# EDGAR Filing Document

**Accession Number:** 0002104046
**File Stem:** 0001213900-26-023498
**Filing Date:** 2026-3
**Character Count:** 829273
**Document Hash:** bfdd3b602397e2f914c47eb675da7bd6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-023498.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001213900-26-023498

**CONFORMED SUBMISSION TYPE**: N-2

**PUBLIC DOCUMENT COUNT**: 22

**FILED AS OF DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Buttonwood First Access Fund Ltd.
- **CENTRAL INDEX KEY:** 0002104046

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

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24161
- **FILM NUMBER:** 26719503

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 RXR PLAZA
- **CITY:** UNIONDALE
- **STATE:** NY
- **ZIP:** 11556
- **BUSINESS PHONE:** (212) 440-9644

**MAIL ADDRESS:**
- **STREET 1:** 1000 RXR PLAZA
- **CITY:** UNIONDALE
- **STATE:** NY
- **ZIP:** 11556
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Buttonwood First Access Fund Ltd.
- **CENTRAL INDEX KEY:** 0002104046

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

**FILING VALUES:**
- **FORM TYPE:** N-2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-293992
- **FILM NUMBER:** 26719502

**BUSINESS ADDRESS:**
- **STREET 1:** 1000 RXR PLAZA
- **CITY:** UNIONDALE
- **STATE:** NY
- **ZIP:** 11556
- **BUSINESS PHONE:** (212) 440-9644

**MAIL ADDRESS:**
- **STREET 1:** 1000 RXR PLAZA
- **CITY:** UNIONDALE
- **STATE:** NY
- **ZIP:** 11556

**As filed with the Securities and Exchange Commission on March 4, 2026**

**Securities Act File No. 333-**

**Investment Company Act File No. 811-24161**

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

**FORM N-2**

**REGISTRATION STATEMENT<br> UNDER THE SECURITIES ACT OF 1933** ☒

**Pre-Effective Amendment No. __** ☐**<br> Post-Effective Amendment No.** __ ☐

**And**

**REGISTRATION STATEMENT UNDER THE<br> INVESTMENT COMPANY ACT OF 1940** ☒<br> Amendment No. __ ☐

**Buttonwood First Access Fund Ltd.**

**(Exact Name of Registrant as Specified in Charter)**

<br> **1000 RXR Plaza**

**Uniondale, New York 11556<br> (Address of Principal Executive Offices)**

**(212) 440-9644<br> (Registrant's Telephone Number, including Area Code)**

**Stephan A. Stein<br> 1000 RXR Plaza<br> Uniondale, New York 11556<br> (Name and Address of Agent for Service)**

***WITH COPIES TO:***

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| | |
|:---|:---|
| **Steven B. Boehm, Esq.** | **Martin W. Enright, Esq** |
| **Owen J. Pinkerton, Esq.** | **Rimon P.C.** |
| **Eversheds Sutherland (US) LLP** | **400 Madison Avenue** |
| **700 Sixth Street, NW** | **New York, NY 10017** |
| **Washington, DC 20001** | **Tel: (917) 426-0656** |
| **Tel: (202) 383-0100** | **Fax:** |
| **Fax: (202) 637-3593** |  |

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

**Approximate date of proposed public offering:** As soon as practicable after the effective date of this Registration Statement.

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

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

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

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

Check each box that appropriately characterizes the Registrant:

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

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

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

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

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

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

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

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

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

**SUBJECT TO COMPLETION, DATED MARCH 4, 2026**

**PRELIMINARY PROSPECTUS**

[Buttonwood Logo]

**BUTTONWOOD FIRST ACCESS FUND LTD.**

**15,000,000 Shares of Common Stock**

This prospectus (the "Prospectus") relates to the registration of the sale of up to 15,000,000 shares of common stock, par value $0.0001 per share of Buttonwood First Access Fund Ltd. (the "Fund"). We have applied to list our common stock on the [ ] (the "Exchange") under the symbol "AXX." The listing of our shares must be approved by the Exchange prior to any trading of our shares on the Exchange.

No established public trading market for our common stock currently exists and shares of our common stock have no history of trading in private transactions.

We were organized as a Maryland Corporation on August 15, 2025. Buttonwood Group Advisors LLC, a Delaware limited liability company, serves as our investment adviser (the "Adviser") and manages our investments subject to the supervision of our board of directors (the "Board" and each a "Director").

We are a recently organized, non-diversified closed-end management investment company that is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act").

The Fund's investment objective is to realize capital gains on a diversified portfolio of companies that generally (i) are primarily technology-based or technology-advantaged, (ii) have conducted one or more rounds of venture capital financing, (iii) have private market capitalizations of at least $1 billion and (iv) in the view of the Adviser, have the potential to conduct an initial public offering ("IPO") or other liquidity event within 2 to 4 years following the date of investment. The Fund focuses primarily on private, venture-capital-backed private companies which the Adviser believe have significant growth potential and are not yet publicly listed or widely accessible to individual investors.

Immediately following the effectiveness of this registration statement, certain unitholders of eighteen series of private funds managed by the Adviser and its affiliates, each of which holds interests in the securities of a single private issuer, eleven such issuers in the aggregate (each a "Predecessor Fund and collectively, the "Predecessor Funds"), will exchange all of their respective units in the Predecessor Funds for shares of common stock of the Fund being registered pursuant to this registration statement (the "Exchange Transaction"). In connection with the Exchange Transaction, shares of the Fund's Founder Preferred Stock and Series Seed Preferred Stock will automatically convert into shares of the Fund's common stock issuable pursuant to this registration statement. The Fund maintains an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Predecessor Funds. The Fund and the Predecessor Funds share the same investment adviser and portfolio managers. Following the Exchange Transaction, the Fund will distribute the shares registered pursuant to this registration statement to the members of the Predecessor Funds who participate in the Exchange Transaction on a pro rata basis, based on the relative value of the units of the Predecessor Funds exchanged as determined by the Board in consultation with the Fund's independent valuation consultant. The distribution of these shares will occur upon the effectiveness of this registration statement.

**Investing in our common stock involves a high degree of risk and is highly speculative. Before buying any shares of our common stock, you should read the discussion of the material risks of investing in our common stock in the "Risk Factors" section beginning on page 22 of the Prospectus. In addition, investors should observe the following:**

&nbsp;&nbsp;&nbsp;&nbsp;• Shares of closed-end investment companies frequently trade at a discount to their net asset values ("NAV").

&nbsp;&nbsp;&nbsp;&nbsp;• If shares of our common stock trade at a discount to our NAV, investors will face increased risk of loss
relative to their initial investments in the units of the Predecessor Funds.

&nbsp;&nbsp;&nbsp;&nbsp;• We do not anticipate that we will pay dividends s on a quarterly basis or become a predictable distributor
of dividends, and we
expect that our dividends, if any, will be less consistent than the distributions of other registered investment companies that primarily
make debt investments. For the foreseeable future we intend to reinvest any realized gains in portfolio investments consistent with the
Fund's investment strategy.

&nbsp;&nbsp;&nbsp;&nbsp;• There are significant potential risks associated with investing in pre-IPO technology companies that have
complex capital structures, including limited financial resources, limited operating histories, limited publicly available information,
dependence on management and talent efforts of a small group of people and the increased likelihood of unexpected problems in areas of
product development, manufacturing, marketing, financial and general management. See "Risk Factors - Risks Associated with Our Investments."

This Prospectus contains important information you should know before investing in our common stock. Please read this Prospectus before investing and keep it for future reference. We will also file periodic and current reports, proxy statements and other information about us with the U.S. Securities and Exchange Commission (the "SEC"). This information is available free of charge by contacting us at c/o Buttonwood First Access Fund Ltd., 1000 RXR Plaza, Uniondale, New York 11556, calling us at (212) 440-9644 or visiting our website located at www.buttonwoodfunds.com. Information on our website is not incorporated into or a part of this Prospectus. The SEC also maintains a website at <u>http://www.sec.gov</u> that contains this information.

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

The date of this Prospectus is _______________

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
|  | **Page** |
| [PROSPECTUS SUMMARY](#a_001) | 1 |
| [FEES AND EXPENSES](#a_002) | 11 |
| [SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS](#a_003) | 12 |
| [PLAN OF DISTRIBUTION](#a_004) | 12 |
| [USE OF PROCEEDS](#a_005) | 13 |
| [THE FUND](#a_006) | 13 |
| [INVESTMENT OBJECTIVE AND STRATEGIES](#a_008) | 15 |
| [Initial PORTFOLIO](#a_021) | 18 |
| [RISK FACTORS](#a_020) | 22 |
| [MANAGEMENT OF THE FUND](#a_009) | 35 |
| [FUND EXPENSES](#a_010) | 37 |
| [DESCRIPTION OF SHARES](#a_011) | 39 |
| [CERTAIN U.S. FEDERAL INCOME TAX CONSIDERATIONS](#a_012) | 44 |
| [REGULATION AS A CLOSED END FUND](#a_013) | 46 |
| [DISTRIBUTION POLICY; DIVIDENDS](#a_014) | 48 |
| [CALCULATION OF NET ASSET VALUE](#a_015) | 48 |
| [LEGAL MATTERS](#a_016) | 49 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#a_017) | 50 |
| [AVAILABLE INFORMATION](#a_018) | 50 |
| [NOTICE OF PRIVACY POLICY AND PRACTICES PRIVACY NOTICE](#a_019) | 51 |

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We have not authorized anyone to give you any information other than in this Prospectus, and we take no responsibility for any other information that others may give you. We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this Prospectus is accurate only as of the date on the front cover of this Prospectus. Our business, financial condition, results of operations and prospects may have changed since that date. We will update these documents to reflect material changes only as required by law.

i

**PROSPECTUS SUMMARY**

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|:---|:---|
| &nbsp;&nbsp;The Fund | &nbsp;&nbsp;Buttonwood First Access Fund Ltd. is a recently-formed Maryland corporation that is being registered as a closed-end, non-diversified management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). References herein to the "Fund," "we," "our," or "us" refer to Buttonwood First Access Fund Ltd.<br>Immediately following the effectiveness of this registration statement, certain unitholders of eighteen series of private funds (covering eleven portfolio companies) managed by the Adviser and its affiliates (each a "Predecessor Fund and collectively, the "Predecessor Funds"), will exchange all of their respective units in the Predecessor Funds for shares of common stock of the Fund registered pursuant to this registration statement. Each of the Predecessor Funds holds direct or indirect interests in the securities of a single private issuer, eleven such issuers in the aggregate (each an "Underlying Portfolio Company"), which are listed below:<br>|

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Predecessor Fund** | &nbsp;&nbsp;**Underlying Portfolio Company** | &nbsp;&nbsp;**Share Type** |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series AN-I | &nbsp;&nbsp;Anthropic, PBC | &nbsp;&nbsp;Series B Preferred |
| &nbsp;&nbsp;Buttonwood Titan QP Fund LLC - Series AN-I | &nbsp;&nbsp;Anthropic, PBC | &nbsp;&nbsp;Series B Preferred |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series CO-I | &nbsp;&nbsp;Cohere, Inc. | &nbsp;&nbsp;Common Stock |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC – Series Big Data IV | &nbsp;&nbsp;Databricks, Inc. | &nbsp;&nbsp;Series C and Series H Preferred |
| &nbsp;&nbsp;Buttonwood Titan QP Fund LLC – Series Big Data IV | &nbsp;&nbsp;Databricks, Inc. | &nbsp;&nbsp;Series C and Series H Preferred |
| &nbsp;&nbsp;Buttonwood Titan QP Fund LLC - Series DB-I | &nbsp;&nbsp;Demandbase, Inc. | &nbsp;&nbsp;Common Stock |
| &nbsp;&nbsp;Buttonwood Beacon Fund LLC - Series IF-I | &nbsp;&nbsp;Impossible Foods Inc. | &nbsp;&nbsp;Series E-1 Preferred |
| &nbsp;&nbsp;Buttonwood Beacon QP Fund LLC - Series IF-I | &nbsp;&nbsp;Impossible Foods Inc. | &nbsp;&nbsp;Series E-1 Preferred |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series OC-I | &nbsp;&nbsp;Orange Comet Inc. | &nbsp;&nbsp;Warrants and SAFE Note |
| &nbsp;&nbsp;Buttonwood Titan QP Fund LLC - Series PH-I | &nbsp;&nbsp;Phenom People, Inc. | &nbsp;&nbsp;Common Stock |
| &nbsp;&nbsp;Buttonwood Alpha Fund LLC - Prosper Series Interests | &nbsp;&nbsp;Prosper Marketplace, Inc. | &nbsp;&nbsp;Common Stock |
| &nbsp;&nbsp;Buttonwood Alpha QP Fund LLC - Prosper Series Interests | &nbsp;&nbsp;Prosper Marketplace, Inc. | &nbsp;&nbsp;Common Stock |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series SPX-I | &nbsp;&nbsp;Space Exploration Technologies Corp. (doing business as SpaceX) | &nbsp;&nbsp;Class A Common Stock |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series SPX-II | &nbsp;&nbsp;Space Exploration Technologies Corp. (doing business as SpaceX) | &nbsp;&nbsp;Series E Preferred Shares |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series AI-I | &nbsp;&nbsp;X.AI Holdings Corp. | &nbsp;&nbsp;Common Stock |
| &nbsp;&nbsp;Buttonwood Titan QP Fund LLC - Series AI-I | &nbsp;&nbsp;X.AI Holdings Corp. | &nbsp;&nbsp;Common Stock |
| &nbsp;&nbsp;Buttonwood Alpha Fund LLC - Series ZocDoc Interests | &nbsp;&nbsp;Zocdoc, Inc. | &nbsp;&nbsp;Common Stock and Series A Preferred |
| &nbsp;&nbsp;Buttonwood Alpha QP Fund LLC - Series ZocDoc Interests | &nbsp;&nbsp;Zocdoc, Inc. | &nbsp;&nbsp;Common Stock and Series A Preferred |

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&nbsp;&nbsp;Market Opportunity &nbsp;&nbsp; The Fund was formed for the purpose of investing in what the Adviser believes to be the most promising technology-based or technology-advantaged companies that have the potential to conduct an initial public offering or other liquidity event within 2 to 4 years following the initial investment by a Predecessor Fund or the Fund.<br>The Adviser believes the current "secondary market" for pre-initial public offering ("IPOs") tech companies can be traced back to transactions executed in Facebook stock beginning around 2010. While companies at first resisted efforts to create liquidity for stockholders of these private companies, it appears that most have come to realize that a combination of factors was creating economic pressure upon such companies to provide some avenue for liquidity to their stakeholders. Such factors include (i) increasing venture capital dollars, (ii) the dearth of IPOs of technology companies and (iii) the willingness of investors to continue to fund such companies through multiple rounds of financing, often at growing private market valuations.<br>The U.S. venture capital secondary market continues to grow reaching $94.9 billion in annual transaction volume as of Q3 2025. This growing sector presents continued opportunity and a source of liquidity for venture capital investors and other technology company stakeholders, but is still relatively underdeveloped, representing only 2.6% of the total value of so-called "unicorn" companies. Venture capital exits have been dampened by the lackluster IPO market, and although improvement is occurring for some private companies, the exit opportunities have been selective. In the U.S., over 87% of companies with revenue greater than $100 million are private.<sup>1</sup><br>The demand for private company exposure is strong as the number of public companies has declined over the last 20 years. Larger financial institutions are taking notice of the importance of the role of venture capital secondaries as a vital piece in the investment lifecycle. Recent notable acquisitions announced by large well-known investment banks underscore the recognition by some of the world's largest financial institutions of the growing demand for access to venture capital secondary opportunities, as such opportunities bridge the gap between private and public markets.<br>

<sup>1</sup> <u>https://www.apolloacademy.com/many-more-private-firms-in-the-us/#:~:text=According%20to%20a%20chart%20from%20S&P%20Capital,revenue%20greater%20than%20$100%20million%20are%20private</u>.

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| | |
|:---|:---|
|  | &nbsp;&nbsp;The SEC Investor Advisory Committee released an executive summary on Retail Investor Access to Private Market Assets on September 18, 2025, highlighting the decreased number of publicly listed companies available for retail participation. The decrease in publicly listed companies alongside increased retail investor interest, has created a disconnect between supply and demand.<sup>2</sup> The Committee acknowledged the vital part that secondary market funds have come to play, stating that, "the optimal way for retail investors to access private market assets is through registered funds".<sup>3</sup> On August 7, 2025, President Trump issued an Executive Order encouraging the loosening of restrictions on investments in "alternative assets" including private market investments by retirement accounts and instructing the Department of Labor to clarify its position on such investments. Experts believe that a loosening of such restrictions would have the potential to unleash investments from the approximately [$40 trillion] that is currently held in retirement accounts.<sup>4</sup><br>The Adviser believes that demand for ownership of shares in late-stage pre-IPO companies with private market valuations of $1 billion or more, the so-called "unicorn" companies, will continue to grow at significant rates. Over the past decade and a half, enterprising financial intermediaries have invented ways to bring such investments directly to sophisticated high net worth individuals, trusts, family offices and smaller institutional investors, significantly broadening the potential growth of this asset class. Yet, almost all of such opportunities are limited to investors that qualify as "accredited investors," "qualified clients" and "qualified purchasers" (as such terms are defined in the U.S. securities laws and regulations). The Fund intends to take this trend even further by operating as a publicly traded closed-end fund, thereby eliminating such investor qualification requirements and allowing anyone with a brokerage account to participate in opportunities to share in the growth of companies like those in in which the Predecessor Funds have invested and in which the Fund intends to invest.<br>|
| &nbsp;&nbsp;Investment Objective | &nbsp;&nbsp; The Fund's investment objective is to realize capital gains on a diversified portfolio of privately held companies that generally (i) are primarily technology-based or technology-advantaged, (ii) have conducted one or more rounds of venture capital financing, (iii) have private market capitalizations of at least $1 billion and (iv) in the view of the Adviser, have the potential to conduct an initial public offering or other liquidity event within 2 to 4 years following the date of the investment (the "Investment Criteria").<br>The Fund intends, through the Exchange Transaction, to offer public market liquidity to the current holders of units in the Predecessor Funds and to expand the Fund's portfolio through subsequent investments utilizing a combination of (i) proceeds from IPOs or other liquidity events in respect of its Underlying Portfolio Companies and/or (ii) capital raised in the public or private investment markets.<br>There can be no assurance that the Fund's investment objective will be achieved, that exits can be achieved in the desired timeframes, or that our investment program will be successful. The investment objective may be changed by the Fund's Board without prior shareholder approval.<br>See "Investment Objective and Strategies." |

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<sup>2</sup> <u>https://www.sec.gov/files/newman-sec-advisory-panel-presentation-riape.pdf</u>

<sup>3</sup> <u>https://www.sec.gov/files/iac-private-markets-091125.pdf</u>

<sup>4</sup> https://www.ici.org/viewpoints/25-executive-order-democratizing-alternative-assets-401K

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|:---|:---|
| &nbsp;&nbsp;Investment Strategy | &nbsp;&nbsp; The Fund seeks to meet its investment objective by investing primarily in companies that fit its Investment Criteria. These investments may consist of direct investments in private technology companies' common stock, preferred equity, or convertible debt instruments that can convert into such equity interests (and are herein collectively referred to as "equity securities") and investments in investment vehicles that hold such equity securities and provide corresponding exposure to the Fund.<br>To accomplish its goals, the Fund will require additional capital through a combination of liquidity events of its Underlying Portfolio Companies, public or private offerings of its shares and borrowing. The Fund believes that having a publicly traded stock as currency will make it more likely that it can raise capital for investment on favorable terms, though there can be no assurance that the Fund will be able to raise such additional capital on favorable terms or at all.<br>The Adviser, its principals and the members of its investment team have decades of experience together in sourcing, acquiring and disposing of private "unicorn" company securities, and the Fund will rely on the extensive network of founders, investors (institutional and retail), venture capital funds, brokers, accountants, lawyers and other connections to unearth and execute upon investment opportunities for the Fund. The Fund and its Adviser believe that the reputation of their investment professionals within the industry and their established history of investing affords them a favorable position when seeking investment opportunities, though past track records should not be viewed as direct predictors of future results.<br>The Fund may acquire securities (primarily preferred or common stock) of companies meeting its Investment Criteria directly from the issuers of such securities, from existing stockholders (primarily current or former employees or early stage investors) and acquisitions of interests (primarily limited partnership or limited liability company interests) of other investment funds, SPVs, or other collective investment vehicles that have invested, or with the proceeds of the Fund's investment will invest, in companies meeting the Fund's Investment Criteria.<br>Virtually all portfolio companies in which the Predecessor Funds have invested and in which the Fund proposes to invest provide for restrictions on transfer of their shares or other securities ("Portfolio Company Securities"). Such limitations are usually contained in provisions of the portfolio company's certificate of incorporation and/or bylaws and/or by shareholder agreements (or applicable limited partnership or limited liability company operating agreements) between the portfolio company and its existing stockholders or other stakeholders. Some portfolio companies require the consent of the board of directors of the portfolio company to transfer such Portfolio Company Securities. Most portfolio companies' constituent documents also provide that any of its existing stockholders seeking to transfer Portfolio Company Securities are subject to a right of first refusal (a "ROFR") by the portfolio company or its designee entitling the portfolio company to purchase any Portfolio Company Securities that its existing stockholders seek to sell or otherwise transfer. Pursuant to such ROFR provisions, prior to effecting a sale or other transfer of Portfolio Company Securities to the Fund (or any purchaser), an existing stockholder must first notify the portfolio company of its intention to sell the Portfolio Company Securities, including the material terms of such sale or other transfer, and must offer to sell such Portfolio Company Securities to the portfolio company. Thereafter, the portfolio company has the right for a designated period of time (typically 30 days) to elect to purchase the Portfolio Company Securities on the same terms and conditions as the proposed sale to the Fund. Most ROFR provisions also allow the portfolio company to assign its right of first refusal to a third party. Any Portfolio Company Securities as to which the portfolio company or its assignee exercises a ROFR would not be available for purchase by the Fund, but the Fund may nevertheless incur substantial expenses in pursuing such opportunities.<br>In the event that a portfolio company (or its assignee) declines to exercise or expressly waives its ROFR, the Fund may complete its purchase of such Portfolio Company Securities, subject to certain conditions such as consummating such transaction within a contractually fixed period of time (typically up to 30 days from the expiration of the ROFR). In short, whether the Fund will be able to purchase Portfolio Company Securities of a particular portfolio company will be largely within the discretion of the portfolio company and will generally be subject to additional conditions such as requiring the Fund to join in any shareholder or similar agreement and to be subject to restrictions on transfer that are at least as onerous as those previously applicable to the transferring existing stockholder.<br>These restrictions could impair the ability of the Fund to acquire Portfolio Company Securities and in such circumstances the Fund may incur substantial transactional expenses without obtaining any benefit. |

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|:---|:---|
|  | &nbsp;&nbsp;In addition to "secondary market" purchases of Portfolio Company Securities, the Fund will seek to purchase such securities directly through private placement transactions conducted by the relevant portfolio companies. The Fund may seek to participate in such financings directly or may seek to participate in such offerings indirectly through investments in third-party SPVs that own or will with the proceeds of the Fund's investment acquire Portfolio Company Securities. The Fund's ability to purchase Portfolio Company Securities through either strategy is largely dependent upon the goodwill of the relevant portfolio company. The Adviser believes that its track record in dealing with portfolio companies in completing secondary market transactions places the Fund in a favorable position to effect such transactions, but there can be no assurance that it will be able to do so. These investments may involve significant due diligence, longer time horizons for value realization, and limited liquidity. Investment research is also significantly limited as these private issuers typically do not provide full or sometimes any access to information such as financial statements, presentations, board meetings, access to company management, and other useful fundamental data that may make evaluating investment decisions clearer. The Fund may invest in such securities without limitation and potential investors in the Fund must be willing to have their capital deployed in investments for which the Fund does not have the depth and breadth of portfolio company information that it would wish to obtain. |
| &nbsp;&nbsp;Investment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund is managed by the Adviser, which will set the Fund's investment policies and oversee the acquisition and disposition of investments in the Portfolio Company Securities. The Adviser's management, which is initially comprised of Joseph A. Alagna, Jr. and Stephan A. Stein, will serve as portfolio managers and make all investment decisions for the Fund. The Fund's investment process is designed to identify, evaluate, acquire, monitor and ultimately exit portfolio companies. The Adviser will analyze and identify investments in companies that have one or more of the following characteristics:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies that the Adviser believes are leading private innovative companies, which may include a focus on traditional technologies, artificial intelligence ("AI"), machine learning, blockchain and digital enabling infrastructure, or on other disruptive and innovative products and services in other industries and sectors.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies the Adviser identifies as having sufficient room for hyper-growth over the next five years.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pre-IPO portfolio companies with medium to large private capitalization, generally those valued over $1 billion.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies that have received previous investments from top performing venture capital and early-stage investors.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies with strong management teams and proven track records of realizing shareholder value.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies the Adviser identifies as having a strong likelihood of a liquidity event in approximately two to four years from the date of investment (though there can be no assurance that such companies will have the intention or capability of completing such a transaction)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies with low debt.<br>Once a portfolio company is identified, the process involves locating such portfolio company's stock in the secondary market or making overtures to participate in primary round investments directly into the portfolio company. The Adviser will assess the potential portfolio companies in a manner that balances attractive return potential with prudent risk management and the liquidity considerations attendant to a closed-end fund structure. In evaluating opportunities, the Adviser will consider the company's development path, the sources of its funding, historical and current market pricing of its securities, availability, demand and due diligence results among other factors. |

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|:---|:---|
|  | &nbsp;&nbsp;**Deal Origination and Pipeline Management**<br>The Adviser has sourced Portfolio Company Securities for its private Predecessor Funds for over a decade and has established a broad and deep network of potential counterparties and referral sources. Once a target portfolio company is identified and its securities are located, the Adviser considers a variety of factors relating to completing the investment, such as but not limited to ensuring that the price available is appropriate for the Fund and in line with a fair market value of the portfolio company's securities, examining the relevant company's publicly available information, reviewing the company's constituent documents and shareholder agreements and considering potential other risk and investment related matters, such as projected growth, market environment, and potential exit strategies.<br>In the case where an investment would be made indirectly through third-party SPVs, funds or other investment vehicle(s), the Adviser conducts due diligence to ensure that the third party owns, or with the proceeds of the Fund's investment will acquire, the underlying issuer's securities and evaluates the vehicles constituent documents and reputation of its management. The Adviser also participates in the negotiation and oversees the preparation of proper transfer documentation.<br>**Portfolio Construction and Risk Limits**<br>The Adviser seeks to assist the Fund in acquiring and maintaining a diversified portfolio consisting of multiple portfolio companies, subject to there being a sufficient number of opportunities and sufficient funds available to do so. The Fund's initial portfolio will consist of limited liability company interests in eighteen Predecessor Fund series that represent investments in eleven Underlying Portfolio Companies. To the extent that Underlying Portfolio Companies are successful in consummating an IPO or other liquidity event, the number of companies in the Fund's portfolio may be reduced. The Fund will generally have non-controlling positions in the portfolio companies and, thus, will not be able to direct management. The fund reserves the right to allocate a percentage of funds to cash and cash equivalents when the Adviser believes the market to be over-extended, or at near-term risk of downside volatility, or when the Fund determines that such cash and cash equivalents would be in the best interests of the Fund or beneficial for use in pursuing new investments.<br>**Liquidity Management and Exit Strategy**<br>Historically, investments similar to the ones to be held by the Fund have reached a liquidity event on average between two and four years of the initial investment. Therefore, the Adviser intends to invest in portfolio companies that have the potential to reach a liquidity event within two to four years of the Fund's initial investment, although such liquidity events and market conditions are unpredictable and may take longer or shorter than projected or may not occur at all. Realizations may occur via strategic sale of the portfolio company to an acquirer, traditional initial public offering, direct listing, de-SPAC transaction or negotiated secondary block sale or other realization event not otherwise described here. If such an event occurs and the Fund is able to liquidate its position, the Board, in its discretion, will decide whether to distribute the proceeds of such disposition to stockholders or to retain such proceeds in order to fund the Fund's expenses and/or to purchase additional Portfolio Company Securities. It is the current intention of the Fund to reinvest any proceeds of a portfolio company liquidity event. |
| &nbsp;&nbsp;Proposed Ticker Symbol on Exchange | &nbsp;&nbsp;"AXX" |
| &nbsp;&nbsp;Initial Portfolio | &nbsp;&nbsp;In connection with the Exchange Transaction, the Fund has commissioned an independent valuation consulting firm to value the assets being acquired from the Predecessor Funds. The Board estimates that the Fund will have approximately $142,607,753.96 in assets under management ("AUM"), consisting of investments in eighteen Predecessor Fund Series that, in turn are invested in eleven Underlying Portfolio Companies. See "Initial Portfolio." |
| &nbsp;&nbsp;Leverage | &nbsp;&nbsp;We may, but currently do not intend to, use leverage to the extent permitted by the 1940 Act. We are permitted to obtain leverage using any form of financial leverage instruments, including funds borrowed from banks or other financial institutions, margin facilities, notes or preferred stock and leverage attributable to reverse repurchase agreements or similar transactions. We may further increase our leverage through entry into a credit facility or other leveraging instruments. Instruments that create leverage are generally considered to be senior securities under the 1940 Act. With respect to senior securities that are stocks (i.e., shares of preferred stock), we are required to have an asset coverage of at least 200%, as measured at the time of the issuance of any such shares of preferred stock and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding shares of preferred stock. With respect to senior securities representing indebtedness (i.e., borrowing or deemed borrowing), other than temporary borrowings as defined under the 1940 Act, we are required to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of our total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of our outstanding senior securities representing indebtedness. See "Risks Related to Leverage." |

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|:---|:---|
| &nbsp;&nbsp;Board of Directors | &nbsp;&nbsp;The Board has overall responsibility for monitoring and overseeing the Fund's investment program and its management and operations. A majority of the Board is comprised of individuals who are not "interested persons" of the Fund or the Adviser, as such term is defined in the 1940 Act. The initial Board will consist of 5 directors. See "Management of the Fund." |
| &nbsp;&nbsp;The Adviser | &nbsp;&nbsp; Buttonwood Group Advisors LLC serves as the Fund's investment adviser pursuant to an investment advisory agreement between the Fund and the Adviser (the "Advisory Agreement"). The Adviser is a limited liability company organized under the laws of Delaware and is controlled by Joseph Alagna Jr. and Stephan A. Stein, its managers.<br>The Advisory Agreement has an initial term of two years. Thereafter, the Advisory Agreement may continue in effect from year to year if its continuation is approved annually by the Board. The Advisory Agreement may be terminated by either party on 60 days' notice.<br>See "Management of the Fund." |
| &nbsp;&nbsp;Management Fee | &nbsp;&nbsp; Under the Advisory Agreement, the Fund pays an investment management fee to the Adviser in consideration of the advisory and other services provided by the Adviser to the Fund. In consideration for such services, the Fund pays the Adviser a fee at an annual rate of 2.5%, calculated and payable quarterly in arrears based on the average value of the Fund's gross assets (including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters, or in the case of the Fund's first quarter of operations such fee will be based on the Fund's gross assets at the final day of that quarter (the "Management Fee").<br>See "Management of the Fund" and "Fees and Expenses." |
| &nbsp;&nbsp;Conflicts of Interest | &nbsp;&nbsp;The Adviser and its 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. The Adviser will continue to advise certain of the Predecessor Funds and may create other investment vehicles with investment policies similar or identical to those of the Fund. The Fund and the Adviser have policies and procedures in place that are intended to mitigate the effect of any conflicts of interest. See "Conflicts of Interest." |
| &nbsp;&nbsp;Valuation | &nbsp;&nbsp; The NAV of the Fund's shares will be computed based upon the fair value of the Fund's Portfolio Company Securities and other assets on a quarterly basis. The Fund will value its Portfolio Company Securities using market quotations when readily available. For purposes of this policy, a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that a Fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.<br>The Fund will invest a large percentage of its assets in certain securities and other financial instruments, such as equity securities of private companies, that do not have readily ascertainable market prices. Those investments are valued at fair value as determined pursuant to procedures and methodologies approved by the Board. The Board has designated the Adviser to determine fair values of the Fund's investments in accordance with Rule 2a-5 under the 1940 Act and pursuant to the Fund's valuation procedures and methodologies and in consultation with the Fund's independent valuation consulting firm.<br>Fair values are necessarily subjective in nature, and there is no assurance that such a value will be at or close to the price at which the security may be sold in a transaction between unaffiliated third parties. See "Calculation of Net Asset Value." |

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|:---|:---|
| &nbsp;&nbsp;Summary of Taxation | &nbsp;&nbsp;We will be classified as a corporation for U.S. federal income tax purposes. As a result of our U.S. federal income tax classification, we will be subject to U.S. federal and state income tax imposed at corporate rates on our taxable income, and any dividends paid by us to our shareholders will also be taxable to such shareholders. In connection with the Exchange Transaction, the members of the Predecessor Funds that exchange their units for shares of the Fund will experience a taxable event, the consequences of which will vary depending on the member's individual financial and tax circumstances, and may result in tax obligations even if the Fund does not disburse the proceeds of the liquidity event that gave rise to such gains. See "Certain U.S. Federal Income Tax Considerations." |
| &nbsp;&nbsp;Risk Factors | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return (if any) you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Neither the Fund nor the Adviser nor any of their affiliates can guarantee a return on your initial investment in the Fund. Therefore, you should consider carefully the following risks before investing in the Fund. Please refer to the section "Risk Factors" for a more detailed discussion of the principal risk factors related to the Fund.<br>**Risks Related to Our Business and Our Structure**<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund is a newly formed entity with no operating history as a closed-end management investment company and the Adviser has only managed private funds, not registered funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investments may require the Fund to make long-term commitments with no certainty of return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may invest in a small number of portfolio companies resulting in a lack of investment diversification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adverse market conditions may have a material adverse impact on the Fund's portfolio companies and therefore the market price of the Fund's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Political, social and economic uncertainty risks could have a material adverse effect on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A cyber-attack could have a material adverse effect on the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The U.S. has recently enacted and proposed to enact significant new tariffs, which may adversely affect the business of the Fund's portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Information disparities between the Fund and sellers of Portfolio Company Securities may create investment and economic challenges for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are risks associated with relying on key personnel of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's financial condition and results of operations depend on its ability to achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund will likely experience fluctuations in its semi-annual results, and it may be unable to replicate past investment opportunities or make the types of investments it has made to date in future periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund operates in a highly competitive market for direct and secondary equity investment opportunities meeting its Investment Criteria. If the Fund is unable to make investments, it may have an adverse effect on its performance and on the market price of the Fund's common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are significant potential conflicts of interest that could impact which investment opportunities are available to the Fund, reduce the Fund's investment returns and limit the flexibility of its investment policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event the value of your investment declines, the Management Fee will still be payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in laws or regulations governing the Fund's operations may adversely affect its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Adviser has full discretion over the Fund's portfolio, and the Fund's shareholders are not involved in investment decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Most of our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and private company valuations are to some extent subjective. As a result, there is and will be uncertainty as to the value of our portfolio investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our ability to enter into transactions with our affiliates is restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our Board may change our non-fundamental investment policies and our investment strategies without prior notice or stockholder approval, the effects of which may be adverse.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund has indemnification obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Risks Related to Our Investments**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investments in portfolio companies may be extremely risky, and the Fund could lose all or part of its investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may not realize gains from its investments, may be compelled to liquidate its investments at a loss and may experience a complete loss on its investment in the event of a bankruptcy or liquidation of any of the portfolio companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because the Fund's investments are generally not in publicly traded securities, there will be uncertainty regarding the fair market value of its investments, which could adversely affect the ability to accurately determine the Fund's NAV and for the marketplace to accurately assess the value of our shares of common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The lack of liquidity in, and potentially extended holding period of, many of the Fund's investments may adversely affect its business and will delay any distributions of any gains.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Technology-focused companies in which the Fund invests are subject to many risks, including volatility, intense competition, decreasing life cycles, product obsolescence, changing consumer preferences, and periodic downturns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AI companies in which the Fund invests are subject to unique risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cryptocurrency related companies in which the Fund invests are subject to unique risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are significant risks associated with investments made through SPVs, third party managed funds and other investment vehicles, including the risk that third-party managers may not act in ways the Adviser believes to be in the Fund's best interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Because the Fund will generally not hold controlling equity interests in its portfolio companies, the Fund will likely not be in a position to exercise control over the portfolio companies or to prevent decisions by substantial shareholders or management of the portfolio companies that could decrease the value of the Fund's investments, including a portfolio company's decision of whether, and if so at what valuations, to conduct an IPO or other liquidity event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Though the Fund intends to invest primarily in U.S based portfolio companies, it may make investments in foreign companies, which may involve significant risks in addition to the risks inherent in U.S. investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are significant potential risks relating to investing in securities traded on private secondary marketplaces, including the lack of the depth and breadth of information that publicly traded companies are required to provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Due to transfer restrictions and the illiquid nature of the Fund's investments, the Fund may not be able to purchase or sell its investments when it determines to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund's investments will generally be subject to lock-up provisions or agreements that could prohibit it from selling its investments for a specified period of time following a portfolio company liquidity event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are significant potential risks associated with investing in venture capital and private equity-backed companies with complex capital structures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There are significant potential risks relating to holding Portfolio Company Securities following an IPO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Risks Related to Leverage**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may borrow money, which may magnify the potential for loss and may increase the risk of investing in us.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regulations governing our operation as a registered closed-end management investment company affect our ability to raise additional capital and the way in which we do so. The raising of debt capital may expose us to risks, including the typical risks associated with leverage.<br>**Risks Related to the Listing of Our Shares**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our stock price may be volatile and could decline significantly and rapidly.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An active, liquid, and orderly market for our common stock may not develop or be sustained. You may be unable to sell your shares of common stock at or above the price at which you purchased them.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Common stock of closed-end management investment companies has in the past frequently traded at discounts to their NAVs, and we cannot assure you that the market price of our shares will not be below our NAV per share.<br>See " Risk Factors."<br>

**FEES AND EXPENSES**

The following table is intended to assist you in understanding the costs and expenses that you will bear indirectly as a shareholder of the Fund. We caution you that some of the percentages indicated in the table below are estimates and may vary. The expenses shown in the table under "Annual expenses" are based on estimated amounts for our current fiscal year. The following table should not be considered a representation of our future expenses. Actual expenses may be greater or less than shown. Except where the context suggests otherwise, whenever this Prospectus contains a reference to fees or expenses paid by "us" or "the Fund" or that "we" will pay fees or expenses, such fees and expenses will reduce any gains on the Fund's investments as well as the Fund's AUM and NAV and may negatively impact the market price of the Fund's stock.

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| | |
|:---|:---|
| ***Annual expenses*** | ***Percentage of Net Assets Attributable to Common Stock*** |
| Management Fee | 2.50%<sup>(1)</sup> |
| Interest Payments on Borrowed Funds | 0.00%<sup>(2)</sup> |
| Acquired Fund Fees and Expenses | 0.00%<sup>(3)</sup> |
| Other Expenses | [•]%<sup>(4)</sup> |
| Total Annual Expenses | [•]% |

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1. Under the Advisory Agreement, we will pay the Adviser a Management Fee, payable quarterly, in an amount
equal to 2.50% of our average gross assets at the end of the two most recently completed calendar quarters, although the fee from the
first quarter will be based on the gross asset at the end of that quarter. For purposes of the Advisory Agreement, the term "gross
assets" includes assets purchased with borrowed amounts. The Management Fee reflected in the table is estimated for the Fund's
current fiscal year. Additionally, this estimate is calculated by determining the ratio that the Management Fee bears to our net assets
attributable to common stock (rather than our gross assets).

2. The Fund does not intend to incur leverage within the next twelve months.

3. Acquired Fund Fees and Expenses are the indirect costs of investing in SPVs and other investment companies.
The percentage under this line item is estimated for the current fiscal year based on the Fund's initial portfolio and is estimated
to be less than 1 basis point. Therefore, any such estimated amounts are included in other expenses. This percentage could vary based
on the Fund's investment activities in this year.

4. Other expenses include accounting, valuation, legal and auditing fees of the Fund, organizational and
offering costs, as well as fees paid to the Administrator, the transfer agent, the custodian and the Directors. Other expenses are estimated
for the current fiscal year.

The following example demonstrates the projected dollar amount of total cumulative expenses over various periods with respect to a hypothetical investment in our common stock. In calculating the following expense amounts, we have assumed we would have no additional leverage and that our annual operating expenses would remain at the levels set forth in the table above. Transaction expenses are included in the following example.

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|:---|:---|:---|:---|:---|
| **Example** | **1 Year** | **3 Year** | **5 Years** | **10 Years** |
| You would pay the following expenses on a $1,000 investment, assuming a 5% annual return | $[•] | $[•] | $[•] | $[•] |

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The foregoing table is to assist you in understanding the various costs and expenses that an investor in our common stock will bear indirectly. While the example assumes, as required by the SEC, a 5% annual return, our performance will vary and may result in a return greater or less than 5%.

This example and the expenses in the table above should not be considered a representation of our future expenses, and actual expenses (including the cost of debt, if any, and other expenses) may be greater or less than those shown.

**SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus, including the documents we incorporate by reference herein, contains forward-looking statements that involve substantial risks and uncertainties. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about the Fund, our current and prospective portfolio investments, our industry, our beliefs, and our assumptions. Words such as "anticipates," "expects," "intends," "plans," "will," "may," "continue," "believes," "seeks," "estimates," "would," "could," "should," "targets," "projects," and variations of these words and similar expressions are intended to identify forward-looking statements. Actual results, events and operations may vary considerably from the Fund's estimates.

The forward-looking statements contained in this Prospectus involve risks and uncertainties, including statements as to:

&nbsp;&nbsp;&nbsp;&nbsp;• our future operating results, including our ability to achieve
objectives;

&nbsp;&nbsp;&nbsp;&nbsp;• our business prospects and the prospects of our portfolio
companies;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of investments that we expect to make;

&nbsp;&nbsp;&nbsp;&nbsp;• our contractual arrangements and relationships with third
parties;

&nbsp;&nbsp;&nbsp;&nbsp;• the dependence of our future success on the general economy
and its impact on the industries in which we invest;

&nbsp;&nbsp;&nbsp;&nbsp;• market conditions and our ability to access capital;

&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our Underlying Portfolio Companies to achieve
their objectives and to engage in IPOs or other liquidity events;

&nbsp;&nbsp;&nbsp;&nbsp;• the valuation of our investments, particularly those having
no liquid trading market;

&nbsp;&nbsp;&nbsp;&nbsp;• our expected financings and investments;

&nbsp;&nbsp;&nbsp;&nbsp;• the adequacy of our cash resources and working capital; and

&nbsp;&nbsp;&nbsp;&nbsp;• the timing of cash flows, if any, from our investments.

These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;• a contraction of available credit and/or an inability to access the equity markets could impair our investment
activities;

&nbsp;&nbsp;&nbsp;&nbsp;• interest rate volatility could adversely affect our results, particularly if we elect to use leverage
as part of our investment strategy;

&nbsp;&nbsp;&nbsp;&nbsp;• currency fluctuations could adversely affect the results of our investments in foreign companies, particularly
to the extent that we receive payments denominated in foreign currency rather than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;• the impact of information technology system failures, data security breaches, data privacy compliance,
network disruptions and cybersecurity attacks; and

&nbsp;&nbsp;&nbsp;&nbsp;• the risks, uncertainties and other factors we identify in "Risk Factors" and elsewhere in
this Prospectus and in our filings with the SEC.

**PLAN OF DISTRIBUTION**

The Fund is offering shares of its common stock in exchange for units of the Predecessor Funds. The Exchange Transaction will only be consummated upon the effectiveness of this registration statement and the approval of the listing of the shares of our common stock on the Exchange. Neither we nor any holder of exchanged units will receive any cash proceeds from the exchange of shares, nor from the listing of shares of our common stock. The holders of our shares pursuant to the Exchange Transaction may sell their shares pursuant to the lock-up and leakout provisions described below.

**Lock-Up and Leakout Provisions**

Investors who acquired shares of our common stock, including those who acquired our common stock through their receipt of shares in connection with the Exchange Transaction (the "Lock-Up Shares"), are subject to limitations on their ability to offer, sell or otherwise dispose of the Lock-Up Shares during the "Lock-Up Period" (as defined below). Specifically, during the Lock-Up Period, holders of our shares of common stock (which include each of the unitholders of the Predecessor Funds who participates in the Exchange Transaction and the holders of Seed Preferred Shares and Founder Preferred Shares that are converted into common stock, have agreed not to directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;· offer, pledge, sell or contract to sell any common stock;

&nbsp;&nbsp;&nbsp;&nbsp;· sell any option or warrant to purchase any common stock;

&nbsp;&nbsp;&nbsp;&nbsp;· purchase any option or warrant to sell any common stock;

&nbsp;&nbsp;&nbsp;&nbsp;· grant any option or warrant for the sale of any common stock;

&nbsp;&nbsp;&nbsp;&nbsp;· lend or otherwise transfer or dispose of any common stock;

&nbsp;&nbsp;&nbsp;&nbsp;· exercise any right with respect to the registration of any common stock or other securities; or

&nbsp;&nbsp;&nbsp;&nbsp;· enter into any swap or other agreement or transaction that transfers, in whole or in part, directly or
indirectly, the economic consequence of ownership of any common stock whether any such swap, agreement or transaction is to be settled
by the delivery of shares of common stock or other securities, in cash or otherwise.

Immediately on the date our shares are listed for trading on the stock exchange, 25% of the Lock-Up Shares held by each investor will be freely transferable and not subject to the lock-up provisions. The "Lock-Up Period" for the remaining Lock-Up Shares is

&nbsp;&nbsp;&nbsp;&nbsp;· 25% of the Lock-Up Shares held by each investor shall be unlocked upon the earlier of (i) 60 days or (ii)
as soon as practicable following the 5<sup>th</sup> consecutive trading day upon which the closing price of the Fund's shares is
at least 2x the closing price on the date of the Fund's initial trading day.

&nbsp;&nbsp;&nbsp;&nbsp;· 25% of the Lock-Up Shares held by each investor shall be unlocked upon the earlier of (i) 120 days or
(ii) as soon as practicable following the 5<sup>th</sup> consecutive trading day upon which the closing price of the Fund's shares
is at least 3x the closing price on the date of the Fund's initial trading day.

&nbsp;&nbsp;&nbsp;&nbsp;· 25% of the Lock-Up Shares held by each investor unlocked upon the earlier of (i) 180 days or (ii) as soon
as practicable following the 5<sup>th</sup> consecutive trading day upon which the Fund's shares trade at a price per share of at
least 4x the closing price on the date of the Fund's initial trading day.

&nbsp;&nbsp;&nbsp;&nbsp;· In addition, in the event any Underlying Portfolio Company publicly announces that (i) its Portfolio Company
Securities will be listed for trading on a national exchange on or around a certain date or (ii) makes a public announcement that it has
entered into a definitive agreement to be acquired, 50% of any remaining Lock-Up Shares will be released as soon as practicable after
such announcement, and the remaining 50% of the remaining Lock-Up Shares will be released as soon as practicable following the first day
of such trading or the closing date of the company sale, as applicable.

Notwithstanding the above lock-up/leak-out provisions, management of the Fund may unilaterally authorize the partial or full release of the Lock-Up Shares at any time in its discretion.

**USE OF PROCEEDS**

We will not receive any proceeds from the Exchange Transaction or the listing of our shares of common stock.

**THE FUND**

The Fund is a non-diversified closed-end management investment company registered under the 1940 Act. The Fund was organized as a Maryland corporation on August 15, 2025. The Fund's principal address is 1000 RXR Plaza, Uniondale, NY 11556, and its telephone number is 212-440-9644. Investment advisory services are provided to the Fund by the Adviser pursuant to the Advisory Agreement. The individuals who serve on the Board are responsible for monitoring and overseeing the Fund's investment program. See "Management of the Fund."

**THE EXCHANGE TRANSACTION**

Immediately following the effectiveness of this registration statement, certain unitholders of the Predecessor Funds will exchange all of their respective units in the Predecessor Funds for shares of common stock of the Fund that are being registered pursuant to this registration statement (the "Exchange Transaction"). Each of the Predecessor Funds maintains an investment objective, strategies and investment policies, guidelines and restrictions that are, in all material respects, equivalent to those of the Fund and at the time of the Exchange Transaction will be managed by the same Adviser and portfolio managers as the Fund. Shares of our common stock being received by the holders of our Founder Preferred Stock and Series Seed Preferred Stock upon the conversion of their preferred stock are also being registered pursuant to this registration statement. Upon consummation of the Exchange Transaction, the common stock will be the only class of the Fund's capital stock outstanding.

The Predecessor Funds are privately placed funds, are not registered under the 1940 Act by reason of the exclusions from regulation under the 1940 Act by reason of Section 3(c)(1) or 3(c)(7) of the 1940 Act and, therefore, are not subject to certain investment limitations, diversification requirements, and other restrictions imposed by the 1940 Act. The Predecessor Funds offered units only to "accredited investors," as defined in Section 501(a) of Regulation D under the Securities Act, and either "qualified clients," as defined in Rule 205-3 under the Advisers Act or "qualified purchasers" as defined in Section 2(a)(51) of the 1940 Act. The Predecessor Funds are divided into separate series (each a "Series") in accordance with the Delaware Limited Liability Company Act and historically each Series has only invested in a single portfolio company. All units in the Series of the Predecessor Funds are illiquid, restricted securities for which resale or other transfer are subject to restrictions under the Securities Act and the operating agreement of the relevant Series. The Portfolio Company Securities held by such Series are also subject to restrictions in the constituent documents and/or shareholder agreements of the Underlying Portfolio Company. Such restrictions generally terminate only upon an IPO of the relevant Underlying Portfolio Company.

On January 13, 2026, the Fund began an offer to exchange shares of the Fund's common stock, par value $0.0001 per share (the "Exchange Offer"), for all the units of limited liability company interests of each Predecessor Fund owned by the Predecessor Fund's unitholders. On February __, 2026, the unitholders that have elected to participate in the Exchange Transaction (the "Participating Unitholders") entered into exchange agreements with the Fund (the "Exchange Agreement") to transfer all of their respective units in the Predecessor Funds to the Fund in exchange for shares of the Fund's common stock at the time this registration statement is declared effective by the SEC. Closing under the Exchange Agreement is contingent upon the satisfaction or waiver of certain conditions that are set forth in the Exchange Agreement, including that (i) the Adviser concludes that the number and types of Predecessor Fund units submitted for exchange constitute sufficient size and quality and that the state of the public markets are such that the Adviser believes that the Fund is a viable candidate for public trading, (ii) the effectiveness of this registration statement on Form N-2, which registers the Fund's shares to be issued to Participating Unitholders under the Securities Act and the Fund under the Investment Company Act, and (ii) the effectiveness of the Fund's application for listing for trading by the applicable stock exchange. If the above conditions are not completed by December 31, 2026, the Exchange Offer will terminate (unless extended by consent of the Board and the Participating Unitholders holding a majority in value of the units that all the Participating Unitholders have agreed to exchange (the "Requisite Holders")), and Participating Unitholders will continue to hold the units in the respective Predecessor Fund. Unitholders that do not elect to participate in the Exchange Transaction will remain members of the applicable Series of the Predecessor Fund. The Adviser intends to cause the Predecessor Funds to liquidate any Series for which all of its unitholders participate and any other Series will continue to exist and to be advised by the Adviser.

The total number of shares of the Fund to be offered to the Participating Unitholders will be approximately 11,578,605 shares and the number of shares to be issued to each Participating Unitholder will be equal to (i) the quotient obtained by <u>dividing</u> (x) the aggregate initial AUM of the Fund, by (y) the aggregate dollar value of all the units exchanged by such Participating Unitholder, (ii) 11,578,605 (the "Aggregate Shares"). In addition, 3,000,000 shares of common stock will be issued to various principals of the Adviser and its affiliates upon the conversion of their shares of Founder Preferred Stock and approximately 421,395 shares will be held by the holders of the Fund's Series Seed Preferred Stock upon their conversion into common stock. All shares of the Fund's outstanding preferred stock will be automatically converted into shares of common stock upon the effectiveness of the Exchange Transaction and the preferred stock will be retired.

As part of the Exchange Transaction, an independent valuation firm has valued the assets of the Predecessor Funds as of December 31, 2025. The Exchange Transaction generally will be treated as a taxable event to the Participating Unitholders for U.S. federal income tax purposes, and a Participating Unitholder generally will recognize taxable gain or loss with respect to such exchange. Each Participating Unitholder is strongly encouraged to consult with its individual tax advisers to determine the effect of the Exchange Transaction on such Participating Unitholder given its individual tax and financial situation. See "Certain U.S. Federal Income Tax Considerations."

**INITIAL CAPITALIZATION**

The Fund's initial capitalization (shares outstanding) consists of 3,000,000 shares of Founder Preferred Stock and 200 shares of Series Seed Preferred Stock. The Founder Preferred Stock was initially issued to the Adviser in consideration of payment of $0.001 per share in cash and partly in consideration of the Adviser's agreement to forego any carried interest payments in respect of all Predecessor Fund units that are exchanged for shares of the Fund's common stock. The Fund previously issued 200 shares of its Series Seed Preferred Stock to 10 accredited investors for aggregate investment of $2,000,000. The Founder Preferred Stock is convertible into the Fund's shares of common Stock aggregating 20% of the issued and outstanding shares of the Fund's common stock upon the consummation of the Exchange Transaction and the Series Seed Preferred Stock carries a two-times conversion preference and is convertible into a number of shares of common stock determined by dividing $4,000,000 (two times the invested amount) by the fair market value of the shares of common stock at the time of consummation of the Exchange Transaction, which fair market value will be determined by the Board in consultation with the Fund's independent valuation firm. The shares of Founder Preferred Stock and Series Seed Preferred Stock are mandatorily convertible, without any action by the holders thereof, into shares of common stock upon the consummation of the Exchange Transaction. Upon conversion, the holders of the Founder Preferred Stock will receive 3,000,000 shares of common stock, which will constitute 20% of the Fund's outstanding shares of common stock, and the Series Seed investors will receive $421,395 worth of shares of common stock, representing approximately 2.8% of the Fund's outstanding shares of common stock, assuming all of the unitholders of the Predecessor Funds participate in the Exchange Transaction. The balance of the shares (constituting approximately 77.2% of the then issued and outstanding shares of common stock) will be issued to the Participating Unitholders. Upon conversion of the Founder Preferred Stock and the Series Seed Preferred Stock, these shares will be retired, and the Fund will have no shares of preferred stock outstanding.

The Fund's authorized capitalization consists of 200,000,300 shares of stock, consisting of 197,000,000 shares of common stock, par value $0.0001 per share, and 3,000,300 shares of preferred stock, par value $0.0001 with terms to be set by the Board.

**INVESTMENT OBJECTIVE AND STRATEGIES**

**Investment Objective**

The Fund's investment objective is to realize capital gains on a diversified portfolio of portfolio companies that generally (i) are primarily technology-based or technology-advantaged, (ii) have conducted one or more rounds of venture capital financing, (iii) have private market capitalizations of at least $1 billion and (iv) in the view of the Adviser, have the potential to conduct an IPO or other liquidity event within 2 to 4 years following the date of the investment (the "Investment Criteria"). The Adviser and the Fund reserve the right to vary these criteria if they believe an investment is in the best interests of the Fund.

The Fund intends, through the Exchange Transaction, to offer public market liquidity to the current holders of units in the Predecessor Funds and to expand the Fund's portfolio through selective investments utilizing a combination of (i) proceeds from IPOs or other liquidity events in respect of its Underlying Portfolio Companies and/or (ii) capital raised in the public or private investment markets.

The Fund believes that having a publicly traded stock as currency will make it more likely that it can raise capital on favorable terms, though there can be no assurance that the Fund will be able to raise such additional capital on favorable terms or at all. Failure to do so could have a material adverse effect on the market price of our common stock.

If one or more of the Fund's portfolio companies are successful in conducting an IPO or other liquidity event, the Fund may elect (to the extent legally permissible) to distribute the proceeds to its stockholders or to reinvest such proceeds in additional purchases of Portfolio Company Securities. However, the Fund anticipates that it will, for the foreseeable future, reinvest the proceeds of any portfolio company liquidity event and that it will not distribute any dividends to stockholders.

The Fund may also seek other opportunities to otherwise dispose of Portfolio Company Securities in secondary transactions if the Adviser deems such disposition to be favorable to the Fund and its stockholders. There can be no assurance that the Fund will be able to dispose of its Portfolio Company Securities at a gain or at all or that any Portfolio Company Securities will have any recoverable value. Similarly, there can be no assurance that the Fund will achieve its investment objective, that any of the portfolio companies will complete an IPO or other liquidity event, that any capital appreciation will be realized or that the shares will have any value.

There can be no assurance that the Fund's investment objective will be achieved or that our investment program will be successful. The investment objective may be changed by the Fund's Board without prior shareholder approval.

**Investment Strategy**

The Fund seeks to meet its investment objective by investing primarily in companies that fit its Investment Criteria. These investments may consist of direct investments in private technology companies' common stock, preferred equity, or convertible debt instruments that can convert into such equity interests (and are herein collectively referred to as "equity securities") and investments in investment vehicles that hold such equity securities (or will acquire them with the proceeds of the Fund's investment)

The Adviser, its principals and the members of its investment team have in the aggregate decades of experience working together sourcing, acquiring and disposing of private "unicorn" company securities and the Fund will rely on their extensive network of founders, investors (institutional and retail), venture capital funds, brokers, accountants, lawyers and other connections to unearth and execute upon investment opportunities for the Fund. The Fund and its Adviser believe that the reputation of their investment professionals within the industry and their established history of investing affords them a favorable position when seeking investment opportunities, though past track records should not be viewed as direct predictors of future results.

The Fund may acquire securities (primarily preferred or common stock) of companies meeting its Investment Criteria directly from the issuers of such securities in private placement transactions, from existing stockholders (primarily current or former employees or early stage investors). The Fund may also invest through acquisitions of interests (primarily limited partnership or limited liability company interests) of other investment funds, SPVs, or other collective investment vehicles that hold securities consistent with the Fund's Investment Criteria or will acquire such securities with the proceeds of the Fund's investment. Any such direct or indirect investments will be subject to significant restrictions on transfer imposed by the direct issuer of securities or their current holders (especially SPVs, funds or other vehicles) in their constituent documents (charter and bylaws, limited partnership agreement or LLC operating agreement) or by stockholder agreements, which may impair the ability of the Fund to acquire such investments or following acquisition, make disposition of such investments difficult.

The ability of the Fund to successfully acquire Portfolio Company Securities from existing stockholders of private issuers will in most cases require the consent of and cooperation by the relevant portfolio company. Most target portfolio companies have limitations on the transferability of their securities contained the portfolio company's certificate of incorporation and/or bylaws and/or by shareholder agreements (or applicable limited partnership or limited liability company operating agreements) between the portfolio company and its existing stockholders. These restrictions could impair the ability of the Fund to acquire Portfolio Company Securities and in such circumstances the Fund may incur substantial transactional expenses without obtaining any benefit.

Virtually all portfolio companies in which the Predecessor Funds have invested and in which the Fund proposes to invest provide for restrictions on transfer of their shares or other securities. Such limitations are usually contained in provisions of the portfolio company's certificate of incorporation and/or bylaws and/or by shareholder agreements (or applicable limited partnership or limited liability company operating agreements) between the portfolio company and its existing stockholders or other stakeholders. Some portfolio companies require the consent of the board of directors of the portfolio company to transfer such Portfolio Company Securities and most portfolio companies' constituent documents provide that any of its existing stockholders seeking to transfer Portfolio Company Securities are subject to a ROFR by the portfolio company or its designee entitling the portfolio company to purchase any Portfolio Company Securities that its existing stockholders seek to sell or otherwise transfer. Pursuant to such ROFR provisions, prior to effecting a sale or other transfer of Portfolio Company Securities to the Fund (or any purchaser), an existing stockholder must first notify the portfolio company of its intention to sell the Portfolio Company Securities, including the material terms of such sale or other transfer, and must offer to sell such Portfolio Company Securities to the portfolio company. Thereafter, the portfolio company has the right for a designated period of time (typically 30 days) to elect to purchase the Portfolio Company Securities on the same terms and conditions as the proposed sale to the Fund. Most ROFR provisions also allow the portfolio company to assign its right of first refusal to a third party. Any Portfolio Company Securities as to which the portfolio company or its assignee exercises a ROFR would not be available for purchase by the Fund, but the Fund may nevertheless incur substantial expenses in pursuing such opportunities.

In the event that a portfolio company (or its assignee) declines to exercise or expressly waives its ROFR, the Fund may complete its purchase of such Portfolio Company Securities, subject to certain conditions such as consummating such transaction within a contractually fixed period of time (typically up to 30 days from the expiration of the ROFR). In short, whether the Fund will be able to purchase Portfolio Company Securities of a particular portfolio company will be largely within the discretion of the portfolio company and will generally all cases be subject to additional conditions such as requiring the Fund to join in any shareholder or similar agreement and to be subject to restrictions on transfer that are at least as onerous as those previously applicable to the transferring existing stockholder.

These restrictions could impair the ability of the Fund to acquire Portfolio Company Securities and in such circumstances the Fund may incur substantial transactional expenses without obtaining any benefit.

In addition to "secondary market" purchases of Portfolio Company Securities, the Fund will seek to purchase such securities directly through private placement transactions conducted by the relevant portfolio companies. The Fund may seek to participate in such financings directly or may seek to participate in such offerings through investments in third-party SPVs that own or will with the proceeds of the Fund's investment acquire Portfolio Company Securities. The Fund's ability to purchase Portfolio Company Securities through either strategy is largely dependent upon the goodwill of the relevant portfolio company. The Adviser believes that its track record in dealing with portfolio companies in completing secondary market transactions places the Fund in a favorable position to effect such transactions, but there can be no assurance that it will be able to do so. These investments may involve significant due diligence, longer time horizons for value realization, and limited liquidity. Investment research is also significantly limited as these private issuers typically do not provide full or sometimes any access to information such as financial statements, presentations, board meetings, access to company management, and other useful fundamental data that may make evaluating investment decisions clearer. The Fund may invest in such securities without limitation and potential investors in the Fund must be willing to have their capital in investments for which the Fund does not have the depth and breadth of portfolio company information that it would wish to obtain.

