# EDGAR Filing Document

**Accession Number:** 0002092012
**File Stem:** 0001193125-26-187725
**Filing Date:** 2026-4
**Character Count:** 1472001
**Document Hash:** c14e1b1d54aa23f0174e585ad211b5e7
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-187725.hdr.sgml**: 20260428

**ACCESSION NUMBER**: 0001193125-26-187725

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

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20260428

**DATE AS OF CHANGE**: 20260428

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBC BlueBay Enhanced Income Fund
- **CENTRAL INDEX KEY:** 0002092012

**ORGANIZATION NAME:**
- **EIN:** 394790886
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24132
- **FILM NUMBER:** 26909186

**BUSINESS ADDRESS:**
- **STREET 1:** 250 NICOLLET MALL, SUITE 1550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** 612-376-7000

**MAIL ADDRESS:**
- **STREET 1:** 250 NICOLLET MALL, SUITE 1550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBC BlueBay Enhanced Income Fund
- **CENTRAL INDEX KEY:** 0002092012

**ORGANIZATION NAME:**
- **EIN:** 394790886
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291197
- **FILM NUMBER:** 26909185

**BUSINESS ADDRESS:**
- **STREET 1:** 250 NICOLLET MALL, SUITE 1550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401
- **BUSINESS PHONE:** 612-376-7000

**MAIL ADDRESS:**
- **STREET 1:** 250 NICOLLET MALL, SUITE 1550
- **CITY:** MINNEAPOLIS
- **STATE:** MN
- **ZIP:** 55401

##### [**Table of Contents**](#toc)
**As filed with the Securities and Exchange Commission on April 28, 2026** 

**Registration File No. 333-291177** 

**Registration File No. 811-24132** 

**U.S. SECURITIES AND EXCHANGE COMMISSION** 

**WASHINGTON, D.C. 20549** 

**FORM N-2** 

**[x] REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** 

**[x] Pre-Effective Amendment No. 1** 

**[x] REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** 

**[x] Amendment No. 1** 

**RBC BLUEBAY ENHANCED INCOME FUND** 

(Exact Name of Registrant as Specified in Charter)

**250 Nicollet Mall, Suite 1550** 

**Minneapolis, MN 55401** 

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: **(612) 376-7000**

**Tara Tilbury** 

**250 Nicollet Mall, Suite 1550** 

**Minneapolis, MN 55401** 

(Name and Address of Agent for Service)

**Copies of information to:** 

**Stephen T. Cohen** 

**Dechert LLP** 

**1900 K Street NW** 

**Washington, DC 20006** 

**Approximate Date of Proposed Public Offering:** 

**As soon as practicable after the effective date of this Registration Statement.** 

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

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

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

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

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

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

**[ ]** **when declared effective pursuant to section 8(c) of the Securities Act** 

If appropriate, check the following box:

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##### [**Table of Contents**](#toc)
**[ ]** **This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].** 

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

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

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

Check each box that appropriately characterizes the Registrant:

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

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

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

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

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

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

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

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

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date as the Commission, acting pursuant to Section 8(a), may determine.** 

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##### [**Table of Contents**](#toc)
**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**Subject to Completion, dated April 28, 2026** 

**PROSPECTUS** 

**[ ], 2026** 

**RBC BLUEBAY ENHANCED INCOME FUND** 

**SHARES OF BENEFICIAL INTEREST** 

**Class I Shares** 

**Class A Shares** 

**Class T Shares** 

The RBC BlueBay Enhanced Income Fund (the "Fund") is a Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end management investment company.

*Investment Objective*. The Fund seeks to provide total return primarily consisting of income.

*Interval Fund.* The Fund operates as an "interval fund" (defined below) pursuant to which it, subject to applicable law, will conduct quarterly repurchase offers for between 5% and 25% of the Fund's outstanding common shares of beneficial interest ("Shares") at net asset value ("NAV"). The Fund will not be required to repurchase Shares at a shareholder's option nor will Shares be exchangeable for units, interests or shares of any investment of the Fund. In connection with each repurchase offer, it is possible that the Fund may offer to repurchase only the minimum amount of 5% of its outstanding Shares. It is also possible that a repurchase offer may be oversubscribed, with the result that shareholders may only be able to have a portion of their Shares repurchased. The Fund does not currently intend to list its Shares for trading on any national securities exchange. The Shares are, therefore, not readily marketable. Even though the Fund will make quarterly repurchase offers to repurchase a portion of the Shares to try to provide liquidity to shareholders, investors should consider the Shares to be illiquid. The Fund expects to make its initial repurchase offer no later than the second full quarter after the Fund commences operations.

*Principal Investment Strategies*. The Fund seeks to achieve its investment objective by investing primarily in equity and junior debt tranches of collateralized loan obligations ("CLOs") issued in the U.S. or European markets that are collateralized by a portfolio consisting primarily of floating rate senior secured loans with a large number of distinct underlying borrowers across various industry sectors and ratings that are typically below investment grade. CLOs are pooled investment vehicles comprised primarily of senior secured loans. The CLO securities in which the Fund primarily seeks to invest are unrated or rated below investment grade and considered speculative with respect to timely payment of interest and repayment of principal. Unrated and below investment grade securities are also sometimes referred to as "junk" securities. In addition, the CLO equity and junior debt securities in which the Fund invests are highly leveraged (with CLO equity securities typically being leveraged approximately ten times), which significantly magnifies the Fund's risk of loss on such investments relative to senior debt tranches of CLOs. See "Types of Investments and Related Risks."

The Fund may also invest in other related securities and instruments or other securities and investments that are consistent with its investment objectives, including loan accumulation facilities ("LAFs"), commercial mortgage-backed securities ("CMBS"), residential mortgage-backed securities ("RMBS"), asset-backed securities ("ABS"), leveraged loans, money market instruments, and securities issued or guaranteed by the U.S. Department of the Treasury (the "U.S. Treasury"). The Fund's investments in RMBS and ABS will span a broad segment of consumer creditworthiness segments, which will include exposure to prime, near-prime, and subprime consumers. The Fund may invest without limit in below investment grade fixed income instruments, which are commonly referred to as "junk" or "high-yield" instruments and are regarded as speculative with respect to the issuer's ability to pay interest and repay principal. The Fund may also engage in derivative transactions from time to time to hedge against interest rate, credit, currency and/or other risks, or for other risk management or investment purposes, including to accommodate additional investments.

The Fund may borrow funds to make investments. As a result, the Fund would be exposed to the risk of borrowing (also known as leverage), which may be considered a speculative investment technique. Leverage increases the volatility of investments and magnifies the potential for loss on amounts invested, thereby increasing the risk associated with investing in the Fund's Shares.

Investors should consider their investment goals, time horizons and risk tolerance before investing in the Fund. An investment in the Fund is not appropriate for all investors, and the Fund is not intended to be a complete investment program. Before buying Shares, you

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##### [**Table of Contents**](#toc)
should read the discussion of the principal risks of investing in the Fund, which are summarized in "Summary of Terms—Risk Factors" beginning on page 8 and in "Types of Investments and Related Risks" beginning on page 17.

*Unlisted Closed-End Fund.* An investment in the Fund is subject to, among others, the following risks:

**•** **There is not expected to be any secondary trading market in the Shares.** 

**•** **Unlike an investor in many closed-end funds, a shareholder should not expect to be able to sell their Shares regardless of how the Fund performs. An investment in the Fund is considered illiquid.** 

**•** **Unlike many closed-end funds, the Shares are not listed on any securities exchange. The Fund intends to provide liquidity through quarterly offers to repurchase a limited amount of the Fund's Shares (at least 5%).** 

**•** **There is no assurance that monthly distributions paid by the Fund will be maintained at a certain level or that dividends will be paid at all.** 

**•** **The Fund's distributions may be funded from unlimited amounts of offering proceeds or borrowings, which may constitute a return of capital and reduce the amount of capital available to the Fund for investment. Any capital returned to shareholders through distributions will be distributed after payment of fees and expenses.** 

**•** **A return of capital to shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result from such reduction in tax basis, shareholders may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold at a loss relative to the shareholder's original investment.** 

**•** **An investor will pay a sales load of up to 5.75% for Class A Shares and up to 3% for Class T Shares on the amounts it invests. If you pay the maximum aggregate of 5.75% for sales load on Class A Shares and 3% on Class T Shares, you must experience a total return on your net investment of 6.10% for Class A Shares and 3.09% for Class T Shares in order to recover these expenses.** 

**Investing in Shares involves a high degree of risk. See "Types of Investments and Related Risks" beginning on page 17 of this Prospectus.** 

*Investment Adviser and Sub-Adviser.* RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US" or the "Adviser") serves as the Fund's investment adviser. RBC Global Asset Management (UK) Limited ("RBC GAM-UK" or the "Sub-Adviser") serves as the Fund's investment sub-adviser. The Adviser and the Sub-Adviser oversee the management of the Fund's activities and are responsible for making investment decisions for the Fund's portfolio. Both the Adviser and the Sub-Adviser are registered as investment advisers with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940, as amended (the "Advisers Act").

*Securities Offered.* The Fund is offering Shares on a continuous basis. The Fund intends to offer three separate classes of Shares, designated as Class A shares, Class I shares and Class T shares. The Fund may offer additional classes of shares in the future. The Fund has received an exemptive order from the SEC with respect to the Fund's multi-class structure.

For Class A shares, the maximum sales charge is 5.75% of the amount invested. For Class T shares, the maximum sales charge is 3% of the amount invested. Class I shares are not subject to a sale charge. The minimum initial investment for Class I shares of the Fund is $100,000, and there is no minimum for subsequent investments. The minimum initial investment for Class A Shares is $2,500, while subsequent investments may be made in any amount. The minimum initial investment for Class T shares of the Fund is $2,500, while subsequent investments may be made in any amount. The Fund reserves the right to waive the investment minimum. Shares are being offered through Quasar Distributors, LLC (the "Distributor") at an offering price equal to the Fund's then current NAV per Share plus any applicable sales charge.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Per Class I Share<sup>1</sup>** | **Per Class A Share<sup>1</sup>** | **Per Class T Share<sup>1</sup>** | **Total<sup>1</sup>** |
|  Public Offering Price | At current NAV | At current NAV plus any<br> applicable sales load | At current NAV<br> plus any applicable<br>sales | Unlimited |
|  Sales Charge (Load)<sup>1</sup> |  | 5.75% | 3% |  |
|  Proceeds to the Fund (before Expenses)<sup>2</sup> | Current NAV | Current NAV | Current NAV | Unlimited |

---

<sup>1</sup> The minimum initial investment for Class I shares of the Fund is $100,000. The minimum initial investment for Class A and Class T shares of the Fund is $2,500. These minimums may be waived for certain investors. Class A shares are subject to a 

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##### [**Table of Contents**](#toc)
sales charge of up to 5.75% and Class T shares are subject to a sales charge of up to 3%. Class I shares of the Fund are not subject to a sales charge. The table assumes the maximum sales charge is imposed. <br>

<sup>2</sup> The Fund is currently offering on a continuous basis an unlimited number of Shares. The Adviser will also bear certain ongoing offering costs associated with the Fund's continuous offering of Shares. Such offering costs of the Fund paid by the Adviser shall be subject to reimbursement pursuant to the expense limitation agreement between the Fund and the Adviser. See "Fund Expenses." 

This Prospectus concisely provides the information that a prospective investor should know about the Fund before investing. Investors are advised to read this Prospectus carefully and to retain it for future reference. Additional information about the Fund, including a statement of additional information, dated [ ], 2026 (the "Statement of Additional Information"), has been filed with the SEC and is incorporated by reference in its entirety into this Prospectus. The Statement of Additional Information and the Fund's annual and semi-annual reports (when available) and other information filed with the SEC, can be obtained upon request and without charge by writing to the Fund at 250 Nicollet Mall, Suite 1550, Minneapolis, Minnesota 55401, by calling (800) 422-2766 or by visiting the Fund's website at *www.dfinview.com/usrbcgam*. Investors may request the Statement of Additional Information, annual and semi-annual reports (when available), and other information about the Fund or make shareholder inquiries by calling (800) 422-2766 or by visiting *www.dfinview.com/usrbcgam*. In addition, the contact information provided above may be used to request additional information about the Fund and to make shareholder inquiries. The Statement of Additional Information, other material incorporated by reference into this Prospectus and other information about the Fund is also available on the SEC's website at *http://www.sec.gov*. The address of the SEC's website is provided solely for the information of prospective investors and is not intended to be an active link.

**Shares are not deposits or obligations of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and Shares are not insured by the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System or any other government agency.** 

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

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##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **Page** |
|  [SUMMARY OF TERMS](#tx11343_1) | 1 |
|  [SUMMARY OF FEES AND EXPENSES](#tx11343_2) | 11 |
|  [FINANCIAL HIGHLIGHTS](#tx11343_3) | 14 |
|  [THE FUND](#tx11343_4) | 15 |
|  [THE ADVISER AND SUB-ADVISER](#tx11343_5) | 15 |
|  [USE OF PROCEEDS](#tx11343_6) | 15 |
|  [TYPES OF INVESTMENTS AND RELATED RISKS](#tx11343_7) | 18 |
|  [MANAGEMENT OF THE FUND](#tx11343_8) | 45 |
|  [FUND EXPENSES](#tx11343_9) | 46 |
|  [MANAGEMENT FEE AND INCENTIVE FEE](#tx11343_10) | 47 |
|  [DETERMINATION OF NET ASSET VALUE](#tx11343_11) | 48 |
|  [CONFLICTS OF INTEREST](#tx11343_12) | 49 |
|  [SHARE REPURCHASE PROGRAM](#tx11343_13) | 51 |
|  [DESCRIPTION OF CAPITAL STRUCTURE](#tx11343_14) | 52 |
|  [TAX ASPECTS](#tx11343_15) | 55 |
|  [CHOOSING A SHARE CLASS](#tx11343_16) | 63 |
|  [SALES CHARGES – CLASS A AND CLASS T SHARES](#tx11343_17) | 64 |
|  [PLAN OF DISTRIBUTION](#tx11343_18) | 65 |
|  [HOW TO BUY SHARES](#tx11343_19) | 66 |
|  [DISTRIBUTIONS](#tx11343_20) | 69 |
|  [FISCAL YEAR; REPORTS](#tx11343_21) | 71 |
|  [INQUIRIES](#tx11343_22) | 71 |

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##### [**Table of Contents**](#toc)
**SUMMARY OF TERMS** 

This is only a summary and does not contain all of the information that a prospective investor should consider before investing in the Fund. Before investing, a prospective investor in the Fund should carefully read the more detailed information appearing elsewhere in this Prospectus and the Statement of Additional Information.

**THE FUND** 

The Fund is a Delaware statutory trust that is registered under the 1940 Act as a non-diversified, closed-end management investment company. The Fund is operated as an "interval fund" (as defined below).

**THE ADVISER AND SUB-ADVISER** 

RBC GAM-US serves as the Fund's investment adviser. RBC GAM-UK serves as the Fund's investment sub-adviser. Both the Adviser and the Sub-Adviser are registered as investment advisers with the SEC under the Advisers Act.

**INVESTMENT OBJECTIVE** 

The Fund seeks to provide total return primarily consisting of income. The Fund's investment objective is not fundamental and may be changed without shareholder approval.

**INVESTMENT OPPORTUNITIES AND STRATEGIES** 

In pursuing its investment objective, the Fund invests primarily in equity and junior debt tranches of CLOs issued in the U.S. or European markets that are collateralized by a portfolio consisting primarily of below investment grade senior secured loans with a large number of distinct underlying borrowers across various industry sectors. The Fund may also invest in other related securities and instruments or other securities and investments that are consistent with the Fund's investment objectives, including LAFs, CMBS, RMBS, ABS, leveraged loans, money market instruments and securities issued or guaranteed by the U.S. Treasury. The Fund's investments in RMBS and ABS will span a broad segment of consumer creditworthiness segments, which will include exposure to prime, near-prime, and subprime consumers. The Fund may invest without limit in below investment grade fixed income instruments, which are commonly referred to as "junk" or "high-yield" instruments and are regarded as speculative with respect to the issuer's ability to pay interest and repay principal. The Fund may also engage in derivative transactions from time to time to hedge against interest rate, credit, currency and/or other risks, or for other risk management or investment purposes, including to accommodate additional investments. Over the long term and under normal market conditions, it is expected that at least 70% of the Fund's investment portfolio will comprise CLO investments and the rest, if any, will comprise other credit investments and short-term investments. Such target allocations are subject to change without prior approval of or notice to shareholders. The CLO securities in which the Fund primarily seeks to invest are rated below investment grade or, in the case of CLO equity securities, unrated, and are considered speculative with respect to timely payment of interest and repayment of principal. Unrated and below investment grade securities are also sometimes referred to as "junk" securities. In addition, the CLO equity and debt securities in which the Fund invests are highly leveraged (with CLO equity securities typically being leveraged approximately ten times), which significantly magnifies the Fund's risk of loss on such investments.

The foregoing descriptions of the Fund's investment objectives and strategies do not reflect fundamental policies of the Fund and may be changed by the Board of Trustees (the "Board") without prior approval of the Fund's shareholders.

The Fund seeks to make investments in the primary and secondary markets. In the primary CLO market (*i.e.*, acquiring securities at the inception of a CLO), the Fund seeks to invest in CLO securities that the Adviser or Sub-Adviser believes have the potential to generate attractive risk-adjusted returns and to outperform other similar CLO securities issued within the respective vintage period. In the secondary CLO market (*i.e.*, acquiring existing CLO securities), the Fund seeks to invest in CLO securities that the Adviser or Sub-Adviser believes have the potential to generate attractive risk-adjusted returns.

**PORTFOLIO COMPOSITION** 

The Fund's portfolio will consist primarily of:

•  ***Collateralized Loan Obligations*** . The Fund invests primarily in equity and junior debt
tranches of CLOs, issued in the U.S. or European markets that are collateralized by a portfolio consisting primarily of below investment grade senior secured loans with a large number of distinct underlying borrowers across various industry sectors.
CLOs are generally required to hold a portfolio of assets that is highly diversified by underlying borrower and industry and that is subject to a variety of asset concentration limitations. Most CLOs are non-static, revolving structures that generally allow for reinvestment over a specific period of time (the "reinvestment period," which is typically up to five years). The terms and covenants of a
typical CLO

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structure are, with certain exceptions, based primarily on the cash flow generated by, and the par value (as opposed to the market price or fair value) of, the collateral. These covenants include collateral coverage tests, interest coverage tests and collateral quality tests. A CLO funds the purchase of a portfolio of primarily senior secured loans via the issuance of CLO securities in the form of multiple, primarily floating rate, debt tranches. The CLO debt tranches typically are rated "AAA" (or its equivalent) at the most senior level down to "BB" or "B" (or its equivalent), which is below investment grade, at the junior level by Moody's Investors Service, Inc. ("Moody's"), Standard & Poor's Financial Services LLC ("S&P") and/or Fitch Ratings, Inc. ("Fitch"). The interest rate on the CLO debt tranches is the lowest at the AAA-level and generally increases at each level down the rating scale. The CLO equity tranche is unrated and typically represents approximately 8% to 11% of a CLO's capital structure. Below investment grade and unrated securities are sometimes referred to as "junk" securities. CLOs have two priority-of-payment schedules (commonly called "waterfalls") that are detailed in a CLO's indenture and govern how cash generated from a CLO's underlying collateral is distributed to the CLO's equity and debt investors. The interest waterfall applies to interest payments received on a CLO's underlying collateral. The principal waterfall applies to cash generated from principal on the underlying collateral, primarily through loan repayments and the proceeds from loan sales or maturities. Through the interest waterfall, any excess interest-related cash flow available after the required quarterly interest payments to CLO debt investors are made and certain CLO expenses (such as administration and collateral management fees) are paid is then distributed to the CLO's equity investors each quarter, subject to compliance with certain tests. A CLO's indenture typically requires that the maturity dates of a CLO's assets, typically five to seven years from the date of issuance of a senior secured loan, be shorter than the maturity date of the CLO's liabilities, typically 12 to 13 years from the date of issuance. However, CLO investors do face reinvestment risk with respect to a CLO's underlying portfolio. In addition, in most CLO transactions, CLO debt investors are subject to prepayment risk in that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, which would cause the CLO's outstanding CLO debt securities to be repaid at par. <br>

•  ***Residential Mortgage-Backed Securities*** . RMBS are fixed income instruments that may be secured by
interests in a single residential mortgage loan or a pool of mortgage loans secured by residential property. The Fund may purchase, without limitation, RMBS that may be senior, subordinate, interest-only, principal-only, investment-grade, non-investment grade, unrated or in default. The Fund acquires RMBS from private originators as well as from other mortgage loan investors, including savings and loan associations, mortgage bankers, commercial
banks, finance companies and investment banks. The credit quality of any RMBS issue depends primarily on the credit quality of the underlying mortgage loans. The investment characteristics of RMBS differ from traditional debt securities. Among the
major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying residential mortgage loans or other assets generally may be prepaid at any
time.

•  ***Commercial Mortgage-Backed Securities*** . CMBS are fixed income instruments that are secured by
mortgage loans on commercial real property. CMBS typically take the form of multi-class debt or pass-through certificates secured by mortgage loans on commercial properties. They generally are structured to provide protection to investors in senior
tranches against potential losses on the underlying mortgage loans. Such protection generally is provided by causing holders of subordinated classes of securities ("Subordinated CMBS") to take the first loss in the event of defaults on
the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds, additional Subordinated CMBS, cross-collateralization and over-collateralization.
The Fund may invest in CMBS of any credit quality, including, without limitation, Subordinated CMBS, CMBS that are rated below investment grade or are unrated and CMBS that are in default.

•  ***Asset-Backed Securities.*** ABS are a form of structured debt obligation. The securitization
techniques used for ABS are similar to those used for mortgage-backed securities. ABS are bonds backed by pools of loans or other receivables. The collateral for these securities may include home equity loans, automobile and credit card receivables,
boat loans, computer leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of ABS that may be developed in the future. ABS present certain risks that are
not presented by mortgage-related securities. Primarily, these securities may provide the Fund with a less effective security interest in the related collateral than do mortgage-related securities. Therefore, there is the possibility that recoveries
on the underlying collateral may not, in some cases, be available to support payments on these securities.

•  ***Leveraged Loans.*** Leveraged loans are senior secured loans extended to companies with higher
levels of debt, often used to finance acquisitions, recapitalizations, or other corporate activities. These loans generally feature floating interest rates, which adjust periodically based on a reference rate. Leveraged loans may allow the Fund to
quickly reallocate capital in response to shifts in credit markets, interest rates, or issuer fundamentals. The Fund may also diversify across industries, issuers, and maturities to manage risk and enhance return potential.

•  ***High Yield Securities*** . The Fund may invest in below investment grade bonds. These
"high-yield" securities (also known as "junk bonds") will be rated BB+ or lower by S&P or will be of equivalent quality rating from another Nationally Recognized Statistical Ratings Organization ("NRSRO"), or
if unrated, considered by the Adviser or Sub-Adviser to be of comparable

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quality. There is no minimum credit quality for securities in which the Fund may invest. The Fund will not acquire defaulted bonds but may hold such securities in the event that an issuer defaults.

•  ***Derivatives.*** Derivatives, which are instruments that have a value based on another instrument,
exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund uses derivatives to gain or adjust exposure to markets, sectors, securities and currencies and to manage exposure to risks relating to
creditworthiness, interest rate spreads, volatility and changes in yield curves. In certain market environments, the Fund may use interest rate swaps and futures contracts to help protect its portfolio from interest rate risk. The Fund may also
utilize foreign currency transactions, including currency options and forward currency contracts, to hedge non-U.S. Dollar investments or to establish or adjust exposure to particular foreign securities,
markets or currencies.

•  ***Money Market Instruments.*** Money market instruments are high quality short-term debt
securities. Money market instruments in which the Fund may invest may include obligations of governments, government agencies, banks, corporations and special purpose entities including time deposits and certificates of deposit and repurchase
agreements relating to these obligations.

•  ***U.S. Government Securities.*** U.S. Government securities are obligations of and, in certain
cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of the Fund's Shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities
guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S.
Treasury; others, such as those of the Federal National Mortgage Association, are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations; and still others, such as those of the Student Loan
Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero-coupon securities, which do not distribute interest on a current basis and tend to be
subject to greater risk than interest-paying securities of similar maturities.

**LEVERAGE** 

The Fund may use leverage as and to the extent permitted by the 1940 Act. The Fund expects to obtain leverage primarily through reverse repurchase agreements but may also use any other form of financial leverage instruments, including funds borrowed from banks or other financial institutions, margin facilities, notes or preferred shares and leverage attributable to reverse repurchase agreements or similar transactions. Certain instruments that create leverage are considered to be senior securities under the 1940 Act. With respect to senior securities representing indebtedness (i.e., borrowing or deemed borrowing), other than temporary borrowings as defined under the 1940 Act, the Fund is required under current law to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness. With respect to senior securities that are equity (i.e., preferred shares), the Fund is required under current law to have an asset coverage of at least 200%, as measured at the time of the issuance of any such preferred shares and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding preferred shares.

The Fund expects that it will, or that it may need to, raise additional capital in the future to fund its continued growth, and the Fund may do so by borrowing under credit facilities, issuing additional preferred shares or issuing debt securities, or through other leveraging instruments. Subject to the limitations under the 1940 Act, the Fund may incur additional leverage opportunistically or not at all and may choose to increase or decrease its leverage. The Fund may use different types or combinations of leveraging instruments at any time based on the Adviser's assessment of market conditions and the investment environment, including forms of leverage other than preferred shares, debt securities and/or credit facilities. In addition, the Fund may borrow for temporary, emergency or other purposes as permitted under the 1940 Act, which indebtedness would generally not be subject to the asset coverage requirements described above. By leveraging the Fund's investment portfolio, the Fund may create an opportunity for increased net income and capital appreciation. However, the use of leverage also involves significant risks and expenses, which will be borne entirely by the Fund's shareholders, and the Fund's leverage strategy may not be successful. For example, the more leverage is employed, the more likely a substantial change will occur in the NAV per share of the Fund's Shares.

Since the Management Fee (as defined below) is calculated based on the Fund's average daily net assets, any leverage employed by the Fund will be offset by a corresponding liability in the calculation of the Management Fee. Accordingly, to the extent the Fund employs leverage, the Adviser will not be paid on Fund assets attributable to leverage. The Fund may use leverage opportunistically and may use different types or amounts of leverage over time based on the Adviser's views concerning market conditions and investment opportunities. The Fund's strategies relating to its use of leverage may not be successful, and the Fund's use of leverage will cause the Fund's NAV to be more volatile than it would otherwise be. There can be no guarantee that the Fund will leverage its assets or, to the extent the Fund uses leverage, what percentage of its assets such leverage will represent. See "Investment Objective and Strategies—Leverage."

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**INVESTMENT ADVISER MANAGEMENT FEE AND INCENTIVE FEE** 

Pursuant to the investment advisory agreement, dated as of March 20, 2026 (the "Investment Advisory Agreement"), by and between the Fund and the Adviser, and in consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to a fee consisting of two components – a base management fee (the "Management Fee") and an incentive fee (the "Incentive Fee").

The Management Fee is calculated and payable monthly in arrears at the annual rate of 1.35% of the average daily value of the Net Assets. "Net Assets" means the total assets of the Fund minus the Fund's liabilities.

