# EDGAR Filing Document

**Accession Number:** 0002067955
**File Stem:** 0001193125-26-285694
**Filing Date:** 2026-6
**Character Count:** 241336
**Document Hash:** 96978089228d26765b91b2a8022188fd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-285694.hdr.sgml**: 20260626

**ACCESSION NUMBER**: 0001193125-26-285694

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260626

**DATE AS OF CHANGE**: 20260626

**EFFECTIVENESS DATE**: 20260626

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Diameter Dynamic Credit Fund
- **CENTRAL INDEX KEY:** 0002067955

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

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287486
- **FILM NUMBER:** 261130426

**BUSINESS ADDRESS:**
- **STREET 1:** C/O DIAMETER CAPITAL PARTNERS LP
- **STREET 2:** 50 HUDSON YARDS, SUITE 6600A
- **CITY:** NEW YORK
- **STATE:** NY
- **BUSINESS PHONE:** (212) 655-1419

**MAIL ADDRESS:**
- **STREET 1:** C/O DIAMETER CAPITAL PARTNERS LP
- **STREET 2:** 50 HUDSON YARDS, SUITE 6600A
- **CITY:** NEW YORK
- **STATE:** NY

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

#### As filed with the Securities and Exchange Commission on June 26, 2026

#### Securities Act Registration No. 333-287486

#### Investment Company Act Registration No. 811-24092

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-2

### REGISTRATION STATEMENT

#### UNDER

---

| | |
|:---|:---|
| the Securities Act of 1933 | ☒ |
| Pre-Effective Amendment No. | ☐ |
| Post-Effective Amendment No. 1<br>and/or | ☒ |

---

### REGISTRATION STATEMENT

#### UNDER
the Investment Company Act of 1940 ☒ <br> Amendment No. 4 ☒

## Diameter Dynamic Credit Fund

#### (Exact Name of Registrant as Specified in Declaration of Trust)

#### 50 Hudson Yards , Suite 6600A , New York , NY 10001

#### (Address of Principal Executive Offices)

#### 833 - 891-0802

#### (Registrant's Telephone Number, Including Area Code)

#### Michael Cohn, Esq.

#### 50 Hudson Yards , Suite 6600A , New York , NY 10001

#### (Name and Address of Agent for Service)

#### Copies to:

#### Rajib Chanda, Esq.

#### Steven Grigoriou, Esq.

#### Neesa Patel Sood, Esq.

#### Simpson Thacher & Bartlett LLP

#### 900 G Street, N.W.

#### Washington, D.C. 20001

#### Rajib.Chanda@stblaw.com

#### Steven.Grigoriou@stblaw.com

#### Neesa.Sood@stblaw.com
Approximate Date of Commencement 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 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

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

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

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

#### It is proposed that this filing will become effective (check appropriate box):
☒ immediately upon filing pursuant to Rule 462(d) under the Securities Act.:

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

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

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

☒ This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: 333-287486

#### 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 ("1940 Act")).

☐ Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the 1940 Act).

☒ Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the 1940 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 1940 Act for less than 12 calendar months preceding this filing).

------

#### EXPLANATORY NOTE
This Post-Effective Amendment to the Registration Statement on Form N-2 (File Nos. 333-287486 and 811-24092) of Diameter Dynamic Credit Fund (the "Registration Statement") is being filed pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act"), solely for the purpose of adding exhibits to the Registration Statement. Accordingly, this Post-Effective Amendment consists only of a facing page, this explanatory note and Part C of the Registration Statement setting forth the exhibits to the Registration Statement. This Post-Effective Amendment does not modify any other part of the Registration Statement. Pursuant to Rule 462(d) under the Securities Act, this Post-Effective Amendment shall become effective immediately upon filing with the Securities and Exchange Commission. The contents of the Registration Statement are hereby incorporated by reference.

------

#### PART C

#### OTHER INFORMATION
Diameter Dynamic Credit Fund (the "**Registrant**")

#### Item 25. Financial Statements And Exhibits
The agreements included or incorporated by reference as exhibits to this registration statement contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties were made solely for the benefit of the other parties to the applicable agreement and (i) were not intended to be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate; (ii) may have been qualified in such agreement by disclosures that were made to the other party in connection with the negotiation of the applicable agreement; (iii) may apply contract standards of "materiality" that are different from "materiality" under the applicable securities laws; and (iv) were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement.

The Registrant acknowledges that, notwithstanding the inclusion of the foregoing cautionary statements, it is responsible for considering whether additional specific disclosures of material information regarding material contractual provisions are required to make the statements in this registration statement not misleading.

(1) Financial Statements:

Part A: None.

Part B: Report of Independent Registered Public Accounting Firm, Statement of Assets and Liabilities, Notes to Financial Statement

(2) Exhibits:

(a) (1) [Certificate of Trust<sup>(1)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525124053/d902005dex99a1.htm)

(2) [Declaration of Trust<sup>(2)</sup>](http://www.sec.gov/Archives/edgar/data/0002067955/000119312525179957/d902005dex99a2.htm)

(3) [Amended and Restated Declaration of Trust<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99a3.htm)

(b) [Bylaws <sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99b.htm)

(c) Not applicable.

(d) [Form of Amended and Restated Multiple Class Plan<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99d.htm)

(e) [Form of Distribution Reinvestment Plan<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99e.htm)

(f) Not applicable.

(g) [(1) Form of Investment Advisory Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99g1.htm)

(h) [(1) Form of Distribution Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99h1.htm)

(2) [Form of Selected Intermediary Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99h2.htm)

(3) [Form of Amended and Restated Distribution and Service Plan](http://www.sec.gov/Archives/edgar/data/2067955/000119312526116231/d902005dex99h3.htm) <sup>(4)</sup>

(i) Not applicable.

(j) [Custody Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99j.htm)

(k) [(1) Form of Services Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99k1.htm)

(2) [Form of Master Agreement SS&C Digital Solutions Services<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99k2.htm)

(3) [Form of Expense Limitation and Reimbursement Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99k3.htm)

------

(4) [Form of Client Services Agreement](http://www.sec.gov/Archives/edgar/data/2067955/000119312526116231/d902005dex99k4.htm) <sup>(4)</sup>

(5) [Amendment No. 1 to Services Agreement<sup>(5)</sup>](d161718dex99k5.htm)

(6) [Amendment No. 2 to Services Agreement<sup>(5)</sup>](d161718dex99k6.htm)

(l) [Opinion and Consent of Delaware Counsel<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99l.htm)

(m) Not applicable.

(n) (1) [Consent of Independent Registered Public Accounting Firm](http://www.sec.gov/Archives/edgar/data/2067955/000119312526116231/d902005dex99n.htm) <sup>(4)</sup>

(2) [Consent of Independent Auditors for DIF Feeder LP and Subsidiaries<sup>(5)</sup>](d161718dex99n2.htm)

(o) [Audited Consolidated Financial Statements of DIF Feeder LP and Subsidiaries for the period ended December 31, 2025<sup>(5)</sup>](d161718dex99o.htm)

(p) [Form of Initial Subscription Agreement<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99p.htm)

(q) Not applicable.

(r) [(1) Code of Ethics of Registrant<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99r1.htm)

(2) [Code of Ethics of Adviser<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99r2.htm)

(3) [Code of Ethics of Distributor<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99r3.htm)

(s) Not applicable.

(t) [Power of Attorney<sup>(3)</sup>](http://www.sec.gov/Archives/edgar/data/2067955/000119312525335256/d902005dex99t.htm)

(1) Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-287486), filed on May 21, 2025.

(2) Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-287486), filed on August 13, 2025.

(3) Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-287486), filed on December 29, 2025.

(4) Incorporated herein by reference to the corresponding exhibit of the Registrant's Registration Statement on Form N-2 (File No. 333-287486), filed on March 19, 2026.

(5) Filed herewith.

#### Item 26. Marketing Arrangements
See the Distribution Agreement and Selected Intermediary Agreement, form of which are filed as Exhibit (h)(1) and (h)(2), respectively, to this Registration Statement.

#### Item 27. Other Expenses Of Issuance And Distribution
Not applicable.

#### Item 28. Persons Controlled By Or Under Common Control With The Registrant
Immediately prior to this offering, Diameter DCF Advisor LLC ("Diameter DCF"), a Delaware limited liability company, will own 100% of the outstanding common shares of the Registrant due to the contribution of seed capital. See "Control Persons and Principal Holders of Securities" in the Prospectus contained herein.

------

#### Item 29. Number Of Holders Of Shares
The following table sets forth the number of record holders of Shares as of June 25, 2026:

---

| | | |
|:---|:---|:---|
| **Title Of Class** | **Number of<br>Record Holders** | **Number of<br>Record Holders** |
|  Class A Shares |  | None |
|  Class I Shares |  | 32 |

---

#### Item 30. Indemnification
Reference is made to Article V of Registrant's Amended and Restated Declaration and Agreement of Trust filed as Exhibit (2)(a)(3) to this Registration Statement.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the "Securities Act") may be permitted to the trustees, officers and controlling persons of Registrant pursuant to the foregoing provisions or otherwise, Registrant has 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 Registrant of expenses incurred or paid by the trustees, officer or controlling person of Registrant in the successful defense of any action, suit or proceeding) is asserted by the trustees, officer or controlling person, Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

#### Item 31. Business And Other Connections Of Adviser
Diameter DCF serves as the investment adviser to the Registrant. Diameter DCF is engaged in the investment advisory business. For information as to the business, profession, vocation or employment of a substantial nature in which Diameter DCF and its executive officers and directors is or has been, during the last two fiscal years, engaged for his or her own account or in the capacity of director, officer, employee, partner or trustee, reference is made to the information set forth in the Diameter DCF's Form ADV (File No. 801-134087), as filed with the SEC and incorporated herein by reference.

#### Item 32. Location Of Accounts And Records
All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, and the rules thereunder, are maintained at the offices of the Fund's custodian, The Bank of New York Mellon, and the Fund's administrator, ALPS Fund Services, Inc., except for certain transfer agency records which are maintained by SS&C GIDS, Inc.

#### Item 33. Management Services
Not Applicable

#### Item 34. Undertakings
1. Not applicable.

2. Not applicable.

3. The Registrant undertakes:

(a) to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

(1) to include any prospectus required by Section 10(a)(3) of the Securities Act;

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

------

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

Provided, however, that paragraphs a(1), a(2), and a(3) of this section do not apply if the registration statement is filed pursuant to General Instruction A.2 of this Form and the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the SEC by the Registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934, as amended, that are incorporated by reference into the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.

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

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

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

(1) if the Registrant is relying on Rule 430B:

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

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

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

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

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

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

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

------

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

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

4. The Registrant undertakes:

(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 the Registrant under 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; and

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

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 Fund has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of New York, and State of New York, on the 26th day of June, 2026.

---

| | |
|:---|:---|
| Diameter Dynamic Credit Fund | Diameter Dynamic Credit Fund |
| By: | /s/ Jonathan Lewinsohn |
|  | Name: Jonathan Lewinsohn |
|  | Title: Co-President |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities indicated and on the 26th day of June, 2026.

---

| | |
|:---|:---|
| **Signature** | **Title** |
| /s/ Scott Goodwin | Trustee, Co-President |
| Scott Goodwin |  |
| /s/ Matthew Gilmartin | Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) |
| Matthew Gilmartin | Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer) |
| /s/ Joshua Green\* | Trustee |
| Joshua Green |  |
| /s/ Amanda R. Wurtz\* | Trustee |
| Amanda R. Wurtz |  |
| /s/ Daniel Kasell\* | Trustee |
| Daniel Kasell |  |
| /s/ Steven Bossi\* | Trustee |
| Steven Bossi |  |
| \*By: |  |
| /s/ Michael Cohn |  |
| Michael Cohn |  |
| As Attorney-in-Fact |  |

---

The original powers of attorney authorizing certain individuals to execute the Registration Statement, and any amendments thereto, for the trustees and officers of the Fund on whose behalf this Registration Statement is filed, have been executed and are incorporated by reference to Item 25, Exhibit (t) of the Registrant's Registration Statement on [Form N-2](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/0002067955/000119312525335256/d902005dn2a.htm) (File No. 333-287486), filed on December 29, 2025.

------

#### EXHIBIT INDEX

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| (k)(5) | [Amendment No. 1 to Services Agreement](d161718dex99k5.htm) |
| (k)(6) | [Amendment No. 2 to Services Agreement](d161718dex99k6.htm) |
| (n)(2) | [Consent of Independent Auditors for DIF Feeder LP and Subsidiaries](d161718dex99n2.htm) |
| (o) | [Audited Consolidated Financial Statements of DIF Feeder LP and Subsidiaries for the period ended December 31, 2025](d161718dex99o.htm) |

---

## Ex-99.(K)(5)

Exhibit (k)(5)

**CONFIDENTIAL**

**AMENDMENT ONE** 

This amendment (the "<u>Amendment</u>") between the parties signing below (the "<u>Parties</u>") amends the Existing Agreement as of April 23, 2026:

---

| | |
|:---|:---|
| **Term** | **Means** |
| "Existing Agreement" | The Services Agreement among SS&C and Diameter Dynamic Credit Fund dated August 8, 2025 |
| "SS&C" | ALPS Fund Services, Inc. ("SS&C ALPS")<br> DST Asset Manager Solutions, Inc. ("SS&C DST")<br> SS&C GIDS, Inc. ("SS&C GIDS")<br> SS&C Technologies, Inc. ("SS&C Tech") |
| "Interval Fund" | Diameter Dynamic Credit Fund |
| "Feeder Fund" | DDCF Feeder LP |
| "Subsidiary Fund" | DDCF Master Investments I LLC |
| "Feeder Fund General Partner" | Diameter Associates LLC, in its capacity as general partner to DDCF Feeder LP |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment contains (i) amendments to the Existing Agreement, as contained in Article A hereto, and (ii) general terms, as contained in Article B hereto.

**IN WITNESS WHEREOF**, the Parties have executed this Amendment by their duly authorized representatives.

---

| | |
|:---|:---|
| **ALPS Fund Services, Inc.**<br> **DST Asset Manager Solutions, Inc.**<br> **SS&C GIDS, Inc.**<br> **SS&C Technologies, Inc.** | **Diameter Dynamic Credit Fund** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

---

| | |
|:---|:---|
| **DDCF Feeder LP** | **DDCF Master Investments I LLC** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| **Diameter Associates LLC**, in its capacity as general partner to DDCF Feeder LP |  |
| By: |  |
| Name: |  |
| Title: |  |

---

------

**Article A to this Amendment** 

**Amendments** 

The Existing Agreement is amended as follows:

1. Feeder Fund listed below is added as a Party and any reference to "Fund" is deemed to include
Feeder Fund, as the context requires.

DDCF Feeder LP

2. Subsidiary Fund listed below is added as a Party and any reference to "Fund" is deemed to include
each Subsidiary Fund, as the context requires.

DDCF Master Investments I LLC

3. Diameter Associates LLC is added as a Party in its capacity as general partner of DDCF Feeder LP, and any
reference to "Management" is deemed to include Diameter Associates LLC in its capacity as general partner of DDCF Feeder LP.

4. The preamble is deleted and replaced with:

This Services Agreement (the "<u>Agreement</u>") is entered into and effective as of August 8, 2025 (the "<u>Effective Date</u>"), as amended pursuant to Amendment One as of April 23, 2026, by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **ALPS Fund Services, Inc.**, a corporation incorporated in the State of Colorado ("<u>SS&C ALPS</u>"), **DST Asset Manager Solutions, Inc.**, a corporation incorporated in the Commonwealth of Massachusetts ("<u>SS&C DST</u>"), **SS&C GIDS, Inc.**, a corporation incorporated in the State of Delaware ("<u>SS&C GIDS</u>"), and **SS&C Technologies, Inc.**, a corporation incorporated in the State of Delaware ("<u>SS&C Tech</u>" and, collectively with SS&C ALPS, SS&C DST and SS&C GIDS, "<u>SS&C</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Diameter Dynamic Credit Fund**, a Delaware statutory trust, registered under the Investment Company Act of 1940, as amended ("<u>1940 Act</u>"), as a non-diversified, closed-end management investment company that is operated as an interval fund pursuant to Rule 23c-3 of the 1940 Act (the "<u>Interval Fund</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **DDCF Feeder LP**, a Delaware limited partnership (the "<u>Feeder Fund</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **DDCF Master Investments I LLC**, a Delaware limited liability company (the "<u>Subsidiary Fund</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Diameter Associates LLC**, a Delaware limited liability company, in its capacity as the general partner of DDCF Feeder LP (the "Feeder Fund General Partner").

SS&C, Interval Fund, Feeder Fund, Subsidiary Fund and the Feeder Fund General Partner each may be referred to individually as a "<u>Party</u>" or collectively as "<u>Parties</u>." Interval Fund, Feeder Fund, and Subsidiary Fund may be referred to collectively as "<u>Fund</u>" or individually as a "<u>Fund Entity.</u>"

5. Section 2.2 is deleted and replaced with:

Each Fund Entity agrees to pay, and is solely responsible for its own fees, charges and expenses set forth in the fee letter(s) (each, a "<u>Fee Letter</u>"), which may be amended from time to time. Each Fee Letter is incorporated by reference into this Agreement and subject to the terms of this Agreement.

6. Section 3.1 is deleted and replaced with:

The management and control of each Fund Entity are vested exclusively in such Fund Entity's board of trustees (the "<u>Board</u>") and, as delegated by the Board, certain Management entities, or the Fund Entity's general partner or managing member, in each case as applicable, subject to the terms and provisions of such Fund Entity's Governing Documents. Fund and its Management is responsible for and will make all decisions, perform all management functions relating to the operation Fund, and shall authorize and are responsible for all transactions. Without limiting the foregoing, Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate properly qualified individuals to oversee the Services and establish and maintain internal controls, including monitoring the ongoing activities of Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluate the accuracy, and accept responsibility for the results, of the Services, review and approve all reports, analyses and records resulting from the Services and promptly inform SS&C of any errors it is in a position to identify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide, or cause to be provided, and accept responsibility for, valuations of Fund's assets and liabilities in accordance with Fund's written valuation policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Provide SS&C with timely and accurate information including trading and Fund investor records, valuations and any other items reasonably requested by SS&C in order to perform the Services and its duties and obligations hereunder.

7. Section 4.1 is deleted and replaced with:

The initial term of this Agreement, with respect to each Fund Entity, will be from the date such Fund Entity originally became a party to this Agreement (each such date, a "<u>Fund Entity Commencement Date</u>") through the date ending 2 years following Fund Entity Commencement Date for such Fund Entity (each such initial term, an "<u>Initial Term</u>"). Thereafter, this Agreement will automatically renew for successive terms of 1 year each unless either SS&C or the relevant Fund Entity provides the other with a written notice of termination at least 90 calendar days prior to the commencement of any successive term (such periods, in the aggregate, and with respect to each Fund Entity, the "<u>Term</u>").

8. A new Section 5.5 is added:

Any termination pursuant to Section 4 or this Section 5 shall be effective only with respect to the Fund Entity as to which such termination is delivered or exercised by the applicable Fund Entity or by SS&C, and shall not affect the continued effectiveness of this Agreement with respect to any other Fund Entity.

9. Section 6.1 is deleted and replaced with:

Notwithstanding anything in this Agreement to the contrary, SS&C Associates shall not be liable to Fund or General Partner for any action or inaction of any SS&C Associate except to the extent of direct Losses finally determined by a court of competent jurisdiction to have resulted solely from the gross negligence, willful misconduct or fraud of SS&C in the performance of SS&C's duties or obligations under this Agreement. Under no circumstances shall SS&C Associates be liable to Fund or General Partner for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value. Each Fund Entity shall indemnify, defend and hold harmless SS&C Associates from and against Losses (including legal fees and costs to enforce this provision) that SS&C Associates suffer, incur, or pay as a result of any Third Party Claim or Claim among the relevant Parties arising out of the performance of SS&C's duties or obligations to such Fund Entity under this Agreement, except to the extent it is finally determined by a court of competent jurisdiction that such Losses resulted solely from the gross negligence, willful misconduct or fraud of SS&C Associates in the performance of SS&C's duties or obligations under this Agreement. Where a Claim arises solely out of SS&C's duties or obligations to a single Fund Entity, only that Fund Entity shall bear any indemnification obligation with respect to such Claim, and no other Fund Entity shall have any obligation to indemnify, defend, advance expenses to, or otherwise contribute to SS&C Associates in connection therewith. Where more than one Fund Entity is obligated to indemnify SS&C Associates with respect to a Claim, the Fund Entities shall allocate such indemnification obligation among themselves by mutual agreement, and failing such agreement, in proportion to the respective net asset values of each such Fund Entity as of the date the applicable Claim is made. Any expenses (including legal fees and costs) incurred by SS&C Associates in defending or responding to any Claims (or in enforcing this provision) shall be paid by the applicable Fund Entity(or Fund Entities) , on a quarterly basis prior to the final disposition of such matter upon receipt by such Fund Entity of an undertaking by SS&C to repay such amount if it shall be determined that an SS&C Associate is not entitled to be indemnified. The maximum amount of cumulative liability of SS&C Associates to Fund and General Partner for Losses arising out of the subject matter of, or in any way related to, this Agreement shall not exceed the fees paid by that Fund to SS&C under this Agreement for the most recent 12 months immediately preceding the date of the event giving rise to the Claim.

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10. Section 7.2 is deleted and replaced with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Diameter Dynamic Credit Fund represents and warrants to SS&C that: (i) it has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the Governing Documents of Diameter Dynamic Credit Fund and other corporate actions thereof; (ii) it is a statutory trust duly organized and existing and in good standing under the laws of the state of Delaware and is registered with the SEC as a non-diversified, closed-end management investment company; (iii) it is empowered under applicable laws and by its Governing Documents to enter into and perform this Agreement; (iv) the Board has duly authorized it to enter into and perform this Agreement; and (v) it will promptly notify SS&C of (1) any Action against it, Management and its investment adviser or sub-adviser and (2) changes (or pending changes) in applicable Law with respect to Diameter Dynamic Credit Fund that are relevant to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) DDCF Feeder LP represents and warrants to SS&C that: (i) it has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the governing documents of DDCF Feeder LP and other corporate actions thereof; (ii) it is a limited partnership organized and existing in good standing under the laws of the state of Delaware; (iii) it is empowered under applicable laws and by its governing documents to enter into and perform this Agreement; and (iv) it will promptly notify SS&C of (1) any Action against it and (2) changes (or pending changes) in applicable Law with respect to DDCF Feeder LP that are relevant to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) DDCF Master Investments I LLC represents and warrants to SS&C that: (i) it has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the governing documents of DDCF Master Investments I LLC and other corporate actions thereof; (ii) it is a limited liability company organized and existing in good standing under the laws of the state of Delaware; (iii) it is empowered under applicable laws and by its governing documents to enter into and perform this Agreement; and (iv) it will promptly notify SS&C of (1) any Action against it and (2) changes (or pending changes) in applicable Law with respect to DDCF Master Investments I LLC that are relevant to the Services.