**Investment Process**

The Fund is managed by the Adviser, which will set the Fund's investment policies and oversee the acquisition and disposition of investments in the Portfolio Company Securities. Joseph A. Alagna, Jr. and Stephan A. Stein, the managers of the Adviser, will make all investment decisions for the Fund. The Fund's investment process is designed to identify, evaluate, acquire, monitor and ultimately exit portfolio companies. The Adviser will analyze and identify investments in companies that have one or more of the following characteristics:

&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies in what the Adviser believes are leading private innovative companies, which may include
a focus on cutting edge technologies such as AI, machine learning, blockchain and digital enabling infrastructure, or on other disruptive
and innovative technologies, products and services in other industries and sectors.

&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies the Adviser believes are primed for hyper-growth over the next five years.

&nbsp;&nbsp;&nbsp;&nbsp;· Pre-IPO portfolio companies with medium to large private capitalization, generally those valued over $1
billion.

&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies that have received previous investments from top performing venture capital and early-stage
investors.

&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies with strong management teams and proven track records of realizing shareholder value.

&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies the Adviser identifies as having a strong likelihood of a liquidity event in approximately
two to four years from the date of investment (though there can be no assurance that such companies will have the intention or capability
of completing such a transaction).

&nbsp;&nbsp;&nbsp;&nbsp;· Portfolio companies with low debt.

Once a portfolio company is identified, the process involves sourcing such portfolio company's stock in the secondary market or making overtures to participate in primary round investments directly into the portfolio company. The Adviser will assess potential portfolio companies in a manner that balances attractive return potential with prudent risk management and the liquidity considerations attendant to a closed-end fund structure. In evaluating opportunities, the Adviser will consider the company's development path, the sources of its funding, historical and current market pricing of its securities, availability, demand and due diligence results among other factors. While the Adviser will endeavor to manage the Fund's portfolio risks, the Fund's investments are inherently speculative and there is no guarantee that the risks will be managed successfully.

**Deal Origination and Pipeline Management**

The Adviser has sourced Portfolio Company Securities for its private funds for over a decade and has established a broad and deep network of potential counterparties and referral sources. Once a target portfolio company is identified and its securities are located, the Adviser considers a variety of factors relating to completing the investment, such as but not limited to ensuring that the price available is appropriate for the Fund and in line with a fair market value of the portfolio company's securities, examining the relevant company's publicly available information, reviewing the company's constituent documents and shareholder agreements and considering potential other risk and investment related matters, such as projected growth, market environment, and potential exit strategies.

In the case where an investment would be made indirectly through third-party SPVs, funds or other investment vehicle(s), the Adviser conducts due diligence to ensure that the third party owns, or with the proceeds of the Fund's investment will acquire, the underlying issuer's securities and analyzes the terms of the third party vehicle's constituent documents to ensure that the Fund will be entitled to distribution of the underlying Portfolio Company Securities or the proceeds thereof upon the effectiveness of the portfolio company's IPO or other liquidity event. The Adviser also participates in the negotiation and oversees the preparation of proper transfer documentation.

**Portfolio Construction and Risk Limits** 

The Adviser seeks to assist the Fund in acquiring and maintaining a diversified portfolio consisting of multiple portfolio companies, subject to there being a sufficient number of opportunities and sufficient funds available to do so. The Fund's initial portfolio will consist of limited liability company interests in eighteen Predecessor Fund series which represent indirect investments in eleven Underlying Portfolio Companies. To the extent that Underlying Portfolio Companies are successful in consummating an IPO or other liquidity event, the number of companies in the Fund's portfolio may be reduced. The Fund will generally have non-controlling positions in the portfolio companies. The fund reserves the right to allocate a percentage of funds to cash and cash equivalents when the Adviser believes the market to be over-extended, or at near-term risk of downside volatility, or when the Fund determines that such cash and cash equivalents would be in the best interests of the Fund or beneficial for use in pursuing new investments.

**Liquidity Management and Exit Strategy**

Historically, investments similar to the ones to be held by the Fund have reached a liquidity event on average between two and four years of the initial investment. Therefore, the Adviser believes that portfolio companies have the potential to reach a liquidity event within two to four years of the Fund's initial investment, although such liquidity events and market conditions are unpredictable and may take longer or shorter than projected or may not occur at all. Realizations may occur via strategic sale of the portfolio company to an acquirer, traditional initial public offering, direct listing, de-SPAC transaction or negotiated secondary block sale or other realization event not otherwise described here, though such transactions may be subject to certain restrictions on transfer discussed elsewhere in this Prospectus. If such an event occurs and the Fund is able to liquidate its position, the Board, in its discretion, will decide whether to distribute the proceeds of such disposition to stockholders or to retain such proceeds in order to fund the Fund's expenses and/or to purchase additional Portfolio Company Securities.

**INITIAL PORTFOLIO**

In connection with the Exchange Transaction, the Fund will have approximately $142,607,753.96 in investments in 18 Predecessor Fund Series, which represents indirect investments in eleven Underlying Portfolio Companies, based on the fair value of such investments as determined by the Adviser and the Fund's independent valuation firm. The Fund intends to deploy existing cash and future proceeds into additional investments that meet its investment objective and strategy.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio Company** | &nbsp;&nbsp;**Direct Interest In** | &nbsp;&nbsp;**Underlying Portfolio Companies** | &nbsp;&nbsp;**Nature of Business** | &nbsp;&nbsp;**Cost of<br> Investment(1)** |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series AN-I | &nbsp;&nbsp;GA-IP Opportunities II, LLC | &nbsp;&nbsp;Anthropic, PBC | &nbsp;&nbsp;Artificial Intelligence Safety and Research &nbsp;&nbsp;Series B Preferred<sup>2</sup> | &nbsp;&nbsp; $48993086.24 |
| &nbsp;&nbsp;Buttonwood Titan QP Fund LLC - Series AN-I | &nbsp;&nbsp;GA-IP Opportunities II, LLC | &nbsp;&nbsp;Anthropic, PBC | &nbsp;&nbsp;Artificial Intelligence Safety and Research &nbsp;&nbsp;Series B Preferred<sup>2</sup> | &nbsp;&nbsp; $7807677.42 |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series CO-I | &nbsp;&nbsp;Waldman Mitchell Family Holdings LP and Waldman Mitchell Family Holdings Second LP | &nbsp;&nbsp;Cohere, Inc. | &nbsp;&nbsp;Enterprise Artificial Intelligence Solution &nbsp;&nbsp;Common Stock<sup>3</sup> | &nbsp;&nbsp; $7568236.80 |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC – Series Big Data IV | &nbsp;&nbsp;SineWave Ventures Direct 2, L.P., SineWave Ventures Direct 2B, L.P., and SineWave Ventures Direct 2A, L.P | &nbsp;&nbsp;Databricks, Inc. | &nbsp;&nbsp;Enterprise Artificial Intelligence Solution &nbsp;&nbsp;Series C and Series H Preferred<sup>4</sup> | &nbsp;&nbsp; $9010496.04 |
| &nbsp;&nbsp;Buttonwood Titan QP Fund LLC – Series Big Data IV | &nbsp;&nbsp;SineWave Ventures Direct 2, L.P., SineWave Ventures Direct 2B, L.P., and SineWave Ventures Direct 2A, L.P | &nbsp;&nbsp;Databricks, Inc. | &nbsp;&nbsp;Enterprise Artificial Intelligence Solution &nbsp;&nbsp;Series C and Series H Preferred<sup>4</sup> | &nbsp;&nbsp; $2052285.00 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Buttonwood Titan QP Fund LLC - Series DB-I | &nbsp;&nbsp;Demandbase, Inc. | &nbsp;&nbsp;Demandbase, Inc. | &nbsp;&nbsp;Marketing Technology | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp; $2861948.36 |
| &nbsp;&nbsp;Buttonwood Beacon Fund LLC - Series IF-I | &nbsp;&nbsp;Impossible Foods Inc. | &nbsp;&nbsp;Impossible Foods Inc. | &nbsp;&nbsp;Plant-based Meat Alternatives | &nbsp;&nbsp;Series E-1 Preferred | &nbsp;&nbsp; $182169.72 |
| &nbsp;&nbsp;Buttonwood Beacon QP Fund LLC - Series IF-I | &nbsp;&nbsp;Impossible Foods Inc. | &nbsp;&nbsp;Impossible Foods Inc. | &nbsp;&nbsp;Plant-based Meat Alternatives | &nbsp;&nbsp;Series E-1 Preferred | &nbsp;&nbsp; $514399.66 |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series OC-I | &nbsp;&nbsp;Orange Comet Inc. | &nbsp;&nbsp;Orange Comet Inc. | &nbsp;&nbsp;Gaming and Entertainment | &nbsp;&nbsp;Warrants and SAFE Note | &nbsp;&nbsp; $3777857.14 |
| &nbsp;&nbsp;Buttonwood Titan QP Fund LLC - Series PH-I | &nbsp;&nbsp;GA-IP Opportunities III, LLC | &nbsp;&nbsp;Phenom People, Inc. | &nbsp;&nbsp;Human Resources Technology | &nbsp;&nbsp;Common Stock<sup>5</sup> | &nbsp;&nbsp; $6690126.03 |
| &nbsp;&nbsp;Buttonwood Alpha Fund LLC - Prosper Series Interests | &nbsp;&nbsp;Prosper Marketplace, Inc. | &nbsp;&nbsp;Prosper Marketplace, Inc. | &nbsp;&nbsp;Consumer Finance Peer-to-peer Marketplace | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp; $104760.91 |
| &nbsp;&nbsp;Buttonwood Alpha QP Fund LLC - Prosper Series Interests | &nbsp;&nbsp;Prosper Marketplace, Inc. | &nbsp;&nbsp;Prosper Marketplace, Inc. | &nbsp;&nbsp;Consumer Finance Peer-to-peer Marketplace | &nbsp;&nbsp;Common Stock | &nbsp;&nbsp; $113483.48 |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series SPX-I | &nbsp;&nbsp;Zanbato Partners Fund LLC – Class D | &nbsp;&nbsp;Space Exploration Technologies Corp. (doing business as SpaceX) | &nbsp;&nbsp;Aerospace and Satellite Technology | &nbsp;&nbsp;Class A Common Stock<sup>6</sup> | &nbsp;&nbsp; $28472938.65 |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series SPX-II | &nbsp;&nbsp;Capital Allocation Strategies II LLC – Class E | &nbsp;&nbsp;Space Exploration Technologies Corp. (doing business as SpaceX) | &nbsp;&nbsp;Aerospace and Satellite Technology | &nbsp;&nbsp;Series E Preferred Shares<sup>7</sup> | &nbsp;&nbsp; $11324116.44 |
| &nbsp;&nbsp;Buttonwood Titan QC Fund LLC - Series AI-I | &nbsp;&nbsp;Colossus West VI, a Series of E1 VC, LLC | &nbsp;&nbsp;X.AI Holdings Corp. | &nbsp;&nbsp;Artificial Intelligence and Social Media Technology | &nbsp;&nbsp;Common Stock<sup>8</sup> | &nbsp;&nbsp; $4927090.44 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Buttonwood Titan QP Fund LLC - Series AI-I | &nbsp;&nbsp;Colossus West VII, a Series of E1 VC, LLC | &nbsp;&nbsp;X.AI Holdings Corp. | &nbsp;&nbsp;Artificial Intelligence and Social Media Technology | &nbsp;&nbsp;Common Stock<sup>9</sup> | &nbsp;&nbsp; $6934790.32 |
| &nbsp;&nbsp;Buttonwood Alpha Fund LLC - Series ZocDoc Interests | &nbsp;&nbsp;Zocdoc, Inc. | &nbsp;&nbsp;Zocdoc, Inc. | &nbsp;&nbsp;Online Healthcare Marketplace | &nbsp;&nbsp;Common Stock and Series A Preferred | &nbsp;&nbsp; $520755.80 |
| &nbsp;&nbsp;Buttonwood Alpha QP Fund LLC - Series ZocDoc Interests | &nbsp;&nbsp;Zocdoc, Inc. | &nbsp;&nbsp;Zocdoc, Inc. | &nbsp;&nbsp;Online Healthcare Marketplace | &nbsp;&nbsp;Common Stock and Series A Preferred | &nbsp;&nbsp; $751535.51 |
| &nbsp;&nbsp;**TOTAL** |  |  |  |  | &nbsp;&nbsp;$142607753.96 |

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(1) Securities acquired at the fair market value of such securities as of December 31, 2025 per the terms
of the Exchange Agreements, as determined by valuations provided by an independent third-party valuation firm.

(2) The Buttonwood Titan QC Fund LLC – Series AN-I and the Buttonwood Titan QP Fund LLC – Series
AN-I own interests in GA-IP Opportunities II, LLC that holds the underlying Anthropic, PBC Series B Preferred shares.

(3) The Buttonwood Titan QC Fund LLC – Series CO-I owns 100% interests in Waldman Mitchell Family Holdings
LP and Waldman Mitchell Family Holdings Second LP, which holds Cohere Common Stock.

(4) The Buttonwood Titan QC Fund LLC – Series Big Data IV and the Buttonwood Titan QP Fund LLC –
Series Big Data IV own interests in SineWave Ventures Direct 2, L.P., interests in SineWave Ventures Direct 2B, L.P. that holds interests
in Sinewave Direct 2, L.P., that both hold Databricks, Inc. Series C preferred shares, and interests in SineWave Ventures Direct 2A, L.P.
that hold Series H Preferred securities of Databricks, Inc.

(5) The Buttonwood Titan QP Fund LLC – Series PH-I owns interests in GA-IP Opportunities III, LLC that
holds Phenom People, Inc. common shares.

(6) The Buttonwood Titan QC Fund LLC – Series SPX-I owns interests in Zanbato Partners Fund LLC –
Class D, which holds SpaceX Class A common shares.

(7) The Buttonwood Titan QC Fund LLC – Series SPX-II owns interests in Capital Allocation Strategies
II LLC – Class E, which holds Series E Preferred Stock of SpaceX.

(8) The Buttonwood Titan QC Fund LLC – Series AI-I owns interests in Colossus West VI, a Series of E1
VC, LLC, which owns X.AI Holding Corp.'s common shares.

(9) The Buttonwood Titan QP Fund LLC – Series AI-I owns interests in Colossus West VII, a Series of
E1 VC, LLC, which owns X.AI Holding Corp.'s common shares.

***Anthropic PBC***

Anthropic PBC ("Anthropic") is an artificial intelligence safety and research company that builds reliable, interpretable and steerable artificial intelligence systems. Anthropic's focus extends beyond developing artificial intelligence systems people can rely on, to generating research about the opportunities and risks of artificial intelligence. Anthropic is comprised of a team of safety-conscious researchers, engineers, policy experts, business leaders and operators, and is structured as a public benefit corporation, whose purpose is the responsible development and maintenance of advanced artificial intelligence for the long-term benefit of humanity.

***Cohere Inc.***

Cohere Inc. ("Cohere") is an enterprise artificial intelligence developer that builds foundational models and artificial intelligence solutions for organizations. Cohere develops high-performance large language models that enable their clients to build custom applications using their own data. These products are designed to overcome fundamental barriers within enterprises, such as the lack of technical expertise and computer resources, that would otherwise prevent enterprises from adopting large language models and better utilizing the power of artificial intelligence.

***Databricks Inc.***

Databricks Inc. ("Databricks") is an artificial intelligence developer offering an open-source, cloud-based platform, the Data Intelligence Platform, that enables enterprises to integrate data, analytics, and automated workflows on a single scalable cloud architecture. The Data Intelligence Platform is built on an open lakehouse architecture, which provides a unified foundation for all data and governance needs within organizations, allowing organizations to benefit from automation and natural language to discover and use data like experts, and to develop and deploy secure data and products.

***Demandbase Inc.***

Demandbase Inc. ("Demandbase") was founded to give business to business marketers better intelligence. Demandbase offers a software-as-a-service enterprise account-based marketing platform that utilizes artificial intelligence and machine learning to help enterprise clients utilize data efficiently to understand their market, more effectively target their audiences and act with a purpose.

***Impossible Foods Inc.***

Impossible Foods Inc. ("Impossible") is a plant-based food company that produces meat alternatives from plant derived ingredients. Impossible's mission is to positively impact people and the planet by making meat from plants in an environmentally conscious way.

***Orange Comet Inc.***

Orange Comet Inc. ("Orange Comet") is a next-generation gaming and entertainment company that creates immersive multi-player games driven by cutting-edge technology and production level quality. Orange Comet is developing a pipeline of games featuring some of the most iconic franchises in the world, leading entertainment properties, and in collaboration with globally recognized music artists.

***Phenom People Inc.***

Phenom People Inc. ("Phenom") is a purpose driven human resources technology company that developed an Intelligent Talent Experience platform to provide a complete solution for talent needs. Phenom utilizes a network of data, industry models and machine learning to provide solutions to serve human capital needs, bring automation and personalization to talent searches, employee experiences, and all aspects of human resources.

***Prosper Marketplace Inc.***

Prosper Marketplace Inc. ("Prosper") is a financial technology company operating a digital platform that leverages proprietary machine learning technology to streamline consumer lending processes. Prosper offers a peer-to-peer lending platform that offers borrowers personalized options while providing investors with diverse investment opportunities.

***Space Exploration Technologies Corp.***

Space Exploration Technologies Corp. ("SpaceX") is an aerospace and space transportation company that designs, manufactures and launches innovative and reusable spacecraft aimed at providing use for human spaceflight and satellite systems. SpaceX operates Starlink, providing high-speed internet through their satellite system, and Starshield, providing a secured satellite network for government entities.

***X.AI Holdings Corp.***

X.AI Holdings Corp. ("x.AI") is an artificial intelligence, social media and technology company. X.AI developed and operates the artificial intelligence chatbot Grok, with the mission of pushing the boundaries of generative artificial intelligence and deepening human understanding. X.AI utilizes data from the social media platform X, which it owns and operates, and built a large artificial intelligence supercomputer Colossus that helps boast its artificial intelligence training power. In February 2026, x.AI was acquired by and consolidated into SpaceX.

***Zocdoc, Inc.***

Zocdoc, Inc. ("Zocdoc") is a healthcare technology company that offers an online marketplace to connect users to healthcare providers. Zocdoc allows for appointment scheduling, in-network physician and specialist searching, and location specific information, empowering consumers to make personalized decisions on their healthcare providers and experiences.

**RISK FACTORS**

*Investing in our common stock involves a number of significant risks. Before you invest in our common stock, you should be aware of various risks associated with the investment, including those described below. You should carefully consider these risk factors, together with all of the other information included in this Prospectus, before you decide whether to make an investment in our common stock. The risks set out below are not the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition and results of operations could be materially and adversely affected. In such case, you may lose all or part of your investment.*

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

***The Fund is a newly formed entity with no operating history as a closed-end management investment company.***

The Fund is a newly formed entity with no operating history as a closed-end management investment company. As such, the Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve its investment objective and that the value of your investment could decline substantially or become worthless. While the Fund's principals have over a decade's experience in raising capital for various affiliated private funds that have invested in companies sharing the profile of the Fund's portfolio companies and executing transactions to acquire and dispose of the securities of similar funds' portfolio companies, there can be no assurance that the Fund will be able to successfully dispose of its investments, attract investors or invest in portfolio companies.

The past investment performance of any entities with which the principals have been associated may not be indicative of the future results of an investment in the Fund. In other words, in considering the prior performance information contained herein and contained in other materials provided, all prospective investors should bear in mind that past performance is not necessarily indicative of future results, and there can be no assurance that the company will achieve comparable results. Actual results could differ materially from those realized in the prior funds.

***The Adviser and the Fund's officers do not have experience in managing a publicly traded company.***

The Adviser and the Predecessor Funds are all privately held companies. The Adviser and the Fund's management have extensive experience in managing the Predecessor Funds, but have not managed or advised any publicly traded investment vehicles, which present different challenges in regulatory compliance.

***The Fund's investments may require the Fund to make long-term commitments with no certainty of return.***

The Fund's investments will consist of privately held Portfolio Company Securities that are subject to various legal and contractual restrictions on transfer. This requires that the Fund make a long-term commitment with no certainty of when or if there will be a return. Portfolio companies are unlikely to pay dividends and the Fund's Investment Criteria lean heavily to equity securities, rather than debt instruments with a current yield. Therefore, most investments to be made by the Fund are not expected to generate current income. Therefore, the return of capital to the Fund and the realization of gains, if any, from the Fund's investments will generally occur only upon the partial or complete realization or disposition of such investment through an IPO or other liquidity event of the relevant portfolio company. While an investment of the Fund may be realized or disposed of at any time, it is generally expected that the ultimate realization or disposition of most of the Fund's investments will not occur for a number of years after each such investment is made.

***The Fund may invest in a small number of portfolio companies resulting in a lack of investment diversification.***

The Fund has complete discretion as to the number of portfolio companies in which it will invest and the percentage of the Fund's assets that may be allocated to any one portfolio company or industry. While the Adviser intends to cause the Fund to achieve some level of diversification in its portfolio, there can be no assurance that the Fund will not wind up holding investments in only a few portfolio companies. The Fund's ability to diversify will be limited by the amount of funds available for investment and the availability of Portfolio Company Securities that the Adviser finds desirable for investment by the Fund. The Fund's ability to diversify its portfolio will also be limited by the fact that the Fund intends to primarily focus on companies located in the United States. Accordingly, the securities in which the Fund invests may not be diversified across many sectors, may be concentrated in specific regions within the United States and a significant portion of the Fund's investments may be in the securities of a few or even a single portfolio company.

A relatively high concentration of assets could result in a portfolio that may be more vulnerable to fluctuations in the value of any one or a few holdings resulting from adverse conditions that may affect the economy, a particular industry, or a segment of portfolio companies than would otherwise be the case if the Fund were required to maintain wide diversification. Consequently, significant declines in the fair market value of the Fund's larger investments would produce a material decline in the Fund's NAV.

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

The value of the securities in which the Fund invests may decline, sometimes rapidly or unpredictably, due to factors affecting certain portfolio companies, particular industries or sectors, or the overall markets, such as inflation (or expectations for inflation), deflation (or expectations for deflation), interest rate changes, global demand for particular products or resources, market instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs, and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, exchange trading suspensions and closures, infectious disease outbreaks, or pandemics. Rapid or unexpected changes in market conditions could cause the Fund to liquidate its holdings at inopportune times or at a loss or depressed value. The value of a particular holding may decrease due to developments related to that portfolio company, but also due to general market conditions, including real or perceived economic developments such as changes in interest rates, credit quality, inflation or currency rates, or generally adverse investor sentiment. The value of a holding may also decline due to factors that negatively affect a particular industry or sector, such as labor shortages, increased production costs, supply chain disruptions or competitive conditions. Governmental and quasi-governmental authorities may take actions in response to such economic disruptions, and the impact of any such actions may have a deleterious effect on the Fund, individual portfolio companies or the financial markets in general.

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

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

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

Recent examples of the above include conflict, loss of life, and disaster connected to ongoing armed conflict between Russia and Ukraine in Europe, the conflict between Hamas and Israel, the unrest in Iran, and the US intervention in Venezuela. The resulting responses by the United States and other countries, and the potential for wider conflict have increased and may continue to increase volatility and uncertainty in financial markets worldwide. The United States and other countries have imposed broad-ranging economic sanctions on Russia and Russian entities and individuals and may impose additional sanctions, including on other countries that provide military or economic support to Russia. These sanctions, among other things, restrict companies from doing business with Russia and Russian portfolio companies and may adversely affect companies with economic or financial exposure to Russia and Russian portfolio companies. The extent and duration of Russia's military actions and the repercussions of such actions are not known. The invasion may widen beyond Ukraine and may escalate, including through retaliatory actions and cyberattacks by Russia and even other countries. Additionally, the ongoing armed conflict between Israel and Hamas and other militant groups in the Middle East, the recent hostilities between Israel and Iran, civil unrest in Iran, the US involvement in Venezuela and related events may cause significant market disruptions and volatility. These events may adversely affect regional and global economies, including those of Europe and the United States. Certain industries and markets, such as those involving oil, natural gas, and other commodities, as well as global supply chains, may be particularly adversely affected. Whether or not the Fund invests in securities of portfolio companies located in Russia, Ukraine, Israel, and adjacent countries or with significant exposure to portfolio companies in these countries, these events could negatively affect the value and liquidity of the Fund's investments.

U.S. and global markets recently have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and companies in which it invests. For example, if a bank in which the Fund or a portfolio company has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or portfolio company. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility, and/or other services to a portfolio company fails, the portfolio company could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by the portfolio companies remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services, or result in the portfolio companies being unable to obtain or refinance indebtedness at all or on as favorable terms as could otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and the portfolio companies, both from market conditions and potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, due to developments in the banking industry or otherwise (including because of delayed access to cash or credit facilities), could have an adverse impact on the Fund and the portfolio companies.

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

***A cyber-attack could have a material adverse effect on the Fund.***

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

Portfolio companies also share the risk of cyber-attacks which may have a material adverse impact on their business, finances and prospects.

***The U.S. has recently enacted and proposed to enact significant new tariffs, which may adversely affect the business of the Fund's portfolio companies.***

The U.S. has recently enacted, and proposed to enact, significant new tariffs. Additionally, the new current administration has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict the portfolio companies' access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact the Fund's business.

***Information disparities between the Fund and sellers of Portfolio Company Securities may create investment and economic challenges for the Fund.***

Privately held technology companies generally do not provide any financial or other information regarding the portfolio company to the investing public. Potential sellers of Portfolio Company Securities include founders, employees or large early stage investors that have greater information about that company than the Adviser may be able to obtain and may be subject to confidentiality agreements that prevent disclosure of company information. In valuing a potential portfolio company, the Adviser will analyze such information that is available to it, including data concerning any secondary trading activity in shares of the company, but there can be no assurance that the Adviser will have access to all information that might have a bearing on the appropriate value of the Portfolio Company Securities. Such lack of complete material information increases the risk of the Fund's investments.

***There are risks associated with relying on key personnel of the Adviser.***

The management and governance of the Fund depend on the services of certain key personnel of the Adviser, in particular Joseph A. Alagna Jr. and Stephan A. Stein, who will be making all investment decisions for the Fund. The loss of the services of any key personnel could have a material adverse effect on the Adviser and materially adversely affect the Fund's financial condition and results of operations. The Fund will rely on the Adviser to manage the Fund's investments, including sourcing and due diligence. Consequently, the Fund's ability to achieve its investment objective depends in large part on the Adviser and its ability to identify and advise the Fund on attractive investment opportunities. This means that the Fund's ability to acquire Portfolio Company Securities on favorable terms or at all will be dependent upon the Adviser's business contacts and reputation, its ability to successfully hire, train, supervise, manage and retain its personnel and its ability to maintain its operating systems. If the Fund were to lose the services provided by the Adviser or its key personnel or if the Adviser fails to satisfactorily perform its obligations under the Advisory Agreement, the value of the Fund's investments and its growth prospects may decline. Further, management of the Fund and of the Adviser, though they have significant experience in the financial markets, including the markets in which the Fund operates, do not have experience managing a publicly traded company such as the Fund. Potential purchasers of shares of the Fund (including the Participating Unitholders) must be willing to trust the operations of the Fund and the Adviser to the Fund's management, its Board and the Adviser.

***The Fund's financial condition and results of operations depend on its ability to achieve its investment objective.***

The Fund's ability to achieve its investment objective depends on the Adviser's ability to identify, analyze, and invest in portfolio companies that meet its investment criteria and that some or all of the portfolio companies are successful in consummating an IPO or other liquidity event. Accomplishing this result on a cost-effective basis is largely a function of the Adviser's structuring of the investment process and its ability to provide competent, attentive, and efficient services to the Fund. There can be no assurance that the Adviser will be successful in investing in portfolio companies that meet the Fund's Investment Criteria, that such portfolio companies will be successful and will complete an IPO or other liquidity event, or that the Fund will achieve its investment objective. It may be difficult to implement the Fund's strategy unless the Fund maintains a meaningful amount of assets and infrastructure. The success of the Fund will depend in part upon the skill and expertise of the Adviser. Even if the Fund is able to grow and build upon its investment operations, any failure to manage growth effectively could have a material adverse effect on the Fund's business, financial condition, results of operations and prospects, as well as the market price of the Fund's common stock. The Fund's results depend on many factors, including the availability of opportunities for investment, readily accessible short and long-term funding alternatives in the financial markets, and economic conditions. Furthermore, if the Fund cannot successfully operate its business or implement the Fund's investment policies and strategies as described herein, it could negatively impact the ability to realize gains on its investments.

***The Fund will likely experience fluctuations in its semi-annual results, and it may be unable to replicate past investment opportunities or make the types of investments it has made to date in future periods.***

The Fund may experience fluctuations in its semi-annual operating results due to a number of factors, including the rate at which it makes new investments and exits investments, the level of its expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which it encounters competition in the markets, its access to additional capital at reasonable cost, and general economic and market conditions. These fluctuations may, in certain cases, be exaggerated as a result of the Fund's focus on realizing capital gains rather than current income from its investments, as the timing of portfolio company liquidity events is unpredictable. As a result of these factors, results for any period should not be relied upon as being indicative of performance in future periods.

***The Fund operates in a highly competitive market for direct and secondary equity investment opportunities. If the Fund is unable to make investments, it may have an adverse effect on its performance.***

A large number of entities compete with the Fund to make the types of private investments that the Fund targets as part of its business strategy. The Fund competes for such investments with a large number of private equity and venture capital funds, secondary market funds, other equity and non-equity-based investment funds, investment banks, and other sources of financing, including traditional financial services companies such as commercial banks and specialty finance companies. Many of the Fund's competitors are substantially larger than the Fund and have considerably greater financial, technical, and marketing resources than the Fund does. For example, some competitors may have a lower cost of funds and access to funding sources that are not available to the Fund. In addition, some of the Fund's competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. There can be no assurance that the competitive pressures the Fund faces will not have a material adverse effect on its business, financial condition, and results of operations. Also, as a result of this competition, the Fund may not be able to take advantage of attractive investment opportunities from time to time, and the Fund can offer no assurance that the Adviser will be able to identify and make equity investments that are consistent with the Fund's investment objective. To the extent the Fund is unable to make investments in the portfolio companies, an over-allocation of its assets in cash could have an adverse effect on the overall performance of the Fund, as investments in cash and cash equivalents may not earn significant returns.

***There are significant potential conflicts of interest that could impact the Fund's investment returns and limit the flexibility of its investment policies.***

The Fund and the Adviser may be deemed to be under the common control of Messrs. Alagna and Stein. Joseph Gunnar & Co. LLC ("Gunnar"), a registered broker-dealer and member of the Financial Industry Regulatory Authority ("FINRA"), is an affiliate of the Adviser and the Fund. Mr. Alagna serves as Chairman, CEO and Managing Member of Gunnar and Mr. Stein serves as its President and Chief Operating Officer. Messrs. Alagna and Stein are deemed to control each of these entities by virtue of their ownership and management positions in each. Gunnar may serve as placement agent for the Fund and provide other financial services to the Fund and be compensated for such services. The Adviser currently advises, and in the future may advise, affiliated entities including the Predecessor Funds that have similar or identical investment objectives to those of the Fund.

New investment opportunities that meet the Fund's investment objective will inevitably be suitable for such other entities and such opportunities might not be offered, or otherwise made available, to the Adviser or the Fund. However, the Fund's executive officers and Adviser intend to treat the Fund in a fair and equitable manner consistent with their applicable duties under law so that the Fund will not be disadvantaged in relation to any other affiliated entity. In addition, the Adviser will establish a written allocation policy to ensure that the Fund is not disadvantaged with respect to the allocation of investment opportunities among the Fund and such other funds and other clients. The Adviser and its affiliates, as applicable, will allocate investment opportunities among its managed funds and accounts, including the Fund, in accordance with its fiduciary duties to all the funds and accounts managed by the Adviser or its affiliates.

***In the event the value of your investment declines, the Management Fee will still be payable.***

The Management Fee is payable regardless of whether the NAV of the Fund declines. As a result, the Fund will owe the Adviser a Management Fee regardless of whether it incurred significant realized capital losses and unrealized capital depreciation (losses) during the fiscal period for which the Management Fee is paid.

***Changes in laws or regulations governing the Fund's operations may adversely affect its business.***

The Fund must comply with various legal requirements and exemptions therefrom applicable to it, including the requirements of U.S. federal and state securities laws. If any law or regulation applicable to the Fund currently in effect should change or be interpreted or administratively implemented in a manner inconsistent with the intended manner of operation of the Fund, or if any new laws or regulations should be enacted, the legal requirements to which the Fund are subject could differ materially from current requirements and/or the manner of operation of the Fund might have to be restructured. Any change in these laws or regulations could increase the Fund's regulatory costs or to change its manner of doing business and have a material adverse effect on the Fund's business and the value of your investment.

***The Adviser has full discretion over the Fund's portfolio, and the Fund's shareholders are not involved in investment decisions.***

Subject to the implementation of the investment limitations described herein, the Adviser has complete discretion in managing the Fund's portfolio, subject to oversight by the Board. The Fund's shareholders will not make decisions with respect to the management, disposition, or other realization of any investment made by the Fund, or other decisions regarding the Fund's business and affairs. The Fund may acquire or dispose of investments at times and prices that an investor would not determine to be favorable.

***Most of our investment portfolio will be recorded at fair value as determined in good faith in accordance with procedures established by our Board and, as a result, there is and will be uncertainty as to the value of our portfolio investments.***

Under the 1940 Act, we are required to carry our portfolio investments at market value or, if there is no readily available market value, at fair value as determined in accordance with procedures established by our Board. There may not be a public market or active secondary market for certain investments that we hold and intend to make. Portfolio companies in which we invest will generally not be publicly traded or actively traded on a secondary market but, instead, may be traded on a privately negotiated private secondary market for institutional investors, if at all. As a result, we will value these investments monthly at fair value as determined in good faith in accordance with valuation policies and procedures approved by our Board, but such valuations are subject to inherent uncertainties.

The determination of fair value, and thus the amount of unrealized appreciation or depreciation we may recognize in any reporting period, is to a degree subjective, and, as the Management Fee is based on our gross assets (including investments acquired with borrowed funds, our Adviser has a conflict of interest in making recommendations of fair value. We will value our investments monthly at fair value in accordance with valuation policies and procedures approved by our Board, based on, among other things, input of the Adviser and independent third-party valuation firm(s) engaged at the direction of the Board. The types of factors that may be considered in determining the fair values of our investments include the nature and realizable value of any collateral, the portfolio company's ability to make payments and its earnings, the markets in which the portfolio company does business, comparison to publicly traded companies, discounted cash flow, current market interest rates and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, the valuations may fluctuate significantly over short periods of time due to changes in current market conditions. The determinations of fair value in accordance with procedures established by our Board may differ materially from the values that would have been used if an active market and market quotations existed for such investments. The methodologies used to determine fair value involve significant subjective judgments and estimates, which may differ materially from values that could ultimately be realized upon a liquidity event or other disposition. Our NAV could be adversely affected if the determinations regarding the fair value of the investments were materially higher than the values that we ultimately realize upon the disposal of such investments.

***We may be more susceptible than a more diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence.***

We are classified as "non-diversified" under the 1940 Act. As a result, we will be able to invest a greater portion of our assets in obligations of a single issuer or a small number of issuers than a "diversified" fund. We may therefore be more susceptible than a diversified fund to being adversely affected by any single corporate, economic, political or regulatory occurrence.

***Our ability to enter into transactions with our affiliates is restricted.***

We are prohibited under the 1940 Act from participating in certain types of transactions with our affiliates without the prior approval of the SEC. Any person that owns, directly or indirectly, 5% or more of our outstanding voting securities will be considered our affiliate for purposes of the 1940 Act and we are generally prohibited from buying or selling any securities from or to such affiliate. The 1940 Act also prohibits certain "joint" transactions with certain of our affiliates, which could include investments in the same portfolio company without prior approval of the SEC. If a person acquires more than 25% of our voting securities, we will be prohibited from buying or selling any security from or to such person or certain of that person's affiliates, or entering into prohibited joint transactions with such persons, absent the prior approval of the SEC. Similar restrictions limit our ability to transact business with our officers or directors or their affiliates. As a result of these restrictions, we may be prohibited from buying or selling any security from or to any investment fund managed by our Adviser or its affiliates, including the Predecessor Funds, without the prior approval of the SEC which we may not be able to obtain, which may limit the scope of investment opportunities that would otherwise be available to us. We may co-invest with our Adviser or our officers and directors in a manner consistent with guidance promulgated under the no-action position of the SEC set forth in Mass Mutual Life Ins. Co. (SEC No-Action Letter, June 7, 2000), on which similarly situated funds like us rely in order to co-invest in a single class of privately placed securities so long as certain conditions are met, including that our investment adviser or an affiliate, acting on our behalf and on behalf of other clients, negotiates no term other than price.

The Fund intends to seek exemptive relief from the SEC to permit it to co-invest with certain affiliates and other funds managed by the Adviser. This relief would permit the Fund to participate alongside affiliated entities in investment opportunities, subject to conditions designed to ensure fairness and equitable treatment, including Board oversight, allocation procedures, and compliance monitoring. There is no guarantee that such relief will be granted.

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

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

***The Fund has indemnification obligations.***

We have indemnification obligations to our officers, directors and employees. We intend to extend such indemnifications to the fullest extent permissible under Maryland law and/or any U.S. or state securities laws and regulations. Such liabilities may be material and have an adverse effect on the returns to investors. Our indemnification obligations would be payable from our assets, and such indemnification obligations will survive the winding-up and dissolution of the Fund.

**Risks Related to Our Investments**

***The Fund's investments in portfolio companies may be extremely risky, and the Fund could lose all or part of the value of its investments.***

Investment in portfolio companies involves a number of significant risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio companies may have limited financial resources and may be unable to meet their obligations
with their existing working capital, which may lead to equity financings, possibly at discounted valuations, in which the Fund's
holdings could be substantially diluted if the Fund does not or cannot participate, bankruptcy or liquidation, and the reduction or loss
of the Fund's investment;

&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio companies typically have limited operating histories, less-established and comprehensive
product lines, and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions,
market conditions, and consumer sentiment in respect of their products or services, as well as general economic downturns;

&nbsp;&nbsp;&nbsp;&nbsp;• Because the portfolio companies are privately owned, there is usually little publicly available information
about these businesses; therefore, although the Adviser and its agents perform due diligence on these portfolio companies, their operations,
and their prospects, including review of independent research reports and market valuations of securities of such companies on alternative
trading systems and other private secondary markets, the Adviser may not be able to obtain all of the material information that would
be generally available to assist investors in making investments in public company investments, including financial or other information
regarding the portfolio companies in which the Fund invests. Furthermore, there can be no assurance that the information that the Adviser
does obtain with respect to any investment is reliable. The Fund will invest in portfolio companies for which current, up-to-date financial
information is not available if the Adviser believes, based on the results of its due diligence review, that such investment is in the
best interests of the Fund and its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;• Our portfolio companies are more likely to depend on the management talents and efforts of a small group
of persons; therefore, the death, disability, resignation, or termination of one or more of these persons could have a material adverse
impact on a portfolio company and, in turn, on the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;• Portfolio companies may generally have less predictable operating results and may incur substantial losses
in their formative years, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products
subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion,
or maintain their competitive position; and

&nbsp;&nbsp;&nbsp;&nbsp;• In recent years, many private technology companies of the type the Fund intends to invest in have chosen
to remain private, which has diminished the opportunity for investors to realize gains through IPOs. If the trend continues, the Fund
may be required to hold its investments for several years

***The Fund may not realize gains from its investments, may be compelled to liquidate its investments at a loss as a result of the actions of majority shareholders and, because certain of the portfolio companies may incur substantial debt to finance their operations, the Fund may experience a complete loss on its investment in the event of a bankruptcy or liquidation of any of the portfolio companies.***

The Fund invests principally in the securities (common and/or preferred stock, or equity-linked securities convertible into such equity securities) of operating private companies. However, the securities the Fund acquires may not appreciate in value and, in fact, may decline in value. In addition, the private company securities the Fund acquires (or into which they are convertible) are often subject to drag-along rights. Drag-along rights are rights granted to a majority stockholder in a particular company that enable such shareholder to force minority stockholders to join in the sale of a company on the same price, terms, and conditions as any other seller in the sale. Such drag-along rights could permit other stockholders, under certain circumstances, to force the Fund to liquidate its position in a portfolio company at a specified price and time, which could be, in the Adviser's opinion, inadequate or undesirable or even below the Fund's cost basis. In this event, the Fund could realize a loss or realize minimal gain on the Fund's investment at time that the Adviser deems it disadvantageous to the Fund. Further, capital market volatility and the overall market environment may preclude the portfolio companies from realizing liquidity events such as IPOs and impede the Fund's exit from these investments. The portfolio companies may make business decisions to forego or delay potential liquidity events, such as an IPO, which could delay the Fund's ability to realize value in its investments. Accordingly, the Fund may not be able to realize gains from its investments, and any gains that it does realize on the disposition of any investments may not be sufficient to offset any other losses it experiences. The Fund will generally have little, if any, control over the timing of any gains it may realize from its investments. In addition, the portfolio companies in which the Fund invests may incur substantial debt. In such cases, the Fund would typically be last in line behind any creditors in a bankruptcy or liquidation and would likely experience a complete loss on its investment.

The Fund may purchase Simple Agreements for Future Equity (SAFE's) from portfolio companies, which give the Fund certain rights for future equity in such portfolio company, but do not contain rights as a stockholder or as a creditor. SAFE's are generally exchangeable for or convertible into specified equity securities of a portfolio company upon certain events such as a subsequent investment into the company with specified criteria. The Fund's ability to receive Portfolio Company Securities upon conversion of a SAFE is contingent upon the occurrence of triggering events set forth in the applicable SAFE, such as a priced round of investment or liquidation event, which may never materialize. In addition, SAFE terms may vary from agreement to agreement and may provide a right to the portfolio company to repurchase the Fund's future right to equity before a triggering event occurs. There is no guarantee that the Fund will receive favorable terms when entering into a SAFE or that the Fund will recover its investment in a portfolio company made under such agreement.

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

The Fund's portfolio investments are and will be generally in privately held, pre-IPO portfolio companies. Since there is no publicly traded price for such securities and information regarding portfolio companies' business, operations and finances is not publicly available, there will likely not be sufficient traditional indicia of value to enable the Fund to value such Portfolio Company Securities with precision. The Board will determine the value of Portfolio Company Securities, acting in concert with the, the Fund's third party valuation firm and its auditors. The types of factors that the Adviser and an independent valuation firm may take into account in providing its fair value determination with respect to such portfolio company's valuation may include, as relevant and, to the extent available, the portfolio company's earnings or reported revenue, the markets in which the portfolio company does business, comparison to valuations of publicly traded companies in the portfolio company's industry, comparisons to recent sales of comparable companies, the discounted value of the cash flows of the portfolio company if available, publicly available information about secondary trades in private companies, including through the use of publicly available secondary marketplaces and subscription services related to private company valuations, and other relevant factors, news and information. It is difficult to obtain financial and other information with respect to private companies, and even where the Adviser is able to obtain such information, there can be no assurance that it is complete or accurate. Because such valuations are inherently uncertain and may be based on estimates, the Fund's determinations of fair market value may differ materially from the values that would be assessed if a readily available market for these securities existed. Due to this uncertainty, the Adviser's fair market value determinations with respect to any non-publicly traded portfolio company investment the Fund holds may cause the Fund's NAV on a given date to materially understate or overstate the value that the Fund may ultimately realize on one or more of its investments and cause related shifts in the market price of the Fund's stock. As a result, investors purchasing the Fund's shares based on an overstated NAV would pay a higher price than the value of its investments might warrant.

***The lack of liquidity in, and potentially extended holding period of, many of the Fund's investments may adversely affect its business and will delay any distributions of any gains or receipt of liquidity event proceeds for purposes of reinvestment.***

The Fund's investments will generally be in securities of privately held portfolio companies with limited, if any, trading markets and legal and contractual restrictions on transfer. As a result, the Fund's ability to dispose of investments will be limited. Although the Adviser expects that many of the Fund's investments may trade on private secondary marketplace platforms or in negotiated transactions on the private secondary market, Portfolio Company Securities will in most cases be subject to significant legal and other transfer restrictions on resale. The Fund can provide no assurance that any public or secondary trading market will develop for Portfolio Company Securities, or that the Fund will be able to sell all or any part of its interest in any portfolio company at the time the Adviser desires to do so and at the price the Adviser anticipates. If the Fund is able to liquidate all or a portion of its portfolio, there can be no assurance that the Fund will be able to do so profitably and it may realize significantly less than the carrying value of its investments.

In addition, because the Fund deploys its capital to invest primarily in securities of private companies (or equity-linked securities convertible into such securities), liquidity events, if any, are unlikely to occur at predictable times or in the near term with respect to the majority of the portfolio companies. The Fund's portfolio securities may require several years to appreciate in value and the Fund can offer no assurance that such appreciation will occur. Even if such appreciation does occur, it is likely that the Fund's shareholders could wait for an extended period of time before any appreciation or sale of the Fund's investments, and any attendant distributions of gains, may be realized. Such extended holding periods may materially reduce the Fund's annualized return on investment.

***Technology-focused companies in which the Fund invests are subject to many risks, including volatility, intense competition, decreasing life cycles, product obsolescence, changing consumer preferences, and periodic downturns.***

The Fund intends to invest primarily in technology-focused companies. The revenues, income (or losses), and valuations of technology-related companies can and often do fluctuate suddenly and dramatically. In addition, because of rapid technological change, the average selling prices of products and some services provided by technology-focused companies have historically decreased over their productive lives. As a result, the average selling prices of products and services offered by the portfolio companies that are technology-focused companies may decrease over time, which could adversely affect their operating results and, correspondingly, the value of any equity securities that the Fund may hold. This could, in turn, materially adversely affect the Fund's business, financial condition, and results of operations. In recent years the larger, more popular potential target companies have generated substantial losses and they may continue to do so.

***AI companies in which the Fund invests are subject to unique risks.***

AI technology is relatively new, having experienced an exponential increase in usage since the advent of ChatGPT in the 2020's. Such companies and their technologies and products are highly reliant on the collection and analysis of large amounts of data, and it is not possible or practicable to incorporate all relevant data into the model that such AI utilizes to operate. Certain data in such models will inevitably contain a degree of inaccuracy and error – potentially materially so – and could otherwise be inadequate or flawed, which would be likely to degrade the effectiveness of the AI technology. Companies involved in, or exposed to, AI-related businesses may have limited product lines, markets, financial resources or personnel. These companies face intense competition and potentially rapid product obsolescence, and many depend significantly on retaining and growing the consumer base of their respective products and services. Many of these companies are also reliant on the end-user demand of products and services in various industries that may utilize artificial intelligence. Further, many companies involved in, or exposed to, AI-related businesses may be substantially exposed to the market and business risks of other industries or sectors, and the Fund may be adversely affected by negative developments impacting those companies, industries or sectors.

In addition, the Fund anticipates that portfolio companies will generally be highly dependent on intellectual property rights to their technologies, the ability to avoid and defend suits claiming that such technologies and products infringe on the rights of others, and may be adversely affected by loss or impairment of those rights. There can be no assurance that companies involved in AI will be able to successfully protect their intellectual property to prevent the misappropriation of their technology, that competitors will not develop technology that is substantially similar or superior to such companies' technology or that they may be subject to claims that their technology infringes on the intellectual property rights of others. Legal and regulatory changes, particularly related to information privacy and data protection, may have an impact on a company's products or services and could lead to substantial fines or other penalties or injunctions preventing the portfolio company from utilizing the its technology or the information it collects . Companies engaged in artificial intelligence-related activities could face increasing regulatory scrutiny in the future, which may limit the development of this technology and impede the growth of companies that develop and/or utilize this technology. AI companies typically engage in significant amounts of spending on research and development, and there is no guarantee that the products or services produced by these companies will be successful. AI companies, especially smaller companies, tend to be more volatile than companies that do not rely heavily on technology.

AI Companies are potential targets for cyberattacks, which can have a materially adverse impact on the performance of these companies. In addition, the collection of data from consumers and other sources could face increased scrutiny as regulators consider how the data is collected, stored, safeguarded and used. AI and data services companies may face regulatory fines and penalties, including potential forced break-ups, that could hinder the ability of the companies to operate on an ongoing basis.

***Cryptocurrency related companies in which the Fund invests are subject to unique risks.***

Crypto assets and crypto-related investments are relatively new investments, and the continued adoption of the relevant crypto asset will require growth in its usage as a means of payment or for recordkeeping. Even if growth in crypto asset adoption continues in the near or medium-term, there is no assurance that crypto asset usage will continue to grow over the long-term. A contraction in the use of a crypto asset may result in a lack of liquidity, increased volatility in and a reduction in the price of the crypto asset.

Crypto assets and related companies have experienced extreme variations in value, a trend that is fairly certain to continue given the liquid nature of their markets and unpredictable demand. Many crypto currencies are not backed by any concrete assets or guarantees, leaving their value to be highly speculative.

Many digital asset networks face significant scaling challenges and are being upgraded with various features designed to increase the speed of digital asset transactions and the number of transactions that can be processed in a given period (known as "throughput"). These attempts to increase the volume of transactions may not be effective, and such upgrades may fail, resulting in potentially irreparable damage to a crypto asset's network and the value of the relevant crypto asset.

The regulatory status of crypto currencies, tokens, exchanges, networks and other infrastructure have been uncertain. While the current regime in Washington seems favorably disposed to the growth of, and loosening of restrictions on, crypto generally, there can be no assurance that laws and regulations may be passed and implemented that restrict investments in, and operations of, crypto-related companies.

***There are significant risks associated with investments made through SPVs, third party managed funds and other investment vehicles.***

Certain of the Fund's investments, including many assets in the Fund's initial portfolio, have been and will be made through special purpose vehicles ("SPVs") managed by third party managers. The Fund's portfolio company investments that are made through SPVs, third party managed funds and other investment vehicles are dependent upon parties other than the Fund and the Adviser for the safekeeping, ultimate disposition and accurate reporting regarding the Fund's investments. Multi-tier investments may be subject to layers of fees, ongoing capital calls to pay expenses, carried interest payments and expense obligations to third parties that make the investment more expensive to the Fund than if the Fund itself invested in the underlying portfolio company directly. The Adviser and the Predecessor Funds have negotiated, and the Fund intends to negotiate, side letters with third party managers limiting the Fund's financial exposure and limiting the ability of the third party manager to act upon the underlying securities without the Fund's consent, though there can be no assurance that the Fund will be able to negotiate side letters in all instances or that such side letters will adequately protect the Fund's investments. SPVs or other vehicles in which the Fund invests will generally impose restrictions on the ability of the Fund to withdraw or otherwise liquidate its their investments. The Fund may not be able to reduce or fully liquidate its the investment, which may cause the Fund to miss favorable opportunities to realize gains on its investments, which would as a consequence deprive the Fund of liquidity necessary to participate in other investment opportunities or put pressure on the Fund to sell other investments that it may not have otherwise sold. Additionally, SPVs and other vehicles are not publicly traded and therefore are illiquid.

SPV's and similar investment structures in which the Fund may invest are unlikely to make any distributions to their investors, including the Fund, until there is a liquidity event with respect to the underlying portfolio company in which the SPV or other vehicle has invested. As the secondary market for pre-IPO companies has evolved and new players have entered the market, many portfolio companies only permit a select group of funds, SPV's or other investment vehicles participate in their primary offerings and secondary transactions such as company sponsored tenders in which the company permits employees and early stage investors to sell the portfolio company's securities. The Adviser has established relationships with a network of such funds. This transaction structure provides opportunities for the Fund to participate in the growth in value of the underlying portfolio companies. However, the Fund, as a holder of securities issued by an SPV or similar investment structure, may be required to pay management fees and may be subject to capital calls to fund the expenses of the SPV or similar vehicle These fees and expenses are in addition to the direct expenses of the Fund's own operations, increase the costs of the Fund and/or potentially reduce returns to the Fund's investors and may have a depressive effect on the market price of the Fund's shares. In addition, the Fund will have no direct claim against any portfolio company held by an SPV or similar investment structure.

The underlying portfolio company in which an SPV has invested may allege that the Fund's purchase of an interest in an SPV or similar vehicle is an indirect (or in some cases direct) violation of the portfolio company's agreements with the SPV, and may seek to void the Fund's agreement with the SPV. The portfolio company may, upon learning of the counterparty's or SPV's transactions with the Fund, take steps to invalidate or frustrate them, demand that we stop purchasing portfolio company's securities or investing in the SPV, or seek redress or retaliation against counterparties, us, or others. A portfolio company that objects to the Fund's transaction with the SPV may take any number of steps to discourage or obstruct the transactions, including claiming that the counterparty transactions or SPV transactions violate the portfolio company's agreements, claiming causes of action against counterparties or SPV sponsors or us, defensive measures intended to discourage counterparties or SPV sponsors from selling the portfolio company's securities to us, refusing to accept or process securities transfers, or claiming rights to rescind our transactions or trigger rights of refusal to purchase the portfolio company's securities involved in our transactions. Should a portfolio company wish to prospectively discourage secondary transactions by us, it may adopt policies or enact additional contractual restrictions on transfer that make such transactions impractical and may seek to give retroactive effect to such policies and restrictions. A portfolio company may also object to use of its name, intellectual property, or public or non-public information about it, which could limit the Fund's ability to promote its transactions and portions of its portfolio. A portfolio company may be under no obligation to approve or recognize transactions involving the portfolio company's securities that occur through SPVs. Conversely, a portfolio company that does wish to endorse, approve, or participate in the transactions may face complex and costly regulatory requirements and exposure to risk for doing so, which could discourage it from approving or participating in the transaction.

***Because the Fund will generally not hold controlling equity interests in its portfolio companies, the Fund will likely not be in a position to exercise control over the portfolio companies or to prevent decisions by substantial shareholders or management of the portfolio companies that could decrease the value of its investments.***

The Fund has not, does not intend to, and does not anticipate that it will take controlling equity positions in the portfolio companies. As a result, it will be subject to the risk that a portfolio company may make business decisions with which the Adviser disagrees, and the stockholders and management of a portfolio company may take risks or otherwise act in ways that are adverse to the Fund's interests. In addition, other shareholders, such as venture capital and private equity sponsors, that have substantial investments in the portfolio companies may have interests that differ from that of the portfolio company or its minority shareholders, which may lead them to take actions that could materially and adversely affect the value of the Fund's investment in the portfolio company. Due to the lack of liquidity for the equity investments that the Fund will typically hold in the portfolio companies, it may not be able to dispose of its investments in the event the Adviser disagrees with the actions of a portfolio company or its substantial shareholders and may therefore suffer a decrease in the value of its investments.

***Investments in foreign companies may involve significant risks in addition to the risks inherent in U.S. investments.***

While the Fund intends to invest primarily in U.S. companies, it may invest on an opportunistic basis in certain non-U.S. companies, including those located in emerging markets, that otherwise meet its investment criteria. Investing in foreign companies, and particularly those in emerging markets, may expose the Fund to additional risks not typically associated with investing in U.S. issuers. These risks include changes in exchange control regulations; political and social instability; expropriation; nationalization of companies by foreign governments; imposition of foreign taxes (including withholding taxes) at potentially confiscatory levels; less liquid markets and less available information than is generally the case in the United States; higher transaction costs; less government supervision of exchanges, brokers, and issuers; less developed bankruptcy laws; difficulty in enforcing contractual obligations; lack of uniform accounting and auditing standards; and greater price volatility. Further, the Fund may have difficulty enforcing its rights as an equity holder in foreign jurisdictions. In addition, to the extent the Fund invests in non-U.S. companies, it may face greater exposure to foreign economic developments.

International trade tensions may arise from time to time which could result in trade tariffs, embargos or other restrictions or limitations on trade. The imposition of any actions on trade could trigger a significant reduction in international trade, an oversupply of certain manufactured goods, substantial price reductions of goods, and possible failure of individual companies or industries which could have a negative impact on the Fund's performance. Events such as these are difficult to predict and may or may not occur in the future.

In addition, the Fund's investments in foreign companies may be subject to economic sanctions or other government restrictions. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is difficult to ascertain. These types of measures may include, but are not limited to, banning a sanctioned country or certain persons or entities associated with such country from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing the assets of particular countries, entities, or persons. The imposition of sanctions and other similar measures could, among other things, result in a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country, downgrades in the credit ratings of the sanctioned country's securities or those of companies located in or economically tied to the sanctioned country, currency devaluation or volatility, and increased market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could directly or indirectly limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and adversely impact the Fund's liquidity and performance.

Although the Fund expects that most of its investments will be U.S. dollar-denominated, any investments denominated in a foreign currency will be subject to the risk that the value of a particular currency will change in relation to one or more other 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.

In addition, U.S.-based portfolio companies may depend on foreign companies for supplies and any disruption in the supply chain for required components, such as advanced chips, may have a material adverse effect on a portfolio company and the Fund's investments in such company.

***There are significant potential risks relating to investing in securities traded on private secondary marketplaces.***

The Fund will generally generate most of its investment opportunities through negotiated purchases s of Portfolio Company Securities in the secondary market. The Fund generally has little or no direct access to financial or other information from the portfolio companies in which it invests through such private secondary marketplaces. As a result, the Fund is dependent upon the relationships and contacts of the Adviser to perform research and due diligence, and to monitor the Fund's investments after they are made. However, there can be no assurance that the Adviser will be able to acquire adequate information on which to make an investment decision with respect to any private secondary marketplace purchases, or that the information the Adviser is able to obtain is accurate or complete. Any failure to obtain full and complete information regarding the portfolio companies in which the Fund invests could cause the Fund to lose part or all of its investment in such companies, which would have a material and adverse effect on its NAV and results of operations.

In addition, there can be no assurance that portfolio companies in which the Fund invests through private secondary marketplaces will have or maintain active trading markets, and the prices of those securities may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods. Wide swings in market prices, which are typical of irregularly traded securities, could cause significant and unexpected declines in the value of our portfolio investments. Further, prices on alternative trading systems and other private secondary markets, where limited information is available, may not accurately reflect the true value of a portfolio company, and may in certain cases overstate a portfolio company's actual value, which may cause the Fund to realize future capital losses on its investment in that portfolio company. If any of the foregoing were to occur, it would likely have a material and adverse effect on the Fund's NAV and results of operations as well as the market price of its stock.

***The Fund's investments will generally be subject to lock-up provisions or agreements that could prohibit it from selling its investments for a specified period of time following an IPO or other liquidity event of a portfolio company.***

Even in cases where portfolio companies complete an IPO, or direct offering or direct listings on a public national exchange, the Fund will in most cases be subject to lock-up provisions that prohibit it from selling its investments into the public market for specified periods of time after such an event, typically 180 days. As a result, even if a market develops for Portfolio Company Securities, the market price of such securities may decline substantially before the Fund is able to sell these securities.

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

Private late-stage growth companies that are financed by venture capital funds, frequently have much more complex capital structures than traditional publicly traded companies and may have multiple classes of equity securities with differing rights, including rights with respect to voting and distribution, appointment of directors and the like. In addition, it is often difficult to obtain information with respect to private companies' capital structures, and even where the Fund is able to obtain such information, there can be no assurance that it is complete or accurate. In certain cases, such private companies may also have preferred stock or senior debt outstanding, which may heighten the risk of investing in the underlying equity of such private companies, particularly in circumstances when the Adviser has limited information with respect to such capital structures. Although the Adviser has experience evaluating and investing in private companies with such complex capital structures, there can be no assurance that we will be able to adequately evaluate the relative risks and benefits of investing in a particular class of a portfolio company's equity securities. Any failure on our part to properly evaluate the relative rights and value of a class of securities in which the Fund invests could cause the Fund to lose part or all of its investment, which in turn could have a material and adverse effect on the Fund's NAV and results of operations.

***There are significant potential risks relating to holding Portfolio Company Securities following an IPO.***

The value of shares of a portfolio company following an IPO may and likely will fluctuate considerably. Additionally, due to factors such as the absence of a prior public market, unseasoned trading, the small number of shares available for trading, and limited information about a company's business model, quality of management, earnings growth potential, and other criteria used to evaluate its investment prospects, the Portfolio Company Securities following an IPO may experience high amounts of volatility generally. Investments in companies that have recently sold securities through an IPO involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. In addition, the market for IPO shares can be speculative and/or inactive for extended periods of time. The limited number of shares available for trading in some IPOs may make it more difficult for the Fund to sell significant amounts of shares without an unfavorable impact on prevailing prices. As a result, the market price of securities that the Fund holds may decline substantially before the Adviser is able to sell these securities following an IPO. In addition, portfolio companies and their underwriters frequently impose lock-ups that prohibit sales of their shares for a period of time after an IPO. Upon the release of lock-up restrictions, a portfolio company stock often experiences a swell of sales into the market. This increased trading volume may result in depressing the market price of the relevant securities, thereby diminishing the value of the Fund's investment and its ability to liquidate its investment on favorable terms.

**Risks Related to Leverage**

***We may borrow money, which may magnify the potential for loss and may increase the risk of investing in us.***

As part of our business strategy, we may borrow from and issue senior debt securities to banks, insurance companies and other lenders or investors. Holders of these senior securities will have fixed-dollar claims on our assets that are superior to the claims of our stockholders. If the value of our assets decreases, leverage would cause our NAV to decline more sharply than it otherwise would have if we did not employ leverage. The Fund may pledge Portfolio Company Securities as collateral for any debt securities or other borrowed funds, which would increase the Fund's cost of capital and restrict the Fund's ability to dispose of any pledged Portfolio Company Securities.

Our ability to service any borrowings that we incur will depend largely on sustaining or increasing the value of our portfolio of securities and our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, the Management Fee will be payable based on our average gross assets including assets purchased with borrowed amounts, if any, which may give our Adviser an incentive to use leverage to make additional investments, as the increased gross assets of the Fund would generate higher Management Fees. The amount of leverage that we employ will depend on our Adviser's and our Board's assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us, which could affect our ability to purchase Portfolio Company Securities and our return on capital.

If the Fund pledges Portfolio Company Securities as collateral for its obligations for borrowed money and the value of the pledged Portfolio Company Securities decreases, the Fund may be required to put up additional collateral and/or to sell Portfolio Company Securities in order to satisfy its repayment obligations. Such sales are likely to be at times when the Fund may not wish to liquidate its position.

