the Offering Documents.

2. <u>Subscriptions</u> 

All subscriptions and payments for Interests shall be made pursuant to the terms and conditions set forth in the Offering Documents, and subscriptions shall be subject to confirmation by and acceptance by the Fund. In connection with the offer and sale of Interests, Raymond James shall obtain and promptly transmit to the Fund or its designated agent fully complete and duly executed Investor Certificates. No initial sale of Interests to any one Investor will be for less than $50,000. Follow-on investments by Investors can be accepted for lesser sums as specified in the Prospectus.

3. <u>Representations and Warranties</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Raymond James represents and warrants, as of the date hereof
and continuously during the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Raymond James is duly organized, validly existing, and in good standing as a corporation under the laws
of the State of Florida.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Raymond James is duly authorized to enter into and perform, and has duly executed and delivered, this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Raymond James is a member in good standing of FINRA, and it has and will maintain all licenses and registrations,
(including registration as a broker dealer under the Securities and Exchange Act of 1934, as amended, and under the laws of any state
to the extent required) necessary under applicable law and regulations to provide the services required to be provided by Raymond James
hereunder. In addition, Raymond James agrees to comply with the rules of FINRA applicable to it in connection with its activities under
this Agreement as well as all applicable state laws and the laws of the Unities States. Raymond James agrees that it is its sole responsibility
to determine the suitability of any Interests as investments for its customers, and not the responsibility of any other party hereto for
such determination. Raymond James further agrees to maintain all records required by applicable law or that are otherwise reasonably requested
by the Fund or the Distributor relating to the transactions in Interests as contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Raymond James will disclose fully to each prospective Investor that the Fund or its designee has agreed
to pay a fee to Raymond James for the services to be rendered by Raymond James
under this Agreement and that such fee is based on the value of the Interests of each Investor first introduced by Raymond James to the
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The performance by Raymond James under this Agreement and the consummation of the
transactions contemplated in the Offering Documents will not result in a material breach or violation of the terms or provisions of, or
constitute a default under, (A) in any material respect, any indenture or other agreement or instrument to which Raymond James or any
of its affiliates are a party or by which Raymond James or they are bound, or (B) any statute, order, rule or regulation applicable to
Raymond James or any of its affiliates by any court or government or self-regulatory agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the best of Raymond James's knowledge and belief, there are no actions, suits
or proceedings before any court or government or self-regulatory agency pending, or threatened, against Raymond James which would materially
and adversely affect the performance of Raymond James's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) In the event the Offering Documents include the use of the trademark of the Fund, the Adviser or the Fund's
sub-adviser, Raymond James agrees that such use of the mark is by permission of the owner of the mark, that it may be used solely in connection
with the offering of that Fund, and subject to any conditions in connection therewith, and that no ownership or other interest in the
mark is granted by this Agreement or the use of the mark.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Raymond James represents, warrants, covenants and agrees that, within the meaning of Rule 206(4)-5 of
the Advisers Act, neither Raymond James nor its "covered associates" has made, either directly or indirectly, within the two
year period prior to the date hereof, and will not make, either directly or indirectly, during the term of this Agreement, any political
contribution, other than one that is subject to an "exception" or an "exemption," to an "official" of any
 "government entity." The parties agree that the quoted terms in this subparagraph are defined in Rule 206(4)-5 under the Advisers
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Raymond James understands and acknowledges that the Fund may offer Units in multiple classes, and represents
and warrants that it has established compliance procedures designed to ensure that its customers are made aware of the terms of each available
class of Units, to ensure that each customer is offered only Units that are suitable investments for such customer, to ensure that each
customer is availed of the opportunity to obtain sales charge break points, and to ensure proper supervision of its representatives in
recommending and offering the Units of multiple classes to its customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Raymond James acknowledges that the Fund will not direct Fund portfolio securities transactions or any
related remuneration to satisfy any compensation obligations under this Agreement and that all compensation will be in compliance with
Rule 12b-1(h) of the Investment Company Act of 1940, as amended (the "1940 Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund represents and warrants, as of the date hereof and continuously throughout the term of this Agreement,
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is duly organized, validly existing, and in good standing as a limited liability company under the
laws of the state of its incorporation, and each other jurisdiction in which the nature or conduct of its business requires qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It is duly authorized to enter into and perform, and has duly executed and delivered, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Its performance under this Agreement and the consummation of the transactions contemplated in the Offering
Documents will not result in a breach or violation of the terms or provisions of, or constitute a default under, (A) in any material respect,
an indenture or other agreement or instrument to which the Fund is a party or by which the Fund is bound, or (B) any statute, order, rule or regulation
applicable to the Fund by any court or government or self-regulatory agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the best of its knowledge and belief, there are no actions, suits or proceedings
before any court or government or self-regulatory agency

---

| | |
|:---|:---|
|  | pending, or threatened, against the Fund which would materially and adversely affect the performance of the Fund's duties under this Agreement. |
| (v) | It or its agent will provide Raymond James with: (A) a copy of all Offering Documents and other materials that may be distributed to the Fund's Investors, (B) general business updates distributed to the Fund's Investors as well as notice of any material revisions to the Prospectus and other regulatory materials as are necessary to enable Raymond James to fulfill its obligations under this Agreement, (C) promptly upon Raymond James's reasonable request, back-up data and reconciliation files evidencing Raymond James's client's transactions in Interests, and (D) reasonable access to perform onsite due diligence annually or more frequently if necessary. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) From time to time and upon reasonable request by Raymond James, the Fund or its agent, as custodian of
the Investors' Interests, will provide Raymond James with written assurances, such as a "No Lien Letter," that Investor
Interests are not subject to any right, charge, security interest, lien, or claim of any kind in favor of the Adviser of the Fund, any
person claiming through the Adviser of the Fund, or equivalent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser represents and warrants, as of the date hereof and continuously throughout the term of this
Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is duly organized, validly existing, and in good standing as a limited liability company under the
laws of the state of its incorporation, and each other jurisdiction in which the nature or conduct of its business requires qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It is duly authorized to enter into and perform, and has duly executed and delivered, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Its performance under this Agreement and the consummation of the transactions contemplated in the Offering
Documents will not result in a breach or violation of the terms or provisions of, or constitute a default under, (A) in any material respect,
an indenture or other agreement or instrument to which the Adviser is a party or by which the Adviser is bound, or (B) any statute, order,
rule or regulation applicable to the Adviser by any court or government or self-regulatory agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the best of its knowledge and belief, there are no actions, suits or proceedings
before any court or government or self-regulatory agency pending, or threatened, against the Adviser which would materially and adversely
affect the performance of the Adviser's duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor represents and warrants, as of the date hereof
and continuously throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) It is duly organized, validly existing, and in good standing as a limited liability company under the
laws of the state of its incorporation, and each other jurisdiction in which the nature or conduct of its business requires qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) It is duly authorized to enter into and perform, and has duly executed and delivered, this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Its performance under this Agreement and the consummation of the transactions contemplated in the Offering
Documents will not result in a breach or violation of the terms or provisions of, or constitute a default under, (A) in any material respect,
an indenture or other agreement or instrument to which the Distributor is a party or by which the Distributor is bound, or (B) any statute,
order, rule or regulation applicable to the Distributor by any court or government or self-regulatory agency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) To the best of its knowledge and belief, there are no actions, suits or proceedings
before any court or government or self-regulatory agency pending, or threatened, against the Distributor which would materially and adversely
affect the performance of the Distributor's duties under this Agreement.

4. <u>Compensation and Expenses</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event a prospective Investor becomes an Investor in the Fund as a result of Raymond James's
efforts, remains a client of Raymond James, and Raymond James provides the services to such Investor as described herein, Raymond James
shall be entitled to receive compensation as described in Exhibit A attached hereto. Foreside, acting solely as paying agent for the Fund,
shall compensate Raymond James as described in Exhibit A only after the Fund or its designee has paid such compensation to Foreside, except
to such extent that Raymond James receives compensation directly from an Investor, as permitted under the Prospectus and set forth on
Exhibit A. Any such fee payments from Foreside, acting solely as paying agent for the Fund, shall reflect the amounts described in the
Fund's Prospectus. Raymond James represents that it is eligible to receive any such payments made to it under this Agreement. Except as
may otherwise be agreed, Raymond James shall be responsible for the payment of all costs and expenses incurred by it in connection with
the performance of its obligations under this Agreement. It is agreed that, upon receipt by the Fund, the Adviser or Foreside of a written
notice from an Investor advising that such Investor (a) is no longer a client of Raymond James or (b) has transferred its account to another
financial intermediary, the Fund and Foreside will have no further obligation to pay compensation to Raymond James after the date set
forth in such written notice except for amounts due and payable at the time of such written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund reserves the right, without prior notice, to suspend
or eliminate the payment of any payments or other compensation under the Fund's Rule 12b-1 Plan (the "Plan"), adopted in conformity
with Rule 12b-1 under the 1940 Act, by amendment, sticker or supplement to the then-current Prospectus of the Fund with reasonably prompt
notice to Raymond James.

(c) 5. <u>Indemnification and Contribution</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor, the Adviser, and the Fund agree to, severally,
and not jointly, indemnify and hold harmless Raymond James and its employees, directors, officers, agents, and each person, if any, who,
directly or indirectly, controls, is controlled by, or is under common control with Raymond James (each such person or entity is referred
to as an "  **<u>RJ Indemnified Party</u>**") against any losses, claims, damages or liabilities, and related legal or other
expenses reasonably incurred by it in connection with investigating or defending against any such loss, claim, damage, liability, or
action, to which any RJ Indemnified Party may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon (a) a breach by such indemnifying party of any of its respective covenants, agreements, representations
or warranties contained in this Agreement, (b) the gross negligence of the Distributor, the Adviser or the Fund, as the case may be,
regarding the purchase, redemption, transfer or registration of Interests of Raymond James Investors' accounts, or (c) any untrue
statement of a material fact in the Offering Documents, or any omission to state a material fact required to be stated therein or necessary
in order to make the statements therein, in light of the circumstances under which they were made, not misleading, in each (a)-(c), except
to the extent any such losses, claims, damages or liabilities arise from the gross negligence, willful misfeasance, bad faith or breach
of any of the covenants, agreements, representations or warranties contained in this Agreement of an RJ Indemnified Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Raymond James agrees to any indemnify and hold harmless the
Distributor, the Adviser and the Fund, as well as any investment adviser, sub-adviser, manager to or administrator for the Fund, their
respective employees, directors, officers, agents, members, Advisers and each person, if any, who, directly or indirectly, controls,
is controlled by, or is under common control with the them (each such person or entity is referred to as a "  **<u>Fund Indemnified Party</u>**") against any losses, claims, damages or liabilities and related legal or other expenses reasonably incurred by it
in connection with investigating or defending against any such loss, claim, damage, liability, or action, to which any Fund Indemnified
Party may become subject, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon a breach by the indemnifying party of any of the covenants, agreements, representations or warranties contained in this Agreement,
except to the extent any such losses, claims, damages or liabilities arise from the gross negligence, willful misfeasance, bad faith
or breach of any of the covenants, agreements, representations or warranties contained in this Agreement of a Fund Indemnified Party.

6. <u>Confidentiality</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The parties agree to keep all sensitive information concerning the other parties and their operations, business prospects and Investor
or prospective Investor

information in strict confidence, subject to the uses of Investor or prospective Investor information set forth in the Fund's Privacy Notice and subject to applicable law. Except as contemplated by the preceding sentence or as required by applicable law, self-regulatory organization or legal process, all parties (i) shall keep confidential all non-public information provided to the parties; (ii) shall not disclose such information to any third party or to any of your employees or advisors, except those who have a need to know in order to perform the responsibilities hereunder; and (iii) shall use such information solely in connection with the duties and responsibilities in connection with the placement of Interests. The parties shall be responsible for any breach by such persons of these confidentiality obligations to the extent such persons are employees, agents or affiliates to whom the parties have provided access to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The parties acknowledge that under Federal and state laws and regulations relating to consumer information
security and privacy, including those adopted by the SEC, all customer information ("  **<u>Customer Information</u>** ")
relating to Raymond James's customers must be maintained in strict confidence, it being understood and agreed that "Customer
Information" includes any personally identifiable information or records in any form (written, electronic, or otherwise) relating
to a consumer or client, including, but not limited to: (i) a client's name, address, telephone number, account number, tax identification
information; (ii) the fact that a client has a relationship with one of the parties; and (iii) any other personal identifiable information;
provided, however, that Customer Information shall not include any such information that a party obtained independently and not in connection
with this Agreement or the services hereunder. Accordingly, the parties agree: (i) to take all steps reasonably necessary to maintain
the confidentiality of Customer Information in compliance with applicable law and regulations as applicable to them and in effect during
the term of this Agreement, and (ii) to use the Customer Information solely for the purpose of the performance of its services pursuant
to this Agreement or as permitted or required by law in the ordinary course of business to carry out those purposes, and for no other
purposes. In addition, all financial advisor information, including but not limited to, production information, customer base, telephone
number and address provided by Raymond James, must be maintained by the Distributor, the Adviser, and the Fund in strict confidence and
not disclosed to any third party, or used for its own benefit or the benefit of any third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything contained herein to the contrary, in the event that access to or delivery of
any confidential information is requested of the recipient of such information by a regulatory, self-regulatory or supervisory authority
having appropriate jurisdiction, or is otherwise required by applicable law, the recipient shall give to the provider, to the extent practicable
and if lawfully permitted to do so, prompt written notice of such request in order to allow the provider a reasonable time to object to
the request if legally permitted, but may comply with such request thereafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent any party hereto is provided or maintains Customer Information, such party has adopted and
will implement reasonable measures designed to (i) protect against unauthorized access to or use of the Customer Information that could
result