11. Schedule A Services is deleted in its entirety and replaced with Schedule A, attached hereto.

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**Article B to this Amendment** 

**General Terms** 

1. Capitalized terms not defined herein shall have the meanings given to them in the Existing Agreement.

2. The Parties' duties and obligations are governed by and limited to the express terms and conditions of
this Amendment, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party. This Amendment (including any attachments, schedules and
addenda hereto), along with the Existing Agreement, as amended, contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either
oral or written, between the Parties with respect thereto.

3. This Amendment may be executed in counterparts, each of which when so executed will be deemed to be an
original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and signatures so exchanged shall be binding to the same extent as if original signatures were exchanged.

4. This Amendment and any dispute or claim arising out of or in connection with it, its subject matter or its
formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the same jurisdiction as the Existing Agreement.

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**Schedule A** 

**Services** 

**A.** <u>**General**</u> 

1. As used in this <u>Schedule A</u>, the following additional terms have the meanings ascribed to them below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>ACH</u> " shall mean the Automated Clearing House;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>AML</u> " means anti-money laundering and countering the financing of terrorism.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) " <u>Bank</u> " shall mean a nationally or regionally known banking institution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Blue Sky</u> " shall mean the various statutes and regulations of the states, District of
Columbia, Puerto Rico, and the United States Virgin Islands governing the offer and sales of mutual funds and the related compliance services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) " <u>Code</u> " shall mean the Internal Revenue Code of 1986, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) " <u>DTCC</u> " shall mean the Depository Trust Clearing Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) " <u>investor</u> " or " <u>securityholder</u> " means an equity owner in Fund, whether a
limited liability company interest holder in a limited liability company, a shareholder in a company, a partner in a partnership, a unitholder in a trust or otherwise. A " <u>prospective investor</u> " means an applicant to become an
investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) " <u>IRA</u> " shall mean Individual Retirement Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) " <u>NAV</u> " means net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) " <u>OFAC</u> " means the Office of Foreign Assets Control, an agency of the United States Department
of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) " <u>Procedures</u> " shall collectively mean SS&C GIDS's transfer agency procedures
manual, third party check procedures, checkwriting draft procedures, Compliance + and identity theft programs and signature guarantee procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) " <u>Program</u> " shall mean Networking, Fund Serv or other DTCC program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) " <u>Sales Feed</u> " shall mean a data file in industry standard format sent by a third party; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) " <u>TA2000 System</u> " shall mean SS&C GIDS's TA2000<sup>TM</sup> computerized data processing system for shareholder accounting.

2. Any references to Law shall be construed to the Law as amended to the date of the effectiveness of the
applicable provision referencing the Law.

3. Fund and Management acknowledge that SS&C's ability to perform the Services is subject to the
following dependencies:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fund, Management and other Persons that are not employees or agents of SS&C whose cooperation is reasonably
required for SS&C to provide the Services providing cooperation, information and, as applicable, instructions to SS&C promptly, in agreed formats, by agreed media and within agreed timeframes as required to provide the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The communications systems operated by Fund, Management and other Persons that are not employees or agents of
SS&C remaining fully operational.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The accuracy and completeness of any Client Data or other information provided to SS&C Associates in
connection with the Services by any Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Fund and Management informing SS&C on a timely basis of any modification to, or replacement of, any
agreement to which it is a party that is relevant to the provision of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Any warranty, representation, covenant or undertaking expressly made by Fund or Management under or in
connection with this Agreement being and remaining true, correct and discharged at all relevant times.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) SS&C's timely receipt of the then most current version of Fund Governing Documents and required
implementation documentation, including authority certificate, profile questionnaire and accounting preferences, and SS&C Web Portal and other application User information.

4. With respect to Funds for which SS&C has not been contracted to perform AML and related know your customer
Services (" <u>No AML Funds</u> "), SS&C will not perform such Services for No AML Funds unless agreed upon in writing between the Parties. For the avoidance of doubt, SS&C shall have no liability whatsoever for any Losses as it
relates to the non-performance of AML and related know your customer Services for No AML Funds.

5. Notwithstanding anything in this Agreement to the contrary, SS&C DST is responsible for providing the
Service listed under Section H "Blue Sky Filing Services," SS&C GIDS is responsible for providing the Services listed under Section E "Shareholder Recordkeeping, Transfer Agency and Investor Relations" and Section F
"AML," SS&C Tech is responsible for providing the Services listed under Section B4 "Tax Administration," Section G "Loan Servicing" and Section I "Feeder Fund Services – Private Markets"
while SS&C ALPS is responsible for providing all other Services.

6. The following Services will be performed by SS&C and, as applicable, are contingent on the performance by
Fund and Management of the duties and obligations listed.

**B.**  **<u>Registered Fund Accounting and Administration (applicable to Interval Fund only and not to separate sleeves, subsidiaries or special purpose vehicles)</u>** 

1. **Fund Accounting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculate daily NAVs as required by Fund and in conformance with generally accepted accounting principles
(" <u>GAAP</u> "), SEC Regulation S-X (or any successor regulation) and the Internal Revenue Code

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Transmit NAVs to investment adviser, NASDAQ, Transfer Agent & other third parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Reconcile cash & investment balances with the custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide data and reports to support preparation of financial statements and filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Prepare required Fund Accounting records in accordance with the 1940 Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Obtain and apply security valuations as directed and determined by Fund consistent with Fund's pricing
and valuation policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Participate, when requested, in Fair Value Committee meetings as a non-voting member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Calculate monthly SEC standardized total return performance figures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Coordinate reporting to outside agencies including Morningstar, etc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Prepare and file Form N-PORT

2. **Fund Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prepare annual and semi-annual financials statements utilizing templates for standard layout and printing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare Forms N-CEN, N-CSR, N-PX and 24F-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Host annual audits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Prepare required reports for quarterly Board meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Monitor expense ratios, expense support and recoupment calculations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Maintain budget vs. actual expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Manage fund invoice approval and bill payment process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) <u>Post Trade Compliance</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Perform daily prospectus & SAI, SEC investment restriction monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Provide warning/Alert notification with supporting documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide quarterly compliance testing certification to Board.

3. **Legal Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Coordinate the preparation of repurchase offer notices and circulation of draft notices to client, Fund
counsel, internal personnel and Transfer Agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Coordinate annual updates to 1 prospectus and 1 statement of additional information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Coordinate standard layout and printing of prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) File Forms N-CSR, N-PX and N-23c-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Coordinate EDGARization and filing of above referenced SEC documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Compile and distribute quarterly board meeting materials

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Attend quarterly board meetings telephonically and prepare first draft of quarterly meeting minutes (special
board meetings will incur additional project fees per hour at SS&C's standard rates)

4. **Tax Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Calculate dividend and capital gain distribution rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Prepare ROCSOP and required tax designations for Annual Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Prepare and coordinate filing of income and excise tax returns (audit firm to sign all returns as paid
preparer)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Calculate/monitor book-to-tax differences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provide quarterly Subchapter M asset diversification compliance monitoring and reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Provide annual Subchapter M gross income test information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Provide tax re-allocation data for shareholder 1099 reporting

**Notes and Terms to Fund Accounting and Administration Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. SS&C ALPS agrees to maintain at all times a program reasonably designed to prevent violations of the
federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect to the services provided hereunder, and shall provide to Fund a certification to such effect no less frequently than annually
or as otherwise reasonably requested by Fund. SS&C ALPS shall make available its compliance personnel and shall provide at its own expense summaries and other relevant materials relating to such program as reasonably requested by Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Portfolio compliance with: (i) the investment objective and certain policies and restrictions as disclosed
in Fund's prospectus and statement of additional information, as applicable; and (ii) certain SEC rules and regulations (collectively, " <u>Portfolio Compliance</u> ") is required daily and is the responsibility of Fund or its
Management, as applicable. SS&C ALPS will perform Portfolio Compliance testing (post-trade, daily on a T+2 basis) to test Fund's Portfolio Compliance (the "Portfolio Compliance Testing"). The frequency and nature of the
Portfolio Compliance Testing and the methodology and process in accordance with which the Portfolio Compliance Testing are conducted, are mutually agreed to between SS&C ALPS and Fund. SS&C ALPS will report violations, if any, to
Fund's Chief Compliance Officer as promptly as practicable following discovery.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SS&C ALPS independently tests Portfolio Compliance based upon information contained in the source reports
received by SS&C ALPS' fund accounting department and supplemental data from certain third-party sources. As such, Portfolio Compliance Testing performed by SS&C ALPS is limited by the information contained in Fund accounting source
reports and supplemental data from third-party sources. Fund agrees and acknowledges that SS&C ALPS' performance of the Portfolio Compliance Testing shall not relieve Fund of its primary day-to-day responsibility for assuring such Portfolio Compliance, including on a pre-trade basis, and SS&C ALPS shall not be held liable for any act or omission of
Fund or its Management (or any other Party) as applicable, with respect to Portfolio Compliance.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Fund acknowledges that SS&C ALPS may rely on and shall have no responsibility to validate the existence of
assets reported by Fund, its Management, Fund's custodian or other Fund service provider, other than SS&C ALPS' completion of a reconciliation of the assets reported by the Parties or as otherwise provided for under this Agreement.
Except as otherwise provided for herein, Fund acknowledges that it is the sole responsibility of Fund to validate the existence of assets reported to SS&C ALPS. SS&C ALPS may rely, and has no duty to investigate the representations of Fund,
its Management, Fund's custodian or other Fund service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. SS&C ALPS shall utilize one or more pricing services, as directed by Fund. Fund shall identify in writing
to SS&C ALPS the pricing service(s) to be utilized on behalf of Fund. For those securities where prices are not provided by the pricing service(s), Fund shall approve the method for determining the fair value of such securities and shall
determine or obtain the valuation of the securities in accordance with such method and shall deliver to SS&C ALPS the resulting price(s). In the event Fund desires to provide a price that varies from the price provided by the pricing service(s),
Fund shall promptly notify and supply SS&C ALPS with the valuation of any such security on each valuation date. All pricing changes made by Fund will be provided to SS&C ALPS in writing or e-mail and
must specifically identify the securities to be changed by security identifier, name of security, new price or rate to be applied, and, if applicable, the time period for which the new price(s) is/are effective.

**C.**  **<u>Report Modernization Terms and Conditions (applicable to Interval Fund only)</u>** 

1. Fund acknowledges that SS&C ALPS may rely on and shall have no responsibility to validate the existence of
assets reported by Fund, Fund's custodian or other Fund service provider, other than SS&C ALPS' completion of a reconciliation of the assets reported by the parties. Fund acknowledges that it is the sole responsibility of Fund to
validate the existence of assets reported to SS&C ALPS. SS&C ALPS may rely, and has no duty to investigate the representations of Fund, Fund's custodian or other Fund service provider. SS&C ALPS shall utilize one or more pricing
services, as directed by Fund. Fund shall identify in writing to SS&C ALPS the pricing service(s) to be utilized on behalf of Fund. For those securities where prices are not provided by the pricing service(s), Fund shall approve the method for
determining the fair value of such securities and shall determine or obtain the valuation of the securities in accordance with such method and shall deliver to SS&C ALPS the resulting price(s). In the event Fund desires to provide a price that
varies from the price provided by the pricing service(s), Fund shall promptly notify and supply SS&C ALPS with the valuation of any such security on each valuation date. All pricing changes made by Fund will be provided to SS&C ALPS in
writing or e-mail and must specifically identify the securities to be changed by security identifier, name of security, new price or rate to be applied, and, if applicable, the time period for which the new
price(s) is/are effective.

2. In addition to the terms and conditions of the Agreement, the below terms and conditions apply to the provision
of the following Services (the listed Services known as " <u>Modern Data Services</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preparation and Filing of Form N-PORT and Form N-CEN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In connection with completion of the Modern Data Services, Market Data may be supplied to Fund through an
SS&C ALPS Associate(s) or directly by a Data Supplier (for the purposes of this Section H, Data Supplier shall include the Data Supplier's third party suppliers). Any Market Data being provided to a Fund by SS&C ALPS or a Data Supplier
is being supplied for the sole purpose of assisting the completion of the Modern Data Services. Accordingly, Fund acknowledges that Market Data is proprietary to SS&C ALPS Associates and/or the Data Suppliers and is provided on a limited internal-use license basis. Market Data may not be disseminated by Fund to any other affiliated or non-affiliated entity, used to populate internal systems or to create a
historical database, or for any other purpose in lieu of Fund obtaining a data license from SS&C ALPS Associates or Data Supplier, as applicable. Fund accepts responsibility for, and acknowledges it exercises its own independent judgment in, the
selection of the Data Supplier(s) to provide the Market Data, its selection of the use or intended use of such, and any results obtained. Access to and delivery of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued
with or without notice to Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Fund acknowledges that (i) the Market Data is intended for use as an aid to institutional investors,
registered brokers or professionals of similar sophistication in making informed judgments concerning characteristics of certain securities; and (ii) the Data Supplier and/or SS&C ALPS Associate(s), as applicable, holds all title, license,
copyright or similar intellectual property rights in the Market Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) No SS&C ALPS Associate or Data Supplier will have any liability for errors, omissions or malfunctions in
the Market Data, except that SS&C ALPS will endeavor, upon receipt of notice from Fund, to correct a malfunction, error, or omission in the Market Data utilized in the Modern Data Services that is identified by Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything in this Agreement to the contrary, no SS&C ALPS Associate nor Data Supplier shall
be liable to Fund or any other Person for any Losses related, directly or indirectly, to the Market Data, the provision of (or failure to provide) the Market Data, and/or the reliance by an SS&C ALPS Associate(s), Fund or any other Person on
such Market Data. Further, Fund shall indemnify all SS&C ALPS Associates and applicable Data Suppliers against, and hold such SS&C ALPS Associates and Data Suppliers harmless from, any and all Losses (including legal fees and costs to
enforce this provision), that any SS&C ALPS Associate(s) or Data Provider suffer, incur, or pay as a result of any Third Party Claim or Claim among the Parties arising out of or related to the Market Data or any data, information, service,
report, analysis or publication derived therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Notwithstanding anything in this Agreement to the contrary, as it relates to the provision of the Modern Data
Services, no SS&C ALPS Associate nor Data Supplier shall be liable for (i) any special, indirect or consequential damages (even if advised of the possibility of such), (ii) any delay by reason of circumstances beyond its control, including
acts of civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection, war, riots, or failure beyond its control of transportation or power supply, or
(iii) any claim that arose more than one year prior to the institution of suit therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) FUND ACCEPTS THE MARKET DATA AS IS AND NO SS&C ALPS ASSOCIATE OR ANY DATA SUPPLIER MAKE ANY WARRANTIES,
EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS OR ANY OTHER MATTER RELATED TO THE MARKET DATA.

**D.**  **<u>CCO Services (applicable to Interval Fund only)</u>** 

1. Within this Section D, the following definitions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Federal Securities Laws</u> " shall mean the definition as put forth in Rule 38a-1, specifically the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Fund Act of 1940, the Investment Advisers Act of 1940, Title V of the
Gramm-Leach-Bliley Act, any SEC rules adopted under any of the foregoing laws, the Bank Secrecy Act as it applies to registered investment companies, and any rules adopted thereunder by the SEC or the Department of Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>Material Compliance Matter</u> " shall mean "any compliance matter about which the Board
would reasonably need to know to oversee the Fund's compliance," which involves any of the following (without limitation): (i) a violation of Federal Securities Laws by the Fund or its service providers (or officers, directors, employees
or agents thereof) (ii) a violation of the Compliance Program of the Fund, or the written compliance policies and procedures of its service providers; or (iii) a weakness in the design or implementation of the Compliance Program policies
and procedures of the Fund, or the written compliance policies and procedures of the service providers to the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) " <u>Rule 38a-1</u> " shall mean Rule 38a-1 under the 1940 Act

2. All Services described in this Section D (the " <u>CCO Services</u> ") are optional and only apply
upon the request of the Fund that SS&C provide such CCO Services and the written acceptance of such request by SS&C. SS&C requires 120 days' notice prior to commencement of provision of such CCO Services, which time period may be
reduced upon mutual agreement. The Board of the Fund may terminate the provision of CCO Services on 120 days written notice to SS&C. All CCO Services fees described in Fee Letter will continue until the later of 120 days from the receipt of such
termination notice or the date that the SS&C employee no longer serves as the Fund's Chief Compliance Officer.

3. SS&C shall designate, subject to the approval of the Board, one of its own employees to serve as Chief
Compliance Officer of the Fund within the meaning of Rule 38a-1 (such individual, the " <u>CCO</u> "). The CCO shall render to the Fund such advice and services as are required to be performed by a
CCO under Rule 38a-1 and as are set forth as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Review of Compliance Program</u>. The CCO shall, with the assistance of the Fund, review and revise, where
necessary, the written compliance policies and procedures (the " <u>Compliance Program</u> ") of the Fund, which shall address compliance with, and be reasonably designed to prevent violation of, " <u>Federal Securities Laws</u>." In addition to provisions of Federal Securities Laws that apply to the Fund, the Compliance Program will be revised, where necessary, to address compliance with, and ensure that it is reasonably designed to prevent violation of, the
Fund's charter and by-laws and all exemptive orders, no-action letters and other regulatory relief received by the Fund from the SEC and Financial Industry
Regulatory Association, Inc. (the " <u>FINRA</u> ") (all such items collectively, " <u>Regulatory Relief</u> "); provided, however, that the Compliance Program shall address only that Regulatory Relief afforded the Service
Providers or the Fund or relevant to compliance by the Service Providers or the Fund, and shall not address the terms by which other parties may receive the benefits of any Regulatory Relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Administration of Compliance Program</u>. The CCO shall administer and enforce the Fund's Compliance
Program. The CCO shall consult with the Board and the Fund's officers as necessary to amend, update and revise the Compliance Program as necessary, but no less frequently than annually (if required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Oversight of Service Providers</u>. The CCO is responsible for overseeing, on behalf of the Fund, adherence
to the written compliance policies and procedures of the Fund's service providers, including the Fund, its investment adviser (and sub-adviser, if applicable), the distributor, the administrator, and the
transfer agent (the " <u>Service Providers</u> "). In furtherance of this duty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The CCO shall obtain and review the written compliance policies and procedures of the Service Providers or
summaries of such policies that have been drafted by someone familiar with them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The CCO shall monitor the Service Providers' compliance with their own written compliance policies and
procedures, Federal Securities Laws and the Fund's Indenture and Regulatory Relief. In so doing, the CCO shall interact with representatives of the Service Providers as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The CCO shall attempt to obtain the following representations from each Service Provider and, if it fails to
obtain such representations, shall report this fact to the Fund:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In connection with the documentation of its written policies and procedures governing the provision of its
services to the relevant Fund, the Service Provider has prepared and delivered to the Fund a summary of core services that it provides to the Fund or, if no such summary is available, that it has delivered copies of the relevant policies and
procedures to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Service Provider will provide to the Fund and the CCO any revisions to its written compliance policies and
procedures on at least an annual basis, or more frequently in the event of a material revision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Service Provider's written compliance policies and procedures have been reasonably designed to
prevent, detect and correct violations of the applicable Federal Securities Laws and critical functions related to the services performed by Service Provider pursuant to the applicable agreement between the Service Provider and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Service Provider has established monitoring procedures, and shall review, no less frequently than annually,
the adequacy and effectiveness of its written compliance policies and procedures to check that they are reasonably designed to prevent, detect and correct violations of those applicable Federal Securities Laws and critical functions related to the
services performed by the Service Provider pursuant to the applicable agreement between the Service Provider and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Annual Review.</u> Rule 38a-1 requires that, at least annually, the
Fund review its Compliance Program and that of its Service Providers and the effectiveness of their respective implementations (the " <u>Annual Review</u> "). The CCO shall perform the Annual Review for the Fund. The first Annual Review
shall be completed no later than the regularly scheduled Board meeting following one year after the commencement of the CCO Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Attendance of Board Meetings; Reports to the Fund's Board; Escalation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The CCO shall attend up to four board meetings per year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The CCO shall make regular reports to the Board regarding its administration and enforcement of the Compliance
Program. These regular reports shall address compliance by the Fund and the Service Providers and such other matters as the Board may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In addition, at least annually, the CCO shall submit a written report to the Board by addressing the following
issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the operation of the Compliance Program, and the written compliance policies and procedures of the Service
Providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any material changes made to the Compliance Program since the date of the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. any material changes to the Compliance Program recommended as a result of the Annual Review; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. each "Material Compliance Matter" that occurred since the date of the last report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This written report shall be based on the Annual Review. The first written report shall be presented to the
Board no later than 90 days after the date of the first Annual Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The CCO shall report any Material Compliance Matters to the Board at least quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Recordkeeping</u>. The CCO expects to rely on the Fund or its Service Providers, as applicable, to maintain
and preserve records. The CCO will determine that the Service Provider has policies and procedures that are reasonably designed to ensure that the Fund records will be maintained in accordance with the Fund's recordkeeping policy and
applicable Law, including provisions requiring that any material violation of the Fund's recordkeeping policy and/or applicable Law by the service provider be promptly reported to the CCO.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Meeting with Regulators.</u> The CCO shall meet with, and reply to inquiries from the SEC, the Fund and
other legal and regulatory authorities with responsibility for administering Federal Securities Laws as necessary or as reasonably requested by Fund or the Board.

4. The parties agree that only employees of SS&C ALPS and its Affiliates shall act as CCO or otherwise perform
services to the Fund under this Agreement unless otherwise agreed to by the Fund. Notwithstanding his/her other duties for SS&C or any other investment Fund, the CCO shall perform the Services in a professional manner and shall devote
appropriate time, energies and skill to the Services. Fund acknowledges that other employees of SS&C and its Affiliates will assist the CCO in the performance of his/her duties hereunder.