***Regulations governing our operation as a registered closed-end management investment company affect our ability to raise additional capital and the way in which we do so. The raising of debt capital may expose us to risks, including the typical risks associated with leverage.***

The 1940 Act place restrictions on the amounts of money we can borrow or senior securities we may issue and have outstanding . Under the provisions of the 1940 Act, if we issue senior securities or otherwise borrow funds, we will be required to meet and maintain certain asset coverage ratios *(i.e.,* 300% for senior securities representing indebtedness and 200% in the case of the issuance of preferred stock). That is to say that the Fund would be required to hold assets with a fair value of three times or two times, respectively, the amount our debt or preferred stock. If the value of our assets declines, we may be unable to satisfy this test and may be required to sell a portion of our investments or repay a portion of our indebtedness in order to come into compliance with the 1940 Act requirements at a time when such sales may be disadvantageous.

Pursuant to the 1940 Act, we are not generally able to issue and sell our common stock at a price below the then current NAV per share (exclusive of any distributing commission or discount). We may, however, sell our common stock at a price below the then current NAV per share if the Board determines that such sale is in our best interests and a majority of our stockholders approve such sale. If we are unable to get such approvals and cannot issue shares, we may experience a lack of liquidity which could materially affect our business and prospects. In addition, we may generally issue additional shares of common stock at a price below NAV in rights offerings to existing stockholders, in payment of dividends and in certain other limited circumstances. If we raise additional funds by issuing more common stock, then the percentage ownership of our stockholders at that time will decrease, you may experience dilution and such sales could have a depressive effect on the market price of our shares.

**Risks Related to the Listing of Our Shares**

***Our stock price and trading volumes may be volatile, and such price could decline significantly and rapidly.***

If the trading price of our common stock is above the level that investors determine is reasonable for our common stock, some investors may attempt to short our common stock after trading begins, which would create additional downward pressure on the trading price of our common stock. The fact that we are choosing to list our shares for trading through a direct listing rather than in connection with an IPO may make our stock price more susceptible to shorting and downward pressure as we may experience less support in the market that would be available from underwriters in and following an IPO and our stock will be subject to more liberal lockup provisions than are typical in an IPO

The trading price of our common stock following the listing also could be subject to wide fluctuations in response to numerous factors in addition to the ones described in the preceding risk factors, many of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated fluctuations in our financial condition, results of operations, or operating metrics
and those of our competitors;

&nbsp;&nbsp;&nbsp;&nbsp;• the number of shares of our common stock made available for trading;

&nbsp;&nbsp;&nbsp;&nbsp;• failure of securities analysts to initiate or maintain coverage of us, changes in financial estimates
by any securities analysts who follow our company, or variance in our financial performance from expectations of securities analysts;

&nbsp;&nbsp;&nbsp;&nbsp;• future sales of our common stock by us or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in our Board, senior management, or key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;• the trading volume of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;• general economic and market conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;• other events or factors, including those resulting from war, incidents of terrorism, epidemics or pandemics,
elections, or responses to these events.

***An active, liquid, and orderly market for our common stock may not develop or be sustained. You may be unable to sell your shares of common stock at or above the price at which you purchased them.***

We currently expect our common stock to be listed and traded on the Exchange following the effectiveness of this Registration Statement on Form N-2. Prior to listing on the Exchange, there has been no public market for our common stock. Moreover, consistent with Regulation M and other federal securities laws applicable to our listing, the Fund has no specific plans to sell shares in the public market following the listing, and we have not discussed with potential investors their intentions to buy our common stock in the open market. While our common stock may be sold after our listing on the Exchange by the Fund or by selling stockholders pursuant to this Prospectus or in accordance with Rule 144 of the Securities Act., there may initially be a lack of supply of, or demand for, our common stock on the Exchange. In the case of a lack of demand for our common stock, the trading price of our common stock could decline significantly and rapidly after our listing. In the case of a lack of supply of our common stock, the trading price of our common stock may rise to an unsustainable level. Further, institutional investors may be discouraged from purchasing our common stock if they are unable to purchase a block of our common stock in the open market in a sufficient size for their investment objectives due to a potential unwillingness of our existing stockholders to sell a sufficient amount of common stock at the price offered by such institutional investors and the greater influence individual investors have in setting the trading price. If institutional investors are unable to purchase our common stock in a sufficient amount for their investment objectives, the market for our common stock may be more volatile without the influence of long-term institutional investors holding significant amounts of our common stock. In the case of a lack of demand for our common stock, the trading price of our common stock could decline significantly and rapidly after our listing. Therefore, an active, liquid, and orderly trading market for our common stock may not initially develop or be sustained, which could significantly depress the trading price of our common stock and/or result in significant volatility, which could affect your ability to sell your shares of common stock.

***Common stock of closed-end management investment companies has in the past frequently traded at discounts to their NAVs, and we cannot assure you that the market price of our shares will not decline below our NAV per share.***

Common stock of closed-end management investment companies has in the past frequently traded at discounts to their respective NAVs and our common stock may also be discounted in the market. This characteristic of closed-end management investment companies is separate and distinct from the risk that our NAV per share may decline. We cannot predict whether shares of our common stock will trade above, at or below our NAV per share. In addition, if our common stock trades below our NAV per share, we will generally not be able to sell additional common stock to the public at market price except (1) in connection with a rights offering to our existing stockholders, (2) with the consent of the majority of our common stockholders, (3) upon the conversion of a convertible security in accordance with its terms or (4) under such other circumstances as the SEC may permit.

**MANAGEMENT OF THE FUND**

**The Board of Directors**

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

**The Investment Adviser**

The Adviser was formed on May 16, 2012 as a limited liability company under the laws of Delaware. The principal address of the Adviser is 1000 RXR Plaza, 10<sup>th</sup> Floor, East Tower, Uniondale, NY 11556, and its phone number is 212-440-9644. Joseph A. Alagna, Jr. and Stephan A. Stein are co-founders, managing members and principal portfolio managers of the Adviser.

The Adviser serves as investment adviser to the Fund pursuant to the Advisory Agreement under which the Adviser will provide investment advice to, and manage the day-to-day business and affairs of, the Fund, in each case under the ultimate supervision of, and subject to any policies established by the Board.

Pursuant to the Advisory Agreement, the Adviser will be responsible, subject to the supervision of the Board, for formulating a continuing investment program for the Fund. The Advisory Agreement has an initial two-year term and thereafter will continue in effect from year to year if its continuance is approved annually by the Board. The Advisory Agreement is terminable without penalty on 60 days' prior written notice by the Board or by the Adviser.

In consideration of the management and administrative services provided by the Adviser to the Fund, the Fund pays, out of its assets, the Management Fee quarterly at the annual rate of 2.50% of the Fund's average value of the Fund's gross assets (including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters, although the fee from the first quarter will be based on the gross asset at the end of that quarter.

The 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 Advisory Agreement. The 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.

A discussion regarding the Board's basis for approving the Advisory Agreement will be included in the Fund's first [semi-]annual report to shareholders for the fiscal period ending [•], 2026.

***Portfolio Managers***

The portfolio managers who are primarily responsible for the day-to-day management of our portfolio are as follows:

***Joseph A. Alagna, Jr.*** has served as a portfolio manager of the Fund since its inception. Mr. Alagna is the Chairman, Chief Executive Officer and Co-Founder of the Fund. Mr. Alagna's career in the securities industry spans over thirty-five years. Mr. Alagna is the Managing Member and Co-Founder of the Adviser, established in 2011, which has previously, does currently and will continue to manage other private investment vehicles similar to the Fund, including the Predecessor Funds. Mr. Alagna is also the Founder, Chairman, and Chief Executive Officer of Joseph Gunnar & Co., LLC, a FINRA and SIPC registered broker-dealer and boutique investment bank specializing in micro- and small-capitalization emerging growth companies, established in 1997 ("Gunnar"). From 1990 through 1997, Mr. Alagna was the Executive Vice President and National Sales Manager for a regional securities firm, where he was instrumental in expanding the sales organization that facilitated thousands of securities related transactions. From November 2009 to December 2014, Mr. Alagna also served as a director of the general partner of Genesis Opportunity Fund I, L.P., a private opportunity investment fund. Mr. Alagna attended the University of Miami and received a Bachelor of Science degree in Business Management from C.W. Post College.

***Stephan A. Stein*** has served as a portfolio manager of the Fund since its inception. Mr. Stein is the President, Chief Operating Officer, Treasurer, Secretary and Co-Founder of the Fund. Mr. Stein has over forty-five years of experience in debt, equity and merger/acquisition transactions and business management, initially as a practicing attorney in New York City, as a principal of several emerging growth stage related companies and over thirty years in the financial services industry as an investment banker and portfolio manager. Mr. Stein is the Managing Member and Co-Founder of the Adviser, established in 2011, which has previously and does currently manage other investment vehicles similar to the Fund, including the Predecessor Funds. Since 2006, Mr. Stein has served as the President and Chief Operating Officer of Gunnar. Mr. Stein's prior role at Joseph Gunnar & Co. included Head of Investment Banking from 1999 through 2023. From 1995 through 1999, Mr. Stein was the Managing Director of Corporate Finance at Commonwealth Associates, the New York based merchant and investment bank. Mr. Stein also served as a Director of the general partner of Genesis Opportunity Fund I, L.P., a private opportunity investment fund. Mr. Stein received his Bachelor of Science degree from The Ohio State University and his Juris Doctor degree from Vermont Law School.

The Adviser, Gunnar, the Predecessor Funds, as well as Messrs. Alagna and Stein should be considered affiliates of the Fund. The SAI provides additional information about our portfolio managers' compensation, other accounts managed and ownership of our shares.

**License Agreement**

We entered into a license agreement (the "License Agreement") with the Adviser, pursuant to which the Adviser has granted us a non¬exclusive license to use the name "Buttonwood." Under the License Agreement, we will have a right to use the "Buttonwood" name for so long as the Adviser or one of its affiliates remains our investment adviser. Other than with respect to this limited license, we have no legal right to the "Buttonwood" name.

**Administrator**

Ultimus Fund Solutions, LLC (the "Administrator"), with offices located at 225 Pictoria Drive, #450, Cincinnati, OH 45246, serves as administrator and accounting agent for the Fund. For its services, the Administrator is paid a fee based upon a percentage of the average net assets of the Fund, subject to a minimum annual fee, as well as certain fixed fees and expenses.

**Custodian, Transfer Agent and Dividend Paying Agent**

All assets of the Fund will be held by U.S. Bank National Association pursuant to a custodian agreement. The principal business address of U.S. Bank National Association is 5065 Wooster Road, Cincinnati, Ohio 45226. Odyssey Transfer and Trust Company serves as our transfer agent, distribution paying agent and registrar. The principal business address of Odyssey Transfer and Trust Company is 2155 Woodlane Drive, Suite 100, Woodbury, Minnesota 55125.

**FUND EXPENSES**

The Adviser bears all of its own costs incurred in providing investment advisory services to the Fund. As described below, however, the Fund bears all other expenses incurred in the business and operation of the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any non-investment related interest expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) calculating the Fund's net asset value and expenses incurred by the Adviser or any sub-adviser in
conjunction with the valuation services (including the cost and expenses of any third-party valuation firms) requested by the Adviser
or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all expenses related to its investment program, including, but not limited to, expenses borne indirectly
through the Fund's investments in subsidiaries or SPVs, all costs and expenses directly related to portfolio transactions and positions
for the Fund's account, such as direct and indirect expenses associated with the Fund's investments, including its investments
in subsidiaries or SPVs (whether or not consummated), and enforcing the Fund's rights in respect of such investments, transfer taxes
and premiums, taxes withheld on non-U.S. dividends, fees for data and software providers, research expenses, professional fees (including,
without limitation, the fees and expenses of consultants, attorneys and experts) and, 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;(iv) the organization of the Fund, including the organization of any feeder fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) direct and indirect expenses incurred by the Adviser or members of its investment teams or payable to
third parties in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including
such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Fund's rights, including
(a) travel, entertainment, lodging and meal expenses, (b) origination fees, syndication fees, research costs, due diligence costs, and
bank service fees and (c) fees and expenses related to the organization or maintenance of any intermediate entity used to acquire, hold
or dispose of any portfolio company or otherwise facilitating the Fund's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fees and expenses incurred by the Adviser (and its affiliates) payable to third parties, including agents,
affiliates, consultants or other advisers, in monitoring financial and legal affairs for the Fund and in conducting research and due diligence
on prospective investments and equity sponsors, analyzing investment opportunities, structuring the Fund's investments and monitoring
investments and portfolio companies on an ongoing basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any and all fees, costs and expenses incurred in connection with the Fund's incurrence of leverage
or other indebtedness, including, but not limited to, borrowings, dollar rolls, reverse purchase agreements, credit facilities, securitizations,
margin financing and derivatives and swaps, and including any principal or interest on the Fund's borrowings and indebtedness (including,
without limitation, any fees, costs, and expenses incurred in obtaining lines of credit, loan commitments, and letters of credit for the
Fund's account and in making, carrying, funding and/or otherwise resolving investment guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) offerings, sales, and repurchases of the shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) fees and expenses payable under any underwriting, dealer manager or placement agent agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all costs of registration and listing of the Fund's shares on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) fees and expenses payable under the Advisory Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) administration fees and expenses, if any, payable under an administration agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Fund's allocable portion of the compensation of the Fund's chief financial officer, chief
compliance officer, and their respective staffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) costs incurred in connection with investor relations and Board relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any applicable administrative agent fees or loan arranging fees incurred with respect to the Fund's
portfolio investments by the Adviser, the Fund's administrator, or any of their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any and all fees, costs and expenses incurred in implementing or maintaining third-party or proprietary
software tools, programs or other technology for the Fund's benefit (including, without limitation, any and all fees, costs and
expenses of any investment, books and records, portfolio compliance and reporting systems, general ledger or portfolio accounting systems
and similar systems and services, including without limitation, consultant, software licensing, data management and recovery service fees
and expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) transfer agent, dividend agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) federal and state registration fees, including notice filing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) U.S. federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) fees and expenses of Independent Directors including reasonable travel, entertainment, lodging and meal
expenses, and any legal counsel or other advisers retained by, or at the discretion or for the benefit of, the Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) costs of preparing and filing reports or other documents required by the SEC, Financial Industry Regulatory
Authority, Inc., U.S. Commodity Futures Trading Commission, or other regulators and all fees, costs and expenses related to compliance-related
matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements)
and regulatory filings related to the Fund's activities and/or other regulatory filings, notices or disclosures of the Adviser,
any sub-adviser and their respective affiliates relating to the Fund and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) costs of any reports, proxy statements, or other notices to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) fidelity bond, directors and officers/errors and omissions liability insurance and any other insurance
premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) direct costs and expenses of administration, including printing, mailing, long distance telephone, copying,
secretarial and other staff, independent auditors, tax preparers and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) all expenses relating to payments of dividends or interest or distributions in cash or any other form
made or caused to be made by the Board to or on account of holders of the securities of the Fund, including in connection with the distribution
reinvestment plan or the share repurchase program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Fund's
assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) to the extent permitted by the 1940 Act or any exemptive relief obtained thereunder, allocable fees and
expenses associated with marketing efforts on behalf of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) any extraordinary expenses, or those expenses incurred by the Fund outside of the ordinary course of its
business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation
or similar proceeding, indemnification expenses and expenses in connection with holding and/or soliciting proxies for a meeting of the
Fund's shareholders, including indemnification expenses as provided for in the Fund's organizational documents.

Except as set forth above, during the term of the Advisory Agreement, the Adviser will bear all compensation expenses (including health insurance, pension benefits, payroll taxes and other compensation-related matters) of its employees and shall bear the costs of any salaries of any officers or Directors of the Fund who are affiliated persons (as defined in the 1940 Act) of the Adviser.

The Fund reimburses the Adviser for any of the above expenses that the Adviser pays on behalf of the Fund.

**DESCRIPTION OF SHARES**

*The following description is based on relevant portions of the Maryland General Corporation Law (the "MGCL") and on the Fund's Charter ("Charter") and Bylaws ("Bylaws"). This summary may not contain all of the information that is important to a* shareholder*. Please refer to the Fund's Charter and Bylaws for a more detailed description of the provisions summarized below.*

**General**

Under the terms of the Charter, the Fund's authorized capital stock consists of 200,000,300 shares of stock, consisting of 197,000,000 shares of common stock, par value $0.0001 per share, and 3,000,300 shares of preferred stock, par value $0.0001. There are no outstanding options or warrants to purchase the Fund's stock. Under Maryland law, the Fund's shareholders generally are not personally liable for the Fund's debts or obligations. Under the Fund's Charter, the Board is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock and authorize the issuance of the shares of stock without obtaining shareholder approval. As permitted by the MGCL, the Fund's Charter provides that the Board, without any action by our shareholders, may amend the Charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that we have authority to issue.

The following presents our outstanding classes of securities as of March 2, 2026:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Title of Class** | **Amount Authorized** | **Amount Authorized** | **Amount Held by Us or for<br> Our Account** | **Amount Held by Us or for<br> Our Account** | **Amount Outstanding<br> Exclusive of Amount Held<br> by Us or for Our Account** | **Amount Outstanding<br> Exclusive of Amount Held<br> by Us or for Our Account** |
| Common Stock |  | 197000000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |  | 0 |
| Preferred Stock |  | 3000300 |  | 0 |  | 3000200 |

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All shares of the Fund's common stock will have equal rights as to earnings, assets, voting, and distributions and other distributions and, when they are issued, will be duly authorized, validly issued, fully paid and nonassessable. Distributions may be paid to the holders of the Fund's common stock if, as and when authorized by the Board and declared by the Fund out of funds legally available therefor. Shares of the Fund's common stock have no preemptive, exchange, conversion or redemption rights and are freely transferable, except where their transfer is restricted by federal and state securities laws or by contract. In the event of the Fund's liquidation, dissolution or winding up, each Share of the Fund's common stock would be entitled to share ratably in all of the Fund's assets that are legally available for distribution after the Fund pays all debts and other liabilities and subject to any preferential rights of holders of the Fund's preferred stock, if any preferred stock is outstanding at such time. Each Share of the Fund's common stock is entitled to one vote on all matters submitted to a vote of shareholders, including the election of directors. Except as provided with respect to any other class or series of stock, the holders of the Fund's common stock possess exclusive voting power.

**Preferred Stock**

The Fund's charter authorizes the Board to classify and reclassify any unissued shares of stock into other classes or series of stock, including preferred stock. The cost of any such reclassification would be borne by the Fund's existing common stockholders. Prior to issuance of shares of each class or series, the Board is required by Maryland law and by the Fund's charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the Board could authorize the issuance of shares of preferred stock with terms and conditions more favorable than those of the common stock. Such preferred stock terms could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of the Fund's common stock or otherwise be in their best interest. The Fund believes that the availability for issuance of preferred stock will provide it with increased flexibility in structuring future financings and acquisitions. We currently have two classes of preferred stock outstanding, Founder Preferred Stock and Series Seed Preferred Stock, both of which are convertible into common stock upon the effectiveness of the Exchange Transaction.

**Limitation on Liability of Directors and Officers; Indemnification and Advance of Expenses**

Maryland law permits a Maryland corporation to include in its charter a provision limiting the liability of its directors and officers to the corporation and its shareholders for money damages except for liability resulting from (a) actual receipt of an improper benefit or profit in money, property or services or (b) active and deliberate dishonesty established by a final judgment as being material to the cause of action. The Fund's Charter contains such a provision which eliminates directors' and officers' liability to the maximum extent permitted by Maryland law.

The Fund's Charter authorizes it, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who, while serving as its director or officer and at the Fund's request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee, from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse their reasonable expenses in advance of final disposition of a proceeding. The Fund's Bylaws obligate it, to the maximum extent permitted by Maryland law, to indemnify any present or former director or officer or any individual who, while serving as the Fund's director or officer and at its request, serves or has served another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or other enterprise as a director, officer, partner or trustee and who is made, or threatened to be made, a party to the proceeding by reason of his or her service in that capacity from and against any claim or liability to which that person may become subject or which that person may incur by reason of his or her service in any such capacity and to pay or reimburse his or her reasonable expenses in advance of final disposition of a proceeding. The Fund's Bylaws also provide that, to the maximum extent permitted by Maryland law, with the approval of the Board and provided that certain conditions described in the Bylaws are met, it may pay certain expenses incurred by any such indemnified person in advance of the final disposition of a proceeding upon receipt of an undertaking by or on behalf of such indemnified person to repay amounts the Fund has so paid if it is ultimately determined that indemnification of such expenses is not authorized under the Bylaws.

Maryland law requires a corporation (unless its charter provides otherwise, which the Fund's Charter does not) to indemnify a director or officer who has been successful, on the merits or otherwise, in the defense of any proceeding to which he or she is made, or threatened to be made, a party by reason of his or her service in that capacity. Maryland law permits a corporation to indemnify its present and former directors and officers, among others, against judgments, penalties, fines, settlements and reasonable expenses actually incurred by them in connection with any proceeding to which they may be made, or threatened to be made, a party by reason of their service in those or other capacities unless it is established that (a) the act or omission of the director or officer was material to the matter giving rise to the proceeding and (1) was committed in bad faith or (2) was the result of active and deliberate dishonesty, (b) the director or officer actually received an improper personal benefit in money, property or services or (c) in the case of any criminal proceeding, the director or officer had reasonable cause to believe that the act or omission was unlawful. However, under Maryland law, a Maryland corporation may not indemnify for an adverse judgment in a suit by or in the right of the corporation or for a judgment of liability on the basis that a personal benefit was improperly received unless, in either, case a court orders indemnification, and then only for expenses. In addition, Maryland law permits a corporation to advance reasonable expenses to a director or officer in advance of final disposition of a proceeding upon the corporation's receipt of (a) a written affirmation by the director or officer of his or her good-faith belief that he or she has met the standard of conduct necessary for indemnification by the corporation and (b) a written undertaking by him or her or on his or her behalf to repay the amount paid or reimbursed by the corporation if it is ultimately determined that the standard of conduct was not met.

The Fund's insurance policy does not currently provide coverage for claims, liabilities and expenses that may arise out of activities that its present or former directors or officers have performed for another entity at the Fund's request. There is no assurance that such entities will in fact carry such insurance. However, the Fund does not expect to request its present or former directors or officers to serve other entities as directors, officers, partners or trustees unless the Fund can obtain insurance providing coverage for such persons for any claims, liabilities or expenses that may arise out of their activities while serving in such capacities.

**Certain Provisions of the MGCL and Our Charter and Bylaws; Anti-Takeover Measures**

The MGCL and the Fund's Charter and Bylaws contain provisions that could make it more difficult for a potential acquirer to acquire the Fund by means of a tender offer, proxy contest or otherwise. These provisions are expected to discourage certain coercive takeover practices and inadequate takeover bids and to encourage persons seeking to acquire control of the Fund to negotiate first with the Board. These measures may delay, defer or prevent a transaction or a change in control that might otherwise be in the best interests of the Fund's shareholders. These provisions could have the effect of depriving shareholders of an opportunity to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control over the Fund. Such attempts could have the effect of increasing the Fund's expenses and disrupting its normal operations. The Fund believes that the benefits of these provisions outweigh the potential disadvantages of discouraging any such acquisition proposals because, among other things, the negotiation of such proposals may improve their terms. The Board has considered these provisions and has determined that the provisions are in the best interests of the Fund and its shareholders generally.

***Classified Board of Directors***

The Board is divided into three classes of directors serving staggered 1, 2 and 3 year terms. Directors of each class are elected to serve for either 1, 2 or 3 year terms and until their successors are duly elected and qualify, and each year, one class of directors is elected by the shareholders. A classified board may render a change in control of the Fund or removal of its incumbent management more difficult. The Fund believes, however, that the longer time required to elect a majority of a classified Board will help to ensure the continuity and stability of its management and policies.

***Election of Directors***

The Bylaws provide that, subject to the special rights of the holders of any class or series of preferred stock to elect directors, each director is elected by a plurality of the votes cast with respect to such director's election. There is no cumulative voting in the election of directors. Pursuant to the Fund's Charter, the Board may amend the Bylaws to alter the vote required to elect directors.

***Number of Directors; Vacancies; Removal***

The Fund's Charter provides that the number of directors will be set by the Board in accordance with the Bylaws. The Bylaws provide that a majority of the entire Board may at any time increase or decrease the number of directors, provided however, that the number of directors may never be less than the minimum number required by the MGCL nor more than nine. The Bylaws provide that, except as may be provided by the Board in setting the terms of any class or series of preferred stock, any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies.

Our Charter provides that a Director may be removed only for cause, as defined in our Charter, and then only by the affirmative vote of at least two-thirds of the votes entitled to be cast in the election of Directors.

***Action by Shareholders***

Under the MGCL, shareholder action can be taken only at an annual or special meeting of shareholders or by unanimous written consent in lieu of a meeting (unless the charter provides for shareholder action by less than unanimous written consent, which our Charter does not). These provisions, combined with the requirements of the Bylaws regarding the calling of a shareholder-requested special meeting of shareholders discussed below, may have the effect of delaying consideration of a shareholder proposal indefinitely.

The presence in person or by proxy of the holders of one-third of the votes entitled to be cast (without regard to class) shall constitute a quorum at any meeting of stockholders, except with respect to any such matter that, under applicable statutes or regulatory requirements or the Charter, requires approval by a separate vote of one or more classes or series of stock, in which case the presence in person or by proxy of the holders of shares entitled to cast a majority of the votes entitled to be cast by such classes or series on such a matter shall constitute a quorum.

***Advance Notice Provisions for Shareholder Nominations and Shareholder Proposals***

The Fund's Bylaws provide that with respect to an annual meeting of shareholders, nominations of persons for election to the Board and the proposal of business to be considered by shareholders may be made only (1) pursuant to the Fund's notice of the meeting, (2) by the Board or (3) by a shareholder who is entitled to vote at the meeting, who has complied with the advance notice procedures of the Bylaws and who is a shareholder of record at the time of the annual meeting and at the time of giving notice pursuant to the advance notice procedures of the Bylaws. With respect to special meetings of shareholders, only the business specified in the Fund's notice of the meeting may be brought before the meeting. Nominations of persons for election to the Board at a special meeting may be made only (1) pursuant to our notice of the meeting, (2) by the Board or (3) provided that the Board has determined that directors will be elected at the meeting, by a shareholder who is entitled to vote at the meeting, who has complied with the advance notice provisions of the Bylaws and who is a shareholder of record at the time of the special meeting and at the time of giving notice pursuant to the advance notice procedures of the Bylaws.

The purpose of requiring shareholders to give the Fund advance notice of nominations and other business is to afford the Board a meaningful opportunity to consider the qualifications of the proposed nominees and the advisability of any other proposed business and, to the extent deemed necessary or desirable by the Board, to inform shareholders and make recommendations about such qualifications or business, as well as to provide a more orderly procedure for conducting meetings of shareholders. Although the Bylaws do not give the Board any power to disapprove shareholder nominations for the election of directors or proposals recommending certain action, they may have the effect of precluding a contest for the election of directors or the consideration of shareholder proposals if proper procedures are not followed and of discouraging or deterring a third-party from conducting a solicitation of proxies to elect its own slate of directors or to approve its own proposal without regard to whether consideration of such nominees or proposals might be harmful or beneficial to the Fund and its shareholders.

***Calling of Special Meetings of Shareholders***

The Fund's Bylaws provide that special meetings of shareholders may be called by the Board and certain of the Fund's officers. Additionally, the Bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the shareholders requesting the meeting, a special meeting of shareholders will be called by the secretary of the corporation upon the written request of shareholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.

***Approval of Extraordinary Corporate Action; Amendment of Charter and Bylaws***

Under Maryland law, a Maryland corporation generally cannot dissolve, amend its charter, merge, sell all or substantially all of its assets, engage in a share exchange or engage in similar transactions outside the ordinary course of business, unless approved by the affirmative vote of shareholders entitled to cast at least two-thirds of the votes entitled to be cast on the matter. However, a Maryland corporation may provide in its charter for approval of these matters by a lesser percentage, but not less than a majority of all of the votes entitled to be cast on the matter. The Fund's Charter generally provides for approval of charter amendments and extraordinary transactions by the shareholders entitled to cast at least a majority of the votes entitled to be cast on the matter. The Fund's Charter also provides that certain charter amendments, any proposal for the Fund's conversion, whether by charter amendment, merger or otherwise, from a closed-end company to an open-end company and any proposal for the Fund's liquidation or dissolution requires the approval of the shareholders entitled to cast at least 80% of the votes entitled to be cast on such matter. However, if such amendment or proposal is approved by a majority or more of the Fund's continuing directors (in addition to approval by the Board), such amendment or proposal may be approved by a majority of the votes entitled to be cast on such a matter. The "continuing directors" are defined in the Fund's Charter as (1) the Fund's current directors, (2) those directors whose nomination for election by the shareholders or whose election by the directors to fill vacancies is approved by a majority of the current directors then on the Board or (3) any successor directors whose nomination for election by the shareholders or whose election by the directors to fill vacancies is approved by a majority of continuing directors or the successor continuing directors then in office.

The Fund's Charter and Bylaws provide that the Board will have the exclusive power to adopt, alter, amend or repeal any provision of the Bylaws and to make new Bylaws.

***No Appraisal Rights***

Except with respect to appraisal rights arising in connection with the Maryland Control Share Acquisition Act discussed below, as permitted by the MGCL, the Fund's Charter provides that shareholders will not be entitled to exercise appraisal rights unless a majority of the Board determines such rights apply.

***Control Share Acquisitions***

The MGCL allows closed-end funds to opt into the Maryland's control share statute (the "Control Share Acquisition Act"), which allows a corporation to limit the voting rights of shares acquired by certain large stockholders. We have not opted into, and do not expect to opt into, the Control Share Acquisition Act unless the Board determines (which it presently has not) that doing so is not inconsistent with the 1940 Act. However, the Board may adopt a resolution at any time choosing to opt into and make us subject to, the Control Share Acquisition Act. Important provisions of the Control Share Acquisition Act, which would apply if the Fund opted to be subject to the act, are described below.

The Control Share Acquisition Act provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquiror, by officers or by directors who are employees of the corporation are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquiror or in respect of which the acquiror is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquiror to exercise voting power in electing directors within one of the following ranges of voting power:

&nbsp;&nbsp;&nbsp;&nbsp;• one-tenth or more but less than one-third;

&nbsp;&nbsp;&nbsp;&nbsp;• one-third or more but less than a majority; or

&nbsp;&nbsp;&nbsp;&nbsp;• a majority or more of all voting power.

The requisite stockholder approval must be obtained each time an acquiror crosses one of the thresholds of voting power set forth above. Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained stockholder approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions.

A person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special meeting of stockholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any stockholders meeting.

If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the statute, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of stockholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a stockholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other stockholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.

Potentially inhibiting a closed-end investment company's ability to utilize the Control Share Acquisition Act is Section 18(i) of the 1940 Act which provides that "every share of stock . . . issued by a registered management company . . . shall be a voting stock and have equal voting rights with every other outstanding voting stock," thereby preventing the Fund from issuing a class of shares with voting rights that vary within that class. There are currently different views, however, on whether or not the Control Share Acquisition Act conflicts with Section 18(i) of the 1940 Act. One view is that implementation of the Control Share Acquisition Act would conflict with the 1940 Act because it would deprive certain shares of their voting rights. Another view is that implementation of the Control Share Acquisition Act would not conflict with the 1940 Act because it would limit the voting rights of shareholders who choose to acquire shares of stock that put them within the specified percentages of ownership rather than limiting the voting rights of the shares themselves. The Control Share Acquisition Act does not apply (a) to shares acquired in a merger, consolidation or share exchange if the corporation is a party to the transaction or (b) to acquisitions approved or exempted by the charter or bylaws of the corporation.

A November 15, 2010 letter from the staff of the SEC's Division of Investment Management took the position that a closed-end fund, by opting in to the Control Share Acquisition Act, would be acting in a manner inconsistent with Section 18(i) of the 1940 Act. However, on May 27, 2020, the staff of the SEC's Division of Investment Management published an updated statement (the "2020 Control Share Statute Relief") withdrawing the November 15, 2010 letter and replacing it with a new no-action position allowing a closed-end fund under Section 18(i) to opt-in to the Control Share Acquisition Act, provided that the decision to do so was taken with reasonable care in light of (1) the board's fiduciary duties, (2) applicable federal and state law, and (3) the particular facts and circumstances surrounding the action. The 2020 Control Share Statute Relief reflects only the enforcement position of the Staff and is not binding on the SEC or any court. Recent federal court decisions, however, have found that an opt into the Maryland Control Share Acquisition Act violates the 1940 Act.

***Business Combinations***

Under Maryland law, "business combinations" between a corporation and an interested shareholder or an affiliate of an interested shareholder are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder. These business combinations include a merger, consolidation, share exchange or, in circumstances specified in the statute, an asset transfer or issuance or reclassification of equity securities. An interested shareholder is defined as:

&nbsp;&nbsp;&nbsp;&nbsp;• any person who beneficially owns 10% or more of the voting power of the corporation's outstanding
voting stock; or

&nbsp;&nbsp;&nbsp;&nbsp;• an affiliate or associate of the corporation who, at any time within the two-year period prior to the
date in question, was the beneficial owner of 10% or more of the voting power of the then-outstanding voting stock of the corporation.

A person is not an interested shareholder under this statute if the board of directors approved in advance the transaction by which the shareholder otherwise would have become an interested shareholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

After the five-year prohibition, any business combination between the corporation and an interested shareholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

&nbsp;&nbsp;&nbsp;&nbsp;• 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation;
and

&nbsp;&nbsp;&nbsp;&nbsp;• two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares
held by the interested

&nbsp;&nbsp;&nbsp;&nbsp;• shareholder with whom or with whose affiliate the business combination is to be effected or held by an
affiliate or associate of the interested shareholder.

These super-majority vote requirements do not apply if the corporation's common shareholders receive a minimum price, as defined under Maryland law, for their shares in the form of cash or other consideration in the same form as previously paid by the interested shareholder for its shares.

The statute permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested shareholder becomes an interested shareholder.

**Exclusive Forum**

The Fund's Charter requires that, unless the Fund consents in writing to the selection of an alternative forum, the Circuit Court for Baltimore City (or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of the Fund; (ii) any action asserting a claim of breach of any standard of conduct or legal duty owed by any of the Fund's directors, officers or other agents to the Fund or to its shareholders, (iii) any action asserting a claim arising pursuant to any provision of the MGCL or the Charter or the Bylaws (as either may be amended from time to time), or (iv) any action asserting a claim governed by the internal affairs doctrine. This exclusive forum selection provision in the Fund's Charter does not apply to claims arising under the federal securities laws, including the Securities Act and the Securities Exchange Act of 1934, as amended (the "Exchange Act").

There is uncertainty as to whether a court would enforce such a provision, and investors cannot waive compliance with the federal securities laws and the rules and regulations thereunder. In addition, this provision may increase costs for shareholders in bringing a claim against the Fund or its directors, officers or other agents. Any investor purchasing or otherwise acquiring the Fund's shares is deemed to have notice of and consented to the foregoing provision.

The exclusive forum selection provision in the Fund's Charter may limit its shareholders' ability to obtain a favorable judicial forum for disputes with the Fund or its directors, officers or other agents, which may discourage lawsuits against the Fund and such persons. It is also possible that, notwithstanding such exclusive forum selection provision, a court could rule that such provision is inapplicable or unenforceable.

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

The following discussion is a general summary of certain U.S. federal income tax considerations applicable to us and to an investment in our common stock. This discussion does not purport to be a complete description of the income tax considerations applicable to such an investment. For example, this discussion does not describe tax consequences that we have assumed to be generally known by investors or certain considerations that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including persons who hold our common stock as part of a straddle or a hedging, integrated or constructive sale transaction, persons subject to the alternative minimum tax, tax-exempt organizations, insurance companies, brokers or dealers in securities, pension plans and trusts, persons whose functional currency is not the U.S. dollar, certain former citizens and long-term residents of the United States, regulated investment companies, real estate investment trusts, personal holding companies, controlled foreign corporations, passive foreign investment companies, persons who acquire an interest in the Fund in connection with the performance of services, persons required to accelerate the recognition of any item of gross income as a result of such income being taken into account on an applicable financial statement, and financial institutions. Such persons should consult with their own tax advisors as to the U.S. federal income tax consequences of an investment in our common stock, which may differ substantially from those described herein. This discussion assumes that stockholders hold our common stock as capital assets (within the meaning of the Internal Revenue Code of 1986, as amended (the "Code")).

The discussion is based upon the Code, Treasury regulations, and administrative and judicial interpretations, each as of the date of this prospectus and all of which are subject to change, possibly retroactively, which could affect the continuing validity of this discussion. We have not sought and will not seek any ruling from the Internal Revenue Service ("IRS") regarding any matter discussed herein. Prospective investors should be aware that, although we intend to adopt positions we believe are in accord with current interpretations of the U.S. federal income tax laws, the IRS may not agree with the tax positions taken by us and that, if challenged by the IRS, our tax positions might not be sustained by the courts.

This summary does not discuss any aspects of U.S. estate or gift tax or non-U.S., state or local tax.

For purposes of this discussion, a "U.S. Shareholder" is a beneficial owner of our common stock that is for U.S. federal income tax purposes:

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

&nbsp;&nbsp;&nbsp;&nbsp;• a corporation (or other entity treated as a corporation) organized in or under the laws of the United
States, any state thereof, or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;• a trust that (i) is subject to the primary supervision of a court within the U.S. and one or more U.S.
persons have the authority to control all substantial decisions of the trust, or (ii) has a valid election in effect under applicable
U.S. Treasury Regulations to be treated as a U.S. person; or

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

A "Non-U.S. Shareholder" is a beneficial owner of our common stock that is neither a U.S. Shareholder nor a partnership for U.S. tax purposes.

If an entity taxable as a partnership (including an entity or arrangement treated as a partnership for U.S. federal income tax purposes) holds our common stock, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Any partner of a partnership holding our common stock should consult its tax advisors with respect to the purchase, ownership and disposition of such shares.

Tax matters are very complicated and the tax consequences to an investor of an investment in our common stock will depend on the facts of his, her or its particular situation.

***Exchange Transaction***

The exchange by a Participating Unitholder of its interest in one or more Predecessor Funds in exchange for shares of our common stock generally will be treated as a taxable event for U.S. federal income tax purposes, and a Participating Unitholder generally will recognize taxable gain or loss with respect to such exchange. The amount of gain or loss will be measured by the difference between the fair market value of the shares of our common stock that are received by the Participating Unitholder and the Participating Unitholder's adjusted tax basis in the units of the Predecessor Fund(s) exchanged. The Participating Unitholder will have a tax basis in the shares of our common stock that are received in the exchange equal to the fair market value of such shares at the time of the exchange, and the Participating Unitholder's holding period for such shares for U.S. federal income tax purposes will commence the day following such exchange. While this exchange will not occur unless and until the shares of our common stock are subject of an effective registration statement under the Securities Act and the listing of the shares for trading on a nationally recognized stock exchange, there can be no assurance that the market that develops for the shares of our common stock will provide the Participating Unitholders with sufficient liquidity to pay any taxes so levied.

Participating Unitholders should consult their own tax advisors regarding the tax consequences of their participation in the Exchange Transaction.

***Taxation of the Fund***

As a corporation, we will be subject to U.S. federal income tax imposed at a 21% rate with respect to our taxable income, including any gain realized on the sale or other taxable disposition of our assets. This tax would be payable by us prior to any distributions to our stockholders. As such, our profits will be subject to "double taxation" which would materially reduce the cash available to pay dividends to stockholders.

***Taxation of U.S. Shareholders***

Distributions by us generally will constitute dividends for U.S. federal income tax purposes to the extent of our current and accumulated earnings and profits, which are taxable to U.S. Shareholders as ordinary dividend income. Provided that certain holding period and other requirements are met, non-corporate U.S. Shareholders may be eligible for reduced rates of U.S. federal income tax with respect to such distributions, and corporate U.S. Shareholders may be eligible for a dividends-received deduction with respect to such distributions. Distributions in excess of our current and accumulated earnings and profits would be treated first as a return of capital to the extent of the U.S. Shareholder's adjusted tax basis in our common stock, and any remaining distributions would be treated as gain from the sale of shares of our common stock. We do not anticipate making any distributions.

A U.S. Shareholder generally will recognize taxable gain or loss if the U.S. Shareholder sells or otherwise disposes of his, her or its shares of our common stock. The amount of gain or loss will be measured by the difference between such stockholder's adjusted tax basis in the shares sold and the amount of the proceeds received in exchange. Any gain or loss arising from such sale or disposition generally will be treated as long-term capital gain or loss if the U.S. Shareholder has held his, her or its shares for more than one year. Otherwise, it will be classified as short-term capital gain or loss. All or a portion of any loss recognized upon a disposition of shares of our common stock may be disallowed if other shares of our common stock are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition.

The maximum rate on long-term capital gains for non-corporate taxpayers is currently 20%. In addition, individuals with modified adjusted gross incomes in excess of $200,000 ($250,000 in the case of married individuals filing jointly) and certain estates and trusts are subject to an additional 3.8% surtax on their "net investment income," which generally includes net income from interest, dividends, annuities, royalties, and rents, and net capital gains (other than certain amounts earned from trades or businesses). Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate U.S. Shareholders with net capital losses for a year (i.e., capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses against their ordinary income each year; any net capital losses of a non-corporate stockholder in excess of $3,000 generally may be carried forward and used in subsequent years as provided in the Code. Corporate U.S. Shareholders 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.

We may be required to backup withhold from all distributions paid to any U.S. Shareholder (other than a corporation, a financial institution, or a U.S. Shareholder that otherwise qualifies for an exemption) (1) who fails to furnish us with a correct taxpayer identification number or a certificate that such U.S. Shareholder is exempt from backup withholding or (2) with respect to whom the IRS notifies us that such U.S. Shareholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number generally is his or her social security number. Any amount withheld under backup withholding is allowed as a credit against the U.S. Shareholder's U.S. federal income tax liability, provided that proper information is provided to the IRS.

***FATCA***

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("FFIs") unless such FFIs either (i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by certain specified U.S. persons (or held by foreign entities that have certain specified U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("IGA") with the United States to collect and share such information and are in compliance with the terms of such IGA and any related laws or regulations implementing such IGA. The types of income subject to the tax include U.S. source interest and dividends. While the Code would also require withholding on payments of the gross proceeds from the sale of any property that could produce U.S. source interest or dividends, the U.S. Treasury Department has indicated its intent to eliminate this requirement in subsequent proposed regulations, which state that taxpayers may rely on the proposed regulations until final regulations are issued. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a specified U.S. person and certain financial information associated with the holder's account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding on certain payments to certain foreign entities that are not FFIs unless the foreign entity certifies that it does not have a greater than 10% owner that is a specified U.S. person or provides the withholding agent with identifying information on each greater than 10% owner that is a specified U.S. person. Depending on the status of a Non-U.S. Shareholder and the status of the intermediaries through which they hold their shares, Non-U.S. Shareholders could be subject to this 30% withholding tax with respect to distributions on their shares. Under certain circumstances, a Non-U.S. Shareholder might be eligible for refunds or credits of such taxes.

Non-U.S. Shareholders should consult their own tax advisors with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in the shares.

**Prospective investors should consult their own tax advisors regarding the application of the foregoing.**

**REGULATION AS A CLOSED END FUND**

We are a non-diversified, closed-end management investment company that has registered as an investment company under the 1940 Act. As a registered closed-end management investment company, we are subject to regulation under the 1940 Act. Under the 1940 Act, unless authorized by vote of a majority of the outstanding voting securities, we may not:

&nbsp;&nbsp;&nbsp;&nbsp;• change our classification to an open-end management investment company;

&nbsp;&nbsp;&nbsp;&nbsp;• except in each case in accordance with our policies with respect thereto set forth in this Registration
Statement, borrow funds, issue senior securities, underwrite securities issued by other persons, purchase or sell real estate or commodities
or make loans to other persons;

&nbsp;&nbsp;&nbsp;&nbsp;• deviate from any policy in respect of concentration of investments in any particular industry or group
of industries as recited the SAI or Prospectus, deviate from any investment policy which is changeable only if authorized by stockholder
vote under the 1940 Act, or deviate from any fundamental policy recited in its registration statement in accordance with the requirements
of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;• change the nature of our business so as to cease to be an investment company.

A majority of the outstanding voting securities of a company is defined under the 1940 Act as the lesser of: (a) 67% or more of such company's voting securities present at a meeting if more than 50% of the outstanding voting securities of such company are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of such company.

A majority of our Directors must be persons who are not "interested persons", as that term is defined in the 1940 Act. Additionally, we are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect the closed-end management investment company and we are prohibited from protecting any Director or officer against any liability to us or our stockholders arising from willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office. We may also be prohibited under the 1940 Act from knowingly participating in certain transactions with our affiliates without the prior approval of the SEC.

**Sales of Our Shares Below NAV**

We are generally not able to issue and sell our shares at a price below NAV per share. We may, however, sell our shares at a price below the then-current NAV of our shares if the Board determines that such sale is in our best interests and the best interests of our stockholders, and our stockholders approve such sale. In addition, we may generally issue new shares at a price below NAV in rights offerings to existing stockholders, in payment of distributions and in certain other limited circumstances.

**Risks**

As a registered closed-end management investment company, we are subject to certain risks and uncertainties. See "Risk Factors — Risks Related to Our Business and Our Structure."

**Senior Securities**

We are permitted, under specified conditions, to issue one class of indebtedness and one class of equity senior to the shares offered hereby if our asset coverage with respect thereto, as defined in the 1940 Act, is at least equal to 300% immediately after such issuance of senior securities representing indebtedness, and 200% immediately after each issuance of senior securities which are shares of beneficial interest. We are also permitted to issue promissory notes or other evidences of indebtedness in consideration of a loan, extension, or renewal thereof, made by a bank or other person and privately arranged, and not intended to be publicly distributed, provided that our asset coverage with respect to our outstanding senior securities representing indebtedness is at least equal to 300% immediately thereafter. In addition, while any senior securities remain outstanding, we must make provisions to prohibit any distribution to our stockholders or the repurchase of such securities or shares unless we meet the applicable asset coverage ratios at the time of the distribution or repurchase. We may also borrow amounts up to 5% of the value of our gross assets for temporary or emergency purposes without regard to asset coverage.

**Compliance Policies and Procedures**

We and our Adviser have adopted and implemented written policies and procedures reasonably designed to prevent violation of the federal securities laws and are required to review these compliance policies and procedures annually for their adequacy and the effectiveness of their implementation. Our chief compliance officer is responsible for administering these policies and procedures.

**Examinations; Fidelity Bond**

We will be periodically examined by the SEC for compliance with the 1940 Act.

We are required to provide and maintain a bond issued by a reputable fidelity insurance company to protect us against larceny and embezzlement. We are prohibited from protecting any Director or officer against any liability to us or our stockholders arising from willful misconduct, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such person's office.

**Sarbanes-Oxley Act of 2002**

The Sarbanes-Oxley Act of 2002 imposes a wide variety of regulatory requirements on publicly-held companies and their insiders. Many of these requirements affect us. For example:

&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Rule 30a-2 of the 1940 Act, our chief executive officer and chief financial officer must certify
the accuracy of the financial statements contained in our periodic reports;

&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 16 of Form N-CSR, our periodic reports must disclose our conclusions about the effectiveness
of our disclosure controls and procedures; and

&nbsp;&nbsp;&nbsp;&nbsp;• pursuant to Item 16 of Form N-CSR, our periodic reports must disclose whether there were significant changes
in our internal controls over financial reporting or in other factors that could significantly affect these controls subsequent to the
date of their evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses.

The Sarbanes-Oxley Act requires us to review our current policies and procedures to determine whether we comply with the Sarbanes-Oxley Act and the regulations promulgated thereunder. We will continue to monitor our compliance with all regulations that are adopted under the Sarbanes-Oxley Act and will take actions necessary to ensure that we are in compliance therewith.

**DISTRIBUTION POLICY; DIVIDENDS**

The timing and amount of our distributions, if any, will be determined by our Board. Any distributions to our shareholders will be declared out of assets legally available for distribution. We intend to focus on making investments that provide the opportunity for capital gains and, for the foreseeable future intend to reinvest the proceeds of any disposition of the Fund's assets. As a consequence, we do not anticipate that we will pay distributions on a quarterly or other basis or become a predictable distributor of distributions, and we expect that our distributions, if any, will be much less consistent than, for example, the distributions of companies that primarily make debt investments. The specific tax characteristics of our distributions will be reported to shareholders after the end of the calendar year. Future dividends, if any, will be determined by our Board.

**CALCULATION OF NET ASSET VALUE**

The Fund calculates its NAV as of the close of business on the last business day of each calendar quarter, as of each date that a Share is offered or repurchased, as of the date of any distribution, and at such other times as the Board shall determine (each, a "Determination Date"). In determining its NAV, the Fund values its investments as of the relevant Determination Date. The NAV 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 1940 Act requires the Fund to determine the value of its portfolio securities using market quotations when "readily available," and when market quotations are not readily available, portfolio securities must be valued at fair value, as determined in good faith by the Fund's Board. As stated in Rule 2a-5 under the 1940 Act, determining fair value in good faith requires (i) assessment and management of risks, (ii) establishment of fair value methodologies, (iii) testing of fair value methodologies, and (iv) evaluation of pricing services. Under Rule 2a-5, a fund's board may designate the fund's adviser as "valuation designee" to perform fair value determinations. The Board, including a majority of the Directors who are not "interested persons" of the Fund, as such term is defined in the 1940 Act, has designated the Adviser to perform fair value determinations and act as "valuation designee" for the Fund's investments. The Fund and the Adviser have engaged an independent valuation consulting firm to assist in valuing the Fund's assets.

<u>Standards For Fair Value Determinations</u>. As a general principle, the fair value of a security is the amount that the Fund might reasonably expect to realize upon its current sale. The Fund has adopted Financial Accounting Standards Board Statement of Financial Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). In accordance with ASC 820, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available under the circumstances.

Various inputs are used in determining the value of each of the Fund's investments relating to ASC 820. These inputs are summarized in the three broad levels listed below.

Level 1 quoted prices in active markets for identical securities.

Level 2 other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

In determining fair value, the Adviser takes into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of a portfolio manager of the Fund with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (vi) the extent to which the fair value to be determined for the security will result from the use of data or formulae produced by independent third parties; and (vii) the liquidity or illiquidity of the market for the security. Securities traded on one or more of the U.S. national securities exchanges, NASDAQ Stock Market or any foreign stock exchange will be valued at the last sale price or the official closing price on the exchange or system where such securities are principally traded for the business day as of the relevant Determination Date. If no sale or official closing price of particular securities are reported on a particular day, the securities will be valued at the closing bid price for securities held long, or the closing ask price for securities held short, or if a closing bid or ask price, as applicable, is not available, at either the exchange or system-defined closing price on the exchange or system in which such securities are principally traded. Over-the-counter securities not quoted on the Nasdaq Stock Market will be valued at the last sale price on the relevant Determination Date or, if no sale occurs, at the last bid price, in the case of securities held long, or the last ask price, in the case of securities held short, at the time NAV is determined. Equity securities for which no prices are obtained under the foregoing procedures, including those for which a pricing service supplies no exchange quotation or a quotation that is believed by the Adviser not to reflect the market value, will be valued at the bid price, in the case of securities held long, or the ask price, in the case of securities held short, supplied by one or more dealers making a market in those securities or one or more brokers, in accordance with the Valuation Procedures.

Fixed-income securities with a remaining maturity of 60 days or more for which accurate market quotations are readily available are normally be valued according to dealer-supplied bid quotations or bid quotations from a recognized pricing service. Fixed-income securities for which market quotations are not readily available or are believed by the Adviser not to reflect market value are valued based upon broker-supplied quotations in accordance with the Valuation Procedures, provided that if such quotations are unavailable or are believed by the Adviser not to reflect market value, such fixed-income securities will be valued at fair value in accordance with the Valuation Procedures, which may include the utilization of valuation models that take into account spread and daily yield changes on government securities in the appropriate market (e.g., matrix pricing). High quality investment-grade debt securities (e.g., treasuries, commercial paper, etc.) with a remaining maturity of 60 days or less are valued by the Adviser at amortized cost, which the Board has determined to approximate fair value. All other instruments held by the Fund are valued in accordance with the Valuation Procedures.

If no price is obtained for a security in accordance with the foregoing, because either an external price is not readily available or such external price is believed by the Adviser not to reflect the market value, the Adviser will make a determination in good faith of the fair value of the security 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 are ultimately sold, and the differences may be significant.

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

The Adviser and its affiliates act as investment advisers to other clients that may invest in securities for which no public market price exists. Valuation determinations by the Adviser or its affiliates for other clients may result in different values than those ascribed to the same security owned by the Fund. Consequently, the fees charged to the Fund may be different than those charged to other clients, since the method of calculating the fees takes the value of all assets, including assets carried at different valuations, into consideration.

Expenses of the Fund, including the Management Fee, will be accrued on a quarterly basis on the Determination Date and taken into account for the purpose of determining the Fund's NAV.

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 NAV, the market price of our stock and the Fund if the judgments of the Board or the Adviser regarding appropriate valuations should prove incorrect.

**LEGAL MATTERS**

Eversheds Sutherland (US) LLP, located at 700 Sixth Street, N.W., Suite 700, Washington, DC 20001, and Rimon P.C., located at 400 Madison Ave, Suite 11D, New York, NY 10017, serve as our legal counsel. Certain legal matters regarding the validity of the shares offered hereby will be passed upon for us by Miles & Stockbridge P.C., 100 Light Street, Baltimore, Maryland 21202.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

CBIZ CPAs P.C., whose principal business address is located at One Montgomery Street, Suite 1700, San Francisco, CA 94104, serves as the Fund's independent registered public accounting firm, providing audit services and review of certain documents to be filed with the SEC.

**AVAILABLE INFORMATION**

We have filed with the SEC a registration statement on Form N-2, together with all amendments and related exhibits, under the Securities Act, with respect to the shares of our common stock offered by this Prospectus. The registration statement contains additional information about us and the shares of our common stock being offered by this Prospectus.

We file with or submit to the SEC annual, semi-annual, and monthly reports, proxy statements and other information meeting the informational requirements of the Exchange Act and the 1940 Act. The SEC maintains an internet site that contains reports, proxy and information statements and other information filed electronically by us with the SEC which are available on the SEC's website at <u>http://www.sec.gov</u>. This information will also be available free of charge by contacting us by telephone at 212-440-9644, or on our website at https://www.buttonwoodfunds.com.

**NOTICE OF PRIVACY POLICY AND PRACTICES<br> PRIVACY NOTICE**

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| | |
|:---|:---|
| FACTS | **WHAT DOES BUTTONWOOD FIRST ACCESS FUND LTD. (THE "FUND") DO WITH YOUR PERSONAL INFORMATION?** |
| WHY? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| WHAT? | The types of personal information we collect and share depend on the product or service you have with us. This information can include:<br> ● Social security number<br> ● Income<br> ● Assets<br> ● Risk tolerance<br> ● Wire transfer instructions<br> ● Transaction history<br>When you are no longer our customer, we continue to share information about you as described in this notice. |
| HOW? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund chooses to share; and whether you can limit this sharing. |

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| | | |
|:---|:---|:---|
| **Reasons we can share your personal information** | **Does the Fund Share?** | **Can you limit this sharing?** |
| **For our everyday business purposes** - such as to process your transactions, maintain your accounts(s) or respond to court orders and legal investigations. | Yes | No |
| **For our marketing purposes** - to offer our products and services to you | No | We don't share |
| **For joint marketing with other financial companies** | No | We don't share |
| **For our affiliates' everyday business purposes** - information about your transactions and experiences | Yes | No |
| **For our affiliates' everyday business purposes** - information about your creditworthiness | No | We don't share |
| **For our affiliates to market to you** | No | We don't share |
| **For non-affiliates to market to you** | No | We don't share |
| **Questions?** | Call: (212) 440-9644 or go to<br> https://buttonwoodfunds.com/ | Call: (212) 440-9644 or go to<br> https://buttonwoodfunds.com/ |

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| | |
|:---|:---|
| **Who we are** | **Who we are** |
| **Who is providing this notice?** | • Buttonwood First Access Fund Ltd. |
| **What we do** | **What we do** |
| **How does the Fund protect my personal information?** | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| **How does the Fund collect my personal information?** | We collect your personal information, for example, when you<br> 1. Enter into an investment advisory contract<br> 2. Seek financial advice<br> 3. Make deposits or withdrawals from your account<br> 4. Tell us about your investment or retirement portfolio<br> 5. Give us your employment history<br>We may also collect your personal information from others, such as credit bureaus, affiliates or other companies. |

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| | |
|:---|:---|
| **Why can't I limit all sharing?** | Federal law gives you the right to limit only<br> 1. sharing for affiliates' everyday business purposes—information about your creditworthiness<br> 2. affiliates from using your information to market to you<br> 3. sharing for non-affiliates to market to you<br>State laws and individual companies may give you additional rights to limit sharing. |
| **What happens when I limit sharing for an account I hold jointly with someone else?** | Your choices will apply to everyone on your account - unless you tell us otherwise. |
| **Definitions** | **Definitions** |
| **Affiliates** | Companies related by common ownership or control. They can be financial and nonfinancial companies.<br>*• Our affiliates include companies with a common corporate identity.* |
| **Non-affiliates** | Companies not related by common ownership or control. They can be financial and nonfinancial companies.<br>*• The Fund does not share with non-affiliates so they can market to you.* |
| **Joint Marketing** | A formal agreement between nonaffiliated financial companies that together market financial products or services to you.<br>*• The Fund does not jointly market.* |

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

**SUBJECT TO COMPLETION, DATED MARCH 4, 2026**

[Buttonwood Logo]

**Buttonwood First Access Fund Ltd.**

**15,000,000 Shares of Common Stock**

**STATEMENT OF ADDITIONAL INFORMATION**

Buttonwood First Access Fund Ltd. (the "Fund") is a non-diversified, closed-end management investment company with a limited operating history. This Statement of Additional Information ("SAI") relating to shares of common stock does not constitute a prospectus, but should be read in conjunction with the prospectus relating thereto dated ____________ 2026. This SAI, which is not a prospectus, does not include all information that a prospective investor should consider before purchasing shares of common stock, and investors should obtain and read the prospectus prior to purchasing such shares. A copy of the prospectus may be obtained without charge by calling 212-440-9644. You may also obtain a copy of the prospectus on the Securities and Exchange Commission's (the "SEC") website (http://www.sec.gov). Capitalized terms used but not defined in this SAI have the meanings ascribed to them in the prospectus.

References to the Investment Company Act of 1940, as amended (the "1940 Act"), or other applicable law, include any rules promulgated thereunder and any guidance, interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the SEC, SEC staff or other authority.

**<u>**TABLE OF CONTENTS**</u>**

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| | |
|:---|:---|
|  | **Page** |
| [GENERAL INFORMATION ABOUT THE FUND](#a_023) | SAI-1 |
| [INVESTMENT RESTRICTIONS](#a_024) | SAI-1 |
| [MANAGEMENT OF THE FUND](#a_025) | SAI-2 |
| [CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS](#a_026) | SAI-9 |
| [INVESTMENT ADVISER AND OTHER SERVICE PROVIDERS](#a_027) | SAI-10 |
| [CONFLICTS OF INTEREST](#a_028) | SAI-12 |
| [PORTFOLIO TRANSACTIONS AND BROKERAGE](#a_029) | SAI-13 |
| [PROXY VOTING POLICIES AND PROCEDURES](#a_030) | SAI-13 |
| [LEGAL MATTERS](#a_031) | SAI-14 |
| [ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT](#a_032) | SAI-14 |
| [INDEPENDENT AUDITORS](#a_033) | SAI-14 |
| [FINANCIAL STATEMENTS](#a_034) | SAI-14 |

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i

**GENERAL INFORMATION ABOUT THE FUND**

The Fund is a non-diversified closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund was organized as a Maryland corporation on August 15, 2025. The Fund's principal address is 1000 RXR Plaza, Uniondale, New York 11556, and its telephone number is 212-440-9644.

**INVESTMENT RESTRICTIONS**

The Fund's stated fundamental policies, which may only be changed by the affirmative vote of a majority of the outstanding shares of the Fund are listed below. For the purposes of this SAI, "majority of the outstanding shares of the Fund" means the vote, at an annual or special meeting of investors, duly called, (a) of 67% or more of the shares present at such meeting, if the holders of more than 50% of the outstanding shares are present or represented by proxy; or (b) of more than 50% of the outstanding shares of the Fund, whichever is less. The Fund:

&nbsp;&nbsp;&nbsp;&nbsp;(1) May not borrow money, except as permitted by (i) the 1940 Act, or interpretations or modifications by
the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC
staff or other authority with appropriate jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(2) May not issue senior securities, except to the extent permitted by (i) the 1940 Act, or interpretations
or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission
from the SEC, SEC staff or other authority with appropriate jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(3) May not engage in the business of underwriting securities issued by others, except to the extent that
we may be deemed to be an underwriter in connection with the disposition of portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;(4) May not make loans, except to the extent permitted by (i) the 1940 Act, or interpretations or modifications
by the SEC, SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC,
SEC staff or other authority with appropriate jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;(5) May not purchase or sell real estate, which term does not include securities of companies which deal in
real estate or mortgages or investments secured by real estate or interests therein, except that we reserve freedom of action to hold
and to sell real estate acquired as a result of our ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;(6) May not purchase or sell physical commodities or contracts for the purchase or sale of physical commodities.
Physical commodities do not include futures contracts with respect to securities, securities indices, currency or other financial instruments;

&nbsp;&nbsp;&nbsp;&nbsp;(7) May not invest in any security if as a result of such investment, 25% or more of the value of our total
assets, taken at market value at the time of each investment, are in the securities of issuers in any particular industry or group of
industries, except that we will invest more than 25% of the value of our total assets in companies operating in one or more industries
within the technology group of industries. For purposes of this limitation, securities of the U.S. government (including its agencies
and instrumentalities), repurchase agreements collateralized by U.S. government securities and tax-exempt securities of state or municipal
governments and their political subdivisions are not considered to be issued by members of any industry

&nbsp;&nbsp;&nbsp;&nbsp;(8) Will not mortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any assets
of the Fund except as may be necessary in connection with borrowings described in the fundamental limitation (1) above. Margin deposits,
security interests, liens and collateral arrangements with respect to transactions involving options, futures contracts, short sales and
other permitted investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Will not purchase securities or evidences of interest thereon on "margin." This limitation
is not applicable to short-term credit obtained by a Fund for the clearance of purchases and sales or redemption of securities, or to
arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investment techniques.

The latter part of certain of our fundamental investment restrictions (i.e., the references to "except to the extent permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, the SEC staff or other authority with appropriate jurisdiction, or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction") provides us with flexibility to change our limitations in connection with changes in applicable law, rules, regulations or exemptive relief. The language used in these restrictions provides the necessary flexibility to allow our Board to respond efficiently to these kinds of developments without the delay and expense of a stockholder meeting.