---

| |
|:---|
| in substantial harm or inconvenience to any customer, and (ii) ensure the lawful destruction of the Customer Information. Moreover, the parties have appropriate measures, policies and procedures that are reasonably designed to meet the requirements of the Gramm-Leach Bliley Act (and its implementing regulations) and any other attendant or applicable state or federal laws (collectively, the "**<u>Privacy Laws</u>**"). The parties agree to certify to the other parties, upon reasonable written request, their compliance with such Privacy Laws. The parties agree that they shall (A) limit access to Customer Information to employees or contractors who have a need to know to carry out the business purposes for which the Customer Information was disclosed, (B) advise its employees and contractors having access to the Customer Information of the confidential nature thereof and of the obligations set forth in this Agreement, and (C) use and/or disclose the Customer Information solely to carry out the purposes for which the Customer Information was disclosed or as permitted or required by law in the ordinary course of business to carry out those purposes, and not for any other purposes. |
| Except as otherwise required by applicable law or regulation, the Distributor, Adviser and the Fund shall, upon dissolution of the relationship contemplated herein or at any time when Raymond James determines that the Distributor's and the Fund's and the Adviser's possession of Customer Information is no longer necessary, return to Raymond James or otherwise dispose of Customer Information in a manner so as to prevent unauthorized disclosure and in a manner consistent with the Privacy Laws. In addition, the Distributor and the Fund and the Adviser will promptly address incidents of unauthorized access to or loss of the Customer Information (a "**<u>Data Breach</u>**") and promptly notify the other parties following such Data Breach. The Distributor and the Fund and the Adviser will notify or cause the notification of the customers of Raymond James impacted by a Data Breach to the extent required by applicable law, and, in the case of the Distributor, the Adviser or the Fund, will work with Raymond James in good faith on such notifications. The Distributor and the Fund and the Adviser will also take reasonable steps to provide corrective action(s) to respond to the Data Breach and prevent future occurrences. The Distributor and the Fund and the Adviser will be responsible for the cost and expense of (x) notifying the customers impacted by the Data Breach as provided herein, and (y) providing twenty-four (24) months of credit monitoring services to those customers impacted by the Data Breach) and the cost of such party's corrective actions. The applicable party will cooperate with the other parties in the event of any legal action or regulatory inquiry related to or arising out of its Data Breach. |
| The Distributor and the Fund and the Adviser shall permit Raymond James, upon reasonable request, to review any internal and/or third-party audits, tests, summaries, and similar evaluations of the Distributor's and the Fund's and the Adviser's security guidelines and security programs, subject to redaction to maintain the privacy of clients and investors that are not Raymond James investors. Except as otherwise may be provided in this Agreement, the Distributor and the Fund and the Adviser shall have its processes, procedures and other activities related to the protection against unauthorized access to Customer Information audited, tested or evaluated by a qualified party independent of management and personnel responsible for the development or maintenance of the Distributor's and |

---

---

| | |
|:---|:---|
|  | the Fund's and the Adviser's security program on a commercially reasonable basis. The Distributor and the Fund and the Adviser shall promptly correct any material deficiencies identified in such audit, test or evaluation. |
|  | In the event that any reports, tests, or other information related to the security guidelines contain proprietary information about the Distributor's and the Fund's and the Adviser's systems or may include non-public personal information about the Distributor's and the Fund's and the Adviser's customers, the Distributor and the Fund and the Adviser may redact such proprietary and/or non-public personal information from the applicable reports, tests, or other information prior to submitting for Raymond James's evaluation, provided such redactions do not materially impact the veracity of the evaluation. |
| (e) | Raymond James shall not provide Investors or prospective Investors with any information concerning the Fund, the Adviser or Foreside, or their affiliates, unless specifically permitted herein or the Fund and/or Foreside have approved, in writing, such information for use. |

---

7. <u>Survival of Certain Agreements, Representations, Warranties and Indemnities</u>

The agreements set forth in Sections 5, 6, 7, 14, 15 and 16 and the representations, warranties, and indemnities of the parties and their officers set forth in or made pursuant to this Agreement, will remain in full force and effect, regardless of (a) any termination of this Agreement, (b) any investigation made by or on behalf of Raymond James, or the Fund, any Advisers, managers, members, employees, agents, directors or officers of any of the foregoing or any person controlling any of the foregoing, and (c) acceptance of any payment for Interests hereunder.

8. <u>Effective Date and Term of Agreement</u>

This Agreement shall become effective for all purposes as of the date of execution hereof.

9. <u>Termination</u>

This Agreement may be terminated by any party without cause by written notice to the other parties on not less than 30 days' notice, or, if there has been a material breach of any condition, warranty, representation or other term of this Agreement by the other party, by written notice to such other party at any time. In addition, this Agreement (i) is terminable without penalty, at any time, by a majority of the Fund's Directors who are not "interested persons" (as defined in the 1940 Act) and have no direct or indirect financial interest in this Agreement (the "Disinterested Directors") or by the vote of a majority of the outstanding voting securities of the Fund, on not less than 30 days' notice, (ii) will terminate upon the failure of the Disinterested Directors to approve its continuance as may be required under the 1940 Act and (iii) will terminate automatically, unless agreed otherwise in writing by the parties, in the event of an "assignment" (as defined in the 1940 Act).

10. <u>Notices</u>

All communications under this Agreement shall be given in writing, sent by (a) hand delivery by a courier service providing receipt for delivery, (b) delivery by a nationally recognized overnight delivery service providing receipt for delivery, or (c) certified or registered mail, to the address set forth below or to such other address as such party shall have specified in writing to the other party hereto, and shall be deemed to have been delivered effective at the earlier of its receipt or within two days after dispatch:

If to Raymond James:

Raymond James & Associates, Inc.

Attn.: Alternative Investments Group

880 Carillon Parkway

St. Petersburg, FL 33716

Telephone: (727) 567-7501

If to the Distributor:

Foreside Fund Services, LLC

Three Canal Plaza, 1<sup>st</sup> Floor

Portland, ME 04101

Telephone: 207-553-7111

Attn: Legal Department

If to the Fund or the Adviser:

CPG Cooper Square International Equity, LLC

c/o Central Park Advisers, LLC

500 Fifth Avenue, 31<sup>st</sup> Floor

New York, NY 10110

Telephone: 212-317-9266

Attn.: Michael Mascis, CFO

11. <u>Miscellaneous</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be executed in counterparts, each of which when so executed and delivered shall constitute
one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement supersedes all prior agreements and understandings relating to the subject matter hereof,
and neither this Agreement nor any term hereof may be changed, waived, discharged or terminated except by an instrument in writing signed
by the party against whom enforcement of the change, waiver, discharge or termination is sought. The headings in this Agreement are for
purposes of reference only and shall not limit or otherwise affect the meaning hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No party to this Agreement shall be liable to any other party for consequential, special or indirect damages
under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Agreement is made solely for the benefit of, and shall
be binding upon, Raymond James, the Fund, the Adviser and the Distributor and the respective successors and assigns of each of them,
and no other person shall have any right or obligation under this Agreement. The terms "successors" and "assigns"
shall not include any purchasers, as such, of Interests from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No failure or delay on the part of any party hereto in exercising any right, power or remedy hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further
exercise thereof or the exercise of any other right, power or remedy. Any waiver granted hereunder must be in writing and shall be valid
only in the specific instance in which given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) This Agreement constitutes the entire agreement between the parties with respect to the matters referred
to herein, and no other agreement, oral or otherwise, shall be binding upon the parties hereto (unless in writing and executed by each
party subsequent to the date of this Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) This Agreement may be amended only upon mutual written agreement of the parties.

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

12. <u>Anti-Money Laundering</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each party has in place and shall maintain in the future policies and procedures that are reasonably designed to meet the requirements
imposed by the Bank Secrecy Act as amended by the USA PATRIOT Act to the extent applicable to such party at all times during the term
of this Agreement, including a customer identification program and a customer due diligence program, and the regulations administered
by the U.S. Department of the Treasury's Office of Foreign Assets Control ("OFAC") and the U.S. Department of State,
(collectively " <u>U.S. Sanctions</u> ") including prohibitions set forth in the list of specially designated nationals and blocked
persons (the " <u>SDN List</u> "). Each party's Anti-Money Laundering ("  **<u>AML</u>**") program, at a
minimum: (a) designates a compliance office to administer and oversee the AML Program; (b) provides ongoing employee training; (c) includes
an independent audit function to test the effectiveness of the AML program; (d) establishes internal policies, procedures, and controls
that are tailored to its particular business; (e) includes a Customer Identification Program consistent with the rules under Section 326
of the USA PATRIOT Act; (f) provides for the filing of all AML reports including, but not limited to, suspicious activity reports; and
(g) provides for screening customers against the Office of Foreign Asset Control list and any other government list that is or becomes
required under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) At all times, the services of Raymond James shall be performed
in compliance with applicable AML statutes, OFAC regulations and U.S. Sanctions regulations, and Raymond James will obtain the true identity
of each Investor and will make reasonable inquiry into the sources of funds used to purchase Interests and satisfy itself that these
sources are legitimate. Raymond James will, upon written request, provide the Fund with an

AML representation letter in accordance with applicable USA PATRIOT Act requirements and regulatory guidance.

13. <u>Governing Law and Arbitration</u>

This Agreement shall be governed by and construed in accordance with the laws of the State of Florida without giving effect to choice of laws principles.

The parties agree that all claims and controversies arising out of this Agreement or the breach thereof shall be resolved by binding arbitration conducted in accordance with the then-current rules and procedures of FINRA, assuming that FINRA would agree to hear such arbitration, and that any such arbitration will be held in Hillsborough County, Florida.

14. <u>Jury Trial Waiver</u>

Each party, to the extent permitted by law, knowingly, voluntarily, and intentionally waives its right to a trial by jury in any action or other legal proceeding arising out of or relating to this Agreement and the transactions it contemplates. This waiver applies to any action or legal proceeding, whether sounding in contract, tort or otherwise.

15. <u>Raymond James Clients</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund, the Distributor and the Adviser will not knowingly solicit any Raymond James clients or Investors
with respect to any product other than the Fund or interests in other investment entities sponsored or offered by the Adviser or its affiliates,
and offered to clients of Raymond James pursuant to, in accordance with and subject to the terms of separate agreements between Distributor
and/or the Adviser or its affiliates and Raymond James (" <u>CPG Funds</u> "), and they further agree that they will not provide
information regarding any such accounts to any other solicitor or authorize any solicitation of any such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor and the Adviser will not, under any circumstances, accept orders with respect to the Fund
directly from a prospective Investor known to be a Raymond James client nor will they accept orders for additional purchases with respect
to the Fund directly from financial advisors affiliated with Raymond James. For the avoidance of doubt, Raymond James shall only be identified
as broker-dealer of record pursuant to this Agreement with respect to transactions or broker-dealer transfers initiated through the Raymond
James Alternative Investments Group at the home office of Raymond James in St. Petersburg, Florida.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) .

16. <u>Non-Solicitation</u> 

The Distributor, the Fund and the Adviser agree that they will not solicit for employment any employees of Raymond James or any financial advisor affiliated with or employed by Raymond

James with whom the Distributor, the Fund or the Adviser met or became aware of in connection with the services performed under this Agreement; provided that this Section does not restrict or prohibit the Distributor or the Adviser or the Fund from (a) using general advertisements in publications or general recruitment efforts performed in the ordinary course of business that are not specifically targeted to Raymond James's employees or financial advisors, and hiring any respondents thereto, (b) soliciting or hiring any employees or financial advisors of Raymond James whose employment or engagement with Raymond James has been terminated prior to the commencement of any such solicitation or employment discussions between the Distributor, the Adviser or the Fund and such person or (c) hiring any such person who contacts the Distributor, the Adviser or the Fund on his or her own initiative without any direct effort by the Distributor, the Adviser or the Fund. In addition, with regard to any Raymond James financial advisor information provided to the Distributor, the Fund, or the Adviser, including but not limited to, production information, customer base, telephone number and address, the Distributor, the Fund, and the Adviser agree to treat the aforementioned financial advisor information as strictly confidential and shall not use such financial advisor information to solicit or cause to be solicited (for the Distributor, the Fund, the Adviser, or any other third party) for employment or affiliation any financial advisor affiliated with or employed by Raymond James.

***Remainder of Page Intentionally Left Blank***

***Signature Page to Follow***

This agreement has been executed for and on behalf of the undersigned on the day and year first written above.

---

| |
|:---|
| **CPG Cooper Square International Equity, LLC** |
| By: **Central Park Advisers, LLC** |
| By: |
| Name: |
| Title: |
| **Foreside Fund Services, LLC** |
| By: |
| Name: |
| Title: |
| **Raymond James & Associates, Inc.** |
| By: |
| Name: |
| Title: |
| **Raymond James Financial Services, Inc.** |
| By: |
| Name: |
| Title: |

---

EXHIBIT A

<u>COMPENSATION ARRANGEMENTS</u>

<u>Capitalized terms not otherwise defined herein shall have the meaning as set forth in the Prospectus.</u>

a) In accordance with Section 4 of the Agreement, for Raymond James's introduction of qualified investors
who are introduced to such Fund and become an Investor in such Fund, Raymond James shall be entitled to receive the following fees directly
from an Investor, as permitted under the Prospectus:

1) 100% of any transaction or other fee, as separately disclosed by Raymond James to such Investors in compliance with applicable law, charged by Raymond James in connection with the investment in Class A Units of the Fund by Raymond James's client.

b) In accordance with Section 4 of the Agreement, Foreside, on behalf of the Fund in accordance with the
Fund's Rule 12b-1 Plan (the "Plan"), adopted in conformity with Rule 12b-1 under the 1940 Act, acting solely as paying agent
for the Plan, shall compensate Raymond James only after the Fund has paid such compensation to Foreside, for Raymond James's introduction
of qualified investors who are introduced to such Fund and become an Investor in Class A Units of such Fund, the following fee, as applicable:

1) A Distribution and Servicing Fee for each Investor Raymond James introduces to the Fund who purchases Class A Units. The Distribution and Servicing Fee is equal to 75 basis points per annum of such Class A Units' net asset value, in each case determined and accrued as of the end of each month (before any repurchases of Class A Units, but after the Management Fee is calculated and accrued), and paid out of the assets of the Fund's Class A Units, monthly in arrears and prorated for partial periods.

c) Investors subscribing for Units within an asset-based fee program, including a wrap or advisory account
(i.e., where there is no payout to financial advisers), are eligible to purchase Class I Units. Raymond James shall not charge any transaction
or other fee or Distribution and Servicing Fee with respect to any Investors' purchase of, or investment in, Class I Units.

## Ex-99.(N)

**Exhibit 99.(n)**

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>

We hereby consent to the incorporation by reference in this Registration Statement on Form N-2 of CPG Cooper Square International Equity, LLC of our report dated December 8, 2022, relating to the financial statements and financial highlights, which appears in CPG Cooper Square International Equity, LLC's Annual Report on Form N-CSR for the year ended September 30, 2022. We also consent to the references to us under the headings "Independent Registered Public Accounting Firm", "Financial Statements" and "Financial Highlights" in such Registration Statement.