5. For clarity, the Fund shall reimburse, or shall cause the Fund to reimburse, SS&C for all reasonable
expenses (including travel expenses for attendance at in-person board meetings) and other out-of-pocket disbursements incurred by
SS&C in connection with the performance of SS&C's or the CCO's duties hereunder.

6. The Fund shall cooperate in good faith with SS&C and the CCO in order to assist in the performance of the
Services. In furtherance of this agreement to cooperate, the Fund shall make those of its and its Affiliates' and Service Providers', officers, employees, outside counsel and others as may be reasonable related to the Services available
for consultation with SS&C and the CCO, in each case as SS&C or the CCO may reasonably request. The Fund shall provide SS&C and the CCO with the names of appropriate contact people at the Service Providers and shall otherwise assist
SS&C and the CCO in obtaining the cooperation of the Service Providers. The Fund shall provide SS&C and the CCO with such books and records regarding the Fund as SS&C and the CCO may reasonably request.

7. Notwithstanding anything in this Agreement to the contrary, SS&C ALPS may terminate the CCO Services
immediately upon notice and without further liability, if, in the sole determination of the CCO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Management directly or indirectly takes any action to coerce, manipulate, mislead, or fraudulently influence
the Fund's CCO in the performance of the CCO's duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Management takes a position inconsistent with compliance with Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Management fails to take action consistent with recommendations of the CCO to remediate the failure(s) that
caused or could cause a Material Compliance Matter.

**E.**  **<u>Shareholder Recordkeeping, Transfer Agency and Investor Relations (applicable to Interval Fund only)</u>** 

1. SS&C GIDS utilizing the TA2000 System will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) issue, transfer and redeem book entry shares or cancelling share certificates as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) maintain shareholder accounts on the records of Fund on the TA2000 System in accordance with the instructions
and information received by SS&C GIDS from Fund, Fund's distributor, manager or managing dealer, Fund's investment adviser, Fund's sponsor, Fund's custodian, or Fund's administrator and any other person whom Fund
names on Fee Letter (each an " <u>Authorized Person</u> "), broker-dealers or shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) when and if a Fund participates in the DTCC, and to the extent SS&C GIDS supports the functionality of the
applicable DTCC program:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accept and effectuate the registration and maintenance of accounts through the Program and the purchase,
redemption, exchange and transfer of shares in such accounts through systems or applications offered via the Program in accordance with instructions transmitted to and received by SS&C GIDS by transmission from DTCC on behalf of broker-dealers
and banks which have been established by, or in accordance with the instructions of, an Authorized Person, on the Dealer File maintained by SS&C GIDS,

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issue instructions to Funds' banks for the settlement of transactions between Funds and DTCC (acting on
behalf of its broker-dealer and bank participants),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide account and transaction information from Fund's records on TA2000 in accordance with the
applicable Program's rules, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) maintain shareholder accounts on TA2000 through the Programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide transaction journals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) once annually prepare shareholder meeting lists for use in connection with the annual meeting;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) withhold, as required by federal law, taxes on securityholder accounts, perform and pay backup withholding as
required for all securityholders, and prepare, file and provide, in electronic format, the applicable U.S. Treasury Department information returns or K-1 data file, as applicable, to Fund's vendor of
choice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) disburse income dividends and capital gains distributions to shareholders and record reinvestment of dividends
and distributions in shares of Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) prepare and provide, in electronic format, to Fund's print vendor of choice:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) confirmation forms for shareholders for all purchases and liquidations of shares of Fund and other confirmable
transactions in shareholders' accounts,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) copies of shareholder statements, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) shareholder reports and prospectuses provided by Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) provide or make available on-line daily and monthly reports as provided
by the TA2000 System and as requested by Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) maintain those records necessary to carry out SS&C GIDS's duties hereunder, including all information
reasonably required by Fund to account for all transactions on TA2000 in Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) calculate the appropriate sales charge, if applicable and supported by TA2000, with respect to each purchase of
Fund shares as instructed by an Authorized Person, determining the portion of each sales charge payable to the dealer participating in a sale in accordance with schedules and instructions delivered to SS&C GIDS by Fund's managing dealer or
distributor or any other Authorized Person from time to time, disbursing dealer commissions collected to such dealers, determining the portion of each sales charge payable to such managing dealer and disbursing such commissions to the managing
dealer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) receive correspondence pertaining to any former, existing or new shareholder account, processing such
correspondence for proper recordkeeping, and responding to shareholder correspondence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) arrange the mailing to dealers of confirmations of wire order trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) process, generally on the date of receipt, purchases, redemptions, exchanges, or instructions, as applicable,
to settle any mail or wire order purchases, redemptions or exchanges received in proper order as set forth in the prospectus and general exchange privilege applicable, and reject any requests not received in proper order (as defined by an Authorized
Person or the Procedures as hereinafter defined);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) if a Fund is a registered product, provide to the person designated by an Authorized Person the daily Blue Sky
reports generated by the Blue Sky module of TA2000 with respect to purchases of shares of Fund on TA2000. For clarification, with respect to obligations, Fund is responsible for any registration or filing with a federal or state government body or
obtaining approval from such body required for the sale of shares of Fund in each jurisdiction in which it is sold. SS&C GIDS's sole obligation is to provide Fund access to the Blue Sky module of TA2000 with respect to purchases of shares
of Fund on TA2000, and generate output reports to Fund as mutually agreed. It is Fund's

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responsibility to validate that the Blue Sky module settings are accurate and complete and to validate the output produced thereby and other applicable reports provided by SS&C GIDS, to ensure accuracy. SS&C GIDS is not responsible in any way for claims that the sale of shares of Fund violated any such requirement (unless such violation results from a failure of the SS&C GIDS Blue Sky module to notify Fund that such sales do not comply with the parameters set by Fund for sales to residents of a given state);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) provide to Fund escheatment reports as requested by an Authorized Person with respect to the status of accounts
and outstanding checks on TA2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) as mutually agreed upon by the parties as to the service scope and fees, answer telephone inquiries during
mutually agreed upon times, each day on which the New York Stock Exchange is open for trading. SS&C GIDS shall answer and respond to inquiries from existing shareholders, prospective shareholders of Fund and broker-dealers on behalf of such
shareholders in accordance with the telephone scripts provided by Fund to SS&C GIDS, such inquiries may include requests for information on account set-up and maintenance, general questions regarding the
operation of Fund, general account information including dates of purchases, redemptions, exchanges and account balances, requests for account access instructions and literature requests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) support Fund repurchase offers, including but not limited to: assistance with shareholder communication plan;
preparation and coordination of repurchase offer materials; establishment of informational website; receipt, review and reconciliation of letters of transmittal; daily tracking, reconciliation and reporting of shares tendered; and issuing tax forms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) in order to assist Fund with Fund's anti-money laundering responsibilities under applicable anti-money
laundering laws, SS&C GIDS offers certain risk-based shareholder activity monitoring tools and procedures that are reasonably designed to: (i) promote the detection and reporting of potential money laundering activities; and
(ii) assist in the verification of persons opening accounts with Fund, pursuant to Section F hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) as mutually agreed upon by the Parties as to the service scope and fees, SS&C GIDS shall carry out certain
information requests, analyses and reporting services in support of Fund's obligations under Rule 22c-2(a)(2). The Parties will agree to such services and terms as stated in the attached appendix
(" <u>Appendix I</u> " entitled "Omnibus Transparency Services") that may be changed from time to time subject to mutual written agreement between the Parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) as mutually agreed upon by the Parties as to the service scope and fees, provide any additional related
services (i.e., pertaining to escheatments, abandoned property, garnishment orders, bankruptcy and divorce proceedings, Internal Revenue Service or state tax authority tax levies and summonses and all matters relating to the foregoing); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxii) upon request of Fund and mutual agreement between the Parties as to the scope and any applicable fees, SS&C
GIDS may provide additional services to Fund under the terms of this Schedule and the Agreement. Such services and fees shall be set forth in writing and may be added by an amendment to, or as a statement of work under, this Schedule or the
Agreement.

2. At the request of an Authorized Person, SS&C GIDS shall use reasonable efforts to provide the services set
forth in Section E.1 of this <u>Schedule A</u> in connection with transactions (i) the processing of which transactions require SS&C GIDS to use methods and procedures other than those usually employed by SS&C GIDS to perform
shareholder servicing agent services, (ii) involving the provision of information to SS&C GIDS after the commencement of the nightly processing cycle of the TA2000 System or (iii) which require more manual intervention by SS&C
GIDS, either in the entry of data or in the modification or amendment of reports generated by the TA2000 System than is usually required by normal transactions.

3. SS&C GIDS shall use reasonable efforts to provide the same services with respect to any new, additional
functions or features or any changes or improvements to existing functions or features as provided for in Fund's instructions, prospectus or application as amended from time to time, for Fund, provided SS&C GIDS is advised in advance by
Fund of any changes therein and the TA2000 System and the mode of operations utilized by SS&C GIDS as then constituted supports such additional functions and features. If any new, additional function or feature or change or improvement to
existing functions or features or new service or

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mode of operation measurably increases SS&C GIDS's cost of performing the services required hereunder at the current level of service, SS&C GIDS shall advise Fund of the amount of such increase and if Fund elects to utilize such function, feature or service, SS&C GIDS shall be entitled to increase its fees by the amount of the increase in costs.

4. Fund shall add all new funds to the TA2000 System upon at least 60 days' prior written notice to SS&C
GIDS provided that the requirements of the new funds are generally consistent with services then being provided by SS&C GIDS under the Agreement. If less than 60 days' prior notice is provided by Fund, additional 'rush' fees
may be applied by SS&C GIDS. Rates or charges for additional funds shall be as set forth in Fee Letter for the remainder of the contract term except as such funds use functions, features or characteristics for which SS&C GIDS has
imposed an additional charge as part of its standard pricing schedule. In the latter event, rates and charges shall be in accordance with SS&C GIDS's then-standard pricing schedule.

5. The Parties agree that to the extent that SS&C GIDS provides any services under the Agreement that relate
to compliance by Fund with the Code (or any other applicable tax law), it is the parties' mutual intent that SS&C GIDS will provide only printing, reproducing, and other mechanical assistance to Fund and that SS&C GIDS will not make
any judgments or exercise any discretion of any kind. Fund agrees that it will provide express and comprehensive instructions to SS&C GIDS in connection with all of the services that are to be provided by SS&C GIDS under the Agreement that
relate to compliance by Fund with the Code (or any other applicable tax law), including providing responses to requests for direction that may be made from time to time by SS&C GIDS of Fund in this regard.

6. Fund instructs and authorizes SS&C GIDS to provide the services as set forth in the Agreement in connection
with transactions on behalf of certain IRAs featuring Funds made available by Fund. Fund acknowledges and agrees that as part of such services, SS&C GIDS will act as service provider to the custodian for such IRAs.

7. If applicable, SS&C GIDS will make original issues of shares, or if shares are certificated, stock
certificates upon written request of an officer of Fund and upon being furnished with a certified copy of a resolution of the Board of Trustees authorizing such original issue, evidence regarding the value of the shares, and necessary funds for the
payment of any original issue tax.

8. Upon receipt of a Fund's written request, SS&C GIDS shall provide transmissions of shareholder
activity to the print vendor selected by Fund.

9. If applicable, Fund will furnish SS&C GIDS with a sufficient supply of blank stock certificates and from
time to time will renew such supply upon the request of SS&C GIDS. Such certificates will be signed manually or by facsimile signatures of the officers of Fund authorized by law and by bylaws to sign stock certificates, and if required, will
bear the corporate seal or facsimile thereof. In the event that certificates for shares of Fund shall be represented to have been lost, stolen or destroyed, SS&C GIDS, upon being furnished with an indemnity bond in such form and amount and with
such surety as shall be reasonably satisfactory to it, is authorized to countersign a new certificate or certificates for the number of shares of Fund represented by the lost or stolen certificate. In the event that certificates of Fund shall be
represented to have been lost, stolen, missing, counterfeited or recovered, SS&C GIDS shall file Form X-17F-1A as required by applicable federal securities laws.

10. Shares of stock will be transferred in accordance with the instructions of the shareholders and, upon receipt
of Fund's instructions that shares of stock be redeemed and funds remitted therefor, such redemptions will be accomplished and payments dispatched provided the shareholder instructions are deemed by SS&C GIDS to be duly authorized.
SS&C GIDS reserves the right to refuse to transfer, exchange, sell or redeem shares as applicable, until it is satisfied that the request is authorized, or instructed by Fund.

11. Further, and notwithstanding anything herein to the contrary, with respect to "as of" adjustments,
SS&C will not assume one hundred percent (100%) responsibility for losses resulting from "as ofs" due to clerical errors or misinterpretations of securityholder instructions, but SS&C will discuss with Fund, SS&C's
accepting liability for an "as of" on a case-by-case basis and may accept financial responsibility for a particular situation resulting in a financial loss
to Fund where such loss is "material", as hereinafter defined, and, under the particular facts at issue, and subject to the applicable standard of care and liability limits in the Agreement, SS&C in its discretion believes
SS&C's conduct was culpable and SS&C's conduct is the sole cause of the loss. A loss is

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"material" for purposes of this Section when it results in a pricing error on a given day which is (i) greater than a negligible amount per securityholder, (ii) equals or exceeds one ($.01) full cent per share times the number of shares outstanding or (iii) equals or exceeds the product of one-half of one percent (1%) times Fund's Net Asset Value per share times the number of shares outstanding (or, in case of (ii) or (iii), such other amounts as may be adopted by applicable accounting or regulatory authorities from time to time). When SS&C concludes that it should contribute to the settlement of a loss, SS&C's responsibility will commence with that portion of the loss over $0.01 per share calculated on the basis of the total value of all shares owned by the affected portfolio (i.e., on the basis of the value of the shares of the total portfolio, including all classes of that portfolio, not just those of the affected class).

12. <u>Changes and Modifications.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C GIDS shall have the right, at any time, to modify any systems, programs, procedures or facilities used
in performing its obligations hereunder; provided that Fund will be notified as promptly as possible prior to implementation of such modifications and that no such modification or deletion shall materially adversely change or affect the operations
and procedures of Fund in using the TA2000 System hereunder, the Services or the quality thereof, or the reports to be generated by such system and facilities hereunder, unless Fund is given thirty (30) days' prior notice to allow Fund to
change its procedures and SS&C GIDS provides Fund with revised operating procedures and controls.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) All enhancements, improvements, changes, modifications or new features added to the TA2000 System however
developed or paid for, including, without limitation, Fund Requested Software (collectively, "Deliverables"), shall be, and shall remain, the confidential and exclusive property of, and proprietary to, SS&C GIDS. The parties
recognize that during the Term of this Agreement Fund will disclose to SS&C GIDS Confidential Information and SS&C GIDS may partly rely on such Confidential Information to design, structure or develop one or more Deliverables. Provided that,
as developed, such Deliverable(s) contain no Confidential Information that identifies Fund or any of its investors or which could reasonably be expected to be used to readily determine such identity, (i) Fund hereby consents to SS&C
GIDS's use of such Confidential Information to design, to structure or to determine the scope of such Deliverable(s) or to incorporate into such Deliverable(s) and that any such Deliverable(s), regardless of who paid for it, shall be, and
shall remain, the sole and exclusive property of SS&C GIDS and (ii) Fund hereby grants SS&C GIDS a perpetual, nonexclusive license to incorporate and retain in such Deliverable(s) Confidential Information of Fund. All Confidential
Information of Fund shall be and shall remain the property of Fund.

13. <u>Fund Obligations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fund agrees to use its reasonable efforts to deliver to SS&C GIDS in Kansas City, Missouri, as soon as they
are available, all of its shareholder account records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Fund will provide SS&C GIDS written notice of any change in Authorized Personnel as set forth on <u>Schedule B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fund will notify SS&C GIDS of material changes to its Articles of Incorporation, Declaration of Trust,
Bylaws or similar governing document (e.g. in the case of recapitalization) that impacts the services provided by SS&C GIDS under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) If at any time Fund receives notice or becomes aware of any stop order or other proceeding in any such state
affecting such registration or the sale of Fund's shares, or of any stop order or other proceeding under the federal securities laws affecting the sale of Fund's shares, Fund or Sponsor will give prompt notice thereof to SS&C GIDS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Fund shall not enter into one or more omnibus, third-party sub-agency or sub accounting agreements with (i) unaffiliated third-party broker/dealers or other financial intermediaries who have a distribution agreement with the affected Funds or (ii) third party administrators of group retirement or annuity
plans, unless Fund either (1) provides SS&C GIDS with a minimum of 12 months' notice before the accounts are deconverted from SS&C GIDS, or (2), if 12 months' notice is not possible, Fund shall compensate SS&C GIDS by
paying a one-time termination fee equal to $0.10 per deconverted account per month for every month short of the 12 months' notice in connection with each such deconversion.

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14. <u>Compliance</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C GIDS shall perform the services under this Schedule A in conformance with SS&C GIDS's
present procedures as set forth in its Procedures with such changes or deviations therefrom as may be from time to time required or approved by Fund, its investment adviser or managing dealer, or its or SS&C GIDS's counsel and the
rejection of orders or instructions not in good order in accordance with the applicable prospectus or the Procedures. Notwithstanding the foregoing, SS&C GIDS's obligations shall be solely as are set forth in this Schedule and any of other
obligations of Fund under applicable law that SS&C GIDS has not agreed to perform on Fund's behalf under this Schedule or the Agreement shall remain Fund's sole obligation.

15. <u>Bank Accounts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C GIDS, acting as agent for Fund, is authorized (1) to establish in the name of, and to maintain on
behalf of, Fund, on the usual terms and conditions prevalent in the industry, including limits or caps (based on fees paid over some period of time or a flat amount, as required by the affected Bank on the maximum liability of such Banks into which
SS&C GIDS shall deposit Funds SS&C GIDS receives for payment of dividends, distributions, purchases of Fund shares, redemptions of Fund shares, commissions, corporate re-organizations (including
recapitalizations or liquidations) or any other disbursements made by SS&C GIDS on behalf of Fund provided for in this Schedule A, (2) to draw checks upon such accounts, to issue orders or instructions to the Bank for the payment out of
such accounts as necessary or appropriate to accomplish the purposes for which such funds were provided to SS&C GIDS, and (3) to establish, to implement and to transact Fund business through ACH, draft processing, wire transfer and any
other banking relationships, arrangements and agreements with such Bank as are necessary or appropriate to fulfill SS&C GIDS's obligations under the Agreement. SS&C GIDS, acting as agent for Fund, is also hereby authorized to execute
on behalf and in the name of Fund, on the usual terms and conditions prevalent in the industry, including limits or caps (based on fees paid over some period of time or a flat amount, as required by the affected Bank) on the maximum liability of
such Banks, agreements with banks for ACH, wire transfer, draft processing services, as well as any other services which are necessary or appropriate for SS&C GIDS to utilize to accomplish the purposes of this Schedule. In each of the foregoing
situations Fund shall be liable on such agreements with the Bank as if it itself had executed the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SS&C GIDS is authorized and directed to stop payment of checks theretofore issued hereunder, but not
presented for payment, when the payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or through no fault of theirs, are otherwise beyond their control, and cannot be
produced by them for presentation and collection, and, to issue and deliver duplicate checks in replacement thereof.

16. <u>Records.</u> SS&C GIDS will maintain customary transfer agent records in connection with its agency in
accordance with the transfer agent recordkeeping requirements under the 1934 Act, and particularly will maintain those records required to be maintained pursuant to subparagraph (2) (iv) of paragraph (b) of Rule 31a-1 under the 1940 Act, if any. Notwithstanding anything in the Agreement to the contrary, the records to be maintained and preserved by SS&C GIDS on the TA2000 System under the Agreement shall be
maintained and preserved in accordance with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Annual purges by August 31: SS&C GIDS and Fund shall mutually agree upon a date for the annual purge of the
appropriate history transactions from the Transaction History (A88) file for accounts (both regular and tax advantaged accounts) that were open as of January 1 of the current year, such purge to be complete no later than August 31. Purges
completed after this date will subject Fund to the Aged History Retention fees set forth in the <u>Fee Letter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Purge criteria: In order to avoid the Aged History Retention fees, history data for regular or ordinary
accounts (that is, non-tax advantaged accounts) must be purged if the confirmation date of the history transaction is prior to January 1 of the current year and history data for tax advantaged
accounts (retirement and educational savings accounts) must be purged if the confirmation date of the history transaction is prior to January 1 of the prior year. All purged history information shall be retained on magnetic tape for seven
(7) years.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Purged history retention options (entail an additional fee): For the additional fees set forth in the <u>Fee Letter</u>, or as otherwise mutually agreed, then Fund may choose (i) to place purged history information on the Purged Transaction History (A19) table or (ii) to retain history information on the Transaction History (A88) file beyond the
timeframes defined above. Retaining information on the A19 table allows for viewing of this data through online facilities and E-Commerce applications. This database does not support those histories being
printed on statements and reports and is not available for on request job executions.

17. <u>Disposition of Books, Records and Canceled Certificates.</u> SS&C GIDS may send periodically to Fund, or
to where designated by Fund, all books, documents, and all records no longer deemed needed for current purposes, upon the understanding that such books, documents, and records will be maintained by Fund under and in accordance with the requirements
of applicable federal securities laws. Such materials will not be destroyed by Fund without the consent of SS&C GIDS (which consent will not be unreasonably withheld), but will be safely stored for possible future reference.

**F.**  **<u>AML (applicable to the Interval Fund and the Feeder Fund only and for the avoidance of doubt, SS&C will not perform AML or related know your customer Services for the Subsidiary Fund)</u>** 

1. SS&C may assume the authenticity and accuracy of any document or information provided by a prospective
investor or investor without verification unless, in the sole discretion of SS&C, the same on its face appears not to be genuine. In the event of delay or failure by a prospective investor or investor to produce any information required by the
subscription or similar agreement of Fund or requested by SS&C, SS&C may refuse to process the subscription and the subscription monies related thereto or may refuse to allow a redemption until the applicable information has been provided.
SS&C shall not process any payment from a prospective investor or make any payment for redemption proceeds to an investor if SS&C determines, or if SS&C receives instructions that Fund has (or, if applicable and defined below, Fund AML
Officers) have determined, that such payment would violate any AML law.