Whenever an investment policy or investment restriction states a maximum percentage of assets that may be invested in any security or other asset or describes a policy regarding quality standards, such percentage limitation or standard shall be determined immediately after and as a result of our acquisition of such security or asset. Accordingly, any later increase or decrease resulting from a change in values, assets or other circumstances or any subsequent rating change made by a rating agency (or as determined by the Adviser if the security is not rated by a rating agency) will not compel us to dispose of such security or other asset. Notwithstanding the foregoing, we must always be in compliance with the borrowing policies set forth above.

SAI-1-

**MANAGEMENT OF THE FUND**

***Board Composition***

Our Board consists of five members. The Board is divided into three classes, with the members of each class serving staggered, one-, two- or three-year terms, respectively. The term of any Class I Director will expire at the 2027 annual meeting of stockholders; the term of any Class II Director will expire at the 2028 annual meeting of stockholders; and the term of any Class III Director will expire at the 2029 annual meeting of stockholders.

Andrew W. Sidman serves as a Class I Director (with a term expiring in 2027). Stephan A. Stein and Thomas Massie serve as Class II Directors (with terms expiring in 2028). Joseph A. Alagna, Jr. and Cary Sucoff serve as Class III Directors (with terms expiring in 2029).

A majority of the Board consists of Directors who are not "interested persons" of the Fund, of the Adviser, or of any of their respective affiliates, as defined in Section 2(a)(19) of the 1940 Act ("Independent Directors").

Consistent with these considerations, after review of all relevant transactions and relationships between each Director, or any of his or her family members, and the Fund, the Adviser, or of any of their respective affiliates, the Board has determined that Thomas Massie, Andrew W. Sidman and Cary Sucoff each qualify as Independent Directors. Each Director who serves on the Audit Committee is an "independent director" for purposes of Rule 10A-3 under the Exchange Act.

***Directors and Officers***

The following tables provide information regarding each of our Directors and Officers.

***Independent Directors***

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Name, <br> Address\*, <br> Year of Birth*** | ***Position(s) with<br> the Fund, Term<br> and Length of<br> Time Served*** | ***Principal Occupation(s) During<br> Past 5 Years*** | ***Number of<br> Portfolios in Fund<br> Complex Overseen<br> by Director*** | ***Other Directorships Held by Director<br> During Past 5 Years*** |
| Thomas Massie<br> 1961 | Director, term expires 2028, since February 2026 | Director and CEO, MICATU (since 2023); Senior Partner, WAVE Equity Partners (since 2016); President and CEO, Topline Performance (since 2016) | 1 | Rhythm Inc. |
| Andrew W. Sidman<br> 1952 | Director, term expires 2027, since February 2026 | Principal, Bressler Amery & Ross, P.C. (since 2005) | 1 |  |
| Cary Sucoff <br> 1952 | Director, term expires 2029, since February 2026 | Owner, Equity Source Partners, LLC (since 2009) | 1 |  |

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\*The address of each Director is 1000 RXR Plaza, Uniondale, New York 11556, unless otherwise noted.

SAI-2-

***Interested Directors***

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Name, <br> Address\*, <br> Year of Birth*** | ***Position(s) with<br> the Fund, Term<br> and Length of<br> Time Served*** | ***Principal Occupation(s) <br> During Past 5 Years*** | ***Number of<br> Portfolios in Fund<br> Complex Overseen<br> by Director*** | ***Other Directorships Held by Director<br> During Past 5 Years*** |
| Joseph A. Alagna, Jr.<br> 1964 | Director, term expires 2029, since August 2025; Chairman and Chief Executive Officer, since August 2025 | Co-Founder and Managing Member, Buttonwood Group Advisors LLC (since 2012); Executive Investment Banker, Joseph Gunnar & Co. LLC (since 1997) | 1 |  |
| Stephan A. Stein <br> 1952 | Director, term expires 2028, since August 2025; President, Chief Operating Officer, Treasurer and Secretary, since August 2025 | Co-Founder and Managing Member, Buttonwood Group Advisors LLC (since 2012); Executive Investment Banker, Joseph Gunnar & Co. LLC (since 1999) | 1 |  |

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\*The address of each Director is 1000 RXR Plaza, Uniondale, New York 11556, unless otherwise noted.

\*\* Joseph A. Alagna, Jr. and Stephan A. Stein are interested directors because of their positions with the Adviser.

***Officers who are not Directors***

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| | | |
|:---|:---|:---|
| ***Name, <br> Address\*, <br> Year of Birth*** | ***Position(s) with the Fund,<br> Term and Length of Time<br> Served*** | ***Principal Occupation(s) During Past 5 Years*** |
| Roger Papeo <br> 1965 | Chief Compliance Officer and Anti-Money Laundering Officer since 2026 | ACA Compliance Group, Senior Principal Consultant (November 2021-present). Papeo Ventures, LLC, Independent Compliance Consultant (August 2021-November 2021). PGIM Investments, LLC Funds' Compliance Officer (March 1990 – September 2020) |
| Troy Sheets <br> 1971<br>190 Middle St, <br> Suite 301 <br> Portland, ME 04101 | Principal Financial Officer since 2026 | ACA Group, Director (2024 to present); ACA Group, Senior Principal Consultant, ACA Group (2022 to 2024); Foreside Financial Group, LLC, Senior Director (2016 to 2022). |

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\*The address of each officer is 1000 RXR Plaza, Uniondale, New York 11556, unless otherwise noted.

***Biographical Information***

Brief biographies of our officers and Directors are set forth below. Also included below following each biography is a brief discussion of the specific experience, qualifications, attributes or skills that led our Board to conclude that the applicable Director should serve on our Board at this time.

**Independent Directors**

***Andrew W. Sidman*** serves as a Director. Mr. Sidman is a Principal in the New York law firm of Bressler, Amery & Ross PC and is the head of the firm's financial institutions regulatory defense practice. Andrew specializes in representing broker-dealers and their personnel in investigations by the SEC, FINRA and other SROs and state regulators. In addition, he oversees a significant portion of the firm's financial institutions litigation practice and tries complex and large exposure cases. He is the co-chair of the ABA's Securities Litigation Committee's Subcommittee on Self-Regulatory Organizations and State Securities Regulators, which presents several panels a year on various topics of interest. He has been a panelist at the SIFMA Compliance & Legal Society Annual Conference for the past 15 years and has spoken at a number of Securities Industry and Financial Market Association regional conferences. In addition to helping to supervise certain of the firm's pro bono activities, Mr. Sidman provides pro bono services to No Greater Sacrifice, an organization that supports the children of fallen and wounded veterans through scholarships and other educational opportunities. Mr. Sidman obtained a B.A. with honors from Colgate University and a J.D. from American University.

SAI-3-

***Thomas Massie*** serves as a Director. Mr. Massie has significant leadership and public company experience. Since 2016, Thomas Massie has been a Senior Partner with WAVE Equity Partners, a Boston based private equity firm that accelerates growth of companies that solve some of the world's greatest challenges in essential markets: energy, food, water, and waste. As a Senior Partner, Massie works with WAVE's portfolio companies Leadership Team's to create cultures of high performers, drive go-to-market plans, accelerate revenues, and maximize operational efficiencies. Mr. Massie is currently the interim CEO of a rapidly growing portfolio company, MICATU (a grid edge intelligence company). Currently, Thomas Massie is the owner of Topline Performance Solutions, an award-winning Sandler franchise specializing in maximizing sales and leadership results by creating cultures of high performers who drive improved pipeline predictability, shortened sales cycles, & increased revenues. Mr. Massie was the President and CEO of four technology companies – Rhythm Inc., formerly known as Agrify Corp., Bridgeline Digital Inc., FOCUS Enhancements Inc., and Mass Micro Systems Inc.; each of which experienced rapid growth, became market leaders, and all four companies achieved successful IPOs on the NASDAQ exchange. Cumulatively, the four public ventures have generated over $1 billion in revenues and in multiple years were recognized by Inc 500 and Deloitte Fast 50 as amongst the fastest growing companies in America.

Mr. Massie is currently or has been an active member of the board of directors of various companies. Massie was a board member and the Chairman of MapInfo Inc.'s Corporate Governance Committee. He also served on the Audit and Compensation Committee. From 2002 to 2007, working closely with the CEO, MapInfo grew from $30M a year in annual revenues to over $180M in annual revenues. In 2007, MapInfo was acquired by Pitney Bowes for $480 million. From 2019 to 2024 Massie worked with the CEO and CRO of PosiGen, a leading provider of residential solar systems. During this time, PosiGen grew from $30M a year in annual revenues to over $250M in annual revenues. In the past two decades, Massie has worked closely with multiple companies, helping them to grow from $5M million a year in annual revenues, to over $100M a year in annual revenues. Thomas Massie was a Non-commissioned Officer in the United States Army, 101st Airborne Division and attended Wayne State University. He possesses a reputation as an accomplished speaker that earns invitations to speak at Universities, Association events, and Company events. Massie and his family reside in the Boston area and in the West Palm Beach area. He is passionate about mentoring business leaders who are committed to reach their full potential and non-profit organizations that support United States Veterans in need.

***Cary Sucoff*** serves as a Director. Mr. Sucoff has over 40 years of legal and securities industry experience. Since 2011, he has owned and operated Equity Source Partners LLC, an advisory and consulting firm. He has participated in financing and consulting many hundreds of public and private companies. Mr. Sucoff is an expert in legal, compliance, corporate strategy, and capital markets. He has been a member of numerous boards throughout his career and has chaired or sat on audit (qualified to Chair), compensation, nominating/governance, and special committees (strategic, pricing, M&A etc.) of these boards, both public, private, and nonprofit.

Mr. Sucoff currently serves on the following boards of directors/trustees of Galimedix Therapeutics, Inc. (private) - technology licensed from Tel Aviv University for potentially revolutionary treatments for Glaucoma and Dry Age-related Macular Degeneration, and potential application for Alzheimer's. (Chair Audit; member Nom/Gov), Neuraptive Therapeutics (private)- clinical-stage company developing novel therapies to improve outcomes in peripheral nerve injuries. - (Chair Audit) and Curative Biotechnology, (CUBT), develop, in-license, sub-license assets in the therapeutic and medical device areas; 4 licensed pre-clinical assets for: Rabies, Glioblastoma, Age-Related Macular Degeneration, and COVID-19 vaccinations in patients with kidney failure. (Audit/Comp), New England Law/Boston, the largest independent law school in the United States. Former President. Senior member of the Board of Trustees, serving for over 35 years. Chairman, Endowment Committee, Chairman Dean Search Committee, Chairman CFO Search Committee, member, Finance Committee, member Covid Response Task Force. In addition, Mr. Sucoff acts as a consultant for TechR2 Corp, specializing in proprietary technologies used for end-of-life data destruction. Mr. Sucoff, a former New York City prosecutor, received a B.A. from SUNY Binghamton (1974) and a J.D. from New England School of Law (1977) where he was the Managing Editor of the Law Review and graduated Magna Cum Laude. Mr. Sucoff has been a member of the Bar of the State of New York (now retired) since 1978.

**Interested Directors**

***Joseph A. Alagna, Jr.*** serves as a Director, Chairman of the Board and as the Chief Executive Officer of the Fund. Mr. Alagna's career in the securities industry spans over thirty-five years. Mr. Alagna is the Manager and Co-Founder of the Adviser, established in 2011, which has previously, does currently and will continue to manage other private investment vehicles similar to the Fund, including the Predecessor Funds. Mr. Alagna is also the Founder, Chairman, and Chief Executive Officer of Joseph Gunnar & Co. LLC, a FINRA and SIPC registered broker-dealer and boutique investment bank specializing in micro- and small-capitalization emerging growth companies, established in 1997. From 1990 through 1997, Mr. Alagna was the Executive Vice President and National Sales Manager for a regional securities firm, where he was instrumental in expanding the sales organization that facilitated thousands of securities related transactions. From November 2009 to December 2014, Mr. Alagna also served as a director of the general partner of Genesis Opportunity Fund I, L.P., a private opportunity investment fund. Mr. Alagna attended the University of Miami and received a Bachelor of Science degree in Business Management from C.W. Post College.

SAI-4-

***Stephan A. Stein*** has served as a portfolio manager of the Fund since its inception. Mr. Stein is the President, Chief Operating Officer, Treasurer, Secretary and Co-Founder of the Fund. Mr. Stein has over forty-five years of experience in debt, equity and merger/acquisition transactions and business management, initially as a practicing attorney in New York City, as a principal of several emerging growth stage related companies and over thirty years in the financial services industry as an investment banker and portfolio manager. Mr. Stein is the Manager and Co-Founder of the Adviser, established in 2011, which has previously and does currently manage other investment vehicles similar to the Fund. Since 2006, Mr. Stein has served as the President and Chief Operating Officer of Joseph Gunnar & Co. LLC, a FINRA and SIPC registered broker-dealer and boutique investment bank specializing in micro- and small-capitalization emerging growth companies, established in 1997. Mr. Stein's prior role at Joseph Gunnar & Co. included Head of Investment Banking from 1999 through 2023. From 1995 through 1999, Mr. Stein was the Managing Director of Corporate Finance at Commonwealth Associates, the New York based merchant and investment bank. Mr. Stein also served as a Director of the general partner of Genesis Opportunity Fund I, L.P., a private opportunity investment fund. Mr. Stein received his Bachelor of Science degree from The Ohio State University and his Juris Doctor degree from Vermont Law School.

**Officers who are not Directors**

**Roger Papeo** serves as the Chief Compliance Officer**.** Mr. Papeo is a Senior Principal Consultant and Fund Chief Compliance Officer for the ACA Group ("ACA"). He has been employed by ACA since August 2021. Mr. Papeo has worked with numerous clients developing required compliance policies supporting Exchange Traded Funds, Open and Closed End investment companies, as well as Business Development Companies. He has also been a key participant in the review and evaluation of the compliance programs maintained by a number of ACA's clients, providing regulatory consultation to fund boards and advisory entity management teams. Since March 2025, he has served as Fund Chief Compliance Officer for an open-end mutual fund. In this role he is charged with the preparation of quarterly and annual CCO Reports for the Fund's Board of Directors. He presents at regular and special board meetings, leads executive session discussions with independent directors and conducts due diligence reviews of fund service providers as needed. Prior to joining ACA, Mr. Papeo was a compliance Vice President at PGIM Investments', overseeing mutual fund portfolio compliance, board reporting and service provider oversight (sub advisers and other service providers) related to more than 170 funds. Mr. Papeo received his Bachelor of Science (BS) in Finance from Seton Hall University.

**Troy Sheets** serves as Principal Financial Officer. Mr. Sheets is a Director, Fund Officers at ACA. Mr. Sheets provides outsourced treasurer and principal financial officer solutions to registered funds and has worked in the specialized investment company industry since 1993. He has served as the Fund Treasurer, Principal Financial Officer, and Certifying Officer under the Sarbanes-Oxley Act for diverse investment companies since 2002, which includes his current employment with ACA, his prior employment with companies that have since been merged with ACA, and his prior time working at Citi Fund Services ("Citi") as a Senior Vice President in their Fund Administration group. Prior to Citi, Mr. Sheets worked at KPMG LLP ("KPMG"), which he last served as a Senior Audit Manager in KPMG's Investment Management and Funds practice. Mr. Sheets joined KPMG after graduating from Miami University in 1993.

The Directors shall serve until the completion of their respective terms, and until their successors are duly elected and qualify. A Board member may resign upon written notice to the other members and may only be removed for cause by a vote of the investors holding not less than two-thirds of the total number of votes eligible to be cast by all investors. Any and all vacancies on the Board may be filled only by the affirmative vote of a majority of the remaining directors in office, even if the remaining directors do not constitute a quorum, and any director elected to fill a vacancy will serve for the remainder of the full term of the departing board member, and until a successor is elected and qualifies.

***Board Leadership Structure and Role in Risk Oversight***

Overall responsibility for our oversight rests with the Board. We have entered into the Advisory Agreement pursuant to which the Adviser will manage the Fund on a day-to-day basis. The Board is responsible for overseeing the Adviser and our other service providers in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and our Charter. The Board is composed of five members, three of whom are Independent Directors. The Board meets at regularly scheduled quarterly meetings each year. In addition, the Board may hold special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. As described below, the Board has established a Nominating and Corporate Governance Committee, a Compensation Committee and an Audit Committee, and may establish ad hoc committees or working groups from time to time, to assist the Board in fulfilling its oversight responsibilities.

SAI-5-

The Board has appointed Joseph A. Alagna, Jr.to serve in the role of Chair of the Board. The Chair's role is to preside at all meetings of the Board and to act as a liaison with the Adviser, counsel and other Directors generally between meetings. The Chair serves as a key point person for dealings between management and the Directors. The Chair also may perform such other functions as may be delegated by the Board from time to time. The Board reviews matters related to its leadership structure annually. The Board believes that its leadership structure is appropriate in light of the Fund's characteristics and circumstances because the structure allocates areas of responsibility among the individual Directors and the committees in a manner that encourages effective oversight. The Board also believes that its size creates a highly efficient governance structure that provides ample opportunity for direct communication and interaction between the Adviser and the Board.

We are subject to a number of risks, including investment, compliance, operational and valuation risks, among others. Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and committee activities. Day-to-day risk management functions are subsumed within the responsibilities of the Adviser and other service providers (depending on the nature of the risk), which carry out our investment management and business affairs. The Adviser and other service providers employ a variety of processes, procedures and controls to identify various events or circumstances that give rise to risks, to lessen the probability of their occurrence and to mitigate the effects of such events or circumstances if they do occur. Each of the Adviser and other service providers has their own independent interest in risk management, and their policies and methods of risk management will depend on their functions and business models. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Fund, the Board interacts with and reviews reports from, among others, the Adviser, our Chief Compliance Officer, our independent registered public accounting firm and counsel, as appropriate, regarding risks faced by the Fund and applicable risk controls. The Board may, at any time and in its discretion, change the manner in which it conducts risk oversight.

***Communications with Directors***

Stockholders and other interested parties may contact any member (or all members) of the Board by mail. To communicate with the Board, any individual Directors or any group or committee of Directors, correspondence should be addressed to the Board or any such individual Directors or group or committee of Directors by either name or title. All such correspondence should be sent to Buttonwood First Access Fund Ltd., 1000 RXR Plaza, Uniondale, New York 11556, Attention: Chair of the Audit Committee.

**Board Committees**

***Audit Committee Governance, Responsibilities and Meetings***

In accordance with its written charter adopted by the Board, the Audit Committee:

&nbsp;&nbsp;&nbsp;&nbsp;• assists the Board's oversight of the integrity of our financial statements, the independent registered
public accounting firm's qualifications and independence, our compliance with legal and regulatory requirements and the performance
of our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;• prepares an Audit Committee report, if required by the SEC, to be included in our annual proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;• oversees the scope of the annual audit of our financial statements, the quality and objectivity of our
financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;• oversees our accounting and financial reporting policies and internal controls;

&nbsp;&nbsp;&nbsp;&nbsp;• determines the selection, appointment, retention and termination of our independent registered public
accounting firm, as well as approving the compensation thereof;

&nbsp;&nbsp;&nbsp;&nbsp;• pre-approves all audit and non-audit services provided to us and certain other persons by such independent
registered public accounting firm; and

&nbsp;&nbsp;&nbsp;&nbsp;• acts as a liaison between our independent registered public accounting firm and the Board.

Andrew W. Sidman, Thomas Massie, and Cary Sucoff are members of the Audit Committee and Cary Sucoff serves as Chair.

Our Board has determined that each Audit Committee member meets the current independence and experience requirements of Rule 10A-3 of the Exchange Act. Our Board has determined that Cary Sucoff is an audit committee financial expert as defined under SEC rules.

***Nominating and Corporate Governance Committee Governance, Responsibilities and Meetings***

In accordance with its written charter adopted by the Board, the Nominating and Corporate Governance Committee:

&nbsp;&nbsp;&nbsp;&nbsp;• recommends to the Board persons to be nominated by the Board for election at the Fund's meetings
of our stockholders, special or annual, if any, or to fill any vacancy on the Board that may arise between stockholder meetings;

SAI-6-

&nbsp;&nbsp;&nbsp;&nbsp;• makes recommendations with regard to the tenure of the Directors;

&nbsp;&nbsp;&nbsp;&nbsp;• is responsible for overseeing an annual evaluation of the Board and its committee structure to determine
whether the structure is operating effectively; and

&nbsp;&nbsp;&nbsp;&nbsp;• recommends to the Board the compensation to be paid to the Independent Directors of the Board.

The Nominating and Corporate Governance Committee will consider for nomination to the Board candidates submitted by our stockholders or from other sources it deems appropriate.

Andrew W. Sidman, Thomas Massie, and Cary Sucoff are members of the Nominating and Corporate Governance Committee and Andrew W. Sidman serves as Chair.

***Compensation Committee***

In accordance with its written charter adopted by the Board, the Compensation Committee is responsible for determining, or recommending to the Board for determination, the compensation, if any, of our chief executive officer and all other officers. The Compensation Committee also assists the Board with matters related to compensation generally, except with respect to compensation of the Directors.

Andrew W. Sidman, Thomas Massie, and Cary Sucoff are members of the Compensation Committee and Thomas Massie serves as Chair.

**Director Nominations**

Nomination for election as a Director may be made by, or at the direction of, the Nominating and Corporate Governance Committee or by stockholders in compliance with the procedures set forth in our bylaws. Our Nominating and Corporate Governance Committee will consider qualified Director nominees recommended by stockholders when such recommendations are submitted in accordance with our bylaws and any applicable law, rule or regulation regarding Director nominations. When submitting a nomination for consideration, a stockholder must provide certain information that would be required under applicable SEC rules, including the following minimum information for each Director nominee: full name, age and address; principal occupation during the past five years; current directorships on publicly held companies and investment companies; number of our securities owned, if any; and, a written consent of the individual to stand for election if nominated by our Board and to serve if elected by our stockholders.

Stockholder proposals or director nominations to be presented at the annual meeting of stockholders, other than stockholder proposals submitted pursuant to the SEC's Rule 14a-8, must be submitted in accordance with the advance notice procedures and other requirements set forth in our bylaws. These requirements are separate from the requirements discussed above to have the stockholder nomination or other proposal included in our proxy statement and form of proxy/voting instruction card pursuant to the SEC's rules.

Our bylaws require that the proposal or recommendation for nomination must be delivered to, or mailed and received at, the principal executive offices of the Fund not earlier than the 150th day prior to the one year anniversary of the date the Fund's proxy statement for the preceding year's annual meeting, or later than the 120th day prior to the first anniversary of the date of the proxy statement for the preceding year's annual meeting. If the date of the annual meeting has changed by more than 30 days from the first anniversary of the date of the preceding year's annual meeting, stockholder proposals or director nominations must be so received not earlier than the 150th day prior to the date of such annual meeting and not later than the 120th day prior to the date of such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made.

In evaluating director nominees, the Nominating and Corporate Governance Committee considers, among others, the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;• whether the individual possesses high standards of character and integrity, relevant experience, a willingness
to ask hard questions and the ability to work well with others;

&nbsp;&nbsp;&nbsp;&nbsp;• whether the individual is free of conflicts of interest that would violate applicable law or regulation
or interfere with the proper performance of the responsibilities of a director;

&nbsp;&nbsp;&nbsp;&nbsp;• whether the individual is willing and able to devote sufficient time to the affairs of the Fund and be
diligent in fulfilling the responsibilities of a director and Board committee member;

&nbsp;&nbsp;&nbsp;&nbsp;• whether the individual has the capacity and desire to represent the balanced, best interests of the stockholder
as a whole and not a special interest group or constituency; and

&nbsp;&nbsp;&nbsp;&nbsp;• whether the individual possesses the skills, experiences (such as current business experience or other
such current involvement in public service, academia or scientific communities), particular areas of expertise, particular backgrounds,
and other characteristics that will help ensure the effectiveness of the Board and Board committees.

SAI-7-

The Nominating and Corporate Governance Committee's goal is to assemble a board that brings to the Fund a variety of perspectives and skills derived from high-quality business and professional experience.

Other than the foregoing, there are no stated minimum criteria for director nominees, although the Nominating and Corporate Governance Committee may also consider other factors as they may deem are in the best interests of the Fund and its stockholders. The Board also believes it appropriate for certain key members of our management to participate as members of the Board.

The Nominating and Corporate Governance Committee identifies nominees by first evaluating the current members of the Board willing to continue in service. Current members of the Board with skills and experience that are relevant to our business and who are willing to continue in service are considered for re-nomination. If any member of the Board does not wish to continue in service or if the Nominating and Corporate Governance Committee decides not to re-nominate a member for re-election, the Nominating and Corporate Governance Committee identify the desired skills and experience of a new nominee in light of the criteria above. The members of the Board are polled for suggestions as to individuals meeting the aforementioned criteria. Research may also be performed to identify qualified individuals. To date, we have not engaged third parties to identify or evaluate or assist in identifying potential nominees, although we reserve the right in the future to retain a third-party search firm, if necessary.

**Director Compensation**

The following table sets forth the compensation expected to be received by our Directors for the year ending December 31, 2026. The Fund does not maintain a pension plan or retirement plan for any of the Directors.

---

| | | |
|:---|:---|:---|
| **Name** | **Aggregate Compensation From <br> Fund** | **Total Compensation from Fund and Fund<br> Complex Paid to Directors** |
| *Interested Directors* | *Interested Directors* | *Interested Directors* |
| Joseph A. Alagna, Jr. | $0 | $0 |
| Stephan A. Stein | $0 | $0 |
| *Independent Directors* | *Independent Directors* | *Independent Directors* |
| Andrew W. Sidman | $65000 | $65000 |
| Thomas Massie | $65000 | $65000 |
| Cary Sucoff | $65000 | $65000 |

---

No compensation is paid to our Directors considered to be "interested persons" as defined in the 1940 Act. Our Independent Directors who do not also serve in an officer capacity for us or the Adviser are entitled to receive annual cash retainer fees, fees for participating in in-person Board and committee meetings and annual fees for serving as a committee chairperson.

The Independent Directors receive an annual fee of $50,000, with the Chair of the Audit Committee, Nominating and Corporate Governance Committee and Compensation Committee, respectively, each receiving an additional $15,000 fee. The Independent Directors do not receive additional fees for attending regular quarterly meetings. They also receive reimbursements of reasonable out-of-pocket expenses incurred in connection with attending in person or telephonically each regular Board meeting.

**Officer Compensation**

Except as specified in the Advisory Agreement, none of our officers who are also officers or employees of our Adviser will receive direct compensation from us. We do not currently have any employees and do not expect to have any employees. Services necessary for our business are provided by individuals who are employees or officers of our Adviser or by individuals who were contracted by us or our Adviser to work on our behalf.

**Director Ownership of Common Stock**

The table below sets forth the dollar range of the value of our common stock that is owned beneficially by each Director as of [•], 2026. For purposes of this table, beneficial ownership is defined to mean a direct or indirect pecuniary interest.

---

| | | |
|:---|:---|:---|
| ***Name of Director*** | ***Dollar Range of Equity Securities in the <br> Fund<sup>(1)</sup>*** | ***Dollar Range of Equity Securities in the<br> Fund Complex<sup>(1)</sup>*** |
| *Interested Directors* |  |  |
| Joseph A. Alagna, Jr. | Over $100,000 | Over $100,000 |
| Stephan A. Stein | Over $100,000 | Over $100,000 |
| *Independent Directors* |  |  |
| Andrew W. Sidman |  |  |
| Thomas Massie |  |  |
| Cary Sucoff |  |  |

---

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

SAI-8-

**Code of Ethics**

We and the Adviser have each adopted a code of ethics pursuant to Rule 17j-l under the 1940 Act that establishes procedures for personal investments and restricts certain personal securities transactions. Personnel subject to each code may invest in securities for their personal investment accounts, including securities that may be purchased or held by us, so long as such investments are made in accordance with the code's requirements. Our code of ethics is available, free of charge, on our website at [https://www.buttonwood.com/]. The code of ethics is attached as an exhibit hereto and is available on the EDGAR Database on the SEC's website at <u>http://www.sec.gov</u>.

**CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS**

Beneficial ownership is determined in accordance with the rules and regulations of the SEC. These rules generally provide that a person is the beneficial owner of securities if such person has or shares the power to vote or direct the voting thereof, or to dispose or direct the disposition thereof or has the right to acquire such powers within 60 days. The following table sets forth the beneficial ownership as indicated in the Fund's books and records of each current Director, the Fund's officers, the officers and Directors as a group, and each person known to us to beneficially own 5% or more of the outstanding shares of our common stock.

The table shows such ownership as of March 2, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Name and Address*** | ***Common Shares<br> Own<sup>(1)</sup>*** | ***Common Share<br> Percentage*** | ***Preferred Shares<br> Owned*** | ***Preferred Share<br> Percentage<sup>(2)</sup>*** |
| *5% Owners* |  |  |  |  |
| *Interested Directors* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph A. Alagna |  |  | 1124882 | 37.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephan A. Stein |  |  | 537593 | 17.9% |
| *Independent Directors* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas Massie |  |  | 0 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andrew W. Sidman |  |  | 0 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cary Sucoff |  |  | 0 | 0% |
| *Officers* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roger Papeo |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Troy Sheets |  |  | 0 | 0 |
| *All officers and Directors as a group (7 persons)* |  |  | 1662475 | 55.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) As of March 2, 2026 there are no common shares issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Percentage if based off of the 3,000,200 of preferred shares issued and outstanding, consisting of 3,000,000
Founder Preferred Stock and 200 Series Seed Preferred Stock, as of March 2, 2026.

SAI-9-

The address for each of the directors and officers is c/o Buttonwood First Access Fund Ltd., 1000 RXR Plaza, Uniondale, New York 11556.

The following table shows the expected ownership at the completion of the Exchange Transaction.

---

| | | |
|:---|:---|:---|
| ***Name and Address*** | ***Shares owned*** | ***Percentage<sup>(1)</sup>*** |
| *5% Owners* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;John H. Nash<sup>2</sup> | 2464345 | 16.4% |
| *Interested Directors* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joseph A. Alagna Jr. | 1184235 | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stephan A. Stein | 558877 | 3.7% |
| *Independent Directors* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas Massie | 0 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Andrew W. Sidman | 0 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cary Sucoff | 0 | 0% |
| *Officers* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Roger Papeo | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Troy Sheets | 0 | 0 |
| *All officers and Directors as a group (7 persons)* | 1743113 | 11.6% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Percentage based on 15,000,000 common shares expected to be issued and outstanding at the completion of
the Exchange Transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) John H. Nash will own 2,139,589 shares directly, 222,440 shares through his ownership of Jnash SP, LLC,
and provides investment advice to trusts and accounts in the names of his spouse and children which will hold 102,316 common shares.

**INVESTMENT ADVISER AND OTHER SERVICE PROVIDERS**

***The Adviser***

The Adviser was formed on May 16, 2012 as a limited liability company under the laws of Delaware. The principal address of the Adviser is 1000 RXR Plaza, 10<sup>th</sup> Floor, East Tower, Uniondale, NY 11556, and its phone number is 212-440-9644. Joseph A. Alagna, Jr. and Stephan A. Stein are co-founders and managers of the Adviser.

The Adviser serves as investment adviser to the Fund pursuant to the Advisory Agreement. Under the Advisory Agreement, the Adviser will provide investment advice to, and manage the day-to-day business and affairs of, the Fund, in each case under the ultimate supervision of, and subject to any policies established by the Board.

Pursuant to the Advisory Agreement, the Adviser will be responsible, subject to the supervision of the Board, for formulating a continuing investment program for the Fund. The Advisory Agreement has an initial two-year term and thereafter will continue in effect from year to year if its continuance is approved annually by the Board. The Advisory Agreement is terminable without penalty on 60 days' prior written notice by the Board or by the Adviser.

In consideration of the management and administrative services provided by the Adviser to the Fund, the Fund pays, out of its assets, the Management Fee at the annual rate of 2.50% of the Fund's average value of the Fund's gross assets (including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters, although the fee from the first quarter will be based on the gross assets at the end of that quarter.

SAI-10-

***Portfolio Management***

Joseph A. Alagna, Jr. and Stephan A. Stein are responsible for the day-to-day operations of the Adviser and management of the Fund's portfolio.

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

The following table sets forth information about funds and accounts other than the Fund for which the portfolio managers are primarily responsible for the day-to-day portfolio management as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Number of<br> Accounts** | &nbsp;&nbsp;**Total Assets in<br> Accounts ($ million)** | &nbsp;&nbsp;**Number of<br> Accounts Subject to<br> a Performance-<br> Based Advisory<br> Fee** | &nbsp;&nbsp;**Total Assets in<br> Accounts Subject<br> to a Performance-<br> Based Advisory<br> Fee ($ million)** |
| &nbsp;&nbsp;***Joseph A. Alagna*** |  |  |  |  |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;$[•] | &nbsp;&nbsp;[•] | &nbsp;&nbsp;$[•] |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;24 | &nbsp;&nbsp;$240 | &nbsp;&nbsp;24 | &nbsp;&nbsp;$240 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$[•] | &nbsp;&nbsp;[•] | &nbsp;&nbsp;$[•] |
| &nbsp;&nbsp;***Stephan A. Stein*** |  |  |  |  |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;$[•] | &nbsp;&nbsp;[•] | &nbsp;&nbsp;$[•] |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;24 | &nbsp;&nbsp;$240 | &nbsp;&nbsp;24 | &nbsp;&nbsp;$240 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;0 | &nbsp;&nbsp;$[•] | &nbsp;&nbsp;[•] | &nbsp;&nbsp;$[•] |

---

***Portfolio Manager Compensation Overview***

The discussion below describes the portfolio managers' compensation:

The portfolio managers currently receive no compensation beyond their ownership in the Adviser and the Fund.

***Securities Ownership of Portfolio Managers***

The table below shows the dollar range of shares of our common stock be beneficially owned by the portfolio managers as of [•], 2026 stated as one of the following dollar ranges: None; $1-$10,000; $10,001-$50,000; $50,001-$100,000; $100,001-$500,000; $500,001-$1,000,000; or over $1,000,000.

---

| | |
|:---|:---|
| **Name** | ***Dollar Range of Equity Securities in the Fund<sup>(1)(2)</sup>*** |
| Joseph A. Alagna, Jr. | Over $1,000,000 |
| Stephan A. Stein | Over $1,000,000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Beneficial ownership determined in accordance with Rule 16a-1(a)(2) promulgated under the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The dollar range of equity securities of the Fund beneficially owned by the portfolio managers is based a value of $[•] per share
as of [•], 2026.

***Portfolio Manager Conflicts of Interest***

The Fund's portfolio managers have several conflicts of interest as a result of the other activities in which they engage. The Adviser is affiliated with other entities engaged in the financial services business including funds and other investment vehicles that have similar investment objectives to those of the Fund. These other relationships may cause the Adviser's and certain of its affiliates' interests, and the interests of their officers and employees, including the portfolio managers, to diverge from our interests and may result in conflicts of interest that may not be foreseen or resolved in a manner that is always or exclusively in our best interest. The Adviser and its affiliates have entered into, and may in the future enter into, additional business arrangements with certain of our stockholders. More information regarding conflicts of interest is included in the section below entitled "Conflicts of Interest."

SAI-11-

**CONFLICTS OF INTEREST**

The Adviser or its affiliates provide or may provide investment advisory and other services to various entities. The Adviser, and certain of its investment professionals and other principals, may also carry on substantial investment activities for their own accounts, for the accounts of family members and for other accounts (collectively, with the other accounts advised by the Adviser and its affiliates, "Other Accounts"). The Fund has no interest in these activities. The Adviser and its affiliates may receive payments from private equity sponsors or others in connection with such activities. As a result of the foregoing, the Adviser and the investment professionals who, on behalf of the Adviser, manage the Fund's investment portfolio will be engaged in substantial activities other than on behalf of the Fund, may have differing economic interests in respect of such activities, and may have conflicts of interest in allocating their time and activity between the Fund and Other Accounts. Such persons will devote only so much of their time to management of the Fund as in their judgment is necessary and appropriate.

There also may be circumstances under which the Adviser will cause one or more Other Accounts to commit a larger percentage of its assets to an investment opportunity than to which the Adviser will commit the Fund's assets. There also may be circumstances under which the Adviser will consider participation by Other Accounts in investment opportunities in which the Adviser does not intend to invest on behalf of the Fund, or vice versa.

The Adviser also intends to compensate, from its own profits from managing the Fund or other resources, brokers, dealers or other financial intermediaries in connection with the distribution of shares and also in connection with various other 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 NAV of the Fund, the success or overall net revenues of the Fund, or a fee determined in some other method by negotiation between the Adviser and such financial intermediaries. Each financial intermediary also may charge investors, at the financial intermediary's discretion, a placement fee based on the purchase price of shares purchased by the investor. All or a portion of such compensation may be paid by a financial intermediary to the financial advisory personnel involved in the sale of shares. As a result of the various payments that broker-dealer, investment advisor or financial intermediaries may receive from investors and the Adviser, the amount of compensation that any financial intermediary may receive in connection with the sale of shares 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 financial intermediaries to recommend the Fund over another investment product.

Financial intermediaries may be subject to certain conflicts of interest with respect to the Fund. For example, the Fund, the Adviser, portfolio companies or investment vehicles managed or sponsored by the 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 financial intermediary. As such, certain conflicts of interest may exist between such persons and a financial intermediary. Such transactions may occur in the future and generally there is no limit to the amount of such transactions that may occur.

Financial intermediaries 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. Financial intermediaries that invest in portfolio companies may do so on terms that are more favorable than those of the Fund.

A financial intermediary may provide financing, investment banking services 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 financial intermediary may give advice or provide financing to such third parties that may cause them to take actions adverse to the Fund. A financial intermediary may directly or indirectly provide services to, or serve in other roles for compensation for, the Fund. These services and roles may include (either currently or in the future) managing trustee, managing member, general partner, investment manager or advisor, investment sub-advisor, placement agent, broker, dealer, selling agent and investor servicer, custodian, transfer agent, fund administrator, prime broker, recordkeeper, shareholder servicer, interfund lending servicer, Fund accountant, transaction (e.g., a swap) counterparty and/or lender. A financial intermediary may provide certain such services to the Fund in connection with the Fund obtaining a credit facility, if any.

In addition, issuers of securities held by the Fund may have publicly or privately traded securities in which a financial intermediary is an investor or makes a market. The trading activities of financial intermediaries generally will be 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 financial intermediary having an interest in the issuer adverse to the Fund. No financial intermediary is prohibited from purchasing or selling the securities of, otherwise investing in or financing issuers in which the Fund has an interest.

SAI-12-

A financial intermediary may sponsor, organize, promote or otherwise become involved with other opportunities to invest directly or indirectly in the Fund. Such opportunities may be subject to different terms than those applicable to an investment in the Fund, including with respect to fees and the right to receive information.

Set out below in "Participation in Investment Opportunities" and "Other Matters" are practices that the Adviser may follow.

**Participation in Investment Opportunities**

Directors, principals, officers, employees and affiliates of the 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 trading and investment strategies or constraints, positions may be taken by directors, principals, officers, employees and affiliates of the Adviser, or by the Adviser for the Other Accounts, or any of their respective affiliates on behalf of their own other accounts that are the same as, different from or made at a different time than positions taken for the Fund.

**Other Matters**

The Adviser and its 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 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 and its affiliates and their principals, partners, members, directors, officers or employees may give rise to conflicts of interest other than those described above.

**PORTFOLIO TRANSACTIONS AND BROKERAGE**

Since the Fund intends to generally acquire and dispose of its investments in privately negotiated transactions, it expects to infrequently use brokers in the normal course of its business, except to the extent that the Adviser believes using such brokers to locate investment opportunities is in the best interests of the Fund. Subject to policies established by the Board, the Adviser will be responsible for the execution of the publicly traded securities portion of the Fund's portfolio transactions, if any, and the allocation of brokerage commissions. The Adviser will seek to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. While the Adviser will generally seek reasonably competitive trade execution costs, the Fund will not necessarily pay the lowest spread or commission available. Subject to applicable legal requirements, the Adviser may select a broker based partly upon brokerage or research services provided to it and the Fund and any other clients. In return for such services, the Fund may pay a higher commission than other brokers would charge if the Adviser determines in good faith that such commission is reasonable in relation to the services provided.

**PROXY VOTING POLICIES AND PROCEDURES**

The Fund has delegated the voting of proxies in respect of portfolio holdings to the Adviser to vote the proxies in accordance with the Adviser's proxy voting guidelines and procedures. In general, the Adviser believes that voting proxies in accordance with the policies described below will be in the best interests of the Fund.

The Adviser generally votes to support management recommendations relating to routine matters, such as the election of board members (where no corporate governance issues are implicated) or the selection of independent auditors. The Adviser generally votes in favor of management or investor proposals that the Adviser believes will maintain or strengthen the shared interests of investors and management, increase value for investors and maintain or increase the rights of investors. On non-routine matters, the Adviser generally votes in favor of management proposals for mergers or reorganizations and investor rights plans, so long as it believes such proposals are in the best economic interests of the Fund. In exercising its voting discretion, the Adviser seeks to avoid any direct or indirect conflict of interest presented by the voting decision.

Information regarding how the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ending [•] will be available (1) without charge, upon request, by calling the Fund at 212-440-9644; (2) on the Fund's website (https://buttonwoodfunds.com//); (3) by emailing firstaccessfund@buttonwoodfunds.com and (4) on the SEC's website at www.sec.gov. In addition, copies of the Fund's proxy voting policies and procedures are also available by calling 212-440-9644 and will be sent within three business days of receipt of a request.

SAI-13-

**LEGAL MATTERS**

Eversheds Sutherland (US) LLP, located at 700 Sixth Street, N.W., Suite 700, Washington, DC 20001, and Rimon P.C., located at 400 Madison Ave, Suite 11D, New York, NY 10017, serve as our legal counsel. Certain legal matters regarding the validity of the shares offered hereby will be passed upon for us by Miles & Stockbridge P.C., 100 Light Street, Baltimore, Maryland 21202.

**ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT**

Ultimus Fund Solutions, LLC serves as our administrator and fund accountant (the "Administrator"). Ultimus Fund Solutions, LLC has its principal offices at 225 Pictoria Drive, #450, Cincinnati, OH 45246. For its services, the Administrator is paid a fee based upon a percentage of the average net assets of the Fund, subject to a minimum annual fee, as well as certain fixed fees and expenses.

Our portfolio securities are held pursuant to a custodian agreement between us and U.S. Bank National Association. The principal business address of U.S. Bank National Association is 5065 Wooster Road, Cincinnati, Ohio 45226.

Odyssey Transfer and Trust Company, serves as our transfer agent, distribution paying agent and registrar (the "Transfer Agent") pursuant to a Transfer Agency and Service Agreement between the Fund and the Transfer Agent. The principal business address of Odyssey Transfer and Trust Company is 2155 Woodlane Drive, Suite 100, Woodbury, Minnesota 55125.

**INDEPENDENT AUDITORS**

CBIZ CPAs P.C. is the independent registered public accounting firm for the Fund and audits the Fund's financial statements. CBIZ CPAs P.C. is located at One Montgomery Street, Suite 1700, San Francisco, CA 94104.

**FINANCIAL STATEMENTS**

[TO BE INCLUDED WITH SUBSEQUENT AMENDMENT]

SAI-14-

**PART C - OTHER INFORMATION**

**ITEM 25. FINANCIAL STATEMENTS AND EXHIBITS**

(1) Financial Statements:

Part A: None

Part B: [To be included with subsequent amendment].

(2) Exhibits:

(a) [Articles of Amendment and Restatement<sup>\*</sup>](ea027950301_ex99a.htm)

(b) [Bylaws<sup>\*</sup>](ea027950301_ex99b.htm)

(c) Not Applicable

(d) Not Applicable

(e) Not Applicable

(f) Not Applicable

(g) [Form of Investment Advisory Agreement<sup>\*</sup>](ea027950301_ex99g.htm)

(h) Not Applicable

(i) Not Applicable

(j) [Form of Custody Agreement<sup>\*</sup>](ea027950301_ex99j.htm)

(k)(1) [Form of Fund Servicing Agreement<sup>\*</sup>](ea027950301_ex99k1.htm)

(k)(2) [Form of License Agreement<sup>\*</sup>](ea027950301_ex99k2.htm)

(k)(3) [Form of Indemnification Agreement<sup>\*</sup>](ea027950301_ex99k3.htm)

(l) Opinion of Counsel\*\*

(m) Not Applicable

(n) Consent of Auditor\*\*

(o) Not Applicable

(p) Not Applicable

(q) Not Applicable

(r)(1) [Code of Ethics of Registrant<sup>\*</sup>](ea027950301_ex99r1.htm)

(r)(2) [Code of Ethics of Adviser<sup>\*</sup>](ea027950301_ex99r2.htm)

(s) [Fee Table\*](ea027950301_ex99s.htm)

(t) [Power of Attorney\*](#poe_001)

\* Filed herewith

\*\* To be included with subsequent amendment

**ITEM 26. MARKETING ARRANGEMENTS**

Not Applicable.

**ITEM 27. OTHER EXPENSES OF ISSUANCE AND DISTRIBUTION**

The following table sets forth the estimated expenses to be incurred in connection with the offering described in this registration statement. All figures are estimates.

---

| | |
|:---|:---|
| U.S. Securities and Exchange Commission registration fee | $[•] |
| FINRA Filing Fee | $None |
| Exchange Listing Fees | $[•] |
| Printing | $[•] |
| Legal | $[•] |
| Accounting | $[•] |
| Miscellaneous | $[•] |
| **Total** | $**[•]** |

---

**ITEM 28. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL**

The information contained under the headings "The Fund," "Management," and "Control Persons and Principal Shareholders" in this Registration Statement is incorporated herein by reference.

**ITEM 29. NUMBER OF HOLDERS OF SECURITIES**

Set forth below is the number of holders of securities of the Registrant as of March 2, 2026:

---

| | | |
|:---|:---|:---|
| **Title of Class** | **Number of Record<br> Holders** | **Number of Record<br> Holders** |
| Common Stock | | 0 |
| Preferred Stock |  | 11 |

---

**ITEM 30. INDEMNIFICATION**

Section 2-418 of the Maryland General Corporation Law allows for the indemnification of officers, directors and any corporate agents in terms sufficiently broad to indemnify these persons under certain circumstances for liabilities, including reimbursement for expenses, incurred arising under the Securities Act. Our certificate of incorporation and bylaws provide that we shall indemnify our directors and officers to the fullest extent authorized or permitted by law and this right to indemnification shall continue as to a person who has ceased to be a director or officer and shall inure to the benefit of his or her heirs, executors and personal and legal representatives; provided, however, that, except for proceedings to enforce rights to indemnification, we are not obligated to indemnify any director or officer (or his or her heirs, executors or personal or legal representatives) in connection with a proceeding (or part thereof) initiated by the person unless the proceeding (or part thereof) was authorized or consented to by the Board. The right to indemnification conferred includes the right to be paid by us the expenses incurred in defending or otherwise participating in any proceeding in advance of its final disposition.

So long as we are regulated under the 1940 Act, the above indemnification is limited by the 1940 Act or by any valid rule, regulation or order of the SEC thereunder. The 1940 Act provides, among other things, that a company may not indemnify any director or officer against liability to it or its security holders to which he or she might otherwise be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office unless a determination is made by final decision of a court, by vote of a majority of a quorum of directors who are disinterested, non-party directors or by independent legal counsel that the liability for which indemnification is sought did not arise out of the foregoing conduct.

The Adviser and its affiliates (each, an "Indemnitee") are not liable to us for (i) mistakes of judgment or for action or inaction that such person reasonably believed to be in our best interests absent such Indemnitee's gross negligence, knowing and willful misconduct, or fraud or (ii) losses or expenses due to mistakes of judgment, action or inaction, or the negligence, dishonesty or bad faith of any broker or other agent of the Fund who is not an affiliate of such Indemnitee, provided that such person was selected, engaged or retained without gross negligence, willful misconduct, or fraud.

We will indemnify each Indemnitee against any liabilities relating to the offering of our common stock or our business, operation, administration or termination, if the Indemnitee acted in good faith and in a manner it believed to be in, or not opposed to, our interests and except to the extent arising out of the Indemnitee's gross negligence, fraud or knowing and willful misconduct. We may pay the expenses incurred by the Indemnitee in defending an actual or threatened civil or criminal action in advance of the final disposition of such action, provided the Indemnitee agrees to repay those expenses if found by adjudication not to be entitled to indemnification.

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

**ITEM 31. BUSINESS AND OTHER CONNECTIONS OF ADVISER**

A description of any other business, profession, vocation, or employment of a substantial nature in which the Adviser, and each managing director, executive officer or partner 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 set out in the prospectus and SAI in the sections entitled "Management of the Fund." The information required by this Item 31 with respect to each director, officer or partner of the Adviser is incorporated by reference to Form ADV with the Securities and Exchange Commission pursuant to the Investment Advisors Act of 1940, as amended (File No. 801-135308).

**ITEM 32. LOCATION OF ACCOUNTS AND RECORDS**

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

**The Fund**

1000 RXR Plaza

10<sup>th</sup> Floor, East Tower

Uniondale, New York 11556

**Transfer Agent**

2155 Woodlane Drive

Suite 100

Woodbury, Minnesota 55125

**Custodian**

1555 North RiverCenter Drive

Suite 302

Milwaukee, WI 53212

**Adviser**

1000 RXR Plaza

10<sup>th</sup> Floor, East Tower

Uniondale, NY 11556

**Administrator**

225 Pictoria Drive

#450

Cincinnati, OH 45246

**ITEM 33. MANAGEMENT SERVICES**

Not Applicable.

**ITEM 34. UNDERTAKINGS**

(1) We undertake to suspend the offering of shares until the prospectus is amended if (1) subsequent to the
effective date of its registration statement, the net asset value declines more than 10% from its net asset value as of the effective
date of the registration statement; or (2) the net asset value increases to an amount greater than the net proceeds as stated in the prospectus.

(2) Not Applicable.

(3) Not Applicable.

(4) We undertake that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For the purpose of determining any liability under the Securities Act, the information omitted from the
form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus filed
by us pursuant to Rule 424(b)(1) under the Securities Act shall be deemed to be part of this registration statement as of the time it
was declared effective.

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

(5) Not Applicable.

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

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

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement on Form N-2 to be signed on its behalf by the undersigned, thereunto duly authorized, in Uniondale, New York, on the 4<sup>th</sup> day of March, 2026.

---

| | |
|:---|:---|
| Buttonwood First Access Fund Ltd. | Buttonwood First Access Fund Ltd. |
| /s/ Stephan A. Stein | /s/ Stephan A. Stein |
| By: | Stephan A. Stein |
| Title: | President, Chief Operating Officer, Treasurer and Secretary |

---

KNOW ALL PERSONS BY THESE PRESENT, that each person whose signature appears below hereby constitutes and appoints Joseph A. Alagna and Stephan A. Stein, and each of them, his or her true lawful attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place, and stead, in any and all capacities to sign this Registration Statement on Form N-2 and any and all amendments thereto, including post-effective amendments, and to file the same, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement on Form N-2 has been signed below by the following persons in the capacities indicated on the 4<sup>th</sup> day of March, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Joseph A. Alagna, Jr. | Director and Chief Executive Officer |
| Joseph A. Alagna, Jr. |  |
| /s/ Stephan A. Stein | Director, President (Principal Executive Officer), |
| Stephan A. Stein | Chief Operating Officer, Treasurer and Secretary |
| \*Thomas Massie | Director |
| Thomas Massie |  |
| \*Andrew W. Sidman | Director |
| Andrew W. Sidman |  |
| \*Cary Sucoff | Director, |
| Cary Sucoff |  |
| /s/ Troy Sheets | Chief Financial Officer |
| Troy Sheets | (Principal Financial Officer and Principal Accounting Officer) |

---

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| (a) | [Articles of Amendment and Restatement](ea027950301_ex99a.htm) |
| (b) | [Bylaws](ea027950301_ex99b.htm) |
| (g) | [Form of Investment Advisory Agreement](ea027950301_ex99g.htm) |
| (j) | [Form of Custody Agreement](ea027950301_ex99j.htm) |
| (k)(1) | [Form of Fund Servicing Agreement](ea027950301_ex99k1.htm) |
| (k)(2) | [Form of License Agreement](ea027950301_ex99k2.htm) |
| (k)(3) | [Form of Indemnification Agreement](ea027950301_ex99k3.htm) |
| (r)(1) | [Code of Ethics of Registrant](ea027950301_ex99r1.htm) |
| (r)(2) | [Code of Ethics of Adviser](ea027950301_ex99r2.htm) |
| (s) | [Filing Fee Table](ea027950301_ex99s.htm) |
| (t) | [Power of Attorney](#poe_001) |

---

## Ex-99.(A)

**Exhibit (a)**

**ARTICLES OF AMENDMENT AND RESTATEMENT<br> OF**

**BUTTONWOOD FIRST ACCESS FUND LTD.**

Buttonwood First Access Fund Ltd., a Maryland corporation (the "<u>Corporation</u>"), hereby certifies to the Department of Assessments and Taxation of the State of Maryland that:

**FIRST:** The Corporation desires to amend and restate its charter (the "<u>Charter</u>") as currently in effect and as hereinafter amended.

**SECOND:** The following provisions are all the provisions of the Charter of the Corporation currently in effect as amended and restated herein:

**ARTICLE I**

**NAME**

The name of the Corporation is: Buttonwood First Access Fund Ltd. (the "<u>Corporation</u>")

**ARTICLE II**

**BUSINESS PURPOSE**

The purpose for which the Corporation is formed is to engage in any lawful act or activity for which corporations may be organized under the general laws of the State of Maryland as now or hereafter in force, including, as applicable, and without limitation or obligation, engaging in business as a closed-end management investment company registered under the Investment Company Act of 1940 (the "<u>1940 Act</u>").

**ARTICLE III** 

**RESIDENT AGENT AND PRINCIPAL OFFICE**

The name of the resident agent of the Corporation in the State of Maryland is Cogency Global Inc., whose address is 1519 York Road, Lutherville, MD 21093 (Baltimore County). The street address of the principal office of the Corporation in the State of Maryland is c/o Cogency Global Inc., 1519 York Road, Lutherville, MD 21093 (Baltimore County).

**ARTICLE IV**

**PROVISIONS FOR DEFINING, LIMITING<br> AND REGULATING CERTAIN POWERS OF THE<br> CORPORATION AND OF THE STOCKHOLDERS AND DIRECTORS**

Section 5.1 <u>Number, Vacancies, Classification and Election of Directors</u>. The business and affairs of the Corporation shall be managed under the direction of the Board of Directors. The number of directors (the "<u>Directors</u>") of the Corporation is two, which number may be increased or decreased only by the Board of Directors pursuant to the bylaws of the Corporation (the "<u>Bylaws</u>"), but shall never be less than the minimum number required by the Maryland General Corporation Law (the "<u>MGCL</u>"). The names of the Directors who shall serve until the first annual meeting of the Corporation's stockholders (the "<u>Stockholders</u>") and until their successors are duly elected and qualify are:

Stephan A. Stein

Joseph A. Alagna, Jr.

The Directors may increase the number of Directors and may fill any vacancy, whether resulting from an increase in the number of Directors or otherwise, on the Board of Directors occurring before the first annual meeting of Stockholders in the manner provided in the Bylaws.

Subject to applicable requirements of the 1940 Act, if the Corporation registers thereunder, and except as may be provided by the Board of Directors in setting the terms of any class or series of preferred stock, any and all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority of the remaining Directors in office, even if the remaining Directors do not constitute a quorum, and any Director elected to fill a vacancy shall serve for the remainder of the full term of the directorship in which such vacancy occurred and until a successor is duly elected and qualifies. The Corporation further elects to be subject to Section 3-804(c) of the Maryland General Corporation Law as soon as it is eligible to do so.

On the first date on which the Corporation shall have more than one Stockholder of record, the Directors (other than any Director elected solely by holders of one or more classes or series of preferred stock in connection with dividend arrearages) shall be classified, with respect to the terms for which they severally hold office, into three classes, as nearly equal in number as possible as determined by the Board of Directors, one class to hold office initially for a term expiring at the next succeeding annual meeting of Stockholders, another class to hold office initially for a term expiring at the second succeeding annual meeting of Stockholders and another class to hold office initially for a term expiring at the third succeeding annual meeting of Stockholders, with the members of each class to hold office until their successors are duly elected and qualify. At each annual meeting of the Stockholders, the successors to the class of Directors whose term expires at such meeting shall be elected to hold office for a term expiring at the annual meeting of Stockholders held in the third year following the year of their election and until their successors are duly elected and qualify.

Section 5.2 <u>Extraordinary Actions</u>. Except as specifically provided in Section 5.8 (relating to removal of Directors), and in Section 7.2 (relating to certain actions and certain amendments to the Charter), notwithstanding any provision of law requiring any action to be taken or approved by the affirmative vote of the holders of shares entitled to cast a greater number of votes, any such action shall be effective and valid if declared advisable and approved by the Board of Directors and taken or approved by the affirmative vote of holders of shares entitled to cast a majority of all the votes entitled to be cast on the matter.

Section 5.3 <u>Quorum</u>. The presence in person or by proxy of the holders of one-third of the votes entitled to be cast (without regard to class) shall constitute a quorum at any meeting of Stockholders, except with respect to any such matter that, under applicable statutes or regulatory requirements or the Charter, requires approval by a separate vote of one or more classes or series of stock, in which case the presence in person or by proxy of the holders of shares entitled to cast a majority of the votes entitled to be cast by such classes or series on such a matter shall constitute a quorum. To the extent permitted by Maryland law as in effect from time to time, the foregoing quorum provision may be changed by the Bylaws.

Section 5.4 <u>Authorization by Board of Stock Issuance</u>. The Board of Directors may authorize the issuance from time to time of shares of stock of the Corporation of any class or series, whether now or hereafter authorized, or securities or rights convertible into shares of its stock of any class or series, whether now or hereafter authorized, for such consideration as the Board of Directors may deem advisable (including compensation for the Directors or without consideration in the case of a stock split or stock dividend), subject to such restrictions or limitations, if any, as may be set forth in the Bylaws.

Section 5.5 <u>Preemptive Rights</u>. Except as may be provided by the Board of Directors in setting the terms of classified or reclassified shares of stock pursuant to Section 6.4 or as may otherwise be provided by contract, no holder of shares of stock of the Corporation shall, as such holder, have any preemptive right to purchase or subscribe for any additional shares of stock of the Corporation or any other security of the Corporation which it may issue or sell.

Section 5.6 <u>Appraisal Rights</u>. No holder of stock of the Corporation shall be entitled to exercise the rights of an objecting Stockholder under Title 3, Subtitle 2 of the MGCL or any successor provision thereto unless the Board of Directors, upon the affirmative vote of a majority of the entire Board of Directors, shall determine that such rights apply, with respect to all or any classes or series of stock, or any proportion of the shares thereof, to a particular transaction or all transactions occurring after the date of such determination in connection with which holders of such shares would otherwise be entitled to exercise such rights.

Section 5.7 <u>Determinations by the Board of Directors</u>. The determination as to any of the following matters, made by or pursuant to the direction of the Board of Directors shall be final and conclusive and shall be binding upon the Corporation and every holder of shares of its stock: the amount of the net income of the Corporation for any period and the amount of assets at any time legally available for the payment of dividends, redemption of its stock or the payment of other distributions on its stock; the amount of paid-in surplus, net assets, other surplus, annual or other net profit, net assets in excess of capital, undivided profits or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); any interpretation or resolution of any ambiguity with respect to any provision of the Charter (including any of the terms, preferences, conversion or other rights, voting powers or rights, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption of any class or series of shares of the Corporation's stock) or the Bylaws; the fair value, or any sale, bid or asked price to be applied in determining the fair value, of any asset owned or held by the Corporation; any matter relating to the acquisition, holding and disposition of any assets by the Corporation to the extent not otherwise delegated to the investment manager of the Corporation; any interpretation of the terms and conditions of one or more agreements with any person, corporation, association, company, trust, partnership (limited or general) or other entity; the compensation of Directors, officers, employees or agents of the Corporation; or any other matter relating to the business and affairs of the Corporation or required or permitted by applicable law, the Charter or Bylaws or otherwise to be determined by the Board of Directors.

Section 5.8 <u>Removal of Directors</u>. Subject to the rights of holders of one or more classes or series of preferred stock to elect or remove one or more Directors, any Director, or the entire Board of Directors, may be removed from office at any time only for cause and only by the affirmative vote of at least two-thirds of the votes entitled to be cast generally in the election of Directors. For the purpose of this paragraph, "cause" shall mean, with respect to any particular Director, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such Director caused demonstrable, material harm to the Corporation through bad faith or active and deliberate dishonesty.

Section 5.9 <u>Stockholder Action by Written Consent</u>. To the extent provided in the Bylaws of the Corporation, Stockholders may take action or consent to any action by providing a consent in writing or by electronic transmission of the Stockholders entitled to cast not less than the minimum number of votes that would be necessary to authorize or take the action at a meeting of the Stockholders at which all Stockholders entitled to vote on the action were present and voted. If such action by written consent is taken, such written consent shall promptly be transmitted to the secretary of the Corporation, and the Corporation shall give notice of the action not later than 10 days after the effective date of the action to each holder of the Corporation's stock and to each Stockholder who, if the action had been taken at a meeting, would have been entitled to notice of the meeting.

**ARTICLE V**

**STOCK**

Section 6.1 <u>Authorized Shares</u>. The Corporation has authority to issue 200,000,000 shares of stock, initially consisting of 197,000,000 shares of Common Stock, $0.0001 par value per share ("<u>Common Stock</u>") and 3,000,000 shares of preferred stock, $0.0001 par value per share ("<u>Preferred Stock</u>"), which may be issued in classes or series, with the powers, preferences and rights, and the qualifications, limitations and restrictions granted to or imposed upon any such class or series, all as determined by the Board of Directors . The aggregate par value of all authorized shares of stock having par value is $20,000. If shares of one class of stock are classified or reclassified into shares of another class or series of stock pursuant to this Article VI, the number of authorized shares of the former class or series shall be automatically decreased and the number of shares of the latter class or series shall be automatically increased, in each case by the number of shares so classified or reclassified, so that the aggregate number of shares of stock of all classes and series that the Corporation has authority to issue shall not be more than the total number of shares of stock set forth in the first sentence of this paragraph. A majority of the entire Board of Directors, without any action by the Stockholders of the Corporation, may amend the Charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Corporation has authority to issue.