/s/ PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

January 30, 2023

## Ex-99.(R)(1)

**Exhibit 99.(r)(1)**

**Central Park Group Registered Funds**

**CODE OF ETHICS**

A. <u>Legal Requirement</u>.

Rule 17j-1(b) under the Investment Company Act of 1940, as amended (the "1940 Act"), makes it unlawful for any Director or officer of CPG Carlyle Commitments Master Fund, LLC, CPG Carlyle Commitments Fund, LLC, CPG Focused Access Fund, LLC, CPG Cooper Square International Equity, LLC, CPG Vintage Access Fund, LLC, CPG Vintage Access Fund II, LLC, CPG Vintage Access Fund III, LLC, CPG Vintage Access Fund IV, LLC, CPG Vintage Access Fund V, LLC and CPG Vintage Access Fund VI, LLC (each a "Fund" and collectively, the "Funds"), or of Central Park Adviser, LLC, the Funds' adviser (the "Adviser"), or Select Equity Group, L.P. (the "Sub-Adviser"), as sub-adviser, in the case of CPG Cooper Square International Equity, LLC, as well as other "affiliated persons" of the Funds, the Adviser or the Sub-Adviser, in connection with the purchase or sale by such person of a security "held or to be acquired" by the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To employ any device, scheme or artifice to defraud the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) To make any untrue statement of a material fact to the Funds or omit to state a material fact necessary in order to make the statements
made to the Funds, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To engage in any act, practice or course of business that operates or would operate as a fraud or deceit on the Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) To engage in any manipulative practice with respect to the Funds.

A security is "held or to be acquired" by a Fund if within the most recent 15 days it (i) is or has been held by such Fund, or (ii) is being or has been considered by such Fund or the Adviser or Sub-Adviser for purchase by such Fund. A security "held or to be acquired" by a Fund also includes any option to purchase or sell, and any security convertible into or exchangeable for, a security described in the preceding sentence. A purchase or sale of a security includes, among other things, the writing of an option to purchase or sell a security.

B. <u>Funds Policy</u>.

It is the policy of each of the Funds that no "access person"<sup>1</sup> of such Funds or of the Adviser or Sub-Adviser shall engage in any act, practice or course of conduct that would violate the provisions of Rule 17j-1(b) set forth above.

C. <u>Procedures</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. To provide the Funds with information to enable it to determine with reasonable assurance whether the provisions of Rule 17j-1(b) are being observed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Advisory Persons are prohibited from engaging in any personal securities transaction involving the acquisition of direct or indirect
 "beneficial ownership" <sup>2</sup> in any
securities in an initial public offering or a limited offering (i.e., an offering exempt from registration under the Securities Act of
1933 pursuant to Section 4(2) or 4(6) or Rule 504, 505 or 506 thereunder), without obtaining the prior written approval of the applicable
Fund's principal executive officer or principal financial officer. In considering whether to approve any such acquisition, such
officer shall consider, among other factors, whether the investment opportunity should be reserved for such Fund and its unitholders,
and whether the opportunity is being offered to an individual by virtue of his or her position with such Fund. Any Advisory Persons receiving
approval from a Fund's principal executive officer or principal financial officer to acquire securities in an initial public offering
or a limited offering must disclose that investment when they participate in such Fund's subsequent consideration of an investment
in such issuer and any decision by such Fund to invest in such issuer will be subject to an independent review by investment personnel
with no personal interest in the issuer.

<sup>1</sup> An "Access Person" of a Fund is each board member, officer or "Advisory Person" of such Fund (hereinafter, "Access Person"). An "Advisory Person" is any director, officer or employee of a Fund (or of a company in a control relationship with such Fund) who, in connection with his or her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of a security by such Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales, and any natural person in a control relationship with such Fund who obtains information concerning recommendations made to such Fund with regard to the purchase or sale of a security by such Fund.

<sup>2</sup> "Beneficial ownership" of a security is determined in the same manner as it would be for purposes of Section 16 of the Securities Exchange Act of 1934, except that such determination should apply to all securities. Generally, you should consider yourself the beneficial owner of securities held by your spouse, your minor children, a relative who shares your home, or other persons if, by reason of any contract, understanding, relationship, agreement or other arrangement, you obtain from such securities benefits substantially equivalent to those of ownership. You should also consider yourself the beneficial owner of securities if you can vest or revest title in yourself, now or in the future. Any report by an Access Person required under this Code of Ethics may contain a statement that the report will not be construed as an admission that the person making the report has any direct or indirect beneficial ownership in the security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Access Persons who obtain information concerning recommendations made to a Fund with regard to the purchase or sale of a security
are prohibited from engaging in any personal securities transaction on a day such Fund has a pending "buy" or "sell"
order involving the same security until such Fund's order is executed or withdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Within 10 days of becoming an Access Person, all Access Persons (other than board members who are not "interested
 persons" (as defined in the 1940 Act) of a Fund) must submit to the applicable Fund's Chief Compliance Officer a report
 in the form attached hereto as Exhibit A showing as of a date no more than 45 days before the date such person became an Access
 Person (1) all holdings in "reportable securities" <sup>3</sup> in which the person had any direct or indirect "beneficial ownership" and (2) the name of any broker, dealer or bank with
 whom the person maintains an investment account in which any securities are held for the direct or indirect benefit of such Access
 Person. (d) Each Access Person (other than board members who are not "interested persons" of a Fund) must submit to the
 applicable Chief Compliance Officer no later than 45 days after the end of each calendar year an annual report in the form attached
 hereto as Exhibit A, showing as of a date no more than 45 days before the report is submitted (1) all holdings in "reportable
 securities" in which the person had any direct or indirect "beneficial ownership" and (2) the name of any broker,
 dealer or bank with whom the person maintains an investment account in which any securities are held for the direct or indirect
 benefit of such Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Except as provided in paragraph (f) below, each Access Person must submit to the applicable Chief Compliance Officer no later than
30 days after the end of each calendar quarter a report in the form attached hereto as Exhibit B, showing all transactions in "reportable
securities" during such quarter in which the person has, or by reason of such transaction acquires, any direct or indirect "beneficial
ownership." Such reports need not show transactions over which such person had no direct or indirect influence or control or with
respect to transactions pursuant to an Automatic Investment Plan. <sup>4</sup> An Access Person need not make a quarterly transaction report under this Section if the report would duplicate information contained in
broker trade confirmations or account statements received by the

<sup>3</sup> "Reportable Securities" means any instrument included within the definition of "security" under the 1940 Act, but does not include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· direct obligations of the United States Government;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankers' acceptances, bank certificates of deposit, commercial paper, high quality short-term debt instruments, repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· units of open-end funds.

<sup>4</sup> "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.

Chief Compliance Officer with respect to such Access Person in the time period required above, if all information required to be in the quarterly transaction report is contained in the broker trade confirmations or account statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Each board member who is not an "interested person" of a Fund shall <u>not</u> be required to submit the quarterly report
required under subparagraph (e), unless during the quarter said board member engaged in a transaction in a "reportable security"
when he or she knew or, in the ordinary course of fulfilling his other official duties as a Fund's board member, should have known
that during the 15-day period immediately before or after the date of the transaction, such Fund purchased or sold, or considered for
purchase or sale, the security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) When an investment account is established by an Access Person (other than board members who are not "interested persons"
of the Funds) in which any securities were held during a calendar quarter for the direct or indirect benefit of the Access Person, such
Access Person must send written notification (which includes email notification) of such fact to the applicable Chief Compliance Officer <u>before</u> engaging in any personal securities transactions through such investment account, but in any event within 30 days of the
end of the calendar quarter in which the investment account was opened. Such report must include (i) the name of the broker, dealer or
bank with whom such Access Person established the investment account, (ii) the date the investment account was established and (iii) the
date the report was submitted by such Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All Access Persons are required to certify annually to the applicable Chief Compliance Officer that they have (i) read and understand
this Code of Ethics and recognize that they are subject to its terms and conditions, (ii) complied with the requirements of this
Code of Ethics and (iii) disclosed or reported all personal securities transactions required to be disclosed or reported pursuant
to this Code of Ethics. A form of certification is annexed hereto as Appendix C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Notwithstanding the foregoing, the reporting, pre-clearance and certification requirements of this Code of Ethics shall not apply
to any officer, director or employee of a Fund who is subject to a code of ethics of the Adviser or the Sub-Adviser, or of any affiliated
person of the Adviser or the Sub-Adviser, adopted and administered in accordance with Rule 17j-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The applicable Fund's Chief Compliance Officer shall notify each Access Person who may be required to make reports pursuant to this Code that such person is subject to its reporting requirements and shall deliver a copy of this Code to each such person. Each such Access Person must read (and acknowledge that he or she has done so on the form annexed hereto as Appendix D) and must retain this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Chief Compliance Officer of each Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review all reports required to be made by such Fund's Access Persons pursuant to this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) maintain copies of the relevant code of ethics adopted by the Adviser and the Sub-Adviser and each Affiliated Person of the Adviser
or the Sub-Adviser pursuant to Rule 17j-1, and the names of the persons who are required to report their securities transactions pursuant
to such codes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) submit to such Fund's Board at its regularly scheduled quarterly meeting a written report listing (i) the names of those
persons who were required to submit reports for the prior quarter under this Code or the code of ethics adopted by the Adviser the Sub-Adviser
or any Affiliated Person of the Adviser or the Sub-Adviser referred to above but failed to and (ii) any reported securities transaction
that occurred during the prior quarter that may have been inconsistent with the provisions of this Code or the code of ethics adopted
by the Adviser or the Sub-Adviser or any such Affiliated Person of the Adviser or the Sub-Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) promptly investigate any securities transaction listed pursuant to subparagraph (c)(ii) above and submit periodic status reports with
respect to each such investigation to such Fund's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. At least once a year, each Fund, the Adviser and the Sub-Adviser and each Affiliated Person of the Adviser and the Sub-Adviser referred to above each must provide such Fund's Board with a written report that (i) describes issues that arose during the previous year under its respective code of ethics, including information about material code violations and sanctions imposed in response to these material violations, and (ii) certifies to such Fund's Board that such Fund, Adviser, Sub-Adviser and such Affiliated Person, as the case may be, have adopted procedures reasonably necessary to prevent Access Persons from violating such Fund's code of ethics. A copy of each report, required by this Section, must be preserved with such Fund's records for the period required by Rule 17j-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Each Fund's Board shall oversee the operation of this Code of Ethics and review with its Chief Compliance Officer, counsel to such Fund and, if appropriate, representatives of the Adviser, the Sub-Adviser and each Affiliated Person of the Adviser and Sub-Adviser referred to above, the reports provided to it pursuant to the immediately preceding paragraph and possible violations of this Code and the code of ethics adopted by the Adviser, the Sub-Adviser and such Affiliated Person in compliance with Rule 17j-1. The Board shall consider what sanctions, if any, should be imposed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Before approving material changes to the code of ethics of the Adviser, the Sub-Adviser or any Affiliated Person of the Adviser or the Sub-Adviser, each Fund's Board shall receive a certification from the Adviser, the Sub-Adviser or such Affiliated Person that it has adopted procedures reasonably necessary to prevent its Access Persons from violating its code of ethics. Each Fund's Board, including a majority of those board members who are not "interested persons" of such Fund, shall approve material changes to the Adviser's, Sub-Adviser's and such Affiliate's, code of ethics no later than six months after adoption of such changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Code, a copy of each report by an Access Person, a record of all persons, currently or within the past five years, who are or were required to make reports under the Code, or who are or were responsible for reviewing these reports, a record of any decision, and the

reasons supporting the decision, to approve the acquisition by Advisory Persons of securities under Section C.1(a) of this Code of Ethics, a record of any Code of Ethics violation and any action taken as a result of the violation must be preserved with the applicable Fund's records for the period required by Rule 17j-1.

Revised: December 15, 2022

**APPENDIX A**

**SECURITIES HOLDINGS REPORT**

I hereby certify that my investment accounts attached hereto, together with the investment accounts listed below, are all of the investment accounts in which I have a direct or indirect "beneficial ownership" interest.

---

| | | |
|:---|:---|:---|
| Name in Which<br> Account is Held | Institution | Type or Kind of Account |

---

I further certify that the securities holdings reflected in the most recent monthly statements for all such investment accounts, copies of which have been directly furnished to the Chief Compliance Officer or are attached hereto, together with the securities holdings set forth below, completely and accurately represent all securities required to be disclosed by the Code of Ethics, including certificated securities held outside any investment account.

---

| | | | |
|:---|:---|:---|:---|
| Issuer | Security Name and<br> Type | CUSIP or<br> Exchange Ticker<br> (if available) | Number of Units or<br> Principal Amount |

---

---

| | |
|:---|:---|
| Date Submitted | Signature |
|  | Please Print Your Name |

---

**PLEASE FILL IN ALL NECESSARY INFORMATION IN EVERY COLUMN. IF MORE SPACE IS NEEDED, PLEASE ATTACH ADDITIONAL PAPER USING THE SAME FORMAT.**

Note: This report shall not be construed as an admission by me that I have acquired any "beneficial ownership" interest in any securities listed above.

**APPENDIX B**

**QUARTERLY TRANSACTION REPORT**

For the Quarter ended __________________ 20___

The following is a record of every transaction in which I had, or by reason of which I acquired, a "beneficial ownership" interest in a Reportable Security during the Quarter, *other than transactions which were previously reported on a duplicate account statement or confirmation and reported to the Chief Compliance Officer*.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Transaction<br> Date | Issuer and Security<br> Title | CUSIP or <br> Exchange Ticker<br> (if applicable) | Buy/Sell/Other | Number of <br> Shares or <br> Principal <br> Amount | Interest Rate and<br> Maturity Date<br> (if applicable) | Price Per Unit | Transacting<br> Broker, Dealer<br> or Bank |

---

---

| | |
|:---|:---|
| Date Submitted | Signature |
|  | Please Print Your Name |

---

**PLEASE FILL IN ALL NECESSARY INFORMATION IN EVERY COLUMN. IF MORE SPACE IS NEEDED, PLEASE ATTACH ADDITIONAL PAPER USING THE SAME FORMAT.**

Note: This report shall not be construed as an admission by me that I have acquired a "beneficial ownership" interest in any of the securities listed above.