**<u>U.S. Domiciled Funds</u>**

1. Notwithstanding the ability of Fund to delegate the maintenance of certain AML procedures to SS&C, Fund is
ultimately responsible for ensuring its compliance with applicable AML law, including identifying, assessing and understanding relevant AML risks. SS&C will disclose to Fund if SS&C files, on its own behalf, a suspicious activity report in
relation to Fund, investors or prospective investors, unless in the sole discretion of SS&C, such disclosure would be prohibited by applicable Law. Such disclosure shall identify the prospective investor or investor and the transaction which is
the subject of the suspicious activity report and include a summary statement as to why the transaction is believed to be suspicious.

2. With respect to Funds that are U.S. domiciled, relying on external services as well as information provided on
Fund subscription documents, screen the names of each prospective investor and report whether each subscriber is (i) a person identified on the sanctions lists administered and published by OFAC, including the list of specially designated
nationals and blocked persons or (ii) believed to be a senior non-U.S. political figure or an immediate family member or close associate of such a figure (collectively " <u>PEP</u> ") or a non-U.S. shell bank.

**G.**  **<u>Bank Loan Servicing (applicable to Interval Fund only)</u>** 

1. Provide trade processing support for loan transactions including recording trade settlements, reconciliation of
settlements and tracking associated loan documentation.

2. Provide asset servicing support related to loan positions including liaising with the loan agent on various
aspects of loan maintenance and reconciliation.

3. Provide payment information to Fund for review through SS&C's wire payment application with respect
to loan payments, drawdowns and other loan life cycle events.

4. Obtain and maintain static data on loan facilities subject to receipt from the applicable agent bank.

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5. Provide loan information reporting (e.g., trade blotter, market value position report and loan contract
position report) to Fund.

6. Store agent bank notices received with respect to loan positions and make available to Fund in a format as
agreed in writing with Fund.

7. Management shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Provide SS&C with any loan static data and loan documentation in a timely manner and in a format agreed
upon with SS&C.

**H.**  **<u>Blue Sky Filing Services (applicable to Interval Fund only)</u>** 

1. Fund is ultimately responsible for ensuring its compliance with applicable Blue Sky laws, including
identifying, assessing and understanding relevant Blue Sky risks.

2. As used in this Section, the following additional terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Blue Sky</u> " means the various statutes and regulations of the states, District of Columbia,
Puerto Rico, and the United States Virgin Islands governing the offer and sales of mutual funds and the related compliance services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>Sales Feed</u> " means a data file in industry standard format sent by a third party.

3. SS&C shall perform the following Services in all states and territories in which the Fund's shares
are offered as identified by Fund, in the form of and as required by Law applicable to Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Assist with the filing of Initial Notices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Assist with the filing of Fund renewals and amendments to reflect relevant changes, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Assist with the filing of Fund sales reports filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Pay Notice Filing and other fees and invoice Fund for fees owed to each state in accordance with procedures
agreed upon in writing by Fund and SS&C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Assist with the filing of Fund Prospectuses and statements of additional information and any amendments and
supplements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Assist with the filing of annual reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Assist with the filing of all necessary notices to permit the Fund (or class of the Fund, as applicable) to
qualify for reduced fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Assist with the filing of all correspondence and related documentation in order to permit the Fund to utilize
exemptions if such exemption notice is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Advise Fund prior to communicating with the states and territories regarding any sales in excess of the
registered amount for a permit so the Fund can advise SS&C in writing the action to be taken;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Provide Fund information regarding the sales to existing shareholders exemptions and the institutional investor
exemptions available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Include in sales report filings, all sales reported to SS&C via (i) transfer agency Blue Sky Sales
Feed, and (ii) broker Blue Sky Sales Feeds, including, without limitation, feeds that (a) were transferred as part of the conversion from the Fund's prior Blue Sky service provider, or (b) confirmed in writing by Fund to be
activated, less any exempt sales that the Fund has directed SS&C in writing to remove prior to such filing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) At the direction of the Fund, serve as liaison between the Fund and the applicable Blue Sky jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Provide information concerning Blue Sky reporting requirements and mutual fund industry Blue Sky reporting
practices including utilization of exemptions and intermediary data feeds;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Conduct annual due diligence meeting with Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) In the event that SS&C becomes aware of the sale of the Fund's shares in a jurisdiction in which no
notice filing has been made, SS&C shall report such information to Fund and Fund shall instruct SS&C with respect to the corrective action to be taken; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) File all additional amendments to increase registered amounts in accordance with agreed upon procedures.

4. The foregoing Services will be performed by SS&C and are contingent on the performance by Fund of the
following duties and obligations. Fund shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identify the states and territories where the Fund's shares will be offered for sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Determine the availability of any exemptions under a jurisdiction's Blue Sky laws with the assistance of
SS&C;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Work with SS&C to identify what systematic exemptions will be taken by the Fund and coded on the
Fund's Transfer Agent's system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provide written instructions in SS&C standard format to implement systematic exemptions and exclusions from
reporting where practicable on the Fund's Transfer Agent system or the SS&C Blue Sky application;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provide written instructions to SS&C to remove current permit period sales from SS&C's Blue Sky
application upon determination that such sales qualify for exemptions or exclusion from reporting to the applicable states where registration fees are based on sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Execute a limited power of attorney in a form as set forth in <u>Schedule C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Liaise with the Fund to facilitate wire transfers for payment of state fees, as needed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Notify SS&C in writing to the extent Fund is notified by an intermediary of a new Sales Feed and work with
SS&C to facilitate any necessary updates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Provide written instruction detailing action to be taken upon receipt of written notification from SS&C
that a direct broker Blue Sky Sales Feed is available for activation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Provide member of Fund to act as signer for all forms to be filed in paper or electronic delivery;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Provide member of Fund to act as signer for all required wet signatures with appropriate notary if required by
jurisdiction; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Provide timely delivery of wet signature documents to meet filing deadlines as required by jurisdictions.

5. Proprietary Rights, Third Party Information and Development Ideas

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) SS&C and/or its Affiliates, as the case may be, own and shall retain all rights, title and interests,
including intellectual property rights in and to the SS&C Property. This Schedule shall not be construed to provide to Fund any express or implied right or license to convey or otherwise exploit the SS&C property, or any portion thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Certain of the information used by SS&C in providing the Services has been obtained from third
parties. Each third party owns and shall retain all rights, title and interests, including intellectual property rights in and to all information provided by such third party. SS&C is not responsible for substantiating the content or
accuracy of any such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Unless specifically excluded by a writing signed by Fund and SS&C, Fund hereby grants to SS&C, its
Affiliates, and any third party licensors, the irrevocable, perpetual, nonexclusive, worldwide, royalty-free right and license to use and incorporate any suggestions and ideas received by SS&C from Fund with respect to the Services in connection
with SS&C's on-going development of such Services for its use with Fund and other SS&C customers.

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**I.**  **<u>Feeder Fund Services – Private Markets (applicable to Feeder Fund only)</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>Accounting - NAV Calculation</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reconcile portfolio transactions, positions and cash balances to prime brokers/custodian banks and statements from underlying investments on a monthly basis. Maintain Fund books and records including general ledger accounts.

&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. Calculate and accrue income, expenses, gains and loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare financial, performance and other Management reporting as mutually agreed between Feeder Fund and SS&C in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Communicate with Management with respect to Fund's accounting books and records and related matters.

&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. Calculate the NAV following each month-end, upon the subscription or redemption of an investor, and each other date as may be agreed between Feeder Fund and SS&C in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>Financial Statements and Audit Support</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Coordinate the annual audit between the Management and Fund's auditor including establishing timelines for SS&C deliverables, and answering questions as appropriate. Provide Fund's auditor with information customarily provided by SS&C to facilitate their audit.

&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. Assist in the preparation of Fund's draft annual financial statements and accompanying materials. Prepare in spreadsheet format drafts of the annual financial statements and supporting schedules and calculations, including schedules of investments (including written disclosures in Microsoft Word or similar format with assistance from Fund auditor, when applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SS&C will not be responsible for (i) the financial statement printing or distribution of physical printed material, including professional formatting and typesetting, (ii) required regulatory filings and delivery (unless otherwise agreed in writing) or (iii) preparing supplemental disclosures such as including management commentary or reports of Fund's directors.

&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. Fund shall (i) provide information to SS&C to complete the financial statement schedules and notes to the financial statements if SS&C is preparing such notes (for matters such as risk management disclosures, details of related party transactions, netting and collateral arrangements), (ii) assist and guide SS&C with determining industry, geographic and other descriptions and classification of assets, (iii) provide all required disclosure of regulatory status, (iv) provide such other information and assistance as SS&C may reasonably request related to the preparation and audit of the financial statements or related schedules, as appropriate, and (v) approve all information prepared on behalf of Fund and provided to Fund auditor.

&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. Notwithstanding anything in this Agreement to the contrary, Fund has ultimate authority over and responsibility for its financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C.**  **<u>Transfer Agency and Investor Relations</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain the investor register and process subscriptions, redemptions, switches and transfers.

&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. Communicate with Management with respect to investor and prospective investor activity and related matters.

&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. Provide transaction statements to investors of their Fund account activity and account 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;4. Provide account statements to investors and their designated third parties containing Fund NAV, the value of the investor's account and other matters as the Parties may agree in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Communicate Fund's NAV and other accounting data to other persons as requested by Management.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Make the investor register available for inspection as required by applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Assist in establishing and operating Fund bank accounts for the purposes of paying Fund expenses and making
payments related to investor activity based on instructions from Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Provide reporting to Management as agreed in writing in support of Management's efforts to determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The percentage of Fund made up by "benefit plan investors" as that term is defined in
Section 3(42) of the United States Employee Retirement Income Security Act of 1974. Management has ultimate authority over and responsibility for determining which investors are benefit plan investors, which investors should be disregarded for
purposes of calculating the applicable percentage and the methods used for calculating the applicable percentage, as contemplated by U.S. Department of Labor regulations or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Those investors that are deemed to be "restricted persons" and/or "covered investors"
as per each investor's representation on the subscription agreement and, therefore, are generally ineligible to receive a full allocation of any gains attributable to "new issues" (commonly known as initial public offerings or
IPOs). Management has ultimate authority over and responsibility for determining the eligibility of each investor to receive any special allocation such as "new issue" allocations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D.**  **<u>GoWire</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Establish and maintain procedures for wire transfers from Fund bank accounts using SS&C's Web Portal for Fund wire authorization. Management must approve all wires in the system and through a call back to Management from SS&C, or as otherwise agreed in writing by the Parties from time to time.

&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. Assist in processing payments from Fund bank accounts for the purposes of paying Fund expenses and, only with respect to Funds for which SS&C processes transactions with investors and performs corresponding AML procedures, investor distributions, in all cases based upon instructions from Management.

&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. Provide Funds and Management online access to GoWire to approve payees, payment instructions and retrieve other applicable 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;4. Funds and Management are responsible for maintaining the confidentiality of and controlling the access to and use of all log in credentials supplied to Management ("<u>Fund and Management Access Credentials</u>"). Management shall notify SS&C immediately in writing in the event that (i) any Fund and Management Access Credentials is lost, stolen, or improperly disclosed to a third party or the security of any Fund and Management Access Credentials is otherwise compromised; or (ii) the authority of any person controlling any Fund and Management Access Credentials is withdrawn or amended, or any such person ceases to act on behalf of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E.**  **<u>InvestorVision</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide a Web Portal for investor access to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Investor account information and Fund documentation (e.g., offering documents and marketing material);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Investor reporting and statements' delivery; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Documentation and notices posted to the Web Portal.

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**J.**  **<u>Subsidiary Fund Services – SPV (applicable to Subsidiary Fund only)</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain Fund's books and records including general ledger accounts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Reconcile cash and investment balances with the custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Account for expenses as directed by Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Account for estimated or actual tax liability (if applicable) as directed by Management and/or its tax agent

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Transmit NAV to Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Provide data and reports to support preparation of consolidated financial statements

**K.**  **<u>Miscellaneous</u>** 

1. Notwithstanding anything to the contrary in this Agreement, SS&C:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Does not maintain custody of any cash or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have the ability to authorize transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Does not have the authority to enter into contracts on behalf of Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Is not responsible for determining the valuation of Fund's assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Does not perform any management functions or make any management decisions with regard to the operation of
Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Is not responsible for affecting any U.S. federal or state regulatory filings which may be required or
advisable as a result of the offering of interests in Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Is not Fund's tax advisor and does not provide any tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Is not obligated to perform any additional or materially different services due to changes in law or audit
guidance.

2. If SS&C allows Fund, Management, investors or their respective agents and representatives
(" <u>Users</u> ") to (i) receive information and reports from SS&C and/or (ii) issue instructions to SS&C via web portals or other similar electronic mechanisms hosted or maintained by SS&C or its agents
(" <u>Web Portals</u> "):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Access to and use of Web Portals by Users shall be subject to the proper use by Users of usernames, passwords
and other credentials issued by SS&C (" <u>User Credentials</u> ") and to the additional terms of use that are noticed to Users on such Web Portals. Fund and Management shall be solely responsible for the results of any unauthorized
use, misuse or loss of User Credentials by their authorized Users and for compliance by such Users with the terms of use noticed to Users with respect to Web Portals, and shall notify SS&C promptly upon discovering any such unauthorized use,
misuse or loss of User Credentials or breach by Fund or Management or their authorized Users of such terms of use. Any change in the status or authority of an authorized User communicated by Fund shall not be effective until SS&C has confirmed
receipt and execution of such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) SS&C grants to the Fund and Management a limited, non-exclusive, non-transferable, non-sublicenseable right during the term of this Agreement to access Web Portals solely for the purpose of accessing Client Data and, if applicable, issue instructions. Fund and Management will
ensure that any use of access to any Web Portal is in accordance with SS&C's terms of use, as noticed to the Users from time to time. This license does not include: (i) any right to access any data other than Client Data; or
(ii) any license to any software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fund and Management will not (A) permit any third party to access or use the Web Portals through any
time-sharing service, service bureau, network, consortium, or other means; (B) rent, lease, sell, sublicense, assign, or otherwise transfer its rights under the limited license granted above to any third party, whether by operation of law or
otherwise; (C) decompile, disassemble, reverse engineer, or attempt to reconstruct or discover any source code or underlying ideas or algorithms associated with the Web Portals by any means; (D) attempt to modify or alter the Web Portal in
any manner; or (E) create derivative works based on the Web Portal. Neither Fund nor Management will remove (or allow to be removed) any proprietary rights notices or disclaimers from the Web Portal or any reports derived therefrom.

Page 24 of 25

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) SS&C reserves all rights in SS&C systems and in the software that are not expressly granted to Fund or
Management hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) SS&C may discontinue or suspend the availability of any Web Portals at any time without prior notice;
SS&C will endeavor to notify Fund as soon as reasonably practicable of such action.

3. Notwithstanding anything in this Agreement to the contrary, Fund has ultimate authority over and responsibility
for its tax matters and financial statement tax disclosures. All memoranda, schedules, tax forms and other work product produced by SS&C are the responsibility of Fund and are subject to review and approval by Fund and Fund's auditors, or
tax preparers, as applicable and SS&C bears no responsibility for reliance on tax calculations and memoranda prepared by SS&C.

4. SS&C shall provide reasonable assistance to responding to due diligence and analogous requests for
information from investors and prospective investors (or others representing them); provided, that SS&C may elect to provide these services only upon Fund agreement in writing to separate fees in the event responding to such requests becomes, in
SS&C's sole discretion, excessive.

5. Reports and information shall be deemed provided to Fund if they are made available to Fund online through
SS&C's Web Portal.

Page 25 of 25

## Ex-99.(K)(6)

Exhibit (k)(6)

**CONFIDENTIAL**

**AMENDMENT TWO** 

This amendment (the "<u>Amendment</u>") between the parties signing below (the "<u>Parties</u>") amends the Existing Agreement as of June 10, 2026:

---

| | |
|:---|:---|
| **Term** | **Means** |
| "Existing Agreement" | The Services Agreement among SS&C, Diameter Dynamic Credit Fund, Feeder Fund, Subsidiary Fund and Feeder Fund General Partner dated August 8, 2025, as amended |
| "SS&C" | ALPS Fund Services, Inc. ("SS&C ALPS")<br> DST Asset Manager Solutions, Inc. ("SS&C DST")<br> SS&C GIDS, Inc. ("SS&C GIDS")<br> SS&C Technologies, Inc. ("SS&C Tech") |
| "Interval Fund" | Diameter Dynamic Credit Fund |
| "Feeder Fund" | DDCF Feeder LP |
| "Subsidiary Fund" | DDCF Master Investments I LLC |
| "Feeder Fund General Partner" | Diameter Associates LLC, in its capacity as general partner to DDCF Feeder LP |
| "New Subsidiary Fund" | DDCF Master Investments II LLC |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment contains (i) amendments to the Existing Agreement, as contained in Article A hereto, and (ii) general terms, as contained in Article B hereto.

**IN WITNESS WHEREOF**, the Parties have executed this Amendment by their duly authorized representatives.

---

| | |
|:---|:---|
| **ALPS Fund Services, Inc.**<br> **DST Asset Manager Solutions, Inc.**<br> **SS&C GIDS, Inc.**<br> **SS&C Technologies, Inc.** | **Diameter Dynamic Credit Fund** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| **DDCF Feeder LP** | **DDCF Master Investments I LLC** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
| **DDCF Master Investments II LLC** | **Diameter Associates, LLC,** in its capacity as general partner to DDCF Feeder |
| By: | By: |
| Name: | Name: |
| Title: | Title: |

---

------

**Article A to this Amendment** 

**Amendments** 

The Existing Agreement is amended as follows:

1. New Subsidiary Fund listed below is added as a Party and any reference to "Fund" is deemed to
include New Subsidiary Fund, as the context requires.

DDCF Master Investments II LLC

2. The preamble is deleted and replaced with:

This Services Agreement (the "<u>Agreement</u>") is entered into and effective as of August 8, 2025 (the "<u>Effective Date</u>"), as amended pursuant to (i) Amendment One as of April 23, 2026 and (ii) Amendment Two as of May 28, 2026, by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **ALPS Fund Services, Inc.**, a corporation incorporated in the State of Colorado ("<u>SS&C ALPS</u>"), **DST Asset Manager Solutions, Inc.**, a corporation incorporated in the Commonwealth of Massachusetts ("<u>SS&C DST</u>"), **SS&C GIDS, Inc.**, a corporation incorporated in the State of Delaware ("<u>SS&C GIDS</u>"), and **SS&C Technologies, Inc.**, a corporation incorporated in the State of Delaware ("<u>SS&C Tech</u>" and, collectively with SS&C ALPS, SS&C DST and SS&C GIDS, "<u>SS&C</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Diameter Dynamic Credit Fund**, a Delaware statutory trust, registered under the Investment Company Act of 1940, as amended ("<u>1940 Act</u>"), as a non-diversified, closed-end management investment company that is operated as an interval fund pursuant to Rule 23c-3 of the 1940 Act (the "<u>Interval Fund</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **DDCF Feeder LP**, a Delaware limited partnership (the "<u>Feeder Fund</u>");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **DDCF Master Investments I LLC**, a Delaware limited liability company and DDCF Master Investments II LLC, a Cayman limited liability company (each, a "<u>Subsidiary Fund</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Diameter Associates LLC**, a Delaware limited liability company, in its capacity as the general partner of DDCF Feeder LP (the "Feeder Fund General Partner").

SS&C, Interval Fund, Feeder Fund, each Subsidiary Fund and the Feeder Fund General Partner each may be referred to individually as a "<u>Party</u>" or collectively as "<u>Parties</u>." Interval Fund, Feeder Fund, and each Subsidiary Fund may be referred to collectively as "<u>Fund</u>" or individually as a "<u>Fund Entity.</u>"

3. Section 7.2 is deleted and replaced with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Diameter Dynamic Credit Fund represents and warrants to SS&C that: (i) it has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the Governing Documents of Diameter Dynamic Credit Fund and other corporate actions thereof; (ii) it is a statutory trust duly organized and existing and in good standing under the laws of the state of Delaware and is registered with the SEC as a non-diversified, closed-end management investment company; (iii) it is empowered under applicable laws and by its Governing Documents to enter into and perform this Agreement; (iv) the Board has duly authorized it to enter into and perform this Agreement; and (v) it will promptly notify SS&C of (1) any Action against it, Management and its investment adviser or sub-adviser and (2) changes (or pending changes) in applicable Law with respect to Diameter Dynamic Credit Fund that are relevant to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) DDCF Feeder LP represents and warrants to SS&C that: (i) it has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the governing documents of DDCF Feeder LP and other corporate actions thereof; (ii) it is a limited partnership organized and existing in good standing under the laws of the state of Delaware; (iii) it is empowered under applicable laws and by its governing documents to enter into and perform this Agreement; and (iv) it will promptly notify SS&C of (1) any Action against it and (2) changes (or pending changes) in applicable Law with respect to DDCF Feeder LP that are relevant to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) DDCF Master Investments I LLC represents and warrants to SS&C that: (i) it has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the governing documents of DDCF Master Investments I LLC and other corporate actions thereof; (ii) it is a limited liability company organized and existing in good standing under the laws of the state of Delaware;

Page 2 of 3

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) it is empowered under applicable laws and by its governing documents to enter into and perform this Agreement; and (iv) it will promptly notify SS&C of (1) any Action against it and (2) changes (or pending changes) in applicable Law with respect to DDCF Master Investments I LLC that are relevant to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) DDCF Master Investments II LLC represents and warrants to SS&C that: (i) it has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the governing documents of DDCF Master Investments II LLC and other corporate actions thereof; (ii) it is a limited liability company organized and existing in good standing under the laws of the Cayman Islands; (iii) it is empowered under applicable laws and by its governing documents to enter into and perform this Agreement; and (iv) it will promptly notify SS&C of (1) any Action against it and (2) changes (or pending changes) in applicable Law with respect to DDCF Master Investments II LLC that are relevant to the Services.

**Article B to this Amendment** 

**General Terms** 

1. Capitalized terms not defined herein shall have the meanings given to them in the Existing Agreement.

2. The Parties' duties and obligations are governed by and limited to the express terms and conditions of
this Amendment, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party. This Amendment (including any attachments, schedules and
addenda hereto), along with the Existing Agreement, as amended, contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either
oral or written, between the Parties with respect thereto.