Section 6.2 <u>Common Stock</u>. Each share of Common Stock shall entitle the holder thereof to one vote. The Board of Directors may reclassify any unissued shares of Common Stock from time to time in one or more classes or series of stock.

Section 6.3 <u>Preferred Stock</u>. The Board of Directors may classify any unissued shares of stock and reclassify any previously classified but unissued shares of stock of any class or series from time to time, in one or more classes or series of stock, including Preferred Stock.

Section 6.4 <u>Classified or Reclassified Shares</u>. Prior to issuance of classified or reclassified shares of any class or series, the Board of Directors by resolution shall: (a) designate that class or series to distinguish it from all other classes and series of stock of the Corporation; (b) specify the number of shares to be included in the class or series; (c) set or change, subject to the express terms of any class or series of stock of the Corporation outstanding at the time, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms and conditions of redemption for each class or series; and (d) cause the Corporation to file articles supplementary with the State Department of Assessments and Taxation of Maryland ("SDAT"). Any of the terms of any class or series of stock may be made dependent upon facts or events ascertainable outside the Charter (including determinations by the Board of Directors or other facts or events within the control of the Corporation) and may vary among holders thereof, provided that the manner in which such facts, events or variations shall operate upon the terms of such class or series of stock is clearly and expressly set forth in the Charter document filed with the SDAT.

Section 6.5 <u>Inspection of Books and Records</u>. A Stockholder that is otherwise eligible under applicable law to inspect the Corporation's books of account, stock ledger, or other specified documents of the Corporation shall have no right to make such inspection if the Board of Directors determines that such Stockholder has an improper purpose for requesting such inspection.

Section 6.6 <u>Charter and Bylaws</u>. All persons who shall acquire stock in the Corporation shall acquire the same subject to the provisions of the Charter and the Bylaws. The Board of Directors of the Corporation shall have the exclusive power, at any time, to make, alter, amend or repeal the Bylaws.

Section 6.7 <u>No Issuance of Share Certificates</u>. Unless otherwise provided by the Board of Directors, the Corporation shall not issue stock certificates. A Stockholder's investment shall be recorded on the books of the Corporation. To transfer his or her shares, a Stockholder shall submit an executed form to the Corporation, which form shall be provided by the Corporation upon request. Such transfer also will be recorded on the books of the Corporation. Upon issuance or transfer of Shares, the Corporation will provide the Stockholder with information concerning his or her rights with regard to such shares, as required by the Bylaws and the MGCL or other applicable law.

**ARTICLE VI**

**AMENDMENTS; CERTAIN EXTRAORDINARY TRANSACTIONS**

Section 7.1 <u>Amendments Generally</u>. The Corporation reserves the right from time to time to make any amendment to its Charter, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in the Charter, of any shares of outstanding stock. All rights and powers conferred by the Charter on Stockholders, Directors and officers are granted subject to this reservation.

Section 7.2 <u>Approval of Certain Extraordinary Actions and Charter Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Required Votes</u>. The affirmative vote of the holders of shares entitled to cast at least 80% of the votes entitled to be cast on the matter, each voting as a separate class, shall be necessary to effect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any amendment to the Charter of the Corporation to make the Corporation's Common Stock a "redeemable security" or the conversion of the Corporation, whether by amendment to the Charter, merger or otherwise, from a "closed-end company" to an "open-end company" (as such terms are defined in the 1940 Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The liquidation or dissolution of the Corporation and any amendment to the Charter of the Corporation to effect any such liquidation or dissolution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Any amendment to Section 5.1, Section 5.2, Section 5.8, Section 7.1 or this Section 7.2; <u>provided, however</u>, that, if the Continuing Directors (as defined herein), by a vote of at least a majority of such Continuing Directors, in addition to approval by the Board of Directors, approve such proposal or amendment, the affirmative vote of the holders of a majority of the votes entitled to be cast shall be sufficient to approve such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Continuing Directors</u>. "Continuing Directors" means (i) the Directors identified in Section 5.1, (ii) the Directors whose nomination for election by the Stockholders or whose election by the Directors to fill vacancies is approved by a majority of the Directors identified in Section 5.1, who are on the Board of Directors at the time of the nomination or election, as applicable, or (iii) any successor Directors whose nomination for election by the Stockholders or whose election by the Directors to fill vacancies is approved by a majority of the Continuing Directors or successor Continuing Directors, who are on the Board of Directors at the time of the nomination or election, as applicable.

**ARTICLE VII**

**LIMITATION OF LIABILITY; INDEMNIFICATION**

**AND ADVANCE OF EXPENSES**

Section 8.1 <u>Limitation of Liability</u>. To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of Directors and officers of a corporation, no present or former Director or officer of the Corporation shall be liable to the Corporation or its Stockholders for money damages.

Section 8.2 <u>Indemnification and Advance of Expenses</u>. To the maximum extent permitted by Maryland law from time to time, the Corporation shall indemnify and pay or reimburse reasonable expenses in advance of final disposition of a proceeding to (a) any individual who is a present or former Director or officer of the Corporation or (b) any individual who, while a Director or officer of the Corporation and at the request of the Corporation, serves or has served as a Director, officer, partner or trustee of another corporation, real estate investment trust, partnership, joint venture, trust, employee benefit plan or any other enterprise from and against any claim or liability to which such person may become subject or which such person may incur by reason of his status as a present or former Director or officer of the Corporation. The Corporation shall have the power, with the approval of the Board of Directors, to provide such indemnification and advancement of expenses to a person who served a predecessor of the Corporation in any of the capacities described in (a) or (b) above and to any employee or agent of the Corporation or a predecessor of the Corporation. The indemnification and payment of expenses provided in the Bylaws shall not be deemed exclusive of or limit in any way other rights to which any person seeking indemnification or payment of expenses may be or may become entitled under any bylaw, regulation, insurance, agreement or otherwise. Neither the amendment nor repeal of this Article VII, nor the adoption or amendment of any other provision of the Charter of the Corporation inconsistent with this Article VII, shall apply to or affect in any respect the applicability of the preceding paragraph with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption. No provision of this Article VII shall be effective to protect or purport to protect any Director or officer of the Corporation against liability to the Corporation or its Stockholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

Section 8.3 <u>1940 Act</u>. In the event the Corporation registers as an investment company under the 1940 Act, the provisions of this Article VII shall be subject to the limitations of the 1940 Act.

Section 8.4 <u>Amendment or Repeal</u>. Neither the amendment nor repeal of this Article VII, nor the adoption or amendment of any other provision of the Charter or Bylaws inconsistent with this Article VII, shall apply to or affect in any respect the applicability of the preceding sections of this Article VII with respect to any act or failure to act which occurred prior to such amendment, repeal or adoption.

**ARTICLE VIII**

**EXCLUSIVE FORUM**

Unless the Corporation consents in writing to the selection of a different forum, and except for any claims made under the federal U.S. securities laws, the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for (a) any Internal Corporate Claim, as such term is defined in Section 1-101(p) of the MGCL, (b) any derivative action or proceeding brought on behalf of the Corporation, (c) any action asserting a claim of breach of any duty owed by any Director, officer or employee of the Corporation to the Corporation or to the Stockholders of the Corporation, (d) any action asserting a claim against the Corporation or any Director, officer or employee of the Corporation arising pursuant to any provision of the MGCL, the Charter or the Bylaws, or (e) any other action asserting a claim against the Corporation or any Director, officer or employee of the Corporation that is governed by the internal affairs doctrine. With respect to any proceeding described in the foregoing sentence that is in the Circuit Court for Baltimore City, Maryland, the Corporation and its Stockholders consent to the assignment of the proceeding to the Business and Technology Case Management Program pursuant to Maryland Rule 16-308 or any successor thereof. Unless the Corporation consents in writing to the selection of a different forum, to the fullest extent permitted by applicable law, the United States District Court for the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the 1940 Act.

**THIRD**: The amendment to and restatement of the charter as hereinabove set forth have been duly advised by the Board of Directors and approved by the stockholders of the Corporation as required by law.

**FOURTH**: The current address of the principal office of the Corporation is as set forth in Article III of the foregoing amendment and restatement of the charter.

**FIFTH**: The name and address of the Corporation's current resident agent are as set forth in Article III of the foregoing amendment and restatement of the charter.

**SIXTH**: The number of directors of the Corporation and the names of those currently in office are as set forth in Article IV of the foregoing amendment and restatement of the charter.

**SEVENTH**: The total number of shares of stock which the Corporation had authority to issue immediately before the amendment to the Charter as set forth above was 200,000,000 Common Stock, par value of $0.0001 per share. The aggregate par value of all authorized shares having par value was $20,000.00.

**EIGHTH**: The total number of shares of stock which the Corporation had authority to issue immediately after the amendment to the Charter as set forth above is 197,000,000 Common Stock, par value of $0.0001 per share, and 3,000,000 Preferred Stock, $0.0001 par value per share. The aggregate par value of all authorized shares having par value is $20,000.00.

**NINTH**: The undersigned acknowledges these Articles of Amendment and Restatement to be the corporate act of the Corporation and, as to all matters or facts required to be verified under oath, the undersigned acknowledges that, to the best of the undersigned's knowledge, information and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

[*Signature Page Follows*]

**IN WITNESS WHEREOF**, the Corporation has caused these Articles of Amendment and Restatement to be signed in its name and on its behalf by its President and Chief Operating Officer and attested to by its Secretary on this 14<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| **ATTEST:** | **BUTTONWOOD FIRST ACCESS FUND LTD.** |
| /s/ Stephan A. Stein | /s/ Stephan A. Stein |
| Stephan A. Stein, Secretary | Stephan A. Stein, President and Chief Operating Officer |

---

## Ex-99.(B)

**Exhibit (b)**

**BUTTONWOOD FIRST ACCESS FUND LTD.**

**BYLAWS**

**August 14, 2025**

**ARTICLE I**

**OFFICES**

Section 1. <u>PRINCIPAL OFFICE</u>. The principal office of Buttonwood First Access Fund Ltd. (the "Corporation") in the State of Maryland shall be located at such place as the Board of Directors may designate.

Section 2. <u>ADDITIONAL OFFICES</u>. The Corporation may have additional offices, including a principal executive office, at such places as the Board of Directors may from time to time determine or the business of the Corporation may require.

**ARTICLE II**

**MEETINGS OF STOCKHOLDERS**

Section 1. <u>PLACE.</u> All meetings of stockholders shall be held at the principal executive office of the Corporation or at such other place as shall be set by the Board of Directors and stated in the notice of the meeting. To the fullest extent of Maryland law, the Board of Directors may determine that the meeting not be held at any place but instead may be held solely by means of remote communication.

Section 2. <u>ANNUAL MEETING</u>. The annual meeting of the stockholders for the election of directors and the transaction of any business within the powers of the Corporation, if and to the extent required by applicable law, shall be held on a date and at the time set by the Board of Directors. Notwithstanding the foregoing, the Corporation shall not be required to hold an annual meeting in any year in which the election of directors is not required to be acted upon under the Investment Company Act of 1940, as amended (the "Investment Company Act").

Section 3. <u>SPECIAL MEETINGS.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The Chairman of the Board of Directors, the chief executive officer, the president or the Board of Directors may call a special meeting of the stockholders. Subject to subsection (b) of this Section 3, a special meeting of stockholders shall also be called by the secretary of the Corporation upon the written request of the holders of shares of stock of the Corporation entitled to cast a majority of the votes entitled to be cast (without regard to class).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Stockholder Requested Special Meetings</u>. (1) Any stockholder of record seeking to have stockholders request a special meeting shall, by sending written notice to the secretary (the "Record Date Request Notice") by registered mail, return receipt requested, request the Board of Directors to fix a record date to determine the stockholders entitled to request a special meeting (the "Request Record Date"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more stockholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such stockholder (or such agent) and shall set forth all information relating to each such stockholder that must be disclosed in solicitations of proxies for election of directors in an election contest (even if an election contest is not involved), or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Upon receiving the Record Date Request Notice, the Board of Directors may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board of Directors. If the Board of Directors, within ten days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth day after the first date on which the Record Date Request Notice is received by the secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In order for any stockholder to request a special meeting, one or more written requests for a special meeting signed by stockholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than a majority (the "Special Meeting Percentage") of the shares of stock of the Corporation entitled to vote (without regard to class) (such request, the "Special Meeting Request") shall be delivered to the secretary. In addition, the Special Meeting Request (a) shall set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to those lawful matters set forth in the Record Date Request Notice received by the secretary), (b) shall bear the date of signature of each such stockholder (or such agent) signing the Special Meeting Request, (c) shall set forth the name and address, as they appear in the Corporation's books, of each stockholder signing such request (or on whose behalf the Special Meeting Request is signed) and the class, series and number of all shares of stock of the Corporation which are owned by each such stockholder, and the nominee holder for, and number of, shares owned by such stockholder beneficially but not of record, (d) shall be sent to the secretary by registered mail, return receipt requested and (e) shall be received by the secretary within 60 days after the Request Record Date. Any requesting stockholder (or agent duly authorized in a writing accompanying the revocation or the Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered to the secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The secretary shall inform the requesting stockholders of the reasonably estimated cost of preparing and mailing the notice of meeting (including the Corporation's proxy materials). The secretary shall not be required to call a special meeting upon stockholder request and such meeting shall not be held unless, in addition to the documents required by paragraph (2) of this Section 3(b), the secretary receives payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Except as provided in the next sentence, any special meeting shall be held at such place, date and time as may be designated by the Chairman of the Board of Directors, the chief executive officer, the president or the Board of Directors, in each case by the party that called the meeting. In the case of any special meeting called by the secretary upon the request of stockholders (a "Stockholder Requested Meeting"), such meeting shall be held at such place, date and time as may be designated by the Board of Directors; provided, however, that the date of any Stockholder Requested Meeting shall be not more than 90 days after the record date for such meeting (the "Meeting Record Date"); and provided further that if the Board of Directors fails to designate, within ten days after the date that a valid Special Meeting Request is actually received by the secretary (the "Delivery Date"), a date and time for a Stockholder Requested Meeting, then such meeting shall be held at 2:00 p.m. local time on the 90th day after the Meeting Record Date or, if such 90th day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that the Board of Directors fails to designate a place for a Stockholder Requested Meeting within ten days after the Delivery Date, then such meeting shall be held at the principal executive office of the Corporation. In fixing a date for any special meeting, the Chairman of the Board of Directors, the chief executive officer, the president or the Board of Directors may consider such factors as he, she or it deems relevant within the good faith exercise of business judgment, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for meeting and any plan of the Board of Directors to call an annual meeting or a special meeting. In the case of any Stockholder Requested Meeting, if the Board of Directors fails to fix a Meeting Record Date that is a date within 30 days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date. The Board of Directors may revoke the notice for any Stockholder Requested Meeting in the event that the requesting stockholders fail to comply with the provisions of paragraph (3) of this Section 3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If written revocations of the Special Meeting Request have been delivered to the secretary and the result is that stockholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting to the secretary, the secretary shall: (i) if the notice of meeting has not already been mailed, refrain from mailing the notice of the meeting and send to all requesting stockholders who have not revoked such requests written notice of any revocation of a request for the special meeting, or (ii) if the notice of meeting has been mailed and if the secretary first sends to all requesting stockholders who have not revoked requests for a special meeting written notice of any revocation of a request for the special meeting and written notice of the secretary's intention to revoke the notice of the meeting, revoke the notice of the meeting at any time before ten days before the commencement of the meeting. Any request for a special meeting received after a revocation by the secretary of a notice of a meeting shall be considered a request for a new special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Board of Directors, the Chairman of the Board of Directors or the president may appoint independent inspectors of elections to act as the agent of the Corporation for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the secretary. For the purpose of permitting the inspectors to perform such review, no such purported request shall be deemed to have been delivered to the secretary until the earlier of (i) five Business Days after receipt by the secretary of such purported request and (ii) such date as the independent inspectors certify to the Corporation that the valid requests received by the secretary represent, as of the Request Record Date, not less than the Special Meeting Percentage. Nothing contained in this paragraph (6) shall in any way be construed to suggest or imply that the Corporation or any stockholder shall not be entitled to contest the validity of any request, whether during or after such five Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For purposes of these Bylaws, "Business Day" shall mean any day other than a Saturday, a Sunday or other day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

Section 4. <u>NOTICE OF MEETINGS</u>. Not less than ten nor more than 90 days before each meeting of stockholders, the secretary shall give to each stockholder entitled to vote at such meeting, and to each stockholder not entitled to vote who is entitled to notice of the meeting, written or printed notice stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any statute, the purpose for which the meeting is called, either by mail, by presenting it to such stockholder personally, by leaving it at the stockholder's residence or usual place of business or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given when deposited in the United States mail addressed to the stockholder at the stockholder's address as it appears on the records of the Corporation, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted to the stockholder by an electronic transmission to any address or number of the stockholder at which the stockholder receives electronic transmissions. A single notice shall be effective as to all stockholders who share an address, except to the extent that a stockholder at such address objects to such single notice. Failure to give notice of any meeting to one or more stockholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance with this Article II, or the validity of any proceedings at any such meeting.

Subject to Section 11(a) of this Article II, any business of the Corporation may be transacted at an annual meeting of stockholders without being specifically designated in the notice, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting of stockholders except as specifically designated in the notice. The Corporation may postpone or cancel a meeting of stockholders by making a "public announcement" (as defined in Section 11(c)(3)) of such postponement or cancellation prior to the meeting.

Section 5. <u>ORGANIZATION AND CONDUCT</u>. Every meeting of stockholders shall be conducted by an individual appointed by the Board of Directors to be chairman of the meeting or, in the absence of such appointment, by the Chairman of the Board of Directors, if any, or, in the case of a vacancy in the office or absence of the Chairman of the Board of Directors, by one of the following officers present at the meeting: the Vice Chairman of the Board of Directors, if any, the chief executive officer, the president, any vice president, the secretary, the treasurer or, solely in the absence of such officers, a chairman chosen by the stockholders by the vote of a majority of the votes cast by stockholders present in person or by proxy. The secretary or, in the secretary's absence, an assistant secretary or, in the absence of both the secretary and assistant secretaries, an individual appointed by the Board of Directors or, in the absence of such appointment, an individual appointed by the chairman of the meeting shall act as secretary. In the event that the secretary presides at a meeting of the stockholders, an assistant secretary, or, in the absence of assistant secretaries, an individual appointed by the Board of Directors or the chairman of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of stockholders shall be determined by the chairman of the meeting. The chairman of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of the chairman and without any action by the stockholders, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to stockholders of record of the Corporation, their duly authorized proxies and other such individuals as the chairman of the meeting may determine; (c) limiting participation at the meeting on any matter to stockholders of record of the Corporation entitled to vote on such matter, their duly authorized proxies or other such individuals as the chairman of the meeting may determine; (d) limiting the time allotted to questions or comments by participants; (e) determining when the polls should be opened and closed; (f) maintaining order and security at the meeting; (g) removing any stockholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairman of the meeting; (h) concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place announced at the meeting; and (i) complying with any state and local laws and regulations concerning safety and security. Unless otherwise determined by the chairman of the meeting, meetings of stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

Section 6. <u>QUORUM.</u> The presence in person or by proxy of the holders of shares of stock of the Corporation equal to one-third of the votes entitled to be cast (without regard to class) shall constitute a quorum at any meeting of the stockholders, except with respect to any such matter that, under applicable statutes or regulatory requirements, requires approval by a separate vote of one or more classes of stock, in which case the presence in person or by proxy of the holders of shares entitled to cast a majority of the votes entitled to be cast by each such class on such a matter shall constitute a quorum. This section shall not affect any requirement under any statute or the charter of the Corporation for the vote necessary for the adoption of any measure.

If, however, such quorum shall not be present at any meeting of the stockholders, the chairman of the meeting shall have the power to (a) adjourn the meeting from time to time to a date not more than 120 days after the original record date without notice other than announcement at the meeting or (b) conclude the meeting without adjournment to another date. If a meeting is adjourned and a quorum is present at such adjournment, any business may be transacted which might have been transacted at the meeting as originally notified.

The stockholders present either in person or by proxy, at a meeting which has been duly called and convened, may continue to transact business until adjournment, notwithstanding the withdrawal of enough stockholders to leave less than a quorum.

Section 7. <u>VOTING</u>. Directors shall be elected, at all meetings of the stockholders at which directors are to be elected, by a plurality of the votes cast on the matter. Each share may be voted for as many individuals as there are directors to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of stockholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless more than a majority of the votes cast is required by statute or by the charter of the Corporation. Unless otherwise provided in the charter, each outstanding share, regardless of class, shall be entitled to one vote on each matter submitted to a vote at a meeting of stockholders.

Section 8. <u>PROXIES.</u> A stockholder may cast the votes entitled to be cast by the holder of the shares of stock owned of record by the stockholder in person or by proxy executed by the stockholder or by the stockholder's duly authorized agent in any manner permitted by law. Such proxy or evidence of authorization of such proxy shall be filed with the secretary of the Corporation before or at the meeting. No proxy shall become invalid due to the adjournment or postponement of a meeting of stockholders, or a change in the record date for such meeting, unless so provided in the proxy. No proxy shall be valid more than eleven months after its date unless otherwise provided in the proxy.

Section 9. <u>VOTING OF STOCK BY CERTAIN HOLDERS</u>. Stock of the Corporation registered in the name of a corporation, partnership, trust or other entity, if entitled to be voted, may be voted by the president or a vice president, a general partner or trustee thereof, as the case may be, or a proxy appointed by any of the foregoing individuals, unless some other person who has been appointed to vote such stock pursuant to a bylaw or a resolution of the governing body of such corporation or other entity or agreement of the partners of a partnership presents a certified copy of such bylaw, resolution or agreement, in which case such person may vote such stock. Any director or other fiduciary may vote stock registered in his or her name as such fiduciary, either in person or by proxy.

Shares of stock of the Corporation directly or indirectly owned by it shall not be voted at any meeting and shall not be counted in determining the total number of outstanding shares entitled to be voted at any given time, unless they are held by it in a fiduciary capacity, in which case they may be voted and shall be counted in determining the total number of outstanding shares at any given time.

The Board of Directors may adopt by resolution a procedure by which a stockholder may certify in writing to the Corporation that any shares of stock registered in the name of the stockholder are held for the account of a specified person other than the stockholder. The resolution shall set forth the class of stockholders who may make the certification, the purpose for which the certification may be made, the form of certification and the information to be contained in it; if the certification is with respect to a record date, the time after the record date within which the certification must be received by the Corporation; and any other provisions with respect to the procedure which the Board of Directors considers necessary or desirable. On receipt of such certification, the person specified in the certification shall be regarded as, for the purposes set forth in the certification, the stockholder of record of the specified stock in place of the stockholder who makes the certification.

Section 10. <u>INSPECTORS</u>. The Board of Directors or the chair of the meeting may appoint, before or at the meeting, one or more inspectors for the meeting and any successor thereto. The inspectors, if any, shall (i) determine the number of shares of stock represented at the meeting, in person or by proxy and the validity and effect of proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report such tabulation to the chair of the meeting, (iv) hear and determine all challenges and questions arising in connection with the right to vote and (v) do such acts as are proper to conduct the election or vote with fairness to all stockholders. Each such report shall be in writing and signed by him or her or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be prima facie evidence thereof.

Section 11. <u>ADVANCE NOTICE OF STOCKHOLDER NOMINEES FOR DIRECTOR AND OTHER STOCKHOLDER PROPOSALS</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Meetings of Stockholders</u>. (1) Nominations of individuals for election to the Board of Directors and the proposal of other business to be considered by the stockholders may be made at an annual meeting of stockholders (i) pursuant to the Corporation's notice of meeting, (ii) by or at the direction of the Board of Directors or (iii) by any stockholder of the Corporation who was a stockholder of record both at the time of giving of notice by the stockholder as provided for in this Section 11(a) and at the time of the annual meeting, who is entitled to vote at the meeting and who has complied with this Section 11(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For nominations or other business to be properly brought before an annual meeting by a stockholder pursuant to clause (iii) of paragraph (a)(1) of this Section 11, the stockholder must have given timely notice thereof in writing to the secretary of the Corporation and such other business must otherwise be a proper matter for action by the stockholders. To be timely, a stockholder's notice shall set forth all information required under this Section 11 and shall be delivered to the secretary at the principal executive office of the Corporation not earlier than the 150th day prior to the first anniversary of the date of the proxy statement for the preceding year's annual meeting nor later than 5:00 p.m., Eastern Time, on the 120th day prior to the first anniversary of the date of the proxy statement for the preceding year's annual meeting; provided, however, that in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year's annual meeting (or if an annual meeting has not previously been held), notice by the stockholder to be timely must be so delivered not earlier than the 150th day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the 120th day prior to the date of such annual meeting or the tenth day following the day on which public announcement of the date of such meeting is first made. The public announcement of a postponement or adjournment of an annual meeting shall not commence a new time period for the giving of a stockholder's notice as described above. Such stockholder's notice shall set forth (i) as to each individual whom the stockholder proposes to nominate for election or reelection as a director, (A) the name, age, business address and residence address of such individual, (B) the class, series and number of any shares of stock of the Corporation that are beneficially owned by such individual, (C) the date such shares were acquired and the investment intent of such acquisition, (D) such individual's written consent to being named in the proxy statement as a nominee, (E) such individual's certification that he or she currently intends to serve as a director for the full term for which he or she is standing (if so elected) and (F) all other information relating to such individual that is required to be disclosed in solicitations of proxies for election of directors in an election contest (even if an election contest is not involved), or is otherwise required, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules thereunder; (ii) as to any other business that the stockholder proposes to bring before the meeting, a description of such business, the reasons for proposing such business at the meeting and any material interest in such business of such stockholder and any Stockholder Associated Person (as defined below), individually or in the aggregate, including any anticipated benefit to the stockholder or the Stockholder Associated Person therefrom; (iii) as to the stockholder giving the notice and any Stockholder Associated Person, (A) the class, series and number of all shares of stock of the Corporation which are owned by such stockholder and by such Stockholder Associated Person, if any, (B) the nominee holder for, and number of, shares owned beneficially but not of record by such stockholder and by any such Stockholder Associated Person, (C) whether and the extent to which any hedging or other transaction or series of transactions has been entered into by or on behalf of, or any other agreement, arrangement or understanding (including any short position or any borrowing or lending of shares) has been made, the effect or intent of which is to mitigate loss to or manage risk of share price changes for, or to increase the voting power of, such stockholder or any such Stockholder Associated Person with respect to any shares of stock of the Corporation (collectively, "Hedging Activities") and (D) a general description of whether and the extent to which such stockholder or such Stockholder Associated Person has engaged in Hedging Activities with respect to shares of stock or other equity interests of any other company; (iv) as to the stockholder giving the notice and any Stockholder Associated Person covered by clauses (ii) or (iii) of this paragraph (2) of this Section 11(a), (A) the name and address of such stockholder, as they appear on the Corporation's stock ledger and current name and address, if different, and of such Stockholder Associated Person, and (B) the investment strategy or objective, if any, of such stockholder or Stockholder Associated Person and a copy of the prospectus, offering memorandum or similar document, if any provided to investors or potential investors in such stockholder or Stockholder Associated Person; and (v) to the extent known by the stockholder giving the notice, the name and address of any other stockholder supporting the nominee for election or reelection as a director or the proposal of other business on the date of such stockholder's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) For purposes of this Section 11, "Stockholder Associated Person" of any stockholder shall mean (i) any person controlling, directly or indirectly, or acting in concert with, such stockholder, (ii) any beneficial owner of shares of stock of the Corporation owned of record or beneficially by such stockholder and (iii) any person controlling, controlled by or under common control with such Stockholder Associated Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Special Meetings of Stockholders</u>. Only such business shall be conducted at a special meeting of stockholders as shall have been brought before the meeting pursuant to the Corporation's notice of meeting. Nominations of individuals for election to the Board of Directors may be made at a special meeting of stockholders at which directors are to be elected (i) pursuant to the Corporation's notice of meeting, (ii) by or at the direction of the Board of Directors or (iii) provided that the Board of Directors has determined that directors shall be elected at such special meeting, by any stockholder of the Corporation who is a stockholder of record both at the time of giving of notice provided for in this Section 11 and at the time of the special meeting, who is entitled to vote at the meeting and who has complied with the notice procedures set forth in this Section 11. In the event the Corporation calls a special meeting of stockholders for the purpose of electing one or more individuals to the Board of Directors, any such stockholder may nominate an individual or individuals (as the case may be) for election as a director as specified in the Corporation's notice of meeting, if the stockholder's notice required by paragraph (a)(2) of this Section 11 shall be delivered to the secretary at the principal executive office of the Corporation not earlier than the 120th day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of the 90th day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. The public announcement of a postponement or adjournment of a special meeting shall not commence a new time period for the giving of a stockholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>General</u>. (1) If information submitted pursuant to this Section 11 by any stockholder proposing a nominee for election as a director or any proposal for other business at a meeting of stockholders shall be inaccurate to a material extent, such information may be deemed not to have been provided in accordance with this Section 11. Upon written request by the secretary or the Board of Directors, any stockholder proposing a nominee for election as a director or any proposal for other business at a meeting of stockholders shall provide, within five Business Days of delivery of such request (or such other period as may be specified in such request), (A) written verification, satisfactory, in the discretion of the Board of Directors or any authorized officer of the Corporation, to demonstrate the accuracy of any information submitted by the stockholder pursuant to this Section 11 and (B) a written update of any information previously submitted by the stockholder pursuant to this Section 11 as of an earlier date. If a stockholder fails to provide such written verification or written update within such period, the information as to which written verification or a written update was requested may be deemed not to have been provided in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Only such individuals who are nominated in accordance with this Section 11 shall be eligible for election by stockholders as directors, and only such business shall be conducted at a meeting of stockholders as shall have been brought before the meeting in accordance with this Section 11. The chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For purposes of this Section 11, "public announcement" shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or (ii) in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to the Exchange Act or the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding the foregoing provisions of this Section 11, a stockholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 11. Nothing in this Section 11 shall be deemed to affect any right of a stockholder to request inclusion of a proposal in, nor the right of the Corporation to omit a proposal from, the Corporation's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act.

Section 12. <u>VOTING BY BALLOT</u>. Voting on any question or in any election may be viva voce unless the presiding officer shall order or any stockholder shall demand that voting be by ballot.

Section 13. <u>CONTROL SHARE ACQUISITION ACT</u>. Notwithstanding any other provision of the charter of the Corporation or these Bylaws, Subtitle 7 of Title 3 of the Maryland General Corporation Law, or any successor statute (the "MGCL"), shall not apply to any acquisition by any person of shares of stock of the Corporation. This section may be repealed, in whole or in part, at any time, whether before or after an acquisition of control shares and, upon such repeal, may, to the extent provided by any successor bylaw, apply to any prior or subsequent control share acquisition.

Section 14. <u>STOCKHOLDER ACTION BY WRITTEN CONSENT</u>. Stockholders may take action or consent to any action by providing a consent in writing or by electronic transmission of the stockholders entitled to cast not less than the minimum number of votes that would be necessary to authorize or take the action at a meeting of the stockholders at which all stockholders entitled to vote on the action were present and voted. If such action by written consent is taken, such written consent shall promptly be transmitted to the secretary of the Corporation, and the Corporation shall give notice of the action not later than 10 days after the effective date of the action to each holder of the Corporation's stock and to each stockholder who, if the action had been taken at a meeting, would have been entitled to notice of the meeting.

**ARTICLE III**

**DIRECTORS**

Section 1. <u>GENERAL POWERS</u>. The business and affairs of the Corporation shall be managed under the direction of its Board of Directors.

Section 2. <u>NUMBER, TENURE AND QUALIFICATIONS</u>. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board of Directors may establish, increase or decrease the number of directors, provided that the number thereof shall never be less than the minimum number required by the MGCL, nor more than nine, and further provided that the tenure of office of a director shall not be affected by any decrease in the number of directors. Any director of the Corporation may resign at any time by delivering his or her resignation to the Board of Directors, the Chairman of the Board of Directors or the secretary. Any resignation shall take effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation.

Section 3. <u>ANNUAL AND REGULAR MEETINGS</u>. An annual meeting of the Board of Directors shall be held immediately after and at the same place as the annual meeting of stockholders, no notice other than this Bylaw being necessary. In the event such meeting is not so held, the meeting may be held at such time and place as shall be specified in a notice given as hereinafter provided for special meetings of the Board of Directors. Regular meetings of the Board of Directors shall be held from time to time at such places and times as provided by the Board of Directors by resolution, without notice other than such resolution.

Section 4. <u>SPECIAL MEETINGS.</u> Special meetings of the Board of Directors may be called by or at the request of the Chairman of the Board of Directors, the chief executive officer, the president or by a majority of the directors then in office. The person or persons authorized to call special meetings of the Board of Directors may fix any place as the place for holding any special meeting of the Board of Directors called by them. The Board of Directors may provide, by resolution, the time and place for the holding of special meetings of the Board of Directors without notice other than such resolution.

Section 5. <u>NOTICE</u>. Notice of any special meeting of the Board of Directors shall be delivered personally or by telephone, electronic mail, facsimile transmission, United States mail or courier to each director at his or her business or residence address. Notice by personal delivery, telephone, electronic mail or facsimile transmission shall be given at least 24 hours prior to the meeting. Notice by United States mail shall be given at least three days prior to the meeting. Notice by courier shall be given at least two days prior to the meeting. Telephone notice shall be deemed to be given when the director or his or her agent is personally given such notice in a telephone call to which the director or his or her agent is a party. Electronic mail notice shall be deemed to be given upon transmission of the message to the electronic mail address given to the Corporation by the director. Facsimile transmission notice shall be deemed to be given upon completion of the transmission of the message to the number given to the Corporation by the director and receipt of a completed answer-back indicating receipt. Notice by United States mail shall be deemed to be given when deposited in the United States mail properly addressed, with postage thereon prepaid. Notice by courier shall be deemed to be given when deposited with or delivered to a courier properly addressed. Neither the business to be transacted at, nor the purpose of, any annual, regular or special meeting of the Board of Directors need be stated in the notice, unless specifically required by statute or these Bylaws.

Section 6. <u>QUORUM</u>. A majority of the directors shall constitute a quorum for transaction of business at any meeting of the Board of Directors, provided that, if less than a majority of such directors are present at such meeting, a majority of the directors present may adjourn the meeting from time to time without further notice, and provided further that if, pursuant to applicable law, the charter of the Corporation or these Bylaws, the vote of a majority or other percentage of a particular group of directors is required for action, a quorum must also include a majority of such group.

The directors present at a meeting which has been duly called and convened may continue to transact business until adjournment, notwithstanding the withdrawal of enough directors to leave less than a quorum.

Section 7. <u>VOTING</u>. The action of a majority of the directors present at a meeting at which a quorum is present shall be the action of the Board of Directors, unless the concurrence of a greater proportion is required for such action by applicable statute or the charter. If enough directors have withdrawn from a meeting to leave less than a quorum but the meeting is not adjourned, the action of the majority of that number of directors necessary to constitute a quorum at such meeting shall be the action of the Board of Directors, unless the concurrence of a greater proportion is required for such action by applicable statute or the charter.

Section 8. <u>ORGANIZATION</u>. At each meeting of the Board of Directors, the Chairman of the Board of Directors or, in the absence of the Chairman, the Vice Chairman of the Board of Directors, if any, shall act as Chairman. In the absence of both the Chairman and Vice Chairman of the Board of Directors, the chief executive officer or in the absence of the chief executive officer, the president or in the absence of the president, a director chosen by a majority of the directors present, shall act as Chairman. The secretary or, in his or her absence, an assistant secretary of the Corporation, or in the absence of the secretary and all assistant secretaries, a person appointed by the Chairman, shall act as secretary of the meeting.

Section 9. <u>TELEPHONE MEETINGS.</u> Directors may participate in a meeting by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time. Subject to the requirements of the Investment Company Act, participation in a meeting by these means shall constitute presence in person at the meeting.

Section 10. <u>WRITTEN CONSENT BY DIRECTORS</u>. Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting, if a consent to such action is given in writing or by electronic transmission and is filed with the minutes of proceedings of the Board of Directors; provided however, this Section 10 does not apply to any action of the directors pursuant to the Investment Company Act, that requires the vote of the directors to be cast in person at a meeting.

.

Section 11. <u>VACANCIES</u>. If for any reason any or all the directors cease to be directors, such event shall not terminate the Corporation or affect these Bylaws or the powers of the remaining directors hereunder, if any. Pursuant to the Corporation's election in Article V of the charter, except as may be provided by the Board of Directors in setting the terms of any class or series of preferred stock, (a) any vacancy on the Board of Directors may be filled only by a majority of the remaining directors, even if the remaining directors do not constitute a quorum, and (b) any director elected to fill a vacancy shall serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies.

Section 12. <u>COMPENSATION</u>. Directors shall not receive any stated salary for their services as directors but, by resolution of the Board of Directors, may receive compensation per year and/or per meeting and/or per visit to real property or other facilities owned or leased by the Corporation and for any service or activity they performed or engaged in as directors. Directors may be reimbursed for expenses of attendance, if any, at each annual, regular or special meeting of the Board of Directors or of any committee thereof and for their expenses, if any, in connection with each property visit and any other service or activity they performed or engaged in as directors; but nothing herein contained shall be construed to preclude any directors from serving the Corporation in any other capacity and receiving compensation therefor.

Section 13. <u>LOSS OF DEPOSITS</u>. No director shall be liable for any loss which may occur by reason of the failure of the bank, trust company, savings and loan association or other institution with whom moneys or stock have been deposited.

Section 14. <u>SURETY BONDS</u>. Unless required by law, no director shall be obligated to give any bond or surety or other security for the performance of any of his or her duties.

Section 15. <u>RELIANCE</u>. Each director and officer of the Corporation shall, in the performance of his or her duties with respect to the Corporation, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an officer or employee of the Corporation whom the director or officer reasonably believes to be reliable and competent in the matters presented, by a lawyer, certified public accountant or other person, as to a matter which the director or officer reasonably believes to be within the person's professional or expert competence, or, with respect to a director, by a committee of the Board of Directors on which the director does not serve, as to a matter within its designated authority, if the director reasonably believes the committee to merit confidence.

Section 16. <u>RATIFICATION</u>. Pursuant to Section 2-702 of the MGCL and otherwise to the extent permitted by applicable law, the Board of Directors or the stockholders may ratify and make binding on the Corporation any defective corporate act (as defined in Section 2-701 of the MGCL) to the fullest extent of applicable law. Ratification of a defective corporate act shall be binding to the extent provided in Section 2-703 of the MCGL or as otherwise permitted under applicable law. Moreover, any action or inaction questioned in any stockholders' derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a director, officer or stockholder, non-disclosure, miscomputation or the application of improper principles or practices of accounting may be ratified, before or after judgment, by the Board of Directors or by the stockholders, and such ratification shall be binding upon the Corporation and its stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.

Section 17. <u>EMERGENCY PROVISIONS</u>. Notwithstanding any other provision in the charter or these Bylaws, this Section 17 shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Directors under Article III of these Bylaws cannot readily be obtained (an "Emergency"). During any Emergency, unless otherwise provided by the Board of Directors, (i) a meeting of the Board of Directors or a committee thereof may be called by any director or officer by any means feasible under the circumstances; (ii) notice of any meeting of the Board of Directors during such an Emergency may be given less than 24 hours prior to the meeting to as many directors and by such means as may be feasible at the time, including publication, television or radio and (iii) the number of directors necessary to constitute a quorum shall be one-third of the entire Board of Directors.

**ARTICLE IV**

**COMMITTEES**

Section 1. <u>NUMBER, TENURE AND QUALIFICATIONS</u>. The Board of Directors may appoint from among its members an Executive Committee, an Audit Committee, a Valuation Committee, a Compensation Committee, a Nominating and Corporate Governance Committee and other committees, composed of one or more directors, to serve at the pleasure of the Board of Directors.

Section 2. <u>POWERS</u>. The Board of Directors may delegate to committees appointed under Section 1 of this Article any of the powers of the Board of Directors, except as prohibited by law.

Section 3. <u>MEETINGS</u>. Notice of committee meetings shall be given in the same manner as notice for special meetings of the Board of Directors. A majority of the members of the committee shall constitute a quorum for the transaction of business at any meeting of the committee. The act of a majority of the committee members present at a meeting shall be the act of such committee. The Board of Directors may designate a chairman of any committee, and such chairman or, in the absence of a chairman, any two members of any committee (if there are at least two members of the Committee) may fix the time and place of its meeting unless the Board of Directors shall otherwise provide. In the absence of any member of any such committee, the members thereof present at any meeting, whether or not they constitute a quorum, may appoint another director to act in the place of such absent member. Each committee shall keep minutes of its proceedings.

Section 4. <u>TELEPHONE MEETINGS</u>. Members of a committee of the Board of Directors may participate in a meeting by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time. Participation in a meeting by these means shall constitute presence in person at the meeting.

Section 5. <u>WRITTEN CONSENT BY COMMITTEES</u>. Any action required or permitted to be taken at any meeting of a committee of the Board of Directors may be taken without a meeting, if a consent to such action is given in writing or by electronic transmission by each member of the committee and is filed with the minutes of proceedings of such committee.

Section 6. <u>VACANCIES</u>. Subject to the provisions hereof, the Board of Directors shall have the power at any time to change the membership of any committee, to fill any vacancy, to designate one or more alternate members to replace any absent or disqualified member or to dissolve any such committee. Subject to the power of the Board of Directors, the members of the committee shall have the power to fill any vacancies on the committee.

**ARTICLE V**

**OFFICERS**

Section 1. <u>GENERAL PROVISIONS</u>. The officers of the Corporation shall include a president, a secretary and a treasurer and may include a chief executive officer, one or more vice presidents, a chief operating officer, a chief financial officer, a chief investment officer, a chief compliance officer, one or more assistant secretaries and one or more assistant treasurers. In addition, the Board of Directors may from time to time elect such other officers with such powers and duties as it shall deem necessary or desirable. The Board of Directors may designate a Chairman of the Board of Directors and a Vice Chairman of the Board of Directors, who shall not, solely by reason of such designation, be officers of the Corporation but shall have such powers and duties as determined by the Board of Directors from time to time. The officers of the Corporation shall be elected annually by the Board of Directors, except that the chief executive officer or president may from time to time appoint one or more vice presidents, assistant secretaries, assistant treasurers or other officers. Each officer shall serve until his or her successor is elected and qualifies or until death, resignation or removal in the manner hereinafter provided. Any two or more offices except president and vice president may be held by the same person. Election of an officer or agent shall not of itself create contract rights between the Corporation and such officer or agent.

Section 2. <u>REMOVAL AND RESIGNATION</u>. Any officer or agent of the Corporation may be removed, with or without cause, by the Board of Directors if, in its judgment, the best interests of the Corporation would be served thereby, but such removal shall be without prejudice to the contract rights, if any, of the person so removed. Any officer of the Corporation may resign at any time by giving written notice of his or her resignation to the Board of Directors, the Chairman of the Board of Directors, the president or the secretary. Any resignation shall take effect immediately upon its receipt or at such later time specified in the notice of resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Corporation.

Section 3. <u>VACANCIES</u>. A vacancy in any office may be filled by the Board of Directors for the balance of the term.

Section 4. <u>CHIEF EXECUTIVE OFFICER</u>. The Board of Directors may designate a chief executive officer. In the absence of such designation, the president shall be the chief executive officer of the Corporation. The chief executive officer shall have general responsibility for implementation of the policies of the Corporation, as determined by the Board of Directors, and for the management of the business and affairs of the Corporation. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board of Directors or by these Bylaws to some other officer or agent of the Corporation or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of chief executive officer and such other duties as may be prescribed by the Board of Directors from time to time.

Section 5. <u>CHIEF OPERATING OFFICER</u>. The Board of Directors may designate a chief operating officer. The chief operating officer shall have the responsibilities and duties as determined by the Board of Directors or the chief executive officer.

Section 6. <u>CHIEF INVESTMENT OFFICER</u>. The Board of Directors may designate a chief investment officer. The chief investment officer shall have the responsibilities and duties as determined by the Board of Directors or the chief executive officer.

Section 7. <u>CHIEF FINANCIAL OFFICER</u>. The Board of Directors may designate a chief financial officer. The chief financial officer shall have the responsibilities and duties as set forth by the Board of Directors or the chief executive officer.

Section 8. <u>CHIEF COMPLIANCE OFFICER</u>. The chief compliance officer, subject to the direction of and reporting to the Board of Directors, shall be responsible for the oversight of the Corporation's compliance with the federal securities laws. The designation, compensation and removal of the chief compliance officer must be approved by the Board of Directors, including a majority of the directors who are not "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act) of the Corporation. The chief compliance officer shall perform such executive, supervisory and management functions and duties as may be assigned to him or her from time to time.

Section 9. <u>PRESIDENT</u>. In the absence of a designation of a chief executive officer by the Board of Directors, the president shall be the chief executive officer. He or she may execute any deed, mortgage, bond, contract or other instrument, except in cases where the execution thereof shall be expressly delegated by the Board of Directors or by these Bylaws to some other officer or agent of the Corporation or shall be required by law to be otherwise executed; and in general shall perform all duties incident to the office of president and such other duties as may be prescribed by the Board of Directors from time to time.

Section 10. <u>VICE PRESIDENTS</u>. In the absence of the president or in the event of a vacancy in such office, the vice president (or in the event there is more than one vice president, the vice presidents in the order designated at the time of their election or, in the absence of any designation, then in the order of their election) shall perform the duties of the president and, when so acting, shall have all the powers of, and be subject to all the restrictions upon, the president and shall perform such other duties as from time to time may be assigned to such vice president by the president or by the Board of Directors. The Board of Directors may designate one or more vice presidents as executive vice president or as vice president for particular areas of responsibility.

Section 11. <u>SECRETARY</u>. The secretary shall: (a) keep the minutes of the proceedings of the stockholders, the Board of Directors and committees of the Board of Directors in one or more books provided for that purpose; (b) see that all notices are duly given in accordance with the provisions of these Bylaws or as required by law; (c) be custodian of the corporate records and of the seal of the Corporation; (d) keep a register of the post office address of each stockholder which shall be furnished to the secretary by such stockholder; (e) have general charge of the stock transfer books of the Corporation; and (f) in general, perform such other duties as from time to time may be assigned to him by the chief executive officer, the president or the Board of Directors.

Section 12. <u>TREASURER</u>. The treasurer shall keep full and accurate accounts of receipts and disbursements in books belonging to the Corporation and shall deposit all moneys and other valuable effects in the name and to the credit of the Corporation in such depositories as may be designated by the Board of Directors. In the absence of a designation of a chief financial officer by the Board of Directors, the treasurer shall be the chief financial officer of the Corporation.

The treasurer shall disburse the funds of the Corporation as may be ordered by the Board of Directors, taking proper vouchers for such disbursements, and shall render to the president and Board of Directors, at the regular meetings of the Board of Directors or whenever it may so require, an account of all his or her transactions as treasurer and of the financial condition of the Corporation.

Section 13. <u>ASSISTANT SECRETARIES AND ASSISTANT TREASURERS.</u> The assistant secretaries and assistant treasurers, in general, shall perform such duties as shall be assigned to them by the secretary or treasurer, respectively, or by the president or the Board of Directors.

**ARTICLE VI**

**CONTRACTS, LOANS, CHECKS AND DEPOSITS**

Section 1. <u>CONTRACTS</u>. The Board of Directors may authorize any officer or agent to enter into any contract or to execute and deliver any instrument in the name of and on behalf of the Corporation, and such authority may be general or confined to specific instances. Any agreement, deed, mortgage, lease or other document shall be valid and binding upon the Corporation when authorized or ratified by action of the Board of Directors and executed by an authorized person.

Section 2. <u>CHECKS AND DRAFTS.</u> All checks, drafts or other orders for the payment of money, notes or other evidences of indebtedness issued in the name of the Corporation shall be signed by such officer or agent of the Corporation in such manner as shall from time to time be determined by the Board of Directors.

Section 3. <u>DEPOSITS.</u> All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks, trust companies or other depositories as the Board of Directors may designate.

**ARTICLE VII**

**STOCK**

Section 1. <u>CERTIFICATES; REQUIRED INFORMATION.</u> The Corporation may issue some or all of the shares of any or all of the Corporation's classes or series of stock without certificates if authorized by the Board of Directors. In the event that the Corporation issues shares of stock represented by certificates, such certificates shall be in such form as prescribed by the Board of Directors or a duly authorized officer, shall contain the statements and information required by the MGCL and shall be signed by the officers of the Corporation in the manner permitted by the MGCL. In the event that the Corporation issues shares of stock without certificates, to the extent then required by the MGCL, the Corporation shall provide to the record holders of such shares a written statement of the information required by the MGCL to be included on stock certificates. There shall be no differences in the rights and obligations of stockholders based on whether or not their shares are represented by certificates. If a class or series of stock is authorized by the Board of Directors to be issued without certificates, no stockholder shall be entitled to a certificate or certificates representing any shares of such class or series of stock held by such stockholder unless otherwise determined by the Board of Directors and then only upon written request by such stockholder to the secretary of the Corporation.

Section 2. <u>TRANSFERS</u>. All transfers of stock shall be made on the books of the Corporation, by the holder of the shares, in person or by his or her attorney, in such manner as the Board of Directors or any officer of the Corporation may prescribe and, if such shares are certificated, upon surrender of certificates duly endorsed. The issuance of a new certificate upon the transfer of certificated shares is subject to the determination of the Board of Directors that such shares shall no longer be represented by certificates. Upon the transfer of uncertificated shares, to the extent then required by the MGCL, the Corporation shall provide to record holders of such shares a written statement of the information required by the MGCL to be included on stock certificates.

The Corporation shall be entitled to treat the holder of record of any share of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or on the part of any other person, whether or not it shall have express or other notice thereof, except as otherwise provided by the laws of the State of Maryland.

Notwithstanding the foregoing, transfers of shares of any class or series of stock will be subject in all respects to the charter of the Corporation and all of the terms and conditions contained therein.

Section 3. <u>REPLACEMENT CERTIFICATE</u>. Any officer of the Corporation may direct a new certificate or certificates to be issued in place of any certificate or certificates theretofore issued by the Corporation alleged to have been lost, destroyed, stolen or mutilated upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, destroyed, stolen or mutilated; provided, however, if such shares have ceased to be certificated, no new certificate shall be issued unless requested in writing by such stockholder and the Board of Directors has determined such certificates may be issued. Unless otherwise determined by an officer of the Corporation, the owner of such lost, destroyed, stolen or mutilated certificate or certificates, or his or her legal representative, shall be required, as a condition precedent to the issuance of a new certificate or certificates, to give the Corporation a bond in such sums as it may direct as indemnity against any claim that may be made against the Corporation.

Section 4. <u>FIXING OF RECORD DATE.</u> The Board of Directors may set, in advance, a record date for the purpose of determining stockholders entitled to notice of or to vote at any meeting of stockholders or determining stockholders entitled to receive payment of any dividend or the allotment of any other rights, or in order to make a determination of stockholders for any other proper purpose. Such date, in any case, shall not be prior to the close of business on the day the record date is fixed and shall be not more than 90 days and, in the case of a meeting of stockholders, not less than ten days, before the date on which the meeting or particular action requiring such determination of stockholders of record is to be held or taken.

When a determination of stockholders entitled to vote at any meeting of stockholders has been made as provided in this section, such determination shall apply to any adjournment or postponement thereof, except when the meeting is adjourned or postponed to a date more than 120 days after the record date fixed for the original meeting, in which case a new record date shall be determined as set forth herein.

Section 5. <u>STOCK LEDGER.</u> The Corporation shall maintain at its principal office or at the office of its counsel, accountants or transfer agent an original or duplicate share ledger containing the name and address of each stockholder and the number of shares of each class held by such stockholder.

Section 6. <u>FRACTIONAL STOCK; ISSUANCE OF UNITS.</u> The Board of Directors may issue fractional stock or provide for the issuance of scrip, all on such terms and under such conditions as they may determine. Notwithstanding any other provision of the charter or these Bylaws, the Board of Directors may issue units consisting of different securities of the Corporation. Any security issued in a unit shall have the same characteristics as any identical securities issued by the Corporation, except that the Board of Directors may provide that for a specified period securities of the Corporation issued in such unit may be transferred on the books of the Corporation only in such unit.

**ARTICLE VIII**

**ACCOUNTING YEAR**

The Board of Directors shall have the power, from time to time, to fix the fiscal year of the Corporation by a duly adopted resolution.

**ARTICLE IX**

**DISTRIBUTIONS**

Section 1. <u>AUTHORIZATION.</u> Dividends and other distributions upon the stock of the Corporation may be authorized by the Board of Directors, subject to the provisions of law and the charter of the Corporation. Dividends and other distributions may be paid in cash, property or stock of the Corporation, subject to the provisions of law and the charter.

Section 2. <u>CONTINGENCIES.</u> Before payment of any dividends or other distributions, there may be set aside out of any assets of the Corporation available for dividends or other distributions such sum or sums as the Board of Directors may from time to time, in its absolute discretion, think proper as a reserve fund for contingencies, for equalizing dividends, for repairing or maintaining any property of the Corporation or for such other purpose as the Board of Directors shall determine, and the Board of Directors may modify or abolish any such reserve.

**ARTICLE X**

**SEAL**

Section 1. <u>SEAL</u>. The Board of Directors may authorize the adoption of a seal by the Corporation. The seal shall contain the name of the Corporation and the year of its incorporation and the words "Incorporated Maryland." The Board of Directors may authorize one or more duplicate seals and provide for the custody thereof.

Section 2. <u>AFFIXING SEAL.</u> Whenever the Corporation is permitted or required to affix its seal to a document, it shall be sufficient to meet the requirements of any law, rule or regulation relating to a seal to place the word "(SEAL)" adjacent to the signature of the person authorized to execute the document on behalf of the Corporation.

**ARTICLE XI**

**WAIVER OF NOTICE**

Whenever any notice is required to be given pursuant to the charter of the Corporation or these Bylaws or pursuant to applicable law, a waiver thereof in writing, signed by the person or persons entitled to such notice, whether before or after the time stated therein, shall be deemed equivalent to the giving of such notice. Neither the business to be transacted at nor the purpose of any meeting need be set forth in the waiver of notice, unless specifically required by statute. The attendance of any person at any meeting shall constitute a waiver of notice of such meeting, except where such person attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting is not lawfully called or convened.

**ARTICLE XII**

**INVESTMENT COMPANY ACT**

In the event the Corporation registers as an investment company under the Investment Company Act, if and to the extent that any provision of the MGCL, including, without limitation, Subtitle 6 and, if then applicable, Subtitle 7, of Title 3 of the MGCL, or any provision of the Charter or these Bylaws conflicts with any provision of the Investment Company Act, the applicable provision of the Investment Company Act shall control.

**ARTICLE XIII**

**AMENDMENT OF BYLAWS**

The Board of Directors shall have the exclusive power, at any time, to adopt, alter or repeal any provision of these Bylaws and to make new Bylaws.

## Ex-99.(G)

**Exhibit (g)**

**INVESTMENT ADVISORY AGREEMENT<br> BETWEEN<br> BUTTONWOOD FIRST ACCESS FUND LTD.<br> AND<br> BUTTONWOOD GROUP ADVISORS LLC**

This Investment Advisory Agreement, dated as of [●], 2026 (this "Agreement"), is made between Buttonwood First Access Fund Ltd., a Maryland corporation (the "Fund"), and Buttonwood Group Advisors LLC, a Delaware limited liability company (the "Adviser").

WHEREAS, the Fund is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (together with the rules promulgated thereunder, the "1940 Act");

WHEREAS, the Fund desires to retain the Adviser to provide investment advisory services to the Fund in the manner and on the terms and conditions hereinafter set forth;

WHEREAS, the Adviser is willing to provide investment advisory services to the Fund in the manner and on the terms and conditions hereinafter set forth; and

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (together with the rules promulgated thereunder, the "Advisers Act").

NOW, THEREFORE, in consideration of the premises and the covenants hereinafter contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Fund and the Adviser hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **In General.** 

The Adviser agrees, all as more fully set forth herein, to act as investment adviser to the Fund with respect to the investment of the Fund's assets and to supervise and arrange for the day-to-day operations of the Fund and the purchase, management and sale of assets comprising the investment portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Duties and Obligations of the Adviser with Respect to Investment of Assets of the Fund.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the succeeding provisions of this paragraph, including, without limitation, paragraph (d) of this Section 2, and subject to the direction and control of the Fund's board of directors (the "Board" and each member, a "Director"), the Adviser shall act as the investment adviser to the Fund and shall manage the investment, disposition and reinvestment of the assets of the Fund. Without limiting the generality of the foregoing, the Adviser shall, during the term and subject to the provisions of this Agreement,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) determine the composition of the portfolio of the Fund, the nature and timing of the changes therein and the manner of implementing
such changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identify, evaluate and negotiate the structure of the investments made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) execute, close, service and monitor the investments that the Fund makes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) determine the securities and other assets that the Fund will purchase, retain or sell;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) perform due diligence on prospective portfolio companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) provide the Fund with such other investment advisory, research and related services as the Fund may, from time to time, reasonably
require for the investment of its funds, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) subject to the Fund's policies and procedures, manage the capital structure of the Fund, including, but not limited to, asset
and liability management and liquidity maintenance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the supervision of the Board, the Adviser shall have the power and authority on behalf of the Fund to effectuate its investment decisions for the Fund, including the execution and delivery of all documents relating to the Fund's investments and the placing of orders for other purchase or sale transactions on behalf of the Fund. In the event that the Fund determines to acquire debt financing or to refinance existing debt financing, the Adviser shall arrange for such financing on the Fund's behalf, subject to the oversight and approval of the Board. If it is necessary for the Adviser to make investments on behalf of the Fund through one or more subsidiaries or special purpose vehicles ("SPVs"), the Adviser shall have authority to create or arrange for the creation of such subsidiaries or SPVs and to make such investments through such subsidiaries or SPVs (in accordance with the 1940 Act). Nothing contained herein shall be construed to restrict the Fund's right to hire its own employees or to contract for administrative services to be performed by third parties, including, but not limited to, the calculation of the net asset value of the shares of the Fund ("Shares").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the performance of its duties under this Agreement, the Adviser shall at all times use all reasonable efforts to conform to and act in accordance with any requirements imposed by (i) the provisions of the 1940 Act, and of any rules or regulations in force thereunder, subject to the terms of any exemptive order applicable to the Fund; (ii) any other applicable provision of law; (iii) the provisions of the Fund's Articles of Incorporation and the Fund's Bylaws, as such documents may be amended from time to time; (iv) the investment objective, policies and restrictions applicable to the Fund as set forth in the reports and/or registration statements or prospectuses ("Prospectus") that the Fund files with the Securities and Exchange Commission (the "SEC"), as they may be amended from time to time by the Board; and (v) any policies and determinations of the Board that are provided in writing to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser may engage one or more investment advisers (each, a "Sub-Adviser") that are registered under the Advisers Act to provide the Fund with any of the services required to be performed by the Adviser under this Agreement, all as shall be set forth in a written contract (each, a "Sub-Advisory Agreement") to which the Adviser and Sub-Adviser shall be parties. Any such Sub-Advisory Agreement shall be subject to approval by the vote of a majority of the members of the Board who are not "interested persons" (as such term is defined in Section 2(a)(19) of the 1940 Act) of the Adviser, any Sub-Adviser, or of the Fund (each, an "Independent Director"), cast in person at a meeting called for the purpose of voting on such approval and, to the extent required by the 1940 Act, by the vote of a majority of the outstanding voting securities of the Fund and otherwise consistent with the terms of the 1940 Act. The Adviser and not the Fund shall be responsible for any compensation payable to any Sub-Adviser; provided, however, that the Adviser shall have the right to direct the Fund to pay directly to any Sub-Adviser the amounts due and payable to such Sub-Adviser from the fees and expenses payable to the Adviser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Adviser shall maintain all books and records with respect to the Fund's securities transactions required by sub-paragraphs (b)(5), (6), (9) and (10) and paragraph (f) of Rule 31a-1 under the 1940 Act (other than those records being maintained by the administrator to the Fund under the administration agreement, or by the Fund's custodian or transfer agent) and preserve such records for the periods prescribed therefor by Rule 31a-2 under the 1940 Act. The Adviser shall have the right to retain copies, or originals of such records to the extent required by applicable law, subject to observance of its confidentiality obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser shall have discretionary authority to exercise voting rights with respect to the investments that it manages (the "Adviser Assets"). The Adviser, including, without limitation, its designee, shall have the power to vote, either in person or by proxy, all securities and other investments in which the Adviser Assets may be invested from time to time and shall not be required to seek or take instructions from the Fund or take any action with respect thereto. Such authorization shall include the ability to exercise authority with regard to corporate actions affecting investments in the Adviser Assets.