The Incentive Fee is calculated and payable quarterly in arrears based upon the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund's Net Assets equal to 1.875% per quarter (or an annualized hurdle rate of 7.50%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income, and any other income earned or accrued during the calendar quarter, minus the Fund's operating expenses (which, for this purpose shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or Incentive Fee) for the quarter. For purposes of the Incentive Fee, Net Assets are calculated for the relevant quarter as the weighted average of the NAV of the Fund as of the first business day of each month therein. The weighted average NAV shall be calculated for each month by multiplying the NAV as of the beginning of the first business day of the month times the number of days in that month, divided by the number of days in the applicable calendar quarter.

The "catch-up" provision is intended to provide the Adviser with an incentive fee of 15% on all of the Fund's pre-incentive fee net investment income when the Fund's pre-incentive fee net investment income reaches 2.206% of Net Assets in any calendar quarter.

Thus, each calendar quarter the Fund will compare its pre-incentive fee net investment income, expressed as a percentage of the Fund's Net Assets in respect of the relevant calendar quarter, to a hurdle rate of 1.875%. If the Fund's pre-incentive fee net investment income is less than the hurdle rate, then the Adviser will not be paid the Incentive Fee in respect of that quarter. If the Fund's pre-incentive fee net investment income is between 1.875% and 2.206% (the "Catch-up Range"), then the Adviser will be paid the Incentive Fee in respect of that quarter in an amount equal to 100% of the Fund's pre-incentive fee net investment income within the Catch-up Range (the "Catch-up Amount"). If the Fund's pre-incentive fee net investment income exceeds 2.206%, then the Adviser will be paid the Incentive Fee in respect of that quarter in an amount equal to the Catch-up Amount plus 15% of pre-incentive fee net investment income above 2.206%.

The Adviser is obligated to pay expenses associated with providing the investment services stated in the Investment Advisory Agreement, including compensation of and office space for its officers and employees connected with investment and economic research, trading and investment management of the Fund.

The Board will periodically review the Investment Advisory Agreement to determine, among other things, whether the fees payable under such agreement are reasonable in light of the services provided. A discussion of the factors that the Board considered in approving the Fund's Investment Advisory Agreement will be set forth in the Fund's first annual or semi-annual report following the commencement of operations.

**INVESTMENT SUB-ADVISER** 

Pursuant to the investment sub-advisory agreement, dated as of March 20, 2026 (the "Sub-Advisory Agreement"), by and between the Adviser and the Sub-Adviser, and in consideration of the sub-advisory services provided by the Sub-Adviser, the Sub-Adviser is entitled to a sub-advisory fee of 20% of the total advisory fee (consisting of the management fee and any incentive fee) paid to the Adviser by the Fund after deducting the amounts of any fees waived or Fund expenses paid by the Adviser for the Fund pursuant to the expense limitation agreement then in place. The sub-advisory fee is paid by the Adviser. A discussion of the factors that the Board considered in approving the Sub-Advisory Agreement will be set forth in the Fund's first annual or semi-annual report following the commencement of operations.

**ADMINISTRATOR, TRANSFER AGENT, FUND ACCOUNTANT** 

The Bank of New York Mellon ("BNY") acts as administrator and fund accountant to the Fund. Pursuant to the Fund's agreements with BNY, BNY receives fees from the Fund for services performed as administrator and fund accountant.

RBC GAM-US acts as management services provider to the Fund. Pursuant to the Fund's agreement with RBC GAM-US, RBC GAM-US does not receive fees from the Fund for services performed as management services provider.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), 615 East Michigan Street, Milwaukee, Wisconsin 53202, acts as transfer agent to the Fund. Pursuant to the Fund's agreements with Fund Services, Fund Services receives fees from the Fund for services performed as transfer agent.

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**INVESTING THROUGH AN INTERMEDIARY** 

If you invest in the Fund through an investment adviser, bank, broker-dealer, 401(k) plan, trust company or other financial intermediary, the policies and fees for transacting business may be different than those described in this Prospectus. Some financial intermediaries may charge transaction fees and may set different minimum investments or limitations on buying or selling shares. Some financial intermediaries do not charge a direct transaction fee, but instead charge a fee for services such as sub-transfer agency, accounting and/or shareholder services that the financial intermediary provides on the Fund's behalf. This fee may be based on the number of accounts or may be a percentage of the average value of the Fund's shareholder accounts for which the financial intermediary provides services. The Fund may pay a portion of this fee, which is intended to compensate the financial intermediary for providing the same services that would otherwise be provided by the Fund's transfer agent (the "Transfer Agent") or other service providers if the Shares were purchased directly from the Fund. To the extent that these fees are not paid by the Fund, the Adviser may pay a fee to financial intermediaries for such services.

**DISTRIBUTIONS** 

The Fund intends to distribute to its shareholders as dividends all or substantially all of its net investment income and any realized net capital gains. Distributions from the Fund's net investment income are declared and typically paid monthly. See "Distributions."

The Board reserves the right to change the distribution policy from time to time.

**DIVIDEND REINVESTMENT PLAN** 

Unless a shareholder indicates another option on the account application, any dividends and capital gain distributions paid to the shareholder by the Fund (net of applicable withholding tax) will be automatically invested in additional Shares. Alternatively, a shareholder may choose one of the following options: (1) receive dividends in cash and reinvest capital gain distributions (net of applicable withholding tax) in additional Shares; (2) reinvest dividends (net of applicable withholding tax) in additional Shares and receive capital gains in cash; or (3) receive all distributions in cash. Dividends are taxable whether reinvested in additional Shares or received in cash.

**BOARD OF TRUSTEES** 

The Board has overall responsibility for monitoring and overseeing the Fund's management and operations. A majority of the Trustees are Independent Trustees. See "Management of the Fund."

**PURCHASES OF SHARES** 

The Fund's Shares are offered on a daily basis. Please see "Plan of Distribution" on page 65 for purchase instructions and additional information.

The minimum initial investment for Class I shares of the Fund is $100,000. The minimum initial investment for Class A shares and Class T shares of the Fund is $2,500. The Fund reserves the right to waive the investment minimum. See "Distributions—Dividend Reinvestment Plan."

**EXCHANGE OF SHARES** 

Subject to certain restrictions, you may convert your Shares in the Fund for shares of another class of the Fund if you meet the minimum investment requirements for the class into which you would like to convert or exchange. See "How to Buy Shares—Exchange Privilege" on page 66 for additional information.

**SHARE REPURCHASE PROGRAM** 

The Shares have no history of public trading, nor is it intended that the Shares will be listed on a public exchange at this time. No secondary market is expected to develop for the Fund's Shares.

The Fund is an "interval fund," which is designed to provide some liquidity to shareholders by making quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with relevant regulatory requirements (as discussed below). If shareholders tender for repurchase more than the amount of Shares that the Fund has offered to repurchase (the "Repurchase Offer Amount") for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2.00% of the outstanding Shares. If the Fund

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determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2.00% of the outstanding Shares, the Fund will repurchase Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered. In connection with any given repurchase offer, it is possible that the Fund may offer to repurchase only the minimum allowable amount of 5% of its outstanding Shares. Quarterly repurchases will occur in the months of February, May, August and November. The Fund expects to make its initial repurchase offer no later than the second full quarter after the Fund commences operations. The Fund's offer to purchase Shares is a fundamental policy that may not be changed without the approval of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). Written notifications of each quarterly repurchase offer (the "Repurchase Offer Notice") will be sent to shareholders at least 21 calendar days and no more than 42 calendar days before the repurchase request deadline (*i.e.*, the date by which shareholders can tender their Shares in response to a repurchase offer) (the "Repurchase Request Deadline"), which is ordinarily on the third Friday of the month in which the repurchase occurs. The NAV will be calculated no later than the 14<sup>th</sup> calendar day (or the next business day if the 14<sup>th</sup> calendar day is not a business day) after the Repurchase Request Deadline (such calculation date, the "Repurchase Pricing Date"). The Fund will distribute payment to shareholders no later than seven calendar days after such Repurchase Pricing Date. The Fund's Shares are not listed on any securities exchange, and the Fund anticipates that no secondary market will develop for its Shares. Accordingly, you may not be able to sell Shares when and/or in the amount that you desire. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and shareholders to special risks. See "Types of Investments and Related Risks."

**PLAN OF DISTRIBUTION** 

Quasar Distributors, LLC, (the "Distributor" or "Quasar"), a wholly owned subsidiary of Foreside Financial Group, LLC (dba ACA Group) at 190 Middle Street, Suite 301, Portland ME 04101, serves as the Fund's principal underwriter and acts as the Distributor of the Fund's Shares on a best efforts basis, subject to various conditions. The Fund's Shares are offered for sale through the Distributor at NAV plus any applicable sales charge. The Distributor also may enter into broker-dealer selling agreements with other broker-dealers for the sale and distribution of the Fund's Shares.

The Distributor is not required to sell any specific number or dollar amount of the Fund's Shares, but will use its best efforts to solicit orders for the sale of the Shares. Shares of the Fund will not be listed on any national securities exchange and the Distributor will not act as a market maker in Fund Shares.

**ERISA PLANS AND OTHER TAX-EXEMPT ENTITIES** 

Investors subject to the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and other tax-exempt entities, including employee benefit plans, 401(k) plans and Keogh plans, may purchase Shares. Because the Fund is registered as an investment company under the 1940 Act, the underlying assets of the Fund will not be considered to be "plan assets" of the ERISA plans investing in the Fund for purposes of ERISA's fiduciary responsibility and prohibited transaction rules. Thus, neither the Fund nor the Adviser will be a fiduciary within the meaning of ERISA with respect to the assets of any ERISA plan that becomes a shareholder solely as a result of the ERISA plan's investment in the Fund.

**UNLISTED CLOSED-END INTERVAL FUND STRUCTURE** 

The Fund has been organized as a continuously offered, non-diversified closed-end management investment company. Closed-end funds differ from open-end funds (commonly known as mutual funds) in that closed-end fund shareholders do not have the right to redeem their shares on a daily basis. Unlike many closed-end funds, which typically list their shares on a securities exchange, the Fund does not currently intend to list the Shares for trading on any securities exchange, and the Fund does not anticipate any secondary market to develop for the Shares in the foreseeable future. Accordingly, an investment in the Fund, unlike an investment in a typical closed-end fund, should not be considered to be a liquid investment. In order to provide some liquidity to shareholders, the Fund is structured as an "interval fund" and will conduct quarterly repurchase offers for a limited amount of the Fund's Shares (at least 5%).

The Fund believes that an unlisted closed-end structure is most appropriate in light of the long-term nature of the Fund's strategy and the characteristics of its portfolio. This is because, among other things, certain features of open-end funds (such as daily redemptions, which can necessitate the premature sale of investments) could diminish the Fund's ability to execute its investment strategy. Accordingly, an unlisted closed-end structure may help the Fund achieve its investment objective. The Fund's NAV per Share may be volatile. As the Shares are not traded, investors will not be able to dispose of their investment in the Fund no matter how poorly the Fund performs.

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**VALUATIONS** 

The price you pay for your Shares is based on the Fund's NAV plus any applicable sales charge. The Fund's NAV is calculated at the close of trading (normally 4:00 p.m. Eastern Time) on each day the New York Stock Exchange ("NYSE") is open for business (the NYSE is closed on weekends, most federal holidays and Good Friday). The Fund's NAV is calculated by dividing the value of the Fund's total assets (including interest and dividends accrued but not yet received) minus liabilities (including accrued expenses) by the total number of Shares outstanding. Requests to purchase Shares are processed at the NAV next calculated after the Fund receives your order in proper form plus any applicable sales charge. If the NYSE is closed due to inclement weather, technology problems or any other reason on a day it would normally be open for business, or if the NYSE has an unscheduled early closing on a day it has opened for business, the Fund reserves the right to treat such day as a business day and accept purchase orders until, and calculate the Fund's NAV as of, the normally scheduled close of regular trading on the NYSE for that day.

In the event the Fund holds portfolio securities that trade in foreign markets or that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase the Fund's shares.

In calculating the Fund's NAV, portfolio investments for which market quotations are readily available are valued at market value, which is ordinarily determined based on official closing prices or the last reported sale prices of an instrument. Where no such closing price or sale price is reported, market value is determined based on quotes obtained from market makers or prices supplied by one or more third-party pricing source ("Pricing Services"), which may include evaluated prices. The types of investments in which the Fund typically invests are generally valued on the basis of evaluated prices provided by Pricing Services. Such prices may be based on a number of factors, including, among other things, information obtained from market makers and estimates based on recent market prices for investments with similar characteristics. If market or evaluated prices are not readily available (including when they are not reliable), or if an event occurs after the close of the trading market but before the calculation of the applicable NAV that materially affects the values, assets may be valued at a fair value, pursuant to procedures established by the Adviser as the Fund's valuation designee and approved by the Board. For example, the Fund may be obligated to fair value a foreign security because many foreign markets operate at times that do not coincide with those of the major U.S. markets. Events that could affect the values of foreign portfolio holdings may occur between the close of the foreign market and the time of determining the NAV, and would not otherwise be reflected in the NAV. When pricing securities using the fair value procedures, the Adviser (with the assistance of Fund's Pricing Services and other service providers) seeks to assign the value that represents the amount that the Fund might reasonably expect to receive upon a current sale of the securities. The Fund's fair value procedures include the consideration of pricing information from one or more Pricing Services, which information is monitored by the Adviser on each business day. The Board oversees the Adviser's implementation of the fair value procedures.

In valuing the Fund's investments in CLO equity, CLO debt and loan LAFs, the Adviser may consider a variety of relevant factors, including price indications from a third-party pricing service, recent trading prices for specific investments, and recent purchases and sales known to the Adviser in similar securities.

Specifically, the Fund utilizes a third-party pricing service in connection with the valuation of the Fund's investments in CLO debt. However, if pricing from such third-party pricing service is determined to be stale or otherwise not reflective of current market conditions, the Fund may use an average of independent broker quotes to determine fair value or a fair value determined pursuant to procedures established by the Adviser and approved by the Board.

Notwithstanding the foregoing, given the subjectivity inherent in fair valuation and the fact that events could occur after NAV calculation, the actual market prices for a security may differ from the fair value of that security as determined by the Adviser at the time of NAV calculation. Thus, discrepancies between fair values and actual market prices may occur on a regular and recurring basis. These discrepancies do not necessarily indicate that the Fund's fair value methodology is inappropriate. The Adviser will adjust the fair values assigned to securities in the Fund's portfolio, to the extent necessary, as soon as market prices become available. The Adviser (and the Fund's service providers) monitor and evaluate the appropriateness of their fair value methodologies through systematic comparisons of fair values to the actual next available market prices of securities contained in the Fund's portfolio. To the extent the Fund invests in mutual funds, the Fund's NAV is calculated based, in part, upon the NAVs of such mutual funds; the prospectuses for those mutual funds in which the Fund invests describe the circumstances under which those mutual funds use fair value pricing, which, in turn, affects their NAVs.

Because the Fund relies on various sources to calculate its NAVs, the Fund is subject to certain operational risks associated with reliance on the Pricing Services and other service providers and data sources. The Fund's NAV calculation may be impacted by operational risks arising from factors such as failures in systems and technology. Such failures may result in delays in the calculation of the Fund's NAV and/or the inability to calculate NAV over extended time periods. The Fund may be unable to recover any losses associated with such failures.

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**SUMMARY OF TAXATION** 

It is expected that the Fund will elect to be treated for U.S. federal income tax purposes, and it intends to qualify annually, as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any net ordinary income or capital gains that are currently distributed as dividends for U.S. federal income tax purposes to shareholders, as applicable. To qualify and maintain its qualification as a RIC for U.S. federal income tax purposes, the Fund is required to meet certain specified source-of-income and asset diversification requirements, and to distribute dividends for U.S. federal income tax purposes of an amount at least equal to 90% of the sum of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses each tax year to shareholders, as applicable. See "Distributions" and "Tax Aspects."

**FISCAL YEAR** 

For accounting purposes, the Fund's fiscal year is the 12-month period ending on September 30.

**REPORTS TO SHAREHOLDERS** 

As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to shareholders for tax purposes will be furnished to shareholders subject to Internal Revenue Service ("IRS") reporting. In addition, the Fund will prepare and transmit to shareholders an unaudited semi-annual report and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act.

**RISK FACTORS** 

The principal risks of investing in the Fund are summarized below. There may be circumstances that could prevent the Fund from achieving its investment objective and you may lose money by investing in the Fund. You should carefully consider the Fund's investment risks before deciding whether to invest in the Fund. An investment in the Fund is not a deposit at a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.

For a more complete discussion of the risks of investing in the Fund, see "Types of Investments and Related Risks." Shareholders should consider carefully the following principal risks before investing in the Fund.

•  ***Risks of Investing in CLOs and Other Structured Debt Securities.*** CLOs and other structured
finance securities are generally backed by a pool of credit-related assets that serve as collateral. Accordingly, CLO and structured finance securities present risks similar to those of other types of credit investments, including default (credit),
interest rate and prepayment risks. Adverse credit events impacting a CLO's or structured finance security's underlying collateral would be expected to reduce cash flows payable to the Fund as a CLO equity investor. In addition, there is
a risk that majority lenders to an underlying loan held by a CLO could amend or otherwise modify the loan to the detriment of the CLO (including, for example, by transferring collateral or otherwise reducing the priority of the CLO's
investment within the borrower's capital structure). Such actions would impair the value of the CLO's investment and, ultimately, the Fund. CLO and structured finance securities also present risks related to the capability of the
servicer of the securitized assets. In addition, CLOs and other structured finance securities are often governed by a complex series of legal documents and contracts, which increases the risk of dispute over the interpretation and enforceability of
such documents relative to other types of investments. There is also a risk that the trustee of a CLO does not properly carry out its duties to the CLO, potentially resulting in loss to the CLO. CLOs are also inherently leveraged vehicles and are
subject to leverage risk.

•  ***Subordinated Securities Risk.*** CLO equity and junior debt securities that the Fund may acquire
are subordinated to more senior tranches of CLO debt. CLO equity and junior debt securities are subject to increased risks of default relative to the holders of superior priority interests in the same CLO. In addition, at the time of issuance, CLO
equity securities are under-collateralized in that the face amount of the CLO debt and CLO equity of a CLO at inception exceeds its total assets. The Fund will typically be in a first loss or subordinated position with respect to realized losses on
the underlying assets held by the CLOs in which the Fund is invested.

•  ***High Yield Investment Risk.*** The CLO equity and junior debt securities that the Fund acquires may
be rated below investment grade, or in the case of CLO equity securities, unrated, and therefore considered "higher yield" or "junk" securities and speculative with respect to timely payment of interest and repayment of
principal. The senior secured loans and other credit-related assets underlying CLOs may also be higher yield investments. Investing in CLO equity and junior debt securities and other high yield investments involves greater credit and liquidity risk
than investment grade obligations, which may adversely impact the Fund's performance.

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•  ***Leverage Risk.*** The use of leverage, whether directly or indirectly through investments such as
CLO equity or junior debt securities that inherently involve leverage, may magnify the Fund's risk of loss. CLO equity or junior debt securities are very highly leveraged (with CLO equity securities typically being leveraged ten times), and
therefore the CLO securities in which the Fund invests are subject to a higher degree of loss since the use of leverage magnifies losses.

•  ***Credit Risk.*** If (1) a CLO in which the Fund invests, (2) an underlying asset of any
such CLO or (3) any other type of credit investment in the Fund's portfolio declines in price or fails to pay interest or principal when due because the issuer or debtor, as the case may be, experiences a decline in its financial status,
the Fund's income and/or NAV would be adversely impacted. Additionally, interest on a CLO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to
default risk with respect to such payments.

•  ***Limited Operating History.*** The Fund is a non-diversified, closed-end management investment company with limited operating history as such. Prospective investors have a limited track record and history on which
to base their investment decision in this Fund. The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve the Fund's investment objective, achieve the
Fund's desired portfolio composition or raise sufficient capital.

•  ***Prepayment Risk.*** The assets underlying the CLO securities in which the Fund invests are subject
to prepayment by the underlying corporate borrowers. In addition, the CLO securities and related investments in which the Fund invests are subject to prepayment risk. If the Fund or a CLO collateral manager is unable to reinvest prepaid amounts in a
new investment with an expected rate of return at least equal to that of the investment repaid, the Fund's investment performance will be adversely impacted.

•  ***Liquidity Risk.*** Generally, there is no public market for the CLO investments the Fund targets.
As such, the Fund may not be able to sell such investments quickly, or at all. If the Fund is able to sell such investments, the prices the Fund receives may not reflect the Adviser's assessment of their fair value or the amount paid for such
investments by the Fund.

•  ***Incentive Fee Risk.*** The Fund's  **** ** incentive fee structure and the formula for
calculating the fee payable to the Adviser may incentivize the Adviser to pursue speculative investments and use leverage in a manner that adversely impacts the Fund's performance.

•  ***Fair Valuation of the Fund's Portfolio Investments.*** Generally, there is no public market
for the CLO investments the Fund targets. As a result, the Adviser values these securities at fair value in accordance with the requirements of the 1940 Act. The Adviser's determinations of the fair value of the Fund's investments have a
material impact on the Fund's net earnings through the recording of unrealized appreciation or depreciation of investments and may cause the Fund's NAV on a given date to understate or overstate, possibly materially, the value that the
Fund ultimately realizes on one or more of the Fund's investments.

•  ***Limited Investment Opportunities Risk.*** The market for CLO securities is more limited than the
market for other credit-related investments. The Fund can offer no assurances that sufficient investment opportunities for the Fund's capital will be available.

•  ***Market Risk.*** Political, regulatory, economic and social developments, and developments that
impact specific economic sectors, industries or segments of the market can affect the value of the Fund's investments. A disruption or downturn in the capital markets and the credit markets could impair the Fund's ability to raise
capital, reduce the availability of suitable investment opportunities for the Fund or adversely and materially affect the value of the Fund's investments, any of which would negatively affect the Fund's business. These risks may be
magnified if certain events or developments adversely interrupt the global supply chain, and could affect companies worldwide.

•  ***Foreign Securities Risk.*** Investing in foreign securities involves certain risks not
typically associated with investing in U.S. securities, including less publicly available information about foreign issuers, the absence of uniform accounting and financial reporting standards, less government supervision of foreign exchanges and
listed companies, and the risk that interest, dividends or sale proceeds may be subject to foreign withholding taxes. The Fund's CLO investments may be affected by the policies and actions of the European Union ("EU"), the European
Economic and Monetary Union ("EMU") and the European Central Bank; currency risks (including fluctuations in the euro exchange rate); and geopolitical risks, including Russia's invasion of Ukraine in February 2022 and ongoing
instability in Eastern Europe. European financial markets have also experienced uncertainty due to rising government debt levels, increased budget deficits and the use of austerity measures, which have limited economic growth and could cause certain
European issuers to default or restructure their debt obligations. Additionally, the underlying collateral of the CLOs in which the Fund invests may include loans to borrowers located in, or with significant exposure to, less developed or emerging
market countries, which involve heightened risks compared to developed markets. These risks include greater political and economic instability, less developed legal and regulatory systems, restrictions on foreign ownership

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and the repatriation of capital, currency devaluation, confiscatory taxation, and greater price volatility. The less developed the country, the greater the potential effect of these risks on the Fund.

•  ***Banking Risk.*** The possibility of future bank failures poses risks of reduced financial market
liquidity at clearing, cash management and other custodial financial institutions. The failure of banks that hold cash on behalf of the Fund, the Fund's underlying obligors, the sponsors or managers of the issuers in which the Fund invests, or
the Fund's service providers could adversely affect the Fund's ability to pursue its investment strategies and objectives. For example, if an underlying obligor has a commercial relationship with a bank that has failed or is otherwise
distressed, such company may experience delays or other disruptions in meeting its obligations and consummating business transactions. Additionally, if an issuer's manager or sponsor has a commercial relationship with a distressed bank, the
manager may experience issues conducting its operations or consummating transactions on behalf of the issuer it manages, which could negatively affect the performance of such issuers (and, therefore, the performance of the Fund).

•  ***Loan Accumulation Facilities Risk.*** The Fund may invest in LAFs, which are short- to medium-term
facilities that typically operate over a period of six to twelve months, often provided by the bank that will serve as placement agent or arranger on a CLO transaction and which acquire loans on an interim basis that are expected to form part of the
portfolio of a future CLO. Subsequent CLOs that LAFs are designed to facilitate are primary issuance CLOs. When evaluating a potential investment in a LAF, the Adviser or Sub-Adviser analyzes four core
factors: (i) structural protections, (ii) collateral quality, (iii) offering document terms and restrictions, and (iv) collateral manager trading liquidity. Decisions are informed by third-party and proprietary analytics and
require approval by at least two portfolio managers. The Adviser or Sub-Adviser also monitors CLO managers and CLO investments for material changes and ongoing performance. Because LAFs typically begin ramping
up their underlying loan portfolios after the Fund's investment commitment is made, the Adviser or Sub-Adviser places particular emphasis on the quality and expertise of the collateral manager when
evaluating a LAF investment. The Fund will not invest in LAFs where the underlying CLOs do not fit the Fund's investment strategy, objectives, risk management framework, or other limitations under the 1940 Act. The Fund does not expect to
invest in LAFs that impose industry, sector, or other concentration parameters on the underlying loans, and the Adviser and Sub-Adviser do not have any particularized relationships with LAF providers or CLO
managers, as all such transactions are expected to be conducted on an arms-length basis. The Fund is not subject to any tranche-specific or term-specific capital commitment terms in connection with its LAF investments. Investments in LAFs have risks
similar to those applicable to investments in CLOs. Leverage is typically used in such a facility and, as such, the potential risk of loss will be increased for such facilities employing leverage. The Fund likely will have no consent rights in
respect of the loans to be acquired in such a facility and, in the event the Fund does have any consent rights, they will be limited. In the event a planned CLO is not consummated or the loans are not eligible for purchase by the CLO, the Fund may
be responsible for either holding or disposing of the loans. This could expose the Fund primarily to credit and/or mark-to-market losses, and other risks.

•  ***Currency Risk.*** Although the Fund primarily makes investments denominated in U.S. dollars, the
Fund may make investments denominated in other currencies. The Fund's investments denominated in currencies other than U.S. dollars will be subject to the risk that the value of such currency will decrease in relation to the U.S. dollar. The
Fund intends to hedge currency risk.

•  ***Hedging Risk.*** Hedging transactions seeking to reduce risks may result in poorer overall
performance than if the Fund had not engaged in such hedging transactions. The use of hedging may not be successful, and certain of the Fund's hedging transactions may not perform as expected, which may prevent the Fund from realizing the
intended benefits, and could result in a loss to the Fund. Additionally, such transactions may not fully hedge the relevant risks.

•  ***Reinvestment Risk.*** CLOs will typically generate cash from asset repayments and sales that may be
reinvested in substitute assets, subject to compliance with applicable investment tests. If the CLO collateral manager causes the CLO to purchase substitute assets at a lower yield than those initially acquired (for example, during periods of loan
compression or as may be required to satisfy a CLO's covenants) or sale proceeds are maintained temporarily in cash, it would reduce the excess interest-related cash flow, thereby having a negative effect on the fair value of the Fund's
assets and the market value of the Fund's securities, and potentially limiting the Fund's ability to make distributions to the Fund's common shareholders or payments on the Fund's preferred shares or debt securities (if any).
In addition, the reinvestment period for a CLO may terminate early, which would cause the holders of the CLO's securities to receive principal payments earlier than anticipated. There can be no assurance that the Fund will be able to reinvest
such amounts in an alternative investment that provides a comparable return relative to the credit risk assumed.