3. This Amendment may be executed in counterparts, each of which when so executed will be deemed to be an
original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and signatures so exchanged shall be binding to the same extent as if original signatures were exchanged.

4. This Amendment and any dispute or claim arising out of or in connection with it, its subject matter or its
formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the laws of the same jurisdiction as the Existing Agreement.

Page 3 of 3

## Ex-99.(N)(2)

**Exhibit (n)(2)** 

Consent of Independent Auditors

We consent to the use of our report dated June 26, 2026, with respect to the consolidated financial statements of DIF Feeder LP and Subsidiaries included in this Post-Effective Amendment No. 1 to the Registration Statement (Form N-2, File No. 333-287486) of Diameter Dynamic Credit Fund.

---

| |
|:---|
| /s/ Ernst & Young Ltd. |
| Grand Cayman, Cayman Islands |
| June 26, 2026 |

---

## Ex-99.(O)

**Exhibit (o)** 

**DIF Feeder LP and Subsidiaries** 

(A Cayman Islands Exempted Limited Partnership)

Consolidated Financial Statements

and

Report of Independent Auditors

For the period from April 3, 2025 (Commencement of Operations) through

December 31, 2025

------

---

| | |
|:---|:---|
| **DIF Feeder LP and Subsidiaries** | **DIF Feeder LP and Subsidiaries** |
| **Contents** | **Contents** |
|  Report of Independent Auditors | 1-2 |
|  **Consolidated Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Statement of Financial Condition | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Schedule of Investments | 4-12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Statement of Operations | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Statement of Changes in Partners' Capital | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated Statement of Cash Flows | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Consolidated Financial Statements | 16-25 |

---

------

Report of Independent Auditors

The General Partner

DIF Feeder LP and Subsidiaries

**Opinion**

We have audited the consolidated financial statements of DIF Feeder LP and Subsidiaries (collectively, the "Fund"), which comprise the consolidated statement of financial condition, including the consolidated schedule of investments, as of December 31, 2025, and the related consolidated statements of operations, changes in partners' capital and cash flows for the period from April 3, 2025 (commencement of operations) to December 31, 2025, and the related notes (collectively referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Fund at December 31, 2025, and the results of its operations, changes in its partners' capital and its cash flows for the period from April 3, 2025 (commencement of operations) to December 31, 2025 in accordance with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Fund and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

**Responsibilities of Management for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free of material misstatement, whether due to fraud or error.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free of material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

------

In performing an audit in accordance with GAAS, we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exercise professional judgment and maintain professional skepticism throughout the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control. Accordingly, no such opinion is expressed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

/s/ Ernst & Young Ltd.

Grand Cayman, Cayman Islands

June 26, 2026

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Statement of Financial Condition** 

December 31, 2025

(Expressed in United States Dollars)

---

| | |
|:---|:---|
|  **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $56797169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in investee funds, at fair value (cost $159,134) | 159134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at fair value (cost $316,584,420) | 321802359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from counterparties | 9030341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 3902268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 3376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | 379262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $392073909 |
|  **Liabilities and partners' capital** |  |
|  Liabilities |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short, at fair value (proceeds $14,463,328) | $14412231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to brokers | 9221210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to counterparties | 32902230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | 113170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 52215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 56701056 |
|  Partners' capital | Partners' capital |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interest | 26754744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited partners | 308618109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total partners' capital | 335372853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and partners' capital | $392073909 |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Schedule of Investments** 

December 31, 2025

(Expressed in United States Dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)</sup>** | **Investment Type** | **Interest<br>Rate <sup>(2)</sup>** | **Reference<br>Rate** | **Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Shares/Principal**<br>**Amount** | **Amortized Cost** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
|  **Investments - Non-Controlled/ Non-Affiliated - Assets** |  |  |  |  |  |  |  |  |  |  |
|  **First Lien Debt** |  |  |  |  |  |  |  |  |  |  |
|  **Communication Services** |  |  |  |  |  |  |  |  |  |  |
|  Altice France Holding S.A.<sup>(4)(7)</sup> | Term Loan | 9.05% | SOFR | 5.06% | 11/05/2025 | 10/30/2028 | 2000000 | 1975000 | 1980630 |  |
|  CenturyLink, Inc.<sup>(4)</sup> | Term Loan | 6.18% | SOFR | 2.35% | 4/14/2025 | 4/15/2029 | 4416063 | 4225870 | 4399237 |  |
|  Connect Holding II LLC<sup>(4)(5)</sup> | Delayed Draw<br>Term Loan | 7.98% | SOFR | 4.25% | 4/25/2025 | 4/3/2031 | 4500000 | 4100187 | 3933292 |  |
|  CSC Holdings, LLC<sup>(4)</sup> | Term Loan | 8.25% | SOFR | 1.50% | 4/22/2025 | 4/15/2027 | 1858846 | 1780716 | 1629140 |  |
|  CSC Holdings, LLC<sup>(4)(6)</sup> | Delayed Draw<br>Term Loan | 6.10% | SOFR | 2.25% | 4/16/2025 | 7/13/2027 | 3734848 | 3385598 | 3256348 |  |
|  Digicel International Finance<br>Ltd.<sup>(4)(7)(11)</sup> | Term Loan | 9.02% | SOFR | 5.25% | 4/08/2025 | 5/25/2027 | 250000 | 247500 | 250179 |  |
|  Radiate Holdco LLC<sup>(4)(6)</sup> | Delayed Draw<br>Term Loan | 7.72% | SOFR | 4.00% | 10/23/2025 | 12/31/2029 | 1012500 | 987750 | 989719 |  |
|  Radiate Holdco LLC<sup>(4)</sup> | Term Loan | 7.72% | SOFR | 4.00% | 10/23/2025 | 6/26/2029 | 1012500 | 1004250 | 1004906 |  |
|  Zayo Group Holdings, Inc.<sup>(4)</sup> | Term Loan | 6.83% | SOFR | 3.00% | 9/26/2025 | 3/11/2030 | 2899225 | 2699262 | 2759540 |  |
|  |  |  |  |  |  |  |  | **20406133** | **20202991** | **6.02%** |
|  **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |  |
|  1261229 B.C. Ltd.<sup>(4)(7)</sup> | Term Loan | 9.97% | SOFR | 6.25% | 4/10/2025 | 10/8/2030 | 2885500 | 2693142 | 2825641 |  |
|  ABG Intermediate Holdings 2 LLC<sup>(4)</sup> | Term Loan | 5.97% | SOFR | 2.25% | 11/05/2025 | 2/12/2032 | 748116 | 747180 | 749705 |  |
|  AMC Entertainment Holdings, Inc.<sup>(4)</sup> | Term Loan | 10.73% | SOFR | 7.00% | 4/04/2025 | 1/4/2029 | 2034663 | 1999057 | 2041805 |  |
|  American Axle & Manufacturing<sup>(4)</sup> | Term Loan | 3.66% | SOFR | 3.25% | 10/21/2025 | 2/24/2032 | 900000 | 897125 | 901872 |  |
|  Atlas Luxco 4 SARL<sup>(4)</sup> | Term Loan | 5.65% | EURIBOR | 3.75% | 8/06/2025 | 8/6/2032 | 2593500 | 3023113 | 3078360 |  |
|  Bausch + Lomb Corporation<sup>(4)</sup> | Term Loan | 7.97% | SOFR | 4.25% | 6/18/2025 | 6/10/2030 | 1343250 | 1336534 | 1359033 |  |
|  Beach Acquisition Bidco, LLC<sup>(4)</sup> | Term Loan | 5.52% | EURIBOR | 3.50% | 7/16/2025 | 6/25/2032 | 985000 | 1148015 | 1170595 |  |
|  Bending Spoons US Inc.<sup>(4)(7)</sup> | Term Loan | 9.57% | SOFR | 5.88% | 12/18/2025 | 12/30/2031 | 500000 | 480000 | 486250 |  |
|  Boost Newco Borrower LLC<sup>(4)(7)</sup> | Term Loan | 5.67% | SOFR | 2.00% | 5/08/2025 | 1/31/2031 | 297750 | 297750 | 298588 |  |
|  Boots Group Finco LP<sup>(4)(11)</sup> | Term Loan | 8.48% | SONIA | 4.75% | 7/18/2025 | 7/19/2032 | 2600000 | 3470202 | 3547935 |  |
|  Boxer Parent Co Inc.<sup>(4)</sup> | Term Loan | 6.82% | SOFR | 3.00% | 12/10/2025 | 7/30/2031 | 748116 | 746713 | 747050 |  |
|  City Football Group Limited<sup>(4)(7)</sup> | Term Loan | 7.18% | SOFR | 3.25% | 5/05/2025 | 7/22/2030 | 1339798 | 1328075 | 1341473 |  |
|  Clover Holdings 2 LLC<sup>(4)</sup> | Term Loan | 7.75% | SOFR | 0.00% | 10/08/2025 | 12/9/2031 | 498747 | 500617 | 497500 |  |
|  Conga Corporation<sup>(4)</sup> | Term Loan | 7.34% | SOFR | 3.50% | 10/08/2025 | 5/8/2028 | 1197601 | 1193357 | 1197601 |  |
|  Cotiviti Holdings Inc.<sup>(4)</sup> | Term Loan | 7.63% | SOFR | 4.50% | 10/31/2025 | 2/21/2031 | 500000 | 491500 | 485627 |  |
|  Cotiviti Holdings Inc.<sup>(4)</sup> | Term Loan | 6.62% | SOFR | 2.75% | 10/10/2025 | 2/24/2031 | 299242 | 282036 | 288271 |  |
|  CP Atlas Buyer, Inc.<sup>(4)</sup> | Term Loan | 8.97% | SOFR | 5.25% | 7/01/2025 | 7/8/2030 | 3291750 | 3165317 | 3192998 |  |
|  Crown Fin US, Inc.<sup>(4)(7)</sup> | Term Loan | 8.34% | SOFR | 4.50% | 7/01/2025 | 12/2/2031 | 1736886 | 1710833 | 1716261 |  |
|  Delivery Hero SE<sup>(4)(7)</sup> | Term Loan | 8.84% | SOFR | 5.00% | 9/05/2025 | 12/12/2029 | 3537707 | 3577934 | 3556881 |  |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Schedule of Investments** 

December 31, 2025

(Expressed in United States Dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)</sup>** | **Investment Type** | **Interest**<br>**Rate <sup>(2)</sup>** | **Reference<br>Rate** | **Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Shares/Principal**<br>**Amount** | **Amortized Cost** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
|  Dish DBS Corporation<sup>(4)(10)</sup> | Term Loan | 11.25% | SOFR | 11.25% | 11/19/2025 | 6/29/2029 | 2743993 | 2778293 | 2785153 |  |
|  Endo Finance Holdings Inc.<sup>(4)(7)</sup> | Term Loan | 7.47% | SOFR | 3.75% | 11/03/2025 | 4/23/2031 | 1496212 | 1490601 | 1486486 |  |
|  Financiere Pax SAS<sup>(4)(7)</sup> | Term Loan | 5.64% | EURIBOR | 3.50% | 12/11/2025 | 12/31/2029 | 983333 | 1154483 | 1161554 |  |
|  Finastra USA, Inc.<sup>(4)(7)</sup> | Term Loan | 7.72% | SOFR | 4.00% | 7/31/2025 | 7/31/2032 | 550000 | 544500 | 539448 |  |
|  Global Medical Response,<br>Inc.<sup>(4)</sup> | Term Loan | 7.38% | SOFR | 3.50% | 9/10/2025 | 9/13/2032 | 646260 | 644644 | 651058 |  |
|  Grant Thornton Advisors LLC<sup>(4)</sup> | Term Loan | 6.72% | SOFR | 3.00% | 5/08/2025 | 6/2/2031 | 448875 | 443264 | 451200 |  |
|  Grifols, S.A.<sup>(4)(7)</sup> | Term Loan | 5.97% | SOFR | 2.00% | 7/29/2025 | 11/15/2027 | 456756 | 456756 | 457231 |  |
|  Houghton Mifflin Harcourt<sup>(4)</sup> | Term Loan | 9.07% | SOFR | 5.25% | 9/12/2025 | 4/9/2029 | 149229 | 134306 | 132085 |  |
|  IFCO Management GmbH<sup>(4)(7)</sup> | Term Loan | 5.41% | SOFR | 3.50% | 7/30/2025 | 7/30/2032 | 1300000 | 1481342 | 1540387 |  |
|  Innovative Xcessories & Services LLC<sup>(4)</sup> | Term Loan | 9.22% | SOFR | 5.50% | 8/15/2025 | 9/5/2029 | 298001 | 292041 | 298064 |  |
|  Intrum AB<sup>(4)(6)(7)</sup> | Revolving Line of Credit | 3.75% | EURIBOR | 3.75% | 8/14/2025 | 12/31/2026 | 4565141 | 5147733 | 5130237 |  |
|  KnowBe4, Inc.<sup>(4)</sup> | Term Loan | 7.59% | SOFR | 3.75% | 7/22/2025 | 7/21/2032 | 800000 | 798000 | 801504 |  |
|  LSF12 Crown US Coml Bidco LLC<sup>(4)</sup> | Term Loan | 7.37% | SOFR | 3.50% | 7/14/2025 | 12/2/2031 | 777221 | 755847 | 783050 |  |
|  LTI Holdings, Inc.<sup>(4)</sup> | Term Loan | 7.47% | SOFR | 3.75% | 4/23/2025 | 7/19/2029 | 644725 | 611683 | 649503 |  |
|  Magenta Sec Holdings LLC<sup>(4)</sup> | Term Loan | 10.09% | SOFR | 6.25% | 4/04/2025 | 7/27/2028 | 2200000 | 2216500 | 2208250 |  |
|  Marelli Holdings Co.,<br>Ltd.<sup>(4)(5)(7)</sup> | Delayed Draw Term<br>Loan | 11.75% | SOFR | 8.00% | 6/23/2025 | 3/13/2026 | 2900000 | 2979750 | 2974907 |  |
|  Metropolis Technology Inc.<sup>(4)</sup> | Term Loan | 8.98% | SOFR | 5.25% | 10/20/2025 | 11/3/2032 | 1825000 | 2004750 | 2009813 |  |
|  Michaels Stores<sup>(4)</sup> | Term Loan | 8.18% | SOFR | 4.25% | 12/16/2025 | 4/15/2028 | 698172 | 676728 | 676766 |  |
|  NEP Group, Inc.<sup>(4)</sup> | Term Loan | 8.22% | SOFR | 4.50% | 11/03/2025 | 10/17/2031 | 1893774 | 1892409 | 1744639 |  |
|  Nidda Healthcare<br>Holding<sup>(4)(7)(11)</sup> | Term Loan | 8.23% | SONIA | 4.50% | 12/05/2025 | 12/31/2032 | 1000000 | 1333450 | 1355249 |  |
|  Paradigm Parent LLC<sup>(4)</sup> | Term Loan | 8.17% | SOFR | 4.50% | 10/23/2025 | 4/19/2032 | 648375 | 551119 | 572700 |  |
|  Ping Identity Corporation<sup>(4)</sup> | Term Loan | 6.59% | SOFR | 2.75% | 10/31/2025 | 10/29/2032 | 950000 | 947625 | 953563 |  |
|  Pitney Bowes Inc.<sup>(4)</sup> | Term Loan | 7.42% | SOFR | 3.75% | 12/08/2025 | 3/17/2028 | 997395 | 992221 | 993346 |  |
|  RealPage Inc.<sup>(4)</sup> | Term Loan | 6.93% | SOFR | 3.00% | 11/04/2025 | 2/18/2028 | 1496094 | 1496094 | 1496670 |  |
|  Renaissance Learning, Inc.<sup>(4)</sup> | Term Loan | 7.72% | SOFR | 4.00% | 5/08/2025 | 4/5/2030 | 1886199 | 1749203 | 1652678 |  |
|  Restoration Hardware, Inc.<sup>(4)</sup> | Term Loan | 6.33% | SOFR | 2.50% | 4/23/2025 | 10/15/2028 | 884737 | 822805 | 874469 |  |
|  Rithum Holdings Inc.<sup>(4)</sup> | Term Loan | 8.42% | SOFR | 4.75% | 7/24/2025 | 7/21/2032 | 897750 | 879795 | 899150 |  |
|  Romansur Investments SL<sup>(4)(7)</sup> | Term Loan | 6.12% | EURIBOR | 4.00% | 10/02/2025 | 10/2/2032 | 1500000 | 1757850 | 1779326 |  |
|  Shift4 Payments, Inc.<sup>(4)</sup> | Term Loan | 6.17% | SOFR | 2.50% | 5/08/2025 | 5/7/2032 | 548625 | 547253 | 552512 |  |
|  Sizzling Platter, LLC<sup>(4)(6)</sup> | Term Loan | 8.72% | SOFR | 5.00% | 6/25/2025 | 6/9/2031 | 575465 | 518027 | 542376 |  |
|  StepStone Group Inc.<sup>(4)(7)</sup> | Term Loan | 8.20% - 8.43 | SOFR | 4.50% | 8/19/2025 | 12/19/2031 | 2147625 | 1979853 | 2010131 |  |
|  SWF Holdings I Corp.<sup>(4)(6)</sup> | Term Loan | 8.22% | SOFR | 4.50% | 4/08/2025 | 12/19/2029 | 1275350 | 1277439 | 1269885 |  |
|  Team Health Holdings, Inc.<sup>(4)</sup> | Term Loan | 8.34% | SOFR | 4.50% | 7/23/2025 | 6/30/2028 | 1393000 | 1393000 | 1399422 |  |
|  Tenneco Inc.<sup>(4)</sup> | Term Loan | 8.74% | SOFR | 4.75% | 12/02/2025 | 11/17/2028 | 498715 | 487494 | 489958 |  |
|  Tenneco Inc.<sup>(4)</sup> | Term Loan | 8.99% | SOFR | 5.00% | 4/22/2025 | 11/17/2028 | 3100000 | 2867500 | 3052679 |  |
|  Versant Media Group Inc.<sup>(4)</sup> | Term Loan | 7.16% | SOFR | 3.50% | 10/24/2025 | 1/30/2031 | 1850000 | 1831500 | 1852895 |  |
|  Voyager Parent LLC<sup>(4)(7)</sup> | Term Loan | 8.42% | SOFR | 4.75% | 11/03/2025 | 5/9/2032 | 997500 | 999994 | 999465 |  |
|  WideOpenWest Finance, LLC<sup>(4)</sup> | Term Loan | 11.17% | SOFR | 7.00% | 4/04/2025 | 12/11/2028 | 1213329 | 1232011 | 1238099 |  |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Schedule of Investments** 

December 31, 2025

(Expressed in United States Dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)</sup>** | **Investment Type** | **Interest<br>Rate <sup>(2)</sup>** | **Reference<br>Rate** | **Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Shares/Principal<br>Amount** | **Amortized Cost** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
|  WS Audiology A/S<sup>(4)(7)</sup> | Term Loan | 5.87% | EURIBOR | 3.75% | 11/05/2025 | 2/28/2029 | 3000000 | 3457177 | 3525230 |  |
|  xAI Corp.<sup>(4)</sup> | Term Loan | 11.12% | SOFR | 7.25% | 6/20/2025 | 6/28/2030 | 2735003 | 2625603 | 2707899 |  |
|  Xerox Corp.<sup>(4)</sup> | Term Loan | 7.67% - 7.73 | SOFR | 4.00% | 10/01/2025 | 11/19/2029 | 1275620 | 1191110 | 1095439 |  |
|  |  |  |  |  |  |  |  | **86530253** | **87277922** | **26.02%** |
|  **Consumer Staples** |  |  |  |  |  |  |  |  |  |  |
|  B&G Foods, Inc.<sup>(4)</sup> | Term Loan | 7.22% | SOFR | 3.50% | 7/16/2025 | 10/10/2029 | 460483 | 427908 | 445517 |  |
|  Golden State Foods Corp.<sup>(4)</sup> | Term Loan | 7.67% | SOFR | 4.00% | 11/03/2025 | 10/7/2031 | 997475 | 1003086 | 1004956 |  |
|  Naked Juice LLC<sup>(4)</sup> | Term Loan | 9.17% | SOFR | 5.50% | 5/19/2025 | 1/24/2029 | 1050000 | 1029325 | 1047375 |  |
|  Seashell Bidco SL<sup>(4)(7)</sup> | Term Loan | 6.06% | SOFR | 4.00% | 12/11/2025 | 12/15/2032 | 1333333 | 1557573 | 1572809 |  |
|  |  |  |  |  |  |  |  | **4017892** | **4070657** | **1.21%** |
|  **Energy** |  |  |  |  |  |  |  |  |  |  |
|  Calpine Corporation<sup>(4)</sup> | Term Loan | 5.47% | SOFR | 1.75% | 9/05/2025 | 1/31/2031 | 1000000 | 1000000 | 1001055 |  |
|  Discovery Energy Corporation<sup>(4)(7)</sup> | Term Loan | 7.42% | SOFR | 3.75% | 5/06/2025 | 5/1/2031 | 1000000 | 982500 | 1007190 |  |
|  |  |  |  |  |  |  |  | **1982500** | **2008245** | **0.60%** |
|  **Financials** |  |  |  |  |  |  |  |  |  |  |
|  Allwyn Entertainment Financing UK PLC<sup>(4)(7)</sup> | Term Loan | 4.93% | SOFR | 3.00% | 12/15/2025 | 3/29/2032 | 883333 | 1031892 | 1041555 |  |
|  Apex Group Treas LLC<sup>(4)</sup> | Term Loan | 7.39% | SOFR | 3.50% | 11/18/2025 | 2/11/2034 | 398995 | 371065 | 377050 |  |
|  Dermatology Intermediate Holdings III<sup>(4)</sup> | Term Loan | 8.09% | SOFR | 4.25% | 9/02/2025 | 3/23/2029 | 99485 | 87049 | 96272 |  |
|  Gloves Buyer Inc.<sup>(4)</sup> | Term Loan | 7.72% | SOFR | 4.00% | 11/03/2025 | 1/17/2032 | 1000000 | 990000 | 996875 |  |
|  Grinding Med / MC Grinding<sup>(4)</sup> | Term Loan | 7.34% | SOFR | 3.50% | 5/08/2025 | 10/12/2028 | 992462 | 962688 | 994323 |  |
|  Gryphon Debt Merger Sub, Inc.<sup>(4)</sup> | Term Loan | 6.88% | SOFR | 3.00% | 6/18/2025 | 6/6/2030 | 1300000 | 1293500 | 1310433 |  |
|  McKissock Investment Holdings LLC<sup>(4)</sup> | Term Loan | 8.87% | SOFR | 5.00% | 6/16/2025 | 3/12/2029 | 1025553 | 1026835 | 965302 |  |
|  McKissock Investment Holdings LLC<sup>(4)</sup> | Term Loan | 9.47% | SOFR | 5.00% | 5/28/2025 | 3/12/2029 | 573914 | 575211 | 540197 |  |
|  Osttra Group Limited<sup>(4)</sup> | Term Loan | 7.43% | SOFR | 3.50% | 5/20/2025 | 5/20/2032 | 1000000 | 995000 | 1005860 |  |
|  Red Planet Borrower LLC<sup>(4)</sup> | Term Loan | 7.72% | SOFR | 4.00% | 8/12/2025 | 8/7/2032 | 1100000 | 1072375 | 1103438 |  |
|  STATS<sup>(4)</sup> | Term Loan | 9.40% | SOFR | 5.25% | 4/22/2025 | 5/22/2026 | 1539329 | 1493149 | 1517009 |  |
|  VS Buyer LLC<sup>(4)</sup> | Term Loan | 6.09% | SOFR | 2.25% | 11/04/2025 | 4/14/2031 | 748125 | 740644 | 752333 |  |
|  XPLOR T1 LLC<sup>(4)</sup> | Term Loan | 7.29% | SOFR | 3.50% | 10/29/2025 | 10/29/2032 | 1147125 | 1141389 | 1149992 |  |
|  Team Services Group LLC<sup>(4)</sup> | Term Loan | 9.10% | SOFR | 5.00% | 7/09/2025 | 12/20/2027 | 1143995 | 1143995 | 1143383 |  |
|  |  |  |  |  |  |  |  | **12924792** | **12994022** | **3.87%** |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Schedule of Investments** 