The Adviser shall establish and maintain a written procedure for proxy voting in compliance with current applicable rules and regulations, including but not limited to Rule 30b1-4 under the 1940 Act. The Adviser shall provide the Fund or its designee a copy of such procedures and establish a process for the timely distribution of the Adviser's voting record with respect to the Fund's securities and other information necessary for the Fund to complete any filings required by the SEC under the 1940 Act, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, and the Sarbanes-Oxley Act of 2002, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser is hereby authorized, on behalf of the Fund and at the direction of the Board pursuant to delegated authority, to possess, transfer, mortgage, pledge or otherwise deal in and exercise all rights, powers, privileges and other incidents of ownership or possession with respect to the Fund's investments and other property and funds held or owned by the Fund, including voting and providing consents and waivers with respect to the Fund's investments and exercising and enforcing rights with respect to any claims relating to the Fund's investments and other property and funds, including with respect to litigation, bankruptcy or other reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Adviser will provide to the Board such periodic and special reports as it may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection herewith, the Adviser agrees to maintain such a staff within its organization as is necessary and appropriate to furnish the above services to the Fund. The expenses incurred by the Adviser and its officers and employees, when and to the extent engaged in providing investment advisory and management services hereunder, and the compensation and routine overhead expenses of such personnel allocable to such services shall be provided and paid for by the Adviser and not by the Fund. For the avoidance of doubt, unless the Adviser elects to bear or waive any of the following costs (in its sole and absolute discretion), the Fund shall bear all other costs and expenses of its operations and transactions, including, without limitation, those relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any non-investment related interest expense;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) calculating the Fund's net asset value and expenses incurred by the Adviser or any Sub-Adviser in
conjunction with the valuation services (including the cost and expenses of any third-party valuation firms) requested by the Adviser
or the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) all expenses related to its investment program, including, but not limited to, expenses borne indirectly
through the Fund's investments in subsidiaries or SPVs, all costs and expenses directly related to portfolio transactions and positions
for the Fund's account, such as direct and indirect expenses associated with the Fund's investments, including its investments
in subsidiaries or SPVs (whether or not consummated), and enforcing the Fund's rights in respect of such investments, transfer taxes
and premiums, taxes withheld on non-U.S. dividends, fees for data and software providers, research expenses, professional fees (including,
without limitation, the fees and expenses of consultants, attorneys and experts) and, 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;(iv) the organization of the Fund, including the organization of any feeder fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) direct and indirect expenses incurred by the Adviser or members of its investment teams or payable to
third parties in evaluating, developing, negotiating, structuring and performing due diligence on prospective portfolio companies, including
such expenses related to potential investments that were not consummated, and, if necessary, enforcing the Fund's rights, including
(a) travel, entertainment, lodging and meal expenses, (b) origination fees, syndication fees, research costs, due diligence costs, and
bank service fees and (c) fees and expenses related to the organization or maintenance of any intermediate entity used to acquire, hold
or dispose of any portfolio company or otherwise facilitating the Fund's investment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) fees and expenses incurred by the Adviser (and its affiliates) payable to third parties, including agents,
affiliates, consultants or other advisers, in monitoring financial and legal affairs for the Fund and in conducting research and due diligence
on prospective investments and equity sponsors, analyzing investment opportunities, structuring the Fund's investments and monitoring
investments and portfolio companies on an ongoing basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) any and all fees, costs and expenses incurred in connection with the Fund's incurrence of leverage
or other indebtedness, including, but not limited to, borrowings, dollar rolls, reverse purchase agreements, credit facilities, securitizations,
margin financing and derivatives and swaps, and including any principal or interest on the Fund's borrowings and indebtedness (including,
without limitation, any fees, costs, and expenses incurred in obtaining lines of credit, loan commitments, and letters of credit for the
Fund's account and in making, carrying, funding and/or otherwise resolving investment guarantees);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) offerings, sales, and repurchases of the Shares and other securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) fees and expenses payable under any underwriting, dealer manager or placement agent agreements, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) all costs of registration and listing of the Fund's Shares on any securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) fees and expenses payable under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) administration fees and expenses, if any, payable under an administration agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) the Fund's allocable portion of the compensation of the Fund's chief financial officer, chief
compliance officer, and their respective staffs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) costs incurred in connection with investor relations and Board relations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) any applicable administrative agent fees or loan arranging fees incurred with respect to the Fund's
portfolio investments by the Adviser, the Fund's administrator, or any of their affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) any and all fees, costs and expenses incurred in implementing or maintaining third-party
or proprietary software tools, programs or other technology for the Fund's benefit (including, without limitation, any and all fees,
costs and expenses of any investment, books and records, portfolio compliance and reporting systems, general ledger or portfolio accounting
systems and similar systems and services, including without limitation, consultant, software licensing, data management and recovery service
fees and expenses);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) transfer agent, dividend agent and custodial fees and expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) federal and state registration fees, including notice filing fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) federal, state and local taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) fees and expenses of Independent Directors including reasonable travel, entertainment, lodging and meal
expenses, and any legal counsel or other advisers retained by, or at the discretion or for the benefit of, the Independent Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) costs of preparing and filing reports or other documents required by the SEC, Financial Industry Regulatory
Authority, Inc., U.S. Commodity Futures Trading Commission, or other regulators and all fees, costs and expenses related to compliance-related
matters (such as developing and implementing specific policies and procedures in order to comply with certain regulatory requirements)
and regulatory filings related to the Fund's activities and/or other regulatory filings, notices or disclosures of the Adviser,
any Sub-Adviser and their respective affiliates relating to the Fund and its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) costs of any reports, proxy statements, or other notices to shareholders, including printing costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiii) fidelity bond, directors and officers/errors and omissions liability insurance and any other insurance
premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxiv) direct costs and expenses of administration, including printing, mailing, long distance telephone, copying,
secretarial and other staff, independent auditors, tax preparers and outside legal costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxv) proxy voting expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvi) all expenses relating to payments of dividends or interest or distributions in cash or any other form
made or caused to be made by the Board to or on account of holders of the securities of the Fund, including in connection with the distribution
reinvestment plan or the share repurchase program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxvii) costs incurred in connection with the formation or maintenance of entities or vehicles to hold the Fund's
assets for tax or other purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxviii) to the extent permitted by the 1940 Act or any exemptive relief obtained thereunder, allocable fees and
expenses associated with marketing efforts on behalf of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxix) any extraordinary expenses, or those expenses incurred by the Fund outside of the ordinary course of its
business, including, without limitation, costs incurred in connection with any claim, litigation, arbitration, mediation, government investigation
or similar proceeding, indemnification expenses and expenses in connection with holding and/or soliciting proxies for a meeting of the
Fund's shareholders, including indemnification expenses as provided for in the Fund's organizational documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in Section (3)(a)(xiii), above, during the term of this Agreement, the Adviser shall bear all compensation expenses (including health insurance, pension benefits, payroll taxes and other compensation related matters) of its employees and shall bear the costs of any salaries of any officers or Directors of the Fund who are affiliated persons (as defined in the 1940 Act) of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Services Not Exclusive.** 

Nothing in this Agreement shall prevent the Adviser or any officer, employee or other affiliate thereof from acting as investment adviser for any other person, firm or corporation whether or not affiliated with the Fund or the Adviser and whether or not the investment objectives or policies of any such other person, firm, or corporation are similar to those of the Fund, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Adviser or any of its officers, employees or agents from buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Confidentiality.** 

The parties hereto agree that each shall treat confidentially all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto, including all "nonpublic personal information," as defined under the Gramm-Leach-Bliley Act of 1999 (Public law 106-102, 113 Stat. 1338), shall be used by the other party hereto solely for the purpose of rendering services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party, without the prior consent of such providing party, except that such confidential information may be disclosed to an affiliate or agent of the disclosing party to be used for the sole purpose of providing the services set forth herein. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is requested by or required to be disclosed to any governmental or regulatory authority, including in connection with any required regulatory filings or examinations, by judicial or administrative process or otherwise by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Best Execution; Research Services.** 

It is acknowledged that the Adviser may use a broker or dealer, including its affiliate Joseph Gunnar & Co. LLC. If a broker or dealer is required to effectuate a transaction on behalf of the Fund, the Adviser will engage one as described below. Subject to the other provisions of this paragraph, in placing orders with brokers and dealers, the Adviser will seek to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of order, difficulty of execution and operational facilities of the firm and the firm's risk and skill in positioning blocks of securities. It is acknowledged that although the Adviser will generally seek reasonably competitive trade execution costs, the Fund may not necessarily pay the lowest spread or commission available.

Consistent with this obligation, and subject to applicable legal requirements, the Adviser may select brokers partly upon brokerage or research services provided to it and the Fund and any other clients. In return for such services, the Fund may pay a higher commission than other brokers would charge, provided that the Adviser determines in good faith that such commission is reasonable in terms either of the 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, subject to review by the Board from time to time with respect to the extent and continuation of such practice to determine whether the Fund benefits, directly or indirectly, from such practice.

 **** 

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Compensation of the Adviser.** 

The Fund agrees to pay, and the Adviser agrees to accept, as compensation for the services provided by the Adviser hereunder, a management fee as hereinafter set forth. The Fund shall make any payments due hereunder to the Adviser or to the Adviser's designee as the Adviser may otherwise direct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of the services provided by the Adviser under this Agreement, the Fund will pay the Adviser a management fee (the "Management Fee") as indicated on **Exhibit A**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Management Fee for the period from the effective date of this Agreement to the end of the quarter during which such effective date occurs will be prorated according to the proportion that such period bears to the full quarterly period. Upon any termination of this Agreement before the end of a quarter, the Management Fee for such part of that quarter will be prorated according to the proportion that such period bears to the full quarterly period and will be payable upon the date of termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the purpose of determining fees payable to the Adviser under this Section 7, the value of the Fund's assets will be computed at the times and in the manner specified in the Prospectus, and on days on which the value of Fund assets are not so determined, the asset value computation to be used will be as determined on the immediately preceding day on which the value of Fund assets were determined. Furthermore, fees payable to the Adviser under this Section 7 will be earned and attributed to each class of the Shares (defined herein) based on the net asset value and net profits of the Fund attributable to each such class of Shares and in accordance with U.S. Generally Accepted Accounting Principles applicable to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Representations and Warranties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser represents and warrants that it is duly registered and authorized as an investment adviser under the Advisers Act, and the Adviser agrees to maintain effective all material requisite registrations, authorizations and licenses, as the case may be, until the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall provide full and prompt disclosure to the Fund regarding itself and its partners, officers, directors, shareholders, employees, affiliates or any person who controls any of the foregoing, including, but not limited to, information regarding any change in control of the Adviser or any change in its personnel that could affect the services provided by the Adviser to the Fund hereunder, information regarding any material adverse change in the condition (financial or otherwise) of the Adviser or any person who controls the Adviser, information regarding the results of any examination conducted by the SEC or any other state or federal governmental agency or authority or any self-regulatory organization relating directly or indirectly to the services performed by the Adviser hereunder with respect to the Fund and, upon request, other information that the Board reasonably deems necessary or desirable to enable the Directors to monitor the performance of the Adviser and information that is required, in the reasonable judgment of the Directors and upon prior written request, to be disclosed in any filings required by any governmental agency or by any applicable law, regulation, rule or order.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Indemnification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser assumes no responsibility under this Agreement other than to render the services called for hereunder in good faith and shall not be responsible for any action of the Board in following or declining to follow any advice or recommendations of the Adviser. The Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser) shall not be liable to the Fund for any action taken or omitted to be taken by the Adviser in connection with the performance of any of its duties or obligations under this Agreement or otherwise as an investment adviser of the Fund (except to the extent specified in Section 36(b) of the 1940 Act concerning loss resulting from a breach of fiduciary duty (as the same is finally determined by judicial proceedings) with respect to the receipt of compensation for services), and the Fund shall indemnify, defend and protect the Adviser (and its officers, managers, partners, agents, employees, controlling persons, members and any other person or entity affiliated with the Adviser (including any Sub-Adviser)) (collectively, the "Indemnified Parties") and hold them harmless from and against all damages, liabilities, costs, demands, charges, claims and expenses (including reasonable attorneys' fees and amounts reasonably paid in settlement) incurred by the Indemnified Parties in or by reason of any pending, threatened or completed action, suit, investigation or other proceeding (including an action or suit by or in the right of the Fund or its security holders) arising out of any actions or omissions or otherwise based upon the performance of any of the Adviser's duties or obligations under this Agreement or otherwise as an investment adviser of the Fund. Notwithstanding the preceding sentence of this Section 9 to the contrary, nothing contained herein shall protect or be deemed to protect the Indemnified Parties against or entitle or be deemed to entitle the Indemnified Parties to indemnification in respect of, any liability to the Fund or its security holders to which the Indemnified Parties would otherwise be subject by reason of fraud, willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties or by reason of the reckless disregard of the Adviser's duties and obligations under this Agreement (as the same shall be determined in accordance with the 1940 Act and any interpretations or guidance by the SEC or its staff thereunder).

 **** 

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Duration and Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective as of the first date written above. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice (i) by the vote of a majority of the outstanding voting securities of the Fund (ii) by the vote of the Board or (iii) by the Adviser. The provisions of Section 9 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any termination of this Agreement. Further, notwithstanding the termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to any amounts owed under Sections 3 or 7 through the date of termination or expiration, and Section 9 shall continue in force and effect and apply to the Adviser and its representatives as and to the extent applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless earlier terminated pursuant to clause (a) above, this Agreement shall continue in effect for two years from the date hereof, and thereafter shall continue for successive annual periods, provided that such continuance is specifically approved at least annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Fund and (ii) the vote of a majority of the Independent Directors in accordance with the requirements of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Conflicts of Interest and Prohibited Activities**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser is not hereby granted or entitled to an exclusive right to sell or exclusive employment to sell assets for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall not: (i) receive or accept any rebate, give-up or similar arrangement that is prohibited under applicable federal or state securities laws; (ii) participate in any reciprocal business arrangement that would circumvent provisions of applicable federal or state securities laws governing the guidelines set forth in clause (i); or (iii) enter into any agreement, arrangement or understanding that would circumvent the restrictions against dealing with affiliates or promoters under applicable federal or state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall not directly or indirectly pay or award any fees or commissions or other compensation to any person engaged to sell Shares or give investment advice to a potential shareholder; provided, however, that this subsection shall not prohibit the payment to a registered broker-dealer or other properly licensed agent of sales commissions or other compensation (including cash compensation and non-cash compensation (as such terms are defined under FINRA Rule 2310)) for selling or distributing Shares, including out of the Adviser's own assets, including those amounts paid to the Adviser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser covenants that it shall not permit or cause to be permitted the Fund's funds to be commingled with the funds of any other person, and the funds will be protected from the claims of affiliated companies.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Amendment of this Agreement.** 

This Agreement may be amended by mutual consent of the parties, subject to the requirements of applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Use of Name.** 

The Adviser has consented to the use by the Fund of the name "Buttonwood" (or derivations thereof) in the name of the Fund. Such consent is conditioned upon the employment of the Adviser as the investment adviser to the Fund. "Buttonwood" may be used from time to time in other connections and for other purposes by the Adviser and any of its affiliates. The Adviser may require the Fund to cease using "Buttonwood" in the name of the Fund, if the Fund ceases to employ, for any reason, the Adviser, any successor thereto or any affiliate thereof as investment adviser to the Fund. If so required by the Adviser, the Fund will cease using "Buttonwood" in its name as promptly as practicable and make all reasonable efforts to remove "Buttonwood" from its name.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Entire Agreement; Governing Law.** 

This Agreement contains the entire agreement of the parties and supersedes all prior agreements, understandings and arrangements with respect to the subject matter hereof. This Agreement shall be construed in accordance with the laws of the State of New York and in accordance with the applicable provisions of the 1940 Act. In such case, to the extent the applicable laws of the State of New York, or any of the provisions herein, conflict with the provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Miscellaneous.** 

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. 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 on, and shall inure to the benefit of, the parties hereto and their respective successors.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Counterparts.** 

This Agreement may be executed in counterparts by the parties hereto, each of which shall constitute an original counterpart, and all of which, together, shall constitute one Agreement.

IN WITNESS WHEREOF, the parties hereto caused their duly authorized signatories to execute this Agreement as of the day and year first written above.

---

| | |
|:---|:---|
| **BUTTONWOOD FIRST ACCESS FUND LTD.** | **BUTTONWOOD FIRST ACCESS FUND LTD.** |
| By: |  |
| Name: | Stephan A. Stein |
| Title: | President, COO, Treasurer and Secretary |

---

---

| | |
|:---|:---|
| **BUTTONWOOD GROUP ADVISORS LLC** | **BUTTONWOOD GROUP ADVISORS LLC** |
| By: |  |
| Name: | Joseph A. Alagna, Jr. |
| Title: | Manager |

---

 

**EXHIBIT A**

Management Fee

In consideration of the advisory services provided by the Adviser, the Fund will pay the Adviser a Management Fee at an annual rate of 2.5% payable quarterly in arrears based on the average value of the Fund's gross assets (including assets purchased with borrowed amounts) at the end of the two most recently completed calendar quarters. The Management Fee is due and payable in arrears within five (5) business days after the end of the quarter. Management fees for any partial quarter are prorated based on the number of days in the quarter.

## Ex-99.(J)

**Exhibit (j)**

**CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and between **BUTTONWOOD FIRST ACCESS FUND LTD.**, a Maryland corporation (the "Fund"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end, non-diversified management investment company that is advised by Buttonwood Group Advisors, LLC (the "Adviser"); and

WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and

WHEREAS, the Board of Directors (as defined below) has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Fund; and

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities, and the Custodian is willing to undertake the responsibilities and serve as the custodian of the cash and securities of the Fund.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I**

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

1.01 "<u>1934 Act</u>" shall have the meaning assigned to it in Section 1.30 of this Agreement.

1.02 "<u>1940 Act</u>" shall have the meaning assigned to it in the preamble of this Agreement.

1.03 "<u>ADRs</u>" shall have the meaning assigned to it in Section 3.08 of this Agreement.

1.04 "<u>Adviser</u>" shall have the meaning assigned to it in the preamble of this Agreement.

1.05 "<u>Authorized Person</u>" means any Officer or person (including an authorized person of the Adviser or another agent) who has been designated by written notice as such from the Fund or the Adviser or another agent. Such officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Fund or the Adviser or another agent that any such person is no longer an Authorized Person.

1.06 "<u>Board of Directors</u>" shall mean the directors from time to time serving under the Fund's governing documents, as amended from time to time.

1.07 "<u>Book-Entry System</u>" shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

1.08 "<u>Business Day</u>" shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc., and any other day for which the Fund computes the net asset value of Shares of the Fund.

1.09 "<u>Client Data</u>" shall have the meaning assigned to it in Article XIV of this Agreement.

1.10 "<u>Commodity Exchange Act</u>" shall have the meaning assigned to it in Section 3.06(g) of this Agreement.

1.11 "<u>Custodian</u>" shall have the meaning assigned to it in the preamble of this Agreement.

1.12 "<u>Custodian Indemnified Party</u>" shall have the meaning assigned to it in Section 10.02.

1.13 "<u>Depository Account</u>" shall have the meaning assigned to it in Section 3.05(b) of this Agreement.

1.14 "<u>Eligible Foreign Custodian</u>" has the meaning set forth in Rule 17f-5(a)(1) under the 1940 Act, including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5 under the 1940 Act), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 under the 1940 Act or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

1.15 "<u>Eligible Securities Depository</u>" shall mean a system for the central handling of securities as that term is defined in Rule 17f-4 and Rule 17f-7 under the 1940 Act.

1.16 "<u>FINRA</u>" shall mean the Financial Industry Regulatory Authority, Inc.

1.17 "<u>Foreign Securities</u>" means any of the Fund's investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Fund's transactions in such investments.

1.18 "<u>Fund</u>" shall have the meaning assigned to it in the preamble of this Agreement.

1.19 1.20 "<u>Fund Custody Account</u>" shall mean any of the accounts in the name of the Fund, which is provided for in Section 3.02(a) of this Agreement.

1.21 "<u>Fund Indemnified Party</u>" shall have the meaning assigned to it in Section 10.01.

1.22 "<u>Information Security Program</u>" shall have the meaning assigned to it in Section 12.02 of this Agreement.

1.23 "<u>IRC</u>" shall have the meaning assigned to it in Section 15.01 of this Agreement.

1.24 "<u>IRS</u>" shall mean the Internal Revenue Service.

1.25 "<u>Officer</u>" shall mean the Chairman, Chief Executive Officer, President, Chief Operating Officer, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Fund.

1.26 "<u>Personal Information</u>" shall have the meaning assigned to it in Section 12.02 of this Agreement.

1.27 "<u>Prospectus</u>" shall have the meaning assigned to it in Section 2.02(d) of this Agreement.

1.28 "<u>SEC</u>" shall mean the U.S. Securities and Exchange Commission.

1.29 "<u>Securities</u>" shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

1.30 "<u>Securities Depository</u>" shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

1.31 "<u>Security Breach</u>" shall have the meaning assigned to it in Section 12.02 of this Agreement.

1.32 "<u>Shares</u>" shall mean, with respect to the Fund, the shares of capital stock issued by the Fund on account of the Fund.

1.33 "<u>SLP Vendor</u>" shall have the meaning assigned to it in Article XIV of this Agreement.

1.34 "<u>Straight Through Processing</u>" shall have the meaning assigned to it in Section 4.07 of this Agreement.

1.35 "<u>Sub-Custodian</u>" shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any "Eligible Foreign Custodian," as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.03 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

1.36 "<u>Written Instructions</u>" shall mean (i) written communications received by the Custodian and signed by an Authorized Person, (ii) communications by facsimile or e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.

**ARTICLE II.**

**APPOINTMENT OF CUSTODIAN**

2.01 <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Fund hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Fund's Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

2.02 <u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a copy of the Fund's governing documents, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a copy of the Fund's bylaws, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) a copy of the resolution of the Board of Directors of the Fund appointing the Custodian, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the current prospectus of the Fund (the "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a certification of the Chairman or the President and the Secretary of the Fund setting forth the names and signatures of the current
Officers of the Fund and other Authorized Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) if applicable, an executed election required by the Shareholder Communications Act of 1985, attached hereto as <u>Exhibit B</u>.

2.03 <u>Notice of Appointment of Transfer Agent</u>. The Fund agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Fund, except if the Fund appoints an affiliate of the Custodian to serve as transfer agent of the Fund, the Custodian hereby waives the Fund's obligation to provide such written notice.

**ARTICLE III.** 

**CUSTODY OF CASH AND SECURITIES**

3.01 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Fund, if applicable) and shall be identified as subject to this Agreement.

3.02 <u>Fund Custody Accounts</u>. The Custodian shall open and maintain in its trust department a custody account in the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of the Fund which are delivered to it. The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its duties hereunder.

3.03 <u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities
Depositories or (ii) Eligible Foreign Custodians that are members of the Sub-Custodian's network to hold Securities and cash of
the Fund and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any
such agents and maintenance of any Securities and cash of the Fund shall be at the Custodian's expense and shall not relieve the
Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians
(regardless of whether assets are maintained in the custody of a Sub-Custodian, a member of its network or an Eligible Securities Depository)
appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after the initial appointment of Sub-Custodians, the Custodian wishes to appoint other Sub-Custodians to hold property of the
Fund, it will so notify the Fund and make the necessary determinations as to any such new Sub-Custodian's eligibility under Rule
17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its delegated responsibilities as foreign custody manager to place or maintain the Fund's assets with a Sub-Custodian,
the Custodian will determine that the Fund's assets will be subject to reasonable care, based on the standards applicable to custodians
in the country in which the Fund's assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping
of such assets, including, without limitation, the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The agreement between the Custodian and each Sub-Custodian acting hereunder shall contain the required provisions set forth in Rule
17f-5(c)(2) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At the end of each calendar quarter, the Custodian shall provide written reports notifying the Board of Directors of the withdrawal
or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in the Fund's arrangements.
Such reports shall include an analysis of the custody risks associated with maintaining assets with any Eligible Securities Depositories.
The Custodian shall promptly take such steps as may be required to withdraw assets of the Fund from any Sub-Custodian arrangement that
has ceased to meet the requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to its responsibilities under this Section 3.03, the Custodian hereby warrants to the Fund that it agrees to exercise
reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Fund. The Custodian
further warrants that the Fund's assets will be subject to reasonable care if maintained with a Sub-Custodian, after considering all factors
relevant to the safekeeping of such assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal
controls for certificated securities (if applicable), its method of keeping custodial records, and its security and data protection practices;
(ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian's
general reputation and standing and, in the case of a Securities Depository, the Securities Depository's operating history and number
of participants; and (iv) whether the Fund will have jurisdiction over and be able to enforce judgments against the Sub-Custodian, such
as by virtue of the existence of any offices of the Sub-Custodian in the United States or the Sub-Custodian's consent to service of process
in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis
(i) the appropriateness of maintaining the Fund's assets with a Sub-Custodian or Eligible Foreign Custodians who are members of
a Sub-Custodian's network; (ii) the performance of the contract governing the Fund's arrangements with such Sub-Custodian
or Eligible Foreign Custodian's members of a Sub-Custodian's network; and (iii) the custody risks of maintaining assets with
an Eligible Securities Depository. The Custodian must promptly notify the Fund or the Adviser of any material change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect to Foreign Securities
to which the Fund shall be entitled and shall credit such income, as collected, to the Fund. In the event that extraordinary measures
are required to collect such income, the Fund and Custodian shall consult as to the measures and as to the compensation and expenses of
the Custodian relating to such measures.

3.04 <u>Delivery of Assets to Custodian</u>. The Fund shall deliver, or cause to be delivered, to the Custodian all of the Fund's Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry System all Securities eligible for deposit
therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with
its performance hereunder, including, without limitation, in connection with settlements of purchases and sales of Securities, loans of
Securities, and deliveries and returns of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an account ("Depository Account")
of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian
or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The records of the Custodian with respect to Securities of the Fund maintained in a Book-Entry System or Securities Depository shall,
by book-entry, identify such Securities as belonging to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall pay for such
Securities upon: (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred
to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer for the
account of the Fund. If Securities sold by the Fund are held in a Book-Entry System or Securities Depository, the Custodian shall transfer
such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that payment for such Securities has been
transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment
for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall provide the Fund with copies of any report (obtained by the Custodian from a Book-Entry System or Securities Depository
in which Securities of the Fund are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in
such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Fund for any loss or damage to the
Fund resulting from: (i) the use of a Book-Entry System or Securities Depository by reason of any gross negligence or willful misconduct
on the part of the Custodian or any Sub-Custodian; or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such rights
as it may have against a Book-Entry System or Securities Depository. At its election, the Fund shall be subrogated to the rights of the
Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to
the Fund arising from the use of such Book-Entry System or Securities Depository, if and to the extent that the Fund has not been made
whole for any such loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian hereby warrants
to the Fund that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities
intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Fund, such reports as are
available concerning the Custodian's internal accounting controls and financial strength, and (iii) require any Sub-Custodian
to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain
and thereafter maintain assets corresponding to the security entitlements of its entitlement holders.

3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Fund Custody Account, but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purchase of Securities for the Fund, but only in accordance with Section 4.01 of this Agreement and only (i) in the case of
Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian
(or any Sub-Custodian) of such Securities registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase
of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in Section
3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are
required by the customs prevailing among dealers in such options; (iii) in the case of futures contracts and options on futures contracts,
against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any nominee referred to
in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Fund and a bank that
is a member of the Federal Reserve System or between the Fund and a primary dealer in U.S. Government securities, against delivery of
the purchased Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System
or Securities Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of Securities owned by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for the payment of any dividends or capital gain distributions declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in payment of the repurchase price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for the payment of any expense or liability incurred by the Fund, including, but not limited to, the following payments for the account
of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian, director and legal
fees; and other operating expenses of the Fund; in all cases, whether or not such expenses are to be in whole or in part capitalized or
treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national
securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions
by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) for transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act of 1936, as amended (the "Commodity Exchange Act"), relating to compliance with the rules
of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account
deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) for the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian),
which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for any other proper purpose, but only upon receipt, in addition to Written Instructions, declaring such purpose to be a proper corporate
purpose, and naming the person or persons to whom such payment is to be made.

3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) upon the sale of Securities for the account of the Fund, but only against receipt of payment therefor in cash, by certified or cashier's
check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section
3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to an offeror's depository agent in connection with tender or other similar offers for Securities of the Fund; provided that,
in any such case, the cash or other consideration is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee
or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the same
aggregate face amount or number of units; provided that, in any such case, the new Securities are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) to the broker selling the Securities, for examination in accordance with the "street delivery" custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) for exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the
issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement,
including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository receipts; provided
that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) in the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such case, the new Securities
and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) for delivery in connection with any loans of Securities of the Fund, but only against receipt of such collateral as the Fund shall
have specified to the Custodian in Written Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) for delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the Fund, but only against
receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) for delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered national
securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions
by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) for delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a futures commission merchant registered
under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract
market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) for any other proper corporate purpose, but only upon receipt, in addition to Written Instructions, specifying the Securities to be
delivered, declaring such purpose to be a proper corporate purpose, and naming the person or persons to whom delivery of such Securities
shall be made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) to brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided
that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities
prior to receiving payment for such securities except as may arise from the Custodian's own gross negligence or willful misconduct.

3.08 <u>Actions Not Requiring Written Instructions</u>. Unless otherwise instructed by the Fund, the Custodian shall with respect to all Securities held for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) subject to Section 9.04 below, collect on a timely basis all income and other payments to which the Fund is entitled either by law
or pursuant to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon all Securities that may
mature or be called, redeemed, or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) surrender interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations
of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Fund at such time, in such
manner and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) hold for the Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository,
all rights and similar Securities issued with respect to Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) in general, and except as otherwise directed in Written Instructions, attend to all non-discretionary details in connection with the
sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of the Fund.

<u>Important information related to ADRs and Preferential Tax Treatment:</u> With respect to any ADRs the Fund may purchase and own and which the Custodian custodies on the Fund's behalf, the Fund understands that the holding of American Depository Receipts ("ADRs") may require the disclosure of the beneficial ownership information (Name, Address, TIN/SSN, Share amount) by the Custodian to vendors, sub-custodians, or local tax authorities in foreign jurisdictions to avoid tax penalties and to obtain the most preferential tax treatment for the Fund. The Fund acknowledges and consents to any and all disclosures or releases of beneficial information, described above, by the Custodian to any third parties relating to ADRs and release, hold harmless, and indemnify the Custodian from any liability for doing so.

3.09 <u>Registration and Transfer of Securities</u>. All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to the Fund's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

3.10 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property held for the Fund, including
(i) journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries of Securities
and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities in physical
possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral therefor and
substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and interest receivable; (iii) canceled
checks and bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement. The Custodian
shall keep such other books and records of the Fund as the Fund shall reasonably request, or as may be required by the 1940 Act, including,
but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Fund and in compliance
with the rules and regulations of the SEC, (ii) be the property of the Fund and at all times during the regular business hours of the
Custodian be made available upon request for inspection by duly authorized officers, employees or agents of the Fund and employees or
agents of the SEC, and (iii) if required to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in
Rules 31a-1 and 31a-2 under the 1940 Act.

3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Fund with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Fund with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

3.12 <u>Other Reports by Custodian</u>. As the Fund may reasonably request from time to time, the Custodian shall provide the Fund with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities that are not registered in the name of the Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Fund to exercise shareholder rights.

3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Fund all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase or expiration of rights. If the Fund desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Fund shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Fund will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE IV.**

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying: (i) the name of the issuer or writer of such Securities, and the title or other description thereof; (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold; (iii) the date of sale and settlement, (iv) the sale price per unit; (v) the total amount payable upon such sale; and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

4.05 <u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with: (i) proceeds from the sale of Securities which it has been instructed to deliver against payment; (ii) proceeds from the redemption of Securities or other assets of the Fund; and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.

4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Fund to facilitate the settlement of the Fund's transactions in the Fund Custody Account, and the Custodian will endeavor to notify the Fund as promptly as practicable if the Custodian does not advance funds after being requested by the Fund. Any such advance shall be repayable immediately upon demand made by Custodian.

4.07 <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund directs Custodian to process Fund-initiated cash and security instructions received by Custodian via online portal, SWIFT,
secure file transfer protocol, or equivalent method in an automated, electronic process without manual review by Custodian ("Straight
Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund (i) acknowledges and agrees that it is solely responsible for and assumes all risks and liabilities associated with instructions
given to Custodian regarding any transactions eligible for Straight Through Processing and (ii) understands that any non-repetitive wire
instructions concerning cash or securities to be transferred out of Custodian or to a different entity will be deemed not eligible for
Straight Through Processing. Such non-repetitive wire instructions may be subject to a call back process in order to obtain further verification
and/or additional authorized direction or other documentation as reasonably requested for verification purposes by Custodian.

4.08 <u>Foreign Exchange.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon receipt of Written Instructions, which may include those related to the purchase or sale of Securities under this Agreement,
the Custodian, its affiliate or Sub-Custodian may facilitate the processing and settlement of foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund (or the Adviser acting on its behalf) may elect to enter into foreign exchange transactions with third parties that are not
affiliated with the Custodian, with the Custodian (acting in the capacity of foreign exchange provider), with an affiliate of the Custodian,
or with a Sub-Custodian. Where the Fund (or the Adviser) makes a request with respect to a foreign exchange transaction that does not
direct execution away to an unaffiliated third-party provider, the Fund (or the Adviser) is deemed to instruct the Custodian, on the Fund's
behalf, to direct the execution of such foreign exchange transaction to the Custodian. In its role as foreign exchange provider, the Custodian
does not serve as agent, trustee or fiduciary in handling or executing foreign exchange transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In the event the Fund (or the Adviser) and the Custodian establish a foreign exchange relationship, additional documentation may be
required. Any disclosures and agreements provided or made available by and/or executed with Custodian as foreign exchange provider from
time to time, including, without limitation, any ISDA Master Agreement, including without limitation, termination rights and procedures
set forth therein, shall prevail with respect to any foreign exchange transaction in the event of a conflict with the terms and provisions
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian has no responsibility under this Agreement for the selection of a counterparty, the channel or method of execution,
or the application of the execution rate with respect to any foreign exchange transaction. Foreign exchange markets are decentralized,
and the Custodian does not offer "best execution" with respect to any foreign exchange transaction. The Fund likewise assumes
market risk in the event it elects not to enter into foreign exchange contracts in order to hedge its foreign exchange risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Fund represents with respect to any foreign exchange transaction that it (and the Adviser, as applicable) possesses the requisite
power and authority to enter into foreign exchange transactions and to take all related action in connection with the handling thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund acknowledges in connection with any foreign exchange transaction entered into between the Fund (or the Adviser) and the Custodian,
its affiliate or Sub-Custodian, as the case may be, unless otherwise expressly agreed in writing, such foreign exchange provider will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) act in a principal capacity and not as broker, agent or fiduciary to the Fund or to the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) price such foreign exchange transaction in a manner that reflects internal and proprietary pricing policies, which may include amounts
that reflect services provided, risks taken and costs incurred, including a reasonable return or profit; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) endeavor in good faith to act in accordance with Fund (or its investment advisor's) written instructions. If dealing or settlement
instructions are incomplete, inaccurate or are not provided in a timely manner, the Fund, and not the Custodian, affiliate or Sub-Custodian,
is responsible for any resulting risk of loss related to delay or failure to perform.

**ARTICLE V.**

**REPURCHASE OF FUND SHARES**

5.01 <u>Transfer of Funds</u>. From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Written Instructions specifying that the funds are required to repurchase Shares of the Fund, the Custodian shall wire each amount specified in such Written Instructions to or through such bank or broker-dealer as the Fund may designate.

5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI.**

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered under the 1934 Act
and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the
rules of the Options Clearing Corporation and of any registered national securities exchange (or the Commodity Futures Trading Commission
or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection
with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for purposes of segregating cash or Securities in connection with securities options purchased or written by the Fund or in connection
with financial futures contracts (or options thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which constitute collateral for loans of Securities made by the Fund and other Fund obligations set forth in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance of segregated accounts by registered
investment companies in connection with reverse repurchase agreements and when-issued, delayed delivery and firm commitment transactions;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for other proper corporate purposes, but only upon receipt of Written Instructions, setting forth the purpose or purposes of such
segregated account and declaring such purposes to be proper corporate purposes.

Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII.**

**COMPENSATION OF CUSTODIAN**

7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time by written consent of the parties to this Agreement). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½ % per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Fund to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

7.02 <u>Overdrafts</u>. The Fund is responsible for maintaining an appropriate level of short-term cash investments to accommodate cash outflows. The Fund may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time by written consent of the parties to this Agreement).

**ARTICLE VIII.**

**REPRESENTATIONS AND WARRANTIES**

8.01 <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) this Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization,
moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it, on behalf of itself and any of its agents and/or intermediaries who may initiate and deliver Straight Through Processing instruction(s)
to the Custodian and its operations group, has been granted the authority to provide the direction as required hereunder, and that such
instruction meets all applicable requirements hereunder.

8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business
as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it is a "U.S. Bank," as defined in section (a)(7) of Rule 17f-5 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes
a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) it is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal,
and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation,
order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would
prohibit its execution or performance of this Agreement.

**ARTICLE IX.**

**CONCERNING THE CUSTODIAN**

9.01 <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud or for any loss suffered by the Fund in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument; provided that the Custodian shall use reasonable efforts and cooperate with the Fund toward the end that such money shall be received.

9.03 <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

9.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Fund to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Fund may from time to time request to enable the Fund to obtain, from year to year, favorable opinions from the Fund's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Fund's reports on Form N-PORT, Form N-CEN, Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-2, and (ii) the fulfillment by the Fund of any other requirements of the SEC.

**ARTICLE X.**

**INDEMNIFICATION**

10.01 <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Fund Indemnified Party" and collectively, the "Fund Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Fund Indemnified Party may sustain or incur or that may be asserted against a Fund Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Fund Indemnified Party (a) at the request or direction of or in reliance on the advice of the Fund, (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Fund as a result of Straight Through Processing, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that a Fund Indemnified Party shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a Fund Indemnified Party, the Fund shall advance (within thirty (30) days of such request) any and all reasonable costs and expenses of such Fund Indemnified Party incurred in connection with any losses or investigating or defending any matter to which such Fund Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The Fund Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the Fund Indemnified Party is not entitled to be indemnified by the Fund.

10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund, including its trustees, officers, and employees (the "Custodian Indemnified Party"), from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian Indemnified Party may sustain or incur or that may be asserted against the Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by the Custodian Indemnified Party as a result of the Custodian Indemnified Party's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.

10.03 <u>Security</u>. The Fund hereby grants to the Custodian, in order to secure payment and performance of the Fund's obligations under this Agreement, whether contingent or otherwise and to the maximum extent permitted by law, a security interest in and right of recoupment and setoff against all cash, Securities and other assets at any time held for the account of a Fund by or through the Custodian. For such purposes, secured obligations and liabilities include, without limitation, the Fund's obligation to reimburse the Custodian if the Custodian (or Sub-Custodian) or an affiliate thereof advances cash, Securities or other assets of the Fund for any purpose, either at the Fund's request or its investment advisor's request, and including, but not limited to, amounts paid by Custodian but not yet received in the course of Fund's liquidation, settlements of Securities or other assets, extensions of credit and obligations related to foreign exchange transactions or an amount owed in connection with the early termination of such transactions, or in the event that the Custodian or its nominee shall incur or be assessed any taxes, charges, expenses, costs, assessments, claims or liabilities in connection with the performance of this Agreement, as well as the Fund's obligation to pay fees (including reasonable attorneys' fees) or to indemnify the Custodian pursuant to the terms of this Agreement. Should the Fund fail to promptly reimburse or otherwise pay the Custodian any such obligation, or in the event that the assets of Fund are insufficient to repay or indemnify the Custodian, without limiting other remedies available to it, the Custodian shall have the rights and remedies of a secured party under this Agreement under applicable law, including the right to utilize available cash and to sell or otherwise dispose of Securities or other assets to the extent necessary to obtain payment or reimbursement. The Custodian may at any time reject a request by Fund or its investment manager to deliver cash, Securities or other assets if the Custodian determines in its reasonable discretion that those remaining will not have sufficient value to fully secure the Fund's payment or reimbursement obligations specified herein. In the event that the assets of Fund are insufficient to repay or indemnify the Custodian, the Fund shall indemnify the Custodian for any remaining liabilities advanced or incurred by the Custodian as contemplated hereunder.

10.04 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party to this Agreement shall be liable to the other party for consequential, special or punitive damages under any provision
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In order that the indemnification provisions contained in this Article shall apply, it is understood that if in any case the indemnifying
party is asked to indemnify or hold the indemnified party harmless, the indemnifying party shall be fully and promptly advised of all
pertinent facts concerning the situation in question, and it is further understood that the indemnified party will use all reasonable
care to notify the indemnifying party promptly concerning any situation that presents or appears likely to present the probability of
a claim for indemnification. The indemnifying party shall have the option to defend the indemnified party against any claim that may be
the subject of this indemnification. In the event that the indemnifying party so elects to defend the indemnified party against any claim
arising hereunder, the indemnifying party will so notify the indemnified party and thereupon the indemnifying party shall take over complete
defense of the claim, and the indemnified party shall in such situation initiate no further legal or other expenses for which it shall
seek indemnification under this Article. No indemnified party shall settle, confess or compromise on any claim against it for which it
intends to seek indemnification from the indemnifying party without prior written notice to and consent from the indemnifying party, which
consent shall not be unreasonably withheld. No indemnified party or indemnifying party shall settle any claim unless the settlement contains
a full release of liability with respect to the other party in respect of such action.

**ARTICLE XI.**

**FORCE MAJEURE**

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian: (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement; and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

In the event of a mechanical breakdown or failure of communication or power supplies beyond its reasonable control, the Custodian shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. The Custodian will as promptly as possible under the circumstances notify the fund in the event of any service interruption that impacts the Custodian's services under this Agreement. The Custodian will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of the Custodian as soon as practicable. The Custodian agrees that it shall, at all times, have reasonable business continuity and disaster recovery contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives of the Fund shall be entitled to inspect the Custodian's premises and operating capabilities, books and records maintained on behalf of the fund, policies, procedures, internal controls, training materials, summaries of operational and security reviews, summaries of business continuity plan(s) and/or summaries of disaster recovery plan(s) at any time during regular business hours of the Custodian, upon reasonable notice to the Custodian. Moreover, the Custodian shall provide the Fund, at such times as the Fund may reasonably require, summaries of reports prepared internally or rendered by independent accountants on the internal controls and procedures of the Custodian relating to the services provided by the Custodian under this Agreement.

**ARTICLE XII.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all non-public records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except: (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply; (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law, rule or regulation; or (iii) when so requested in writing by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

12.02 The Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders. The Custodian has implemented and will maintain an effective information security program reasonably designed to protect information relating to the shareholders of the Fund (such information, "Personal Information"), which program includes sufficient administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) ensure the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in substantial harm or inconvenience to the Fund or any Shareholder (the "Information Security Program"). The Information Security Program complies and shall comply with reasonable information security practices within the industry (including the encryption of data where necessary or appropriate). Upon written request from the Fund, the Custodian shall provide a written description of its Information Security Program. The Custodian shall provide related reports and information responding to reasonable due diligence requests regarding its compliance with its Information Security Program and shall notify the Fund, expeditiously and without unreasonable delay, in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any information of the Fund (any or all of the foregoing referred to individually and collectively for purposes of this provision as a "Security Breach"). The Custodian shall promptly investigate, remedy and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. The Custodian shall bear the cost of the Security Breach only if the Custodian is determined to be directly responsible for such Security Breach. In addition to, and without limiting the foregoing, the Custodian shall promptly cooperate with the Fund or any of its affiliates' regulators at the Custodian's expense to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

12.03 The Custodian will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. The Custodian shall maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.

12.04 The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and to not use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Fund, provided that the Fund will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Fund or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

12.05 Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

12.06 This Article shall survive the termination of this Agreement.

**ARTICLE XIII.**

**EFFECTIVE PERIOD; TERMINATION**

13.01 <u>Effective Period</u>. This Agreement shall become effective as of the date last written below and will continue in effect for a period of three (3) years.

13.02 <u>Termination</u>. This Agreement may be terminated by either party upon giving 90 days' prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Subsequent to the end of the three (3) year period, this Agreement continues until one party gives 90 days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by either party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 30 days of notice of such breach to the breaching party. In addition, the Fund may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

13.03 <u>Early Termination</u>. In the absence of any material breach of this Agreement or the liquidation of the Fund, should the Fund elect to terminate this Agreement prior to the end of the initial three (3) year term, the Fund agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all monthly fees through the life of the Agreement including the repayment of any negotiated discounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all miscellaneous fees associated with converting services to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to
a successor service provider, as agreed upon by both parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all reasonable miscellaneous costs associated with (a) through (c) above.

13.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board of Directors, the Custodian shall, upon receipt of a notice from the Fund, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Fund shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Fund (except in the case of a material breach of this Agreement by the Custodian, in which case all reasonable expenses shall be borne by the Custodian), transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

13.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Fund on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company: (i) is a "bank" as defined in the 1940 Act; and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Fund shall be returned to the Fund.

**ARTICLE XIV.**

**SECURITIES LITIGATION PROCESSING**

Securities litigation processing is an optional service for which the Fund must affirmatively opt in. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Fund in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Fund may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If the Fund has not opted-in, it will not receive any notification of claims, nor any other securities litigation processing services.

The Fund (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Fund's behalf, including but not limited to the participating Fund's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Fund's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Fund hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Fund's ability to recover any proceeds.

**ARTICLE XV.**

**MISCELLANEOUS**

15.01 <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, as amended ("IRC"), the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the Employee Retirement Income Security Act of 1974 ("ERISA") and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-2. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Directors' oversight responsibility with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of the Fund that deviates from the investment strategy set out in the current prospectus, or if the Fund becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or the services provided under this Agreement. Further, the Fund agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by the Custodian. The Custodian's functions hereunder shall not relieve the Fund of their primary day-to-day responsibility for assuring such compliance.

15.02 <u>ERISA</u>. The Custodian acknowledges that assets of the Fund may be subject to ERISA and Section 4975 of the IRC. The Fund acknowledges that (i) the Custodian is not a "named fiduciary" with respect to the Fund within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to the Fund or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Fund Custody Account, this Agreement or the Fund, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

15.03 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund, and authorized or approved by the Board of Directors.

15.04 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund accompanied by the authorization or approval of the Board of Directors.

15.05 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

15.06 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

15.07 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

15.08 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

15.09 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Fund shall be sent to:

Buttonwood First Access Fund Ltd.

1000 RXR Plaza

Uniondale, NY 11553

Attn: Christina Clementi

Email: cclementi@buttonwoodfunds.com

15.10 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

15.11 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

15.12 <u>References to Custodian</u>. The Fund shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus or statement of additional information for the Fund and such other written material as merely identifies the Custodian as custodian for the Fund. The Fund shall submit written material requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

15.13 <u>Insurance</u>. The Custodian shall at all times during the term of this Agreement maintain, at its cost, insurance coverage regarding its business in such amount and scope as it deems adequate in connection with the services provided by the Custodian under this Agreement. Upon the Fund's reasonable request, the Custodian shall furnish to the Fund a summary of the applicable insurance coverage, including with respect to cybersecurity breaches.

15.14 <u>Shareholder Communications Election</u>. The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities. **Unless the Fund specifically requires the Custodian to NOT release the Fund's name and address to requesting companies by indicating such "NO" election in Exhibit B hereto, the Custodian is required by law to disclose the Fund's name and address and will treat the Fund as consenting "YES" to disclosure of this information**.

**SIGNATURES ON THE NEXT PAGE**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

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| **BUTTONWOOD FIRST ACCESS FUND LTD.** |
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| |
|:---|
| **U.S. BANK NATIONAL ASSOCIATION** |
| By: |
| Name: |
| Title: |
| Date: |

---

**<u>EXHIBIT A</u>**

**Custody Fee Schedule**

**<u>EXHIBIT B</u>**

**SHAREHOLDER COMMUNICATIONS ACT ELECTION**

**BUTTONWOOD FIRST ACCESS FUND LTD.**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account*.* 

---

| | |
|:---|:---|
| &nbsp;&nbsp;______ NO | &nbsp;&nbsp;U.S. Bank is NOT authorized to provide the Fund's name, address and security position to requesting companies whose stock is owned by the Fund. |

---

---

| |
|:---|
| **BUTTONWOOD FIRST ACCESS FUND LTD.** |
| By: |
| Title: |
| Date: |

---

## Ex-99.(K)(1)

**Exhibit (k)(1)**

**MASTER SERVICES AGREEMENT**

This Master Services Agreement (this "**Agreement**"), dated [•], 2026, is between **Buttonwood First Access Fund Ltd.** (the "**Fund**"), a Maryland corporation, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The Fund is a closed-end management investment company registered or to be registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and it desires that Ultimus perform certain services. Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

1. Retention of Ultimus

The Fund retains Ultimus to provide the services set forth in each Addendum selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Fund Accounting Addendum

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Fund Administration Addendum

2. Allocation of Charges and Expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Ultimus shall furnish at its own expense the executive, supervisory, and clerical
personnel necessary to perform its obligations under this Agreement. Ultimus shall also pay all compensation of any officers of the Fund
who are affiliated persons of Ultimus, except when such person is serving as the Fund's chief compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** The Fund assumes and shall pay or cause to be paid all other expenses of the Fund
not otherwise allocated under this Section 2, including, without limitation: organization costs; taxes; expenses for legal and auditing
services; the expenses of preparing (including typesetting), printing and mailing reports, prospectuses, statements of additional information,
information statements, proxy statements and related materials; all expenses incurred in connection with issuing and repurchasing shares;
the costs of custodial services; the cost of initial and ongoing registration or qualification of the shares under federal and state securities
laws; fees and reimbursable expenses of officers, directors, and trustees (as applicable) of the Fund who are not affiliated persons of
Ultimus or the investment adviser(s) to the Fund; insurance premiums; interest; brokerage costs; litigation and other extraordinary or
nonrecurring expenses; and all fees and charges of investment advisers to the Fund.

3. Compensation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** The Fund shall pay for the Services to be provided by Ultimus under this Agreement
in accordance with, and in the manner set forth in, the fee letter attached to each addendum (each a "**Fee Letter** "),
which may be amended from time to time. Each Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** If this Agreement becomes effective subsequent to the first day of a month, Ultimus'
compensation for that part of the month in which the Agreement is in effect shall be prorated in a manner consistent with the calculation
of the fees as set forth in the applicable Fee Letter. If this Agreement terminates before the last day of a month, Ultimus' compensation
for that part of the month in which the Agreement is in effect shall be equal to a full calendar month's worth of fees as calculated
in a manner consistent with the calculation of the fees as set forth in the applicable Fee Letter. The Fund shall promptly pay Ultimus'
compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** In the event that the U.S. Securities and Exchange Commission (the "**SEC** "),
Financial Industry Regulatory Authority, Inc. ()"**FINRA** "), or any other regulator or self-regulatory authority adopts
regulations and requirements relating to the payment of fees to service providers or which would result in any material increases in costs
to provide the Services under this Agreement, the parties agree to negotiate in good faith amendments to this Agreement in order to comply
with such requirements and provide for additional compensation for Ultimus as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** In the event that any fees are disputed, the Fund shall, on or before the due date,
pay all undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees which it is disputing in good faith. Payment
for such disputed fees shall be due on or before the tenth (10<sup>th</sup>) business day after the day on which Ultimus provides to the
Fund documentation which reasonably supports the disputed charges.

4. Reimbursement of Expenses

In addition to paying Ultimus the fees described in each Fee Letter, the Fund agrees to reimburse Ultimus for its actual reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Reasonable travel and lodging expenses incurred by officers and employees of Ultimus
in connection with attendance at meetings of the Fund's Board (the "**Board**") or any committee thereof and shareholders'
meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** All freight and other delivery charges incurred by Ultimus in delivering materials
on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** All direct telephone, telephone transmission and telecopy or other electronic
transmission expenses incurred by Ultimus in communication with the Fund, the Fund's investment adviser(s) or custodian, counsel
for the Fund, counsel for the Fund's independent Board members, the Fund's independent accountants, dealers or others as required
for Ultimus to perform the Services;

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** The cost of obtaining secondary security market quotes and any securities data,
including, but not limited to, the cost of fair valuation services and the cost of obtaining corporate action related data and securities
master data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** All fees and expenses incurred in connection with any licensing of software, subscriptions
to databases, custom programming or systems modifications required to provide any special reports or services requested by the Fund;

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** Any expenses Ultimus shall incur at the direction of an officer of the Fund thereunto
duly authorized other than an employee or other affiliated person of Ultimus who may otherwise be named as an authorized representative
of the Fund for certain purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** A reasonable allocation of the costs associated with the preparation of Ultimus'
Service Organization Control 1 Reports ()"**SOC 1 Reports** "); the allocation methodology for which shall be specified upon
request by the Fund in connection with any related invoices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** A reasonable allocation of the cost of GainsKeeper<sup>®</sup> software, used
by Ultimus to track wash loss deferrals for both fiscal (855) and excise tax provisioning; the allocation methodology for which shall
be specified upon request by the Fund in connection with any related invoices; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.*** Any additional expenses reasonably incurred by Ultimus in the performance of its
duties and obligations under this Agreement.

5. Maintenance of Books and Records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** Ultimus shall maintain and keep current the accounts, books, records and other
documents relating to the Services as may be required by applicable law, rules, and regulations, including Federal Securities Laws as
defined under Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. Ownership/Retention/Destruction of Records

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus agrees that all such books, records, and other data (except computer programs
and procedures) developed to perform the Services (collectively, the "**Client Records**") shall be the property of the
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* The Fund agrees to reimburse Ultimus for the reasonable cost of maintaining the
Client Records, which shall include any storage, copying, transmission, and/or destruction of the Client Records as provided for hereunder.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Ultimus will keep the Client Records for so long as may be required by applicable
law, rules, and regulations, including Federal Securities Laws, and upon expiration of any such required holding period will destroy the
Client Records at the Fund's expense in accordance with Ultimus' Records Destruction Policy. If the Fund does not want the
Client Records destroyed, the Fund may request in writing that Ultimus preserve the Client Records, whereupon Ultimus will continue to
store the Client Records at the Fund's expense until such time as otherwise notified by the Fund in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus agrees to provide the Client Records to the Fund, at the expense of the
Fund, upon reasonable request, and to make such books and records available for inspection by the Fund or its regulators at reasonable
times.

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 1 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* Ultimus agrees to furnish to the Fund, or to such other third-party as the Fund
may direct, at the expense of the Fund, all Client Records in the electronic or other medium in which such material is then maintained
by Ultimus as soon as reasonably practicable after any such termination of this Agreement. If Ultimus is required by applicable law, rule,
or regulation to maintain any Client Records, it will provide the Fund, or such other third- party as the Fund may direct with copies
of the Client Records as soon as reasonably practical after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* If this Agreement is terminated as a result of the liquidation of the Fund, Ultimus
will destroy all Client Records of the liquidating Fund (as applicable) upon the expiration of any such required holding period required
by applicable law.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** Ultimus agrees to keep confidential all Client Records, except when requested to
divulge such information by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** If Ultimus is requested or required to divulge such information by duly constituted
authorities or court process, Ultimus shall, unless prohibited by law, promptly notify the Fund of such request(s) so that the Fund may
seek, at the expense of the Fund, an appropriate protective order.

6. Subcontracting

Ultimus may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor.

7. Effective Date

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** This Agreement shall become effective as of the date first above written (the
" **Agreement Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** Each Addendum shall become effective as of the date first written in the Addendum.

&nbsp;&nbsp;&nbsp;&nbsp;8. Term

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier
terminated by either party as provided under this Section 8, for a period of three (3) years from the date first above written (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.***  ***Renewal Terms.*** Immediately following the Initial Term this Agreement
shall automatically renew for successive two-year periods (a "**Renewal Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* During the Initial Term or a Renewal Term, a party (the
 "**Terminating Party**") may only terminate this Agreement against the other party (the "**Non-Terminating Party"**)
for good cause. For purposes of this Agreement, "**good cause**" shall mean:

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 2 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a material breach of this Agreement by the Non-Terminating Party that has not
been cured or remedied within 30 days after the Non-Terminating Party receives written notice of such breach from the Terminating Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the Non-Terminating Party takes a position regarding compliance with Federal Securities
Laws that the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days' prior written notice of such
disagreement, and the parties fail to come to agreement on the position within the 30-day notice period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a final and unappealable judicial, regulatory, or administrative ruling or order
in which the Non-Terminating Party has been found guilty of criminal or unethical behavior in the conduct of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the authorization or commencement of, or involvement by way of pleading, answer,
consent, or acquiescence in, a voluntary or involuntary case under the Bankruptcy Code of the United States Code, as then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) liquidation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Fund demands services that are beyond
the scope of this Agreement and/or the Fund's investment strategy, structure, holdings, or other aspects of the Fund's operations
deviate in any material respect from those Ultimus understood to exist during the initial due diligence and onboarding stage, such that
Ultimus is (or will be) required to employ resources, whether in the form of additional man hours, investment or otherwise, beyond what
was originally anticipated by Ultimus (collectively, the "**Out-of- Scope Services** "), and the parties cannot agree on
appropriate terms relating to such Out- of-Scope Services, Ultimus may terminate this Agreement upon not less than 90 days' prior
written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of-Term Termination.* A party can terminate this Agreement at the end
of the Initial Term or a Renewal Term by providing written notice of termination to the other party at least 90 days prior to the end
of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination of this Agreement in whole or in part
other than termination under Section 8.3.A-C is deemed an "**Early Termination.**" Upon the occurrence of an Early Termination,
the Fund shall be subject to an "**Early Termination Fee**" equal to the pro rated fee amount due to Ultimus through the
end of the then-current term as calculated in the applicable Fee Letter, including the repayment of any negotiated discounts provided
by Ultimus during the term of the Agreement.

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 3 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Final Payment **.*** Any unpaid compensation, reimbursement of expenses,
or Early Termination Fee is due to Ultimus within 15 calendar days of the termination date provided in the notice of termination.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* *Transition.* Upon termination of this Agreement, Ultimus will cooperate with
any reasonable request of the Fund to effect a prompt transition to a new service provider selected by the Fund. Ultimus shall be entitled
to collect from the Fund, fees for services provided as described in each applicable Fee Letter, the amount of all of Ultimus' cash
disbursements reasonably made for services in connection with Ultimus' activities in effecting such termination, including, without
limitation, the delivery to the Fund or its designees of the Fund's property, records, instruments, and documents, and a reasonable
de-conversion fee as mutually agreed to by the parties.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* *Termination due to Liquidation or Acquisition.* Upon termination of this
Agreement due to the liquidation of the Fund or acquisition of the Fund by another entity, Ultimus shall be entitled to collect from the
Fund, fees for services provided as described in each applicable Fee Letter, the amount of all of Ultimus' cash disbursements reasonably
made for services in connection with Ultimus' activities in effecting such liquidation or acquisition, including, without limitation,
the delivery to the Fund or its designees of the Fund's property, records, instruments, and documents, and a reasonable liquidation
fee as mutually agreed to by the parties

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.***  ***No Waiver.*** Failure by either party to terminate this Agreement for
a particular cause shall not constitute a waiver of its right to subsequently terminate this Agreement for the same or any other cause.

9. Intentionally Omitted.

**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly
set forth in this Agreement and the parties do not assume any implied duties. Each party shall use its best efforts in the performance
of its duties and act in good faith in performing the Services or its obligations under this Agreement. Each party shall be liable for
any damages, losses or costs arising out of such party's failure to perform its duties under this Agreement to the extent such damages,
losses or costs arise out of its willful misfeasance, bad faith, gross negligence in the performance of its duties, or reckless disregard
of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2. Limits of Liability

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing Services or duties pursuant to any oral, written, or electric instruction,
notice, request, record, order, document, report, resolution, certificate, consent, data, authorization, instrument, or item of any kind
that Ultimus reasonably believes to be genuine and to have been signed, presented, or furnished by a duly authorized representative of
the Fund (other than an employee or other affiliated persons of Ultimus who may otherwise be named as an authorized representative of
the Fund for certain purposes);

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 4 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating under its own initiative, in good faith and in accordance with the standard
of care set forth herein, in performing its duties or the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) using valuation information provided by the Fund's approved third-party
pricing service(s) or the investment adviser(s) to the Fund for the purpose of valuing the Fund's portfolio holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any default, damages, costs, loss of data or documents, errors, delay, or other
loss whatsoever caused by events beyond Ultimus' reasonable control, including, without limitation, corrupt, faulty or inaccurate
data provided to Ultimus by third- parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any error, action or omission by the Fund or other past or current service provider;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any failure to properly register the Fund's shares in accordance with the
Securities Act or any state blue sky laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus may apply to the Fund at any time for instructions and may consult with
counsel for the Fund, counsel for the Fund's independent Board members, and with accountants and other experts with respect to any
matter arising in connection with Ultimus' duties or the Services. Ultimus shall not be liable or accountable for any action taken
or omitted by it in good faith in accordance with such instruction or with the reasonable opinion of such counsel, accountants, or other
experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A copy of the Fund's formation document is on file with the Secretary of
State (or equivalent authority) of the state in which the Fund is organized, and notice is hereby given that this instrument is executed
on behalf of the Fund and not the Directors of the Fund individually and that the obligations of this instrument are not binding upon
any of the Directors, officers or shareholders individually but are binding only upon the assets and property of the Fund, and Ultimus
shall look only to the assets of the Fund for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus shall not be held to have notice of any change of authority of any officer,
agent, representative or employee of the Fund, the Fund's investment adviser or any of the Fund's other service providers
until receipt of written notice thereof from the Fund. As used in this Agreement, the term "**investment adviser**" includes
all sub-advisers or persons performing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
 Board has and retains sole responsibility for oversight of all compliance matters relating
 to the Fund, including, but not limited to, compliance with the Investment Company Act, the
 Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code** "), the USA PATRIOT Act of 2001,
 the Sarbanes Oxley Act of 2002 and the policies and limitations of the Fund relating to the
 portfolio investments as set forth in the prospectus and statement of additional information.
 Ultimus' monitoring and other functions hereunder shall not relieve the Board of its
 primary day-to-day responsibility for overseeing such compliance.

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 5 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* To the maximum extent permitted by law, the Fund agrees to limit Ultimus'
liability for the Fund's Losses (as defined below) to an amount that shall not exceed the total compensation received by Ultimus
under this Agreement during the most recent rolling 12- month period or the actual time period this Agreement has been in effect if less
than 12 months. This limitation shall apply regardless of the cause of action or legal theory asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*** **In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus was advised of the possibility thereof. Ultimus shall not be liable for any corrupt, faulty or inaccurate data provided to Ultimus by any third-parties (including, without limitation, any investment adviser to the Fund) for use in delivering Ultimus' Services to the Fund and Ultimus shall have no duty to independently verify and confirm the accuracy of third-party data. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3. Indemnification

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each party (the "**Indemnifying Party**") agrees to indemnify, defend,
and protect the other party, including its directors, managers, officers, employees, and other agents (collectively, the "**Indemnitees** "
and each an "**Indemnitee** "), and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses,
damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees and investigation expenses) (collectively,
" **Losses**") arising out of (1) the Indemnifying Party's failure to exercise the standard of care set forth above
unless such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or gross negligence; (2) any violation of
Applicable Law (defined below) by the Indemnifying Party or its affiliated persons or agents relating to this Agreement and the activities
thereunder; and (3) any material breach by the Indemnifying Party or its affiliated persons or agents of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding the foregoing provisions, the Fund shall indemnify Ultimus for
Ultimus' Losses arising from circumstances under Section 10.2.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Upon the assertion of a claim for which either party may be required to indemnify
the other, the Indemnitee shall promptly notify the Indemnifying Party of such assertion, and shall keep the Indemnifying Party advised
with respect to all developments concerning such claim. Notwithstanding the foregoing, the failure of the Indemnitee to timely notify
the Indemnifying Party shall not relieve the Indemnifying Party of its indemnification obligations hereunder except to the extent that the Indemnifying
Party is materially prejudiced by such failure.