•  ***Interest Rate Risk*.** The price of certain of the Fund's investments may be
significantly affected by changes in interest rates, including increases and decreases in interest rates caused by governmental actions and/or other factors. In general, rising interest rates will negatively affect the price of a fixed-rate
instrument and falling interest rates will have a positive effect on the price of a fixed-rate instrument. If general interest rates rise, there is a risk that the Fund's floating rate investments (or an issuer's underlying obligors)
will be unable to pay escalating interest amounts, which could result in a default under their loan

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documents and credit losses to the Fund. Rising interest rates could also cause issuers to shift cash from other productive uses to the payment of interest, which may have a material adverse effect on their business and operations and could, over time, lead to increased defaults. If interest rates fall, the Fund's floating rate investments would generally be expected to generate a lower rate of income. <br>

•  ***Tax Risk.*** If the Fund fails to qualify for tax treatment as a RIC under Subchapter M of the Code
for any reason or otherwise becomes subject to corporate income tax, the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distributions to shareholders, including holders of the
Fund's preferred shares (if any), and the amount of income available for payment of the Fund's other liabilities.

•  ***Derivatives Risk.*** Derivative instruments in which the Fund may invest may be volatile and
involve various risks different from, and in certain cases greater than, the risks presented by other instruments. The primary risks related to derivative transactions include counterparty, correlation, liquidity, leverage, volatility, over-the-counter ("OTC") trading, operational and legal risks. In addition, a small investment in derivatives could have a large potential impact on the
Fund's performance, effecting a form of investment leverage on the Fund's portfolio. In certain types of derivative transactions, the Fund could lose the entire amount of the Fund's investment; in other types of derivative
transactions, the potential loss is theoretically unlimited.

•  ***Counterparty Risk.*** The Fund may be exposed to counterparty risk, which could make it difficult
for the Fund or the CLOs in which the Fund invests to collect on obligations, thereby resulting in potentially significant losses.

•  ***Shares Not Listed; No Market for Shares*.** Shares are not traded on any national securities
exchange or other market. No market currently exists for the Shares, and the Fund contemplates that one will not develop. The Shares are, therefore, not readily marketable.

•  ***Closed-end Fund; Liquidity Risks*.** The Fund is a non-diversified closed-end management investment company designed primarily for long-term investors and is not intended to be a trading vehicle. An investor should not invest
in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that
investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV.

•  ***Repurchase Offers Risk.*** Although the Fund intends to implement a quarterly share repurchase
program, there is no guarantee that investors will be able to sell all of the Shares they desire to sell. Accordingly, the Fund should be considered an illiquid investment.

•  ***Non-Diversified Status.*** The Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means that it is not subject to percentage limitations under the 1940 Act on the percentage of its assets that may be invested in
the securities of any one issuer. The Fund's NAV may therefore be subject to greater volatility than that of an investment company that is subject to such a limitation on diversification. In addition, while the Fund is a "non-diversified" fund for purposes of the 1940 Act, the Fund intends to maintain its qualification to be treated as a regulated investment company ("RIC") under the Code. To qualify as a RIC
under the Code, the Fund must, among other things, diversify its holdings so that, at the end of each quarter of each taxable year, (A) at least 50% of the value of the Fund's assets is represented by cash, cash items, U.S. government
securities, securities of other regulated investment companies and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total
assets and 10% of the outstanding voting securities of such issuer and (B) not more than 25% of the value of the Fund's total assets is invested in the securities (other than U.S. government securities and the securities of other
regulated investment companies) of (1) any one issuer, (2) any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses, or (3) any one or more
"qualified publicly traded partnerships."

Accordingly, the Fund should be considered a speculative investment that entails substantial risks, and prospective investors should invest in the Fund only if they can sustain a complete loss of their investment.

**SUMMARY OF FEES AND EXPENSES** 

The following table illustrates the fees and expenses that you may pay if you buy, hold and sell Shares. You may qualify for sales charge discounts or waivers if you and your family invest, or agree to invest in the future, at least $100,000 in Class A Shares or Class T Shares. More information about these and other discounts or waivers is available from your financial professional, in the section "Sales Charges—Class A Shares and Class T shares" on page 64 of the Prospectus. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, that are not reflected in the table and examples below.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **SHAREHOLDER TRANSACTION EXPENSES** | **Class I** | **Class A** | **Class T** |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum Sales Charge (Load) Imposed on Purchases<sup>1</sup> |  | 5.75% | 3.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum Contingent Deferred Sales Charge (Load) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **ANNUAL FUND EXPENSES**<br> (as a percentage of average net assets attributable to Shares<br> (*i.e.*, common shares)) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management Fee | 1.35% | 1.35% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Incentive Fee<sup>2</sup> | -% | -% | -% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Expenses<sup>3</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution and Service (12b-1) Fee<sup>4</sup> |  |  | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder Servicing Fee |  | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Operating Expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99% | 4.95% | 4.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses | 2.34% | 6.55% | 7.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee Waiver and/or Expense Reimbursement<sup>5</sup> |  | (3.95%) | (3.95%) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Annual Fund Operating Expenses | 2.34% | 2.60% | 3.10% |

---

<sup>1</sup> Investors purchasing Class A and Class T Shares may be subject to a sales load of up to 5.75% and 3.00%, respectively, of the purchase amount. The table assumes the maximum sales load is charged. The Fund may waive all or a portion of the sales load for certain investors as disclosed herein. While Class I Shares are not subject to a front-end sales charge, if an investor purchases Class I Shares through certain financial firms, such firms may directly charge the investor transaction or other fees in such amount as they may determine. Investors should consult their financial firm for additional information. 

<sup>2</sup> The Fund anticipates that it may have interest income that could result in the payment of an Incentive Fee to the Adviser during certain periods. However, the Incentive Fee is based on the Fund's performance and will not be paid unless the Fund achieves certain performance targets. The Fund expects the Incentive Fee the Fund pays to increase to the extent the Fund earns greater interest income through its investments. The Incentive Fee is calculated and payable quarterly in arrears based upon the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund's Net Assets, equal to 1.875% per quarter, or an annualized hurdle rate of 7.50%, subject to a "catch-up" feature. See "Management and Incentive Fees" for a full explanation of how the Incentive Fee is calculated. 

<sup>3</sup> "Other Expenses" are based on estimated amounts for the current fiscal year. 

<sup>4</sup> The Fund may charge a distribution and service fee totaling up to 0.50% per year on Class T Shares, which may include up to 0.25% of the average daily net assets of the Fund's Class T shares for shareholder services. 

<sup>5</sup> The Adviser has contractually agreed to waive fees and/or pay operating expenses in order to limit the Fund's total expenses (excluding brokerage and other investment-related costs, interest, taxes, dues, fees and other charges of governments and their agencies, extraordinary expenses such as litigation and indemnification, other expenses not incurred in the ordinary course of the Fund's business and acquired fund fees and expenses) to 2.60% of the Fund's average daily net assets for Class A shares, 2.35% for Class I shares and 3.10% for Class T shares. The expense limitation agreement is in place until January 31, 2027 and may not be terminated by the Adviser prior to that date. The expense limitation agreement may be revised or terminated by the Fund's board of trustees if the board consents to a revision or termination as being in the best interests of the Fund. The Adviser is entitled to recoup from the Fund or class the fees and/or operating expenses. 

Example:

The following example demonstrates the projected dollar amount of total expenses that would be incurred over various periods with respect to a hypothetical investment in the Fund. In calculating the following expense amounts, the Fund has assumed its direct and indirect annual operating expenses would remain at the percentage levels set forth in the table above.

An investor would pay the following expenses on a $1,000 investment, assuming a 5.0% annual return:

**If your shares are repurchased at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  Class I | $24 | $73 | $125 | $267 |
|  Class A | $586 | $642 | $696 | $825 |
|  Class T | $322 | $421 | $516 | $736 |

---

**If your shares are not repurchased at the end of each period:** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **Share Class** | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
|  Class I | $24 | $73 | $125 | $267 |
|  Class A | $586 | $642 | $696 | $825 |
|  Class T | $322 | $421 | $516 | $736 |

---

**The example and the expenses in the tables above should not be considered a representation of the Fund's future expenses, and actual expenses may be greater or less than those shown**. While the example assumes a 5.0% annual return, as required by the SEC, the Fund's performance will vary and may result in a return greater or less than 5.0%. For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see "Fund Expenses" and "Management Fee and Incentive Fee."

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**FINANCIAL HIGHLIGHTS** 

Because the Fund has not yet commenced operations, no financial highlights are shown.

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**THE FUND** 

The Fund is a non-diversified, closed-end management investment company that is registered under the 1940 Act. The Fund is structured as an "interval fund" and continuously offers its Shares. The Fund was organized as a Delaware statutory trust on September 23, 2025. The principal office of the Fund is located at 250 Nicollet Mall, Suite 1550, Minneapolis, Minnesota 55401, and its telephone number is 612-376-7000.

**THE ADVISER AND SUB-ADVISER** 

RBC Global Asset Management (U.S.) Inc., 250 Nicollet Mall, Suite 1550, Minneapolis, MN 55401, United States of America, an investment adviser registered with the SEC under the Advisers Act, serves as the investment adviser to the Fund. RBC Global Asset Management (UK) Limited, 100 Bishopsgate, London EC2N 4AA, United Kingdom, an investment adviser registered with the SEC under the Advisers Act, serves as the investment sub-adviser to the Fund. The Adviser and the Sub-Adviser have day-to-day management responsibility for the management and investment of the Fund's portfolio. The Adviser was formed in 1983 and provides advisory services to registered investment companies, unregistered funds, institutions, and other investors. As of December 31, 2025, the Adviser had assets under management of approximately $71.6 billion. The Adviser is a wholly owned subsidiary of Royal Bank of Canada ("RBC")

The Sub-Adviser was formed in 1998 and provides advisory services to registered investment companies, unregistered funds, institutions, and other investors. As of December 31, 2025, the Sub-Adviser had assets under management of approximately $181.3 billion. The Sub-Adviser is a wholly owned subsidiary of RBC.

**USE OF PROCEEDS** 

The proceeds from the sale of Shares are invested by the Fund to pursue its investment program and strategies. The Fund currently intends to fully invest substantially all of the net proceeds of its continuous offering in accordance with its investment objectives and policies within three months after receipt thereof. However, certain investments may be delayed up to an additional three months if suitable investments are unavailable at the time or for other reasons, such as market volatility and lack of liquidity in the markets of suitable investments.

**INVESTMENT OBJECTIVE AND STRATEGIES** 

**Investment Objective** 

The Fund seeks to provide total return primarily consisting of income. The Fund's investment objective is not fundamental and may be changed without shareholder approval.

**Investment Opportunities and Strategies** 

In pursuing its investment objective, the Fund invests primarily in equity and junior debt tranches of CLOs, issued in the U.S. or European markets that are collateralized by a portfolio consisting primarily of below investment grade senior secured loans with a large number of distinct underlying borrowers across various industry sectors. The Fund may also invest in other related securities and instruments or other securities and investments that are consistent with the Fund's investment objectives, including LAFs, CMBS, RMBS, ABS, leveraged loans, money market instruments and securities issued or guaranteed by the U.S. Treasury. The Fund's investments in RMBS and ABS will span a broad segment of consumer creditworthiness segments, which will include exposure to prime, near-prime, and subprime consumers. The Fund may invest without limit in below investment grade fixed income instruments, which are commonly referred to as "junk" or "high-yield" instruments and are regarded as speculative with respect to the issuer's ability to pay interest and repay principal. The Fund may also engage in derivative transactions from time to time to hedge against interest rate, credit, currency and/or other risks, or for other risk management or investment purposes, including to accommodate additional investments. Over the long term and under normal market conditions, management expects at least 70% of the Fund's investment portfolio to comprise CLO investments and the rest, if any, to comprise other credit investments and short-term investments. Such target allocations are subject to change without prior approval of or notice to shareholders. The CLO securities in which the Fund primarily seeks to invest are rated below investment grade or, in the case of CLO equity securities, unrated, and are considered speculative with respect to timely payment of interest and repayment of principal. Unrated and below investment grade securities are also sometimes referred to as "junk" securities. In addition, the CLO equity and debt securities in which the Fund invests are highly leveraged (with CLO equity securities typically being leveraged approximately ten times), which significantly magnifies the Fund's risk of loss on such investments.

The foregoing descriptions of the Fund's investment objectives and strategies do not reflect fundamental policies of the Fund and may be changed by the Board without prior approval of the Fund's shareholders.

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The Fund seeks to make investments in the primary and secondary markets. In the primary CLO market (i.e., acquiring securities at the inception of a CLO), the Fund seeks to invest in CLO securities that the Adviser or Sub-Adviser believes have the potential to generate attractive risk-adjusted returns and to outperform other similar CLO securities issued within the respective vintage period. In the secondary CLO market (i.e., acquiring existing CLO securities), the Fund seeks to invest in CLO securities that the Adviser or Sub-Adviser believes have the potential to generate attractive risk-adjusted returns.

The Adviser and Sub-Adviser incorporate material environmental, social and governance ("ESG") factors as part of the investment process for applicable types of investments. The ESG factors deemed material to the Fund are at the discretion of the Adviser and Sub-Adviser.

The Adviser and Sub-Adviser will not knowingly invest in companies involved in the production, sales/trade, testing, research and development, system integration, maintenance, or maintenance/service management of anti-personnel land mines, cluster munitions, biological weapons, chemical weapons, or depleted uranium.

**Portfolio Composition** 

The Fund's portfolio will consist primarily of:

***Collateralized Loan Obligations***. The Fund invests primarily in equity and junior debt tranches of CLOs, issued in the U.S. or European markets that are collateralized by a portfolio consisting primarily of below investment grade senior secured loans with a large number of distinct underlying borrowers across various industry sectors. CLOs are generally required to hold a portfolio of assets that is highly diversified by underlying borrower and industry and that is subject to a variety of asset concentration limitations. Most CLOs are non-static, revolving structures that generally allow for reinvestment over a specific period of time (the "reinvestment period," which is typically up to five years). The terms and covenants of a typical CLO structure are, with certain exceptions, based primarily on the cash flow generated by, and the par value (as opposed to the market price or fair value) of, the collateral. These covenants include collateral coverage tests, interest coverage tests and collateral quality tests. A CLO funds the purchase of a portfolio of primarily senior secured loans via the issuance of CLO securities in the form of multiple, primarily floating rate, debt tranches. The CLO debt tranches typically are rated "AAA" (or its equivalent) at the most senior level down to "BB" or "B" (or its equivalent), which is below investment grade, at the junior level by Moody's, S&P and/or Fitch. The interest rate on the CLO debt tranches is the lowest at the AAA-level and generally increases at each level down the rating scale. The CLO equity tranche is unrated and typically represents approximately 8% to 11% of a CLO's capital structure. Below investment grade and unrated securities are sometimes referred to as "junk" securities. CLOs have two priority-of-payment schedules (commonly called "waterfalls") that are detailed in a CLO's indenture and govern how cash generated from a CLO's underlying collateral is distributed to the CLO's equity and debt investors. The interest waterfall applies to interest payments received on a CLO's underlying collateral. The principal waterfall applies to cash generated from principal on the underlying collateral, primarily through loan repayments and the proceeds from loan sales or maturities. Through the interest waterfall, any excess interest-related cash flow available after the required quarterly interest payments to CLO debt investors are made and certain CLO expenses (such as administration and collateral management fees) are paid is then distributed to the CLO's equity investors each quarter, subject to compliance with certain tests. A CLO's indenture typically requires that the maturity dates of a CLO's assets, typically five to seven years from the date of issuance of a senior secured loan, be shorter than the maturity date of the CLO's liabilities, typically 12 to 13 years from the date of issuance. However, CLO investors do face reinvestment risk with respect to a CLO's underlying portfolio. In addition, in most CLO transactions, CLO debt investors are subject to prepayment risk in that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, which would cause the CLO's outstanding CLO debt securities to be repaid at par.

***Residential Mortgage-Backed Securities***. RMBS are fixed income instruments that may be secured by interests in a single residential mortgage loan or a pool of mortgage loans secured by residential property. The Fund may purchase, without limitation, RMBS that may be senior, subordinate, interest-only, principal-only, investment-grade, non-investment grade, unrated or in default. The Fund acquires RMBS from private originators as well as from other mortgage loan investors, including savings and loan associations, mortgage bankers, commercial banks, finance companies and investment banks. The credit quality of any RMBS issue depends primarily on the credit quality of the underlying mortgage loans. The investment characteristics of RMBS differ from traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that principal may be prepaid at any time because the underlying residential mortgage loans or other assets generally may be prepaid at any time.

***Commercial Mortgage-Backed Securities***. CMBS are fixed income instruments that are secured by mortgage loans on commercial real property. CMBS typically take the form of multi-class debt or pass-through certificates secured by mortgage loans on commercial properties. They generally are structured to provide protection to investors in senior tranches against potential losses on the underlying mortgage loans. Such protection generally is provided by causing holders of Subordinated CMBS to take the first loss in the event of defaults on the underlying commercial mortgage loans. Other protection, which may benefit all of the classes or particular classes, may include issuer guarantees, reserve funds, additional Subordinated CMBS, cross-collateralization and over-collateralization. The Fund may invest in CMBS of any credit quality, including, without limitation, Subordinated CMBS, CMBS that are rated below investment grade or unrated, and CMBS that are in default.

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***Asset-Backed Securities.*** ABS are a form of structured debt obligation. The securitization techniques used for ABS are similar to those used for mortgage-backed securities. ABS are bonds backed by pools of loans or other receivables. The collateral for these securities may include home equity loans, automobile and credit card receivables, boat loans, computer leases, airplane leases, mobile home loans, recreational vehicle loans and hospital account receivables. The Fund may invest in these and other types of ABS that may be developed in the future. ABS present certain risks that are not presented by mortgage-related securities. Primarily, these securities may provide the Fund with a less effective security interest in the related collateral than do mortgage-related securities. Therefore, there is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these securities.

***Leveraged Loans.*** Leveraged loans are senior secured loans extended to companies with higher levels of debt, often used to finance acquisitions, recapitalizations, or other corporate activities. These loans generally feature floating interest rates, which adjust periodically based on a reference rate. Leveraged loans may allow the Fund to quickly reallocate capital in response to shifts in credit markets, interest rates, or issuer fundamentals. The Fund may also diversify across industries, issuers, and maturities to manage risk and enhance return potential.

***High Yield Securities***. The Fund may invest in below investment grade bonds of corporate issuers. These "high-yield" securities (also known as "junk bonds") will be rated BB+ or lower by S&P or will be of equivalent quality rating from another NRSRO, or if unrated, considered by the Adviser to be of comparable quality. There is no minimum credit quality for securities in which the Fund may invest. The Fund will not acquire defaulted bonds of corporate issuers but may hold such securities in the event that an issuer defaults.

***Derivatives.*** Derivatives, which are instruments that have a value based on another instrument, exchange rate or index, may be used as substitutes for securities in which the Fund can invest. The Fund uses derivatives to gain or adjust exposure to markets, sectors, securities and currencies and to manage exposure to risks relating to creditworthiness, interest rate spreads, volatility and changes in yield curves. In certain market environments, the Fund may use interest rate swaps and futures contracts to help protect its portfolio from interest rate risk. The Fund may also utilize foreign currency transactions, including currency options and forward currency contracts, to hedge non-U.S. Dollar investments or to establish or adjust exposure to particular foreign securities, markets or currencies.

***Money Market Instruments.*** Money market instruments are high quality short-term debt securities. Money market instruments in which the Fund may invest may include obligations of governments, government agencies, banks, corporations and special purpose entities including time deposits and certificates of deposit and repurchase agreements relating to these obligations.

***U.S. Government Securities.*** U.S. Government securities are obligations of and, in certain cases, guaranteed by, the U.S. Government, its agencies or instrumentalities. The U.S. Government does not guarantee the NAV of the Fund's Shares. Some U.S. Government securities, such as Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association, are supported by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage Association, are supported by the discretionary authority of the U.S. Government to purchase the agency's obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. U.S. Government securities may include zero-coupon securities, which do not distribute interest on a current basis and tend to be subject to greater risk than interest-paying securities of similar maturities.

***Leverage*.** The Fund may use leverage as and to the extent permitted by the 1940 Act. The Fund expects to obtain leverage primarily through reverse repurchase agreements but may also use any other form of financial leverage instruments, including funds borrowed from banks or other financial institutions, margin facilities, notes or preferred shares and leverage attributable to reverse repurchase agreements or similar transactions. Certain instruments that create leverage are considered to be senior securities under the 1940 Act. With respect to senior securities representing indebtedness (*i.e.*, borrowing or deemed borrowing), other than temporary borrowings as defined under the 1940 Act, the Fund is required under current law to have an asset coverage of at least 300%, as measured at the time of borrowing and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness. With respect to senior securities that are equity (*i.e.*, preferred shares), the Fund is required under current law to have an asset coverage of at least 200%, as measured at the time of the issuance of any such preferred shares and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding preferred shares.

The Fund expects that it will, or that it may need to, raise additional capital in the future to fund its continued growth, and the Fund may do so by borrowing under credit facilities, issuing additional preferred shares or issuing debt securities, or through other leveraging instruments. Subject to the limitations under the 1940 Act, the Fund may incur additional leverage opportunistically or not at all and may choose to increase or decrease its leverage. The Fund may use different types or combinations of leveraging instruments at any time based on the Adviser's assessment of market conditions and the investment environment, including forms of leverage other than preferred shares, debt securities and/or credit facilities. In addition, the Fund may borrow for temporary, emergency or other purposes as permitted under the 1940 Act, which indebtedness would generally not be subject to the asset coverage requirements described above.

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By leveraging the Fund's investment portfolio, the Fund may create an opportunity for increased net income and capital appreciation. However, the use of leverage also involves significant risks and expenses, which will be borne entirely by the Fund's shareholders, and the Fund's leverage strategy may not be successful. For example, the more leverage is employed, the more likely a substantial change will occur in the NAV per share of the Fund's Shares.

Since the Management Fee and Incentive Fee are calculated based on the Fund's average daily net assets, any leverage employed by the Fund will be offset by a corresponding liability in the calculation of the Management Fee and Incentive Fee. Accordingly, to the extent the Fund employs leverage, the Adviser will not be paid on Fund assets attributable to leverage. The Fund may use leverage opportunistically and may use different types, combinations or amounts of leverage over time, based on the Adviser's views concerning market conditions and investment opportunities. The Fund's strategies relating to its use of leverage may not be successful, and the Fund's use of leverage will cause the Fund's NAV to be more volatile than it would otherwise be. There can be no guarantee that the Fund will leverage its assets or, to the extent the Fund uses leverage, what percentage of its assets such leverage will represent.

**TYPES OF INVESTMENTS AND RELATED RISKS** 

*Investing in the Fund's securities involves a number of significant risks. In addition to the other information contained in this Prospectus, you should consider carefully the following information before making an investment in the Fund's securities. The risks set out below are not the only risks the Fund faces. Additional risks and uncertainties not presently known to the Fund or not presently deemed material by the Fund might also impair the Fund's operations and performance and the value of the Fund's securities. If any of the events associated with the following risks occur, the Fund's business, financial condition and results of operations could be materially adversely affected and the value of the Fund's securities may be impaired. In such case, the price of the Fund's securities could decline, and you may lose all or part of your investment.* 

**Risks Related to the Fund's Investments** 

***Limited Operating History Risk.***

The Fund is a non-diversified, closed-end management investment company with limited operating history. As a result, the Fund does not have significant financial information on which you can evaluate an investment in the Fund or its prior performance. The Fund is subject to all of the business risks and uncertainties associated with any new business, including the risk that the Fund will not achieve the Fund's investment objectives, achieve its desired portfolio composition, or raise sufficient capital and that the value of your investment could decline substantially or become worthless. The Fund currently anticipates investing proceeds from the sale of its Shares within three to six months of the receipt of such proceeds, depending on the availability of appropriate investment opportunities consistent with the Fund's investment objectives and market conditions. During this period, the Fund will invest in temporary investments, such as cash, cash equivalents, U.S. Government securities and other high-quality debt investments that mature in one year or less. The Fund expects returns on such temporary investments to be substantially lower than the returns that the Fund anticipates earning from investments in CLO securities and related investments.

***Non-Diversified Status.***

The Fund is a "non-diversified" investment company for purposes of the 1940 Act, which means that it is not subject to percentage limitations under the 1940 Act on the percentage of its assets that may be invested in the securities of any one issuer. The Fund's NAV may therefore be subject to greater volatility than that of an investment company that is subject to such a limitation on diversification. In addition, while the Fund is a "non-diversified" fund for purposes of the 1940 Act, the Fund intends to maintain its qualification to be treated as a regulated investment company ("RIC") under the Code. To qualify as a RIC under the Code, the Fund must, among other things, diversify its holdings so that, at the end of each quarter of each taxable year, (A) at least 50% of the value of the Fund's assets is represented by cash, cash items, U.S. government securities, securities of other regulated investment companies and other securities, with such other securities of any one issuer limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and 10% of the outstanding voting securities of such issuer and (B) not more than 25% of the value of the Fund's total assets is invested in the securities (other than U.S. government securities and the securities of other regulated investment companies) of (1) any one issuer, (2) any two or more issuers that the Fund controls and that are determined to be engaged in the same business or similar or related trades or businesses, or (3) any one or more "qualified publicly traded partnerships."

***Failure to Raise Sufficient Capital Risk.***

The amount of proceeds the Fund raises in the offering may be substantially less than the amount the Fund would need to create its desired portfolio of investments, and the Fund may not achieve the economies of scale necessary to operate in a cost effective manner. If the Fund is unable to raise substantial funds, the Fund will make fewer investments resulting in less diversification in terms of the type, number and size of investments that it makes. As a result, the value of a shareholder's investment may be reduced in the event the

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Fund's assets underperform. Moreover, the potential impact of any single asset's performance on the overall performance of the portfolio increases. In addition, the Fund's ability to achieve its investment objective could be hindered, which could result in a lower return on the investments. Further, the Fund has certain fixed operating expenses, including certain expenses as a closed-end management investment company, regardless of whether the Fund is able to raise substantial funds in this offering. The Fund's inability to raise substantial funds would increase its fixed operating expenses as a percentage of gross income, causing shareholders to incur higher fees, reducing the Fund's net income and limiting the Fund's ability to make distributions.

***Senior Secured Loans Risk.***

The Fund obtains exposure to underlying senior secured loans through the Fund's investments in CLOs but also may obtain such exposure directly or indirectly through other means from time to time. Such loans may become nonperforming or impaired for a variety of reasons. Nonperforming or impaired loans may require substantial workout negotiations or restructuring that may entail a substantial reduction in the interest rate and/or a substantial write-down of the principal of the loan. In addition, because of the unique and customized nature of a loan agreement and the private syndication of a loan, certain loans may not be purchased or sold as easily as publicly traded securities, and, historically, the trading volume in the loan market has been small relative to other markets. Loans may encounter trading delays due to their unique and customized nature, and transfers may require the consent of an agent bank and/or borrower. Risks associated with senior secured loans include the fact that prepayments generally may occur at any time without premium or penalty.