December 31, 2025

(Expressed in United States Dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)</sup>** | **Investment Type** | **Interest<br>Rate <sup>(2)</sup>** | **Reference<br>Rate** | **Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Shares/Principal<br>Amount** | **Amortized Cost** | **Fair Value** | **% of<br>Partners'<br>Capital** |
|  **Health Care** |  |  |  |  |  |  |  |  |  |  |
|  EyeCare Partners LLC<sup>(4)</sup> | Term Loan | 9.62% | SOFR | 5.75% | 4/04/2025 | 8/31/2028 | 4200000 | 4236500 | 4206300 |  |
|  |  |  |  |  |  |  |  | **4236500** | **4206300** | **1.25%** |
|  **Industrials** |  |  |  |  |  |  |  |  |  |  |
|  Infinity Bidco 1 Ltd<sup>(4)(7)</sup> | Term Loan | 5.46% | EURIBOR | 4.50% | 12/11/2025 | 7/11/2031 | 1333333 | 1565400 | 1575074 |  |
|  Crane NXT Co.<sup>(4)</sup> | Term Loan | 4.69% | EURIBOR | 2.75% | 12/10/2025 | 12/10/2032 | 1333333 | 1555302 | 1584561 |  |
|  Valcour Packaging LLC<sup>(4)</sup> | Term Loan | 8.99% | SOFR | 5.25% | 4/04/2025 | 10/10/2028 | 2200000 | 2222000 | 2225674 |  |
|  |  |  |  |  |  |  |  | **5342702** | **5385309** | **1.61%** |
|  **Information Technology** |  |  |  |  |  |  |  |  |  |  |
|  CommScope Inc.<sup>(4)</sup> | Term Loan | 8.47% | SOFR | 4.75% | 4/04/2025 | 12/18/2029 | 3000000 | 3017375 | 3009540 |  |
|  OID-OL Intermediate I LLC<sup>(4)</sup> | Term Loan | 9.84% | SOFR | 6.00% | 6/11/2025 | 2/1/2029 | 2800000 | 2891000 | 2881662 |  |
|  Speed Midco 3 Sa rl<sup>(4)(7)</sup> | Term Loan | 4.85% | SOFR | 2.75% | 9/23/2025 | 9/23/2032 | 3000000 | 3539850 | 3557189 |  |
|  Twitter, Inc.<sup>(4)</sup> | Term Loan | 9.30% | SOFR | 5.50% | 4/17/2025 | 10/27/2029 | 225000 | 220500 | 224638 |  |
|  Twitter, Inc.<sup>(4)</sup> | Term Loan | 10.45% | SOFR | 6.50% | 4/08/2025 | 10/26/2029 | 2529671 | 2441194 | 2490828 |  |
|  VCI Asset Holdings 1 LLC<sup>(3)(4)</sup> | Term Loan | 10.00% | SOFR | 10.00% | 11/24/2025 | 11/20/2030 | 4732815 | 4685487 | 4685480 |  |
|  Zuora Inc.<sup>(4)</sup> | Term Loan | 9.50% | SOFR | 5.00% | 4/17/2025 | 2/14/2032 | 1000000 | 986250 | 997940 |  |
|  |  |  |  |  |  |  |  | **17781656** | **17847277** | **5.32%** |
|  **Materials** |  |  |  |  |  |  |  |  |  |  |
|  BW Holding Inc.<sup>(4)</sup> | Term Loan | 10.34% | SOFR | 6.50% | 11/24/2025 | 12/14/2028 | 3350000 | 3433750 | 3421204 |  |
|  |  |  |  |  |  |  |  | **3433750** | **3421204** | **1.02%** |
|  **Total First Lien Debt** |  |  |  |  |  |  |  | **156656178** | **157413927** | **46.94%** |
|  **Second Lien Debt** |  |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |  |
|  Asurion LLC<sup>(4)</sup> | Term Loan | 9.08% | SOFR | 5.25% | 12/09/2025 | 1/31/2028 | 550000 | 547625 | 549057 |  |
|  Nexus Buyer LLC<sup>(4)</sup> | Term Loan | 9.47% | SOFR | 5.75% | 8/07/2025 | 8/4/2032 | 350000 | 346500 | 347540 |  |
|  Osttra Group Limited<sup>(4)</sup> | Term Loan | 9.43% | SOFR | 5.50% | 5/20/2025 | 5/20/2033 | 100000 | 99000 | 101000 |  |
|  |  |  |  |  |  |  |  | **993125** | **997597** | **0.30%** |
|  **Total Second Lien Debt** |  |  |  |  |  |  |  | **993125** | **997597** | **0.30%** |
|  **Collateralized Debt Obligation** |  |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |  |
|  Romark Credit Funding Ltd., Series 2025-4A, Class D<sup>(7)</sup> | Collateralized<br>Debt<br>Obligation | 6.92% |  |  | 7/01/2025 | 7/29/2043 | 950000 | 950000 | 962173 |  |
|  |  |  |  |  |  |  |  | **950000** | **962173** | **0.29%** |
|  **Total Collateralized Debt Obligation** |  |  |  |  |  |  |  | **950000** | **962173** | **0.29%** |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Schedule of Investments** 

December 31, 2025

(Expressed in United States Dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)</sup>** | **Investment Type** | **Interest<br>Rate <sup>(2)</sup>** | **Reference<br>Rate** | **Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Shares/<br>Principal<br>Amount** | **Amortized Cost** | **Fair<br>Value** | **% of<br>Partners'<br>Capital** |
|  **Collateralized Loan Obligation** |  |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |  |
|  Anchorage Credit Funding Ltd., Series 2015-1A, Class BR2<sup>(7)</sup> | Collateralized Loan<br>Obligation | 3.01% |  |  | 6/04/2025 | 7/28/2037 | 2000000 | 1845000 | 1884801 |  |
|  Anchorage Credit Funding Ltd., Series 2019-9A, Class BR<sup>(7)</sup> | Collateralized Loan<br>Obligation | 3.05% |  |  | 5/15/2025 | 10/25/2037 | 1450000 | 1339438 | 1363920 |  |
|  Anchorage Credit Funding Ltd., Series 2025-18A, Class E<sup>(7)</sup> | Collateralized Loan<br>Obligation | 8.85% |  |  | 7/24/2025 | 10/22/2040 | 2600000 | 2600000 | 2599750 |  |
|  Anchorage Credit Funding Ltd., Series 2025-19A, Class D<sup>(7)</sup> | Collateralized Loan<br>Obligation | 6.59% |  |  | 10/09/2025 | 10/25/2040 | 950000 | 950000 | 953211 |  |
|  Anchorage Credit Funding Ltd., Series 2025-19A, Class E<sup>(7)</sup> | Collateralized Loan<br>Obligation | 8.64% |  |  | 10/09/2025 | 10/25/2040 | 1300000 | 1300000 | 1291709 |  |
|  Bayard Park CLO, Ltd., Series 2025-1A, Class E<sup>(7)</sup> | Collateralized Loan<br>Obligation | 10.22% |  |  | 6/06/2025 | 7/24/2038 | 1600000 | 1657600 | 1645160 |  |
|  Bridge Street CLO Ltd., Series 2024-1A Class E<sup>(7)</sup> | Collateralized Loan<br>Obligation | 10.87% |  |  | 11/07/2025 | 4/20/2037 | 1350000 | 1366200 | 1357194 |  |
|  Rad CLO Ltd., Series 2023-20A Class DR<sup>(7)</sup> | Collateralized Loan<br>Obligation | 10.28% |  |  | 10/31/2025 | 7/20/2040 | 2250000 | 2284113 | 2266869 |  |
|  Symphony CLO Ltd., Series 2024-42A Class E<sup>(7)</sup> | Collateralized Loan<br>Obligation | 10.63% |  |  | 11/04/2025 | 4/17/2037 | 1350000 | 1364580 | 1360410 |  |
|  |  |  |  |  |  |  |  | **14706931** | **14723024** | **4.39%** |
|  **Total Collateralized Loan Obligation** |  |  |  |  |  |  |  | **14706931** | **14723024** | **4.39%** |
|  **Convertible Bond** |  |  |  |  |  |  |  |  |  |  |
|  **Information Technology** |  |  |  |  |  |  |  |  |  |  |
|  AP Grange Holdings, LLC | Convertible Bond | 5.00% |  |  | 4/14/2025 | 3/20/2045 | 250000 | 247500 | 265000 |  |
|  AP Grange Holdings, LLC | Convertible Bond | 6.50% |  |  | 4/14/2025 | 3/20/2045 | 2250000 | 2278125 | 2390625 |  |
|  Five9 Inc. | Convertible Bond | 1.00% |  |  | 10/06/2025 | 3/15/2029 | 350000 | 310625 | 315768 |  |
|  Rapid7 Inc. | Convertible Bond | 1.25% |  |  | 10/03/2025 | 3/15/2029 | 150000 | 134625 | 136787 |  |
|  |  |  |  |  |  |  |  | **2970875** | **3108180** | **0.93%** |
|  **Total Convertible Bond** |  |  |  |  |  |  |  | **2970875** | **3108180** | **0.93%** |
|  **Corporate Bond** |  |  |  |  |  |  |  |  |  |  |
|  **Communication Services** |  |  |  |  |  |  |  |  |  |  |
|  Beignet Investor LLC<sup>(5)</sup> | Corporate Bond | 6.58% |  |  | 10/16/2025 | 5/30/2049 | 8740000 | 9104741 | 9274189 |  |
|  Connect Holding II LLC<sup>(5)</sup> | Corporate Bond | 10.50% |  |  | 8/15/2025 | 4/3/2031 | 1831000 | 1776070 | 1742004 |  |
|  Discovery Communications, LLC | Corporate Bond | 3.95% |  |  | 7/08/2025 | 3/20/2028 | 750000 | 683125 | 703043 |  |
|  Electronic Arts Inc. | Corporate Bond | 1.85% |  |  | 9/29/2025 | 2/15/2031 | 200000 | 189125 | 192625 |  |
|  EW Scripps Co.<sup>(5)</sup> | Corporate Bond | 9.88% |  |  | 11/17/2025 | 8/15/2030 | 2600000 | 2608188 | 2597959 |  |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Schedule of Investments** 

December 31, 2025

(Expressed in United States Dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)</sup>** | **Investment Type** | **Interest<br>Rate <sup>(2)</sup>** | **Reference<br>Rate** | **Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Shares/<br>Principal<br>Amount** | **Amortized Cost** | **Fair Value** | **% of<br>Partners'<br>Capital** |
|  Frontier Communications, Inc.<sup>(5)</sup> | Corporate Bond | 8.63% |  |  | 4/04/2025 | 3/15/2031 | 5250000 | 5578125 | 5533106 |  |
|  Level 3 Financing, Inc.<sup>(5)</sup> | Corporate Bond | 3.88% |  |  | 8/04/2025 | 11/15/2029 | 5100000 | 4072500 | 4487898 |  |
|  Sinclair Television Group, Inc.<sup>(5)</sup> | Corporate Bond | 8.13% |  |  | 4/08/2025 | 2/15/2033 | 2500000 | 2431250 | 2615800 |  |
|  SoftBank Group Corp.<sup>(7)</sup> | Corporate Bond | 5.75% |  |  | 7/08/2025 | 7/8/2032 | 150000 | 175388 | 179030 |  |
|  SoftBank Group Corp.<sup>(7)</sup> | Corporate Bond | 6.88% |  |  | 7/08/2025 | 1/10/2031 | 950000 | 956750 | 954593 |  |
|  SoftBank Group Corp.<sup>(7)</sup> | Corporate Bond | 7.25% |  |  | 7/08/2025 | 7/10/2032 | 1650000 | 1675750 | 1672646 |  |
|  VEON Midco B.V.<sup>(5)(7)</sup> | Corporate Bond | 9.00% |  |  | 7/02/2025 | 7/15/2029 | 1840000 | 1840000 | 1921797 |  |
|  Uniti Services LLC<sup>(5)</sup> | Corporate Bond | 7.50% |  |  | 9/26/2025 | 10/15/2033 | 1750000 | 1754375 | 1794704 |  |
|  |  |  |  |  |  |  |  | **32845387** | **33669394** | **10.04%** |
|  **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |  |
|  Crocs, Inc.<sup>(5)</sup> | Corporate Bond | 4.13% |  |  | 9/08/2025 | 8/15/2031 | 2150000 | 1955781 | 1991846 |  |
|  Deuce Finco<sup>(5)(7)</sup> | Corporate Bond | 7.00% |  |  | 11/13/2025 | 11/20/2031 | 1233333 | 1619490 | 1684857 |  |
|  Ferrellgas LP<sup>(5)</sup> | Corporate Bond | 9.25% |  |  | 10/17/2025 | 1/15/2031 | 1550000 | 1550000 | 1598833 |  |
|  Grifols, S.A.<sup>(5)(7)</sup> | Corporate Bond | 7.50% |  |  | 7/21/2025 | 5/1/2030 | 1950000 | 2393528 | 2409454 |  |
|  Intralot Capital Lux<sup>(5)(7)</sup> | Corporate Bond | 6.75% |  |  | 9/24/2025 | 10/15/2031 | 450000 | 515127 | 525994 |  |
|  LGI Homes Inc.<sup>(5)</sup> | Corporate Bond | 7.00% |  |  | 4/04/2025 | 11/15/2032 | 1850000 | 1692750 | 1777545 |  |
|  Lions Gate Capital Holdings LLC<sup>(5)</sup> | Corporate Bond | 6.00% |  |  | 6/06/2025 | 8/15/2029 | 4550000 | 4049500 | 4343794 |  |
|  Muvico LLC<sup>(5)</sup> | Corporate Bond | 9.00% |  |  | 8/18/2025 | 2/19/2029 | 2251700 | 2356750 | 2444918 |  |
|  Tenneco Inc.<sup>(5)</sup> | Corporate Bond | 8.00% |  |  | 10/09/2025 | 11/17/2028 | 1000000 | 985000 | 1004730 |  |
|  Discovery Holdings Inc. | Corporate Bond | 4.05% |  |  | 6/30/2025 | 3/15/2029 | 3550000 | 3153660 | 3436861 |  |
|  Discovery Holdings Inc. | Corporate Bond | 4.05% |  |  | 5/12/2025 | 3/15/2029 | 600000 | 530000 | 556074 |  |
|  xAI LLC | Corporate Bond | 12.50% |  |  | 6/20/2025 | 6/30/2030 | 450000 | 450000 | 480110 |  |
|  |  |  |  |  |  |  |  | **21251586** | **22255016** | **6.64%** |
|  **Consumer Staples** |  |  |  |  |  |  |  |  |  |  |
|  Sabre Financial Borrower<sup>(5)(11)</sup> | Corporate Bond | 11.13% |  |  | 11/20/2025 | 6/15/2029 | 1800000 | 1800000 | 1828188 |  |
|  Sotheby's<sup>(5)</sup> | Corporate Bond | 7.38% |  |  | 5/13/2025 | 10/15/2027 | 3700000 | 3638625 | 3678725 |  |
|  Synergy Infrastructure<sup>(5)</sup> | Corporate Bond | 7.88% |  |  | 11/14/2025 | 12/1/2030 | 1550000 | 1559688 | 1612543 |  |
|  |  |  |  |  |  |  |  | **6998313** | **7119456** | **2.12%** |
|  **Energy** |  |  |  |  |  |  |  |  |  |  |
|  Calpine LLC<sup>(5)</sup> | Corporate Bond | 5.00% |  |  | 4/11/2025 | 2/1/2031 | 1700000 | 1658562 | 1727446 |  |
|  Crescent Energy Finance | Corporate Bond | 9.75% |  |  | 8/25/2025 | 10/15/2030 | 3400000 | 3517125 | 3566804 |  |
|  Golar LNG Ltd<sup>(5)(7)</sup> | Corporate Bond | 7.50% |  |  | 10/27/2025 | 10/2/2030 | 3450000 | 3397875 | 3331613 |  |
|  Moss Creek Resources Holdings Inc.<sup>(5)</sup> | Corporate Bond | 8.25% |  |  | 5/01/2025 | 9/1/2031 | 3000000 | 2817500 | 2874660 |  |
|  Nabors Industries, Inc.<sup>(5)</sup> | Corporate Bond | 9.13% |  |  | 4/14/2025 | 1/31/2030 | 2750000 | 2588125 | 2892918 |  |
|  Occidentl Petroleum Corp. | Corporate Bond | 6.45% |  |  | 11/04/2025 | 9/15/2036 | 1600000 | 1698304 | 1703832 |  |
|  Rockies Express Pipeline LLC<sup>(5)</sup> | Corporate Bond | 6.88% |  |  | 4/25/2025 | 4/15/2040 | 700000 | 681750 | 725904 |  |
|  Rockies Express Pipeline LLC<sup>(5)</sup> | Corporate Bond | 7.50% |  |  | 4/25/2025 | 7/15/2038 | 850000 | 854438 | 928579 |  |
|  Venture Global Calcasieu Pass, LLC<sup>(5)</sup> | Corporate Bond | 4.13% |  |  | 5/22/2025 | 8/15/2031 | 2400000 | 2154000 | 2185464 |  |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Schedule of Investments** 

December 31, 2025

(Expressed in United States Dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments<sup>(1)</sup>** | **Investment Type** | **Interest<br>Rate <sup>(2)</sup>** | **Reference<br>Rate** | **Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Shares/Principal**<br>**Amount** | **Amortized Cost** | **Fair Value** | **% of<br>Partners'<br>Capital** |
|  Venture Global LNG Inc.<sup>(5)</sup> | Corporate Bond | 9.88% |  |  | 11/18/2025 | 2/1/2032 | 400000 | 418500 | 413486 |  |
|  WildFire Intermediate Holdings, LLC<sup>(5)</sup> | Corporate Bond | 7.50% |  |  | 4/24/2025 | 10/15/2029 | 1850000 | 1706250 | 1877824 |  |
|  YPF Sociedad Anónima<sup>(5)(7)</sup> | Corporate Bond | 9.50% |  |  | 4/22/2025 | 1/17/2031 | 3100000 | 3208500 | 3303469 |  |
|  |  |  |  |  |  |  |  | **24700929** | **25531999** | **7.61%** |
|  **Financials** |  |  |  |  |  |  |  |  |  |  |
|  Bluepeak ABS Issuer | Corporate Bond | 8.85% |  |  | 12/10/2025 | 12/20/2055 | 1650000 | 1636361 | 1652916 |  |
|  Boston Properties Limited Partnership | Corporate Bond | 2.55% |  |  | 5/09/2025 | 4/1/2032 | 250000 | 205490 | 218396 |  |
|  BX Trust | Corporate Bond | 6.80% |  |  | 11/21/2025 | 12/15/2030 | 2400000 | 2400000 | 2408988 |  |
|  Freedom Mortgage Corporation<sup>(5)</sup> | Corporate Bond | 6.63% |  |  | 11/03/2025 | 1/15/2027 | 475000 | 475000 | 476223 |  |
|  Freedom Mortgage Holdings<sup>(5)</sup> | Corporate Bond | 7.88% |  |  | 8/05/2025 | 4/1/2033 | 2000000 | 2000000 | 2072540 |  |
|  GoEasy Ltd<sup>(5)(7)</sup> | Corporate Bond | 6.88% |  |  | 12/11/2025 | 2/15/2031 | 1100000 | 1020250 | 1029188 |  |
|  Goldman Sachs Private CR<sup>(5)</sup> | Corporate Bond | 5.88% |  |  | 11/20/2025 | 1/31/2031 | 1100000 | 1093179 | 1103630 |  |
|  Hudson PAcific Properties | Corporate Bond | 3.95% |  |  | 11/03/2025 | 11/1/2027 | 1000000 | 957500 | 956090 |  |
|  Kilroy Realty, L.P. | Corporate Bond | 2.65% |  |  | 7/29/2025 | 11/15/2033 | 100000 | 79122 | 82165 |  |
|  MetroNet Infrastructure | Corporate Bond | 7.11% |  |  | 12/04/2025 | 12/20/2055 | 2000000 | 1999943 | 2014792 |  |
|  Samhallsbyg Holdings<sup>(7)</sup> | Corporate Bond | 2.25% |  |  | 11/17/2025 | 7/12/2027 | 300000 | 325333 | 335309 |  |
|  X3G MergeCo S.p.A.<sup>(5)(7)</sup> | Corporate Bond | 7.00% |  |  | 11/14/2025 | 5/15/2030 | 1550000 | 1608314 | 1717276 |  |
|  |  |  |  |  |  |  |  | **13800492** | **14067513** | **4.19%** |
|  **Health Care** |  |  |  |  |  |  |  |  |  |  |
|  Harrow, Inc.<sup>(5)</sup> | Corporate Bond | 8.63% |  |  | 9/08/2025 | 9/15/2030 | 2450000 | 2450000 | 2569744 |  |
|  |  |  |  |  |  |  |  | **2450000** | **2569744** | **0.77%** |
|  **Industrials** |  |  |  |  |  |  |  |  |  |  |
|  Atkore Inc<sup>(5)</sup> | Corporate Bond | 4.25% |  |  | 10/17/2025 | 6/1/2031 | 3100000 | 2927750 | 2979426 |  |
|  Biffa Group Holdings Ltd<sup>(5)(7)</sup> | Corporate Bond | 7.38% |  |  | 12/04/2025 | 6/15/2031 | 1666667 | 2221500 | 2268566 |  |
|  Calderys Financing LLC<sup>(5)(7)</sup> | Corporate Bond | 11.25% |  |  | 4/22/2025 | 6/1/2028 | 3100000 | 3255000 | 3294014 |  |
|  Crane NXT Co. | Corporate Bond | 4.20% |  |  | 4/15/2025 | 3/15/2048 | 1396000 | 793026 | 899114 |  |
|  Hillenbrand Inc. | Corporate Bond | 3.75% |  |  | 10/15/2025 | 3/1/2031 | 850000 | 841500 | 852023 |  |
|  JH North America Holdings, LLC<sup>(5)</sup> | Corporate Bond | 5.88% |  |  | 8/28/2025 | 1/31/2031 | 2100000 | 2138250 | 2146074 |  |
|  JH North America Holdings, LLC<sup>(5)</sup> | Corporate Bond | 6.13% |  |  | 8/28/2025 | 7/31/2032 | 1050000 | 1069063 | 1078687 |  |
|  Luna 1.5 S.à r.l.<sup>(5)(7)(11)</sup> | Corporate Bond | 10.50% |  |  | 8/08/2025 | 7/1/2032 | 2763122 | 3255652 | 3376184 |  |
|  Luna 1.5 S.à r.l.<sup>(5)(7)(11)</sup> | Corporate Bond | 12.00% |  |  | 9/17/2025 | 7/1/2032 | 400000 | 406563 | 421145 |  |
|  Maxam Prill S.à r.l.<sup>(5)(7)</sup> | Corporate Bond | 7.75% |  |  | 7/24/2025 | 7/15/2030 | 1150000 | 1118375 | 1191279 |  |
|  Trivium Packaging<br>Finance<sup>(5)(7)</sup> | Corporate Bond | 12.25% |  |  | 5/21/2025 | 1/15/2031 | 900000 | 906750 | 977648 |  |
|  |  |  |  |  |  |  |  | **18933429** | **19484160** | **5.81%** |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Schedule of Investments** 