**<u>APPENDIX C</u>**

ANNUAL CERTIFICATION OF COMPLIANCE

<u>WITH THE CODE OF ETHICS</u>

I certify that:

1. I have read and understand the Code of Ethics and recognize that I am subject to its terms and conditions.

2. During the past year, I have complied with the Code of Ethics' procedures.

3. During the past year, I have disclosed or reported all personal securities transactions required to be disclosed or reported pursuant
to the Code of Ethics' procedures.

---

| | |
|:---|:---|
| | Signature |
| Dated: | |
| | Print Name |

---

**<u>APPENDIX D</u>**

<u>ACKNOWLEDGMENT</u>

I certify that I have read and understand the Code of Ethics and recognize that I am subject to its terms and conditions. I have disclosed all personal securities transactions required to be disclosed or reported pursuant to the Code of Ethics' procedures and will continue to do so.

---

| | |
|:---|:---|
| NAME | DATE |

---

## Ex-99.(R)(2)

**Exhibit 99.(r)(2)**

**CENTRAL PARK**

**CODE OF ETHICS**

**Personal Securities Transactions**

**and** 

**Insider Information Policy**

Updated

April 2022

1. <u>Code of Ethics</u> 

Central Park Advisers, LLC ("Central Park," or the "Adviser"), adopts this *Personal Securities Transactions and Insider Information Policy* (the "Code of Ethics" or the "Code") in compliance with Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act"). Definitions of underlined terms are included in Exhibit A.

The Code is applicable to all employees, directors, managers and officers of the Adviser (each, an "Access Person").<sup>1</sup> Certain Access Persons that are associated persons of a broker-dealer affiliated with the Adviser (the "Broker-Dealer") may be subject to additional requirements with respect to their broker-dealer activities as outlined in the Broker-Dealer's compliance manual (the "Broker-Dealer Manual").

Central Park is committed to maintaining high ethical standards in connection with the management of its business. The Code reflects Central Park's views on dishonesty, self-dealing, conflicts of interest and trading on the basis of material non-public information. Each Access Person is required to be familiar with the provisions of the Code and to acknowledge, at the time of initial employment and annually thereafter, that they have received, read and understand the Code. Acknowledgement of and compliance with the Code are conditions of initial and continued employment.

Any Access Person who has a question regarding the applicability of the Code or the related prohibitions, restrictions and procedures or the propriety of any action, is urged to contact the Chief Compliance Officer (the "CCO") (or designee).

1.1. <u>Access Person</u> 

Because all employees of Central Park may at some time have access to or obtain investment information, Central Park currently designates all of its employees as Access Persons subject to the requirements of the Code. Consultants are typically not considered Access persons; an assessment will be made at the time they are engaged.

As an Access Person, you are required to report quarterly all transactions, as required by the Code, in any securities in which you have any direct or indirect <u>Beneficial Ownership Interest</u>. The term beneficial ownership generally includes not only the securities that you purchase or sell for your own account, but also securities purchased or sold by certain family members (See Exhibit A--Definitions).

Notwithstanding the foregoing, you will not be required to make a report with respect to transactions effected for, and securities held in, any account over which neither you nor any specified family member has any direct or indirect influence or control provided the CCO has received the appropriate evidence of control, as detailed below.

<sup>1</sup> The Access Persons subject to this Code are employees of Macquarie Investment Management Advisers (the "Holding Company"). For purposes of the Code, all the employees of the Holding Company who are involved in the business of the Adviser are deemed employees of the Adviser. Any non-employee directors of the Holding Company are not deemed Access Persons under this Code and are therefore, not subject to the Code. The Adviser does not have any directors.

1.2. <u>Standards of Business Conduct</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access
 Persons owe a duty of loyalty to Central Park and its clients <sup>2
</sup> and are expected to act in the best interests of clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access
 Persons must avoid actions or activities that allow (or appear to allow) them or specified
 family members to profit or benefit from their relationships with Central Park and its clients,
 or that bring into question their independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access
 Persons must report any violations of this Code of Ethics promptly to the CCO (or designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access
 Persons must always observe the highest standards of business conduct and act in accordance
 with all applicable federal securities laws and regulations and other applicable laws and
 regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access
 Persons cannot, in connection with the purchase or sale, directly or indirectly, of a <u>security held or to be acquired</u> by any client:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ employ
 any device, scheme or artifice to defraud;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ make
 any untrue statement of a material fact or omit to state a material fact necessary in order
 to make the statements made, in light of the circumstances under which they are made, not
 misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ engage
 in any act, practice or course of business which would operate as a fraud or deceit; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ engage
 in any manipulative practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access
 Persons cannot engage in any inappropriate trading practices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Access
 Persons cannot cause or attempt to cause any client to purchase, sell, or hold any <u>security</u> in a manner calculated to create any personal benefit to the Access Person. No Access
 Person shall recommend any securities transactions for a client without having disclosed
 to the CCO, or designee, his or her interest, if any, in such securities or the issuer thereof,
 including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ his
 or her direct or indirect beneficial ownership of any securities of such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any
 position with such issuer or its affiliates; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ any
 present or proposed business relationship between such issuer or its affiliates and the Access
 Person or any party in which the Access Person has a significant interest.

This Code does not attempt to identify all possible conflicts of interest, and literal compliance with each of its specific provisions will not shield an Access Person from liability for personal trading or other conduct that violates a fiduciary duty to the Adviser's clients.

<sup>2</sup> The clients of the Adviser are investment companies which may or may not be registered under the 1940 Act.

2. <u>Personal Securities Transactions</u> 

The personal transactions and investment activities of the employees of investment advisory firms are the subject of various federal securities laws, rules and regulations. Access Persons must conduct all personal securities transactions in a manner that avoids a conflict between their personal interests and those of the Adviser and its clients. When Access Persons invest for their own accounts, conflicts of interest may arise between the Adviser's clients and the Access Person's interests. The conflicts may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Taking
 an investment opportunity that would be suitable for a client for an Access Person's
 own portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Using
 an Access Person's advisory position to take advantage of available investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Front
 running, e.g. an Access Person trading ahead of a client transaction; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Taking
 advantage of information or using client portfolio assets to have an effect on the market
 that may inure to the Access Person's benefit.

**<u>Personal Trading</u>**

Access Persons' trades should be executed in a manner consistent with our fiduciary obligations to our clients. Trades should avoid actual improprieties, as well as the appearance of impropriety. Employee trades must not be timed to precede orders for any client, nor should trading activity be so excessive as to conflict with the Access Person's ability to fulfill daily job responsibilities.

2.1. <u>Accounts Covered by the Personal Trading Policies and Procedures</u> 

Macquarie Group's Personal Investments policy and procedures apply to all accounts holding any securities over which Access Persons have any Beneficial Ownership Interest, which typically includes account hold by immediate family members sharing the same household. Immediate family members include children, step-children, grandchildren, parents, step-parents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria.

Failure to comply with Macquarie Group's Personal Investments policy and procedures may result in the loss of personal trading privileges and may lead to additional disciplinary action, up to and including termination of employment.

Macquarie Group's personal trading requirements help to protect Access Persons and the Adviser against the following critical transgressions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons violating the Codes requirements as established by the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons violating insider trading laws; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons engaging in front running.

2.2. <u>Duty to Pre-clear</u> 

The duty to pre-clear arises when the following two conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you
 are the person exercising investment discretion over the trade; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 security to be traded is not on the "Exempt from Pre-Clearance" list.

The "Exempt from Pre-Clearance" (non-exhaustive list) is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shares
 issued by money market funds and open-ended mutual funds that are not Reportable Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· transaction
 in accounts for which the Access Person has no direct or indirect Control (e.g., such as
 an account managed by an investment adviser on a discretionary basis or purchases that are
 part of an automatic investment plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 529
 Plan interests—must be a government-sponsored plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Fixed
 annuities and variable annuities (unable to hold individual stocks or bond investments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Government
 securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers'
 acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt
 instruments <sup>3</sup> ,
 including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Financial
 instruments whose value is referrable to an index or a large basket of underlying securities,
 including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Options

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Exchange
 traded funds, open-end funds, unit investment trusts (UIT);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Futures
 contracts; or warrants over an index; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Products
 providing leveraged exposure to an underlying asset (other than a listed security). These
 products include financial instruments that provide the holder with leveraged exposure to
 an underlying asset (other than a listed security) or exposure to price or rate movements
 in foreign exchange, interest rates or commodity prices, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Options;
 or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Contracts
 for differences or futures contracts over foreign exchange rates or commodities.

<sup>3</sup> High-quality short-term debt instruments mean any instruments having a maturity at issuance of less than 365 days and which is rated in one of the highest two rating categories by a Nationally Recoggnized Statiistical Rating Organization, or which is unrated but is of comparable quality.

You are not required to pre-clear transaction in any of the securities on the Exempt from Pre-Clearance list above. Transaction in all other securities, including initial public offerings, limited offerings or private placements must be pre-cleared. Investments in private placements also require disclosure as an Outside Business Activity under Section 4.2 below.

Typically, accounts that contain securities that need to be pre-cleared are held in the name(s) of the Access Persons themselves. However, if you, as an Access Person, advise anyone who is not an Access Person (other than clients of the Adviser) on trading in any securities, these transactions may need to be pre-cleared. You must advise the CCO or designee before rendering this investment advice.

The Adviser may disapprove any proposed transaction, particularly if the transaction appears to pose a conflict of interest or otherwise appears improper.

Macquarie Group will also maintain a "Restricted List" of securities that the Adviser is actively evaluating for purchase or sale in client accounts, or about which the Adviser might have received material nonpublic information. Macquarie Group Compliance team ("Compliance") will not pre-clear any personal transactions in securities that are associated with any issuers on the Restricted List. The Restricted List is comprised of among other things:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Issuers
 that have outstanding publicly traded securities and with whom the Adviser has entered into
 a confidentiality agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 publicly-traded portfolio companies owned by funds managed directly by the Adviser.

The placement of an issuer on the Restricted List does not necessarily mean that the Adviser has material non-public information about the issuer. At times, an issuer will be added in an abundance of caution to prevent even the appearance of front running or other inappropriate trading.

**Macquarie Group Pre-Clearance Requirements**

The most recent version of the Macquarie Group pre-clearance requirements can be found at the following link: https://macquariegroup.sharepoint.com/sites/macnet/SitePages/Personal-investments-policy.aspx. Macquarie Group policies are updated from time to time and Access Persons are required to periodically check for these updates.

**How to Pre-Clear**

You can pre-clear trades on Macnet through the following link: https://macquarie.ptaconnect.com/pta/pages/index.jsp?st=B771-IAUD-MCQC-25AS-4S26-KV0Q-J53J-17O2

**Trading Window**

Pre-clearance is valid until the end of the business day following the day of approval.

**Minimum Holding Period**

There is a minimum holding period of 30 calendar days before you can sell any securities of an issuer whose securities you just purchase.

Waivers from either an embargo restriction or a holding period requirement are rare. To receive such a waiver, the employee must make a submission to Compliance in which she or he:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Undertakes
 that she or he does not possess non-public price-sensitive information affecting the relevant
 financial product;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Declares
 that she or he faces financial hardship; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Confirms
 that selling the affected financial product is the only practical method of overcoming the
 financial hardship.

If Compliance is satisfied that there is a prima facie case, it will provide a written exemption to the Access Person.

If approval is granted, a waiver is valid for only 24 hours, or until otherwise determined.

2.3. <u>The Adviser Access Person Reporting and Certifications</u> 

**New Access Persons**

When an employee is identified as an Access Person by the CCO or designee, the Access Person must submit, as applicable, within ten calendar days of being advised of the Access Person designation, an initial holdings report that lists all Reportable Securities and any account that has the ability to hold any securities (including securities excluded from the definition of a Reportable Security). The information in this report cannot be more than 45 days old as measured by the date the person becomes an Access Person.

Each Access Person shall only be permitted to open a brokerage account with a designated broker<sup>4</sup> as approved by Compliance. All reportable accounts, including mutual fund accounts, must be recorded in PTA.

Designated brokers provide Compliance with electronic statement downloads under an agreed contract between each designated broker and Macquarie Group.

If an exception is granted by Compliance and/or CCO to allow a brokerage account with a non-designated broker, then unless otherwise agreed by Compliance and/or CCO, the Access Person must advise the brokerage firm that they are employees

<sup>4</sup> Access Persons who are located outside of the United States must comply with the requirements set by their local Compliance team.

of a financial institution and provide to the brokerage firm a 407 letter. The 407 letter that is provided to the brokerage firm by Compliance shall direct any firms at which an Access Person maintains a Beneficial Ownership Interest in brokerage accounts to provide duplicative copies of periodic (at least quarterly) statements for all securities account to Compliance, within 30 days of the statement period. All Access Person are responsible for ensuring that duplicate statements are provided to Compliance.

If the Access Person, as a part of his or her employment compensation with the Macquarie Group, receives Macquarie Group Limited options, the holding of these options is not reportable in initial or annual holdings reports; however, once these options are exercised and the Access Person acquires common stock, any sale must be pre-cleared and all subsequent transactions are reportable in the Access Person's quarter transaction reports.

The holdings report must include the following information for every reportable security that the Access Person has a direct or indirect Beneficial Ownership Interest in:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Title,
 type of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As
 applicable, exchange ticker or CUSIP, number of shares, and principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of any broker, dealer or bank with which the Access Person holds an account in which
 any Reportable Securities are held for the Access Person's direct or indirect benefit;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date the report is submitted.

Access Persons are presumed under Federal Securities Law to be beneficial owners of securities held by immediate family members sharing the same household. As such, their holdings reports, as described in this section, must also be provided to the Adviser.

**Ongoing Quarterly Transactions Reporting**

The SEC requires the Adviser to collect from its Access Persons, on a calendar quarterly basis, reports that reflect all transactions that took place during the prior quarter and any accounts opened during the quarter that hold any securities (including any securities excluded from the definition of a Reportable Security):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In
 Reportable Securities beneficially owned, directly or indirectly, by its Access Persons;
 and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Over
 which the Access Persons had Control.

The reports must be submitted within 30 days after each calendar quarter end. Each transaction report must contain the following information, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 security description, and as applicable, the exchange ticker or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Number
 of shares or par value;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Principal
 amount of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 the transaction was a purchase or sale or any other type of acquisition/disposition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 price at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Interest
 rate and maturity rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date the report is submitted.