In addition, the portfolios of certain CLOs in which the Fund invests may contain middle-market loans. Loans to middle-market companies may carry more inherent risks than loans to larger, publicly traded entities. These companies generally have more limited access to capital and higher funding costs, may be in a weaker financial position, may need more capital to expand or compete, and may be unable to obtain financing from public capital markets or from traditional sources, such as commercial banks. Middle-market companies typically have narrower product lines and smaller market shares than large companies. Therefore, they tend to be more vulnerable to competitors' actions and market conditions, as well as general economic downturns. These companies may also experience substantial variations in operating results. The success of a middle-market business may also depend on the management talents and efforts of one or two persons or a small group of persons. The death, disability or resignation of one or more of these persons could have a material adverse impact on the obligor. Accordingly, loans made to middle-market companies may involve higher risks than loans made to companies that have greater financial resources or are otherwise able to access traditional credit sources. Middle-market loans are less liquid and have a smaller trading market than the market for broadly syndicated loans and may have default rates or recovery rates that differ (and may be better or worse) than has been the case for broadly syndicated loans or investment grade securities. There can be no assurance as to the levels of defaults and/or recoveries that may be experienced with respect to middle-market loans in any CLO in which the Fund may invest. As a consequence of the forgoing factors, the securities issued by CLOs that primarily invest in middle-market loans (or hold significant portions thereof) are generally considered to be a riskier investment than securities issued by CLOs that primarily invest in broadly syndicated loans.

Covenant-lite loans may comprise a significant portion of the senior secured loans underlying the CLOs in which the Fund invests. Over the past decade, the senior secured loan market has evolved from one in which covenant-lite loans represented a minority of the market to one in which such loans represent a significant majority of the market. Generally, covenant-lite loans provide borrower companies more freedom to negatively impact lenders because their covenants are incurrence-based, which means they are only tested and can only be breached following an affirmative action of the borrower, rather than by a deterioration in the borrower's financial condition. Accordingly, to the extent that the CLOs in which the Fund invests hold covenant-lite loans, the Fund's CLOs may have fewer rights against a borrower and may have a greater risk of loss on such investments as compared to investments in or exposure to loans with financial maintenance covenants.

***Collateralized Loan Obligations and Other Structured Products Risk.***

The Fund's investments consist primarily of CLO securities, and the Fund may invest in other related structured finance securities. CLOs and structured finance securities are generally backed by an asset or a pool of assets (typically senior secured loans and other credit-related assets in the case of a CLO) that serve as collateral. The Fund and other investors in CLO and related structured finance securities ultimately bear the credit risk of the underlying collateral. In most CLOs, the structured finance securities are issued in multiple tranches, offering investors various maturity and credit risk characteristics, often categorized as senior, mezzanine and subordinated/equity according to their degree of risk. If there are defaults or the relevant collateral otherwise underperforms, scheduled payments to senior tranches of such securities take precedence over those of the junior tranches that are the focus of the Fund's investment strategy, and scheduled payments to junior tranches have a priority in right of payment to subordinated/equity tranches.

CLO and other structured finance securities may present risks similar to those of the other types of debt obligations and, in fact, such risks may be of greater significance in the case of CLO and other structured finance securities. For example, investments in structured vehicles, including collateralized bond obligations ("CBOs") and equity and junior debt securities issued by CLOs, involve risks, including credit risk and market risk. Changes in interest rates and credit quality may cause significant price fluctuations. A CBO is a

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trust that is often backed by a diversified pool of high risk, below investment grade fixed income securities. The collateral can be from many different types of fixed income securities, such as high yield debt, residential privately issued mortgage-related securities, commercial privately issued mortgage-related securities, trust preferred securities and emerging market debt. The pool of high yield securities underlying CBOs is typically separated into tranches representing different degrees of credit quality. The higher quality tranches have greater degrees of protection and pay lower interest rates, whereas the lower tranches, with greater risk, pay higher interest rates.

In addition to the general risks associated with investing in debt securities, CLO securities carry additional risks, including: (1) the possibility that distributions from collateral assets will not be adequate to make interest or other payments; (2) the quality of the collateral may decline in value or default; (3) the Fund's investments in CLO equity and junior debt tranches will likely be subordinate in right of payment to other senior classes of CLO debt; and (4) the complex structure of a particular security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results. Changes in the collateral held by a CLO may cause payments on the instruments the Fund holds to be reduced, either temporarily or permanently. Structured investments, particularly the subordinated interests in which the Fund invests, are less liquid than many other types of securities and may be more volatile than the assets underlying the CLOs the Fund may target. In addition, CLO and other structured finance securities may be subject to prepayment risk. Further, the performance of a CLO or other structured finance security may be adversely affected by a variety of factors, including the security's priority in the capital structure of the issuer thereof, the availability of any credit enhancement, the level and timing of payments and recoveries on and the characteristics of the underlying receivables, loans or other assets that are being securitized, remoteness of those assets from the originator or transferor, the adequacy of and ability to realize upon any related collateral and the capability of the servicer of the securitized assets. There are also the risks that the trustee of a CLO does not properly carry out its duties to the CLO, potentially resulting in loss to the CLO. In addition, the complex structure of the security may produce unexpected investment results, especially during times of market stress or volatility. Investments in structured finance securities may also be subject to liquidity risk.

*<u>The Fund's investments in the primary CLO market involve certain additional risks.</u>* 

Between the pricing date and the effective date of a CLO, the CLO collateral manager will generally expect to purchase additional collateral obligations for the CLO. During this period, the price and availability of these collateral obligations may be adversely affected by a number of market factors, including price volatility and availability of investments suitable for the CLO, which could hamper the ability of the collateral manager to acquire a portfolio of collateral obligations that will satisfy specified concentration limitations and allow the CLO to reach the target initial par amount of collateral prior to the effective date. An inability or delay in reaching the target initial par amount of collateral may adversely affect the timing and amount of interest or principal payments received by the holders of the CLO debt securities and distributions on the CLO equity securities, and could result in early redemptions which may cause CLO equity and debt investors to receive less than the face value of their investment.

*<u>Failure by a CLO in which the Fund is invested to satisfy certain tests will harm the Fund's operating results.</u>*

The failure by a CLO in which the Fund invests to satisfy financial covenants, including with respect to adequate collateralization and/or interest coverage tests, would lead to a reduction in its payments to the Fund. If a CLO fails certain tests, holders of CLO senior debt would be entitled to additional payments that would, in turn, reduce the payments the Fund, as a holder of junior debt or equity tranches, would otherwise be entitled to receive. Separately, the Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting CLO or any other investment the Fund may make. If any of these occur, it could materially and adversely affect the Fund's operating results and cash flows.

*<u>Negative loan ratings migration may also place pressure on the performance of certain of the Fund's investments</u>****<u>.</u>*** 

Per the terms of a CLO's indenture, assets rated "CCC+" or lower or their equivalent in excess of applicable limits typically do not receive full par credit for purposes of calculation of the CLO's overcollateralization tests. As a result, negative rating migration could cause a CLO to be out of compliance with its overcollateralization tests. This could cause a diversion of cash flows away from the CLO equity and junior debt tranches in favor of the more senior CLO debt tranches until the relevant overcollateralization test breaches are cured. This could have a negative impact on the Fund's NAV and cash flows.

*<u>The Fund's investments in CLOs and other investment vehicles result in additional expenses to the Fund.</u>* 

The Fund invests in CLO securities and may invest, to the extent permitted by law, in the securities and other instruments of other investment companies, including private funds, and, to the extent the Fund so invests, it will bear the Fund's ratable share of a CLO's or any such investment vehicle's expenses, including management and performance fees. In addition to the management and performance fees borne by the Fund's investments in CLOs, the Fund also remains obligated to pay management and incentive fees to the Adviser with respect to the assets invested in the securities and other instruments of other investment vehicles, including CLOs. With respect to each of these investments, shareholders bear their respective shares of the management and incentive fee of the Adviser as

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well as indirectly, the management and performance fees charged by the underlying adviser and other expenses of any investment vehicles in which the Fund invests.

In the course of the Fund's investing activities, the Fund pays management and incentive fees to the Adviser and reimburses the Adviser for certain expenses it incurs. As a result, shareholders invest on a "gross" basis and receive distributions on a "net" basis after expenses, potentially resulting in a lower rate of return than an investor might achieve through direct investments.

*<u>The Fund's investments in CLO securities may be less transparent to the Fund and its shareholders than direct investments in the collateral.</u>* 

The Fund invests primarily in equity and junior debt tranches of CLOs and other related investments. Generally, there may be less information available to the Fund regarding the collateral held by such CLOs than if the Fund had invested directly in the debt of the underlying obligors. As a result, the Fund's shareholders do not know the details of the collateral of the CLOs in which the Fund invests or receive the reports issued with respect to such CLO. In addition, no independent public accountant audits, reports or expresses an opinion on any of the information contained in certain monthly reports or any other financial information furnished to the Fund as a noteholder in a CLO. The Fund's CLO investments are also subject to the risk of leverage associated with the debt issued by such CLOs and the repayment priority of senior debt holders in such CLOs.

*<u>CLO investments involve complex documentation and accounting considerations.</u>* 

CLOs and other structured finance securities in which the Fund invests are often governed by a complex series of legal documents and contracts. As a result, the risk of dispute over interpretation or enforceability of the documentation may be higher relative to other types of investments.

The accounting and tax implications of the CLO investments that the Fund makes are complicated. In particular, reported earnings from CLO equity securities are recorded under U.S. generally accepted accounting principles, ("GAAP") based upon an effective yield calculation. Current taxable earnings on certain of these investments, however, will generally not be determinable until after the end of the fiscal year of each individual CLO that ends within the Fund's fiscal year, even though the investments are generating cash flow throughout the fiscal year. The tax treatment of certain of these investments may result in higher distributable earnings in the early years and a capital loss at maturity, while for reporting purposes the totality of cash flows is reflected in a constant yield to maturity.

*<u>The Fund is dependent on the collateral managers of the CLOs in which it invests, and those CLOs are generally not registered under the 1940 Act.</u>* 

The Fund relies on CLO collateral managers to administer and review the portfolios of collateral they manage. The actions of the CLO collateral managers may significantly affect the return on the Fund's investments; however, the Fund, as an investor of the CLO, typically does not have any direct contractual relationship with the collateral managers of the CLOs in which it invests. The ability of each CLO collateral manager to identify and report on issues affecting its securitization portfolio on a timely basis could also affect the return on the Fund's investments, as the Fund may not be provided with information on a timely basis in order to take appropriate measures to manage the Fund's risks. The Fund will also rely on CLO collateral managers to act in the best interests of a CLO it manages; however, such CLO collateral managers are subject to fiduciary duties owed to other classes of notes besides those in which the Fund invests. Therefore, there can be no assurance that the collateral managers will always act in the best interest of the class or classes of notes in which the Fund is invested. If any CLO collateral manager were to act in a manner that was not in the best interest of the CLOs (*e.g.*, with gross negligence or reckless disregard, or in bad faith), this could adversely impact the overall performance of the Fund's investments. Furthermore, since the underlying CLO issuer often provides an indemnity to its CLO collateral manager, the Fund may not be incentivized to pursue actions against the collateral manager since any such action, if successful, may ultimately be borne by the underlying CLO issuer and payable from its assets, which could create losses to the Fund as an investor in the CLO. In addition, to the extent the Fund invests in CLO equity, liabilities incurred by the CLO manger to third parties may be borne by the Fund to the extent the CLO is required to indemnify its collateral manager for such liabilities.

In addition, the CLOs in which the Fund invests are generally not registered as investment companies under the 1940 Act. As investors in these CLOs, the Fund is not afforded the protections that shareholders in an investment company registered under the 1940 Act would have.

*<u>The collateral managers of the CLOs in which the Fund invests may not continue to manage such CLOs.</u>* 

Given that the Fund invests in CLO securities issued by CLOs that are managed by unaffiliated collateral managers, the Fund is dependent on the skill and expertise of such managers. The Fund believes its Adviser's and Sub-Adviser's ability to analyze and perform due diligence on potential CLO managers differentiates the Fund's approach to investing in CLO securities. When analyzing and performing due diligence on potential or current CLO managers, the Adviser or Sub-Adviser considers factors including, but not limited

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to, the CLO manager's track record, team size and experience, internal and external equity support, and market perception and liquidity. When evaluating CLO securities, the Adviser and Sub-Adviser analyze four core factors: (i) structural protections, (ii) collateral quality, (iii) offering document terms and restrictions, and (iv) collateral manager trading liquidity. Decisions are informed by third-party and proprietary analytics and require approval by at least two portfolio managers. The Adviser and Sub-Adviser also monitor CLO managers and CLO investments for material changes and ongoing performance. However, the Fund cannot assure you that, for any CLO the Fund invests in, the collateral manager in place when the Fund invests in such CLO securities will continue to manage such CLO through the life of the Fund's investment. Collateral managers are subject to removal or replacement by other holders of CLO securities without the Fund's consent, and may also voluntarily resign as collateral manager or assign their role as collateral manager to another entity. There can be no assurance that any removal, replacement, resignation or assignment of any particular CLO manager's role will not adversely affect the returns on the CLO securities in which the Fund invests.

*<u>The Fund's investments in CLO securities may be subject to special anti-deferral provisions that could result in the Fund incurring tax or recognizing income prior to receiving cash distributions related to such income.</u>* 

Some of the CLOs in which the Fund invests may constitute "passive foreign investment companies" ("PFICs"). If the Fund acquires interests in PFICs treated as equity for U.S. federal income tax purposes (including equity tranche investments and certain debt tranche investments in CLOs that are PFICs), the Fund may be subject to federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Certain elections may be available to mitigate or eliminate such tax on excess distributions, but such elections (if available) generally require the Fund to recognize the Fund's share of the PFIC's income for each tax year regardless of whether the Fund receives any distributions from such PFIC. The Fund must nonetheless distribute such income to maintain the Fund's status as a RIC. Treasury regulations generally treat the Fund's income inclusion with respect to a PFIC for which the Fund has made a qualified electing fund ("QEF") election as qualifying income for purposes of determining the Fund's ability to be subject to tax as a RIC if (i) there is a current distribution out of the earnings and profits of the PFIC that are attributable to such income inclusion or (ii) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies. As such, the Fund may be restricted in its ability to make QEF elections for the Fund's holdings in issuers that could be treated as PFICs to ensure the Fund's continued qualification as a RIC and/or maximize the Fund's after-tax return from these investments.

If the Fund holds more than 10% of the interests treated as equity (by vote or value) for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation ("CFC") (including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation in an amount equal to the Fund's *pro rata* share of the foreign corporation's earnings for such tax year (including both ordinary earnings and capital gains). If the Fund is required to include such deemed distributions from a CFC in the Fund's income, the Fund will be required to distribute such income to maintain the Fund's RIC status regardless of whether the CFC makes an actual distribution during such tax year. Treasury regulations generally treat the Fund's income inclusion with respect to a CFC as qualifying income for purposes of determining the Fund's ability to be subject to tax as a RIC either if (i) there is a current distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (ii) such inclusion is derived with respect to the Fund's business of investing in stock, securities, or currencies. As such, the Fund may limit and/or manage its holdings in issuers that could be treated as CFCs to ensure the Fund's continued qualification as a RIC and/or maximize the Fund's after-tax return from these investments.

If the Fund is required to include amounts from CLO securities in income prior to receiving the cash distributions representing such income, the Fund may have to sell some of its investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

*<u>If a CLO in which the Fund invests is treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could affect the Fund's operating results and cash flows.</u>* 

Each CLO in which the Fund invests will generally operate pursuant to investment guidelines intended to ensure the CLO is not treated as engaged in a U.S. trade or business for U.S. federal income tax purposes. Each CLO will generally receive an opinion of counsel, subject to certain assumptions (including compliance with the investment guidelines) and limitations, that the CLO will not be engaged in a U.S. trade or business for U.S. federal income tax purposes. If a CLO fails to comply with the investment guidelines or the Internal Revenue Service ("IRS") otherwise successfully asserts that the CLO should be treated as engaged in a U.S. trade or business for U.S. federal income tax purposes, such CLO could be subject to U.S. federal income tax on a net basis, which could reduce the amount available to distribute to junior debt and equity holders in such CLO, including the Fund.

*<u>If a CLO in which the Fund invests fails to comply with certain U.S. tax disclosure requirements, such CLO may be subject to withholding requirements that could materially and adversely affect the Fund's operating results and cash flows.</u>* 

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The Foreign Account Tax Compliance Act provisions of the Code ("FATCA") impose a withholding tax of 30% on U.S. source periodic payments, including interest and dividends to certain non-U.S. entities, including certain non-U.S. financial institutions and investment funds, unless such non-U.S. entity complies with certain reporting requirements regarding its U.S. account holders and its U.S. owners. Most CLOs in which the Fund invests will be treated as non-U.S. financial entities for this purpose, and therefore will be required to comply with these reporting requirements to avoid the 30% withholding. If a CLO in which the Fund invests fails to properly comply with these reporting requirements, it could reduce the amount available to distribute to equity and junior debt holders in such CLO, which could materially and adversely affect the fair value of the CLO's securities, and the Fund's operating results and cash flows.

*<u>Increased competition in the market or a decrease in new CLO issuances may result in increased price volatility or a shortage of investment opportunities.</u>* 

In recent years, there has been a marked increase in the number of, and flow of capital into, investment vehicles established to pursue investments in CLO securities whereas the size of this market is relatively limited. While the Fund cannot determine the precise effect of such competition, such increase may result in greater competition for investment opportunities, which may result in an increase in the price of such investments relative to the risk taken on by holders of such investments. Such competition may also result, under certain circumstances, in increased price volatility or decreased liquidity with respect to certain positions.

In addition, the volume of new CLO issuances and CLO refinancings varies over time as a result of a variety of factors including new regulations, changes in interest rates and other market forces. As a result of increased competition and uncertainty regarding the volume of new CLO issuances and CLO refinancings, the Fund can offer no assurances that the Fund will deploy all of its capital in a timely manner or at all. Prospective investors should understand that the Fund may compete with other investment vehicles as well as investment and commercial banking firms, which have substantially greater resources, in terms of financial wherewithal and research staffs than may be available to the Fund.

*<u>Investors will bear indirectly the fees and expenses of the CLO equity securities in which the Fund invests.</u>* 

Shareholders will bear indirectly the fees and expenses (including management fees and other operating expenses) of the CLO equity securities in which the Fund invests. CLO collateral manager fees are charged on the total assets of a CLO but are assumed to be paid from the residual cash flows after interest payments to the CLO senior debt tranches. Therefore, these CLO collateral manager fees (which generally range from 0.35% to 0.50% of a CLO's total assets) are effectively much higher when allocated only to the CLO equity tranche. CLO collateral manager fees do not include any other operating expense ratios of the CLOs, as these amounts are not routinely reported to shareholders on a basis consistent with CLO collateral manager fees; however, it is estimated that additional operating expenses of 0.30% to 0.70% could be incurred. In addition, CLO collateral managers may earn fees based on a percentage of the CLO's equity cash flows after the CLO equity has earned a cash-on-cash return of its capital and achieved a specified "hurdle" rate.

***Interest Rate Risk.***

Interest rates may increase or decrease due to governmental actions, among other factors. In a rising interest rate environment, any additional leverage that the Fund incurs may bear a higher interest rate than the Fund's current leverage. There may not, however, be a corresponding increase in the Fund's investment income. Any reduction in the level of rate of return on new investments relative to the rate of return on the Fund's current investments, and any reduction in the rate of return on the Fund's current investments, could adversely impact the Fund's net investment income, reducing the Fund's ability to service the interest obligations on, and to repay the principal of, the Fund's indebtedness, as well as its capacity to pay distributions to the Fund's shareholders. See "- *Benchmark Floor Risk*."

The fair value of certain of the Fund's investments may be significantly affected by changes in interest rates, including increases and decreases in interest rates caused by governmental actions and/or other factors. In general, rising interest rates will negatively affect the price of a fixed-rate instrument and falling interest rates will have a positive effect on the price of a fixed-rate instrument. In the event of a significantly rising interest rate environment and/or economic downturn, loan defaults may increase and result in credit losses that may adversely affect the cash flows from investments held in the Fund and/or such investments' fair value.

Although senior secured loans are generally floating rate instruments, the Fund's investments in senior secured loans through investments in equity and junior debt tranches of CLOs are sensitive to interest rate levels and volatility. For example, because CLO debt securities are floating rate securities, a reduction in interest rates would generally result in a reduction in the coupon payment and cash flow the Fund receives on the Fund's CLO debt investments. Further, there may be some difference between the timing of interest rate resets on the assets and liabilities of a CLO. Such a mismatch in timing could have a negative effect on the amount of funds distributed to CLO equity investors. In addition, CLOs may not be able to enter into hedge agreements, even if it may otherwise be in the best interests of the CLO to hedge such interest rate risk. Furthermore, in the event of a significant rising interest rate environment and/or economic downturn, loan defaults may increase and result in credit losses that may adversely affect the Fund's cash flow, fair value of its assets and its operating results. If the Fund's interest expense were to increase relative to income, or sufficient financing became unavailable, the Fund's return on investments and cash available for distribution to shareholders or to make other payments on

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the Fund's securities would be reduced. In addition, future investments in different types of instruments may carry a greater exposure to interest rate risk.

*Benchmark Floor Risk*. Because CLOs generally issue debt on a floating rate basis, an increase in the relevant benchmark will increase the financing costs of CLOs. Many of the senior secured loans held by these CLOs have benchmark floors such that, when the relevant benchmark is below the stated benchmark floor, the stated benchmark floor (rather than the benchmark itself) is used to determine the interest payable under the loans. Therefore, if the relevant benchmark increases but stays below the average benchmark floor rate of the senior secured loans held by a CLO, there would not be a corresponding increase in the investment income of such CLOs. The combination of increased financing costs without a corresponding increase in investment income in such a scenario could result in the CLO not having adequate cash to make interest or other payments on the securities which the Fund holds.

*Secured Overnight Financing Rate ("SOFR") Risk.* Since the discontinuation of the London Interbank Offered Rate ("LIBOR"), CLOs (and the collateral they hold) have generally issued debt based on Term SOFR. SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is published by the Federal Reserve Bank of New York and calculated based on transaction-level data collected from various sources. Term SOFR is a forward-looking term rate determined with reference to certain SOFR derivatives. Changes in the levels of Term SOFR will affect the amount of interest payable on the CLO debt securities, the distributions on the CLO equity and the trading price of the CLO securities.

Both SOFR and Term SOFR are fundamentally different from LIBOR. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR or related derivatives markets, like Term SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR or such SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR and SOFR-based reference rates like Term SOFR cannot be predicted based on SOFR's history or otherwise. Levels of SOFR or Term SOFR in the future, including following the discontinuation of synthetic LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

*Risks of Replacement Rates.* If the applicable rate of interest on any CLO security is calculated with reference to a tenor which is discontinued, such rate of interest will then be determined by the provisions of the affected CLO security, which may include determination by the relevant calculation agent in its discretion. The administrator of a reference rate will not have any involvement in the affected CLOs or loans and may take any actions in respect of such rate without regard to the effect of such actions on the CLOs or loans.

*Base Rate Mismatch*. Many underlying corporate borrowers can elect to pay interest based on a 1-month, 3-month and/or other term base rates in respect of the loans held by CLOs in which the Fund is invested, in each case plus an applicable spread, whereas CLOs generally pay interest to holders of the CLO's debt tranches based today on 3-month term plus a spread. The 3-month term rate may fluctuate in excess of other potential term rates, which may result in many underlying corporate borrowers electing to pay interest based on a shorter, but in any event lower, base rate. This mismatch in the rate at which CLOs earn interest and the rate at which they pay interest on their debt tranches negatively impacts the cash flows on a CLO's equity tranche, which may in turn adversely affect the Fund's cash flows and results of operations. Unless spreads are adjusted to account for such increases, these negative impacts may worsen as the amount by which the 3-month term rate exceeds such other chosen term base rate.

*Interest Rate Environment.* The senior secured loans underlying the CLOs in which the Fund invests typically have floating interest rates. A sustained high interest rate environment may increase loan defaults, resulting in losses for the CLOs in which the Fund invests. In addition, increasing interest rates may lead to higher prepayment rates, as corporate borrowers look to avoid escalating interest payments or refinance floating rate loans. See "- Risks Related to the Fund's Investments *- Prepayment Risk.*"

For detailed discussions of the risks associated with a high interest rate environment, see "- Risks Related to the Fund's Investments *- Interest Rate Risk*" *and* "*- High Yield Securities Risk.*"

***Asset-Backed Securities Risk.***

The Fund may invest in ABS, which are securities backed primarily by the cash flows of a discrete pool of fixed or revolving receivables or other financial assets that by their terms convert into cash within a finite period. These could include assets such as unsecured consumer or other receivables, credit card receivables, auto loans, consumer loans, trade receivables, equipment leases, and other assets that produce streams of payments. Asset-backed exposures are generally not insured or guaranteed by the related sponsor or any other

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entity and therefore, if the assets or sources of funds available to the issuer are insufficient to pay those outstanding liabilities, the Fund will incur losses. In addition, asset-backed exposures entail prepayment risk that may vary depending on the type of asset but is generally less than the prepayment risk associated with mortgage-backed securities. Asset-backed investments present certain risks that are not presented by mortgage-backed securities. Primarily, these securities may provide the Fund with a less effective security interest in the related collateral than would mortgage-backed securities. Therefore, there is the possibility that recoveries on the underlying collateral may not, in some cases, be available to support payments on these investments. Additionally, there is the risk in certain states that it may be difficult to perfect the liens securing the collateral backing certain ABS. Further, certain ABS are based on loans that are unsecured, which means that there is no collateral to seize if the underlying borrower defaults.

The investment characteristics of ABS differ from traditional debt securities. Among the major differences are that interest and principal payments are made more frequently, usually monthly, and that the principal can generally be prepaid at any time because the underlying loans or other assets generally can be prepaid at any time.

The collateral supporting ABS is generally of shorter maturity than certain other types of loans and is less likely to experience substantial prepayments. ABS are often backed by pools of any variety of assets, including, for example, leases, financial obligations (including equipment finance, floorplan finance, fund finance, lease finance, litigation finance, intellectual property finance, insurance premium finance, project finance, supply chain finance, and trade and shipping finance), agricultural assets, auto leases and loans, datacenter assets or leases, debt consolidation loans, fleet leases, home loans, aircraft leases, railcar leases, small business loans, timeshare receivables, franchise rights, student loans and consumer loans, which may represent the obligations of a number of different parties and use credit enhancement techniques such as letters of credit, guarantees or preference rights. The market value of an ABS is affected by changes in the market's perception of the asset backing the ABS and the creditworthiness of the servicer for the loan pool, the originator of the loans or the financial institution providing any credit enhancement, as well as by the expiration or removal of any credit enhancement.

The value of ABS, like that of traditional fixed income securities, typically increases when interest rates fall and decreases when interest rates rise. The price paid by the Fund for, the yield the Fund expects to receive from and the average life of such securities are based on a number of unpredictable factors, including the anticipated rate of prepayment of the underlying assets, and are therefore subject to the risk that the ABS will lose value. ABS are also subject to the general risks associated with investing in physical assets such as real estate, that is, they could lose value if the value of the underlying asset declines.

Holders of ABS bear various other risks, including credit, liquidity, interest rate, market, operations, structural and legal risks.

Credit risk arises from (i) losses due to defaults by obligors under the underlying collateral and (ii) the issuing vehicle's or servicer's failure to perform their respective obligations under the transaction documents governing the ABS. These two risks can be related, as, for example, in the case of a servicer that does not provide adequate credit review scrutiny to the underlying collateral, leading to a higher incidence of defaults.

Market risk arises from the cash flow characteristics of the ABS, which, for most ABS tend to be predictable. The greatest variability in cash flows comes from credit performance, including the presence of wind-down or acceleration features designed to protect the investor in the event that credit losses in the portfolio rise well above expected levels.