December 31, 2025

(Expressed in United States Dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)</sup>** | **Investment Type** | **Interest/<br>Dividend<br>Rate <sup>(2)</sup>** | **Reference<br>Rate** | **Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Shares/Principal<br>Amount** | **Amortized<br>Cost** | **Fair Value** | **% of<br>Partners'<br>Capital** |
| **Materials** |  |  |  |  |  |  |  |  |  |  |
|  Celsa Opco SA<sup>(5)(7)</sup> | Corporate Bond | 8.25% |  |  | 12/05/2025 | 12/15/2030 | 100000 | 116440 | 121580 |  |
|  JW Aluminum Continuous<br>Cast Co.<sup>(5)</sup> | Corporate Bond | 10.25% |  |  | 4/07/2025 | 4/1/2030 | 4268000 | 4246590 | 4457247 |  |
|  Olympus Water U.S. Holding Corporation | Corporate Bond | 7.25% |  |  | 9/25/2025 | 2/15/2033 | 550000 | 550000 | 553479 |  |
|  |  |  |  |  |  |  |  | **4913030** | **5132306** | **1.53%** |
|  **Utilities** |  |  |  |  |  |  |  |  |  |  |
|  The AES Corporation | Corporate Bond | 2.45% |  |  | 7/15/2025 | 1/15/2031 | 3150000 | 2830775 | 2857779 |  |
|  SW I plc<sup>(7)</sup> | Corporate Bond | 6.88% |  |  | 8/07/2025 | 8/7/2032 | 200000 | 271901 | 279837 |  |
|  Talen Energy Supply LLC<sup>(5)</sup> | Corporate Bond | 6.50% |  |  | 10/16/2025 | 2/1/2036 | 2600000 | 2635750 | 2690727 |  |
|  Volagrid LLC<sup>(5)</sup> | Corporate Bond | 7.38% |  |  | 10/28/2025 | 11/1/2030 | 1850000 | 1873625 | 1834312 |  |
|  |  |  |  |  |  |  |  | **7612051** | **7662655** | **2.28%** |
|  **Total Corporate Bond** |  |  |  |  |  |  |  | **133505217** | **137492243** | **41.00%** |
|  **Floating Rate Note** |  |  |  |  |  |  |  |  |  |  |
|  **Financials** |  |  |  |  |  |  |  |  |  |  |
|  Genworth Holdings, Inc.<sup>(4)</sup> | Floating Rate<br>Note | 6.12% | SOFR | 2.00% | 4/22/2025 | 11/15/2036 | 3955000 | 3157406 | 3337170 |  |
|  |  |  |  |  |  |  |  | **3157406** | **3337170** | **1.00%** |
|  **Total Floating Rate Note** |  |  |  |  |  |  |  | **3157406** | **3337170** | **1.00%** |
|  **Preferred Stocks** |  |  |  |  |  |  |  |  |  |  |
|  **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |  |
|  Dish DBS Corporation<sup>(10)</sup> | Preferred Stocks | 5.38% |  |  | 7/17/2025 |  | 340000 | 340874 | 341724 |  |
|  |  |  |  |  |  |  |  | **340874** | **341724** | **0.10%** |
|  **Utilities** |  |  |  |  |  |  |  |  |  |  |
|  SCE Trust VI | Preferred Stocks | 5.00% |  |  | 5/19/2025 |  | 179300 | 3011353 | 3121613 |  |
|  SCE Trust II | Preferred Stocks | 5.10% |  |  | 5/19/2025 |  | 17186 | 292461 | 304708 |  |
|  |  |  |  |  |  |  |  | **3303814** | **3426321** | **1.02%** |
|  **Total Preferred Equity** |  |  |  |  |  |  |  | **3644688** | **3768045** |  |
|  **Total Investments - Non-Controlled/Non-Affiliated Before Cash** |  |  |  |  |  |  |  | **316584420** | **321802359** | **95.95%** |
|  **Investments in Investee Funds** |  |  |  |  |  |  |  |  |  |  |
|  Information Technology |  |  |  |  |  |  |  |  |  |  |
|  VCI Asset Holdings 1 LLC<sup>(3)(5)(8)(9)</sup> | Investments in<br>Investee Funds |  |  |  | 11/20/2025 |  | 159134 | 159134 | 159134 |  |
|  |  |  |  |  |  |  |  | **159134** | **159134** | **0.05%** |
|  **Total Investments in Investee Funds** |  |  |  |  |  |  |  | **159134** | **159134** | **0.05%** |
|  **Cash and Cash equivalents** |  |  |  |  |  |  |  |  |  |  |
|  MSILF Treasury Securities Portfolio | Cash equivalents |  |  |  |  |  | 50522650 | 50522650 | 50522650 | 15.06% |
|  Cash | Cash |  |  |  |  |  | 6274519 | 6274519 | 6274519 | 1.87% |
|  **Total Cash and Cash Equivalents** |  |  |  |  |  |  |  | **56797169** | **56797169** | **16.94%** |
|  **Total Portfolio Investments, Cash and Cash Equivalents** |  |  |  |  |  |  |  | **373540723** | **378758662** | **112.94%** |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Schedule of Investments** 

December 31, 2025

(Expressed in United States Dollars)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments <sup>(1)</sup>** | **Investment Type** | **Interest<br>Rate <sup>(2)</sup>** | **Reference<br>Rate** | **Spread** | **Acquisition<br>Date** | **Maturity<br>Date** | **Shares/<br>Principal<br>Amount** | **Proceeds<br>Received** | **Fair Value** | **% of<br>Partners'<br>Capital** |
|  **<u>Securities Sold Short - Non-Controlled/Non-Affiliated - Liabilities</u>** |  |  |  |  |  |  |  |  |  |  |
|  **First Lien Debt** |  |  |  |  |  |  |  |  |  |  |
|  **Consumer Discretionary** |  |  |  |  |  |  |  |  |  |  |
|  NEP Group Inc<sup>(4)</sup> | Term Loan | 8.22% | SOFR | 4.50% | 11/03/2025 | 10/17/2031 | 501283 | (500971) | (461807) |  |
|  |  |  |  |  |  |  |  | **(500971)** | **(461807)** | **-0.14%** |
|  **Total First Lien Debt** |  |  |  |  |  |  |  | **(500971)** | **(461807)** | **-0.14%** |
|  **Government Bond** |  |  |  |  |  |  |  |  |  |  |
|  **Government** |  |  |  |  |  |  |  |  |  |  |
|  United States | Government Bond | 3.50% |  |  | 12/01/2025 | 11/30/2030 | 13997320 | (13962357) | (13950424) |  |
|  |  |  |  |  |  |  |  | **(13962357)** | **(13950424)** | **-4.16%** |
|  **Total Government Bond** |  |  |  |  |  |  |  | **(13962357)** | **(13950424)** | **-4.16%** |
|  **Total Investments - Non-Controlled/Non-Affiliated** |  |  |  |  |  |  |  | **(14463328)** | **(14412231)** | **-4.30%** |

---

**<u>Footnotes</u>**

(1) All investments are non-controlled/non-affiliated investments as defined by the Investment Company Act of 1940, as amended (the "1940 Act"). The 1940 Act classifies investments
based on the level of control that the Fund maintains in a particular portfolio Fund. As defined in the 1940 Act, a company is generally presumed to be "non-controlled" when the Fund owns 25% or
less of the portfolio company's voting securities and "controlled" when the Fund owns more than 25% of the portfolio company's voting securities. The 1940 Act also classifies investments further based on the level of
ownership that the Fund maintains in a particular portfolio company. As defined in the 1940 Act, a company is generally deemed as "non-affiliated" when the Fund owns less than 5% of a portfolio
company's voting securities and "affiliated" when the Fund owns 5% or more of a portfolio company's voting securities.

(2) The majority of the investments bear interest at rates that may be determined by reference to Secured Overnight
Financing Rate ("SOFR"), as well as Euro Interbank Offered Rate ("EURIBOR") and Sterling Overnight Index Average ("SONIA"), which reset monthly or quarterly. The interest rate reflects the floating rate in effect
as of the statement of financial condition date.

(3) Non-income producing security

(4) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a
published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities may not indicate a reference rate and spread in their description above. Rate presented as of
December 31, 2025.

(5) Security is restricted per Rule 12-12.8 of Regulation S-X. Total fair value is $118,003,070 which represents 35.19% of Partners' Capital.

(6) Security has an unfunded commitment. As of December 31, 2025, the unfunded commitments for CSC Holdings,
LLC, Intrum AB, Sizzling Platter, LLC, SWF Holdings I Corp. and Radiate Holdco LLC are $615,152, €84,859, $24,534, $1,624,650 and $2,025,000

(7) Non-US issuer

(8) Position is valued using net asset value as a practical expedient. Refer to Footnote 3 for details on strategy,
redemption terms and unfunded commitments.

(9) Held in DIF Holdings II LLC

(10) Held in DIF Holdings III LLC

(11) PIK security

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Statement of Operations** 

For the period from April 3, 2025 (Commencement of Operations) through December 31, 2025

(Expressed in United States Dollars)

---

| | |
|:---|:---|
| **Investment income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | $14893756.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 195221.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 15088977.0 |
|  **Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest | 621736.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 735884.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fee | 283788.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees and other | 234876.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Research fees | 121609.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearing house fees | 2400.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational expense | 206364.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2206657.0 |
|  Net investment income | 12882320.0 |
|  **Realized and unrealized gain on investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities and foreign currency transactions | 6602985.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation on securities and foreign currency translation | 4882548.0 |
|  Net realized and unrealized gain on investments | 11485533.0 |
|  Net income | $24367853.0 |
|  **Allocation of net income** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income allocated to non-controlling interest | 249744.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income allocated to limited partners | 24118109.0 |
|  Net income | $24367853.0 |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Statement of Changes in Partners' Capital** 

For the period from April 3, 2025 (Commencement of Operations) through December 31, 2025

(Expressed in United States Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Non-Controlling**<br>**Interest** | **Limited**<br>**Partners** | **Total** |
|  **Partners' capital, beginning of period** | $**—** | $**—** | $**—** |
|  Capital contributions | 26505000 | 284500000 | 311005000 |
|  Allocation of net income Pro rata allocation | 249744 | 24118109 | 24367853 |
|  **Partners' capital, end of period** | $26754744 | $308618109 | $335372853 |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Consolidated Statement of Cash Flows** 

For the period from April 3, 2025 (Commencement of Operations) through December 31, 2025

(Expressed in United States Dollars)

---

| | |
|:---|:---|
|  **Cash flows from operating activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income | $24367853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustments to reconcile net income to net cash used in operating activities: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchase of investments in securities and investee funds | (896388758) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments in kind interest | 2455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of investments in securities and investee funds | 586360766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from securities sold short | 76470609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments to cover securities sold short | (61828210) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on securities and investee funds | (6897088) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation in securities and investee funds | (5269036) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from counterparties | (9030341) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | (3902268) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | (3376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other assets | (379262) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to brokers | 9221210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to counterparties | 32902230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | 113170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses | 52215 |
|  Net cash used in operating activities | (254207831) |
|  **Cash flows from financing activities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital contributions | 311005000 |
|  Net cash provided by financing activities | 311005000 |
|  Net change in cash and cash equivalents | 56797169 |
|  Cash, beginning of period |  |
|  Cash and cash equivalents, end of period | $56797169 |
|  **Supplemental disclosure of cash flow information** |  |
|  Cash paid during the period for interest | $508566 |
|  Cash paid during the period for tax | $36497 |

---

See accompanying notes to consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

December 31, 2025

(Expressed in United States Dollars)

**1.** **Nature of Operations** 

DIF Feeder LP (the "Feeder Fund"), a Cayman Islands exempted limited partnership, is designed primarily for qualified U.S. tax-exempt investors and non U.S. investors. The Feeder Fund was registered with the Cayman Islands Monetary Authority ("CIMA") on March 7, 2025. The Feeder Fund was organized for the purpose of investing in DIF LP (the "Master Fund"), a Delaware limited partnership (together with the Feeder Fund, the "Parent"). The Master Fund was formed on January 17, 2025. The Parent and its wholly owned subsidiaries, DIF Holdings II LLC and DIF Holdings III LLC, are Delaware limited liability companies (the "Special Purpose Vehicles" and together with the Parent, the "Fund") were organized for the purpose of trading and investing in securities. The Fund commenced operations on April 3, 2025. Pursuant to an investment management agreement, the Fund is managed by Diameter Capital Partners LP (the "Investment Manager"). The Investment Manager is an investment adviser registered with the Securities and Exchange Commission under the United States Investment Advisers Act of 1940, as amended. Diameter Associates LLC (the "General Partner"), serves as the general partner of the Fund.

The Feeder Fund invests substantially all of its assets through a Master-Feeder structure in the Master Fund, that was organized for the purpose of trading and investing in securities. The Investment Manager seeks to earn returns in investments across a range of permitted securities. There can be no assurance that the Fund will achieve its objective or avoid significant losses.

The General Partner may, in its sole discretion, enter or cause the Fund to enter into transactions, in order to cause the Fund to merge with and/or into the Interval Fund, transfer its assets to the Interval Fund or otherwise convert into the Interval Fund (the "Conversion Event"). The Interval Fund is an entity that will be established and advised by the Investment Manager that will be structured as a non-diversified, closed-end management investment company that intends to operate as an interval fund registered under the Investment Company Act of 1940.

Capitalized terms used, but not defined herein shall have the meaning assigned to them in the Confidential Private Placement Memorandum (the "CPPM").

***2.***  ***Summary of Significant Accounting Policies*** 

*Basis of Presentation* 

The consolidated financial statements include the accounts of the Parent and its interests in the Special Purpose Vehicles. All intercompany balances have been eliminated in consolidation. The consolidated financial statements are expressed in United States dollars and have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP") as detailed in the Financial Accounting Standards Board's Accounting Standards Codification.

The Fund is an investment company in accordance with Accounting Standards Codification 946, *Financial Services - Investment Companies ("ASC 946")* which defines investment companies and prescribes specialized accounting and reporting requirements for investment companies.

These consolidated financial statements were approved by the Investment Manager on June 26, 2026.

*Basis of Consolidation* 

The accompanying consolidated financial statements include the accounts of the Feeder Fund, the Master Fund and the Special Purpose Vehicles. The Feeder Fund treats the Master Fund as a subsidiary of the Feeder Fund and considers the non-controlling interest of the Master Fund as an ownership and reports them as equity in the consolidated financial statements.

*Non-Controlling Interests* 

Non-controlling interest represents the ownership interest of the General Partner and directly invested limited partners in the Master Fund. The General Partners balance of the non-controlling interest was $5,582 as of December 31, 2025.

*Cash and Cash Equivalents* 

Cash at December 31, 2025 was held in major banking institutions and may exceed federally insured limits. The Fund has not experienced any losses on these accounts and does not believe it is exposed to any significant credit risk with respect to its depository institutions. At December 31, 2025, the Fund held cash equivalents of 50,522,650 shares in Morgan Stanley Institutional Liquidity Fund which is valued at a dollar per share and represents 15.10% of partners' capital. Money market funds would be classified as Level 1 in the fair value hierarchy.

*Fair Value - Definition and Hierarchy* 

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date.

------

**DIF Feeder LP and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

December 31, 2025

(Expressed in United States Dollars)

***2.***  ***Summary of Significant Accounting Policies (continued)*** 

*Fair Value - Definition and Hierarchy (continued)* 

In determining fair value, the Fund uses various valuation techniques. A fair value hierarchy for inputs is used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs are to be used when available. Valuation techniques that are consistent with the market or income approach are used to measure fair value. The fair value hierarchy is categorized into three levels based on the inputs as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities
that the Fund has the ability to access.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Valuations based on quoted prices in markets that are not active or for which all significant
inputs are observable, either directly or indirectly. These inputs may include quoted prices for the identical instruments on an inactive market, prices for similar instruments, interest rates, prepayment spreads, credit risk, yield curves, default
rates and similar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value
measurement.

Fair value is a market-based measure, based on assumptions of prices and inputs considered from the perspective of a market participant that are current as of the measurement date, rather than an entity-specific measure. Therefore, even when market assumptions are not readily available, the Fund's own assumptions are set to reflect those that market participants would use in pricing the asset or liability at the measurement date.

The availability of valuation techniques and observable inputs can vary from investment to investment and are affected by a wide variety of factors, including the type of investment, whether the investment is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the transaction.

To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Because of the inherent uncertainty of determining fair value, those estimated values may be materially higher or lower than the values that would have been used had a ready market for the investments existed.

Accordingly, the degree of judgment exercised by the Fund in determining fair value is greatest for investments categorized in Level 3. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy which the fair value measurement falls in is determined based on the lowest level input that is significant to the fair value measurement.

*Fair Value - Valuation Techniques and Inputs* 

*<u>Investments in Securities and Securities Sold Short</u>* 

The Fund values investments in securities and securities sold short that are freely tradable and are listed on a national securities exchange or reported on the NASDAQ National Market System at their last reported sales price as of the valuation date. The Fund values investments in securities and securities sold short that are not listed on an exchange but are traded over-the-counter are generally valued at the mean of the representative "bid" and "asked" quotations unless the NASDAQ National Market System includes quotes for such securities, in which case such securities will be valued based on their last prices at the end of business day on the determination date. In the event the date of determination is a date upon which the securities exchange was not open for trading or the NASDAQ National Market System was not available, such securities will be valued at the last prior date on which such securities exchange was open or the NASDAQ National Market System was available but not more than ten days prior to the date of determination.

Many over-the-counter ("OTC") securities have bid and ask prices that can be observed in the market place. Bid prices reflect the highest price that the marketplace participants are willing to pay for an asset. Ask prices represent the lowest price that the marketplace participants are willing to accept for an asset. For securities whose inputs are based on bid-ask prices, the Fund's valuation policy for securities traded in the OTC markets and securities not listed on an exchange is to value the security at the mid between the closing bid and ask prices in the OTC market as quoted by dealers.

To the extent securities are actively traded and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized in Level 2 or Level 3 of the fair value hierarchy.

------

**DIF Feeder LP and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

December 31, 2025

(Expressed in United States Dollars)

***2.***  ***Summary of Significant Accounting Policies (continued)*** 

*Fair Value - Valuation Techniques and Inputs (continued)* 

*<u>Securities and Other Investments</u>* 

*Government Debt* 

The fair value of government debt is generally based on quoted prices from the principal market. When quoted prices are not available, fair value is determined based on a valuation model that uses inputs that include interest rate yield curves, cross-currency basis index spreads, and sovereign credit spreads similar to the bond in terms of issuer, maturity and seniority. Government debt is generally categorized in Level 2 of the fair value hierarchy.

*Corporate Bonds, Convertible Bonds and Floating Rate Notes* 

The fair value of corporate bonds, convertible bonds and floating rate notes is estimated using recently executed transactions, market price quotations (where observable), bond spreads, or credit default swap spreads. The spread data used is for the same maturity as the bond. If the spread data does not reference the issuer, then data that references a comparable issuer is used. When observable price quotations are not available, fair value is determined based on cash flow models using yield curves, bond or single name credit default swap spreads, and recovery rates based on collateral values as key inputs. Corporate bonds, convertible bonds and floating rate notes are generally categorized in Level 2 of the fair value hierarchy. In instances where there is minimal activity in the market and availability of independent broker quotes, corporate bonds, convertible bonds and floating rate notes are typically categorized in Level 3 of the fair value hierarchy.