If the Access Person has directed all financial institutions where he or she has accounts that hold Reportable Securities to send copied of his or her account statements and trade activity to Compliance, the Access Person does not have to submit a quarterly transaction report to the CCO as long as Compliance receives the trade activity and account statements within 30 days of the end of the quarter in which the trades were executed. For any new accounts opened Access Persons must instruct the institution hosting their account to send Compliance duplicate trade confirmations and account statements as described above.

Access Persons do not have to submit a quarterly transaction report to the CCO for investments in unlisted securities that have been approved by Compliance (Control Room) and recorded in MACTS.

**Initial and Quarterly Certifications**

The CCO or designee will make available to new Access Persons the necessary documentation to enable Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 certify their understanding and their willingness to comply with the Adviser's compliance
 programs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 confirm that the personal securities holdings information that they have provided is complete
 and accurate.

The CCO or designee will require each Access Person to confirm that the transactions effected during the period were in accordance with the Code and that the information reported is complete and accurate. This confirmation will also include a certification for each Access Person to sign with respect to compliance

with the Adviser's Political Contributions Policy and Macquarie Group's Gift and Entertainment, Conflicts of Interest and Outside Business Activities Policies.

**Annual Reporting**

Every Access Person must submit an updated holdings report ("Annual Report") each calendar year. The information in the Annual Report cannot be more than 45 days old prior to the date it was submitted.

If the Access Person has directed all financial institutions where he or she has accounts that hold Reportable Securities to send copies of his or her account statements and trade activity to Compliance, and for unlisted securities that have been approved by Compliance (Control Room) and recorded in MACTS, the Access Person does not have to submit an Annual Report to the CCO.

Access Persons who have reportable holdings that are not set up for duplicate reporting may submit copies of account statements that contain all the same information that would be required by the Annual Report and that is current as of the dates notes above. Access Persons should sign and date each such statement before submitting it to the CCO or designee. Any Reportable Securities not appearing on an attached account statement or duplicate reporting (e.g., private placements or hedge fund interests) must be reported directly to the CCO or a designee as part of the Access Person's quarterly certification.

Annual Reports must also disclose the existence of all accounts that have the ability to hold any securities even if the account does not hold any securities that fall within the definition of a "Reportable Security."

In addition, on an annual basis, the CCO will require each Access Person to certify that he or she has complied with the terms of the Code and the Adviser's Compliance Manual.

**Exceptions from Reporting Requirements**

There are limited exceptions from certain reporting requirements. Specifically, an Access Person is not required to submit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Quarterly
 reports for any transactions effected pursuant to an automatic investment plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 reports with respect to securities held in accounts over which the Access Person had no direct
 or indirect Control, such as an account managed by an investment adviser on a discretionary
 basis or a trust account.

Any investment plans or accounts that may be eligible for either of these exceptions should be brought to the attention of the CCO or designee who will, on a case by case basis, determine whether the plan or account qualifies for an exception. In making this determination, the CCO or designee may ask for supporting documentation, such as a copy of the automatic investment plan, a

copy of the discretionary account management agreement and/or a written certification from an unaffiliated investment adviser.

3. <u>Insider Information</u> 

Federal securities laws require Central Park to establish, maintain and enforce written policies and procedures designed to prevent the misuse of material non-public information by its Access Persons. Among these policies and procedures are ones that restrict access to files likely to contain material non-public information, that make employees aware of new and existing insider trading restrictions, that require restricting or monitoring trading in securities for which Access Persons might possess non-public information, and that require monitoring and reviewing of trading by Central Park and Access Persons.

3.1. <u>Insider Transactions</u> 

Under insider trading rules, information is considered *material* if there is a substantial likelihood that a reasonable investor would consider the information important in making an investment decision or the information is reasonably likely to affect the price of an issuer's securities. Information is considered *non-public* when it has not been disseminated in a manner making it available to investors generally (such as through widely disseminated media reports, SEC filings, public reports, prospectuses or similar publications or sources). Information becomes *public* once it is publicly disseminated; limited disclosure does not make the information public (*i.e.*, disclosure by an insider to a select group of persons).

Insider trading is generally defined as the buying or selling of a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of material non-public information. Insider trading is a violation of federal securities laws, punishable by a prison term and significant monetary fines for the individual and investment adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Tipping* of material, non-public information is PROHIBITED. An Access Person may not *tip* a trade, either personally or on behalf of others, while in possession of such information.
 Access Persons may not be recipients of a tip ("tippee"). If an Access Person
 becomes the recipient of a tip, they must immediately inform the CCO (or designee) and refrain
 from any trading in the said issuer until cleared by the CCO (or designee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Front running* involves trading ahead of a client order in the same security on the basis of
 non-public information regarding impending market transactions. *Front running* is PROHIBITED.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ *Scalping* is PROHIBITED. *Scalping* occurs when an Access Person purchases shares of a security
 for his/her own account prior to recommending/buying the same security for clients and then
 immediately sells the shares at a profit upon the rise in the market price following the
 recommendation/purchase.

3.2. <u>Use of Non-Public Information Regarding a Client</u> 

No Access Person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Disclose
 to any other person, except to the extent permitted by law or necessary to carry out his
 or her duties as an Access Person and as part of those duties, any non-public information
 regarding any client portfolio, including any security holdings or client transactions, any
 security recommendation made to a client, and any security transaction by or under

consideration by or for a client, including information about actual or contemplated investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Use
 any non-public information regarding any client portfolio in any way that might be contrary
 to, or in competition with, the interest of such client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Use
 any non-public information regarding any client in any way for personal gain.

Central Park may, in certain circumstances, disclose certain of the information discussed above to third parties, but such disclosure will only be made if permissible under applicable law and pursuant to confidentiality agreements with such third parties.

3.3 <u>rumors</u> 

Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the anti-fraud provision of Federal Securities Laws and the laws of other jurisdictions. Such conduct is contrary to the Code of Ethics, as well as its expectations regarding appropriate behavior. Employees are prohibited from knowingly circulating false rumors or sensational information to individuals outside of Central Park that might reasonably be expected to affect market conditions for one or more securities, sectors or markets or improperly influencing any person or entity.

4. <u>Gifts, Entertainment, Political Contributions, Outside Business Activities, and Regulatory Requirements</u> 

4.1. <u>Gifts and entertainment</u> 

Business gifts and entertainment are a customary way to strengthen business relationships. However, federal and state laws contain numerous restrictions on the giving and receiving of gifts and entertaining, particularly with respect to governmental officials. Apart from these legal restrictions, the giving and receiving of gifts or entertainment can create the appearance of potential conflicts of interest. Accordingly, the Advisers have adopted the following policy related to the giving and receiving of gifts and entertainment.

**<u>General Guidelines</u>**

Access Persons must observe the following guidelines when giving or receiving gifts or entertainment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ All
 gifts and/or entertainment, given or received, should be reasonable, customary and in accordance
 with normally accepted business practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ All
 gifts and/or entertainment, given or received, must be permitted by law and permitted by
 the third party's own policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Never
 offer or accept inappropriate gifts, favors, entertainment, special accommodations, or other
 things of material value that could influence decision-making;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Never
 offer or accept extravagant or excessive entertainment to or from a current or prospective
 investor, consultant, third party marketer, or fund manager, regardless of whether Central
 Park has an investment relationship with such person or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Never
 offer or accept cash gifts or cash equivalents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Never
 offer anything of value to a third party to influence or reward action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ A
 business courtesy such as a gift or entertainment should never be offered or accepted under
 circumstances that might create the appearance of an impropriety; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Never
 offer or accept a gift if public disclosure of the gift would be embarrassing to the Advisers
 or the third party.

**<u>Pre-approval</u>**

Any entertainment provided or received should be for business purposes and any such expenses must be reasonable (i.e., not lavish or extravagant) and approved internally in accordance with the Macquarie Group Gifts and Entertainment Policy. All Access Persons must certify to the CCO or designee on a quarterly basis that they are in compliance with the Macquarie Group Gifts and Entertainment Policy. If you have any questions about what constitutes a permissible gift or reasonable entertainment, please consult the CCO or review the Macquarie Group Gifts and Entertainment Policy.

The prior approval of the CCO (or designee) will be required with respect to the giving or receiving of any of the following categories of gifts and entertainment: (i) any gift given to or received from a Government Official (defined to include any federal, state, local or foreign governmental entity, or an official, employee or agent of a governmental entity (including investment consultants representing a governmental entity, but excluding any lawful donation to a campaign for public office)), (ii) all gifts provided, all gifts received in excess of $100 in value, or entertainment (measured per item, or, in the case of group dinners or tickets to sporting events and the like, measured per person) in excess of $250 in value<sup>5</sup>, or (iii) any other gift or entertainment that may be reasonably be seen as violating this policy.

**<u>Union Officials, ERISA fiduciaries, "Government Instrumentalities", & State and Local Pensions</u>**

<u>Union Officials</u> – Any gift or entertainment provided by the Adviser to a labor union or a union official in excess of $250 per fiscal year must be reported on Department Labor Form LM-10 within 90 days following the end of the Adviser's fiscal year. Consequently, all gifts and entertainment provided to labor unions or union officials must be pre-approved by the CCO or designee.

<u>Foreign Governments and "Government Instrumentalities"</u> – The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government. As described above, any payment or anything else of value given to a foreign official

<sup>5</sup>

or entity that could be deemed an "instrumentality" of a foreign government must be pre-approved by the CCO or designee.

<u>ERISA Plan Fiduciaries</u> – The Adviser is prohibited from giving gifts or entertainment with an aggregate value exceeding $250 per year to any ERISA plan fiduciary. The Adviser is prohibited from giving or receiving gifts or entertainment to or from any ERISA plan fiduciary without prior approval of the CCO or designee. Consequently, all gifts and entertainment provided to ERISA plan fiduciaries must be reported to the CCO.

<u>State and Local Pension Officials</u> – The Adviser must be mindful that a myriad of state and municipal regulations exist around the exchange of gifts and entertainment with such officials. Accordingly, employees must consult with the CCO before providing any gifts or entertainment in connection with the solicitation of state and municipal pension, and similar plans.

Employees must consult with the CCO if there is any question as to whether gifts or entertainment need to be pre-cleared and/or reported in connection with this policy. The CCO relies on employee reporting to assess compliance with the requirements listed above.

**<u>Examples of Gifts</u>**

Gifts and/or entertainment may include without limitation, tickets to sporting events, golf, theater events and concerts, plane tickets, memorabilia, food or alcohol. Access Persons should be aware that certain types of business entertainment may be regarded as gifts and thus, subject to the gift reporting requirements if the hosting party is absent from the event.

The term "gift" does not include any gifts, benefits, compensation or consideration given to or received from a personal acquaintance (who is not a Government Official) for reasons unrelated to an Access Person's professional duties (such as housewarming, graduation or birthday gifts).

**<u>Reporting Requirements</u>**

All Access Persons are required to report all gifts given and received by the Access Person and all entertainment received in excess of $50 in value or given of any value. This report may be submitted in PTA and must include the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 recipient's name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 name of the individual or firm who gave the gift/entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 description of the gift/entertainment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 date of the event or when the gift was given or received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 the provider of the attended the event with the recipient;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Estimated
 value of the gift/entertainment (the higher of the market value or cost);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Documentation
 of any reimbursement.

A record of all gifts and entertainment required to be entered into the PTA system will be maintained via PTA, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Gifts
 provided and received;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entertainment
 provided over $250; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Entertainment
 received over $50.

4.2 Political
 Contributions

Effective March 14, 2011, the SEC adopted Rule 206(4)-5 (commonly referred to as the "Pay-to-Play" rule), which addresses the various arrangements by which a U.S.-registered investment adviser may seek to influence the award of advisory business by making or soliciting Contributions to government Officials charged with awarding such business. Under Rule 206(4)-5, Access Persons are prohibited from contributing more than the allowed limit of Contributions in connection with any business of the Adviser. The Pay-to-Play Rule includes a provision that prohibits any indirect action that would be prohibited if the same action was done directly.

The Pay-to-Play Rule limits political Contributions to state and local government officials, candidates, and political parties by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· registered
 investment advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· advisers
 that would be required to register with the SEC but for the "foreign private advisor"
 exemption provided by Section 203(b)(3) of the Advisers Act, or that are "exempt reporting
 advisers";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· firms
 that solicit clients or investors on behalf of the types of advisers described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "covered
 associates" (as defined below) of the entities listed above.

If violated, the Pay-to-Play Rule prohibits the receipt of compensation from a government entity for advisory services for two years following a Contribution to any official of that "government entity"<sup>6</sup>. This prohibition also applies to "covered associates" of the adviser.

A "covered associate" of an adviser is defined to include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 general partner, managing member or executive officer, or other individual with a similar
 status or function;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 employee that solicits a government entity for the adviser, as well as any direct or indirect
 supervisor of that employee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 political action committee controlled by the adviser or by any person that meets the definition
 of a "covered associate."

Given the breadth of various federal, state and local pay-to-play rules applicable to state and local Contributions, Contributions to (1) an incumbent, candidate and successful candidate for U.S. state and local office and (2) U.S. state and local officials running for U.S. federal office will generally be denied in the pre-approval process. Exceptions may be provided on a case-by-case basis during such pre-approval process. Compliance and Corporate Affairs will review any requests for exceptions as appropriate. Appropriate exceptions to the general policy would be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Person Contributions of $350 or less per election, for any election

<sup>6</sup> A "government entity" means any state or political subdivision of a state, including (i) any agency; authority, or instrumentality of the state or political subdivision; (ii) a pool of assets sponsored or established by the state or political subdivision or agency; (iii) a plan or program of a government entity; and (iv) officers, agents or employees of the state or political subdivision or agency.

in which that Access Person is entitled to vote. For purposes of this exception, an Access Person is "entitled to vote" for a person if such Access Person's primary residence is located in the area in which the Official is running; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an
 Access Person can make limited Contributions of $150 or less per election, for any election
 in which that Access Person is not entitled to vote.

**Restrictions on Payments for the Solicitation of Clients or Investors**

The Pay-to-Play Rule prohibits the compensation of any person to solicit a government entity unless the solicitor is an officer or employee of the adviser, or unless the recipient of the compensation (i.e., solicitation fee) is another registered investment adviser or a registered broker/dealer.