Interest rate risk arises for the issuer from (i) the pricing terms on the underlying collateral, (ii) the terms of the interest rate paid to holders of the ABS and (iii) the need to mark to market the excess servicing or spread account proceeds carried on the issuing vehicle's balance sheet. For the holder of the security, interest rate risk depends on the expected life of the ABS, which can depend on prepayments on the underlying assets or the occurrence of wind-down or termination events. If the servicer becomes subject to financial difficulty or otherwise ceases to be able to carry out its functions, it could be difficult to find other acceptable substitute servicers and cash flow disruptions or losses can occur, particularly with underlying collateral comprising non-standard receivables or receivables originated by private retailers who collect many of the payments at their stores.

Structural and legal risks include the possibility that, in a bankruptcy or similar proceeding involving the originator or the servicer (often the same entity or affiliates), a court having jurisdiction over the proceeding could determine that, because of the degree to which cash flows on the assets of the issuing vehicle potentially have been commingled with cash flows on the originator's other assets (or similar reasons), (i) the assets of the issuing vehicle could be treated as never having been truly sold by the originator to the issuing vehicle and could be substantively consolidated with those of the originator or (ii) the transfer of such assets to the issuer could be voided as a fraudulent transfer. The time and expense related to a challenge of such a determination also could result in losses and/or delayed cash flows.

In addition, investments in subordinated ABS involve greater credit risk of default than investments in the senior classes of the issue or series. Default risks can be further pronounced in the case of ABS secured by, or evidencing an interest in, a relatively small or less diverse pool of underlying loans. Certain subordinated securities in an ABS issue generally absorb all losses from default before any

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other class of securities in such issue is at risk, particularly if such securities have been issued with little or no credit enhancement equity. Such securities, therefore, possess some of the attributes typically associated with equity investments.

Another risk associated with ABS is that the collateral that secures an ABS, such as credit card receivables, could be unsecured. In the case of credit card receivables, debtors are additionally entitled to the protection of a number of state and federal consumer loan laws, many of which give such debtors the right to set off certain amounts owed on the credit cards, thereby reducing the balance due. ABS that are backed by automobile receivables pose a risk because most issuers of such ABS permit the servicers to retain possession of the underlying obligations. Because of the large number of vehicles involved in a typical issuance and technical requirements under state laws, the trustee for the holders of the ABS potentially will not have a proper security interest in all of the obligations backing such ABS. Therefore, there is a possibility that recoveries on repossessed collateral will not, in some cases, be available to support payments on these securities. As the foregoing shows, an underlying risk of investing in ABS is the dependence on debtors to pay their consumer loans timely.

In the case of ABS structured using special purpose securitization vehicles, securitized assets are typically actively managed by an investment manager, which may be the Adviser or its affiliates, and as a result, such assets will be traded, subject to rating agency and other constraints, by such investment manager. The aggregate return on these equity securities will depend in part upon the ability of each such investment manager to actively manage the related portfolio of assets.

The Fund's investment strategies with respect to certain types of investments may be based, in part, upon the premise that certain investments (either held directly or through an asset backed security) that are otherwise performing may from time to time be available for purchase by the Fund at "undervalued" prices. Purchasing interests at what may appear to be "undervalued" or "discounted" levels is no guarantee that these investments will generate attractive risk-adjusted returns to the Fund or will not be subject to further reductions in value. No assurance can be given that investments can be acquired at favorable prices or that the market for such interests will continue to improve since this depends, in part, upon events and factors outside the control of the Adviser.

***Mortgage-Backed Securities Risk.***

The Fund may invest in mortgage-backed securities ("MBS"). MBS represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. MBS can be backed by either fixed- or adjustable-rate mortgage loans, and may be issued by either a governmental or non-governmental entity. The value of some MBS may be particularly sensitive to changes in prevailing interest rates and may become more volatile in certain interest rate environments.

The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers. Early repayment of principal on MBS or ABS may expose the Fund to the risk of earning a lower rate of return upon reinvestment of principal.

The Fund may invest in privately-issued mortgage pass-through securities that represent interests in pools of mortgage loans that are issued by trusts formed by originators of and institutional investors in mortgage loans (or represent interests in custodial arrangements administered by such institutions). These originators and institutions include commercial banks, savings and loans associations, credit unions, savings banks, mortgage bankers, insurance companies, investment banks or special purpose subsidiaries of the foregoing. The pools underlying privately-issued mortgage pass-through securities consist of mortgage loans secured by mortgages or deeds of trust creating a first lien on commercial, residential, residential multi-family and mixed residential/commercial properties. These MBS typically do not have the same credit standing as U.S. Government-guaranteed MBS.

Privately-issued mortgage pass-through securities generally offer a higher yield than similar securities issued by a government entity because of the absence of any direct or indirect government or agency payment guarantees. However, timely payment of interest and principal on mortgage loans in these pools may be supported by various other forms of insurance or guarantees, including individual loan, pool and hazard insurance, subordination and letters of credit. Such insurance and guarantees may be issued by private insurers, banks and mortgage poolers. There is no guarantee that private guarantors or insurers, if any, will meet their obligations. MBS without insurance or guarantees may also be purchased by the Fund if they have the required rating from an NRSRO. Some MBS issued by private organizations may not be readily marketable, may be more difficult to value accurately and may be more volatile than similar securities issued by a government entity. MBS may include multiple class securities, including collateralized mortgage obligations ("CMOs") and Real Estate Mortgage Investment Conduit ("REMIC") pass-through or participation certificates. A REMIC is a CMO that qualifies for special tax treatment and invests in certain mortgages principally secured by interests in real property and other permitted investments. CMOs provide an investor with a specified interest in the cash flow from a pool of underlying mortgages or of other MBS. CMOs are issued in multiple classes each with a specified fixed or floating interest rate and a final scheduled distribution rate. In many cases, payments of principal are applied to the CMO classes in the order of their respective stated maturities, so that no principal payments will be made on a CMO class until all other classes having an earlier stated maturity date are paid in full.

Sometimes, however, CMO classes are "parallel pay," (*i.e.*, payments of principal are made to two or more classes concurrently). In some cases, CMOs may have the characteristics of a stripped mortgage-backed security ("SMBS") whose price can be highly volatile.

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CMOs may exhibit more or less price volatility and interest rate risk than other types of mortgage-related obligations, and under certain interest rate and payment scenarios, the Fund may fail to recoup fully its investment in certain of these securities regardless of their credit quality.

MBS also include SMBS, which are derivative multiple class MBS. SMBS are usually structured with two different classes: one that receives substantially all of the interest payments and the other that receives substantially all of the principal payments from a pool of mortgage loans. The market value of SMBS consisting entirely of principal payments generally is unusually volatile in response to changes in interest rates. The yields on SMBS that receive all or most of the interest from mortgage loans are generally higher than prevailing market yields on other MBS because their cash flow patterns are more volatile and there is a greater risk that the initial investment will not be fully recouped. Throughout 2008, the market for MBS began experiencing substantially, often dramatically, lower valuations and greatly reduced liquidity. Markets for other ABS have also been affected. These instruments are increasingly subject to liquidity constraints, price volatility, rising interest rates, credit downgrades and unexpected increases in default rates and, therefore, may be more difficult to value and more difficult to dispose of than previously.

***Credit Risk.***

If a CLO in which the Fund invests, an underlying asset of any such CLO or any other type of credit investment in the Fund's portfolio declines in price or fails to pay interest or principal when due because the issuer or debtor, as the case may be, experiences a decline in its financial status, either or both the Fund's income and NAV may be adversely impacted. Additionally, interest on a CLO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than cash), which involves continued exposure to default risk with respect to such payments. Non-payment would result in a reduction of the Fund's income, a reduction in the value of the applicable CLO security or other credit investment experiencing non-payment and, potentially, a decrease in the Fund's NAV. With respect to the Fund's investments in CLO securities and credit investments that are secured, there can be no assurance that liquidation of collateral would satisfy the issuer's obligation in the event of non-payment of scheduled dividend, interest or principal or that such collateral could be readily liquidated. In the event of bankruptcy of an issuer, the Fund could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a CLO security or credit investment. To the extent that the credit rating assigned to a security in the Fund's portfolio is downgraded, the market price and liquidity of such security may be adversely affected. In addition, if a CLO in which the Fund invests triggers an event of default as a result of failing to make payments when due or for other reasons, the CLO would be subject to the possibility of liquidation, which could result in full loss of value to the CLO equity and junior debt investors. CLO equity tranches are the most likely tranche to suffer a loss of all of their value in these circumstances. Heightened inflationary pressures could increase the risk of default by the Fund's underlying obligors.

***Prepayment Risk.***

Although the Adviser's and Sub-Adviser's valuations and projections take into account certain expected levels of prepayments, the collateral of a CLO may be prepaid more quickly than expected. Prepayment rates are influenced by changes in interest rates and a variety of factors beyond the Fund's control and consequently cannot be accurately predicted. Early prepayments give rise to increased reinvestment risk, as a CLO collateral manager might realize excess cash from prepayments earlier than expected. If a CLO collateral manager is unable to reinvest such cash in a new investment with an expected rate of return at least equal to that of the investment repaid, this may reduce the Fund's net income and the fair value of that asset.

In addition, in most CLO transactions, CLO debt investors such as the Fund are subject to prepayment risk in that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, which would cause such CLO's outstanding CLO debt securities to be repaid at par. Such prepayments of CLO debt securities held by the Fund also give rise to reinvestment risk if the Fund is unable to reinvest such cash in a new investment with an expected rate of return at least equal to that of the investment repaid.

***Leverage Risk.***

The Fund may incur leverage through the issuance of preferred shares and borrowing under a credit facility. The Fund may incur additional leverage, directly or indirectly, through one or more special purpose vehicles and indebtedness for borrowed money, as well as leverage in the form of derivative transactions, additional preferred shares, debt securities and other structures and instruments, in significant amounts and on terms that the Adviser and the Board deem appropriate, subject to applicable limitations under the 1940 Act. Such leverage may be used for the acquisition and financing of the Fund's investments, to pay fees and expenses and for other purposes. Such leverage may be secured and/or unsecured. Any such leverage does not include leverage embedded or inherent in the CLO structures in which the Fund invests or in derivative instruments in which the Fund may invest. Accordingly, there is a layering of leverage in the Fund's overall structure.

The more leverage the Fund employs, the more likely the Fund's NAV will change substantially in response to any event that adversely affects the value of an investment. For instance, any decrease in the Fund's income would cause net income to decline more sharply than it would have had the Fund not borrowed. Such a decline could also negatively affect the Fund's ability to make distributions and

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other payments to its shareholders. Leverage is generally considered a speculative investment technique. The Fund's ability to service any debt that the Fund incurs will depend largely on its financial performance and will be subject to prevailing economic conditions and competitive pressures. The cumulative effect of the use of leverage with respect to any investments in a market that moves adversely to such investments could result in a substantial loss that would be greater than if the Fund's investments were not leveraged.

As a registered closed-end management investment company, the Fund is required to meet certain asset coverage requirements with respect to any senior securities as defined under the 1940 Act. With respect to senior securities representing indebtedness (*i.e.*, borrowings or deemed borrowings), other than temporary borrowings as defined under the 1940 Act, the Fund is required under current law to have an asset coverage of at least 300% as measured at the time of borrowing and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness. With respect to senior securities that are stocks (*i.e.*, preferred shares), the Fund is required under current law to have an asset coverage of at least 200% as measured at the time of the issuance of any such preferred shares and calculated as the ratio of the Fund's total assets (less all liabilities and indebtedness not represented by senior securities) over the aggregate amount of the Fund's outstanding senior securities representing indebtedness plus the aggregate liquidation preference of any outstanding preferred shares. If legislation that modifies this section of the 1940 Act and increases the amount of senior securities that the Fund may incur were passed, the Fund may increase its leverage to the extent then permitted by the 1940 Act and the risks associated with an investment in the Fund may increase.

If the Fund's asset coverage declines below 300% (or 200%, as applicable), the Fund would not be able to incur additional debt or issue additional preferred shares, and could be required by law to sell a portion of the Fund's investments to repay some debt or redeem preferred shares when it is disadvantageous to do so. This could have a material adverse effect on the Fund's operations, and the Fund may not be able to make certain distributions or pay dividends of an amount necessary to continue to be subject to tax as a RIC. The amount of leverage that the Fund employs will depend on the Adviser's and Sub-Adviser's assessment of market and other factors at the time of any proposed borrowing. The Fund cannot assure you that the Fund will be able to obtain credit at all or on terms acceptable to the Fund. For so long as the Fund incurs leverage through the issuance of preferred shares and borrowing under a credit facility, the rights of the Fund's shareholders are subordinated to the rights of such senior security holders. In particular, dividends, distributions and other payments to shareholders are subject to prior payments due to such senior security holders. In addition, the 1940 Act provides preferred shareholders and, in certain cases, debt holders, with voting rights that are equal or superior to the voting rights of the Fund's shareholders.

In addition, any debt facility into which the Fund may enter would likely impose financial and operating covenants that restrict the Fund's business activities, including limitations that could hinder the Fund's ability to finance additional loans and investments or to make the distributions required to maintain the Fund's ability to be subject to tax as a RIC under Subchapter M of the Code.

***Leveraged Securities Risk.***

The Fund's portfolio includes equity and junior debt investments in CLOs, which involve a number of significant risks. CLOs are typically very highly levered (with CLO equity securities being leveraged approximately ten times), and therefore the junior equity and debt tranches in which the Fund invests will be subject to a higher degree of risk of total loss. In particular, investors in CLO securities indirectly bear risks of the collateral held by such CLOs. The Fund generally has the right to receive payments only from the CLOs, and generally does not have direct rights against the underlying borrowers or the entity that sponsored the CLO. While the CLOs the Fund targets generally enable an equity investor therein to acquire interests in a pool of senior secured loans without the expenses associated with directly holding the same investments, the Fund generally pays a proportionate share of the CLOs' administrative, management and other expenses if the Fund makes a CLO equity investment. In addition, the Fund may have the option in certain CLOs to contribute additional amounts to the CLO issuer for purposes of acquiring additional assets or curing coverage tests, thereby increasing the Fund's overall exposure and capital at risk to such CLO. Although it is difficult to predict whether the prices of assets underlying CLOs will rise or fall, these prices (and, therefore, the prices of the CLOs' securities) are influenced by the same types of political and economic events that affect issuers of securities and capital markets generally. The interests the Fund acquires in CLOs generally are thinly traded or have only a limited trading market. CLO securities are typically privately offered and sold, even in the secondary market. As a result, investments in CLO securities are illiquid.

***High Yield Securities Risk.***

The Fund invests primarily in securities that are rated below investment grade or, in the case of CLO equity securities, not rated by an NRSRO. The primary assets underlying the Fund's CLO security investments are senior secured loans, although these transactions may allow for limited exposure to other asset classes including unsecured loans, high yield bonds, emerging market loans or bonds and structured finance securities with underlying exposure to CBO and collateralized debt obligation ("CDO") tranches, RMBS, CMBS, trust preferred securities and other types of securitizations. CLOs generally invest in lower-rated debt securities that are typically rated below Baa/BBB by Moody's, S&P or Fitch. In addition, the Fund may obtain direct exposure to such financial assets/instruments. Securities that are not rated or are rated lower than Baa by Moody's or lower than BBB by S&P or Fitch are sometimes referred to as

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"high yield" or "junk." High-yield debt securities have greater credit and liquidity risk than investment grade obligations. High-yield debt securities are generally unsecured and may be subordinated to certain other obligations of the issuer thereof. The lower rating of high-yield debt securities and below investment grade loans reflects a greater possibility that adverse changes in the financial condition of an issuer or in general economic conditions or both may impair the ability of the issuer thereof to make payments of principal or interest.

Risks of high-yield debt securities may include (among others):

(1) limited liquidity and secondary market support;

(2) substantial marketplace volatility resulting from changes in prevailing interest rates;

(3) subordination to the prior claims of banks and other senior lenders;

(4) the operation of mandatory sinking fund or call/redemption provisions during periods of declining interest
rates that could cause the CLO issuer (or the Fund, as applicable) to reinvest premature redemption proceeds in lower-yielding debt obligations;

(5) the possibility that earnings of the high-yield debt security issuer may be insufficient to meet its debt
service;

(6) the declining creditworthiness and potential for insolvency of the issuer of such high-yield debt securities
during periods of rising interest rates and/or economic downturn; and

(7) greater susceptibility to losses and real or perceived adverse economic and competitive industry conditions
than higher grade securities.

An economic downturn or an increase in interest rates could severely disrupt the market for high-yield debt securities and adversely affect the value of outstanding high-yield debt securities and the ability of the issuers thereof to repay principal and interest.

Issuers of high-yield debt securities may be highly leveraged and may not have more traditional methods of financing available to them. The risk associated with acquiring (directly or indirectly) the securities of such issuers generally is greater than is the case with highly rated securities. For example, during an economic downturn or a sustained period of rising interest rates, issuers of high-yield debt securities may be more likely to experience financial stress, especially if such issuers are highly leveraged. During such periods, timely service of debt obligations also may be adversely affected by specific issuer developments, or the issuer's inability to meet specific projected business forecasts or the unavailability of additional financing. The risk of loss due to default by the issuer is significantly greater for the holders of high-yield debt securities because such securities may be unsecured and may be subordinated to obligations owed to other creditors of the issuer of such securities. In addition, the CLO issuer (or the Fund, as applicable) may incur additional expenses to the extent it (or the Fund) is required to seek recovery upon a default on a high yield bond (or any other debt obligation) or participate in the restructuring of such obligation.

A portion of the loans held by CLOs in which the Fund invests may consist of second lien loans. Second lien loans are secured by liens on the collateral securing the loan that are subordinated to the liens of at least one other class of obligations of the related obligor, and thus the ability of the CLO issuer to exercise remedies after a second lien loan becomes a defaulted obligation is subordinated to, and limited by, the rights of the senior creditors holding such other classes of obligations. In many circumstances, the CLO issuer may be prevented from foreclosing on the collateral securing a second lien loan until the related first lien loan is paid in full. Moreover, any amounts that might be realized as a result of collection efforts or in connection with a bankruptcy or insolvency proceeding involving a second lien loan must generally be turned over to the first lien secured lender until the first lien secured lender has realized the full value of its own claims. In addition, certain of the second lien loans contain provisions requiring the CLO issuer's interest in the collateral to be released in certain circumstances. These lien and payment obligation subordination provisions may materially and adversely affect the ability of the CLO issuer to realize value from second lien loans and adversely affect the fair value of and income from the Fund's investment in the CLO's securities.

***Loan Assignments and Participations Risk.***

The Fund, or the CLOs in which the Fund invests, may acquire interests in loans either directly (by way of assignment, or "Assignments") or indirectly (by way of participation, or "Participations"). The purchaser by an Assignment of a loan obligation typically succeeds to all the rights and obligations of the selling institution and becomes a lender under the loan or credit agreement with respect to the debt obligation. In contrast, Participations acquired by the Fund, or the CLOs in which the Fund invests, in a portion of a debt obligation held by a selling institution (the "Selling Institution") typically result in a contractual relationship only with such Selling Institution, not with the obligor. The Fund or the CLOs in which the Fund invests would have the right to receive payments of principal, interest and any fees to which the Fund (or the CLOs in which the Fund invests) is entitled under the Participation only from the Selling Institution and

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only upon receipt by the Selling Institution of such payments from the obligor. In purchasing a Participation, the Fund or the CLOs in which the Fund invests generally will have no right to enforce compliance by the obligor with the terms of the loan or credit agreement or other instrument evidencing such debt obligation, nor any rights of setoff against the obligor, and the Fund or the CLOs in which the Fund invests may not directly benefit from the collateral supporting the debt obligation in which it has purchased the Participation. As a result, the Fund or the CLOs in which the Fund invests would assume the credit risk of both the obligor and the Selling Institution. In the event of the insolvency of the Selling Institution, the Fund or the CLOs in which the Fund invests will be treated as a general creditor of the Selling Institution in respect of the Participation and may not benefit from any setoff between the Selling Institution and the obligor.

The holder of a Participation in a debt obligation may not have the right to vote to waive enforcement of any default by an obligor. Selling Institutions commonly reserve the right to administer the debt obligations sold by them as they see fit and to amend the documentation evidencing such debt obligations in all respects. However, most participation agreements with respect to senior secured loans provide that the Selling Institution may not vote in favor of any amendment, modification or waiver that (1) forgives principal, interest or fees, (2) reduces principal, interest or fees that are payable, (3) postpones any payment of principal (whether scheduled or mandatory), interest or fees or (4) releases any material guarantee or security without the consent of the participant (at least to the extent the participant would be affected by any such amendment, modification or waiver).

A Selling Institution voting in connection with a potential waiver of a default by an obligor may have interests different from the Fund's, and the Selling Institution might not consider the Fund's interests in connection with its vote. In addition, many participation agreements with respect to senior secured loans that provide voting rights to the participant further provide that, if the participant does not vote in favor of amendments, modifications or waivers, the Selling Institution may repurchase such Participation at par. An investment by the Fund in a synthetic security related to a loan involves many of the same considerations relevant to Participations.

***Liquidity Risk.***

High-yield investments, including subordinated CLO securities and collateral held by CLOs in which the Fund invests, generally have limited liquidity. As a result, prices of high-yield investments have at times experienced significant and rapid decline when a substantial number of holders (or a few holders of a significantly large "block" of the securities) decided to sell. In addition, the Fund (or the CLOs in which the Fund invests) may have difficulty disposing of certain high-yield investments because there may be a thin trading market for such securities. To the extent that a secondary trading market for non-investment grade high-yield investments exists, it would not be as liquid as the secondary market for highly rated investments. Reduced secondary market liquidity would have an adverse impact on the fair value of the securities and on the Fund's direct or indirect ability to dispose of particular securities in response to a specific economic event such as deterioration in the creditworthiness of the issuer of such securities.

As secondary market trading volumes increase, new loans frequently contain standardized documentation to facilitate loan trading that may improve market liquidity. There can be no assurance, however, that future levels of supply and demand in loan trading will provide an adequate degree of liquidity or that the current level of liquidity will continue. Because holders of such loans are offered confidential information relating to the borrower, the unique and customized nature of the loan agreement, and the private syndication of the loan, loans are not purchased or sold as easily as publicly traded securities. Although a secondary market may exist, risks similar to those described above in connection with an investment in high-yield debt investments are also applicable to investments in lower rated loans.

The securities issued by CLOs generally offer less liquidity than other investment grade or high-yield corporate debt, and are subject to certain transfer restrictions that impose certain financial and other eligibility requirements on prospective transferees. Other investments that the Fund may purchase in privately negotiated transactions may also be illiquid or subject to legal restrictions on their transfer. As a result of this illiquidity, the Fund's ability to sell certain investments quickly, or at all, in response to changes in economic and other conditions and to receive a fair price when selling such investments may be limited, which could prevent the Fund from making sales to mitigate losses on such investments. In addition, CLOs are subject to the possibility of liquidation upon an event of default, which could result in full loss of value to the CLO equity and junior debt investors. CLO equity tranches are the most likely tranche to suffer a loss of all of their value in these circumstances.

***Counterparty Risk.***

The Fund may be exposed to counterparty risk, which could make it difficult for the Fund or the CLOs in which the Fund invests to collect on the obligations represented by investments and result in significant losses.

The Fund may hold investments (including synthetic securities) that would expose the Fund to the credit risk of the Fund's counterparties or the counterparties of the CLOs in which it invests. In the event of a bankruptcy or insolvency of such a counterparty, the Fund or a CLO in which such an investment is held could suffer significant losses, including the loss of that part of the Fund's or the CLO's portfolio financed through such a transaction; declines in the value of the Fund's investment, including declines that may occur during an applicable stay period; the inability to realize any gains on the Fund's investment during such period; and fees and expenses incurred

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in enforcing the Fund's rights. If the CLO enters into or owns synthetic securities, the CLO may fall within the definition of a "commodity pool" under Commodity Futures Trading Commission ("CFTC") rules, and the collateral manager of the CLO may be required to register as a commodity pool operator ("CPO") with the CFTC, which could increase costs for the CLO and reduce amounts available to pay to the residual tranche.

In addition, with respect to certain swaps and synthetic securities, neither a CLO nor the Fund usually has a contractual relationship with the entities, referred to as "Reference Entities," whose payment obligations are the subject of the relevant swap agreement or security. Therefore, neither the CLOs nor the Fund generally have a right to directly enforce compliance by the Reference Entity with the terms of this kind of underlying obligation, any rights of set-off against the Reference Entity or any voting rights with respect to the underlying obligation. The CLOs and the Fund will not directly benefit from the collateral supporting the underlying obligation and will not have the benefit of the remedies that would normally be available to a holder of such underlying obligation.

Furthermore, the Fund may invest in unsecured notes which are linked to loans or other assets held by a bank or other financial institution on its balance sheet (so called "credit-linked notes"). Although the credit-linked notes are tied to the underlying performance of the assets held by the bank, such credit-linked notes are not secured by such assets, and the Fund has no direct or indirect ownership of the underlying assets. Thus, as a holder of such credit-linked notes, the Fund would be subject to counterparty risk of the bank that issues the credit-linked notes (in addition to the risk associated with the assets themselves). To the extent the relevant bank experiences an insolvency event or goes into receivership, the Fund may not receive payments on the credit-linked notes, or such payments may be delayed.

***CLO Underlying Asset Default Risk.***

A default and any resulting loss as well as other losses on an underlying asset held by a CLO may reduce the fair value of the Fund's corresponding CLO investment. A wide range of factors could adversely affect the ability of the borrower of an underlying asset to make interest or other payments on that asset. To the extent that actual defaults and losses on the collateral of an investment exceed the level of defaults and losses factored into its purchase price, the value of the anticipated return from the investment will be reduced. The more deeply subordinated the tranche of securities in which the Fund invests, the greater the risk of loss upon a default. For example, CLO equity is the most subordinated tranche within a CLO and is therefore subject to the greatest risk of loss resulting from defaults on the CLO's collateral whether due to bankruptcy or otherwise. Any defaults and losses in excess of expected default rates and loss model inputs will have a negative impact on the fair value of the Fund's investments, will reduce the cash flows that the Fund receives from the Fund's investments, adversely affect the fair value of the Fund's assets and could adversely impact the Fund's ability to pay dividends. Furthermore, the holders of the junior equity and debt tranches typically have limited rights with respect to decisions made with respect to collateral following an event of default on a CLO. In some cases, the senior most class of notes can elect to liquidate the collateral even if the expected proceeds are not expected to be able to pay in full all classes of notes. The Fund could experience a complete loss of the Fund's investment in such a scenario.

In addition, the collateral of CLOs may require substantial workout negotiations or restructuring in the event of a default or liquidation. Any such workout or restructuring is likely to lead to a substantial reduction in the interest rate of such asset and/or a substantial write-down or write-off of all or a portion the principal of such asset. Any such reduction in interest rates or principal will negatively affect the fair value of the Fund's portfolio.