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 6 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* The Indemnifying Party shall have the option to participate with the Indemnitee
in the defense of such claim or to defend against said claim in its own name or in the name of the Indemnitee. The Indemnitee shall in
no case confess any claim or make any compromise in any case in which the Indemnifying Party may be required to indemnify the Indemnitee
except with the Indemnifying Party's prior written consent.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.*** The provisions of this Section 10 shall survive termination of this Agreement.

11. Force Majeure.

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

12. Representations and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.***  ***Joint Representations.*** Each party represents and warrants, which representations and
warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It is a corporation, organized and validly existing in good standing under the
laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To the extent required by Applicable Law (defined below), it is duly registered
with all appropriate regulatory agencies or self-regulatory organizations and such registration will remain in full force and effect for
the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For the duties and responsibilities under this Agreement, it is currently and will
continue to abide by all applicable federal and state laws, including, without limitation, federal and state securities laws; regulations,
rules, and interpretations of the SEC and its authorized regulatory agencies and organizations, including FINRA; and all other self-regulatory
organizations governing the transactions contemplated under this Agreement (collectively, "**Applicable Law** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It has duly authorized the execution and delivery of this Agreement and the performance
of the transactions, duties, and responsibilities contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This Agreement constitutes a legal obligation of the party, subject to bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting the rights and remedies of creditors and secured
parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever, in the course of performing its duties under this Agreement, it determines
that a violation of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable Law may have occurred, or with the passage
of time could occur, it shall promptly notify the other party of such violation.

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 7 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.***  ***Representations of the Fund.*** The Fund represents and warrants, which
representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It shall cause its investment adviser(s) and sub-advisers, prime broker, custodian,
legal counsel, independent accountants, and other service providers and agents, past or present, for the Fund to cooperate with Ultimus
and to provide it with such information, data, documents, and advice relating to the Fund as appropriate or requested by Ultimus, in order
to enable Ultimus to perform its duties and obligations under this Agreement. To the extent the Fund or the investment adviser(s) or any
other service provider to the Fund is/are unable to supply Ultimus with all of the information necessary for Ultimus to perform the Services,
Ultimus will not be able to fully perform the Services and will not be responsible for such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The Fund's organizational documents, registration statement and prospectus
are true and accurate and will remain true and accurate at all times during the term of this Agreement in conformance with applicable
federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each of the employees of Ultimus that serves or has served at any time as an officer
of the Fund, including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall be covered by the Fund's Directors
& Officers/Errors & Omissions insurance policy (the "**Policy**") and shall be subject to the provisions of the
Fund's formation document and Bylaws regarding indemnification of its officers. The Fund shall provide Ultimus with proof of current
coverage, including a copy of the Policy, and shall notify Ultimus immediately should the Policy be canceled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Any officer of the Fund shall be considered an individual who is authorized to
provide Ultimus with instructions and requests on behalf of the Fund (an "**Authorized Person**") (unless such authority
is limited in a writing from the Fund and received by Ultimus) and has the authority to appoint additional Authorized Persons, to limit
or revoke the authority of any previously designated Authorized Person, and to certify to Ultimus the names of the Authorized Persons
from time to time.

13. Insurance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain
throughout the term of this Agreement professional liability insurance coverage of the type and amount reasonably customary in its industry.
Upon request, a party shall furnish the other party with pertinent information concerning the professional liability insurance coverage
that it maintains. Such information shall include the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Notice of Termination.*** A party shall promptly notify the other party
should any of the notifying party's insurance coverage be canceled or reduced. Such notification shall include the date of change
and the reasons therefore.

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 8 of 16

14. Information Provided by the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Fund
will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies of the Fund's formation document and of any amendments thereto, certified
by the proper official of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the Fund's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* certified copies of resolutions of the Board covering the approval of this Agreement,
authorization of a specified officer of the Fund to execute and deliver this Agreement and authorization for specified officers of the
Fund to instruct Ultimus thereunder;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* a list of all the officers of the Fund, together with specimen signatures of those
officers who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the Fund's registration statement and all amendments thereto filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the Fund's notification of registration under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* the Fund's current prospectus and statement of additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* an accurate, current list of shareholders of the Fund showing each shareholder's
address of record, number of shares owned and whether such shares are represented by outstanding share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* copies of the current plan of distribution adopted by the Fund under Rule 12b-1
under the Investment Company Act, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies of the current investment advisory agreement and current investment sub-advisory
agreement(s), if applicable, for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* copies of the current underwriting agreement, if any, for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* contact information for the Fund's service providers, including, but not
limited to, the Fund's administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter and chief compliance
officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(M)* a copy of procedures adopted by the Fund in accordance with Rule 38a-1 under the
Investment Company Act.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Fund will
furnish to Ultimus any amendments to the items listed in Section 14.1.

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 9 of 16

15. Compliance with Law

The Fund assumes full responsibility for the preparation, contents, and distribution of its prospectus and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

16. Privacy and Confidentiality

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information**" shall mean all information that either party discloses (a "**Disclosing Party**") to the other party
(a "**Receiving Party** "), whether in writing, electronically, or orally and in any form (tangible or intangible), that
is confidential, proprietary, or relates to clients or shareholders (each either existing or potential). Confidential Information includes,
but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any information concerning technology, such as systems, source code, databases,
hardware, software, programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any unpublished information concerning research activities and plans, customers,
clients, shareholders, strategies and plans, costs, operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any unpublished financial information, including information concerning revenues,
profits and profit margins, and costs or expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.***  ***Definition of Customer Information.*** Any Customer Information will
remain the sole and exclusive property of the Fund. "**Customer Information**" shall mean all non-public, personally identifiable
information as defined by Gramm-Leach-Bliley Act of 1999, as amended, and its implementing regulations (*e.g.*, SEC Regulation S-P
and Federal Reserve Board Regulation P) (collectively, the "**GLB Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.***  ***Treatment of Confidential Info* rmation** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each party agrees that at all times during and after the terms of this Agreement,
it shall use, handle, collect, maintain, and safeguard Confidential Information in accordance with (1) the confidentiality and non-disclosure
requirements of this Agreement; (2) the GLB Act, as applicable and as it may be amended; and (3) such other Applicable Law, whether in
effect now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Without limiting the foregoing, the Receiving Party shall apply to any Confidential
Information at least the same degree of reasonable care used for its own confidential and proprietary information to avoid unauthorized disclosure
or use of Confidential Information under this Agreement.

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 10 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each party further agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Receiving Party will hold all Confidential Information it obtains in strictest
confidence and will use and permit use of Confidential Information solely for the purposes of this Agreement or as otherwise provided
for in this Agreement, and consistent therewith, may disclose or provide access to its responsible employees or agents who have a need
to know and are under adequate confidentiality agreements or arrangements and make copies of Confidential Information to the extent reasonably
necessary to carry out its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding the foregoing, the Receiving Party may release Confidential Information
as permitted or required by law or approved in writing by the Disclosing Party, which approval shall not be unreasonably withheld and
may not be withheld where the Receiving Party may be exposed to civil or criminal liability or proceedings for failure to release such
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;(3) Additionally, Ultimus may provide Confidential Information typically supplied in
the investment company industry to companies that track or report price, performance or other information regarding investment companies;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Receiving Party will immediately notify the Disclosing Party of any unauthorized
disclosure or use and will cooperate with the Disclosing Party to protect all proprietary rights in any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.***  ***Severability.*** This provision and the obligations under this Section 16 shall survive
termination of this Agreement.

17. Press Release

Within the first 60 days following the Agreement Effective Date, the Fund agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Ultimus; provided that Ultimus must obtain the Fund's written consent prior to publication of such release, which consent shall not be unreasonably denied by the Fund.

18. Non-Exclusivity

The services of Ultimus rendered to the Fund are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a officer or employee of the Fund, or persons who are otherwise affiliated persons of the Fund to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 11 of 16

19. Arbitration

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in Cincinnati, Ohio, according to the Commercial Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

This arbitration provision shall be enforced and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act. Any costs, fees, or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award. The prevailing party shall also be entitled to an award of reasonable attorneys' fees and costs incurred in connection with the enforcement of this Agreement.

20. Notices

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail, overnight delivery, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.1. If to the Fund:

 ****

Buttonwood First Access Fund Ltd. 1000 RXR Plaza

Uniondale, New York 11556

E-mail: sstein@buttonwoodfunds.com

Attention: Stephan A. Stein

with a copy to: Eversheds Sutherland (US) LLP

700 Sixth Street, N.W., Suite 700

Washington, DC 20001

E-mail: owenpinkerton@eversheds-sutherland.com

Attention: Owen J. Pinkerton, Esq.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2. If to Ultimus:

 ****

Ultimus Fund Solutions, LLC

Attn: General Counsel

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Email: <u>legal@ultimusfundsolutions.com</u>

21. General Provisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules,
exhibits, and other documents incorporated by reference express the entire understanding of the parties and supersede any other agreement
between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and
any appendices or Addendum thereto, this Agreement shall control.

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 12 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.3.***  ***Amendments.*** The parties may only amend, modify, or waive all or
part of this Agreement by written amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.4. Assignments.

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except as provided in this Section 21.4, this Agreement and the rights and duties
hereunder shall not be assignable by either of the parties except by the specific written consent of the non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The terms and provisions of this Agreement shall become automatically applicable
to any investment company that is the successor to the Fund because of reorganization, recapitalization, or change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Ultimus may, to the extent permitted by law and in its sole discretion, assign
all its rights and interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of substantially all of its business,
provided that Ultimus provides the Fund at least 90 days' prior written notice.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This Agreement shall be binding upon, and shall inure to the benefit of, the parties
and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.5.***  ***Governing Law.*** This Agreement shall be construed in accordance with
the laws of the state of Ohio and the applicable provisions of the Investment Company Act. To the extent that the applicable laws of the
state of Ohio, or any of the provisions herein, conflict with the applicable provisions of the Investment Company Act, the latter shall
control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.6.***  ***Headings.*** Section and paragraph headings in this Agreement are included
for convenience only and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.7.***  ***Multiple Counterparts.*** This Agreement may be executed in two or
more counterparts, each of which when executed shall be deemed to be an original, but such counterparts shall together constitute but
one and the same instrument. A signed copy of this Agreement delivered by email or other means of electronic transmission will be deemed
to have the same legal effect as delivery of an original, signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.8.***  ***Severability.*** If any part, term or provision of this Agreement is
held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and
not be affected by such determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement
did not contain the particular part, term or provisions held to be illegal or invalid.

**Signatures are located on the next page.**

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 13 of 16

The parties duly executed this Agreement as of [•], 2026.

---

| | | |
|:---|:---|:---|
| **Buttonwood First Access Fund Ltd.** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| By: | By: |  |
| Name: | Name: | Gary Tenkman |
| Title: | Title: | Chief Executive Officer |

---

Buttonwood First Access Fund Ltd. <br> Ultimus Master Services Agreement <br> [●], 2026 Page 14 of 16

**<u>Fund Accounting Addendum</u>**

**for**

**Buttonwood First Access Fund Ltd.**

This Fund Accounting Addendum, dated [•], 2026, is between **Buttonwood First Access Fund Ltd.** (the "**Fund**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**") and supplements that certain Master Services Agreement dated [•], 2026 by and between the Fund and Ultimus (the "**Agreement**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**<u>Fund Accounting Services</u>**

1. Performance of Accounting Services

Ultimus shall perform the following accounting services for the Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** Record fund-level transaction activity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** Maintain accounting books and records

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** Perform management fee calculation and allocation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** Record expense and investment accruals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** Reconcile investment balances

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** Preparation of period end workpaper package

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** Audit liaison

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** 1099 preparation and distribution

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** calculate the net asset value per share utilizing prices obtained from the sources
described in subsection 1.11 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** obtain security prices from independent pricing services, or if such quotes are
unavailable and/or have been subject to override by the Fund's investment adviser, then obtain such prices from the Fund's
investment adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** periodically verify and reconcile the Fund's cash position with the Fund's
custodian, it being understood and agreed that Ultimus will be provided direct, electronic access to such information from the Fund's
custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** periodically verify and reconcile the Fund's non-cash assets with the applicable
third-party(ies) holding the same, it being understood and agreed that Ultimus will obtain the information needed to perform such verification
and reconciliation directly from the applicable third party(ies);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** compute, as applicable, the Fund's net income and realized capital gains,
dividend payables, dividend factors;

Buttonwood First Access Fund Ltd. <br> Fund Accounting Addendum Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14.*** accrue income of the Fund based upon income estimates obtained from independent
pricing services, or if such income estimates are unavailable, then upon income estimates obtained from the Fund's investment adviser
or its designee;

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15.*** record investment trades received in proper form from the Fund or its authorized agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16.*** calculate Fund expenses based on instructions from the Fund's administrator
or entity approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.17.*** determine the outstanding receivables and payables for all (1) security trades,
(2) Fund share transactions and (3) income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.18.*** provide system generated accounting reports in connection with the Fund's
regular annual audit and other audits and examinations by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.19.*** prepare and maintain the following records upon receipt of information in proper
form from the Fund or its authorized agents: (1) cash receipts journal; (2) cash disbursements journal; (3) dividend record; (4) purchase
and sales-portfolio securities journals; (5) subscription and repurchase journals; (6) security ledgers; (7) broker ledger; (8) general
ledger; (9) expense accruals; (10) income accruals; (11) securities and monies borrowed or loaned and collateral therefore; (12) foreign
currency journals; and (13) trial balances;

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.20.*** provide accounting information to the Fund's independent registered public
accounting firm for preparation of the Fund's tax returns; and

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.21.*** cooperate with, and take reasonable actions in the performance of its duties under
this Agreement, so that all necessary information is made available to the Fund's independent public accountants in connection with
any audit or the preparation of any report requested by the Fund.

2. Accounting Services Related to Odd Lot Pricing

If, in addition to those services described under Section 1 [Performance of Accounting Services] of this Fund Accounting Addendum, the Fund or the Fund's investment adviser informs Ultimus that the Fund holds or will hold any security in a quantity constituting an odd lot (as opposed to a round lot), Ultimus will undertake to perform such additional procedures as are determined necessary by the Board to price such security, including, if applicable, the application of a discount to the pricing obtained from any independent pricing service(s); provided, however, that any such additional procedures to be performed in connection with securities held in quantities constituting an odd lot, are clearly delineated in a written odd lot pricing methodology and procedure approved by the Board; it being further understood and agreed by the parties hereto that Ultimus shall be compensated in the form of an odd lot pricing fee for performing such additional procedures, and, notwithstanding anything in the Agreement to the contrary, including, without limitation, any duty of care or indemnification obligation that Ultimus might otherwise owe to the Fund, Ultimus will not be liable for any NAV error that may arise out of any incorrect, incomplete, or missing data provided to Ultimus by the Fund's investment adviser or any sub-adviser to the Fund as part of any odd lot pricing procedures approved by the Board, and the Fund hereby agrees to indemnify Ultimus for and hold Ultimus harmless from any such liability.

Buttonwood First Access Fund Ltd. <br> Fund Accounting Addendum Page 2 of 4

3. Special Reports and Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** Ultimus may agree (but shall be under no obligation) to provide additional special
reports upon the request of the Fund or the Fund's investment adviser, which may result in an additional charge, the amount of which
shall be agreed upon by the parties prior to the reports being made available.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** Ultimus may agree (but shall be under no obligation) to provide such other similar
services with respect to the Fund as may be reasonably requested by the Fund, which may result in an additional charge, the amount of
which shall be agreed upon between the parties prior to such services being provided.

***Signatures are located on the next page.***

Buttonwood First Access Fund Ltd. <br> Fund Accounting Addendum Page 3 of 4

The parties duly executed this Fund Accounting Addendum as of [•], 2026.

---

| | | |
|:---|:---|:---|
| **Buttonwood First Access Fund Ltd.** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| By: | By: |  |
| Name: | Name: | Gary Tenkman |
| Title: | Title: | Chief Executive Officer |

---

Buttonwood First Access Fund Ltd. <br> Fund Accounting Addendum Page 4 of 4

**<u>Fund Accounting Fee Letter</u>**

**for**

**Buttonwood First Access Fund Ltd.**

Buttonwood First Access Fund Ltd. <br> Fund Accounting Fee Letter

**<u>Fund Administration Addendum</u>**

**for**

**Buttonwood First Access Fund Ltd.**

This Fund Administration Addendum, dated [•], 2026, is between **Buttonwood First Access Fund Ltd.** (the "**Fund**") and **Ultimus Fund Solutions, LLC** ("**Ultimus**") and supplements that certain Master Services Agreement dated [•], 2026 by and between the Fund and Ultimus (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

Ultimus shall provide the following Fund Administration Services subject to, and in compliance with the objectives, policies and limitations set forth in the Fund's Registration Statement, the Fund's organizational documents, bylaws, applicable laws and regulations, and resolutions and policies established by the Fund's Board:

1. In performing the Services, Ultimus will act as a liaison among the Fund's
service providers, including, but not limited to its custodian, transfer agent, fund accountant and dividend disbursing agent, legal counsel,
and audit firm;

2. Upon request, assist the Fund in the evaluation and selection of other service
providers, such as independent public accountants, printers, EDGAR providers and proxy solicitors (such parties may be affiliates of Ultimus);

3. Prepare and maintain the Fund's operating expense budget to determine proper
expense accruals to be charged to the Fund in order to calculate its net asset value;

4. Prepare, or cause to be prepared, expense and financial reports, including Fund
budgets, expense reports, pro-forma financial statements, expense and profit/loss projections and fee waiver/expense reimbursement projections
on a periodic basis as mutually agreed;

5. Prepare authorization for the payment of Fund expenses and pay, from Fund assets,
all authorized bills of the Fund;

6. Determine income and capital gains available for distribution and calculate distributions
required to meet regulatory, income, and excise tax requirements, to be reviewed by the Fund's independent public accountants;

7. Compute performance data required for inclusion in fund financial reports and disseminate
such data to information services covering the investment company industry, for sales literature of the Fund and other appropriate purposes;

8. Provide other information typically supplied in the investment company industry
as mutually agreed to companies that track or report price, performance or other information with respect to investment companies;

9. Prepare and coordinate the delivery of semi-annual and annual financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Prepare quarterly financial statements

Buttonwood First Access Fund Ltd.<br> Fund Administration Addendum

11. Coordinate the Fund's audits and examinations by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. assisting the Fund's independent public accountants, or, upon approval of the Fund, any regulatory
body, in any requested review of the Fund's accounts and records, as mutually agreed upon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. providing appropriate financial schedules (as requested by the Fund's independent public accountants
or SEC examiners), as mutually agreed upon; and

12. In consultation with legal counsel for the Fund, assist in and monitor the preparation, filing, printing
and where applicable, dissemination to shareholders of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. periodic reports to the Board, shareholders and the SEC, including but not limited to annual reports
and semi-annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. notices pursuant to Rule 24f-2 (as applicable); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. reports to the SEC on Forms N-CEN, N-CSR, N-PORT, N-23c-3, Schedule TO, and N-PX (as applicable).

13. Review the Fund's federal, state, and local tax returns as prepared and signed by the Fund's independent
public accountants; and

14. Monitor Fund holdings and operations for  **<u>post-trade compliance</u>** with
the Prospectus and Statement of Additional Information, SEC statutes, rules, regulations and policies and at the direction of the Fund's
independent public accountants and legal counsel, monitor Fund holdings for compliance with IRS taxation limitations and restrictions
and applicable Federal Accounting Standards Board rules, statements and interpretations; provide periodic compliance reports to each investment
adviser or sub-adviser to the Fund, and assist the Fund, the Adviser and each sub-adviser to the Fund (collectively referred to as "**Advisers** ")
in preparation of periodic compliance reports to the Fund, as applicable. Post-trade compliance testing will be performed in accordance
with testing policies and procedures, which in Ultimus' sole determination, are reasonably designed to comport with industry standard
post-trade compliance testing practices. Because such post-trade compliance testing is performed using fund accounting data and data provided
by third- party sources, including, without limitation the Adviser, its accuracy is dependent upon the accuracy of such data, and the
Fund agrees and acknowledges that Ultimus is not liable for the accuracy or inaccuracy of such data. The Fund further agrees and acknowledges
that the post-trade compliance testing performed by Ultimus shall not relieve the Fund or the Adviser of their responsibilities with respect
to fund portfolio compliance, including on a pre-trade basis, and that Ultimus shall not be held liable for any act or omission of the
Fund or the Adviser with respect to fund portfolio compliance. Moreover, and notwithstanding the foregoing, Ultimus' ability and
therefor its obligation to perform post-trade compliance testing shall be wholly-dependent upon its timely receipt from third-party sources,
including as applicable the Adviser, of all data necessary in Ultimus' sole determination to properly perform such post-trade compliance
testing, and, should Ultimus determine it to be necessary, the Adviser shall be required to arrange for Ultimus to have secure look-through
access to private fund holdings.

**Special Reports and Services**

1. Ultimus may provide additional special reports upon the request of the Fund's
investment adviser, which may result in an additional charge, the amount of which shall be agreed upon by the parties prior to the reports
being made available.

2. Ultimus may provide such other similar services with respect to the Fund as may
be reasonably requested by the Fund, such as assistance with information statements, Proxy Statements or Form N-14, which may result in
an additional charge, the amount of which shall be agreed upon between the parties prior to such services being provided.

Buttonwood First Access Fund Ltd.<br> Fund Administration Addendum

**Filings and Other Documents Not Supported**

Notwithstanding any provision of the Agreement or this Fund Administration Addendum to the contrary, Ultimus will not be responsible for preparing, filing, or disseminating, any of the following filings/documents:

&nbsp;&nbsp;&nbsp;&nbsp;· Section 16 filings (Forms 3, 4, and/or 5);

&nbsp;&nbsp;&nbsp;&nbsp;· Rule 144 filings;

&nbsp;&nbsp;&nbsp;&nbsp;· Any non-routine proxy statements or proxy solicitation materials, including, without limitation, Schedules
DFAN14A, DEFC14A, or DEFC14C;

&nbsp;&nbsp;&nbsp;&nbsp;· Tender offer/repurchase offer/share buyback filings;

&nbsp;&nbsp;&nbsp;&nbsp;· Schedule 13G;

&nbsp;&nbsp;&nbsp;&nbsp;· Schedule 13D;

&nbsp;&nbsp;&nbsp;&nbsp;· Form 8-K;

&nbsp;&nbsp;&nbsp;&nbsp;· Exchange filings;

&nbsp;&nbsp;&nbsp;&nbsp;· Exemptive applications; and

&nbsp;&nbsp;&nbsp;&nbsp;· Registration Statements on Form 8-A.

**Tax Matters**

Ultimus does not provide tax advice. Nothing in the Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

**Legal Representation**

Notwithstanding any provision of the Agreement or this Fund Administration Addendum to the contrary, Ultimus will not provide legal representation to the Fund, including through the use of attorneys that are employees of, or contractually engaged by, Ultimus. The Fund acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and will rely on outside counsel retained by the Fund to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Fund's behalf. The Fund acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the Fund, any information provided to Ultimus attorneys will not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

**Signatures are located on the next page.**

Buttonwood First Access Fund Ltd.<br> Fund Administration Addendum

The parties duly executed this Fund Administration Addendum as of [●], 2026.

---

| | | |
|:---|:---|:---|
| **Buttonwood First Access Fund Ltd.** | **Ultimus Fund Solutions, LLC** | **Ultimus Fund Solutions, LLC** |
| By: | By: |  |
| Name: | Name: | Gary Tenkman |
| Title: | Title: | Chief Executive Officer |

---

Buttonwood First Access Fund Ltd.<br> Fund Administration Addendum

**<u>Fund Administration Fee Letter</u>**

**for**

**Buttonwood First Access Fund Ltd.**

Buttonwood First Access Fund Ltd.<br> Fund Administration Addendum

## Ex-99.(K)(2)

**Exhibit (k)(2)**

**<u>LICENSE AGREEMENT</u>**

This LICENSE AGREEMENT (this "<u>Agreement</u>") is made and effective as of [•], 2026 (the "<u>Effective Date</u>") by and between Buttonwood Group Advisors LLC, a Delaware limited liability company (the "<u>Licensor</u>") and Buttonwood First Access Fund Ltd., a Maryland corporation (the "<u>Licensee</u>") (the Licensor and Licensee, each a "<u>party</u>," and collectively, the "<u>parties</u>").

**<u>RECITALS</u>**

**WHEREAS**, the Licensor has certain common law rights in the trade name "Buttonwood" [and has filed an application (Serial No. [•]) to register the foregoing with the United States Patent and Trademark Office] (the "<u>Licensed Name</u>");

**WHEREAS**, the Licensee is a closed-end management investment company registered under the Investment Company Act of 1940, as amended;

**WHEREAS**, pursuant to an investment advisory agreement, dated as of [•], 2026, as it may be amended from time to time, the Licensor serves as the investment adviser to the Licensee;

**WHEREAS**, the Licensee desires to use the Licensed Name in connection with the operation of its business, and the Licensor is willing to permit the Licensee to use the Licensed Name, subject to the terms and conditions of this Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

ARTICLE 1

<u>LICENSE GRANT</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>License</u>. Subject to the terms and conditions of this Agreement, the Licensor hereby grants to the Licensee, and the Licensee hereby accepts from the Licensor, a personal, non-exclusive, royalty-free right and license to use the Licensed Name solely and exclusively as an element of the Licensee's own company name in connection with the conduct of its business. Except as provided above, neither the Licensee nor any affiliate, owner, director, officer, employee, or agent thereof shall otherwise use the Licensed Name or any derivative thereof without the prior express written consent of the Licensor in its sole and absolute discretion. All rights not expressly granted to the Licensee hereunder shall remain the exclusive property of the Licensor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Licensor's Use</u>. Nothing in this Agreement shall preclude the Licensor, its affiliates, or any of its respective successors or assigns from using or permitting other entities to use the Licensed Name, whether or not such entity directly or indirectly competes or conflicts with the Licensee's business in any manner.

ARTICLE 2

<u>OWNERSHIP</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Ownership</u>. The Licensee acknowledges and agrees that the Licensor is the owner of all right, title, and interest in and to the Licensed Name, and all such right, title, and interest shall remain with the Licensor. The Licensee shall not otherwise contest, dispute, or challenge the Licensor's right, title, and interest in and to the Licensed Name.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Goodwill</u>. All goodwill and reputation generated by the Licensee's use of the Licensed Name shall inure to the benefit of the Licensor. The Licensee shall not by any act or omission use the Licensed Name in any manner that disparages or reflects adversely on the Licensor or its business or reputation. Except as expressly provided herein, neither party may use any trademark or service mark of the other party without that party's prior written consent, which consent shall be given in that party's sole discretion.

ARTICLE 3

<u>COMPLIANCE</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>Quality Control</u>. In order to preserve the inherent value of the Licensed Name, the Licensee agrees to use reasonable efforts to ensure that it maintains the quality of the Licensee's business and the operation thereof equal to the standards prevailing in the operation of the Licensor's and the Licensee's business as of the date of this Agreement. The Licensee further agrees to use the Licensed Name in accordance with such quality standards as may be reasonably established by the Licensor and communicated to the Licensee from time to time in writing, or as may be agreed to by the Licensor and the Licensee from time to time in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Compliance With Laws</u>. The Licensee agrees that the business operated by it in connection with the Licensed Name shall comply in all material respects with all laws, rules, regulations, and requirements of any governmental body in the United States of America (the "<u>Territory</u>") or elsewhere as may be applicable to the operation, advertising, and promotion of the business, and that it shall notify the Licensor of any action that must be taken by the Licensee to comply with such laws, rules, regulations, or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Notification of Infringement</u>. Each party shall immediately notify the other party and provide to the other party all relevant background facts upon becoming aware of (i) any registrations of, or applications for registration of, marks in the Territory that do or may conflict with the Licensed Name in the Territory, and (ii) any infringements, imitations, or illegal use or misuse of the Licensed Name.

ARTICLE 4

<u>REPRESENTATIONS AND WARRANTIES</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Mutual Representations</u>. Each party hereby represents and warrants to the other party as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Due Authorization</u>. Such party is duly formed and in good standing as of the Effective Date, and the execution, delivery, and performance of this Agreement by such party have been duly authorized by all necessary action on the part of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Due Execution</u>. This Agreement has been duly executed and delivered by such party and, with due authorization, execution, and delivery by the other party, constitutes a legal, valid, and binding obligation of such party, enforceable against such party in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Conflict</u>. Such party's execution, delivery, and performance of this Agreement do not: (i) violate, conflict with, or result in the breach of any provision of the organizational documents of such party; (ii) conflict with or violate any law or governmental order applicable to such party or any of its assets, properties, or businesses; or (iii) conflict with, result in any breach of, constitute a default (or event which with the giving of notice, lapse of time, or both would become a default) under, require any consent under, or give to others any rights of termination, amendment, acceleration, suspension, revocation, or cancellation of any contract, agreement, lease, sublease, license, permit, franchise, or other instrument or arrangement to which it is a party.

ARTICLE 5

<u>TERM AND TERMINATION</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Term</u>. This Agreement shall remain in effect only for so long as the Licensor or a subsidiary or affiliate thereof remains the Licensee's investment adviser, and so long as the Licensee is in full compliance with the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Upon Termination</u>. Upon expiration or termination of this Agreement, all rights granted to the Licensee under this Agreement with respect to the Licensed Name shall cease, and the Licensee shall immediately discontinue use of the Licensed Name.

ARTICLE 6

<u>MISCELLANEOUS</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Assignment</u>. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party may assign, delegate, or otherwise transfer this Agreement or any of its rights or obligations hereunder without the prior written consent of the other party. No assignment by either party permitted hereunder shall relieve the applicable party of its obligations under this Agreement. Any assignment by either party in accordance with the terms of this Agreement shall be pursuant to a written assignment agreement in which the assignee expressly assumes the assigning party's rights and obligations hereunder. Notwithstanding anything to the contrary contained in this Agreement, the rights and obligations of the Licensee under this Agreement shall be deemed to be assigned to a newly formed entity in the event of the merger of the Licensee into, or conveyance of all of the assets of the Licensee to, such newly formed entity; <u>provided</u>, <u>further</u>, <u>however</u>, that the sole purpose of that merger or conveyance is to effect a mere change in the Licensee's legal form into another limited liability entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Independent Contractor</u>. This Agreement does not give any party, or permit any party to represent that it has, any power, right, or authority to bind the other party to any obligation or liability, or to assume or create any obligation or liability on behalf of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Notices</u>. All notices, requests, claims, demands, and other communications hereunder shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service (with signature required), by facsimile, or by registered or certified mail (postage prepaid, return receipt requested) to the other party at its principal office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regarding the conflicts of law principles or rules thereof, to the extent such principles would require applying the laws of another jurisdiction. The parties unconditionally and irrevocably consent to the exclusive jurisdiction of the courts located in the State of New York and waive any objection with respect thereto for the purpose of any action, suit, or proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Amendment</u>. This Agreement may not be amended or modified except by an instrument in writing signed by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>No Waiver</u>. The failure of either party to enforce at any time, for any period, the provisions of or any rights deriving from this Agreement shall not be construed to be a waiver of such provisions or rights or the right of such party thereafter to enforce such provisions, and no waiver shall be binding unless executed in writing by both parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Severability</u>. If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal, or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Headings</u>. The descriptive headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original, and all of which together shall be deemed to be one and the same instrument. Any party may deliver an executed copy of this Agreement and of any documents contemplated hereby by facsimile or other electronic transmission to another party, and such delivery shall have the same force and effect as any other delivery of a manually signed copy of this Agreement or of such other documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral, among the parties with respect to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 <u>Third-Party Beneficiaries</u>. Nothing in this Agreement, either express or implied, is intended to or shall confer upon any third party any legal or equitable right, benefit, or remedy of any nature whatsoever under or by reason of this Agreement.

[*Remainder of Page Intentionally Blank*]

**IN WITNESS WHEREOF**, each party has caused this Agreement to be executed as of the Effective Date by its duly authorized officer.

---

| | |
|:---|:---|
| **LICENSOR:** | **LICENSOR:** |
| BUTTONWOOD GROUP ADVISORS LLC | BUTTONWOOD GROUP ADVISORS LLC |
| By: |  |
| Name: | Joseph A. Alagna, Jr. |
| Title: | Manager |
| **LICENSEE:** | **LICENSEE:** |
| BUTTONWOOD FIRST ACCESS FUND LTD. | BUTTONWOOD FIRST ACCESS FUND LTD. |
| By: |  |
| Name: | Stephan A. Stein |
| Title: | President, COO, Treasurer and Secretary |

---

## Ex-99.(K)(3)

**Exhibit (k)(3)**

**FORM OF**

**INDEMNIFICATION AGREEMENT**

THIS INDEMNIFICATION AGREEMENT (this "***Agreement***") is effective as of the [•] day of [•], 2026, by and between Buttonwood First Access Fund Ltd., a Maryland corporation (the "***Company***"), and the undersigned ("***Indemnitee***").

WHEREAS, at the request of the Company, Indemnitee currently serves as a director of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of Indemnitee's service; <u>and</u>

WHEREAS, as an inducement to Indemnitee to continue to serve as such director, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the fullest extent permitted by law, except as otherwise expressly provided for herein; <u>and</u>

WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses;

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, and of other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Company and Indemnitee do hereby covenant and agree as follows:

**Section 1. Definitions. For purposes of this Agreement:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "***Change of Control***" shall mean the occurrence of any of the following events after the Effective Date 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the sale or other disposition of all or substantially all of the Company's assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the acquisition, whether directly, indirectly, beneficially (within the meaning of rule 13d-3 of the Securities Exchange Act of 1934, as amended (the "***1934 Act***")) or of record, as a result of a merger, consolidation or otherwise, of securities of the Company representing twenty percent (20%) or more of the aggregate voting power of the Company's then-outstanding common stock by any "person" (within the meaning of Sections 13(d) and 14(d) of the 1934 Act), including, but not limited to, any corporation or group of persons acting in concert, other than (i) the Company or its subsidiaries and/or (ii) any employee pension benefit plan (within the meaning of Section 3(2) of the Employee Retirement Income Security Act of 1974) of the Company or its subsidiaries, including a trust established pursuant to any such plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the individuals who were members of the Board of Directors as of the Effective Date (the "***Incumbent Board***") cease to constitute at least two-thirds (2/3) of the Board of Directors; <u>provided</u>, <u>however</u>, that any director appointed by at least two-thirds (2/3) of the then Incumbent Board or nominated by at least two-thirds (2/3) of the Nominating and Corporate Governance Committee of the Board of Directors (a majority of the members of the Nominating and Corporate Governance Committee shall be members of the then Incumbent Board or appointees thereof), other than any director appointed or nominated in connection with, or as a result of, a threatened or actual proxy or control contest, shall be deemed to constitute a member of the Incumbent Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "***Corporate Status***" means the status of a person who is or was a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise for which such person is or was serving at the request of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "***Disinterested Director***" means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "***Effective Date***" means the date set forth in the first paragraph of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "***Expenses***" shall include all reasonable attorneys' fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, or being or preparing to be a witness in a Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "***Independent Counsel***" means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term "Independent Counsel" shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee's rights under this Agreement. If a Change of Control has not occurred, Independent Counsel shall be selected by the Board of Directors, with the approval of Indemnitee, which approval will not be unreasonably withheld. If a Change of Control has occurred, Independent Counsel shall be selected by Indemnitee, with the approval of the Board of Directors, which approval will not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "***Proceeding***" includes any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative (including on appeal), except one pending or completed on or before the Effective Date, unless otherwise specifically agreed in writing by the Company and Indemnitee.

**Section 2. Services by Indemnitee**. Indemnitee will serve as a director of the Company. However, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee's service to the Company beyond any period otherwise required by law or by other agreements or commitments of the parties, if any.

**Section 3. Indemnification—General.** The Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement and (b) otherwise to the fullest extent permitted by Maryland law in effect on the date hereof and as amended from time to time; provided, however, that no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the date hereof. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification permitted by Section 2-418(g) of the Maryland General Corporation Law ("***MGCL***"). Notwithstanding anything to the contrary in this Section 3 or any other section of this Agreement, for so long as the Company is subject to the Investment Company Act of 1940, as amended, and the regulations promulgated thereunder (the "***Investment Company Act***"), the Company shall not indemnify or advance Expenses to Indemnitee to the extent such indemnification or advance would violate the Investment Company Act.

**Section 4. Proceedings Other Than Proceedings by or in the Right of the Company.** Indemnitee shall be entitled to the rights of indemnification provided in this Section 4 if, by reason of Indemnitee's Corporate Status, Indemnitee is, or is threatened to be, made a party to or a witness in any threatened, pending, or completed Proceeding other than a Proceeding by or in the right of the Company. Pursuant to this Section 4, Indemnitee shall be indemnified against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with a Proceeding by reason of Indemnitee's Corporate Status unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty, (ii) Indemnitee actually received an improper personal benefit in money, property or services, or (iii) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

**Section 5. Proceedings by or in the Right of the Company.** Indemnitee shall be entitled to the rights of indemnification provided in this Section 5 if, by reason of his or her Corporate Status, he or she is, or is threatened to be, made a party to or a witness in any threatened, pending or completed Proceeding brought by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 5, Indemnitee shall be indemnified against all amounts paid in settlement and all Expenses actually and reasonably incurred by him or her or on his or her behalf in connection with such Proceeding unless it is established that (i) the act or omission of Indemnitee was material to the matter giving rise to such a Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (ii) Indemnitee actually received an improper personal benefit in money, property or services.

**Section 6. Court-Ordered Indemnification.** In addition to any other indemnification that may be provided under this Agreement, and notwithstanding any other provision of this Agreement, a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification in the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if it determines Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the expenses of securing such reimbursement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if it determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to Expenses.

**Section 7. Indemnification for Expenses of a Party Who is Wholly or Partly Successful.** Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee is, by reason of Indemnitee's Corporate Status, made a party to and is successful, on the merits or otherwise, in the defense of any Proceeding, Indemnitee shall be indemnified for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection with each successfully resolved claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

**Section 8. Advance of Expenses.** The Company shall advance all reasonable Expenses incurred by or on behalf of an Indemnitee in connection with any Proceeding to which Indemnitee is, or is threatened to be, made a party or a witness, within ten (10) days after the receipt by the Company of a statement or statements from Indemnitee requesting such advance or advances from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee's good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established that the standard of conduct has not been met and which have not been successfully resolved as described in Section 7. For so long as the Company is subject to the Investment Company Act, any advancement of Expenses shall be subject to at least one of the following as a condition of the advancement: (a) Indemnitee shall provide a security for Indemnitee's undertaking, (b) the Company shall be insured against losses arising by reason of any lawful advances or (c) a majority of a quorum of the Disinterested Directors of the Company, or Independent Counsel in a written opinion, shall determine, based on a review of readily available facts (as opposed to a full-trial-type inquiry), that there is reason to believe that Indemnitee ultimately will be found entitled to indemnification. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee's financial ability to repay such advanced Expenses and without any requirement to post security therefor.

**Section 9. Procedure for Determination of Entitlement to Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors in writing that Indemnitee has requested indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon written request by Indemnitee for indemnification pursuant to the first sentence of Section 9(a) hereof, a determination, if required by applicable law, with respect to Indemnitee's entitlement thereto shall promptly be made in the specific case: (i) if a Change of Control shall have occurred, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee; or (ii) if a Change of Control shall not have occurred, (A) by the Board of Directors (or a duly authorized committee thereof) by a majority vote of a quorum consisting of Disinterested Directors, or (B) if a quorum of the Board of Directors consisting of Disinterested Directors is not obtainable or, even if obtainable, such quorum of Disinterested Directors so directs, by Independent Counsel in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so directed by a majority of the members of the Board of Directors, by the shareholders of the Company; and, if it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten (10) days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee's entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee's entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

**Section 10. Presumptions and Effect of Certain Proceedings.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making of any determination contrary to that presumption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The termination of any Proceeding by judgment, order, settlement, conviction, a plea of *nolo contendere* or its equivalent, or an entry of an order of probation prior to judgment, does not create a presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

**Section 11. Remedies of Indemnitee.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If (i) a determination is made pursuant to Section 9 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 9(b) of this Agreement within thirty (30) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 7 of this Agreement within ten (10) days after receipt by the Company of a written request therefor, or (v) payment of indemnification is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court of the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee's entitlement to such indemnification or advance of Expenses. Alternatively, Indemnitee, at Indemnitee's option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 11(a); *provided, however*, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee's rights under Section 7 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any judicial proceeding or arbitration commenced pursuant to this Section 11 the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If a determination shall have been made pursuant to Section 9(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 11, absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee's statement not materially misleading, in connection with the request for indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that Indemnitee, pursuant to this Section 11, seeks a judicial adjudication of or an award in arbitration to enforce Indemnitee's rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

**Section 12. Defense of the Underlying Proceeding.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Indemnitee shall notify the Company promptly upon being served with or receiving any summons, citation, subpoena, complaint, indictment, information, notice, request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder; *provided, however*, that the failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company's ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the provisions of the last sentence of this Section 12(b) and of Section 12(c) below, the Company shall have the right to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; *provided, however*, that the Company shall notify Indemnitee of any such decision to defend within fifteen (15) calendar days following receipt of notice of any such Proceeding under Section 12(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes an admission of fault of Indemnitee or (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee. This Section 12(b) shall not apply to a Proceeding brought by Indemnitee under Section 11 above or Section 18 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding the provisions of Section 12(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee's Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee's choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee's choice, subject to the prior approval of the Company, which shall not be unreasonably withheld, at the expense of the Company (subject to Section 11(d)), to represent Indemnitee in connection with any such matter.

**Section 13. Non-Exclusivity; Survival of Rights; Subrogation; Insurance; Investment Company Act.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Articles of Amendment and Restatement of the Company (as amended from time to time, the "***Charter***") or the Bylaws of the Company (as amended from time to time, the "***Bylaws***"), any agreement or a resolution of the shareholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in Indemnitee's Corporate Status prior to such amendment, alteration or repeal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as expenses hereunder if and to the extent that (i) Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise, or (ii) for so long as the Company is subject to the Investment Company Act, indemnification or payment or reimbursement of expenses would not be permissible under the Investment Company Act.

**Section 14. Insurance.** The Company has obtained, or will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors of the Company, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee for service as a director of the Company and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee for service as a director of the Company. Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and reasonable Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence.

**Section 15. Indemnification for Expenses of a Witness.** Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of Indemnitee's Corporate Status, a witness in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee's behalf in connection therewith.

**Section 16. Duration of Agreement; Binding Effect.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall continue until and terminate ten (10) years after the date that Indemnitee's Corporate Status shall have ceased; *provided, however*, that the rights of Indemnitee hereunder shall continue until the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advance of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 11 of this Agreement relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a director, trustee, officer, employee or agent of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the written request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee's spouse, assigns, heirs, devisees, executors and administrators and other legal representatives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place.

**Section 17. Severability.** If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby; and (b) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

**Section 18. Exception to Right of Indemnification or Advance of Expenses.** Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement with respect to any Proceeding brought by Indemnitee, unless (a) the Proceeding is brought to enforce indemnification under this Agreement or otherwise or (b) the Company's Bylaws, the Charter, a resolution of the shareholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. In addition, notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advance of Expenses under this Agreement to the extent such indemnification or advance of Expenses would conflict with any provision of the Company's Bylaws or the Charter.

**Section 19. Identical Counterparts.** This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

**Section 20. Headings.** The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

**Section 21. Modification and Waiver.** No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

**Section 22. Notices.** All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If to Indemnitee, to: the address set forth on the signature page hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If to the Company, to:

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| |
|:---|
| Buttonwood First Access Fund Ltd. |
| 1000 RXR Plaza |
| 10<sup>th</sup> Floor, East Tower |
| Uniondale, New York 11556 |

---

or to such other address as may have been furnished to Indemnitee by the Company or to the Company by Indemnitee, as the case may be.

**Section 23. Governing Law.** The parties agree that this Agreement shall be governed by, and construed and enforced in accordance with (i) the laws of the State of Maryland applicable to contracts formed and to be performed entirely within the State of Maryland, without regard to its conflicts of laws rules, to the extent such rules would require or permit the application of the laws of another jurisdiction, and (ii) the Investment Company Act. To the extent the applicable laws of the State of Maryland or any applicable provision of this Agreement shall conflict with the applicable provisions of the Investment Company Act, the latter shall control.

**Section 24. Miscellaneous.** Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate.

*[SIGNATURE PAGE FOLLOWS]*

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the [ ] day of [ ], 2026.

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| | |
|:---|:---|
| Buttonwood First Access Fund Ltd. | Buttonwood First Access Fund Ltd. |
| By: |  |
| Name: | [•] |
| Title: | [•] |
| INDEMNITEE | INDEMNITEE |
| Name: |  |
| Title: |  |

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## Ex-99.(R)(1)

**Exhibit (r)(1)**

**<u>Buttonwood First Access Fund Ltd.</u>**

**<u>Code of Ethics – Buttonwood First Access Fund</u>**

I. Purpose of the Code of Ethics

This code of ethics (the "Code") is based on the principle that, you as an access person of Buttonwood First Access Fund Ltd. (the "Fund"), will conduct your personal investment activities in accordance with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the duty at all times to place the interests of the Fund's shareholders first;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the requirement that all personal securities transactions be conducted consistent with this Code and in
such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of Fund and responsibility;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the fundamental standard that Fund personnel should not take inappropriate advantage of their positions.

In view of the foregoing, the Fund has adopted this Code to specify a code of conduct for certain types of personal securities transactions which may involve conflicts of interest or an appearance of impropriety and to establish reporting requirements and enforcement procedures.

II. Legal Requirement

Pursuant to Rule 17j-1(b) of the Investment Company Act of 1940, as amended (the "1940 Act"), it is unlawful for any Access Person to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· employ any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make any untrue statement of a material fact to the Fund or fail to state a material fact necessary in
order to make the statements made to the Fund, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice, or course of business which operates or would operate as a fraud or deceit
upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect to the Fund, in connection with the purchase or sale
(directly or indirectly) by such Access Person of a security "held or to be acquired" by the Fund.

***III.***  ***Definitions*** *-* All definitions shall have the
 same meaning as set forth in Rule 17j-1 or Section 2(a) of the 1940 Act, if applicable, and
 are summarized below.

An **"Access Person"** means any trustee, officer, general partner, or Advisory Person of the Fund ("Advisory Person") or of the Investment Adviser (or of any entity in a control relationship to the Fund or the Investment Adviser) who, in connection with his/her regular functions or duties, makes, participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales.

For purposes of this Code, an Access Person who is subject to the securities pre-clearance requirements and securities transaction reporting requirements of the code adopted by the Investment Adviser of the Fund (the "Investment Adviser") or Principal Underwriter of the Fund (the "Principal Underwriter") in compliance with Rule 17j-1 under the Investment Company Act of 1940 Act (the "Act), Rule 204A-2 of the Investment Advisers Act of 1940 (the "Advisers Act"), or Section 15(f) of the Securities and Exchange Act of 1934 (the "Exchange Act") as applicable, shall not be subject to the requirement to obtain pre-approval from the Fund's Chief Compliance Officer ("Fund's CCO") before directly or indirectly acquiring beneficial ownership in any covered securities in an initial public offering or in a private placement or other limited offering. Such persons shall also be exempt from the reporting and certification requirements set forth in Sections V and VII of this Code.

**Automatic Investment Plan** – A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Program includes a dividend reinvestment plan.

**Advisory Person** of the Fund or of the Investment Adviser shall have the same meaning as that set forth in Rule 17j-1 of the 1940 Act.

**Beneficial ownership** shall have the same meaning as that set forth in Rule 16a-1(a)(2) of the Exchange Act. "Beneficial ownership" can have broad meaning that covers many types of transactions or relationships. "Beneficial ownership" is based on an individual's ability to profit from a particular purchase or sale of securities held by the individual or by his or her family members; through derivative transactions, registered investment companies, partnerships, corporations; or through other arrangements.

**Control** shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.

**Covered Security** shall be any security except that it does not include:

(i) Direct
 obligations of the Government of the United States;

(ii) Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including
repurchase agreements; and

(iii) Shares issued by open-end registered investment companies (excluding open-end exchange traded funds).

**Exchange Traded Fund** means an open-end registered investment company that is not a unit investment Fund, and that operates pursuant to an order from the SEC exempting it from certain provisions of the 1940 Act permitting it to issue securities that trade on the secondary market.

Examples of Exchange Traded Funds include, but are not limited to: Select Sector SPDR, iShares, etc.

**An Initial Public Offering** means an offering of securities registered under the Securities Act of 1933, as amended (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Exchange Act.

**Limited Offering** means an offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504 or Rule 506 under the Securities Act.

**Purchase or Sale of a Covered Security** includes, among other things, the writing of an option to purchase or sell a Covered Security.

**Security held or to be Acquired** by the Fund means:

(i) Any Covered Security which, within the most recent 15 days:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Is or has been held by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) Is being or has been considered by the Fund or its Investment
Adviser for purchase by the Fund; and

(ii) Any option to purchase or sell, and any security convertible
into or exchangeable for, a Covered Security.

**IV.**  ***Policies of the Fund Regarding Personal Securities Transactions*** 

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

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

<u>Specific Policies</u>

No Access Person shall purchase or sell, directly or indirectly, any security in which he/she has, or by reason of such transaction acquires, any direct or indirect beneficial ownership and which he/she knows or should have known at the time of such purchase or sale:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is being considered for purchase or sale by the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is being purchased or sold by the Fund.

<u>Pre-approval of Investments in IPOs and Limited Offerings</u> 

Access Persons must obtain approval from the Fund's CCO before directly or indirectly acquiring beneficial ownership in any covered securities in an initial public offering or in a private placement or other limited offering.

**V.**  ***Reporting Procedures*** 

The Fund shall notify each person (annually in January of each year), considered to be an Access Person of the Fund that he/she is subject to the reporting requirements detailed in Sections (a), (b) and (c) below and shall deliver a copy of this Code to each such Access Person.

In order to provide the Fund with information to enable it to determine with reasonable assurance whether the provisions of this Code are being observed, every Access Person must report the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; a) <u>Initial Holdings Reports</u>. Every Access Person must report on **Exhibit A or through the Fund's compliance program as determined by the Fund CCO**, attached hereto, no later than 10 days after becoming an Access Person, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The title, number of shares and principal amount of each Covered Security in which the Access Person had
any direct or indirect beneficial ownership when the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of any broker, dealer or bank with whom the Access Person maintained an account in which any
securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person.

This information must be current as of a date no more than 45 days prior to the date the person becomes an access person. Also, an Initial Holdings Report must be submitted even if there are no securities holdings to report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b) <u>Quarterly Transaction Reports</u>. Every Access Person must report on **Exhibit B or through the Fund's compliance program as determined by the Fund CCO**, attached hereto, no later than 30 days after the end of a calendar quarter, the following information with respect to any transaction during the quarter in a Covered Security in which the Access Person had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date of the transaction, the title, the interest rate and maturity date (if applicable), the number
of shares, and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The price of the Covered Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer or bank with or through whom the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person.

An Access Person need <u>not</u> make a quarterly transaction report under Section V.b of this Code with respect to transactions effected pursuant to an Automatic Investment Plan.

With respect to any account established by an Access Person in which **any securities** were held during the quarter for the direct or indirect benefit of the Access Person, each Access Person must report on **Exhibit B**, attached hereto, no later than 30 days after the end of a calendar quarter the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name of the broker, dealer or bank with whom the Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person.

An employee need not submit a Quarterly Transaction Report if the information reported therein would be duplicative of information contained in broker trade confirmations, notices or advices or account statements received by the Fund. Also, a Quarterly Transaction Report must be submitted even if no purchases or sales of securities were made during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; c) <u>Annual Holdings Reports</u>. Every Access Person must report on **Exhibit C or through the Fund's compliance program as determined by the Fund CCO**, attached hereto, by January 31 of each year, the following information (which information must be current as of a date no more than 45 days before the report is submitted):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The title, number of shares and principal amount of each Covered Security in which the Access Person had
any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The name and account number of any broker, dealer or bank with whom the Access Person maintains an account
in which any securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The date that the report is submitted by the Access Person.

An Annual Holdings Report must be submitted even if no purchases or sales of securities were made during the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; d) <u>Exceptions from Reporting Requirements</u>. Each Independent Trustee need not make an initial or annual holdings report but shall submit the same quarterly report as required under Section V.(b) of this Code to the Administrator, but only for a transaction in a Covered Security where he or she knew at the time of the transaction or, in the ordinary course of fulfilling his or her official duties as an Independent Trustee, should have known that during the 15-day period immediately preceding or after the date of the transaction, such Covered Security is or was purchased or sold, or considered for purchase or sale, by the Fund.

These exceptions do not exclude the Independent Trustee from reporting any holdings or transactions in shares of the Fund in the reports under Sections V(a), V.(b), or V(c) of this Code.

**VI.**  ***Review of Reports and Administration of Code*** 

The Fund CCO, or delegate, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate, comparing the reports with this Code, and reporting to the Fund's Board of Directors (the "Board"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any transaction that appears to evidence a possible violation of this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· apparent violations of the reporting requirements stated herein.

The Fund CCO shall review the reports made to them hereunder and shall determine whether the policies established in Sections IV and V of this Code have been violated, and what sanctions, if any, should be imposed on the violator. Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and the disgorgement of any profits. The Fund CCO will report all exceptions to the Fund CCO at the end of each calendar quarter.

The Fund CCO and Board shall review the operation of this Code at least annually. No less frequently than annually, the Fund CCO shall provide a written report to the Board that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· describes any issues arising under the Code or corresponding procedures since the last report to the Board,
including, but not limited to, information about material violations of the Code or procedures and sanctions imposed in response to the
material violations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· certifies that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating
the Code.

**VII.**  ***Adoption and Amendment to the Code*** 

The Board, including a majority of Directors who are not interested persons (as defined in the 1940 Act), must approve the Code and any material changes to the Code. The Board must base its approval of the Code and any material changes to the Code on a determination that the Code contains provisions reasonably necessary to prevent Access Persons from engaging in any conduct prohibited by paragraph (b) of Rule 17j-1. Before approving the Code or any amendment to the Code, the Board must receive a certification from the Fund that it has adopted procedures reasonably necessary to prevent Access Persons from violating the Code. The Board must also approve the code of ethics of an investment adviser or principal underwriter before initially retaining the services of the investment adviser or principal underwriter. The Board must approve a material change to a code of ethics no later than six months after adoption of the material change.

**VIII.**  ***Recordkeeping*** 

The Fund shall cause the records enumerated in this Section VIII.a through e. below to be maintained in an easily accessible place and shall cause such records to be made available to the Commission or any representative of the Commission at any time and from time to time for reasonable periodic, special or other examinations.

Specifically, the Fund shall maintain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) a copy of the Code adopted by the Fund that is in effect, or at any time within the previous five (5)
years was in effect in an easily accessible place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) a record of any violation of the Code of Ethics, and of any action taken as a result of such violation,
in an easily accessible place, for at least five (5) years after the end of the fiscal year in which the violation occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) a copy of each report made by an Access Person as required by this Code for at least five (5) years after
the end of the fiscal year in which the report is made or the information is provided, the first two (2) years in an easily accessible
place;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) a record of all persons, currently or within the past five years, who are or were required to make reports
under Section IV of this Code, or who are or were responsible for reviewing these reports, in an easily accessible place; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) a copy of each report required by Section IV of this Code, for at least five (5) years after the end of
the fiscal year in which the report is made, the first two (2) years in an easily accessible place.

**IX.**  ***Acknowledgement*** 

The Fund must provide all Access Persons with a copy of this Code. Upon receipt of this Code, all Access Persons must do the following:

All new Access Persons must read the Code and complete all relevant forms supplied by the Fund's CCO (including a written acknowledgement of their receipt of the Code).

***Adopted: [Org Meeting Date]***

 ****

**<u>Exhibit A</u>**

**INITIAL HOLDINGS REPORT**

To: Fund Chief Compliance Officer

At the time I became an Access Person, I had a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of the Fund:

---

| | | |
|:---|:---|:---|
| **<u>Security (name plus ticker or CUSIP)</u>** | **<u>Number of Shares</u>** | **<u>Principal Amount</u>** |

---

The name and account number of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above. I understand that this information must be reported no later than ten (10) days after I became an Access Person.

---

| | |
|:---|:---|
| Date | Print Name |
|  | Signature |

---

**<u>Exhibit B</u>**

**QUARTERLY TRANSACTION REPORT**

For the Calendar Quarter Ended ____________________________

To: Fund Chief Compliance Officer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Securities Transactions</u>. During
the quarter referred to above, the following transactions were effected in securities of which I had, or by reason of such transactions
acquired, direct or indirect beneficial ownership, and which are required to be reported pursuant to the Code of the Fund. I understand
that this information must be reported no later than

.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Title of<br> <u>Security</u> | &nbsp;&nbsp;Date of<br> <u>Transaction</u> | &nbsp;&nbsp;Number of<br> Shares or<br> Principal<br> <u>Amount</u> | &nbsp;&nbsp;Dollar Amount of<br> <u>Transaction</u> | &nbsp;&nbsp;Interest Rate and<br> Maturity Date (if<br> <u>applicable)</u> | &nbsp;&nbsp;Nature of Transaction<br> (Purchase, <br> <u>Sale, Other)</u> | &nbsp;&nbsp;<u>Price</u> | &nbsp;&nbsp;Broker/Dealer or<br> Bank Through<br> Whom <u><br> Effected</u> |

---

\* Transactions that are asterisked indicate transactions in a security where I knew at the time of the transaction or, in the ordinary course of fulfilling my official duties as a Trustee or Officer, should have known that during the 15-day period immediately preceding or after the date of the transaction, such security was purchased or sold, or such security was being considered for purchase or sale by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; B. <u>New Brokerage Accounts</u>. During the quarter referred to above, I established the following accounts in which securities were held during the quarter for my direct or indirect benefit:

<u>Name of Broker, Dealer or Bank</u> <u><u>Date Account Was Established:</u></u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Other Matters</u>. This report (i) excludes transactions
with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported,
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

Date:   Signature:   <br> <br> Print Name :  

**<u> </u>**

**<u>Exhibit C</u>**

ANNUAL HOLDINGS REPORT

For the following period: January 1, 20<u>___</u> – December 31, 20___

To: Fund Chief Compliance Officer

As of the period referred to above, I have a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to the Code of the Fund:

---

| | | |
|:---|:---|:---|
| **<u>Security (name plus ticker or CUSIP)</u>** | **<u>Number of Shares</u>** | **<u>Principal Amount</u>** |

---

The name and account number of any broker, dealer or bank with whom I maintain an account in which my securities are held for my direct or indirect benefit are as follows:

This report (i) excludes transactions with respect to which I had no direct or indirect influence or control, (ii) excludes other transactions not required to be reported, and (iii) is not an admission that I have or had any direct or indirect beneficial ownership in the securities listed above.

---

| | |
|:---|:---|
| Date | Print Name |
|  | Signature |

---

## Ex-99.(R)(2)

**Exhibit (r)(2)**

**Buttonwood Group Advisors LLC**

**Code of Ethics** 

**February 13, 2026**

**Buttonwood group advisors LLC**

**CODE OF ETHICS**

**<u>table of contents</u>**

---

| | | | |
|:---|:---|:---|:---|
| **Definitions** | **Definitions** | **Definitions** | **1** |
| **I.** | **INTRODUCTION** | **INTRODUCTION** | **4** |
|  | a. | Firm Background | 4 |
|  | B. | Use and Distribution of the Code of Ethics | 4 |
|  | C. | Code of Ethics Employee Acknowledgements | 5 |
|  | D. | Reporting Violations / Whistleblower Policy | 5 |
| **II.** | **BUSINESS CONDUCT AND ethical principles** | **BUSINESS CONDUCT AND ethical principles** | **7** |
|  | A. | General Ethical Principles and Professional Standards | 7 |
|  | B. | Communications with Clients, Investors and Counterparties | 9 |
|  | C. | Treatment of Corporate Assets | 9 |
|  | D. | Fair Competition | 10 |
|  | E. | Limits to Authority | 10 |
|  | F. | Dispensing Information | 10 |
|  | G. | Foreign Corrupt Practices Act and Bribery | 10 |
|  | H. | Confidentiality | 11 |
| **III.** | **conflicts of interest policies** | **conflicts of interest policies** | **11** |
|  | A. | Conflicts of Interest Policy Statement | 11 |
|  | B. | Identification and Resolution of Potential Conflicts of Interest for Specified Transactions | 13 |
|  | C. | Other Potential Conflicts of Interest and Reviews | 14 |
|  | D. | Outside Business Activities | 15 |
|  | E. | Gifts and Entertainment | 15 |
|  | F. | Political Contributions | 17 |
| **iv.** | **personal trading policies and reporting** | **personal trading policies and reporting** | **21** |
|  | A. | Reporting of Personal Securities Transactions and Holdings | 21 |
|  | B. | Personal Trading Policy | 24 |
|  | C. | Pre-Clearance of Private Securities Transactions (Private Placements) and IPOs | 24 |
|  | D. | Restricted List Policy | 24 |
|  | E. | Persons Serving as Board Directors or Officers / Outside Directors | 26 |

---

**V.** **policy to prevent the misuse of non-public or inside information** **27** 

A. Insider Trading Defined 27

B. Penalties for Insider Trading 28

C. Policies and Procedures to Prevent Insider Trading 29

**VI.** **code of ethics ADMINISTRATION, TRAINING AND REVIEWS** **29** 

A. Administration of the Code and Monitoring 29

B. Code of Ethics Training 30

C. Annual Reviews 30

**APPENDICES**

**Appendix A –** Buttonwood Group Advisors LLC Code of Ethics Employee Acknowledgement Form

**Appendix B** - Initial Holdings Report

**Appendix C** - Annual Holdings Report

**Appendix D** – Quarterly Report on Personal Securities Transactions

**Definitions** 

***"Access Person"*** means any employee (i) who has access to non-public information regarding any Client purchase or sale of securities or non-public information regarding the portfolio holdings of any Client<sup>\*</sup>, or (ii) who is involved in making securities recommendations for the Advisory Client, or who has access to such recommendations that are non-public. Buttonwood Group Advisors LLC ("BGA") has taken the position that all employees are treated as Access Persons regardless of their job duties or status.

Access Persons also include Household Members of an Access Person's immediate family (spouse, child, or parents) who live in the same household and any person with an investment account over which an Access Person has investment control or discretion.