However, a registered investment adviser will be ineligible to receive compensation for soliciting government entities if the adviser or its covered associates made, coordinated, or solicited Contributions or payments to the government entity during the prior two years in excess of the de minimis exceptions noted above<sup>7</sup>.

The Adviser will only compensate third parties for referrals of investors in Clients that are affiliated with government entities if the solicitor is an eligible "regulated person," as defined by Rule 206(4)-5 under the Advisers Act, and if the solicitor and its covered associates have not made any disqualifying Contributions during the past two years.

**Restrictions on the Coordination or Solicitation of Contributions**

The Pay-to-Play Rule prohibits an adviser and its covered associates from coordinating or soliciting any Contribution or payment to an Official of the government entity, or a related local or state political party where the adviser is providing or seeking to provide investment advisory services to the government entity.

**Charitable Donations**

Charitable donations to legitimate not-for-profit organizations, even at the request of an official of a government entity, do not implicate Rule 206(4)-5. Donations by the Advisers or Access Persons to charities with the intention of influencing such charities to become investors in Clients are strictly prohibited. Access Persons should notify the CCO about any actual or apparent conflict of interest in connection with any charitable contribution, or about any contribution that could give an appearance of impropriety.

**Recordkeeping Obligations**

The Advisers Act imposes recordkeeping requirements on registered investment advisers that have any clients or investors in private funds that fall within Rule 206(4)-5's definition of a "government entity." Among other things, advisers with "government entity" clients or fund investors must keep records showing political contributions by "covered associates" and a listing of all "government entity" clients and fund investors.

<sup>7</sup> Similar prohibitions are expected on broker/dealers pursuant to upcoming FINRA lawmaking.

**Pre-clearance Requirement**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Current
 Access Persons will be required to pre-clear all Contributions – state, local and federal
 including contributions to officials, candidates, political parties, or political action
 committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-clearance
 will also be required for any fundraising activities reasonably expected to solicit Contributions
 from other persons or otherwise facilitate such Contributions.

**How to Pre-clear**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons should complete the political contribution form on PTA. The form will be routed to
 Compliance. Compliance will liaise with the CCO or designee and review the request.

**Approval Process**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 CCO or designee will review and evaluate each request to determine whether the Contribution
 is permissible based upon the requirements of the Code, the Pay-to-Play Rules and the Macquarie
 Political Contributions Policy. Contributions to national political candidates, parties,
 or action committees will generally be approved as long as the recipient is not otherwise
 associated with a state or local political office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access
 Persons will be notified in writing (hard copy and/or electronic notification) of approval
 or denial by Compliance.

**Public Office**

Access Persons must obtain written pre-approval from the CCO or designee prior to running for any public office. Access Persons may not hold a public office if it presents any actual or apparent conflict of interest with the Adviser's business activities.

**Reporting**

<u>New Access Person Reporting</u>

When an individual is first designated as an Access Person, the individual must disclose any Contributions made up to two years prior to their Access Person designation date by submitting the "Political Contribution Request" form, prior to hire<sup>8</sup>.

<u>Quarterly Certification</u>

Access Persons are required to certify that they have complied with the Advisers' Political Contribution Policy on a quarterly basis.

<sup>8</sup> The restrictions on Contributions and payments imposed by Rule 206(4)-5 will apply to the activities of individuals for the two years before they became covered associates of an investment adviser. However, for covered associates who are not involved in soliciting clients or investors, the look-back period is six months instead of two years.

**Penalty for Violating the Advisers' Political Contribution Policy**

Any Access Person who violates the Macquarie's Political Contribution Policy must immediately report the violation to the CCO or designee. Upon notification of a violation, the CCO or designee will report such Contributions to Compliance. An Access Person who fails to pre-clear a contribution or otherwise violates this Policy may be subject to disciplinary action up to and including termination.

4.3. <u>Outside Business Activities</u> 

In addition to restrictions placed on the personal trading and private investments of employees, each Access Person must obtain prior approval from the CCO (or designee) with respect to outside business activities that can reasonably be expected to cause actual or perceived conflicts of interest, that may violate applicable law and/or that may be harmful to the Adviser'' or the Access Person's reputation. Examples of activities that may require prior approval include full- or part-time service as an officer, director, partner, manager, consultant or employee of another business organization (including acting as a director of a company whose securities are publicly traded); agreements to provide financial advice (*e.g.*, through service on a finance or investment committee) to a private, educational or charitable organization; and any agreement to be employed by or any acceptance of compensation in any form (*e.g.,* commission, salary, fee, bonus, contingent compensation, etc.) from a person or entity or their affiliates. For purposes of clarity, the foregoing shall prohibit any Access Person from receiving any form of compensation, directly or indirectly, from a fund (or other investment vehicle) in which a Central Park sponsored fund invests, such underlying fund's sponsor or their affiliated parties except for (1) business gifts and entertainment as permitted and/or approved in accordance with the policies set forth herein or (2) payments made through the Broker-Dealer pursuant to written agreements entered into by the Broker-Dealer and Adviser. Approval shall not be granted through PTA with respect to any outside business activity that would violate the immediately preceding sentence in relation to a registered investment company unless reported to such company's Board of Directors. Any approval of an outside business activity, if granted, may be given subject to restrictions or qualifications imposed by the CCO (or designee) and approval may be revoked at any time.

Any outside business activities that do not require prior approval must nevertheless be reported as soon as practicable through PTA. Records with respect to the outside business activities of Access Persons will be recorded and maintained in PTA.

4.4. <u>Regulatory Requirements</u> 

The SEC considers it a violation of general antifraud provisions of federal securities laws whenever an investment adviser engages in fraudulent, deceptive or manipulative conduct. As a fiduciary with respect to client assets, the Advisers cannot engage in activities that would result in conflicts of interests (i.e., front-running or scalping).

The SEC can censure, place limitations on the activities, functions, or operations of, suspend for a period not exceeding twelve months, or revoke the registration of any investment adviser based on a:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Failure
 reasonably to supervise, with a view to preventing violations of the provisions of the federal
 securities laws, an employee or an Access Person who commits such a violation.

However, no manager shall be deemed to have failed reasonably to supervise any person, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) there have been established procedures,
 and a system for applying such procedures, which would reasonably be expected to prevent
 and detect, insofar as practicable, any such violation by such other person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) such manager has reasonably discharged the
 duties and obligations incumbent upon him or her by reason of such procedures and system
 without reasonable cause to believe that such procedures and system were not complied with.

5. <u>Enforcement of the Code</u> 

The CCO (or designee) has several responsibilities to fulfill in enforcing the Code. Some of these responsibilities are summarized below.

5.1. <u>Chief Compliance Officer's Duties And Responsibilities</u> 

The CCO (or designee):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ will
 provide each Access Person with a copy of the Code and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ will
 provide to each person who becomes an Access Person, a copy of the Code; such person will
 be required to submit an Initial Holdings Report no later than 10 business days after becoming
 an Access Person of the Advisers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ will,
 on a quarterly basis, review all reported personal securities transactions submitted by Access
 Persons Before determining that a person has violated the Code, the CCO (or designee) may
 give the person an opportunity to supply explanatory material;

The CCO will submit his or her personal trade requests requiring pre-approval and any reports as required pursuant to the Code through PTA.

5.2. <u>Code Violations</u> 

If you violate the provisions of the Code, Central Park has the right to impose on you one or more of the following penalties as it may deem appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ censure
 you;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ notify
 your manager of the violation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ suspend
 your authority to act on behalf of Central Park;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ recommend
 specific sanctions, such as suspension from work for a period of time without pay, reductions
 in leave, elimination of your bonus, disgorgement of profits, imposition of fines and/or
 termination of employment; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ if
 appropriate, report such violation(s) to the U.S. Securities and Exchange Commission, other
 federal or state regulators and/or law enforcement authorities.

*Note: Both the violation and any imposed sanction will be brought before the Co-head of Wealth Solutions.*

5.3. <u>Annual Report to the Chief Executive Officers</u> 

At least annually, the CCO will provide a report to the Co-heads of Wealth Solutions Officers as well as the CCO's direct report within Macquarie and/or his designee. The report must describe any issue(s) that arose during the previous year under the Code or procedures related thereto, including any material Code or procedural violations, and any resulting sanction(s). If applicable, the report may discuss any changes that the CCO believes should be made to the Code. The CCO may provide such report more frequently as he or she deems necessary or appropriate, and shall do so as requested by the recipients of the reports. The report will be in written form.

5.4. <u>Effective Date of the Code</u> 

The Code is effective as of the date written on the cover page. The Code supersedes any prior versions of the Code.

**EXHIBIT A<br> Definitions**

**General Note**

The definitions and terms used in the Code are intended to mean the same as they do under the Investment Advisers Act of 1940, as amended ("Advisers Act"), and the other federal securities laws. If a definition hereunder conflicts with the definition in the Advisers Act or other federal securities laws, or if a term used in the Code is not defined, you should follow the definitions and meanings in the Advisers Act or other federal securities laws, as applicable.

<u>407 letter</u> means a letter that is provided by the Macquarie Group to financial institutions with which Access Persons maintain accounts that provides details regarding the requirement for the financial institution to provide confirmation and quarterly statements to the Macquarie Group.

<u>Beneficial Ownership Interest</u> means any direct or indirect interest in the name of the Adviser's employee as well as any direct or indirect interest in the name of the Adviser's employee's spouse, child, all persons residing with or financially dependent upon the Adviser's employee, any person whom the Adviser's employee contributes material financial support and any account over which the Adviser's employee exercises Control.

<u>Contribution</u> means a gift, subscription, loan, advance, deposit of money or anything of value made for the purpose of influencing a federal, state or local election, including payments of campaign debts and transition or inaugural expenses incurred by successful candidates for state or local office.

<u>Control</u> means the ability, either directly or indirectly, to influence trading or investment decisions.

<u>Federal Securities Laws</u> means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to funds and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury. <u>Private Placement</u> means an offering that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2), Section 4(6), Rule 504, Rule 505 or Rule 506 (*e.g.,* private placements).

<u>Macquarie Group</u> means Macquarie Group Limited and its world-wide affiliates.

<u>MACTS</u> means the Macquarie Activity and Conflict Tracking System used by the Control Room to record private equity investments.

<u>Official</u> means incumbents or prospective candidates for office if the office can influence the outcome of or is directly or indirectly responsible for, or, has the authority to, hire an advisor or appoint such a person.

<u>PTA</u> means the Macquarie Group system used to record personal brokerage accounts.

<u>Reportable Fund</u> means (i) any collective investment vehicle for which the Adviser serves as an investment adviser; or (ii) any collective investment vehicle whose investment adviser or principal underwriter controls, is controlled by, or is under common control with the Adviser.

<u>Reportable Security</u> means a security as defined in Section 204A-1, except that it does not include:

&nbsp;&nbsp;&nbsp;&nbsp;· Direct
 obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;· Money
 market instruments—bankers' acceptances, bank certificates of deposit, commercial
 paper, repurchase agreements and other high quality short-term debt instruments;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;· Shares
 issued by open-end funds other than Reportable Funds; or

&nbsp;&nbsp;&nbsp;&nbsp;· Transactions
 in units of a unit investment trust if the unit investment trust is invested exclusively
 in unaffiliated mutual funds.

## Ex-99.(R)(3)

**Exhibit 99.(r)(3)**

RIC Procedures \| December 13, 2022 Page \| 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. CODE OF
 ETHICS – RULE 17J-1

Rule 17j-1 under the Company Act requires investment advisers to registered investment companies to adopt a written code of ethics reasonably designed to prevent Access Persons from engaging in unlawful actions. In order to comply with Rule 17j-1, SEG has adopted this Code of Ethics (the "Code").

For the purposes of this Code, all principals and regular employees of SEG with a SEG e-mail address, all consultants with access to SEG's shared drive and Immediate Family Members of the foregoing are Access Persons. Temporary employees are also bound by the Code of Ethics.

SEG personnel must report any actual or potential violations of this Code to the CCO. The CCO will determine if an actual violation has occurred and, if so, will take appropriate corrective action. All material violations will be logged by the CCO, and the CCO will report all such violations involving the RIC Client to the Primary Adviser's compliance department as required by the Sub- Advisory Agreement or applicable laws and regulations. On a quarterly basis, the CCO will certify to each RIC Client's Board that SEG has adopted procedures to prevent Access Persons from violating the Code, and a report regarding any issues or any material violations of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;A. GENERAL STATEMENT
 OF PRINCIPLES

In recognition of the trust and confidence placed in SEG by RIC Clients, SEG has adopted the following principles to be followed by Access Persons:

&nbsp;&nbsp;&nbsp;&nbsp;1. The
 interests of RIC Clients and their shareholders are paramount. You must place Clients'
 interests before your own.

&nbsp;&nbsp;&nbsp;&nbsp;2. You
 must effect all personal securities transactions in a manner that avoids any conflict between
 your personal interests and the interests of the RIC Clients or their shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;3. You
 must avoid actions or activities that allow you or your family to benefit from your position
 with SEG, or that bring into question your independence or judgment.

&nbsp;&nbsp;&nbsp;&nbsp;4. You
 must not disclose material nonpublic information to others or engage in the purchase or sale
 (or recommend or suggest that any person engage in the purchase or sale) of any security
 to which such information relates.

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RIC Procedures \| December 13, 2022 Page \| 2

&nbsp;&nbsp;&nbsp;&nbsp;B. GENERAL PROHIBITION
 AGAINST FRAUD, DECEIT AND MANIPULATION

Access Persons may not, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by any RIC Client:

&nbsp;&nbsp;&nbsp;&nbsp;1. Employ any device,
 scheme, or artifice to defraud the RIC Client;

&nbsp;&nbsp;&nbsp;&nbsp;2. Make
 any untrue statement of a material fact to the RIC Client or omit to state a material fact
 necessary in order to make the statements made to the RIC Client, in light of the circumstances
 under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;3. Engage
 in any act, practice or course of business that operates or would operate as a fraud or deceit
 upon the RIC Client; or

&nbsp;&nbsp;&nbsp;&nbsp;4. Engage in any
 manipulative practice with respect to the RIC Client.