***Loan Accumulation Facilities Risks.***

The Fund may invest capital in LAFs, which are short- to medium-term facilities that typically operate over a period of six to twelve months, often provided by the bank that will serve as placement agent or arranger on a CLO transaction and which acquire loans on an interim basis that are expected to form part of the portfolio of a future CLO. Subsequent CLOs that LAFs are designed to facilitate are primary issuance CLOs. When evaluating a potential investment in a LAF, the Adviser or Sub-Adviser analyzes four core factors: (i) structural protections, (ii) collateral quality, (iii) offering document terms and restrictions, and (iv) collateral manager trading liquidity. Decisions are informed by third-party and proprietary analytics and require approval by at least two portfolio managers. The Adviser or Sub-Adviser also monitors CLO managers and LAF investments for material changes and ongoing performance. Because LAFs typically begin ramping up their underlying loan portfolios after the Fund's investment commitment is made, the Adviser or Sub-Adviser places particular emphasis on the quality and expertise of the collateral manager when evaluating a LAF investment. The Fund will not invest in LAFs where the underlying CLOs do not fit the Fund's investment strategy, objectives, risk management framework, or other limitations under the 1940 Act. The Fund does not expect to invest in LAFs that impose industry, sector, or other concentration parameters on the underlying loans, and the Adviser and Sub-Adviser do not have any particularized relationships with LAF providers or CLO managers, as all such transactions are expected to be conducted on an arms-length basis. The Fund is not subject to any tranche-specific or term-specific capital commitment terms in connection with its LAF investments. Investments in LAFs have risks similar to those applicable to investments in CLOs. There typically will be no assurance that the future CLO will be consummated or that the loans held in such a LAF are eligible for purchase by the CLO. In the event a planned CLO is not consummated, or the loans are not eligible

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for purchase by the CLO, the Fund may be responsible for either holding or disposing of the loans. This could expose the Fund primarily to credit and/or mark-to-market losses, and other risks.

Furthermore, the Fund likely will have no consent rights in respect of the loans to be acquired in such a facility and in the event the Fund does have any consent rights, they will be limited. LAFs typically employ leverage of four to six times the Fund's invested capital before a CLO's closing, which increases the potential risk of loss.

***Issuer Default Risk.***

In the event of a bankruptcy or insolvency of an issuer or borrower of a loan that the Fund holds or of an underlying asset held by a CLO or other vehicle in which the Fund invests, a court or other governmental entity may determine that the Fund's claims or those of the relevant CLO are not valid or not entitled to the treatment the Fund expected when making the Fund's initial investment decision.

Various laws enacted for the protection of debtors may apply to the underlying assets in the Fund's investment portfolio. The information in this and the following paragraph represents a brief summary of certain points only, is not intended to be an extensive summary of the relevant issues and is applicable with respect to U.S. issuers and borrowers only. The following is not intended to be a summary of all relevant risks. Similar avoidance provisions to those described below are sometimes available with respect to non-U.S. issuers or borrowers, but there is no assurance that this will be the case which may result in a much greater risk of partial or total loss of value in that underlying asset.

If a court in a lawsuit brought by an unpaid creditor or representative of creditors of an issuer or borrower of underlying assets, such as a trustee in bankruptcy, were to find that such issuer or borrower did not receive fair consideration or reasonably equivalent value for incurring the indebtedness constituting such underlying assets and, after giving effect to such indebtedness, the issuer or borrower (1) was insolvent; (2) was engaged in a business for which the remaining assets of such issuer or borrower constituted unreasonably small capital; or (3) intended to incur, or believed that it would incur, debts beyond the Fund's ability to pay such debts as they mature, such court could decide to invalidate, in whole or in part, the indebtedness constituting the underlying assets as a fraudulent conveyance, to subordinate such indebtedness to existing or future creditors of the issuer or borrower, or to recover amounts previously paid by the issuer or borrower in satisfaction of such indebtedness. In addition, in the event of the insolvency of an issuer or borrower of underlying assets, payments made on such underlying assets could be subject to avoidance as a "preference" if made within a certain period of time (which may be as long as one year under U.S. federal bankruptcy law or even longer under state laws) before insolvency.

The Fund's underlying assets may be subject to various laws for the protection of debtors in other jurisdictions, including the jurisdiction of incorporation of the issuer or borrower of such underlying assets and, if different, the jurisdiction from which it conducts business and in which it holds assets, any of which may adversely affect such issuer's or borrower's ability to make, or a creditor's ability to enforce, payment in full, on a timely basis or at all. These insolvency considerations will differ depending on the jurisdiction in which an issuer or borrower or the related underlying assets are located and may differ depending on the legal status of the issuer or borrower.

***Derivatives Risk.***

The Fund may in the future purchase and sell a variety of derivative instruments. The Fund may use derivative transactions to hedge against credit risk, interest rate risk or for other forms of investment or risk management purposes. The Fund may also use derivative transactions for investment purposes to the extent consistent with the Fund's investment objective if the Adviser and Sub-Adviser deem it appropriate to do so. Derivative transactions may be volatile and involve various risks different from, and in certain cases greater than, the risks presented by other instruments. The primary risks related to derivative transactions include counterparty, correlation, illiquidity, leverage, volatility, OTC trading, operational and legal risks. A small investment in derivatives could have a large potential impact on the Fund's performance, effecting a form of investment leverage on the Fund's portfolio. In certain types of derivative transactions, the Fund could lose the entire amount of its investment. In other types of derivative transactions, the potential loss is theoretically unlimited.

The following is a more detailed discussion of primary risk considerations related to the use of derivative transactions that investors should understand before investing in the Fund's securities.

*Counterparty risk*. Counterparty risk is the risk that a counterparty in a derivative transaction will be unable to honor its financial obligation to the Fund or the risk that the reference entity in a credit default swap or similar derivative will not be able to honor its financial obligations. Certain participants in the derivatives market, including larger financial institutions, have experienced significant financial hardship and deteriorating credit conditions. If the Fund's counterparty to a derivative transaction experiences a loss of capital or is perceived to lack adequate capital or access to capital, it may experience margin calls to increase equity. Under such circumstances, the risk that a counterparty will be unable to honor its obligations may increase substantially. If a counterparty becomes bankrupt, the Fund may experience significant delays in obtaining recovery (if any) under the derivative contract in bankruptcy or other reorganization proceeding; if the Fund's claim is unsecured, the Fund will be treated as a general creditor of such prime broker or counterparty and will not have any claim with respect to the underlying security. The Fund may obtain only a limited recovery or may obtain no recovery in

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such circumstances. The counterparty risk for cleared derivatives is generally lower than for uncleared OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative and, in effect, guarantees the parties' performance under the contract as each party to a trade looks only to the clearinghouse for performance of financial obligations. However, there can be no assurance that the clearinghouse, or its members, will satisfy its obligations to the Fund.

*Correlation risk*. When used for hedging purposes, an imperfect or variable degree of correlation between price movements of the derivative instrument and the underlying investment sought to be hedged may prevent the Fund from achieving the intended hedging effect or expose the Fund to the risk of loss. The imperfect correlation between the value of a derivative and the Fund's underlying assets may result in losses on the derivative transaction that are greater than the gain in the value of the underlying assets in the Fund's portfolio.

The Adviser and Sub-Adviser may not hedge against a particular risk because it does not regard the probability of the risk occurring to be sufficiently high as to justify the cost of the hedge, or because it does not foresee the occurrence of the risk. These factors may have a significant negative effect on the fair value of the Fund's assets and the market value of the Fund's securities.

*Liquidity risk*. Derivative transactions, especially when traded in large amounts, may not be liquid in all circumstances, so that in volatile markets the Fund would not be able to close out a position without incurring a loss. Although both OTC and exchange-traded derivatives markets may experience a lack of liquidity, OTC non-standardized derivative transactions are generally less liquid than exchange-traded instruments. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention, and technical and operational or system failures. In addition, daily limits on price fluctuations and speculative position limits on exchanges on which the Fund may conduct transactions in derivative instruments may prevent prompt liquidation of positions, subjecting the Fund to the potential of greater losses. As a result, the Fund may need to liquidate other investments to meet margin and settlement payment obligations.

*Leverage risk*. Derivative transactions can result in significant leverage and risk of loss. Thus, the leverage offered by trading in derivative instruments will magnify the gains and losses the Fund experiences and could cause the Fund's NAV to be subject to wider fluctuations than would be the case if the Fund did not use the leverage feature in derivative instruments.

*Volatility risk*. The prices of many derivative instruments, including many options and swaps, are highly volatile. Price movements of options contracts and payments pursuant to swap agreements are influenced by, among other things, interest rates; changing supply and demand relationships; trade, fiscal, monetary and exchange control programs and policies of governments; and national and international political and economic events and policies. The value of options and swap agreements also depends upon the price of the securities or currencies underlying them. These factors may cause the derivatives transactions to experience adverse market movements.

*OTC trading risk*. Derivative transactions may include instruments not traded on an organized market. The risk of non-performance by the counterparty to such derivative transaction may be greater and the ease with which the Fund can dispose of or enter into closing transactions with respect to such an instrument may be less than in the case of an exchange-traded instrument. In addition, significant disparities may exist between "bid" and "ask" prices for certain derivative instruments that are not traded on an exchange. Such instruments are often valued subjectively and may result in mispricings or improper valuations. Improper valuations can result in increased cash payment requirements to counterparties or a loss of value, or both. In contrast, cleared derivative transactions benefit from daily mark-to-market pricing and settlement, and segregation and minimum capital requirements applicable to intermediaries.

*Operational and legal risk*. Derivatives are also subject to operational and legal risks. Operational risk generally refers to risk related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human errors. Legal risk generally refers to insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract. Transactions directly between two counterparties generally do not benefit from such protections; however, certain uncleared derivative transactions are subject to minimum margin requirements that may require the Fund and its counterparties to exchange collateral based on daily marked-to-market pricing. OTC trading generally exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. Such "counterparty risk" is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Fund has concentrated its transactions with a single or small group of counterparties.

***Investments in Investment Companies Risk.***

The Fund may invest in securities of other investment companies, including closed-end funds, business development companies ("BDCs"), mutual funds, and exchange-traded funds ("ETFs"), and may otherwise invest indirectly in securities consistent with the Fund's investment objective subject to statutory limitations prescribed by the 1940 Act. These limitations include in certain circumstances a prohibition on the Fund's acquiring more than 3% of the voting shares of any other investment company, and a prohibition on the Fund's investing more than 5% of its total assets in securities of any one investment company or more than 10% of

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its total assets in securities of all investment companies. Subject to applicable law and/or pursuant to an exemptive order obtained from the SEC, or under an exemptive rule adopted by the SEC, the Fund may invest in certain other investment companies (including ETFs and money market funds) and BDCs beyond these statutory limits or otherwise provided that certain conditions are met. The Fund will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies in addition to the fees and expenses that the Fund regularly bears. The Fund may only invest in other investment companies to the extent that the asset class exposure in such investment companies is consistent with the permissible asset class exposure for the Fund had it invested directly in securities, and the portfolios of such investment companies are subject to similar risks as the Fund is.

***Reinvestment Risk.***

As part of the ordinary management of its portfolio, a CLO will typically generate cash from asset repayments and sales and reinvest those proceeds in substitute assets, subject to compliance with its investment tests and certain other conditions. The earnings with respect to such substitute assets will depend on the quality of reinvestment opportunities available at the time. If the CLO collateral manager causes the CLO to purchase substitute assets at a lower yield than those initially acquired (for example, during periods of loan compression or need to satisfy the CLO's covenants) or sale proceeds are maintained temporarily in cash, it would reduce the excess interest-related cash flow that the CLO collateral manager is able to achieve. The investment tests may incentivize a CLO collateral manager to cause the CLO to buy riskier assets than it otherwise would, which could result in additional losses. These factors could reduce the Fund's return on investment and may have a negative effect on the fair value of the Fund's assets and the market value of the Fund's securities. In addition, the reinvestment period for a CLO may terminate early, which would cause the holders of the CLO's securities to receive principal payments earlier than anticipated. In addition, in most CLO transactions, CLO debt investors are subject to the risk that the holders of a majority of the equity tranche can direct a call or refinancing of a CLO, causing such CLO's outstanding CLO debt securities to be repaid at par earlier than expected. There can be no assurance that the Fund will be able to reinvest such amounts in an alternative investment that provides a comparable return relative to the credit risk assumed.

***Non-U.S. Investments Risk.***

While the Fund invests primarily in CLOs that hold underlying U.S. assets, these CLOs may be organized outside the United States. The Fund may also invest in CLOs that hold collateral that are non-U.S. assets or otherwise invest in securities of non-U.S. issuers to the extent consistent with the Fund's investment strategies and objective.

Investing in foreign entities may expose the Fund to additional risks not typically associated with investing in U.S. issuers. These risks include changes in exchange control regulations; political and social instability; restrictions on the types or amounts of investment; the imposition of sanctions, tariffs, or other governmental restrictions; expropriation; imposition of foreign taxes; less liquid markets and less available information than are generally the case in the U.S.; higher transaction costs; less government supervision of exchanges, brokers and issuers; less developed bankruptcy laws; difficulty in enforcing contractual obligations; lack of uniform accounting and auditing standards; currency fluctuations; and greater price volatility. Further, the Fund and the CLOs in which the Fund invests may have difficulty enforcing creditors' rights in foreign jurisdictions.

In addition, international trade tensions may arise from time to time that could result in trade tariffs, embargoes or other restrictions or limitations on trade. The imposition of any actions on trade could trigger a significant reduction in international trade, supply chain disruptions, an oversupply of certain manufactured goods, substantial price reductions of goods and possible failure of individual companies or industries, which could have a negative impact on the value of the CLO securities that the Fund holds.

Foreign markets also have different clearance and settlement procedures, and in certain markets there have been times when settlements have failed to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Delays in settlement could result in periods when the Fund's assets are uninvested. The Fund's inability to make intended investments due to settlement problems or the risk of intermediary counterparty failures could cause it to miss investment opportunities. The inability to dispose of an investment due to settlement problems could result in losses to the Fund due to subsequent declines in the value of such investment or, if the Fund has entered into a contract to sell the security, could result in possible liability to the purchaser. Transaction costs of buying and selling foreign securities also are generally higher than those involved in domestic transactions. Furthermore, foreign financial markets have, for the most part, substantially less volume than U.S. markets, and securities of many foreign companies are less liquid and their prices more volatile than securities of comparable domestic companies.

The economies of individual non-U.S. countries may also differ favorably or unfavorably from the U.S. economy in such respects as growth of gross domestic product, rate of inflation, volatility of currency exchange rates, depreciation, capital reinvestment, resources self-sufficiency and balance of payments position.

*Global Risks.* Due to the highly interconnected global economies and financial markets, the value of the Fund's securities and the Fund's underlying investments may go up or down in response to governmental actions and/or general economic conditions throughout the world. Events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate

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changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments.

*Currency Risk*. Any of the Fund's investments that are denominated in currencies other than U.S. dollars will be subject to the risk that the value of such currency will decrease in relation to the U.S. dollar. Although the Fund intends to hedge any non-U.S. dollar exposures back to U.S. dollars, an increase in the value of the U.S. dollar compared to other currencies in which the Fund makes investments would otherwise reduce the effect of increases and magnify the effect of decreases in the prices of the Fund's non-U.S. dollar denominated investments in their local markets. Fluctuations in currency exchange rates will similarly affect the U.S. dollar equivalent of any interest, dividend or other payments made that are denominated in a currency other than U.S. dollars.

***Unrealized Losses Risk.***

As a registered closed-end management investment company, the Fund is required to carry its investments at market value or, if no market value is ascertainable, at the fair value as determined in good faith by the Adviser. Decreases in the market values or fair values of the Fund's investments are recorded as unrealized depreciation. Any unrealized losses in the Fund's portfolio could be an indication of an issuer's inability to meet its repayment obligations to the Fund with respect to the affected investments. This could result in realized losses in the future and ultimately in reductions of the Fund's income available for distribution or making payments on the Fund's other obligations in future periods.

If the Fund's distributions exceed its taxable income and capital gains realized during a taxable year, all or a portion of the distributions made in the same taxable year may be recharacterized as a return of capital to the Fund's shareholders. A return of capital distribution will generally not be taxable to the Fund's shareholders. However, a return of capital distribution will reduce a shareholder's cost basis in the Shares on which the distribution was received, thereby potentially resulting in a higher reported capital gain or lower reported capital loss when those Shares are sold or otherwise disposed of.

***Qualifying Income Risk.***

Some of the income and fees that the Fund may recognize will not satisfy the qualifying income requirement applicable to RICs. To ensure that such income and fees do not disqualify the Fund as a RIC for a failure to satisfy such requirement, the Fund may need to recognize such income and fees indirectly through one or more entities classified as corporations for U.S. federal income tax purposes. Such corporations will be subject to U.S. corporate income tax on their earnings, which ultimately will reduce the Fund's return on such income and fees.

***Payment-In-Kind and Original Issue Discount Risk.***

To the extent that the Fund invests in original issue discount ("OID") instruments, including payment-in-kind ("PIK") loans and zero-coupon bonds, investors will be exposed to the risks associated with the inclusion of such non-cash income in taxable and accounting income prior to receipt of cash, including the following risks:

• the interest payments deferred on a PIK loan are subject to the risk that the borrower may default when the
deferred payments are due in cash at the maturity of the loan;

• the interest rates on PIK loans are higher to reflect the time value of money on deferred interest payments
and the higher credit risk of borrowers who may need to defer interest payments;

• market prices of OID instruments are more volatile because they are affected to a greater extent by interest
rate changes than instruments that pay interest periodically in cash;

• PIK instruments may have unreliable valuations because the accruals require judgments about ultimate
collectability of the deferred payments and the value of the associated collateral; and

• for U.S. federal income tax purposes, the Fund may be required to make distributions of OID income without
receiving any cash and such distributions may have to be paid from offering proceeds or the sale of assets without investors being given any notice of this fact.

**Risks Relating to the Fund's Business and Structure** 

***Valuation Risk.***

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Under the 1940 Act, the Fund is required to carry the Fund's portfolio investments at market value or, if there is no readily available market value, at fair value as determined by the Adviser in accordance with written valuation policies and procedures, subject to oversight by the Board, in accordance with Rule 2a-5 under the 1940 Act. Typically, there is no public market for the type of investments the Fund targets. The Fund expects a majority of the Fund's investments to be categorized as Level 2 and Level 3 assets. The Fund values these securities based on relevant information compiled by the Adviser and third-party pricing services (when available), and with the oversight of the Board.

The determination of fair value and, consequently, the amount of unrealized gains and losses in the Fund's portfolio, are to a certain degree subjective and dependent on a valuation process approved and overseen by the Board. Certain factors that may be considered in determining the fair value of the Fund's investments include non-binding indicative bids and the number of trades (and the size and timing of each trade) in an investment. Valuation of certain investments is also based, in part, upon third-party valuation models which take into account various market inputs. Investors should be aware that the models, information and/or underlying assumptions used by the Adviser or such models will not always correctly capture the fair value of an asset. Because such valuations, and particularly valuations of securities that are not publicly traded like those the Fund holds, are inherently uncertain, they may fluctuate over short periods of time and may be based on estimates. The Adviser's determinations of fair value may differ materially from the values that would have been used if an active public market for these securities existed. The Adviser's determinations of the fair value of the Fund's investments have a material impact on the Fund's net earnings through the recording of unrealized appreciation or depreciation of investments and may cause the Fund's NAV on a given date to understate or overstate, possibly materially, the value that the Fund may ultimately realize on one or more of the Fund's investments.

***Management Risk.***

The Fund's ability to achieve the Fund's investment objective depends on the Adviser's and Sub-Adviser's ability to effectively manage and deploy capital, which depends, in turn, on the Adviser's and Sub-Adviser's ability to identify, evaluate and monitor, and the Fund's ability to acquire, investments that meet the Fund's investment criteria.

Accomplishing the Fund's investment objective on a cost-effective basis is largely a function of the Adviser's and Sub-Adviser's handling of the investment process, its ability to provide competent, attentive and efficient services, and the Fund's access to investments offering acceptable terms, either in the primary or secondary markets. Even if the Fund is able to grow and build upon the Fund's investment operations, any failure to manage the Fund's growth effectively could have a material adverse effect on the Fund's business, financial condition, results of operations and prospects. The results of the Fund's operations will depend on many factors, including the availability of opportunities for investment, readily accessible short- and long-term funding alternatives in the financial markets and economic conditions. Furthermore, if the Fund cannot successfully operate the Fund's business or implement the Fund's investment policies and strategies as described in this prospectus, it could adversely impact the Fund's ability to pay dividends or make distributions.

*<u>The Fund's success will depend on the ability of the Adviser</u> <u>and Sub-Adviser</u> <u>to attract and retain qualified personnel in a competitive environment.</u>* 

The Fund's growth will require that the Adviser and Sub-Adviser attract and retain new investment and administrative personnel in a competitive market. The Adviser's and Sub-Adviser's ability to attract and retain personnel with the requisite credentials, experience and skills will depend on several factors including its ability to offer competitive compensation, benefits and professional growth opportunities. Many of the entities, including investment funds (such as private equity funds, mezzanine funds and BDCs) and traditional financial services companies, with which the Adviser will compete for experienced personnel have greater resources than the Adviser and Sub-Adviser.

*<u>The Fund's incentive fee structure may incentivize the Adviser to pursue speculative investments, use leverage when it may be unwise to do so or refrain from de-levering when it would otherwise be appropriate to do so.</u>* 

The Incentive Fee payable by the Fund to the Adviser may create an incentive for the Adviser to pursue investments on the Fund's behalf that are riskier or more speculative than would be the case in the absence of such compensation arrangement. Such a practice could result in the Fund's investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns. The Incentive Fee payable to the Adviser is based on the Fund's Pre-Incentive Fee Net Investment Income, as calculated in accordance with the Fund's Investment Advisory Agreement. This may encourage the Adviser to use leverage in an effort to increase the return on the Fund's investments, even when it may not be appropriate to do so, and to refrain from de-levering when it would otherwise be appropriate to do so. Under certain circumstances, the use of leverage may increase the likelihood of default, which would impair the value of the Fund's securities. See "- Risks Related to the Fund's Investments - *Leverage Risk*."

*<u>The Fund may be obligated to pay the Adviser incentive compensation even if the Fund incurs a loss or with respect to investment income that the Fund has accrued but not received.</u>* 

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The Adviser is entitled to incentive compensation for each fiscal quarter based on the Fund's Pre-Incentive Fee Net Investment Income, if any, for the immediately preceding calendar quarter above a performance threshold for that quarter. Accordingly, since the performance threshold is based on a percentage of the Fund's NAV, decreases in its NAV make it easier to achieve the performance threshold. The Fund's Pre-Incentive Fee Net Investment Income for incentive compensation purposes excludes realized and unrealized capital losses or depreciation that the Fund may incur in the fiscal quarter, even if such capital losses or depreciation result in a net loss on the Fund's statement of operations for that quarter. Thus, the Fund may be required to pay the Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of the Fund's portfolio or the Fund incurs a net loss for that quarter. In addition, Pre-Incentive Fee Net Investment Income includes accrued income that the Fund has not yet received in cash. The Adviser is not obligated to return the Incentive Fee based on accrued income that is later determined to be uncollectible in cash.

Any incentive fee payable by the Fund that relates to the Fund's Pre-Incentive Fee Net Investment Income may be computed and paid on income that may include interest that has been accrued but not yet received, including OID, which may arise if the Fund receives fees in connection with the origination of a loan or possibly in other circumstances, or contractual PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. To the extent the Fund does not distribute accrued PIK interest, the deferral of PIK interest has the simultaneous effects of increasing the assets under management and increasing the base management fee at a compounding rate while generating investment income and increasing the Incentive Fee at a compounding rate. In addition, the deferral of PIK interest would also increase the loan-to-value ratio at a compounding rate if the issuer's assets do not increase in value, and investments with a deferred interest feature, such as PIK interest, may represent a higher credit risk than loans on which interest must be paid in full in cash on a regular basis.

For example, if an entity defaults on a loan that is structured to provide accrued interest, it is possible that accrued interest previously included in the calculation of the Incentive Fee will become uncollectible. The Adviser is not under any obligation to reimburse the Fund for any part of the Incentive Fee it received that was based on accrued income that the Fund never received as a result of a default by an entity on the obligation that resulted in the accrual of such income, and such circumstances would result in the Fund's paying an Incentive Fee on income that the Fund never received.

*<u>The Adviser's liability is limited under the Investment Advisory Agreement, and the Fund has agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on the Fund's behalf than it would when acting for its own account.</u>* 

Under the Investment Advisory Agreement, the Adviser does not assume any responsibility to the Fund other than to render the services called for under the agreement, and it is not responsible for any action of the Board in following or declining to follow the Adviser's advice or recommendations. The Adviser maintains a contractual and fiduciary relationship with the Fund. Under the terms of the Investment Advisory Agreement, the Adviser, its officers, managers, members, agents, employees and other affiliates are not liable to the Fund for acts or omissions performed in accordance with and pursuant to the Investment Advisory Agreement, except those resulting from acts constituting willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser's duties under the Investment Advisory Agreement. In addition, the Fund has agreed to indemnify the Adviser and each of its officers, managers, members, agents, employees and other affiliates from and against all damages, liabilities, costs and expenses (including reasonable legal fees and other amounts reasonably paid in settlement) incurred by such persons arising out of or based on performance by the Adviser of its obligations under the Investment Advisory Agreement, except where attributable to willful misfeasance, bad faith, gross negligence or reckless disregard of the Adviser's duties under the Investment Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on the Fund's behalf than it would when acting for its own account.

***Fluctuations in NAV Risk.***

The Fund could experience fluctuations in the Fund's NAV due to a number of factors, including the timing of distributions to the Fund's shareholders, fluctuations in the value of the CLO securities that the Fund holds, the Fund's ability or inability to make investments that meet the Fund's investment criteria, the interest and other income earned on the Fund's investments, the level of the Fund's expenses (including any interest or dividend rate payable on the debt securities or preferred shares the Fund may issue), variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which the Fund encounters competition in the markets and general economic conditions. As a result of these factors, the Fund's NAV and results for any period should not be relied upon as being indicative of the Fund's NAV and results in future periods.

***Changes to Operating Policies and Strategies Risk.***

The Board has the authority to modify or waive the Fund's current operating policies, investment criteria and strategies, other than those that the Fund has deemed to be fundamental, without prior shareholder approval. The Fund cannot predict the effect any changes to the Fund's current operating policies, investment criteria or strategies would have on the Fund's business, NAV, operating results or value of the Fund's securities. However, the effects of any such changes could adversely impact the Fund's ability to pay dividends and cause an investor to lose all or part of their investment.

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***Tax Risk.***

At any time, the federal income tax laws governing RICs or the administrative interpretations of those laws or regulations may be amended. Any new laws, regulations or interpretations may take effect retroactively and could adversely affect the taxation of the Fund or its shareholders. Therefore, changes in tax laws, regulations or administrative interpretations, or any amendments thereto, could diminish the value of an investment in the Fund's shares or the value or the resale potential of the Fund's investments. You are urged to consult with your tax advisor with respect to the impact of any such legislation or other regulatory or administrative developments and proposals and their potential effect on your investment in the Fund.

*<u>The Fund will be subject to corporate-level income tax if the Fund is unable to maintain the Fund's RIC status for U.S. federal income tax purposes.</u>* 

The Fund can offer no assurance that the Fund will be able to maintain RIC status. To obtain and maintain RIC tax treatment under the Code, the Fund must meet certain annual distribution, income source and asset diversification requirements.

The annual distribution requirement for a RIC will be satisfied if the Fund distributes dividends to the Fund's shareholders each tax year of an amount generally at least equal to 90% of the sum of the Fund's net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. Because the Fund uses debt financing, the Fund is subject to certain asset coverage requirements under the 1940 Act and may be subject to financial covenants that could, under certain circumstances, restrict the Fund from making distributions necessary to satisfy the distribution requirement. If the Fund is unable to obtain cash from other sources, the Fund could fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

The income source requirement will be satisfied if the Fund obtains at least 90% of the Fund's income for each tax year from dividends, interest, gains from the sale of the Fund's securities or similar sources.