*Bank Debt* 

The fair value of bank debt is generally valued using recently executed transactions, market price quotations (where observable) and market observable credit default swap levels. When quotations are unobservable, proprietary valuation models and default recovery analysis methods are employed. Bank debt is generally categorized in Level 2 of the fair value hierarchy, depending on the use and availability of observable inputs. In instances where there is minimal activity in the market and limited availability of independent broker quotes, bank debt is typically categorized in Level 3 of the fair value hierarchy.

*Investments in Investee Funds* 

The fair value of investments in investment funds and affiliated investment funds ("Investee Funds") is generally determined using the reported net asset value ("NAV") per share of the Investee Fund, or its equivalent NAV, as a practical expedient for fair value if the reported NAV of the Investee Fund is calculated in a manner consistent with the measurement principles applied to investment companies, in accordance with ASC 946. In order to use the practical expedient, the Investment Manager has internal processes to independently evaluate the fair value measurement process utilized by the underlying Investee Fund to calculate the Investee Fund's NAV in accordance with ASC 946. Such internal process may include the evaluation of the Investee Fund's process and related internal controls in place to estimate the fair value of its underlying investments that are included in the NAV calculation, performing ongoing operational due diligence, review of the Investee Fund's audited financial statements, and ongoing monitoring of other relevant qualitative and quantitative factors.

If the Investment Manager determined, based on its own due diligence and investment monitoring procedures, that the reported NAV of an Investee Fund does not represent fair value, the Investment Manager shall estimate the fair value in good faith and as determined under GAAP and approved policies and procedures.

The fair value of investments in the Investee Funds is reported net of management fees and incentive fees/allocation.

Investments in Investee Funds are generally excluded from the fair value hierarchy and are presented as investments valued at NAV.

*Collateralized Debt Obligations and Collateralized Loan Obligations* 

The fair value of Collateralized Debt Obligations ("CDO") and Collateralized Loan Obligations ("CLO") are based on prices of comparable securities or a discounted cash flow model that considers inputs including default rates, conditional prepayment rates, loss severities, recovery rates, expected yields to maturity, and other inputs specific to each security. The Fund may also use broker or dealer quotations to value its CDOs and CLOs. CDOs and CLOs are generally categorized in Level 2 or Level 3 of the fair value hierarchy.

------

**DIF Feeder LP and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

December 31, 2025

(Expressed in United States Dollars)

***2.***  ***Summary of Significant Accounting Policies (continued)*** 

*Valuation Policy* 

The Fund's assets and liabilities are valued in accordance with the Investment Manager's valuation policies and procedures, as may be amended from time to time (the "Valuation Policy"). The Fund designates a valuation committee (the "Committee") to oversee the entire valuation process of the Fund's investments.

The Committee is comprised of various investment management personnel and reports to the General Partner. The Committee meets on a monthly basis, to determine the valuations of the Fund's investments.

For securities that are priced by the Investment Manager using broker quotes, the Investment Manager will generally look to obtain two or more quotes that were provided towards the end of the trading day, if possible. The Investment Manager will evaluate the quotes received and discard those that are deemed to be outliers or non-actionable. The Investment Manager will average the remaining broker quotes to determine the mark price. The Investment Manager will maintain a log in the valuation presentation for tracking purposes showing the broker quoted assets as well as the broker used for each month end. If over an extended period of time the Investment Manager is using good faith estimates, the Investment Manager will consider engaging a third-party valuation agent.

*Translation of Foreign Currency* 

Investments, other assets and liabilities that are denominated in foreign currencies are translated into United States dollars at the applicable year-end rates of exchange. The resulting foreign currency related gains and losses are reflected in the net unrealized appreciation on securities and foreign currency translation on the consolidated statement of operations. Investment activity during the period is translated at the rates of exchange prevailing on the dates of the transactions. The Fund does not isolate the effect of fluctuations in foreign exchange rates from the effect of fluctuations in the fair value of investments. The resulting foreign currency related gains and losses from investments disposed of during the period ended December 31, 2025 that include currency fluctuations are reflected in the net realized gain on securities and foreign currency transactions on the consolidated statement of operations. Other transactions during the period are translated at the rates of exchange prevailing on the dates of the transactions. The resulting foreign currency related gains and losses are reflected in the net realized gain on securities and foreign currency transactions on the consolidated statement of operations.

*Investment Transactions and Related Investment Income and Expense* 

Investment transactions are accounted for on a trade-date basis. Realized gains and losses from security transactions are computed on the basis of the specific identified cost of the securities sold or covered. Dividend income and expense are recorded at the ex-dividend date and income and expenses are recorded on the accrual basis net of withholding tax. Interest income is earned from fixed income instruments and broker receivable balances. Interest expense is incurred on fixed income instruments that have been sold short and broker payable balances. Interest income and expense are recorded on an accrual basis for instruments where collectability is reasonably assured and includes accretion of discounts and amortization of premiums using the effective interest method but does not include accretion of discount on deeply distressed fixed income securities.

For investments where collectability is not reasonably assured, the Investment Manager performs an evaluation on any amounts received to determine if such amounts represent a return of investment or interest income.

Purchased interest represents the interest accrued on fixed income instruments between the last coupon date and the settlement date of the purchase. Sold interest represents the interest accrued on fixed income instruments between the last coupon date and the settlement date of sale of the security. Purchased interest and sold interest are recorded in the functional currency as accrued interest receivable and interest payable, respectively, at the spot rate on the purchased or sold trade date and marked to market using each valuation date's spot rate.

*Income Taxes* 

Under the acts of the Cayman Islands, the Parent is not generally subject to income taxes. The Parent has received an undertaking from the Governor in Cabinet of the Cayman Islands exempting it from local taxes on all income, profit, gains and appreciation until January 22, 2075 should such taxes be enacted. The Fund does not record a provision for U.S. federal, state, or local income taxes because the partners report their share of the Fund's income or loss on their income tax returns. However, certain U.S. dividend income and interest income may be subject to a maximum 30% withholding tax for those limited partners that are foreign entities or foreign individuals. Further, certain non-United States dividend and interest income may be subject to a tax at prevailing treaty or standard withholding rates with the applicable country or local jurisdiction.

Certain SPVs have elected to be treated as a corporation for tax purposes in the U.S., and files its own U.S. federal corporate income tax return as well as the applicable state and local corporate income tax returns. U.S. federal and state income taxes are calculated based on the taxable income of these entities. Income taxes are calculated based on taxable income at the statutory rates applicable to such income. No tax liability was accrued at December 31, 2025 for the SPVs.

------

**DIF Feeder LP and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

December 31, 2025

(Expressed in United States Dollars)

***2.***  ***Summary of Significant Accounting Policies (continued)*** 

*Income Taxes (continued)* 

There are currently no open tax years under potential examination, as the Fund has not yet filed a tax return for its initial period of operation. The potential tax liability to be recognized is measured as the largest amount of liability that is greater than fifty percent likely of being realized upon ultimate settlement which could result in the Fund recording a tax expense, including any interest and penalties, that would reduce the partners' capital. The Fund did not have any material additions to its unrecognized tax liabilities related to the current period. The Investment Manager does not expect any change in unrecognized tax liabilities within the next fiscal year. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analyses of and changes to tax laws, regulations, and interpretation thereof. The Investment Manager has assessed the Fund's transactions and determined no material unrecorded tax liabilities exist at December 31, 2025. Therefore, no provision has been made.

The Fund will file a federal income tax return in the U.S. and may file income tax returns in various U.S. states and certain foreign jurisdictions.

Once its initial tax return is filed for the period covering inception of the Fund until December 31, 2025, the Fund could be subject to examination by U.S. Federal and state jurisdictions, as well as international jurisdictions, where the Fund makes investments.

*Use of Estimates* 

The preparation of the consolidated financial statements in conformity with GAAP requires the Fund's management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in partners' capital from operations during the reporting period. Actual results could differ from those estimates.

*Accounting Pronouncements* 

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures* ("ASU 2023-09"). ASU 2023-09 modifies the reporting requirements for income tax disclosures related to effective tax rates and cash income taxes paid. Pursuant to ASU 2023-09, reporting entities are required to disclose certain categories in the income tax rate reconciliation, as well as additional information for reconciling items that meet a specific quantitative threshold. Additionally, ASU 2023-09 requires annual disclosures of income taxes paid for all entities, including the amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign jurisdictions. The standard is effective for fiscal years beginning after December 15, 2025 for entities other than public business entities with early adoption permitted. The Fund is currently evaluating the impact of ASU 2023-09 on its consolidated financial statements.

------

**DIF Feeder LP and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

December 31, 2025

(Expressed in United States Dollars)

**3.** **Fair Value Measurements** 

The Fund's assets and liabilities recorded at fair value have been categorized based upon a fair value hierarchy as described in the Fund's significant accounting policies in Note 2. The following table presents information about the Fund's assets and liabilities measured at fair value as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Investments<br>valued at NAV** | **Total** |
|  **Assets** |  |  |  |  |  |
|  **Investments in investee funds, at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in investee funds | $— | $— | $— | $159134 | $159134 |
|  **Total investments in investee funds, at fair value** | $— | $— | $— | $159134 | $159134 |
|  **Investments in securities, at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized debt obligations | $— | $962173 | $— | $— | $962173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateralized loan obligations |  | 14723024 |  |  | 14723024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible bonds |  | 3108180 |  |  | 3108180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bonds |  | 137492243 |  |  | 137492243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First lien debt |  | 157413927 |  |  | 157413927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Floating rate note |  | 3337170 |  |  | 3337170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stocks |  | 3768045 |  |  | 3768045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Second lien debt |  | 997597 |  |  | 997597 |
|  **Total investments in securities, at fair value** | $— | $321802359 | $— | $— | $321802359 |
|  **Liabilities** |  |  |  |  |  |
|  **Securities sold short, at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First lien debt | $— | $461807 | $— | $— | $461807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government debt |  | 13950424 |  |  | 13950424 |
|  **Total securities sold short, at fair value** | $— | $14412231 | $— | $— | $14412231 |

---

For the period ended December 31, 2025, there were no purchases or transfers into or out of Level 3.

*Investments in Investee Funds* 

The following table describes the strategy, redemption frequency and redemption notice periods for the Fund's investments in investee funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategy** | **Fair Value at<br>December 31, 2025** | **Unfunded<br>Commitments** | **Redemption<br>Frequency** | **Redemption<br>Notice Periods** |
|  Credit-Driven | $159134 | $– | Non-Redeemable | Non-Redeemable |
|  | $159134 | $– |  |  |

---

For investments in investee funds that do not permit redemptions at the request of investors, the assets are liquidated at the discretion of the respective investment managers. The Fund is unable to estimate when the final distributions will be received.

**4.** **Due to Brokers and Due from/to Counterparties** 

The Fund is charged interest at fluctuating rates based on the prevailing broker call rate. Investments in securities held by the prime brokers are pledged to the prime brokers on terms which permit the clearing brokers to sell or repledge to others, subject to certain limitations.

The due to brokers balance consists of $(13,972,267) collateral posted for securities sold short and $23,193,477 of broker margin deposits.

Amounts due from counterparties of $9,030,341 represent receivables from counterparties for sales of bank debt and private common stocks that were not settled as of December 31, 2025.

Amounts due to counterparties of $32,902,230 represent payables to counterparties for purchases of bank debt that were not settled as of December 31, 2025.

------

**DIF Feeder LP and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

December 31, 2025

(Expressed in United States Dollars)

**5.** **Risks** 

In the ordinary course of business, the Fund manages a variety of risks including market risk, credit risk, interest rate risk, liquidity risk, operational risk and risks involved in investing in emerging countries and markets.

In addition to its primary underlying risks, the Fund is also subject to additional counterparty risk due to the potential inability of its counterparties to meet the terms of their contracts. The Fund identifies, measures, monitors and controls risk through various mechanisms.

Market risk is the risk of potential adverse changes to the fair value of financial instruments and their derivatives because of changes in market conditions such as interest and currency rate movements and volatility in security prices. Off-balance sheet market risk exists when the maximum potential loss on a particular investment is greater than the fair value of such investment, as reflected on the consolidated statement of financial condition. The off-balance sheet market risk associated with the various financial instruments that the Fund invests in as part of its investment strategy is discussed throughout the notes.

Credit risk is the risk that counterparties may fail to fulfill their obligations or that the collateral value becomes inadequate. The Fund attempts to minimize its credit risk by monitoring the credit exposure with, and the creditworthiness of, counterparties. The Fund reduces its credit risk with counterparties by entering into master netting agreements with its counterparties for derivatives. Therefore, the Fund's exposure to each counterparty will either be an asset, if the gross fair value of the derivatives in an asset position exceeds the gross fair value of the derivatives in a liability position, or a liability if the gross fair value of the derivatives in a liability position exceeds the gross fair value of the derivatives in an asset position.

Interest rate risk is the risk that the value of fixed income securities will change inversely with changes in interest rates. As interest rates rise, the market value of fixed income securities tends to decrease. Conversely, as interest rates fall, the market value of fixed income securities tends to increase. The risk will be greater for long-term securities than for short term securities. The Investment Manager will seek to minimize the exposure of its portfolio to interest rate changes through the use of interest rate swaps, interest rate futures, interest rate options and/or other financial instruments. However, there can be no guarantee that the Investment Manager will be successful in fully mitigating the impact of interest rate changes on the Fund's portfolio. To the extent that interest rate assumptions underlie the thesis of a particular position, fluctuations in interest rates could invalidate those underlying assumptions.

The Fund also has a risk with counterparties that it may not always be possible to achieve segregation of the Fund's assets from other assets of the counterparties and there may be practical or timing problems associated with enforcing the Fund's rights to its assets in the case of the counterparties' insolvency.

There are risks involved in dealing with the custodians or prime brokers who settle trades. Under certain circumstances, including certain transactions where the Fund's assets are pledged as collateral for leverage from a non-broker-dealer custodian or a non-broker-dealer affiliate of the prime broker, the securities and other assets deposited with the custodian or broker may be exposed to credit risk with regard to such parties. In addition, there may be practical or timing problems associated with enforcing the Fund's rights to its assets in the case of an insolvency of any such party. The Fund maintains cash in bank deposit accounts which, at times, may exceed federally insured limits, which may expose the Fund to credit risk. The Fund has not experienced any losses in such accounts.

The liquidity of the market for high-yield securities, bank debt, collateralized debt obligations, collateralized loan obligations and other investments held by the Fund has fluctuated over time and may at times be illiquid. Liquidity relates to the ability of the Fund to sell an investment in a timely manner at a fair price. The market for less liquid investments may be more volatile than the market for highly liquid securities. Investments in relatively illiquid securities may restrict the ability of the Fund to dispose of its investments at a price and time that it wishes to do so. If the Fund was forced to dispose of an illiquid investment at an inopportune time, it might be forced to do so at a substantial discount to the recorded fair value, resulting in a loss to the Fund.

The investments in the Investee Funds may involve varying degrees of interest rate risk, credit risk, foreign exchange risk and market, industry or geographic concentration risk. While the Investment Manager monitors and attempts to manage these risks, the varying degrees of transparency info and potential illiquidity of the financial instruments held by the Investee Funds may hinder the Investment Manager's ability to effectively manage and mitigate these risks.

Due to the inherent uncertainty of these estimates, the estimates of fair value may differ from the values that would have been used had a ready market for these investments existed and the differences could be material.

Operational risk is the potential for loss caused by a deficiency in information, communication, transaction processing and settlement, and accounting systems. The Fund maintains controls that include systems and procedures to record and reconcile transactions and positions and to procure necessary documentation for its trading activities.

The Fund is subject to equity price risk and foreign currency exchange rate risk in the normal course of pursuing its investment objectives.

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**DIF Feeder LP and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

December 31, 2025

(Expressed in United States Dollars)

**5.** **Risks (continued)** 

Geopolitical and other events, including war, terrorism, economic uncertainty, trade disputes, public health crises including pandemics and related geopolitical events have led, and in the future may lead, to increased market volatility, which may disrupt U.S. and world economies and markets and may have significant adverse direct or indirect effects on the Fund and its investments.

The estimates and assumptions underlying these consolidated financial statements are based on the information available as of December 31, 2025. The estimates and assumptions include judgments about financial market and economic conditions which have changed, and may continue to change, over time.

**6.** **Securities Sold Short** 

The Fund may sell securities short. A short sale is a transaction in which the Fund sells securities it does not own whereby the Fund's clearing broker will execute a stock borrow transaction to deliver the securities resulting from the Fund's short sale. The Fund is obligated to purchase the securities at their fair value at the time of replacement. The Fund's obligation to replace the securities in connection with a short sale is fully secured by collateral deposited with the clearing broker. Collateral related to short sales is restricted until the securities are purchased. Short sales involve certain risks and special considerations. Possible losses from short sales differ from losses that could be incurred from a purchase of a security, because losses from short sales may be unlimited whereas losses from purchases cannot exceed the total amount invested.

**7.** **Concentration of Credit Risk** 

In the normal course of business, substantially all of the Fund's securities transactions, cash balances, and security positions are transacted with the Fund's brokers: Goldman Sachs & Co., The Bank of New York Mellon Corporation and Northern Trust. The Fund is subject to credit risk to the extent any broker with which it conducts business is unable to fulfill contractual obligations on its behalf. The Fund's management monitors the financial condition of such brokers and does not anticipate any losses from these counterparties.

**8.** **Commitments and Contingencies** 

Loan and other participation interest purchased by the Fund such as bank debt may include revolving credit agreements or other financing commitments obligating the Fund to advance additional amounts on demand. As of December 31, 2025, these unfunded commitments totaled $4,374,196.

The Fund may enter into agreements that may contain indemnifications or warranties. Future events could occur that lead to the execution of these provisions against the Fund. The maximum exposure to the Fund is unknown. Based on its history and experience, management considers that the likelihood of such an event is remote. Therefore, no liability has been recorded with respect to these indemnifications.

**9.** **Capital Commitments and Partners' Capital** 

As of December 31, 2025, the Fund held capital commitments of $311 million and had no unfunded commitments. The ratio of funded to total commitments is 1.00 as of December 31, 2025.

The Fund maintains separate capital accounts for each partner to reflect contributions, distributions and allocations of net profits and net losses. The Fund's capital is represented by the respective partners' investment. As of December 31, 2025, the partners' capital is $335,372,853. All capital transactions occurring during the period are detailed in the consolidated statement of changes in partners' capital.

The Fund may call capital from its limited partners to fund investments and to pay other fees and expenses. Limited partners generally may not withdraw from the Fund prior to the Fund's termination, subject to the terms of the CPPM.

The limited partners shall not have any liability whatsoever with respect to debts and obligations of the Fund; provided, however, that the limited partners shall be obligated to make capital contributions to the extent of their unfunded capital commitments.

**10.** **Related Party Transactions** 

In accordance with the Agreement, certain expenses paid by the Investment Manager may be allocated to the Fund based on a good faith determination of the relative benefits of such expenses. During the period ended December 31, 2025, no such reimbursements were paid by the Fund to the Investment Manager.

The Investment Manager utilizes technology offered by Siepe Services, LLC ("Siepe") to provide certain middle- and back office services to the Fund, and the Fund bears the cost for bank debt settlement services. The Investment Manager owns a non-controlling, minority interest in Siepe. The amount paid to Siepe for the period ended December 31, 2025 was $6,085 and is included within professional fees and other in the consolidated statement of operations.

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**DIF Feeder LP and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

December 31, 2025

(Expressed in United States Dollars)

**10.** **Related Party Transactions (continued)** 

Based on the investment strategy of the Fund and related party funds, trades may be executed at the block level and then allocated to the Fund and other related party funds.

The Fund may co-invest with other entities with the same Investment Manager as the Fund, these co-invest securities are classified as Investee Funds in the consolidated financial statements. At December 31, 2025, the Fund held Investee Funds with a fair value of $159,134 that were co-invested with affiliated funds. The Fund purchased approximately $159,134 in these Investee Funds during the period ended December 31, 2025. The value of these transactions was determined using the Fund's normal investment valuation policies.

*Management Fee* 

The Fund will calculate a fee for investment management services (the "Management Fee") on a quarterly basis, payable to the Investment Manager quarterly in advance, equal to (i) 1/4th of 0.50% of the aggregate net asset value of capital accounts as of the beginning of such quarter.

In the sole discretion of the Investment Manager, the Management Fee may be waived, reduced or calculated differently with respect to any capital account held by a limited partner.

*Incentive Allocation* 

The Fund will pay no incentive allocation to the General Partner.

**11.** **Administrative Fee** 

HedgeServ (Cayman) Ltd. serves as the Fund's administrator and performs certain administrative and clerical services on behalf of the Fund.

**12.** **Financial Highlights** 

Financial highlights for the period from April 3, 2025 (commencement of operations) through December 31, 2025 were as follows:

---

| | |
|:---|:---|
|  **Total return** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return | 11.36% |
|  **Ratio to average limited partners' capital** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses (excluding management fee) | 0.58% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fee | 0.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 5.04% |

---

Financial highlights are calculated for the Fund taken as a whole and have not been annualized. An individual investor's return and ratios may vary based on management fee arrangements and the timing of capital transactions.

**13.** **Subsequent Events** 

*Transfer of Assets to Diameter Dynamic Credit Fund* 

On April 24, 2026, the Master Fund transferred all of its assets and liabilities to Diameter Dynamic Credit Fund ("DDCF"). As part of the reorganization, DDCF assumed all liabilities, commitments and obligations of the Master Fund and issued to the Master Fund a number of DDCF shares having an aggregate net asset value equal to the fair value of the transferred assets less the fair value of the assumed liabilities.

Immediately following the reorganization, Diameter Associates LLC, in its capacity as general partner of the Master Fund, determined to dissolve the Master Fund pursuant to the Master Fund's limited partnership agreement. The Feeder Fund in conjunction with the Master Fund, will be dissolved pursuant to the Feeder Fund's limited partnership agreement. DDCF shares with an aggregate net asset value of $341,671,186 were distributed in kind pro rata to the Master Fund's limited partners and the Master Fund commenced winding up its affairs in accordance with applicable law.

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**DIF Feeder LP and Subsidiaries** 

**Notes to Consolidated Financial Statements** 

December 31, 2025

(Expressed in United States Dollars)

**13.** **Subsequent Events (continued)** 

Management has evaluated all subsequent events or transactions for potential recognition or disclosure through June 26, 2026, the date on which these consolidated financial statements were available to be issued and has determined that there were no additional subsequent events requiring adjustment to or disclosure in the consolidated financial statements.