&nbsp;&nbsp;&nbsp;&nbsp;C. PERSONAL TRADING
 POLICY

SEG employees must adhere to the *Personal Investment Policy* in the Code of Conduct and Regulatory Compliance Manual. The *Personal Investment Policy* is included as Appendix B to this Procedures Manual. Unless otherwise noted, all defined terms have the same meaning as in the Code of Conduct and Regulatory Compliance Manual and all references to forms and other attachments should be considered references to the relevant forms and attachments in the Code of Conduct and Regulatory Compliance Manual. The *Personal Investment Policy* expressly restricts SEG employees from purchasing any registered open-end investment company to which SEG serves as adviser or sub-adviser and any affiliated funds or investment products of such investment company.

&nbsp;&nbsp;&nbsp;&nbsp;D. INSIDER TRADING
 POLICY

SEG employees must adhere to the *Insider Trading Policy* in the Code of Conduct and Regulatory Compliance Manual. This policy is set forth below. Unless otherwise noted, all defined terms have the same meaning as in the Code of Conduct and Regulatory Compliance Manual and all references to other policies and attachments should be considered references to the relevant policies and attachments in the Code of Conduct and Regulatory Compliance Manual.

**Insider Trading Policy**

Section 204A of the Advisers Act requires every investment adviser to establish, maintain and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of material nonpublic information ("MNPI") by such investment adviser or any person associated with such investment adviser. In accordance with Section 204A, SEG has instituted procedures to prevent the misuse of MNPI.

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RIC Procedures \| December 13, 2022 Page \| 3

While this policy is set forth in terms reflecting United States law, SEG's prohibition on insider trading applies to trading on exchanges outside the US as well, where laws may be even more stringent. Specific guidance pursuant to the European Market Abuse Regulation ("MAR") is set forth in SEG's Market Abuse Policy for EU-Related Trading (*See* SEG's Code of Conduct and Regulatory Compliance Manual).

The prohibition against insider trading is a creature of federal statutes and rulemaking and the common law interpretation of those statutes and rules. Insider trading can generally be defined as trading, either personally or on behalf of others, on the basis of MNPI obtained in breach of a duty of trust or confidence or communicating such MNPI to others in violation of the law. US securities laws have been interpreted to prohibit the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading
 by an insider while in possession of MNPI;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading
 by a non-insider while in possession of MNPI, where the information was misappropriated by
 or disclosed to the non-insider in violation of the tipper's duty to keep it confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· trading
 by a non-insider while in possession of MNPI obtained through unlawful means, such as computer
 hacking; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· disclosing
 MNPI to others in breach of a duty of trust or confidence or recommending a securities transaction
 to others while in possession of MNPI.

The SEC has also recently sought to expand insider trading liability under the "shadow trading" theory of liability. Under the shadow trading theory, trading on MNPI that indirectly affects the price of another security of an economically linked business may give rise to insider trading liability.

SEG's Insider Trading Policy applies to all of its employees. Any questions should be directed to the General Counsel (the "GC") or his designee.

**Whom Does the Policy Cover?**

This policy covers all of SEG's employees, both full time and part time (including interns) ("Covered Persons"), as well as any transactions in any securities participated in by family members, trusts or corporations directly or indirectly controlled by such persons. In addition, the policy applies to transactions engaged in by corporations in which the Covered Person is an officer, director or 10% or greater stockholder, and a partnership of which the Covered Person is a partner unless the Covered Person has no direct or indirect control over the partnership.

Where an SEG employee serves as an officer or director of a publicly traded company in the Firm's investment portfolio, special procedures are warranted. First, the employee must ensure that the Legal/Compliance Department is aware of and has approved the relationship. Second, the Firm will place the company on its Do Not Trade list to ensure that any trades in the company's stock are preapproved by Legal/Compliance. In such circumstances, Legal/Compliance must confirm that any restrictive trading window applicable to officers and directors is open, and check with the affiliated employee for possession and any internal or

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RIC Procedures \| December 13, 2022 Page \| 4

external disclosure of MNPI. Legal/Compliance shall document these efforts in connection with any authorized trading in the company's securities.

The restrictions in this policy regarding trading while in possession of MNPI shall continue to apply even after a Covered Person's services to or employment with SEG terminates. If a Covered Person is in possession of MNPI at the time of such termination, he or she may not trade in the security to which the information relates until one full trading day after the information is released to the public.

**What Information is Material?**

Information generally is deemed "material" if there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision.

Examples of potentially material information include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· projections
 that significantly differ from external expectations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· dividend
 or earnings announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· write-downs
 or write-offs of assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· additions
 to reserves for bad debts or contingent liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· expansion
 or curtailment of company or major division operations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· significant
 changes in senior management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· merger,
 acquisition, disposition, or joint venture announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· new
 product or service announcements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· discovery
 or research developments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· criminal,
 civil and government investigations and indictments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pending
 labor disputes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· debt
 service or liquidity problems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· changes
 in debt ratings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bankruptcy
 or insolvency problems

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· tender
 offers, stock repurchase plans or other proposed capital share transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· recapitalization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· results
 of any clinical trials or FDA drug approval determinations

Information provided by a company could be material because of its expected effect on a particular class of a company's securities, all of the company's securities, the securities of another company or the securities of several companies. The misuse of MNPI applies to all types of securities, including equity, debt, commercial paper, government securities and options.

Material information does not have to relate directly to a company's business. For example,

Revised and effective December 13, 2022

RIC Procedures \| December 13, 2022 Page \| 5

material information about the contents of an upcoming newspaper column may affect the price of a company's security, and therefore be considered material.

**What Information is Nonpublic?**

In order for issues concerning insider trading to arise, information must not only be material, but also nonpublic. "Nonpublic" information generally means information that has not been available to the investing public.

Once material nonpublic information has been effectively distributed to the investing public, it is no longer classified as material nonpublic information. However, the distribution of nonpublic information must occur through commonly recognized channels for the classification to change. In addition, not only must the information be publicly disclosed, but the public must also have adequate time to receive and digest the information. Every situation must be evaluated on a case- by-case basis to see if an adequate amount of time has passed. Employees must consult with the GC to make this determination. Lastly, nonpublic information does not change to public information solely by selective dissemination.

**"Tippee" Liability for Receipt of MNPI**

SEG's employees must be aware that even where there is no expectation of confidentiality, a person may become subject to insider trading liability upon receipt of material nonpublic information. Whether the "tip" made to the employee makes him or her a "tippee" subject to insider trading liability depends on whether the tipper will benefit personally, either directly or indirectly, from the disclosure.

The "benefit" to the tipper need not be pecuniary in nature; it could be a reputational benefit or an expectation of a quid pro quo from the recipient by a gift of the information, or it could be presumed from a close family relationship or other personal or professional. Individuals may also become tippees if they obtain material, nonpublic information by happenstance, at social gatherings, by overhearing conversations, etc. Because liability depends heavily on specific facts and circumstances, SEG expects its employees to always err on the side of caution and report to the GC or his designee any suspected receipt of MNPI.

In addition, federal prosecutors have begun pursuing insider trading cases under criminal statutes that do not require proof of any personal benefit to the tipper. While the legal status of this approach remains unsettled, the trend heightens the risk of criminal prosecution in situations where there may be little or no evidence of personal benefit to the tipper or knowledge of any such benefit by a downstream tippee.

Among the many ways an employee may receive MNPI is by being "brought over the wall" or "wall-crossed" by an underwriter seeking to market or obtain investor input in connection with a new issue of securities. Even where the underwriter represents that no MNPI will be communicated, no employee may agree to be brought over the wall (and thereafter receive confidential information) without express authorization of the GC or CCO or their designees. Any employee approached with an offer to be wall crossed must promptly direct the inquiry to

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RIC Procedures \| December 13, 2022 Page \| 6

Legal/Compliance, which will be responsible for further communications with the underwriter or issuer.

**Penalties for Trading on Insider Information**

Firms and individuals face severe penalties, both civil and criminal, if they engage in insider trading, including civil injunctions, treble damages, disgorgement of profits and jail sentences. Further, fines for individuals and firms found guilty of insider trading may be levied in amounts up to three times the profit gained or loss avoided, and up to the greater of $1,000,000 or three times the profit gained or loss avoided, respectively.

**Procedures to Follow if an Employee Believes He or She has Received MNPI**

If an employee has questions regarding the possible receipt of MNPI, he or she must inform the GC or his designee as soon as possible. The GC or his designee will conduct research and, if necessary, consult with outside counsel to determine whether any trading restrictions are warranted.

Following prompt reporting of potential MNPI to the GC or his designee, the employee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 not proceed with any related research or trading until the GC or his designee has informed
 the employee of the appropriate course of action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 not discuss the potential MNPI with colleagues, supervisors, managers or anyone either inside
 or outside of the Firm unless specifically pre-cleared by the GC or his designee to do so;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 not recommend or engage in the purchase or sale of securities to which such nonpublic information
 pertains while that information remains nonpublic.

**Additional Requirements**

Given the severe penalties imposed on individuals and firms engaging in insider trading, and in addition to the procedures set forth above, employees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 not, unless specifically pre-cleared by the GC or his designee, trade the securities of any
 company of which they are deemed insiders or temporary insiders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 not engage in securities transactions of any company except in accordance with SEG's
 Personal Investment Policy and the securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 submit personal security trading reports in accordance with SEG's Personal Investment
 Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 never agree to obtain inside information or keep information in confidence without notice
 to and prior approval of the GC or CCO or their respective designees, including in response
 to wall-crossing or market sounding opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 not engage in securities transactions of any company on SEG's restricted trading list.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 participate in periodic insider trading training as directed by the Legal/Compliance Department.

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RIC Procedures \| December 13, 2022 Page \| 7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 conduct all investment research in accordance with SEG's Research Policies and Procedures,
 including the Alternative Data Policy and ESG Investment Policy contained therein, as periodically
 amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· shall
 report to the GC or CCO, or their respective designees any actual or suspected violations
 of the Insider Trading Policy, as well as any requests by another employee to engage in conduct
 that would violate the policy. Failure to report may result in disciplinary action, including
 dismissal.

**Private Placement Transactions**

SEG may participate in private equity, PIPEs (private investment in public equity), or similar private placement transactions. In connection therewith, SEG may receive MNPI as part its due diligence. In order to ensure that no employee evaluating the transaction receives or becomes aware of such MNPI: (1) all due diligence materials provided by the issuer or on its behalf shall first be sent to the GC or his designee; and (2) the GC or his designee shall review the information and remove or redact any documents or information that he or she believes could be considered MNPI. Any such participation in a PIPE transaction shall be in accordance with the applicable provisions of Regulation M including Rule 105 thereunder.

For private equity transactions, where the deal team receives confidential information pursuant to a non-disclosure agreement, the team must take all reasonable steps to restrict access to such information to members of the immediate deal team. Should the team wish to disclose any confidential information to other parties for evaluation of the transaction, the team must seek pre- approval from the GC or his designee, and, upon disclosure, ensure that the other parties are aware of applicable confidentiality restrictions. Should the team become aware of confidential information throughout the deal process that may be material to any publicly traded companies, the team will promptly notify the GC or his designee.

&nbsp;&nbsp;&nbsp;&nbsp;E. RECORDKEEPING
 REQUIREMENTS

SEG will maintain the following records in accordance with Rule 17j-1:

&nbsp;&nbsp;&nbsp;&nbsp;1. A
 copy of the current Code and each Code that was in effect at any time within the past five
 years must be maintained in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;2. A
 record of any violation of the Code, and of any action taken as a result of the violation,
 must be maintained in an easily accessible place for at least five years after the end of
 the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;3. A
 copy of each report made by an Access Person pursuant to the Code must be maintained for
 at least five years after the end of the fiscal year in which the report is made, the first
 two years in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;4. A
 record of all Access Persons, currently or within the past five years, must be maintained
 in an easily accessible place;

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&nbsp;&nbsp;&nbsp;&nbsp;5. A
 copy of each report required by this Code must be maintained for at least five years after
 the end of the fiscal year in which it is made, the first two years in an easily accessible
 place; and

&nbsp;&nbsp;&nbsp;&nbsp;6. A
 record of any decision and the reasons supporting the decision, to approve the acquisition
 by Access Persons of an IPO or other limited offering for at least five years after the end
 of the fiscal year in which the approval is granted.

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**APPENDIX B**

**PERSONAL INVESTMENT POLICY FOR SELECT EQUITY GROUP, L.P.**

**<u>Personal Investment Policy</u>**

SEG has adopted a Personal Investment Policy ("PIP") relating to personal securities transactions that, combined with other provisions of the Code of Conduct, is intended to satisfy the applicable requirements of Rule 204A-1 under the Advisers Act as well as Section 206 of the Advisers Act.

The PIP establishes standards and procedures for the detection and prevention of activities by which SEG personnel, having knowledge of the investments and investment intentions of SEG, may abuse their fiduciary duties with respect to any client, and addresses the types of conflict of interest situations contemplated by the federal securities laws. SEG's PIP is based on the principle that the directors, officers and employees of SEG owe a fiduciary duty to clients to conduct personal securities transactions in a manner that does not interfere with client transactions or otherwise take unfair advantage of their relationship with clients. The PIP requires all SEG employees to adhere to this general principle and comply with all provisions of the PIP that apply to them.

A *Securities Transaction Matrix and an Account Matrix* are included as Attachments A and A-1, respectively, to assist with PIP compliance.

1. Who is subject
 to SEG's PIP?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered
Persons: All officers, directors, employees and interns of SEG. <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Related
 Persons: Spouses and dependent children of Covered Persons
 (including registered domestic partners) as well as other family members living in a Covered
 Person's household.