The asset diversification requirement will be satisfied if the Fund meets certain asset composition requirements at the end of each quarter of the Fund's tax year. Failure to meet those requirements may result in the Fund having to dispose of certain investments quickly to prevent the loss of RIC status. Because most of the Fund's investments are expected to be in CLO securities for which there will likely be no active public market, any such dispositions could be made at disadvantageous prices and could result in substantial losses.

If the Fund fails to qualify for RIC tax treatment for any reason and remains or becomes subject to corporate income tax, the resulting corporate taxes could substantially reduce the Fund's net assets, the amount of income available for distribution and the amount of the Fund's distributions.

*<u>The Fund may have difficulty paying its required distributions if the Fund recognizes income before or without receiving cash representing such income.</u>* 

For federal income tax purposes, the Fund will include in income certain amounts that the Fund has not yet received in cash, such as OID or market discount, which may arise if the Fund acquires a debt security at a significant discount to par, or PIK interest, which represents contractual interest added to the principal amount of a debt security and due at the maturity of the debt security. The Fund also may be required to include in income certain other amounts that the Fund has not yet, and may not ever, receive in cash. The Fund's investments in PIK interest may represent a higher credit risk than loans for which interest must be paid in full in cash on a regular basis. For example, even if the accounting conditions for income accrual are met, the issuer of the security could still default when the Fund's actual collection is scheduled to occur upon maturity of the obligation.

Since, in certain cases, the Fund may recognize income before or without receiving cash representing such income, the Fund may have difficulty meeting the annual distribution requirement necessary to maintain RIC tax treatment under the Code. In addition, since the Fund's Incentive Fee is payable on the Fund's income recognized, rather than cash received, the Fund may be required to pay advisory fees on income before or without receiving cash representing such income. The use of PIK and OID securities may provide certain benefits to the Adviser, including increasing management fees and incentive fee compensation.

Accordingly, the Fund may have to sell some of the Fund's investments at times and/or at prices the Fund would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities. Market prices of OID instruments are more volatile because they are affected to a greater extent by interest rate changes than instruments that pay interest periodically in cash. Further, the interest rates on PIK loans may be higher to reflect the time value of money on deferred interest payments and the higher credit risk of borrowers who may need to defer interest payments. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

*<u>The Fund's cash distributions to shareholders may change and a portion of the Fund's distributions to shareholders may be a return of capital.</u>* 

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The amount of the Fund's cash distributions may increase or decrease at the discretion of the Board, based upon its assessment of the amount of income generated, the amount of cash available to the Fund for this purpose and other factors. Unless the Fund is able to generate sufficient cash through the successful implementation of the Fund's investment strategy, the Fund may not be able to sustain a given level of distributions and may need to reduce the level of the Fund's cash distributions in the future. Further, to the extent that the portion of the cash generated from the Fund's investments that is recorded as interest income for financial reporting purposes is less than the amount of the Fund's distributions, all or a portion of one or more of the Fund's future distributions, if declared, may comprise a return of capital. Accordingly, shareholders should not assume that the sole source of any of the Fund's distributions is net investment income. See "- Risks Related to the Fund's Investments - *Prepayment Risk*" and "- *Unrealized Losses Risk*."

*<u>The Fund's shareholders may receive additional Shares as distributions, which could result in adverse tax consequences to them.</u>* 

To satisfy certain annual distribution requirements to maintain RIC tax treatment under Subchapter M of the Code, the Fund may, if it has the ability to, declare a large portion of a distribution in additional Shares instead of in cash even if a shareholder has opted out of participation in the any applicable dividend reinvestment plan. As per IRS guidance applicable to publicly offered RICs, as long as at least 20% of such distribution is paid in cash and certain requirements are met, the entire distribution will be treated as a dividend for U.S. federal income tax purposes. As a result, a shareholder generally would be subject to tax on 100% of the fair market value of the distribution on the date the distribution is received by the shareholder in the same manner as a cash distribution, even though most of the distribution was paid in Shares.

*<u>Because the Fund expects to distribute substantially all of the Fund's ordinary income and net realized capital gains to the Fund's shareholders, the Fund may need additional capital to finance the acquisition of new investments and such capital may not be available on favorable terms, or at all.</u>* 

To maintain its RIC status, the Fund is required to distribute at least 90% of the sum of its net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. As a result, these earnings will not be available to fund new investments, and the Fund will need additional capital to fund growth in its investment portfolio. If the Fund fails to obtain additional capital, the Fund could be forced to curtail or cease new investment activities, which could adversely affect its business, operations and results. Even if available, if the Fund is not able to obtain such capital on favorable terms, it could adversely affect its net investment income.

***Market Risk.***

The Fund may be materially affected by general economic and market conditions, such as interest rates, availability of credit, credit defaults, inflation rates, economic uncertainty, changes in laws (including laws relating to taxation of the Fund's investments), trade barriers, currency exchange controls, disease outbreaks, pandemics, and national and international political, environmental and socioeconomic circumstances (including threatened or actual wars, terrorist acts or security operations). In addition, the current U.S. political environment and the resulting uncertainties regarding actual and potential shifts in U.S. foreign investment, trade, taxation, economic, environmental and other policies under the current Administration, as well as the impact of geopolitical tension could lead to disruption, instability and volatility in the global markets. Unfavorable economic conditions would be expected to increase the Fund's funding costs, limit its access to the capital markets or result in a decision by lenders not to extend credit to the Fund. Unexpected volatility, illiquidity, governmental action, currency devaluation or other events in the global markets in which the Fund directly or indirectly holds positions could impair the Fund's ability to carry out its business and could cause the Fund to incur substantial losses. These factors are outside the Fund's control and could adversely affect the liquidity and value of its investments, and may reduce its ability to make attractive new investments. Trends and historical events do not imply, forecast or predict future events, and past performance is not necessarily indicative of future results. There can be no assurance that the assumptions made or the beliefs and expectations currently held by the Adviser or Sub-Adviser will prove correct, and actual events and circumstances may vary significantly.

The Fund may be subject to risk arising from a default by one of several large institutions that are dependent on one another to meet their liquidity or operational needs, so that a default by one institution may cause a series of defaults by the other institutions. This is sometimes referred to as "systemic risk" and may adversely affect financial intermediaries with which the Fund interacts in the conduct of its business.

U.S. and global markets have experienced increased volatility in recent years, including as a result of the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers in which it invests. For example, if a bank in which the Fund or issuer has an account fails, any cash or other assets in bank accounts may be temporarily inaccessible or permanently lost by the Fund or an issuer. If a bank that provides a subscription line credit facility, asset-based facility, other credit facility and/or other services to the Fund or an issuer fails, the Fund or the issuer could be unable to draw funds under its credit facilities or obtain replacement credit facilities or other services from other lending institutions with similar terms. Even if banks used by the Fund and issuers in which the Fund invests remain solvent, continued volatility in the banking sector could cause or intensify an economic recession, increase the costs of banking services or result in the issuers' being unable to obtain or refinance indebtedness at all or on as favorable terms as could

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otherwise have been obtained. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which it invests.

The Fund also may be subject to risk arising from a broad sell off or other shift in the credit markets, which may adversely impact the Fund's income and NAV. In addition, if the value of its assets declines substantially, the Fund may fail to maintain the minimum asset coverage imposed upon the Fund by the 1940 Act. See "- Risks Related to the Fund's Investments - *Leverage Risk*." Any such failure would affect the Fund's ability to issue preferred shares, debt securities and other senior securities, including borrowings, and may affect the Fund's ability to pay distributions on its Shares, which could materially impair its business operations. The Fund's liquidity could be impaired further by an inability to access the capital markets or to obtain additional debt financing. For example, the Fund cannot be certain that the it would be able to obtain debt financing on commercially reasonable terms, if at all. See "- Risks Related to the Fund's Investments—*If the Fund is unable to obtain, and/or refinance debt capital, the Fund's business could be materially adversely affected*." In previous market cycles, many lenders and institutional investors reduced or ceased lending to borrowers. In the event of such type of market turmoil and tightening of credit, increased market volatility and widespread reduction of business activity could occur, thereby limiting the Fund's investment opportunities. Moreover, the Fund is unable to predict when economic and market conditions may be favorable in future periods. Even if market conditions are broadly favorable over the long term, adverse conditions in particular sectors of the financial markets could adversely impact the Fund's business.

*<u>If the Fund is unable to obtain and/or refinance debt capital, the Fund's business could be materially adversely affected.</u>* 

The Fund may obtain debt financing in order to obtain funds to make additional investments and grow the Fund's portfolio of investments. Such debt capital may take the form of a term credit facility with a fixed maturity date or other fixed-term instruments, and the Fund may be unable to extend, refinance or replace such debt financings prior to their maturity. If the Fund is unable to obtain or refinance debt capital on commercially reasonable terms, the Fund's liquidity will be lower than it would have been with the benefit of such financings, which would limit the Fund's ability to grow its business. In addition, holders of the Fund's Shares would not benefit from the potential for increased returns on equity that incurring leverage creates. Any such limitations on the Fund's ability to grow and take advantage of leverage may decrease its earnings, if any, and distributions to shareholders. In addition, in such event, the Fund may need to liquidate certain of its investments that may be difficult to sell if required, meaning that the Fund may realize significantly less than the value at which the Fund has recorded its investments.

Debt capital that is available to the Fund in the future, if any, including upon the refinancing of then-existing debt prior to its maturity, may be at a higher cost and on less favorable terms and conditions than costs and other terms and conditions at which the Fund can currently obtain debt capital. In addition, if the Fund is unable to repay amounts outstanding under any such debt financings and is declared in default or is unable to renew or refinance these debt financings, the Fund may not be able to make new investments or operate its business in the normal course. These situations may arise due to circumstances that the Fund may be unable to control, such as lack of access to the credit markets, a severe decline in the value of the U.S. dollar, an economic downturn or an operational problem that affects third parties or the Fund, and could materially damage the Fund's business.

***Issuance of Senior Securities Risk.***

Under the provisions of the 1940 Act, the Fund is permitted, as a registered closed-end management investment company, to issue senior securities (including debt securities, preferred shares and/or borrowings from banks or other financial institutions) provided the Fund meets certain asset coverage requirements (*i.e.*, 300% for senior securities representing indebtedness and 200% in the case of the issuance of preferred shares under current law). See "- Risks Related to the Fund's Investments - *Leverage Risk*" for details concerning how asset coverage is calculated. If the value of the Fund's assets declines, the Fund may be unable to satisfy this test. If that happens, the Fund may be required to sell a portion of its investments and, depending on the nature of the Fund's leverage, repay a portion of the Fund's indebtedness at a time when such sales may be disadvantageous. Also, any amount that the Fund uses to service or repay its indebtedness would not be available for distributions to the Fund's shareholders.

The Fund is not generally able to issue and sell Shares at a price below the then-current NAV per share (exclusive of any distributing commission or discount). The Fund may, however, sell Shares at a price below the then-current NAV per share (1) in connection with a rights offering to the Fund's existing shareholders, (2) with the consent of the majority of the Fund's shareholders, (3) upon the conversion of a convertible security in accordance with its terms or (4) under such circumstances as the SEC may permit.

***Significant Shareholders Risk.***

To the extent any shareholder, individually or acting together with other shareholders, controls a significant number of the Fund's voting securities (as defined in the 1940 Act) or any class of voting securities, they may have the ability to control the outcome of matters

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submitted to the Fund's shareholders for approval, including the election of Trustees and any merger, consolidation or sale of all or substantially all of the Fund's assets, and may cause actions to be taken that you may not agree with or that are not in your interests or those of other securityholders.

***Legislative and Regulatory Risk.***

*Legal and regulatory changes*. Legal and regulatory changes could occur and may adversely affect the Fund and its ability to pursue its investment strategies and/or increase the costs of implementing such strategies. New or revised laws or regulations may be imposed by the CFTC, the SEC, the U.S. Federal Reserve, other banking regulators, other governmental regulatory authorities or self-regulatory organizations that supervise the financial markets that could adversely affect the Fund. In particular, these agencies are empowered to promulgate a variety of new rules pursuant to recently enacted financial reform legislation in the United States. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by these governmental regulatory authorities or self-regulatory organizations. Such changes, or uncertainty regarding any such changes, could adversely affect the strategies and plans set forth in this Prospectus. Thus, any such changes, if they occur, could have a material adverse effect on the Fund's results of operations and the value of your investment.

*Derivative Instruments*. The derivative instruments in which the Fund may invest are subject to comprehensive statutes, regulations and margin requirements. In particular, certain provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") require certain standardized derivatives to be executed on a regulated market and cleared through a central counterparty, which may result in increased margin requirements and costs for the Fund. The Dodd-Frank Act also established minimum margin requirements on certain uncleared derivatives which may result in the Fund and its counterparties posting higher margin amounts for uncleared derivatives. The Adviser has claimed an exclusion from the definition of CPO under the Commodity Exchange Act ("CEA") pursuant to CFTC Regulation 4.5 under the CEA promulgated by the CFTC with respect to the Fund, and the Fund intends to operate in a manner that would permit the Adviser to continue to claim such exclusion.

Rule 18f-4 under the 1940 Act regulates the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies and replaces guidance of the SEC and its staff regarding asset segregation and cover transactions previously applicable to the Fund's derivatives and other transactions. A fund's trading of derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) is now subject to a value-at-risk ("VaR") leverage limit and certain derivatives risk management program and reporting requirements. Generally, these requirements apply unless a fund qualifies as a "limited derivatives user," as defined in rule 18f-4. Under rule 18f-4, when a fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating a fund's asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether a fund is a limited derivatives user, but for funds subject to the VaR testing, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. In addition, a fund is permitted to invest in a security on a when-issued or forward-settling basis, or with a non-standard settlement cycle, and the transaction will be deemed not to involve a senior security, provided that (i) the fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). A fund may otherwise engage in such transactions that do not meet the conditions of the Delayed-Settlement Securities Provision so long as the fund treats any such transaction as a "derivatives transaction" for purposes of compliance with the rule. Furthermore, under the rule, a Fund will be permitted to enter into an unfunded commitment agreement, and such unfunded commitment agreement will not be subject to the asset coverage requirements under the 1940 Act, if the Fund reasonably believes, at the time it enters into such agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all such agreements as they come due. These requirements may limit the ability of a Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies. These requirements may increase the cost of a fund's investments and cost of doing business, which could adversely affect investors.

*Loan Securitizations*. Section 619 of the Dodd-Frank Act, commonly referred to as the "Volcker Rule," generally prohibits, subject to certain exemptions, covered banking entities from engaging in proprietary trading or sponsoring, or acquiring or retaining an ownership interest in, a hedge fund or private equity fund ("covered funds") (which have been broadly defined in a way that could include many CLOs). Given the limitations on banking entities investing in CLOs that are covered funds, the Volcker Rule may adversely affect the market value or liquidity of any or all of the investments held by the Fund. Although the Volcker Rule and the implementing rules exempt "loan securitizations" from the definition of covered fund, not all CLOs will qualify for this exemption.

In June 2020, the five federal agencies responsible for implementing the Volcker Rule adopted amendments to the Volcker Rule's implementing regulations, including changes relevant to the treatment of securitizations (the "Volcker Changes"). Among other things, the Volcker Changes ease certain aspects of the "loan securitization" exclusion, create additional exclusions from the "covered fund" definition and narrow the definition of "ownership interest" to exclude certain "senior debt interests." Also, under the Volcker Changes,

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a debt interest would no longer be considered an "ownership interest" solely because the holder has the right to remove or replace the manager following a cause-related default. The Volcker Changes were effective October 1, 2020.

*U.S. Risk Retention*. In October 2014, six federal agencies (the FDIC, the Office of the Comptroller of the Currency, the Federal Reserve Board, the SEC, the U.S. Department of Housing and Urban Development and the Federal Housing Finance Agency) adopted joint final rules implementing certain credit risk retention requirements contemplated in Section 941 of the Dodd-Frank Act (the "Final U.S. Risk Retention Rules"). These rules were published in the Federal Register on December 24, 2014. With respect to the regulation of CLOs, the Final U.S. Risk Retention Rules require that the "sponsor" or a "majority owned affiliate" thereof (in each case as defined in the rules), will retain an "eligible vertical interest" or an "eligible horizontal interest" (in each case as defined therein) or any combination thereof in the CLO in the manner required by the Final U.S. Risk Retention Rules.

The Final U.S. Risk Retention Rules became fully effective on December 24, 2016 (the "Final U.S. Risk Retention Effective Date") and to the extent applicable to CLOs, the Final U.S. Risk Retention Rules contain provisions that may adversely affect the return of the Fund's investments. On February 9, 2018, a three-judge panel of the United States Court of Appeals for the District of Columbia Circuit, (the "DC Circuit Court") rendered a decision in *The Loan Syndications and Trading Association v. Securities and Exchange Commission and Board of Governors of the Federal Reserve System*, No. 1:16-cv-0065 in which the DC Circuit Court held that open market CLO collateral managers are not "securitizers" subject to the requirements of the Final U.S. Risk Retention Rules. Thus, collateral managers of open market CLOs are no longer required to comply with the Final U.S. Risk Retention Rules at this time. As such, it is possible that some collateral managers of open market CLOs will decide to dispose of the notes (or cause their majority owned affiliates to dispose of the notes) constituting the "eligible vertical interest" or "eligible horizontal interest" they were previously required to retain, or to take other action with respect to such notes that is not otherwise prohibited by the Final U.S. Risk Retention Rules. To the extent either the underlying collateral manager or its majority-owned affiliate divests itself of such notes, this will reduce the degree to which the relevant collateral manager's incentives are aligned with those of the noteholders of the CLO (which may include the Fund as a CLO noteholder), and could influence the way in which the relevant collateral manager manages the CLO assets and/or makes other decisions under the transaction documents related to the CLO in a manner that is adverse to the Fund.

There can be no assurance or representation that any of the transactions, structures or arrangements currently under consideration by or currently used by CLO market participants will comply with the Final U.S. Risk Retention Rules to the extent such rules are reinstated or otherwise become applicable to open market CLOs.

*EU/UK Risk Retention.* The securitization industry in both the European Union ("EU") and the United Kingdom ("UK") has also undergone a number of significant changes in the past few years. Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardized securitization (as amended from time to time, the "EU Securitization Regulation") applies to certain specified EU investors, and Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardised securitization in the form in effect on December 31, 2020 (which forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "EUWA")) (as amended from time to time, the "UK Securitization Regulation" and, together with the EU Securitization Regulation, the "Securitization Regulations") applies to certain specified UK investors, in each case, who are investing in a "securitisation" (as such term is defined under each Securitization Regulation).

The due diligence requirements of Article 5 of the EU Securitization Regulation (the "EU Due Diligence Requirements") apply to "institutional investors" (as defined in the EU Securitization Regulation), being (a) subject to certain conditions and exceptions, institutions for occupational retirement provision and certain investment managers and authorized entities appointed by such institutions; (b) credit institutions (as defined in Regulation (EU) No 575/2013 (as amended, the "CRR")); (c) alternative investment fund managers who manage and/or market alternative investment funds in the EU; (d) investment firms (as defined in the CRR); (e) insurance and reinsurance undertakings; and (f) management companies of Undertakings for Collective Investment in Transferable Securities ("UCITS") funds (or internally managed UCITS); the EU Due Diligence Requirements apply also to certain consolidated affiliates of entities that are subject to the CRR. Such institutional investors and their relevant affiliates are referred to as "EU Institutional Investors."

The due diligence requirements of Article 5 of the UK Securitization Regulation (the "UK Due Diligence Requirements") apply to "institutional investors" (as defined in the UK Securitization Regulation) being: (a) insurance undertakings and reinsurance undertakings as defined in the Financial Services and Markets Act 2000 (as amended, the "FSMA"); (b) occupational pension schemes as defined in the Pension Schemes Act 1993 that have their main administration in the UK and certain fund managers of such schemes; (c) AIFMs as defined in the Alternative Investment Fund Managers Regulations 2013 (as amended, the "AIFM Regulations") which market or manage AIFs (as defined in the AIFM Regulations) in the UK; (d) UCITS as defined in the FSMA, which are authorized open-ended investment companies as defined in the FSMA, and management companies as defined in the FSMA; (e) Financial Conduct Authority investment firms as defined in Regulation (EU) No 575/2013 as it forms part of UK domestic law by virtue of the EUWA (as amended, the "UK CRR"); and (f) CRR firms as defined in the UK CRR; the UK Due Diligence Requirements apply also to certain consolidated affiliates of entities that are subject to the UK CRR. Such institutional investors and their relevant affiliates are referred to as "UK Institutional Investors," and together with EU Institutional Investors, "Institutional Investors."

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The applicable EU/UK Due Diligence Requirements restrict an Institutional Investor from investing in securitizations unless:

(1) in each case, it has verified that the originator, sponsor or original lender will retain, on an ongoing
basis, a material net economic interest of not less than five per cent in the securitization determined in accordance with Article 6 of the applicable EU/UK Securitization Regulation, and the risk retention is disclosed to the Institutional
Investor;

(2) in the case of an EU Institutional Investor, it has verified that the originator, sponsor or securitization
special purpose entity ("SSPE") (each as defined in the EU Securitization Regulation) has, where applicable, made available the information required by Article 7 of the EU Securitization Regulation (the "EU Transparency
Requirements") in accordance with the frequency and modalities provided for thereunder;

(3) in the case of a UK Institutional Investor, it has verified that the originator, sponsor or SSPE (each as
defined in the UK Securitization Regulation): (i) if established in the UK has, where applicable, made available the information required by Article 7 of the UK Securitization Regulation (the "UK Transparency Requirements") in accordance
with the frequency and modalities provided for thereunder; and (ii) if established in a third country has, where applicable, made available information which is substantially the same as that which it would have made available under the UK
Transparency Requirements if it had been established in the UK, and has done so with such frequency and modalities as are substantially the same as those with which it would have made information available if it had been established in the UK; and

(4) in each case, it has verified that, where the originator or original lender either (i) is not a credit
institution or an investment firm (each as defined in the applicable EU/UK Securitization Regulation) or (ii) is established in a third country, the originator or original lender grants all the credits giving rise to the underlying exposure on
the basis of sound and well-defined criteria and clearly established processes for approving, amending, renewing and financing those credits, and has effective systems in place to apply those criteria and processes to ensure that credit-granting is
based on a thorough assessment of the obligor's creditworthiness.

The applicable EU/UK Due Diligence Requirements further require that an Institutional Investor carry out a due diligence assessment that enables it to assess the risks involved prior to investing, including but not limited to the risk characteristics of the individual investment position and the underlying assets and all the structural features of the securitization that can materially impact the performance of the investment. In addition, pursuant to the applicable EU/UK Securitization Regulation, while holding an exposure to a securitization, an Institutional Investor is subject to various monitoring obligations in relation to such exposure, including but not limited to: (i) establishing appropriate written procedures to monitor compliance with the due diligence requirements and the performance of the investment and of the underlying assets; (ii) performing stress tests on the cash flows and collateral values supporting the underlying assets; (iii) ensuring internal reporting to its management body; and (iv) being able to demonstrate to its competent authorities, upon request, that it has a comprehensive and thorough understanding of the investment and underlying assets and that it has implemented written policies and procedures for risk management and as otherwise required by the applicable EU/UK Securitization Regulation.

Failure on the part of an Institutional Investor to comply with the applicable EU/UK Due Diligence Requirements may result in various penalties including, in the case of those Institutional Investors subject to regulatory capital requirements, the imposition of a punitive capital charge in respect of such securitization position. CLOs issued in Europe are generally structured in compliance with the Securitization Regulations so that prospective investors subject to the Securitization Regulations can invest in compliance with such requirements. To the extent a CLO is structured in compliance with the Securitization Regulations, the Fund's ability to invest in the residual tranches of such CLOs could be limited, or the Fund could be required to hold its investment for the life of the CLO. If a CLO has not been structured to comply with the Securitization Regulations, it will limit the ability of Institutional Investors to purchase CLO securities, which may adversely affect the price and liquidity of the securities (including the residual tranche) in the secondary market. Additionally, the Securitization Regulations and any regulatory uncertainty in relation thereto may reduce the issuance of new CLOs and reduce the liquidity provided by CLOs to the leveraged loan market generally. Reduced liquidity in the loan market could reduce investment opportunities for collateral managers, which could negatively affect the return of the Fund's investments. Any reduction in the volume and liquidity provided by CLOs to the leveraged loan market could also reduce opportunities to redeem or refinance the securities comprising a CLO in an optional redemption or refinancing and could negatively affect the ability of obligors to refinance of their collateral obligations, either of which developments could increase defaulted obligations above historic levels.

The staff of the SEC from time to time has undertaken a broad review of the potential risks associated with different asset management activities, focusing on, among other things, liquidity risk and leverage risk. The staff of the Division of Investment Management of the SEC has, in correspondence with registered management investment companies, previously raised questions about the level of, and special risks associated with, investments in CLO securities. While it is not possible to predict what conclusions, if any, the staff may reach in these areas, or what recommendations, if any, the staff might make to the SEC, the imposition of limitations on investments by registered management investment companies in CLO securities could adversely impact the Fund's ability to implement its investment strategy and/or its ability to raise capital through public offerings, or could cause the Fund to take certain actions that may result in an

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adverse impact on the Fund's shareholders, the Fund's financial condition and/or its results of operations. The Fund is unable at this time to assess the likelihood or timing of any such regulatory development.

**General Risk Factors** 

***General Market Conditions Risk.***

The success of any investment activity is influenced by general economic and financial conditions that may affect the level and volatility of equity prices, interest rates and the extent and timing of investor participation in the markets for both equity and interest-rate-sensitive securities. Unexpected volatility, illiquidity, governmental action, currency devaluation or other events in the global markets in which the Fund directly or indirectly holds positions could impair the Fund's ability to carry out its business and could cause the Fund to incur substantial losses.

Terrorist acts, acts of war, natural disasters, outbreaks or pandemics may disrupt the Fund's operations as well as the operations of the businesses in which the Fund invests. Such acts have created, and continue to create, economic and political uncertainties and have contributed to global economic instability. For example, many countries have experienced outbreaks of infectious illnesses in recent decades, including swine flu, avian influenza, SARS and COVID-19.

Global economies and financial markets are highly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. The responses to viral illness outbreaks have varied as have their impact on human health, local economies and the global economy, and it is impossible, at the outset of any such outbreak, to estimate accurately what the ultimate impact of any such outbreak will be. Protective measures taken by governments and the private sector to mitigate the spread of such illness, including travel restrictions and outright bans, quarantines, and work-at-home arrangements, and the spread of any such illness within the Fund's offices and the offices of the Fund's service providers could seriously impair the Fund's operational capabilities, potentially harming the Fund's business and its operating results.

***Inflation Risk.***

Inflation and rapid fluctuations in inflation rates, as has occurred in the U.S., have had in the past, and may in the future have, negative effects on economies and financial markets. Wage and price controls have been imposed at times in certain countries in an attempt to control inflation, which could significantly affect the operation of the issuers of securities or other investments in which the Fund invests. Governmental efforts to curb inflation often have negative effects on the level of economic activity. As such, inflation and rapid fluctuations in inflation rates can adversely affect the financial performance of the Fund and/or the collateral underlying the CLOs in which it invests. There can be no assurance that inflation will not continue to be a serious problem and have an adverse impact on the performance of the Fund and its investments. Were significant inflation to continue, the effect on the Adviser's strategy could be materially adverse.