***"Beneficial Interest" or "Beneficial Ownership*"** means ownership, directly or indirectly and in full or in part, through any contract, arrangement, understanding, relationship or otherwise, of a direct or indirect pecuniary interest in securities. The definition of "beneficial ownership" may be complex, and if you have any question whether you have a beneficial interest in a security, please consult with the Chief Compliance Officer. Beneficial Interest or Beneficial Ownership also includes:

⮚ ownership of securities as a trustee where either the employee or members of his/her immediate family have a personal stake in the principal or income of the trust.

⮚ ownership of a vested beneficial interest in trust.

⮚ an employee's status as a settlor of a trust unless the consent of all the beneficiaries is required for the employee to revoke the trust.

---

| | |
|:---|:---|
| ⮚ | a non-public entity (partnership, corporation or otherwise) of which an Access Person has a "controlling" interest, as generally defined by securities laws (i.e., the power to exercise a controlling interest in the management or policies of the entity or beneficial ownership of more than 25% of the voting securities of such entity). |

---

***"Client(s)"*** - An entity that has contracted with BGA for the provision of discretionary or nondiscretionary investment management services. For the purposes of this Code, a "Client" is a registered investment company ("RIC") and/or a Private Fund.

***"Closed-End Fund"*** *-* type of fund that has a fixed number of shares usually listed on a major stock exchange. Unlike open-ended mutual funds that are not reportable securities, closed-end funds do not issue and redeem shares on a continuous basis and are not reportable securities under this Code.

<sup>\*</sup> An employee or other person could be deemed an "Access Person" by virtue of having electronic systems access to BGA's protected files containing Client purchase or sale of securities or investments or non-public information regarding portfolio holdings for any Client.

Page \| 1

***ComplianceAlpha ("CAlpha")*** *-* A web-based application used by Access Persons to submit all necessary forms/reports under the requirements of this Code. Access Persons must, whenever possible, use CAlpha to comply with the reporting requirements of this Code. However, in cases where an Access Person does not have access to the system, the Access Person must receive approval from the Compliance Department prior to submitting any required forms/reports manually.

***"Exempt Security"*** means:

⮚ Direct obligations of the United States Government and securities issued by United States Government agencies.

---

| | |
|:---|:---|
| ⮚ | Shares issued by open-ended registered investment companies, commonly known as mutual funds, including money market funds (excluding exchange-traded funds), or shares issued by unit investment trusts that invest exclusively in such mutual funds. |

---

⮚ Bankers' acceptances, bank certificates of deposit, commercial paper, and high-quality short-term debt instruments, including repurchase agreements.

⮚ Securities purchased or sold in any account on which an Access Person has no direct or indirect influence or control where an Access Person has no beneficial ownership.

⮚ Securities acquired as part of an automatic dividend reinvestment plan.

***"Private Fund(s)"*** - Commingled private pooled investment vehicles advised or sub-advised by BGA that are onshore and offshore pooled investment vehicles that are not registered under the Securities Act or the Investment Company Act of 1940 respectively and are offered exclusively to US and offshore investors satisfying the applicable eligibility requirements either in private placement transactions within the United States or in offshore transactions, and the Private Funds are excepted from the definition of an "investment company" under Section 3(c)(7) of the 1940 Act.

***"Household Member"*** - A member of an Access Person's immediate family and/or legal dependent that shares the same residence as the Access Person.

***"Pecuniary Interest"*** *-* The opportunity to profit directly or indirectly or share in any profit derived from a transaction in a security.

Page \| 2

***"Related Security"*** *-* Any instrument related in value to that Security, including, but not limited to, any option or warrant to purchase or sell that Security, and any Security convertible into or exchangeable for the Security.

***"Reportable Securities"*** *-* Means all Securities, except Exempt Securities that are Non-Reportable Securities, in which an Access Person has Beneficial Interest.

***"RIC" -*** a regulated investment company registered with the SEC under the Investment Company Act of 1940 ("40 Act").

***"Supervised Person"***: A "Supervised Person" is any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. This may also include all temporary workers, consultants, independent contractors, and anyone else designated by the Chief Compliance Officer. The Chief Compliance Officer shall make the final determination as to which of these are considered Supervised Persons.

Page \| 3

I. INTRODUCTION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Firm Background** 

Buttonwood Group Advisors LLC ("BGA" or the "Firm") was established in 2012 in Delaware as a limited liability company, with its principal place of business at 1000 RXR, Uniondale, New York. BGA is a newly U.S. Securities and Exchange Commission ("SEC") registered investment adviser ("RIA") that provides discretionary investment management services to privately and potentially publicly offered pooled investment funds that are comprised of an expected regulated investment company ("RIC") and private investment funds ("Private Funds"), (collectively "Clients"). The RIC intends to be registered with the SEC under the Investment Company Act of 1940 ("40 Act"). The Private Funds are privately offered investment vehicles that are exempt from registration under the Securities Act of 1933. The Funds are also exempt from registration under the Investment Company Act of 1940 pursuant to Section 3(c))1) or 3(c)(7). The Private Funds are institutional vehicles whose investor base is limited to qualified investors who meet the definition of an "accredited investor" under Rule 501 of Regulation D of the Securities Act. BGA affiliates serve as managing members of each Fund.

The Private Funds are managed by Buttonwood Titan Management LLC, Buttonwood Select Opportunities Management Associates LLC and Buttonwood Prime Properties Management LLC (the "**Managers**"), which are responsible for the administration of the Private Funds. BGA is controlled and majority owned by Mr. Joseph A. Alagna, Jr., through an entity BG Bluefin LLC, and by Mr. Stephan A. Stein. There are additional minority owners of Buttonwood. Messrs. Alagna and Stein control BGA and the Managers.

BGA advises investments in primarily mid-or late-stage pre-IPO technology and service companies with private market capitalizations of at least $250 million but typically $1 billion or more, though Clients may invest in earlier stage growth companies (the "Issuer(s)"). The Clients invest in securities of issuers from a variety of sources, including existing shareholders (so-called "secondary market transactions") and directly from issuers in private placement transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Use and Distribution of the Code of Ethics** 

BGA has adopted the policies and procedures set forth in this Code of Ethics (the "Code" or "Code of Ethics") which governs the activities of all employees and / or other persons who provide investment advice on behalf of BGA and are subject to the supervision and control of BGA (collectively, "Supervised Persons").<sup>†</sup>

<sup>†</sup> Investment Advisers Act of 1940 ("Advisers Act") Rule 204A-1 requires each investment adviser registered with the SEC under the Act to establish, maintain and enforce a written code of ethics that sets forth standards of business conduct for the adviser's personnel and imposes certain reporting and other compliance requirements on such personnel.

Page \| 4

This Code is designed to guide Supervised Persons in making business decisions and comply with the SEC and other regulations as applicable. The Code also provides guidance in the way Supervised Persons, including Access Persons, should conduct personal dealings on behalf of BGA, Clients, investors, and fellow Supervised Persons. However, the Code does not cover all situations that may arise while conducting business on behalf of BGA. Supervised Persons must communicate with their supervisors or the Chief Compliance Officer whenever a potential ethical issue arises. The Code serves as a supplement to other BGA Compliance Policies and Procedures.<sup>‡</sup> Supervised Persons are expected to familiarize themselves and comply with these other policies, as well as with the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Code of Ethics Employee Acknowledgements** 

It is important that each Supervised Person support BGA's values and business practices by understanding and adhering to this Code. BGA will provide a copy of the Code, along with any amendments hereto, to all Supervised Persons subject to this Code. Initially, for every new Supervised Person and on an annual basis all Supervised Persons are required to sign a ***"Code of Ethics Employee Acknowledgement Form*"** attached to this Code as **Appendix A** indicating that he/she has read, understands the Code, and will adhere to its policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Reporting of Violations / Whistleblower Policy<sup>§</sup>** 

Any Supervised Person subject to this Code who becomes aware of any violation or suspected violation of this Code, or other BGA's Compliance Policies and Procedures has a duty to promptly report such violations or suspected violations to the Chief Compliance Officer. Violations may also be reported anonymously. To the extent any investigation is necessitated, BGA will endeavor to keep the proceedings and the identity of the Supervised Person confidential, except to the extent disclosure is required by law, regulation or court order or is necessary to permit a complete investigation of such report. The Chief Compliance Officer will strive to maintain the integrity and confidentiality of all compliance-related communications. However, in certain circumstances, the identity of the Supervised Person reporting the issue may become known or may need to be revealed, particularly if federal or state enforcement authorities become involved in the investigation. BGA cannot guarantee confidentiality, particularly when material evidence of a violation of the law is disclosed or if the Supervised Person is identified during the normal course of an investigation.

<sup>‡</sup> BGA has adopted this Code of Ethics and other compliance policies and procedure documents as listed in the "Buttonwood Group Advisors LLC Compliance Policies and Procedures Manual" (collectively "BGA Compliance Policies and Procedures") that are reasonably designed to comply with Rule 206(4)-7 of the Investment Advisers Act of 1940 (the "Advisers Act") and other applicable regulations and industry best practices.

<sup>§</sup> This policy does not constitute a contract of any kind, nor does it limit the Firm's right to take disciplinary action in other circumstances. Employment at the Firm is "at will" and may be terminated at any time by the Firm or the employee/personnel, with or without any previous notice, unless a formal written agreement between the Firm and the employee/personnel provides otherwise.

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A Supervised Person must be acting in good faith in reporting a complaint or concern under this policy and must have reasonable grounds for believing a deliberate misrepresentation has been made regarding accounting or audit matters or a breach of BGA's Compliance Policies and Procedures including this Code. A malicious allegation known to be false is considered a serious offense and will be subject to disciplinary action that may include termination of employment.

The Chief Compliance Officer shall promptly report to a member of senior management all apparent material violations; and, together with senior management, take any necessary steps, including consulting with outside legal counsel in addressing the violation. When the Chief Compliance Officer finds that a violation, otherwise reportable to senior management, will not result in a fraud, deceit, or a manipulative practice in violation of Section 206 of the Advisers Act, subject to any investigation, he, in his or her discretion, will make note of such finding and the reasons therefore to a reporting file created for this purpose in lieu of reporting the matter to senior management.

As an investment adviser to an expected RIC, if the Chief Compliance Officer determines that a material violation of this *Code of Ethics* has occurred, the Chief Compliance Officer will promptly report the violation, and any associated action(s), to the Registered Fund's Board of Directors, CCO or Trustees, pursuant to Rule 17j-1.

Any Supervised Person who in good faith (a) reports a suspected violation, or by BGA or its agents acting on its behalf, or (b) raises issues or concerns regarding BGA's business or operations to the Chief Compliance Officer, to any other Supervised Person or BGA management, may not be fired, demoted, reprimanded or otherwise harmed for, or because of, the reporting of the suspected violation, issue or concern, regardless of whether the suspected violation, issue or concern involves the Supervised Person, his or her supervisor or senior management of BGA.

SEC regulations prohibit any person from taking any action to impede an individual from communicating directly with the SEC staff about a securities law violation, including enforcing, or threatening to enforce, a confidentiality agreement with respect to such communications. In addition, the SEC's rules authorize the SEC staff to communicate *directly* with whistleblowers who are directors, officers, members, agents, or employees of a company, *without* first seeking consent of the company's counsel.<sup>\*\*</sup> This policy is also intended to encourage and enable Supervised Persons and other personnel to raise concerns within BGA for investigation and appropriate action. With this goal in mind, no Supervised Person, or other personnel of BGA who, in good faith, reports a concern shall be subject to retaliation or adverse employment consequences.

<sup>\*\*</sup> Section 922 of the Dodd-Frank Act established a whistleblower program at the SEC that offers rewards to all qualified "whistleblowers" who voluntarily provide original information to the SEC that leads to the successful enforcement of an action or related action in any judicial or administrative action brought by the SEC under the Federal Securities Laws that results in monetary sanctions of more than $1 million. The whistleblower is entitled to between 10% and 30% of collected monetary sanctions. The Dodd-Frank Act also expanded existing protections for whistleblowers by providing to whistleblowers who report to the SEC a private right of action against employers that retaliate against the employee. The Dodd-Frank Act also prohibits any form of retaliation by an employer against a whistleblower because of any lawful act done by the whistleblower in providing information to the SEC in accordance with the statute.

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**II.** **BUSINESS CONDUCT AND ETHICAL PRINCIPLES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **General Ethical Principles and Professional Standards** 

BGA strongly believes that its continued success depends upon BGA maintaining its reputation for integrity, quality, and professionalism. BGA recognizes that it has a fiduciary duty to its Clients. Acting as a fiduciary requires that BGA Supervised Persons, consistent with their other regulatory obligations, act solely in the Clients' best interests and in the interest of all investors when providing investment advice and engaging in other activities on behalf of Clients. As such, it is the policy of BGA to act in the best interest of Clients and on the principles of full disclosure, good faith, and fair dealing. BGA and its Supervised Persons must seek to avoid situations which may result in potential or actual conflicts of interest with these duties. To this end, the following principles apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised
 Persons must always observe the highest standards of integrity and fair dealing and conduct
 their personal and business dealings in accordance with the letter, spirit and intent of
 all relevant laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 must have a reasonable basis for the investment advice and decisions it makes for Clients
 and must ensure that its investment decisions are consistent with the Client's investment
 objectives, policies and disclosures to Clients including each Client's Directors,
 Board as applicable and to its investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 and its Supervised Persons must refrain from entering transactions, including personal securities
 transactions, which are inconsistent with the interests of Clients including investors and
 must conduct all personal securities transactions in full compliance with this Code. Doubtful
 situations should be resolved in favor of Clients and in cooperation with the Chief Compliance
 Officer. Technical compliance with the Code's provisions shall not automatically insulate
 from scrutiny any securities transactions or actions that could indicate a violation of BGA's
 fiduciary duties.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 should not take inappropriate advantage of their positions and may not, directly, or indirectly,
 use BGA or others as an opportunity for personal gain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised
 Persons must be loyal to their Clients and place the interests of its Clients and their investors
 above their own and must use good judgment in identifying
 and responding appropriately to actual or apparent conflicts. Conflicts of interest that
 involve BGA and/or its Supervised Persons on one hand and Clients on the other hand may be
 fully disclosed and/or resolved in a way that favors the interests of the Clients over the
 interests of the Firm and its Supervised Persons. If a Supervised Person believes that a
 conflict of interest has not been identified or appropriately addressed, that Supervised
 Person should promptly notify the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· No
 Supervised Person may serve on the board of directors of any publicly traded company without
 prior written permission from the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised
 Persons are prohibited from accepting compensation for services from outside sources without
 the prior written approval of the Chief Compliance Officer and the Managing Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised
 Persons are subject to Insider Trading Policies under this Code to detect and prevent the
 misuse of material nonpublic information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised
 Persons must be completely candid with all other Supervised Persons in business matters so
 that decisions will be reasonable and based upon all relevant facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised
 Persons must treat recommendations and actions of the Firm as confidential and private matters.
 Accordingly, we have adopted a Privacy Policy to prohibit the transmission, distribution,
 or communication of any information regarding securities transactions in Client portfolios
 and other nonpublic information, except to bona fide service providers, or regulators in
 the ordinary course of business. The Privacy Policy applies to Clients where BGA retain US
 domiciled investors personally identifiable information subject to US regulations. The Privacy
 Policy is included in the Compliance Manual.

In addition to these principles, all Supervised Persons are required to comply with the provisions of the federal securities laws which prohibit, among other things, the following practices:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 employ any device, scheme, or artifice to defraud the Funds (Section 206(1) of the Investment
 Advisers Act of 1940 (the "Advisers Act")).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 engage in any transaction, practice, or course of business that operates as a fraud or deceit
 upon any Fund (Section 206(2) of the Advisers Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 act as a principal for its own account, knowingly to sell any security to or purchase any
 security from a Client, or when acting as broker for a person other than the Client, knowingly
 to effect any sale or purchase of any security for the account of a Client without disclosing
 to the Client in writing before the completion of such transaction the capacity in which
 he or she is acting and to obtain the consent of the Client to such transaction (Section
 206(3) of the Advisers Act);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 engage in any act, practice, or course of business that is fraudulent, deceptive, or manipulative
 (Section 206(4) of the Advisers Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To
 make any false or misleading statements to Clients including prospective or actual investors
 in the Private Funds or otherwise defraud those investors (Rule 206(4)-8 under the Advisers
 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "Front-running"
 (*i.e.*, purchasing or selling a security for a personal account or an BGA or affiliate
 account prior to its purchase for a Client).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Misrepresenting
 pricing methodology and/or deliberately mispriced or valuating Client holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Favoring
 certain Clients in which BGA has an enhanced financial incentive when allocating investment
 opportunities or other matters; or,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Appropriate
 investment opportunities for BGA, its affiliates or Supervised Persons, that properly should
 be made available to its Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Communications with Client, Investors and Counterparties** 

All communications with Clients, investors and counterparties, whether verbal or written, must convey information clearly and fairly. Supervised Persons must comply with the Firm's communications policies and procedures. Exaggerated, unwarranted or misleading statements or claims are prohibited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Treatment of Corporate Assets** 

All information, products and services connected to or generated by BGA or Clients as a business are considered corporate assets to which BGA or the Client has ownership rights. Corporate property utilized or developed by Supervised Persons, including files, analysis, reference materials, reports, written or e-mail correspondence, trade secrets, Client lists, strategies, computer hardware and software, data processing systems, computer programs and databases, remains exclusively BGAs' property. Supervised Persons are expected to protect BGA ownership or property including all information, products, and services and to return all information to BGA at the termination of their engagement or employment.

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Further, Supervised Persons are prohibited from misusing BGA corporate assets including use of assets for a non-business purpose, theft, inflation of expenses, while involved with the Firm and from misusing or removing those assets from the premises upon leaving the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Fair Competition** 

BGA is confident that the quality of its investments, services and personnel will ensure its continued success in the competitive marketplace. Competition should be fair and open. Supervised Persons are not permitted to obtain information about a competitor through deception, nor should Supervised Persons make disparaging remarks about competitors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Limits to Authority** 

Supervised Persons are not permitted to sign any document on behalf of BGA or in any way represent or exercise authority on behalf of BGA unless specifically authorized to do so in writing by their manager or by written policy. Supervised Persons should be aware of the limits of their authority and should not take any action which exceeds their limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Dispensing Information** 

Supervised Persons must obtain prior written approval from the Chief Compliance Officer before dispensing any reports, recommendations or other information concerning securities holdings or securities transactions for Clients to anyone, other than the Clients themselves. No approval is needed if such people have a business need for this information as a part of their normal duties and activities. Access Persons may disclose this information if: (1) there is a public report containing the same information; (2) the information is dispensed in accordance with compliance procedures established to prevent conflicts of interest between BGA and a Client; or (3) the information is reported to directors or trustees of a Client or to an administrator or other fiduciary of a Client and if these persons receive the information in the course of carrying out their fiduciary duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G.** **Foreign Corrupt Practices Act and Bribery** 

Under certain laws and BGA policy, BGA and its Supervised Persons may not corruptly pay, offer to pay, or authorize a payment of any money or any other thing of value to an official of a U.S. or non-U.S. local, state or federal government or an agency of a U.S. or non-U.S. local, state or federal government, government-controlled company, sovereign wealth fund or government owned investment fund.<sup>††</sup>

<sup>††</sup> **"Corruptly"** means where the purpose is to influence the recipient to take or refrain from taking any official action or to induce the recipient to use his or her influence to affect governmental action to obtain, retain, or direct business for BGA. Offering or making any such remuneration or consideration to any of the individuals or entities listed above is prohibited.

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Under the Foreign Corrupt Practices Act of 1977 ("FCPA"), BGA and its Supervised Persons are required to comply with all applicable anti-bribery laws, regulations and guidelines issued by the government and/or self-regulatory organizations in the countries in which it operates or invests. A violation of the FCPA occurs when a payment is made to a non-U.S. government official while "knowing" that the payment will be used to unlawfully get or keep business or direct business to anyone else. Under the FCPA, "knowing" includes situations where the circumstances make it obvious that an illegal payment will occur, even if the applicable person did not actually know the payment would be made. Likewise, many countries in which BGA may operate or invest are signatories to the Organization of Economic Cooperation and Development's Convention on Combating Bribery of Foreign Public Officials in International Business Transactions. BGA prohibits any of its Supervised Persons from making any corrupt payment to improperly obtain or retain business anywhere in the world.

All Supervised Persons must immediately report all invitations to accept or pay a bribe or any proposal or suggestion of a similar illegal nature to their immediate manager and to the Chief Compliance Officer. Non-disclosure of even a rejected proposal of bribery or graft is grounds for disciplinary action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**H.** **Confidentiality** 

All Confidential Information collected pursuant to this Code will be treated confidentially except to the extent required to be disclosed by law.

**III.** **CONFLICTS OF INTEREST POLICIES** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Conflicts of Interest Policy Statement** 

BGA and all Supervised Persons should avoid establishing monetary interests or outside affiliations which may create a conflict, or even the appearance of a conflict, between BGA or a Supervised Persons' personal interest and the interests of Clients, or the investors in the Funds. A potential conflict of interest exists whenever a BGA member or other Supervised Persons has a direct financial or other personal interest in any transaction or proposed transaction involving BGA or any of its Clients. A conflict of interest may also exist where the member or other Supervised Person has an indirect interest in a transaction, for example, because the transaction will benefit someone with whom the member or other Supervised Person has a friendship or other personal relationship.

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In certain instances, BGA's relationship with a Client may require BGA to place the Client's interest above its interests. If a Supervised Person becomes aware of a situation where BGA's pursuit of its own interests in a transaction may conflict, or appear in conflict, with its obligations to a Client, he or she should bring the situation to the immediate attention of the Chief Compliance Officer. Supervised Persons may not use knowledge of a pending or currently considered securities transaction for a Client to profit personally, directly, or indirectly, as a result.

The SEC indicated in its adopting Release No. 2204 that each investment adviser, in designing its policies and procedures, should first identify conflicts and other compliance factors creating risk exposure for the firm and its Clients considering the firm's operations and then design policies and procedures that address those risks. BGA's conflicts of interest policies and procedures are designed to identify, address and document potential conflicts of interest to which it, as well as its Clients and investors, are exposed. Examples of potential conflicts of interest include, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 or its Supervised Persons hold a separate investment of those Client portfolio investments
 and holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 or its Supervised Persons receive compensation or other financial benefits (such as discounts
 on products and services) from a portfolio company including affiliates and issuer of securities
 owned by the Clients or investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 invests in a portfolio company on behalf of its Client that is owned by another Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 or Supervised Persons engage in outside business activities with a portfolio company or investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 or its Supervised Persons lend money to its Clients or investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 or an affiliate (including Supervised Persons are affiliates) makes loans, conducts transactions
 or is a service provider to Clients or investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised
 Persons serve on the board or an advisory committee or similar role of a private or public
 company invested by a Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 company affiliated with a portfolio company is owned by or affiliated with a current or prospective
 investor, with BGA, or with a Supervised Person of BGA.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 third-party investor of a Client (or entity related to such investor) provides products or
 services to BGA or other Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Where
 discrepancies exist with respect to the treatment and rights of a Private Fund's investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 conflict may exist with respect to the allocation of investment opportunities to Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Another
 investment adviser or broker dealer may employ Supervised Persons (and/or their immediate
 family members).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised
 Persons (and/or their immediate family members) may work at a company with which BGA conducts,
 or seeks to conduct, business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Management
 fees paid by certain Clients are higher than those paid by other Clients for the same investment
 advisory services, leading to a tendency to favor its Clients who pay higher management or
 performance fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Client
 transactions with BGA affiliates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Identification and Resolution of Potential Conflicts of Interests for Specified Transactions** 

As certain conflicts of interest may have a direct impact to Clients and/or investors, BGA's conflicts of interest policy allows for BGA to identify and address certain Client transactions or activities for potential conflicts of interest prior to the execution of the transactions or activity. Supervised Persons are required to notify the Chief Compliance Officer prior to engaging in any of the following transactions or activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 is funding the purchases or sales of portfolio investments by Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Loaning
 money to Clients or investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Hiring
 service providers on behalf of BGA or Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 proposed cross transaction between Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 principal transaction between two Clients or any BGA affiliated principal account where there
 is a 25% ownership interest by one or more Clients or BGA affiliates including employee personal
 investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 transaction that will directly involve investors outside of a Client relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 transaction with portfolio companies invested by Clients outside of an investment relationship.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 Client transaction involving affiliates.

For the purposes of this policy, the hiring of service providers by BGA that consists of banks, attorneys, compliance consultants, accountants, and auditors, unless the service provider is an affiliate of BGA, is excluded from this policy.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Other Potential Conflicts of Interests and Reviews** 

There could be other transactions or activities that could present a potential conflict of interest and are not recognized in this policy that should also be brought to the attention of the Chief Compliance Officer. All Supervised Persons are encouraged to consult with the Chief Compliance Officer if the Supervised Person is unsure whether a transaction or activity could present a potential conflict. This Code also addresses certain other potential conflicts of interests with separate policies associated with a Supervised or Access Persons' personal investments, outside business activities, gifts and entertainment and political contributions.

<u>Use of Initial and Annual Conflicts Questionnaires</u> 

Initially for new employees (and other Supervised Persons who are not employees as determined by the Chief compliance Officer), must complete a Supervised Person Conflicts Questionnaire and sent to the Chief Compliance Officer for review. The questionnaire will include many of the potential conflict scenarios as described in this policy.

<u>Conflicts Reviews</u> 

Once a potential conflict of interest is recognized, the Chief Compliance Officer will review and determine whether a conflict of interest exists and may call on other BGA senior representatives to participate in discussions who are most knowledgeable of the transactions and activities. The Chief Compliance Officer, with assistance from other senior representatives in identifying and articulating conflicts of interest, will address those conflicts of interest in the accordance with, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· All
 consideration of actions to be taken to mitigate conflicts of interest(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 additional consents from Clients on behalf of Clients or the investors, are required relating
 to a conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 prior consent from a Private Fund representative as investors or others as disclosed in the
 Private Funds' governing documents, if applicable, are required relating to a conflict
 of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 any additional disclosures are required to be sent to Clients on behalf of Clients or the
 investors, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Whether
 additional disclosures are needed in Form ADV Part 2A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 engagement of external legal counsel to assist with the conflicts of interest reviews.

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<u>Procedures for Documenting Potential Conflicts of Interests</u>

The Chief Compliance Officer will update a Conflicts of Interest Inventory Register for the evaluation of conflicts of interest and resolution that will also be kept in a compliance file.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Outside Business Activities** 

Any employment or other outside business activity ("OBA") by a Supervised Person may result in potential conflicts of interest for the Supervised Person or for the Firm. An OBA may include, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Service
 as an employee, consultant, board member, partner, officer, director, owner or trustee of
 an organization or legal entity that is not an affiliate of BGA subject to the exemptions
 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Taking
 an active role in providing advice or making investment decisions on behalf of a person or
 an entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Active
 involvement in any investment related activities such as local businesses, real estate investments,
 or family businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Active
 involvement in any other business or activity including ongoing part-time, evening or weekend
 employment for compensation.

Supervised Persons must submit written pre-clearance *(via email or CAlpha)* to a Principal officer and the Chief Compliance Officer for any of the above OBA <u>before</u> undertaking any such activity so that a determination can be made that the activities do not interfere with any of the Supervised Person's responsibilities with BGA and so that any conflicts of interest with respect to such activities may be addressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Gifts and Entertainment** 

Modest gifts and appropriate entertainment can help strengthen business relationships, but these business courtesies, whether given or received by BGA Supervised Persons, must never improperly influence business decisions or bring about the improper performance of a relevant function or activity. In all matters related to gifts or entertainment, it is the responsibility of the Supervised Person to exercise good judgment.

Offering and/or accepting gifts and entertainment to and from is appropriate provided there is a business purpose, the expense incurred is ordinary and necessary, and the gift or entertainment falls within this Code and all relevant laws and regulations. Particular care must be taken when providing gifts and entertainment to officials or employees of governments or governments owned or controlled enterprises or other officials who hold legislative, administrative, or judicial positions. When providing gifts or entertainment to government officials or employees of government-owned or controlled enterprises, Supervised Persons are required to abide by local law and the Firm's anti-corruption policies.

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<u>Giving of Gifts</u>

Supervised Persons are prohibited from giving gifts that may appear lavish or excessive and must receive written approval from the Chief Compliance Officer prior to giving a gift valued in excess of $100 to any Client, prospect, individual, or entity with whom the Firm does, or is seeking to do, business. Supervised Persons are prohibited from giving a cash payment of any kind or a gift of more than nominal value to a person for soliciting or referring Clients or potential clients.

<u>Receiving Gifts</u> 

On occasion, Supervised Persons may be offered, or may receive without notice, gifts from Clients, brokers, vendors, or other persons. Supervised Persons are prohibited from accepting gifts that may appear lavish or excessive and must promptly report the receipt of gifts valued in excess of $100 to the Chief Compliance Officer. Gifts such as gift baskets or lunches delivered to the Firm's offices, which are received on behalf of BGA, do not require reporting.

If you are offered a gift that does not meet the above criteria, politely decline the gift. If declining a gift is offensive or hurts a business relationship, accept the gift on behalf of BGA and work with the Chief Compliance Officer to determine the appropriate disposition of the gift.

<u>Entertainment Given</u> 

Supervised Persons are prohibited from giving entertainment that may appear lavish or excessive and must receive written approval from the Chief Compliance Officer prior to giving entertainment valued in excess of $100 to any client, prospect, individual, or entity with whom the Company does, or is seeking to do, business.

Travel, including flights, hotels, and lavish destinations, should not be given to prospective or existing Clients unless under extraordinary circumstances and the Chief Compliance Officer should be consulted prior to extending travel accommodations to a Client.

<u>Entertainment Received</u>

Supervised Persons are prohibited from accepting entertainment that may appear lavish or excessive and must promptly report the receipt of entertainment valued in excess of $100. Entertainment includes but not limited to meals, cocktails, outings (e.g., golf, theater tickets, concerts, sporting events) and holiday parties when the third-party provider is in attendance.

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<u>Restrictions on Gifts and Entertainment Related to ERISA Fiduciaries</u> 

Giving extravagant gifts or entertainment to the fiduciary of an account can be construed as an inducement to such fiduciary to allocate Client assets on a basis other than the suitability of the manager. Further, the Employee Retirement Income Security Act of 1974, as amended ("ERISA") and state laws (with respect to state plans) prohibit such gifts. In any case, no gifts or entertainment *of any value* should be given with respect to any vendor, ERISA benefit plan investor or state or municipal pension plan without prior approval of the Chief Compliance Officer.

<u>Restrictions on Gifts and Entertainment Related to Foreign Public Officials</u> 

BGA is also subject to the laws of other countries. Almost all countries have laws prohibiting corruption of their own government officials, and many countries have laws criminalizing corruption of other countries' officials. For example, the anti-corruption statutes of the United Kingdom (UK) criminalize corruptly giving or offering payment or other advantages to foreign public officials, such as U.S. officials. It is BGA's policy to comply fully with the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act and similar anti-corruption laws of other nations that make it unlawful for companies, their subsidiaries, and their employees or agents to bribe anyone for the purpose of obtaining or retaining business or securing an unfair business advantage.

BGA or its Supervised Persons are not, under any circumstances, permitted to make a payment or give other benefits to any foreign public official with the corrupt intent of obtaining or retaining business or a business advantage for BGA or with the intent to influence the recipient to act improperly or inconsistently with their lawful duties. In any case, no gifts or entertainment *of any value* should be given with respect to any foreign public official without prior approval of the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F.** **Political Contributions** 

Individuals may have important personal reasons for seeking public office, supporting candidates for public office, or making charitable contributions. However, such activities could pose risks to an investment adviser. For example, federal and state "pay-to-play" laws have the potential to significantly limit an investment adviser's ability to manage assets and provide other services to government-related clients.

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<u>Applicability of Rule 206(4)-5 to Different Types of Advisory Products and Services</u>

The Pay-to-Play Rule applies equally to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment
 advisers that provide advisory services to a Government Entity ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Investment
 advisers that manage a registered investment company (such as a mutual fund) that is
 an investment option of a plan or program of a Government Entity.

<u>Definitions</u>

***<u>"Covered Associate"</u>*** means any general partner, managing member, executive officer or other individual with a similar status or function and any employee (and his or her supervisor) whose job duties include the solicitation of any Government Entity on behalf of the Firm or any affiliate. Covered Associate shall also include any consultant or other independent contractor hired by the Firm or an affiliate who solicits a Government Entity on behalf of the Firm or any affiliate or supervises any Person who performs such activities. The determination of whether a person is a Covered Associate shall be made by the Chief Compliance Officer. Compliance.

***<u>"Covered Associate Affiliate"</u>*** means, as to any Covered Associate, any Person that is directly or indirectly controlled by, or primarily for the benefit of, such Covered Associate, including but not limited to any political action committee (**"PAC"**) under direct or indirect control of such Covered Associate.

***<u>"Permitted Contribution"</u>*** means any Payment or Payments by a Covered Associate that is a natural person to a Public Official of the State(s) (or subdivisions thereof) where the Covered Associate is entitled to vote and that, in the aggregate, do not exceed $350 per election to any Public Official for whom the Covered Associate is entitled to vote or that do not exceed $150 per election to any Public Official for whom the Covered Associate is not entitled to vote.

***<u>"Public Official"</u>*** means (i) any individual who is, at the time any Payment is made (or coordination or solicitation of Payments by others occurs), an incumbent, candidate or successful candidate for elective office of a Government Entity; (ii) any individual who is a candidate or successful candidate for federal elective office (President, Vice President, Senator or Member of Congress) if such individual, at the time any Payment is made (or coordination or solicitation of Payments by others occurs) holds an elected or appointed office of a Government Entity; (iii) any Person known to be providing assistance with respect to the candidacy of any of the foregoing, including, but not limited to, any PAC, any inauguration or transition committee, and a local or state political party; and (iv) a foundation or other charitable institution known to be closely associated with any of the foregoing.

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<u>Restrictions on the Receipt of Advisory Fees</u>

The Pay-to-Play Rule prohibits the receipt of advisory services compensation from a Government Entity for two years following a contribution to any *official of a Government Entity*. This prohibition also applies to "Covered Associates" of the investment adviser. A "Covered Associate" of an investment adviser is defined to include:

&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;· Any
 Supervised Person that solicits a Government Entity for BGA, as well as any direct or indirect
 supervisor of that Supervised Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any
 political action committee controlled by BGA or by any person that meets the definition of
 a "Covered Associate."

There is an exception available for contributions from individuals of $150 per election, or $350 per election if the contributor is eligible to vote in the election. An exception is also available for otherwise prohibited contributions that are returned, so long as the contribution in question is less than $350, is discovered within four months of being given, and is returned within 60 days of being discovered. The exception for returned contributions is available no more than twice per calendar year for BGA with 50 or fewer Supervised Persons. BGA cannot rely on the exception for returned contributions more than once for any particular Supervised Person, irrespective of the amount of time that passes between returned contributions.

The restrictions on contributions and payments imposed by Rule 206(4)-5 can apply to the activities of individuals for the two years before they became Covered Associates of BGA. For Covered Associates who are not involved in soliciting clients the look-back period is six months instead of two years.

<u>Restrictions on Payments for the Solicitation of Clients</u> 

The Pay-to-Play Rule prohibits the compensation of any person to solicit a Government Entity unless the solicitor is an officer or Supervised Person of BGA, or unless the recipient of the compensation (i.e., solicitation fee) is another registered investment adviser or a registered broker/dealer. BGA will be ineligible to receive compensation for soliciting Government Entities if BGA or its Covered Associates made, coordinated, or solicited contributions or payments to the Government Entity during the prior two years.

<u>Additional Prohibitions</u>

BGA and its Covered Associates are prohibited from doing anything indirectly which, if done directly, would violate Rule 206(4)-5. This includes coordinating or soliciting any person to make a contribution or payment to an official of the Government Entity, or a related local or state political party.

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<u>Recordkeeping Obligations</u>

Paragraph (a)(18) of Rule 204-2 imposes recordkeeping requirements on BGA to Clients or investors that fall within Rule 206(4)-5's definition of a "Government Entity". BGA must keep records showing political contributions by "Covered Associates" and a listing of all "Government Entity" Clients.

<u>Guidance Regarding Bona-Fide Charitable Contributions</u>

In Political Contributions by Certain Investment Advisers, Advisers Act Release No. 3043 (July 1, 2010) the SEC indicated that charitable donations to legitimate not-for-profit organizations, even at the request of an official of a Government Entity, would not implicate Rule 206(4)-5.

<u>Reporting and Pre-Clearance of Political Contributions</u> 

This policy applies to any political contribution made directly or indirectly by BGA (or any affiliate thereof) or any "Covered Associate" of the Firm to an "*official of a Government Entity*". If BGA or a "Covered Associate" is considering making a political contribution to any state or local Government Entity, official, candidate, political party, or political action committee, the potential contributor must obtain pre-clearance from the Chief Compliance Officer in advance of making the contribution.

Supervised Persons may make contributions to national political candidates, parties, or action committees without seeking pre-clearance as long as the recipient is not otherwise associated with a state or local political office and the contributions are not earmarked or known to be provided for the benefit of a particular "official of a Government Entity".<sup>‡‡</sup> Supervised Persons should consult with the Chief Compliance Officer if there is a question about the propriety of a potential contribution.

<u>Payments to Third Parties</u>

BGA and its Supervised Persons shall not pay a third party, such as a solicitor or placement agent, to solicit Government Entity clients on behalf of the Firm, unless that third party is an executive officer, general partner, managing member (or similar status) or employee of the Firm, or an SEC-registered investment adviser in compliance with Rule 206(4)-5.

<sup>‡‡</sup> An "official of a Government Entity" means any person (including any election committee for the person) who was at the time of the contribution an incumbent, candidate or successful candidate for elective office of 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 Associated Persons of the state or political subdivision or agency.

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<u>Public Office</u>

Supervised Persons must obtain written pre-approval from the Chief Compliance Officer prior to running for any public office. Supervised Persons may not hold a public office if it presents any actual or apparent conflict of interest with the Firm's business activities.

<u>Disclosure of Political Contributions by New Hires</u> 

Any potential new hire is required to disclose all political contributions for the two-year period prior to the date of employment. Political contributions made by such person during the two-year period prior to the date of employment will be attributed to BGA unless otherwise determined by the Chief Compliance Officer.

New Supervised Persons must submit a *New Hire Political Contribution Reporting Form* upon being hired by the Firm, disclosing any political contributions made during the two (2) years prior to employment by the BGA.

IV. PERSONAL
 TRADING POLICIES AND REPORTING

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Reporting of Personal Securities Transactions and Holdings** 

Subject to any exemptions as cited in the policies, all Access Persons for all Reportable Securities must provide the following reports and confirmations. The Firm considers all of its Supervised Persons to be Access Persons.

<u>Initial Holdings Report</u> 

Within ten (10) days after a person becomes an Access Person, such person must submit to the Chief Compliance Officer a completed ***"Initial Holdings Report"*** attached to this document as **Appendix B** that lists all personal investment accounts with holdings of Reportable Securities, other than Exempt Securities, in which such Access Person has a Beneficial Interest and for personal investment accounts of immediate family members (spouse, child or parents) who lives in the Access Person's household and any Person with an investment account over which an Access Person has investment control, influence or discretion. The information contained in this report must be current as of a date no more than 45 days prior to the date the report is submitted.

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Typically, the types of personal investment accounts that hold Reportable Securities and need to be reported to the Chief Compliance Officer include, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Individual
 and joint brokerage accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Certain
 trust accounts where the Access Person is the trustee and duly authorized to control assets
 for investment or is a beneficiary of the trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Closed
 end mutual fund accounts (closed-end mutual funds are required to be reported only). Open-end
 mutual funds do not need to be reported.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Third-party
 discretionary managed or brokerage accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Retirement
 accounts (e.g., IRAs) - where the Access Person invests in Reportable Securities

Typically, the types of personal investment accounts that do not hold reportable securities and are not reported to the Chief Compliance Officer include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Open-end
 mutual fund accounts – where only open-end mutual funds are invested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 401K
 plans not holding any Reportable Securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Commodities
 and future accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Automatic
 reinvestment plans

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Money
 market accounts, funds, and instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bank
 checking and savings accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Account
 holdings other than Exempt Securities as defined in this policy.

<u>Annual Holdings Reports</u>

On an annual basis and within 45 days from BGA's fiscal year-end, each Access Person must a submit a completed ***"Annual Holdings Report"*** attached to this document as **Appendix C** to the Chief Compliance Officer or a designee. Access Persons must list and confirm that they have reported all personal investment accounts and their annual holdings of all Reportable Securities, other than Exempt Securities, in which such Access Person has a Beneficial Interest and for those personal investment accounts of immediate family members (spouse, child or parents) who lives in the Access Person's household and any Person with an investment account over which an Access Person has investment control or discretion.

<u>Quarterly Securities Transaction Reporting</u>

On a quarterly basis, Access Persons must submit *a completed ***"Quarterly Report on Personal Securities Transactions***" attached to this document as **Appendix D** and duplicate broker-dealer brokerage or other financial institution account statements or an equivalent document (e.g. EXCEL Spreadsheets) which must be received by the Chief Compliance Officer or a designee no later than thirty (30) days after the end of each calendar quarter. Access Persons are reminded that they must also report transactions by members of their immediate family including spouse, children and other members of the household and any Person with an investment account over which an Access Person has investment authority, control, influence, or discretion.*

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Such duplicate personal investment account statements or equivalent document must reflect the securities trading and holdings activity involving the person's Beneficial Interests in Reportable Securities held in any of their accounts and for personal investment accounts of immediate family (spouse, child or parents) who lives in the Access Person's household and any Person with an investment account over which an Access Person has investment control or discretion.<sup>§§</sup>

<u>Accuracy of Information and Updates to Personal Investment Accounts</u>

Each Access Person must promptly notify the Chief Compliance Officer or a designee of any changes occurring after the submission of the required personal investment accounts, including the opening, closing, or moving of a personal investment account. The information to be sent to the Chief Compliance Officer or a designee must include the name (beneficial owner) on the personal investment account, type of account (joint, IRA, third party managed account, etc.), account number, date opened and name of the broker dealer or other financial institution.

<u>Exempted Transactions/Investments</u> 

The personal investment account reporting requirements as stated in this policy shall not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales affected in any personal investment account over which the Access Person has no
 direct or indirect influence or control over transactions outside of the Access Person's
 immediate family members in the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 or sales which are non-volitional on the part of the Access Person (e.g., receipt of gifts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 affected the exercise of rights issued by an issuer pro rata to all holders of a class of
 its Securities, to the extent such rights were acquired from such issuer, and sales of such
 rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases
 and sales of investments that are Exempt Securities.

<sup>§§</sup> Securities transactions must reflect Trade date / Buy or Sell / Quantity / Security Name / Account Name / Account Number / Name of Broker Dealer (Custodian) / Investment Manager (if applicable). Security holdings must reflect: As of Date / Security Name / Security Type / No. of Shares / Price / Principal Amount / Broker Dealer (Custodian) / Account Name / Account Number

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Personal Trading Policy** 

Access Persons shall not engage in any act, practice or course of business that would violate the provisions of the Advisers Act or engage in conduct inconsistent with this Code of Ethics regarding any personal investment activity. Personal trading should not conflict with the securities traded by Clients, distract an Access Person's responsibilities or in any way compromise the interests of the Firm or its Clients. All Access Persons are subject to these policies regardless of the purpose of their personal trading account and violations of these policies could subject the Access Person to breaking trades by selling or closing out a security position at the risk of a monetary loss or disgorgement of profits on any personal trade to a charitable organization of his/her choice. In addition, whenever a personal trade is unclear in relation to these policies, Access Persons are encouraged to consult with the Chief Compliance Officer prior to executing the personal trade.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Pre-Clearance of Private Securities Transactions (Private Placements) and IPOs** 

Access Person must obtain pre-clearance from the Chief Compliance Officer for any purchases or sales of any Beneficial Interests in Securities offered through a private placement including private securities transaction investments in limited liability companies or limited partnerships or participation in initial public offerings. If the Access Person is unsure whether a security investment requires pre-clearance, then the Access Person has a duty to consult with the Chief Compliance Officer prior to the execution of the personal securities transaction.

Compliance with this pre-clearance requirement is separate from and in addition to the Access Person's duty to refrain from trading based on the possession of any material, non-public information, and non-public proprietary information (see Insider Trading Policy below) or any personal trading of Reportable Securities that could conflict with Client investments. Trading decisions and portfolio holdings of Clients may be considered material non-public information until publicly disclosed. Even if an individual has pre-cleared a transaction as required by this Code, each such person acknowledges that the transaction does not otherwise violate the Code and acknowledges that the transaction may be subject to further review by the Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.** **Restricted List Policy** 

BGA retains a "Restricted List" of issuers about which a determination has been made to prohibit Supervised Persons trading activity. Supervised Persons may not engage in securities transactions involving companies (issuers) on the Restricted List unless a request is made for approval by the Chief Compliance Officer. The Restricted List is made available to all Supervised Persons and not just Access Persons and any personal securities transactions for companies on the Restricted List must be reported to the Chief Compliance Officer.

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All Supervised Persons also receive a copy of an updated Restricted List via email, including any additions thereto. Supervised Persons must therefore check the Restricted List before engaging in any personal securities transactions.

<u>Maintenance and Updates to the Restricted List</u>

The Chief Compliance Officer or a designee, maintains and updates the firm's Restricted List. Access Persons who become aware of any of the circumstances set forth in this policy or who, for any other reason, believe a company, security or issuer should be added to the Restricted List must promptly notify the Chief Compliance Officer, or a designee, to ensure that the Restricted List is updated.

Companies (issuers) will be removed from the Restricted List at the discretion of the Chief Compliance Officer in consultation with other personnel as applicable, typically when information involved has been made public or is no longer considered material, or when a confidential agreement relating to such company has expired. Access Persons should contact the Chief Compliance Officer whenever they believe that information concerning a Restricted List company (issuer) is made public or is no longer material.

The names of companies could be placed on the Restricted List for many reasons, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 becomes bound by a fiduciary obligation or other duty (for example, because the Supervised
 Person has become a board member, director or officer of a portfolio company, or other company).
 To minimize the risk of improper transactions, all public companies in which BGA or a Fund
 owns stock or controls one or more board seats, and all the publicly traded affiliates of
 such companies, will be placed on the Restricted List.<sup>\*\*\* †††</sup>

<sup>\*\*\*</sup> Based on the discretion of the Chief Compliance Officer, the names of the private companies or funds invested in a Client Portfolio may not need to be included on the Restricted List. It should be noted that all personal private securities transactions by Supervised Persons must be approved by the Chief Compliance Officer; therefore, any personal investment in the private securities in the portfolio companies on the Restricted List must be approved by the Chief Compliance Officer.

<sup>†††</sup> **Event-specific Blackout Periods.** From time to time, an event may occur that is material to the company and is known by only a few directors or executives. So long as the event remains material and nonpublic, directors, executive officers, and such other persons as are designated by the Chief Compliance Officer may not trade in the company's securities. The existence of an event-specific blackout will not be announced, other than to those who are aware of the event giving rise to the blackout. If, however, a person whose trades are subject to pre-clearance requests permission to trade in the Company's securities during an event-specific blackout, the Chief Compliance Officer will inform the requester of the existence of a blackout period, without disclosing the reason for the blackout. Any person made aware of the existence of an event- specific blackout should not disclose the existence of the blackout to any other person. The failure of the Chief Compliance Officer to designate a person as being subject to an event-specific blackout will not relieve that person of the obligation not to trade while aware of material nonpublic information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 becomes notified of a pending sale or joint venture transaction with a public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
becomes notified that a private company owned by Clients will file for an IPO.<sup>‡‡‡</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A
 Supervised Person becomes aware of material, non-public information for any reason about
 a security or issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· BGA
 has entered into a confidentiality agreement with a private or public company that may require
 the private or public company to be placed on the Restricted List subject to the terms of
 the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other
 situations as deemed by the Chief Compliance Officer

<u>Protection of the Restricted List</u>

Supervised Persons do have access to the Restricted List and other propriety information that is maintained on BGA's dedicated server that is inaccessible, and password protected from non-employees (outsiders) who are not involved in BGA's investment advisory businesses. As a general matter, Supervised Persons must not specifically discuss portfolio investments, holdings, specific companies, and companies on the Restricted List with anyone outside of the firm unless there is a clear business purpose and as approved by the Chief Compliance Officer. BGA should also limit their disclosure of proprietary and market-sensitive information involving the companies on the Restricted List to only persons who have a valid business reason and "need to know" such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.** **Persons Serving as Board Directors and Officers / Outside Directors** 

Supervised Persons of BGA that will serve as a Director, Officer or in an advisory role of other public or private companies including portfolio companies or their affiliates invested by Clients must receive pre-clearance from the Chief Compliance Officer who will review potential conflicts of interest and disclosures prior to becoming a Director, Officer or advisor of that company. The Chief Compliance Officer will include the name of the company on the Restricted List, if applicable.

<sup>‡‡‡</sup> **Quarterly Blackout Periods**. A company's announcement of its quarterly financial results almost always has the potential to have a material effect on the market for the company's securities. Therefore, to avoid even the appearance of trading while aware of material nonpublic information, Supervised Persons who are or may be expected to be aware of the company's quarterly financial results generally will not be pre-cleared to trade in the company's securities during the period beginning two weeks prior to the end of the company's fiscal quarter and ending 48 hours following the company's issuance of its quarterly or annual earnings release, analyst conference call or the filing of the company's Annual Report on Form 10-K or Quarterly Report on Form 10-Q with the Securities and Exchange Commission. Upon request, the Chief Compliance Officer will provide all Supervised Persons who are subject to these quarterly blackout periods with notice of the beginning and ending of such blackout period.

Page \| 26

Directors of BGA, who are not employees or officers of BGA, are referred to as "Outside Directors." Typically, BGA does not engage Outside Directors. If BGA does engage Outside Directors, the Outside Director will not be given access to nonpublic information regarding any Client purchase or sale of securities and are not involved in making securities recommendations to Clients nor do they have access to such recommendations that are nonpublic. As a result, as far as the above conditions are true and the Outside Directors do not know or should not have known of any such information, Outside Directors are not subject to the reporting requirements specified in the personal trading and reporting policy.

**V.** **POLICY TO PREVENT THE MISUSE OF NON-PUBLIC OR INSIDE INFORMATION** 

It is unlawful to engage in "Insider Trading." This means, in general, that no "insider" may (i) purchase or sell a security based on material, non-public information or (ii) communicate material, non-public information about a company to another person where the communication leads to, or is intended to lead to, a purchase or sale of securities of such company. Compliance procedures regarding the use of inside information by Supervised Persons are described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Insider Trading Defined** 

The term "Insider Trading" is used to refer to (i) a person's use of material, non-public information regarding transactions in securities and (ii) certain communications of material, non-public information. The laws concerning Insider Trading prohibit:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 purchase or sale of securities by an insider, based on material, non-public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 purchase or sale of securities by a non-insider, based on material, non-public information
 where the information was disclosed to the non-insider in violation of an insider's
 duty to keep the information confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The
 communication of material, non-public information in violation of a confidentiality obligation
 where the information leads to a purchase or sale of securities. This is known as "tipping,"
 which is a violation of the insider trading laws, even if the "tipper" did not
 personally benefit.

<u>Who Is an Insider?</u>

The concept of "insider" is broad. It includes officers, directors, partners, employees and controlling shareholders of a company or other entity. In addition, a person can be considered a "temporary insider" of a company or other entity if he or she enters a confidential relationship in the conduct of the company's or entity's affairs and, as a result, is given access to information that is intended to be used solely for such company's or entity's purposes. A temporary insider can include, among others, an entity's attorneys, accountants, consultants, investment bankers, commercial bankers, and the employees of such organizations. For a person to be considered a temporary insider of a particular entity, the entity must expect that the person receiving the information will keep the information confidential and the relationship between the entity and the person must at least imply such a duty.

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<u>What Is Material Information?</u>

Trading based on inside information is not a basis for liability unless the information is "material." Material information is defined as information that a reasonable investor would likely consider important in making his or her investment decision or information that is reasonably certain to have a substantial effect on the price of a company's securities. Information that should be considered material includes, but not limited to dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidity problems, and extraordinary management developments. Material information does not have to relate to a company's business; it can be significant market information. For example, a reporter for The Wall Street Journal was found criminally liable for disclosing to others the dates on which reports on various companies would appear in The Wall Street Journal and whether those reports would be favorable.

<u>What Is Non-public Information?</u>

Information is non-public unless it has been effectively communicated to the marketplace. For information to be considered public, one must be able to point out some facts to show that the information has been disseminated to the public. For example, information found in a report filed with the SEC or appearing on CNBC, Dow Jones, Reuters, the Wall Street Journal, or another publication of general circulation is considered public. Information remains non-public until a reasonable time elapses after it is disseminated. While no specific rule exists, trading 24 hours after the public dissemination of information would not be prohibited (though the wait period may be shorter when a press release is involved). Market rumors are not considered public information.

<u>What Is "Trading Based On" Material Non-public Information?</u>

A purchase or sale of a security is made "based on" material non-public information about that security or issuer if the person making the purchase or sale was aware of the material non-public information when the person made the purchase or sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Penalties for Insider Trading** 

Penalties for trading on or communicating material, non-public information is severe, both for the individuals involved in the unlawful conduct and for their employers. A person can be subject to some, or all the penalties if he or she does not personally benefit from the violation. Penalties include civil injunctions, disgorgement of profits, jail sentences, and substantial fines.

Page \| 28

In addition, any violation of the procedures set forth in this Code can be expected to result in serious sanctions by BGA, including dismissal of the people involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Policies and Procedures to Prevent Insider Trading** 

BGA expects that each of its Supervised Persons will obey the law and not trade based on material, non-public information. In addition, BGA discourages its Supervised Persons from seeking or knowingly obtaining material, non-public information, except in the normal course of their duties for BGA.

If any Supervised Person receives any information which may constitute material, non-public information whether as an employee of BGA or personally, the Supervised Person (i) must not buy or sell any securities, including options or other securities convertible into or exchangeable for such securities, for a personal investment account utilizing or on the basis of such information, (ii) must not communicate such information to any other person, including family members and friends (other than the Chief Compliance Officer) and (iii) must promptly discuss such information with the Chief Compliance Officer.

**VI.** **CODE OF ETHICS ADMINISTRATION, TRAINING AND REVIEWS** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Administration of the Code and Monitoring** 

The Chief Compliance Officer administers this Code. Access Persons' personal investment account statements, where applicable, are reviewed by the Chief Compliance Officer or a designee and compared to any public or private securities transactions entered by BGA for their Clients and the Firm's Restricted List, as necessary. Any transactions, which are identified as being a potential violation of the Code, will be promptly reported to the Access Person. Access Persons' personal trades may be cancelled or reversed when necessary to affect this policy, and any profits that result from the reversal will be given to a charity of their choice.

Upon the determination of violations of this Code by a Supervised Person has occurred, the Chief Compliance Officer may consult with the Principal Officers who may impose sanctions or remedial actions as deemed appropriate, which may include issuing a letter of education, suspending or limiting personal trading privileges, disgorgement of profits and suspension or termination of employment, and/or informing regulators if the situation warrants.

Each Supervised Person must do his or her part in maintaining the Code by prompt disclosure to the Chief Compliance Officer of any situation that could develop into a violation of this Code. The identity of any Supervised Person reporting a violation of this Code will be fully maintained in confidence where possible.

Page \| 29

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Code of Ethics Training** 

On an annual basis, the Chief Compliance Officer will provide formal training to all Supervised Persons regarding various topics of this Code. Additionally, each new Employee undergoes a compliance orientation training within 10 days once the Employee has started employment with the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.** **Annual Reviews** 

The Chief Compliance Officer will review the adequacy of the Code and the effectiveness of its implementation at least annually and make recommendations for updating because of any changes in the regulations or changes in procedures. On an annual basis, the Chief Compliance Officer will provide a written report as part of the Rule 206(4)-7 annual compliance review summarizing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Compliance
 with the Code for the period under review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Violations
 of the Code for the period under review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Sanctions
 imposed under the Code during the period under review; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Changes
 in policies and procedures recommended for the Code.

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**Appendix A**

**Buttonwood Group Advisors LLC**

**CODE OF ETHICS**

**EMPLOYEE (SUPERVISED PERSON) ACKNOWLEDGEMENT FORM**

I acknowledge that I have received the most recent version of Buttonwood Group Advisors LLC Code of Ethics ("Code of Ethics"). I have read and understand the relevant Code of Ethics policies and procedures. If I had any questions concerning the Code of Ethics described and my responsibilities under those policies and procedures, I have raised them with the Chief Compliance Officer and received satisfactory answers to my questions.

I understand that every employee that becomes the subject of a regulatory investigation, disciplinary enforcement action or litigation, or served with a subpoena, or becomes subject to any judgment, order or arrest, or is contacted by any regulatory authority must immediately inform the Chief Compliance Officer and cooperate fully with Buttonwood Group Advisors LLC on all matters.

I understand that any violation(s) of the Code of Ethics set forth is grounds for immediate disciplinary action, which may include termination of employment, and may constitute a violation of applicable federal, state, and local laws and regulations. I certify that I have complied with, and/or affirm that I will comply and/or continue to comply with, this Code of Ethics.

Signature : <br>

Print Name : <br>

Date :

**Appendix B**

**<u>INITIAL HOLDINGS REPORT</u>**

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| | |
|:---|:---|
| **Access Person Name: [ ]** | **Submission Date: [ ]** |

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| | |
|:---|:---|
| **To:** | **Chief Compliance Officer, Buttonwood Group Advisors LLC** |

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As of [ ], a date which is within 45 calendar days of the Submission Date reflected above, I have a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported pursuant to Buttonwood Group Advisors LLC Code of Ethics:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title and Type of <br> Security, including CUSIP/Ticker | &nbsp;&nbsp;Number of<br> Shares | &nbsp;&nbsp;Principal<br> Amount |

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In lieu of completing the above chart, you may attach the most recent personal investment account (brokerage) statement to this document and complete the personal account information below. This report excludes transactions in Exempt Securities.<sup>§§§</sup>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Account Holder Name | &nbsp;&nbsp;Account # | &nbsp;&nbsp;Brokerage Firm | &nbsp;&nbsp;Date Acct Opened |

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I also confirm that, as an Access Person, I will provide all brokerage accounts and holdings reports for all Household Members as defined in the Code of Ethics.

Signature:   <br>Print Name:  

<sup>§§§</sup> "**Exempt Security**" means (i) Direct obligations of the United States Government and securities issued by United States Government agencies; (ii) Shares issued by open-ended registered investment companies, commonly known as mutual funds, including money market funds but excluding exchange-traded funds, or shares issued by unit investment trusts that invest exclusively in such mutual funds; (iii) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (v) Securities acquired as part of an automatic dividend reinvestment plan (commonly referred to as "DRIPs"),

**Appendix C**

**<u>ANNUAL HOLDINGS REPORT</u>**

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| | |
|:---|:---|
| **Access Person Name: [ ]** | **Year End: [ ]** |

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| | |
|:---|:---|
| **To:** | **Chief Compliance Officer, Buttonwood Group Advisors LLC** |

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As of [ ], a date which is within 45 calendar days of the Year End Date reflected above, I had a direct or indirect beneficial ownership interest in the securities listed below which are required to be reported on an annual basis pursuant to Buttonwood Group Advisors LLC Code of Ethics:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title and Type of<br> Security, including CUSIP/Ticker | &nbsp;&nbsp;Number of <br> Shares | &nbsp;&nbsp;Principal <br> Amount |

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In lieu of completing the above chart, you may attach the most recent personal investment account (brokerage) statement to this document and complete the personal account information below. This report excludes transactions in Exempt Securities.<sup>\*\*\*\*</sup>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Account Holder Name | &nbsp;&nbsp;Account # | &nbsp;&nbsp;Brokerage Firm | &nbsp;&nbsp;Date Acct Opened |

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I also confirm that, as an Access Person, I have provided all brokerage accounts and holdings reports for all Household Members as defined in the Code of Ethics.

Signature: _____________________ Print Name: ___________________

<sup>\*\*\*\*</sup> "**Exempt Security**" means (i) Direct obligations of the United States Government and securities issued by United States Government agencies; (ii) Shares issued by open-ended registered investment companies, commonly known as mutual funds, including money market funds but excluding exchange-traded funds, or shares issued by unit investment trusts that invest exclusively in such mutual funds; (iii) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (v) Securities acquired as part of an automatic dividend reinvestment plan (commonly referred to as "DRIPs").

**Appendix D**

**<u>QUARTERLY REPORT ON PERSONAL SECURITIES TRANSACTIONS</u>**

To: Chief Compliance Officer, Buttonwood Group Advisors LLC

Access Person Name: ________________________________ (Please Print)

**NOTE: IN LIEU OF INSERTING TRANSACTIONS ON THE REPORTING FORM, DUPLICATE COPIES OF BROKERAGE STATEMENTS MAY BE SUBMITTED PROVIDED THE STATEMENTS INCLUDE THE INFORMATION REQUIRED BELOW.**

During the quarter ending _______________, I have purchased, sold, or have otherwise obtained Beneficial Ownership in the following Reportable Securities (Use additional sheet(s), if necessary)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Date of<br> Transaction** | **Security<br> Title\*** | **Type of<br> Transaction**<br>**(Purchase/Sale/<br> Other)** | **Type of<br> Security** | **Ticker/<br> CUSIP** | **# of<br> Shares** | **Principal<br> Amount** | **Price** | **Name of<br> Broker-Dealer** |

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Please also check all boxes as applicable:

______During the above period, I have not purchased or sold any Reportable Securities in which I have direct or indirect Beneficial Ownership.

______During the above period, I have disclosed to the Company any new accounts opened in which I have direct or indirect Beneficial Ownership.

______I do not currently have any Beneficial Ownership in any Covered Accounts. However, I agree to promptly notify the Chief Compliance Officer if I obtain Beneficial Ownership in any account, so long as I am an Access Person of BGA.

Signed: _________________________________ Date: _________________________________

Report reviewed by: ________________________ Date: ________________________________

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**N-2**

**BUTTONWOOD FIRST ACCESS FUND LTD.**

**Table 1: Newly Registered and Carry Forward Securities**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Shares of Common Stock | (1) | 457(o) |  | $| $1000000.00 | 0.0001381 | $138.10 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $1000000.00 |  | 138.10 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  |  |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $138.10 |

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**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated pursuant to Rule 457(o) under the Securities Act of 1933, as amended, solely for the purposes of the registration fee.