2. Accounts Subject
 to SEG's PIP

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Accounts requiring disclosure, ongoing holdings reporting and prior approval before transacting ("Personal Securities Accounts") include:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Personal securities
 accounts in the Covered Person's name or accounts of which the Covered Person is a
 beneficial owner (*see* definition of Beneficial Ownership below) (but not including
 Discretionary Managed Accounts, as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. All SEG-managed
 investments (Mulberry Street IMAs, the SEG Mulberry Street 401K benefit plan option, and
 limited partnership and general partnership interests of SEG private funds);

<sup>1</sup> The CCO may, in her sole discretion, designate other persons not listed above as Covered Persons.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Personal
 securities accounts in the name of any Related Persons (but not including Discretionary Managed
 Accounts, as defined below);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Personal
 securities accounts that the Covered Person or any Related Person directly or indirectly
 control or participate in, including by controlling or participating in investment decisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Estate or
 trust accounts in which a Covered Person or Related Person has a beneficial interest and
 power to effect investment decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Any brokerage
 account that holds cash if it could hold securities, even if it does not presently hold any
 securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Accounts requiring disclosure but not requiring ongoing holdings reporting or prior approval before transacting include:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Accounts at
 mutual fund companies that hold shares of open-end mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Fully discretionary
 accounts managed by an unaffiliated investment manager, where: (i) for Covered Persons and
 Related Persons, the Covered Person provides documentation that the accounts are discretionary
 and receives permission from the CCO or her designee to exempt such accounts; <sup>2
</sup> and (ii) the Covered Person provides initial and quarterly certification that
 there has been no communication between the adviser to the account and the Covered Person
 or Related Person with regard to investment decisions prior to execution ("Discretionary
 Managed Accounts").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Accounts
 that are restricted from purchasing Covered Securities (*e.g.*, certain 529 Plans, 401K
 plans) and/or are limited to effecting transactions in automatic investment plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Estate or
 trust accounts in which a Covered Person or Related Person has a beneficial interest but
 no power to effect investment decisions.

3. Covered Securities

"Covered Securities" under this Code of Conduct are stocks, bonds, shares of registered closed-end mutual funds, shares of exchange-traded funds ("ETFs"), debentures and other evidence of indebtedness, including senior debt and subordinated debt, investment contracts, commodity contracts, futures and all derivative instruments such as options, warrants and indexed instruments, and, in general, any interest or instrument commonly known as a security.

Covered Securities include: (i) any security that is "related" to a Covered Security because its value is derived from the value of a Covered Security (e.g., a warrant, option or an indexed instrument); and (ii) any registered open-end investment company to which SEG serves as adviser or sub-adviser and any affiliated funds or investment products of such investment company.

<sup>2</sup> In each place in the PIP where the CCO's permission is required, the CCO must receive permission from the GC for her personal transactions.

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Covered Securities also include virtual currency or cryptocurrency coins or tokens that are being offered, or previously were offered, as part of Securities and Exchange Commission (the "SEC")-registered initial coin offerings ("ICOs"). For the avoidance of doubt, virtual currency or cryptocurrency coins or tokens that were created outside the context of an SEC-registered ICO are not Covered Securities.

For purposes of this policy, the definition of Covered Security does not include shares of registered open-end investment companies other than ETFs, shares of registered open-end unit investment trusts other than ETFs, U.S. Treasury obligations, mortgage pass-throughs (e.g., Ginnie Maes) that are direct obligations of the U.S. government, bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements or other money market instruments.

4. Beneficial Ownership **<sup>3</sup>** 

You are considered to have "Beneficial Ownership" of Covered Securities if you have or share a direct or indirect "Pecuniary Interest" in the Covered Securities.

You have a "Pecuniary Interest" in Covered Securities if you have the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the Covered Securities.

The following are examples of an indirect Pecuniary Interest in Covered Securities:

&nbsp;&nbsp;&nbsp;&nbsp;1. Covered
 Securities held by members of your immediate family sharing the same household; however,
 this presumption may be rebutted by convincing evidence that profits derived from transactions
 in these Covered Securities will not provide you with any economic benefit.

"Immediate family" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, sister-in-law, any significant other covered by an employee benefits plan, and any child covered by an adoptive relationship.

&nbsp;&nbsp;&nbsp;&nbsp;2. Your
 interest as a general partner in Covered Securities held by a general or limited partnership.

&nbsp;&nbsp;&nbsp;&nbsp;3. Your
 interest as a manager-member in the Covered Securities held by a limited liability company.

You do not have an indirect Pecuniary Interest in Covered Securities held by a corporation, partnership, limited liability company or other entity in which you hold an equity interest, unless you are a controlling equity holder or you have or share investment control over the Covered Securities held by the entity.

<sup>3</sup> This section provides a summary of the meaning of "Beneficial Ownership." For purposes of the PIP, "Beneficial Ownership" shall be interpreted in the same manner as it would be in determining whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934 and the rules and regulations thereunder.

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The following circumstances constitute Beneficial Ownership by you of Covered Securities held by a trust:

&nbsp;&nbsp;&nbsp;&nbsp;1. Your ownership
 of Covered Securities as a trustee where either you or members of your immediate family have
 a vested interest in the principal or income of the trust.

&nbsp;&nbsp;&nbsp;&nbsp;2. Your ownership
 of a vested interest in a trust.

&nbsp;&nbsp;&nbsp;&nbsp;3. Your status
 as a settlor of a trust, unless the consent of all of the beneficiaries is required in order
 for you to revoke the trust.

5. Restrictions

The following restrictions apply to trading for Personal Securities Accounts of Covered Persons and Related Persons:

&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO,
 or her designee, shall have authority and sole discretion to approve or restrict any Covered
 Person transaction in a Covered Security. This authority and discretion applies to transactions
 in all Personal Securities Accounts, including all SEG-managed accounts or funds, which may
 in certain circumstances, in order to comply with SEG's fiduciary duties and SEG's
 principle of placing the interests of its clients ahead of its own, cause SEG employees to
 have less liquidity than SEG clients in SEG-managed accounts or funds.

&nbsp;&nbsp;&nbsp;&nbsp;2. Transactions
 in Covered Securities must be for investment purposes rather than for speculation. Consequently,
 Covered Persons may not engage in the purchase and sale, or sale and purchase, of the same
 or equivalent securities within a period of sixty (60) calendar days (*i.e.*, short
 term trading). However, with the prior written approval of the CCO or GC or their designee,
 a Covered Person may execute a short-term trade that results in a loss or in break-even status.
 Related Persons shall be subject to a thirty (30) day holding period.

&nbsp;&nbsp;&nbsp;&nbsp;3. No Covered
 Person may purchase in a Personal Securities Account any Covered Securities, except ETFs,
 private equity interests, SEG-managed accounts or funds, or shares of registered closed-end
 mutual funds. This prohibition does not apply to Discretionary Managed Accounts. A Covered
 Person may seek pre-approval to sell existing holdings of Covered Securities.

&nbsp;&nbsp;&nbsp;&nbsp;4. No Covered
 Person may purchase or sell any security represented in any account to which SEG serves as
 investment adviser for a minimum of seven (7) calendar days prior to, and a minimum of seven
 (7) calendar days after, such security is purchased or sold on behalf of any SEG client. <sup>4</sup>

<sup>4</sup> To be clear, the only type of Covered Security that a Covered Person may purchase that could overlap with a security in an SEG-managed account or fund would be an ETF. Covered Persons are prohibited from purchasing other types of publicly traded Covered Securities which could overlap with holdings in an SEG-managed account or fund.

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&nbsp;&nbsp;&nbsp;&nbsp;5. No transaction
 for a Personal Securities Account may be made in Covered Securities acquired pursuant to
 an initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;6. Covered
 Securities offered pursuant to a private placement may not be purchased for Personal Securities
 Accounts without the approval of the CCO or her designee. Any Covered Person receiving approval
 to acquire Covered Securities in a private placement must disclose that investment when the
 Covered Person participates in an SEG client's subsequent consideration of an investment
 in such issuer and any decision by or made on behalf of the SEG client to invest in such
 issuer will be subject to an independent review by investment personnel of SEG with no personal
 interest in the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;7. Covered
 Persons may not serve on the board of directors of any corporation (other than a not-for-profit
 corporation or a related SEG entity) without the prior approval of the Chairman or the GC
 and the CCO.

6. Prohibited Recommendations

No Covered Person shall recommend or execute any securities transaction for any client account, without having disclosed, in writing, to the Chairman (or, in the case of the Chairman, to the GC or CCO) any direct or indirect interest in such securities or issuers. The interest requiring such disclosure could be in the form of:

&nbsp;&nbsp;&nbsp;&nbsp;1. Any direct
 or indirect beneficial ownership of any securities of such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;2. Any contemplated
 transaction by the person in such securities;

&nbsp;&nbsp;&nbsp;&nbsp;3. Any position
 with such issuer or its affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;4. Any present
 or proposed business relationship between such issuer or its affiliates and the person or
 any party in which such person has a significant interest.

7. Transaction
 Approval Process

All transactions by Covered Persons and Related Persons in Covered Securities in Personal Securities Accounts must receive prior approval, with the exception of transactions by Related Persons in any registered open-end investment company to which SEG serves as adviser or sub-adviser and any affiliated funds or investment products of such investment company. To pre-clear a transaction, Covered Persons and Related Persons must submit a pre-approval request via the Firm's electronic compliance system, setting forth the transaction details, including, where applicable, whether the request is for a Buy or Sell, the account number and the ticker symbol of the security.

The Firm's electronic compliance system will either approve, deny or flag a pre-approval request for manual review by the CCO or her designee. The CCO or her designee endeavors to pre-clear transactions flagged for manual review promptly; however, transactions may not always be approved on the day on which they are received. Certain factors, such as time of day the order is submitted or length of time it takes to confirm there is no client activity, all play a role in the length of time it takes to pre-clear a transaction. A transaction that is approved must be completed on the

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day the approval is granted – unless the CCO or her designee has expressly authorized an exception – or the approval will lapse and become void. If approval is granted after market hours by the Firm's electronic compliance system, the Covered Person will be permitted to complete the trade the following business day. The CCO or her designee may take any relevant consideration into account in determining whether to grant pre-clearance or restrict trading activities in Personal Securities Accounts.

The CCO or her designee may also revoke a pre-clearance at any time before the transaction takes place.

8. Acknowledgement
 and Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Initial Holdings Report</u>. Within 10 days of becoming a Covered Person, each Covered Person must
 submit to the Compliance Department a statement of all:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Covered
 Securities in which such Covered Person has any direct or indirect beneficial ownership as
 of the date of becoming a Covered Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 at mutual fund companies that hold shares of open-end mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discretionary
 Managed Accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Accounts
 that are restricted from purchasing Covered Securities (*e.g.*, certain 529 Plans, 401K
 plans) and/or are limited to effecting transactions in automatic investment plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Estate
 or trust accounts in which a Covered Person or Related Person has a beneficial interest,
 regardless of whether the Covered Person or Related Person has any power to effect investment
 decisions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 brokerage account that holds cash if it could hold securities, even if it does not presently
 hold any securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Private
 placement interests of which you are a beneficial owner.

This statement must include (i) the title, number of shares and principal amount of each security, (ii) the name of any broker, dealer or bank with whom the Covered Person maintains an account in which any securities are held for the direct or indirect benefit of such Covered Person, and (iii) the date of submission by the Covered Person. Such information should be provided on the form attached as Attachment B – Acknowledgement and Initial Holdings Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Quarterly Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Personal Securities Accounts</u>. Each Covered Person must provide ongoing transaction and holdings
 reports via the Firm's electronic compliance system approved by the CCO or her designee
 for all Personal Securities Accounts. In addition, Covered Persons must report any previously
 undisclosed transactions in Covered Securities, unless made for Discretionary Managed Accounts,
 within 30

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days after the close of the quarter in which the transaction occurred or certify that no such transactions took place.

Each transaction and holdings report must contain the date of the transaction, the title and, as applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each reportable security involved, the nature of the transaction (*i.e.*, purchase, sale or any other type of acquisition or disposition), the price of the security at which the transaction was effected, the name of the broker, dealer or bank with or through which the transaction was effected, and the date the Covered Person submits the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Discretionary Managed Accounts</u>. Each Covered Person must submit a quarterly report via the Firm's
 electronic compliance system approved by the CCO or her designee, within 30 days after the
 close of the relevant quarter, certifying that he or she has disclosed all Discretionary
 Managed Accounts and that he or she has not exercised influence or control over such account
 during the relevant reporting period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Annual Report.</u> 

Each Covered Person shall submit an annual report to the Compliance Department, via the Firm's electronic compliance system approved by the CCO, showing as of a date no more than 45 days before the report is submitted: (1) all holdings in Covered Securities in which the Covered Person had any direct or indirect beneficial ownership (including the title, number of shares and principal amount of each security); and (2) the name of any broker, dealer or bank with whom the person maintains an account in which any Covered Securities are held for the direct or indirect benefit of the Covered Person or Related Persons.

Any report submitted under the PIP may contain a statement that the report shall not be construed as an admission by the person making such report that he or she has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Annual Acknowledgement.</u> 

All Covered Persons are required to certify annually that they have: (i) read and understood this PIP and recognize that they are subject to its terms and conditions; (ii) complied with the requirements of this PIP; and (iii) disclosed or reported all personal securities transactions and accounts required to be disclosed or reported pursuant to this PIP.

9. Confidentiality

The PIP provides that all information obtained from any person pursuant to the PIP shall be kept in strict confidence, except that such information will be made available to the SEC or any other regulatory or self-regulatory organization to the extent required by law, regulation or the PIP.

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10. Reporting Violations
 and Remedial Actions

SEG takes the potential for conflicts of interest caused by personal investing very seriously. As such, SEG requires its employees to promptly report any violations of the PIP to the CCO or her designee. Failure to report known or suspected violations of the PIP may result in disciplinary action, including dismissal. SEG's management is aware of the potential matters that may arise as a result of this requirement and shall take action against any employee that seeks retaliation against another for reporting violations of the PIP.

If any violation of SEG's PIP is determined to have occurred, the CCO may impose sanctions and take such other actions as she deems appropriate, including, without limitation, requiring reversal of the trades in question, requiring disgorgement of profits or gifts, issuing a letter of caution or warning, issuing a suspension of personal trading rights or suspension of employment (with or without compensation), imposing a fine, making a civil referral to the SEC, making a criminal referral, and/or terminating employment for cause or any combination of the foregoing. All sanctions and other actions taken shall be in accordance with applicable employment laws and regulations.

No person shall participate in a determination of whether he or she has committed a violation of the PIP or in the imposition of any sanction against himself or herself.

11. Retention of
 Records

All records relating to personal securities transactions hereunder and other records meeting the requirements of applicable law, including a copy of this PIP and any other policies covering the subject matter hereof, shall be maintained in the manner and to the extent required by applicable law, including Rules 204A-1 and 204-2 under the Advisers Act. The Compliance Department shall have the responsibility for maintaining records created under this PIP.

12. Amendments

Unless otherwise noted herein, this PIP shall become effective as to all Covered Persons as of the date first written above. This PIP may be amended from time to time by SEG, and all amendments will be provided to Covered Persons.

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