***Cybersecurity Risk.***

The Fund is highly dependent on the communications and information systems of the Adviser, the Sub-Adviser, the Administrator and their affiliates as well as the Transfer Agent and certain other third-party service providers. The Fund and its service providers are susceptible to operational and information security risks. While the Fund, the Adviser, the Sub-Adviser, and the Administrator have procedures in place with respect to information security, technologies may become the target of cyber attacks or information security breaches that could result in the unauthorized gathering, monitoring, release, misuse, loss or destruction of the Fund's and/or its shareholders' confidential and other information, or otherwise disrupt the Fund's operations or those of its service providers. Disruptions or failures in the physical infrastructure or operating systems and cyber attacks or security breaches of the networks, systems or devices that the Fund and its service providers use to service its operations, or disruption or failures in the movement of information between service providers could disrupt and impact the service providers' and the Fund's operations, potentially resulting in financial losses, the inability of the Fund's shareholders to transact business and of the Fund to process transactions, inability to calculate the Fund's NAV, misstated or unreliable financial data, violations of applicable privacy and other laws, regulatory fines, penalties, litigation costs, increased insurance premiums, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. The Fund's service providers' policies and procedures with respect to information security have been established to seek to identify and mitigate the types of risk to which the Fund and its service providers are subject. As with any risk management system, there are inherent limitations to these policies and procedures as there may exist, or develop in the future, risks that have not been anticipated or identified. There can be no assurance that the Fund or its service providers will not suffer losses relating to information security breaches (including cyber attacks) or other disruptions to information systems in the future.

***ESG Strategy Risk.***

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The Fund's consideration of ESG factors could cause it to perform differently compared to funds that do not take ESG factors into account. The incorporation of ESG factors into the investment analysis, which can encourage a greater emphasis on long-term performance, may result in the Fund's forgoing near-term/short-term opportunities to buy certain securities when it might otherwise be advantageous to do so or selling securities for ESG reasons when it might be otherwise disadvantageous to do so. For instance, the Fund explicitly excludes investments in corporate issuers involved in the production of specific types of controversial weapons.

**Other Risks of the Fund** 

***Shares Not Listed; No Market for Shares*.** Shares are not traded on any national securities exchange or other market. No market currently exists for the Shares, and the Fund contemplates that one will not develop. The Shares are, therefore, not readily marketable.

***Closed-end Fund; Liquidity Risks.*** The Fund is a non-diversified closed-end management investment company designed primarily for long-term investors and is not intended to be a trading vehicle. An investor should not invest in the Fund if the investor needs a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis at a price based on NAV.

***Distributions In-Kind.*** The Fund generally expects to distribute to the holder of Shares that are repurchased cash in satisfaction of such repurchase. However, there can be no assurance that the Fund will have sufficient cash to pay for Shares that are being repurchased or that it will be able to liquidate investments at favorable prices to pay for repurchased Shares. The Fund has the right to distribute securities as payment for repurchased Shares in unusual circumstances, including if making a cash payment would result in a material adverse effect on the Fund. If the Fund makes such a distribution of securities, shareholders will bear any risks of the distributed securities and may be required to pay a brokerage commission or other costs to dispose of such securities.

**MANAGEMENT OF THE FUND** 

**Trustees** 

Pursuant to the Declaration of Trust ("Declaration of Trust") and By-Laws ("By-Laws"), the Fund's business and affairs are managed under the direction of the Board, which has overall responsibility for monitoring and overseeing the Fund's management and operations. The Board consists of eight trustees, seven of whom are considered Independent Trustees. The Trustees are subject to removal or replacement in accordance with Delaware law and the Declaration of Trust. The Trustees serving on the Board were elected by the organizational shareholder of the Fund. The Statement of Additional Information provides additional information about the Trustees.

RBC Global Asset Management (U.S.) Inc. serves as the Fund's investment adviser and RBC Global Asset Management (UK) Limited serves as the Fund's investment sub-adviser, pursuant to the terms of the Investment Advisory Agreement and the Sub-Advisory Agreement, respectively, and subject to the authority of, and any policies established by, the Board. Pursuant to the Investment Advisory Agreement and the Sub-Advisory Agreement, the Adviser and the Sub-Adviser manage the Fund's investment portfolio, direct purchases and sales of portfolio securities, and report thereon to the Fund's officers and Trustees regularly.

The Board, including a majority of the Independent Trustees, oversees and monitors the Fund's investment performance. After an initial two-year term, the Board reviews, on an annual basis, the Investment Advisory Agreement and the Sub-Advisory Agreement to determine, among other things, whether the fees payable thereunder are reasonable in light of the services provided.

**Investment Personnel** 

The Fund's investment team includes:

Sid Chhabra is Managing Director, Head of Structured Credit, CLO Management, and Euro High Yield. Sid joined RBC GAM-UK in June 2018 and has over 16 years of structured credit and CLO experience, having been involved in the structured credit markets from the earliest stages of issuance. Before joining RBC GAM-UK, he was most recently a London-based managing director responsible for structured credit and CLOs at Anchorage Capital Europe, a $15 billion alternative investment manager. Before working at Anchorage, Sid was part of the structured credit/CDO Group, EMEA, at JPMorgan, where he was involved in originating, structuring and investing in structured credit products. Sid holds a BTech from the Indian Institute of Technology, Madras (IITM) and an MS from the London School of Economics.

Mark Shohet is a Portfolio Manager on the Securitized Credit team at RBC GAM-US. Before joining the firm in 2021, he was responsible for evaluating CLOs and executing all parts of the investment process including sourcing, underwriting and trading for another investment firm. Before that, he worked at a professional services company providing quantitative and advisory services for structured finance transactions. Mark began his career in the investment industry in 2008.

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Ajeet Atwal is a Senior Portfolio Manager on the BlueBay Fixed Income team at RBC GAM-US focusing on CLOs within the U.S. fixed income space. Ajeet moved to RBC GAM-US in 2020 from RBC Capital Markets where he was head of credit for the U.S. CLO business. Before that role, Ajeet was in the Leveraged Finance Group from 2011–2017, and gained experience across a number of capital markets desks including Global Equity Linked Products, Equity Sales, Funding & Liquidity and Corporate Banking after joining in 2009. Before joining RBC, Ajeet was with Lehman Brothers and CIBC World Markets in various origination, sales and trading roles. Ajeet began his career in the investment industry in 2004.

The Fund's Statement of Additional Information provides additional information about the portfolio managers, including their compensation structure, other accounts managed and ownership of Shares of the Fund.

**Control Persons** 

A control person generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. As of the date of this Prospectus, other than the initial shareholder, there were no control persons of the Fund.

**Administrator and Transfer Agent** 

The Bank of New York Mellon, 103 Bellevue Parkway, 2<sup>nd</sup> Floor, Wilmington, Delaware 19809, serves as administrator and fund accountant to the Fund (the "Administrator") and provides certain administrative and fund accounting services to the Fund pursuant to a Fund Administration and Accounting Agreement.

U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, acts as transfer agent to the Fund (the "Transfer Agent").

Pursuant to the Fund's agreements with the Administrator and the Transfer Agent, the Administrator and the Transfer Agent each receive fees from the Fund for services performed as administrator and fund accountant, and transfer agent, respectively.

**Custodian** 

U.S. Bank, N.A., 1555 N. Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as custodian for the Fund.

**FUND EXPENSES** 

The Adviser bears all of its own costs incurred in providing investment advisory services to the Fund. As described below, however, the Fund bears all other expenses incurred in the business and operation of the Fund, including amounts that the Fund pays the Adviser and other service providers for certain services that the Adviser and other service providers provide or arrange to be provided to the Fund.

Expenses borne directly by the Fund include:

• the cost of calculating the NAV of Shares, including the cost of any third-party pricing or valuation
services;

• the cost of effecting sales and repurchases of Shares and other securities;

• the Management Fee and Incentive Fee;

• investment-related expenses (*e.g.*, expenses that, in the Adviser's discretion, are related to the
investment of the Fund's assets, whether such investments are consummated), including, as applicable, brokerage commissions, borrowing charges on securities sold short, clearing and settlement charges, recordkeeping, interest expense,
dividends on securities sold but not yet purchased and margin fees;

• transfer agent and custodial fees;

• federal and any state registration or notification fees;

• federal, state and local taxes;

• fees and expenses of Trustees not also serving in an executive officer capacity for the Fund or the Adviser;

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• the costs of preparing, printing and mailing reports and other communications, including repurchase offer
correspondence or similar materials, to shareholders (except that the Adviser bears the cost of printing and distributing extra copies of the Fund's prospectus, statement of additional information, and sales and advertising materials to
prospective investors (but not to existing shareholders));

• fidelity bond, Trustees and officers errors and omissions liability insurance, and other insurance premiums;

• legal expenses (including those expenses associated with preparing the Fund's public filings, attending
and preparing for Board meetings, as applicable, and generally serving as counsel to the Fund);

• external accounting expenses (including fees and disbursements and expenses related to the annual audit of the
Fund and the preparation of the Fund's tax information);

• costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state
securities laws, including compliance with The Sarbanes-Oxley Act of 2002; and

• any expenses incurred outside of the ordinary course of business, including, without limitation, costs
incurred in connection with any claim, litigation, arbitration, mediation, government investigation or similar proceeding and indemnification expenses as provided for in the Fund's organizational documents.

**Organization and Offering Costs** 

Organizational costs include, among other things, the cost of organizing as a Delaware statutory trust, including the cost of legal services and other fees pertaining to the Fund's organization. These costs were paid by the Adviser on behalf of the Fund.

The Fund's initial offering costs included, among other things, legal, accounting, printing and other expenses pertaining to this offering. These costs were paid by the Adviser on behalf of the Fund, and the Adviser may seek reimbursement of those costs under the terms of the expense limitation agreement. Costs associated with the initial offering, capitalized as deferred offering costs, are amortized over a twelve-month period from the date of the associated offering. Following such time after the Fund's launch, costs associated with the offering of the Fund will be expensed as incurred.

**MANAGEMENT FEE AND INCENTIVE FEE** 

Pursuant to the Investment Advisory Agreement, and in consideration of the advisory services provided by the Adviser to the Fund, the Adviser is entitled to a fee consisting of two components–the Management Fee and the Incentive Fee.

**Management Fee** 

The Management Fee is calculated and payable monthly in arrears at the annual rate of 1.35% of the average daily value of the Fund's Net Assets.

**Incentive Fee** 

The Incentive Fee is calculated and payable quarterly in arrears based upon the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund's Net Assets equal to 1.875% per quarter (or an annualized hurdle rate of 7.50%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income earned or accrued during the calendar quarter minus the Fund's operating expenses (which, for this purpose shall not include the Incentive Fee) for the quarter. For purposes of the Incentive Fee, Net Assets are calculated for the relevant quarter as the weighted average of the NAV of the Fund as of the first business day of each month therein. The weighted average NAV shall be calculated for each month by multiplying the NAV as of the beginning of the first business day of the month times the number of days in that month divided by the number of days in the applicable calendar quarter.

The calculation of the Incentive Fee for each calendar quarter is as follows:

• No Incentive Fee is payable to the Adviser if the Fund's pre-incentive fee net investment income, expressed as a percentage of the Fund's Net Assets in respect of the relevant calendar quarter, does not exceed the quarterly hurdle rate of 1.875%;

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• 100% of the portion of the Fund's pre-incentive fee net
investment income that exceeds the hurdle rate but is less than or equal to 2.206% (the "catch-up") is payable to the Adviser if the Fund's pre-incentive fee net investment income, expressed as a percentage of the Fund's Net Assets in respect of the relevant calendar quarter, exceeds the hurdle rate but is less than or equal to 2.206%
(8.824% annualized). The "catch-up" provision is intended to provide the Adviser with an incentive fee of 15% on all of the Fund's pre-incentive fee
net investment income when the Fund's pre-incentive fee net investment income reaches 2.206% of Net Assets; and

• 15% of the portion of the Fund's pre-incentive fee net
investment income that exceeds the "catch-up" is payable to the Adviser if the Fund's pre-incentive fee net investment income, expressed as a
percentage of the Fund's Net Assets in respect of the relevant calendar quarter, exceeds 2.206% (8.824% annualized). As a result, once the hurdle rate is reached and the catch-up is achieved, 15% of all
the Fund's pre-incentive fee net investment income thereafter is allocated to the Adviser.

The following is a graphical representation of the calculation of the Incentive Fee:

**Quarterly Incentive Fee** 

**Fund's pre-incentive fee net investment income** 

**(expressed as a percentage of the Fund's Net Assets)**![LOGO](g11343g0424162849505.jpg)

**Investment Sub-Advisory Fee** 

Pursuant to the Sub-Advisory Agreement, dated as of March 20, 2026, by and between the Adviser and the Sub-Adviser, and in consideration of the sub-advisory services provided by the Sub-Adviser, the Sub-Adviser is entitled to a sub-advisory fee of 20% of the total advisory fee (consisting of the management fee and any incentive fee) paid to the Adviser by the Fund after deducting the amounts of any fees waived or Fund expenses paid by the Adviser for the Fund pursuant to the expense limitation agreement then in place. The sub-advisory fee is paid by the Adviser.

**Approval of the Investment Advisory Agreement and Sub-advisory Agreement** 

A discussion regarding the basis for the Board's approval of the Investment Advisory Agreement and Sub-Advisory Agreement will be set forth in the Fund's first annual or semi-annual report following the commencement of operations.

**DETERMINATION OF NET ASSET VALUE** 

The price you pay for your Shares is based on the Fund's NAV. The Fund's NAV is calculated at the close of trading (normally 4:00 p.m. Eastern time) on each day the NYSE is open for business (the NYSE is closed on weekends, most federal holidays and Good Friday). The Fund's NAV is calculated by dividing the value of the Fund's total assets (including interest and dividends accrued but not yet received) minus liabilities (including accrued expenses) by the total number of Shares outstanding. Requests to purchase Shares are processed at the NAV next calculated after the Fund receives your order in proper form. If the NYSE is closed due to inclement weather, technology problems or any other reason on a day it would normally be open for business, or if the NYSE has an unscheduled early closing on a day it has opened for business, the Fund reserves the right to treat such day as a business day and accept purchase orders until, and calculate the Fund's NAV as of, the normally scheduled close of regular trading on the NYSE for that day, so long as Fund management believes there remains an adequate market to meet purchase orders for that day.

In the event the Fund holds portfolio securities that trade in foreign markets or that are primarily listed on foreign exchanges that trade on weekends or other days when the Fund does not price its shares, the NAV of the Fund's shares may change on days when shareholders will not be able to purchase the Fund's shares.

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In calculating the Fund's NAV, portfolio investments for which market quotations are readily available are valued at market value, which is ordinarily determined based on official closing prices or the last reported sale prices of an instrument. Where no such closing price or sale price is reported, market value is determined based on quotes obtained from market makers or prices supplied by one or more third-party pricing source ("Pricing Services"), which may include evaluated prices. The types of investments in which the Fund typically invests are generally valued on the basis of evaluated prices provided by Pricing Services. Such prices may be based on a number of factors, including, among other things, information obtained from market makers and estimates based on recent market prices for investments with similar characteristics. If market or evaluated prices are not readily available (including when they are not reliable), or if an event occurs after the close of the trading market but before the calculation of the applicable NAV that materially affects the values, assets may be valued at a fair value, pursuant to procedures established by the Adviser as the Fund's valuation designee and approved by the Board. Events that could affect the values of foreign portfolio holdings may occur between the close of the foreign market and the time of determining the NAV, and would not otherwise be reflected in the NAV. When pricing securities using the fair value procedures, the Adviser (with the assistance of the Fund's Pricing Services and other service providers) seeks to assign the value that represents the amount that the Fund might reasonably expect to receive upon a current sale of the securities. The fair value procedures include the consideration of pricing information from one or more Pricing Services, which information is monitored by the Adviser on each business day. The Board oversees the Adviser's implementation of the fair value procedures.

In valuing the Fund's investments in CLO equity, CLO debt and LAFs, the Adviser may consider a variety of relevant factors, including price indications from a third-party pricing service, recent trading prices for specific investments, and recent purchases and sales known to the Adviser in similar securities.

Specifically, the Fund utilizes a third-party pricing service in connection with the valuation of the Fund's investments in CLO debt. However, if pricing from such third-party pricing service is determined to be stale or otherwise not reflective of current market conditions, the Fund may use an average of independent broker quotes to determine fair value.

Notwithstanding the foregoing, given the subjectivity inherent in fair valuation and the fact that events could occur after NAV calculation, the actual market prices for a security may differ from the fair value of that security as determined by the Fund at the time of NAV calculation. Thus, discrepancies between fair values and actual market prices may occur on a regular and recurring basis. These discrepancies do not necessarily indicate that the fair value methodology is inappropriate. The Adviser will adjust the fair values assigned to securities in the Fund's portfolio, to the extent necessary, as soon as market prices become available. The Adviser (and the Fund's service providers) continually monitor and evaluate the appropriateness of their fair value methodologies through systematic comparisons of fair values to the actual next available market prices of securities contained in the Fund's portfolio. To the extent the Fund invests in other mutual funds, the Fund's NAV is calculated based, in part, upon the NAVs of such mutual funds; the prospectuses for those mutual funds in which the Fund invests describe the circumstances under which those mutual funds use fair value pricing, which, in turn, affects their NAVs.

Because the Fund relies on various sources to calculate its NAVs, the Fund is subject to certain operational risks associated with reliance on the Pricing Services and other service providers and data sources. The Fund's NAV calculation may be impacted by operational risks arising from factors such as failures in systems and technology. Such failures may result in delays in the calculation of the Fund's NAV and/or the inability to calculate NAV over extended time periods. The Fund may be unable to recover any losses associated with such failures.

**CONFLICTS OF INTEREST** 

The Adviser, Sub-Adviser and/or their affiliates (together, "RBC") provide a variety of discretionary and non-discretionary investment advisory services and products to their clients. As a result, the following potential and actual conflicts of interest, among others, are presented to RBC in the operation of its investment advisory services:

• RBC faces conflicts of interest when rendering investment advisory services to several clients and may provide
dissimilar investment advice to different clients.

• RBC may, in certain circumstances, have discretion when making distributions as part of repurchases in the
form of securities or other assets, and in that case, the composition of such distributions. Accordingly, RBC may face conflicts of interest with respect to investors requesting repurchases and remaining investors.

• RBC may collect greater compensation for certain funds or accounts than that received for other funds or may
receive performance-based compensation. This may create a potential conflict of interest for RBC or its portfolio managers to incentivize certain accounts. Conflicts of interest may also arise when a portfolio manager has management responsibilities
to more than one account or fund, such as devotion of unequal time or attention.

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• Potential conflicts of interest may arise with both the aggregation of trade orders and the allocation of
securities transactions/investment opportunities/investment ideas. For allocations of aggregated trades, particularly trade orders that were only partially filled due to limited availability, RBC may have an incentive to allocate trades or
investment opportunities to certain accounts or funds.

• As a result of information barriers, personnel within RBC may trade differently from the Fund. Also, if RBC
obtains material non-public confidential information as part of its business activities for or with other clients, it may be restricted from purchasing or selling securities for the Fund.

• If RBC pays a broker-dealer with "soft" or commission dollars to obtain access to statistical
information and research, RBC faces conflicts of interest because RBC may have an incentive to trade with certain brokers or dealers in order to earn soft dollars and the information and research could benefit the Fund more than others.

• The Fund may be subject to conflicts of interest if it engages in principal transactions with RBC, to the
extent permitted by law. RBC may have a potentially conflicting division of loyalties and responsibilities to the parties in these transactions.

• Where RBC advises both sides of a transaction (*i.e.,* in a cross-transaction) there may be potential
conflicts of interest or regulatory issues relating to these transactions that could limit RBC's decision to engage in these transactions for the Fund. RBC may have a potentially conflicting division of loyalties and responsibilities to the
parties in such transactions and has developed policies and procedures in relation to such transactions and conflicts. Cross-transactions may disproportionately benefit some accounts relative to other accounts due to the relative amount of market
savings obtained by the accounts. Any principal, cross- or agency cross-transactions will be effected in accordance with fiduciary requirements and applicable law.

• RBC's participation in certain markets or its actions for particular clients could also restrict or
affect the Fund's ability to transact in those markets.

• Potential conflicts of interest also exist when RBC has certain overall investment limitations on positions in
securities or other financial instruments due to, among other things, investment restrictions imposed upon RBC by law, regulation, contract or internal policies. They could prevent the Fund from purchasing particular securities or financial
instruments, even if such securities or financial instruments would otherwise meet the Fund's objectives.

• RBC performs certain valuation services related to securities and assets in the Fund. RBC may value an
identical asset differently than another division or unit within RBC values the asset. RBC may also value an identical asset differently in different accounts or the Fund.

• Conflicts of interest may arise in the voting of proxies with, for instance, different teams voting proxies
differently or RBC voting differently than its affiliates, or the advice given by its affiliates to their clients (more information on proxy voting is available at page 32 within the Proxy Voting section of the Fund's Statement of Additional
Information).

• Subject to applicable law, RBC may, from time to time and without notice to investors, in-source or outsource certain processes or functions in connection with a variety of services that it provides to the Fund in its administrative or other capacities. Such in-sourcing or outsourcing may give rise to additional conflicts of interest.

• RBC and the Fund maintain codes of ethics and personal account dealing policies and procedures (collectively,
the "Codes"). The Codes are intended to ensure that the interests of shareholders and other clients are placed ahead of any personal interest, that no undue personal benefit is obtained from a person's employment activities and
that actual and potential conflicts of interest are avoided. The Codes are designed to detect and prevent improper personal trading. The Codes permit personnel subject to the Codes to invest in securities, including securities that may be purchased,
sold or held by the Fund, subject to a number of restrictions and controls, including prohibitions against purchases of securities in an initial public offering and a pre-clearance requirement.

• RBC and/or its affiliates may, to the extent permitted by applicable regulations, contribute to various non-cash and cash arrangements to promote the sale of Fund shares as well as sponsor various educational programs, sales contests and/or promotions. RBC and its affiliates may also pay for the travel expenses,
meals, lodging and entertainment of intermediaries and their salespersons and guests in connection with educational, sales and promotional programs, subject to applicable regulations. Other compensation may also be offered from time to time to the
extent not prohibited by applicable laws or regulations. Such arrangements may give rise to potential conflicts of interest.

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• To the extent permitted by applicable regulations, RBC may recommend that the Fund engage in securities
transactions for which an affiliate of RBC serves as an underwriter, remarketing agent or liquidity provider.

• RBC's directors, executive officers and employees may also serve as directors, officers, employees or
registered persons of one or more affiliates of RBC. RBC's Codes and related policies are designed to mitigate the conflicts of interest that exist between the allocation of resources and time between entities and the obligations to
RBC's clients and the incentive to take actions that benefit one or more affiliates of RBC.

RBC and the Fund have adopted policies and procedures designed to identify and mitigate the types of potential conflicts of interest discussed above, although they may be ineffective in doing so.

**SHARE REPURCHASE PROGRAM** 

The Fund does not currently intend to list the Shares on a securities exchange and does not expect a secondary market to develop in the foreseeable future. Accordingly, shareholders should expect that they will be unable to sell their Shares for an indefinite time or at a desired price. No shareholder will have the right to require the Fund to repurchase or redeem such shareholder's Shares or any portion thereof. Shareholders are not permitted to transfer their investment from the Fund to any other registered investment company. Because no public market exists for the Shares, and no such market is expected to develop in the foreseeable future, shareholders will not be able to liquidate their investment, other than through the Fund's share repurchase program, or, in limited circumstances, as a result of transfers of Shares to other investors.

The Fund is an "interval fund," which is designed to provide some liquidity to shareholders by making quarterly offers to repurchase between 5% and 25% of its outstanding Shares at NAV, pursuant to Rule 23c-3 under the 1940 Act, unless such offer is suspended or postponed in accordance with relevant regulatory requirements (as discussed below). In connection with any given repurchase offer, it is possible that the Fund may offer to repurchase only the minimum allowable amount of 5% of its outstanding Shares. Quarterly repurchases will occur in the months of March, June, September and December. The Fund expects to make its initial repurchase offer no later than the second full quarter after the Fund commences operations. The Fund's offer to purchase Shares is a fundamental policy that may not be changed without the approval of the holders of a majority of the Fund's outstanding voting securities (as defined in the 1940 Act). Repurchase Offer Notices will be sent to shareholders at least 21 calendar days and no more than 42 calendar days before the Repurchase Request Deadline (*i.e.*, the date by which shareholders can tender their Shares in response to a repurchase offer), which is ordinarily on the third Friday of the month in which the repurchase occurs. The NAV will be calculated no later than the 14<sup>th</sup> calendar day (or the next business day if the 14<sup>th</sup> calendar day is not a business day) after the Repurchase Request Deadline (such calculation date, the "Repurchase Pricing Date"). The Fund will distribute such payment no later than seven calendar days after such Repurchase Pricing Date. The Fund's Shares are not listed on any securities exchange, and the Fund anticipates that no secondary market will develop for its Shares. Accordingly, you may not be able to sell Shares when and/or in the amount that you desire. Thus, the Shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and shareholders to special risks. See "Types of Investments and Related Risks."

**Determination of Repurchase Offer Amount** 

The Board, or a committee thereof, in its sole discretion, will determine the Repurchase Offer Amount in connection with any given Repurchase Request Deadline. However, the Repurchase Offer Amount will be no less than 5% and no more than 25% of the total number of Shares outstanding on the Repurchase Request Deadline.

If shareholders tender more than the Repurchase Offer Amount for a given repurchase offer, the Fund will repurchase the Shares on a pro rata basis. However, the Fund is permitted to accept all Shares tendered for repurchase by shareholders who own less than one hundred Shares and who tender all of their Shares before prorating other amounts tendered.

**Notice to Shareholders** 

No less than 21 days and no more than 42 days before each Repurchase Request Deadline, the Fund will send each shareholder of record and each beneficial owner of the Shares that are the subject of the repurchase offer a Repurchase Offer Notice. The Repurchase Offer Notice will contain information shareholders should consider in deciding whether to tender Shares for repurchase. It also will include detailed instructions on how to tender shares for repurchase, state the Repurchase Offer Amount and set forth the Repurchase Request Deadline, the scheduled Repurchase Pricing Date, and the date the repurchase proceeds are scheduled for payment (the "Repurchase Payment Deadline"). The notice will also indicate the NAV that has been computed no more than seven days before the date of notification, and the process through which shareholders may ascertain the NAV after the notification date.

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**Repurchase Price** 

The repurchase price of the shares will be the NAV of the share class as of the close of regular trading on the NYSE on the Repurchase Pricing Date. Investors may call 800-422-2766 to learn the NAV. The Repurchase Offer Notice also will provide information concerning the NAV, such as the NAV as of a recent date or a sampling of recent NAVs of the Fund, and a toll-free number for information regarding the repurchase offer.

**Repurchase Amounts and Payment of Proceeds** 

Shares tendered for repurchase by shareholders prior to any Repurchase Request Deadline will be repurchased subject to the aggregate Repurchase Offer Amount established for that Repurchase Request Deadline. Payment pursuant to the repurchase offer will be made by check to the shareholder's address of record or credited directly to a predetermined bank account on the Repurchase Payment Deadline, which will be no more than seven days after the Repurchase Pricing Date. The Board may establish other policies for repurchases of shares that are consistent with the 1940 Act, the regulations thereunder and other pertinent laws.

If shareholders tender for repurchase more than the Repurchase Offer Amount for a given repurchase offer, the Fund may, but is not required to, repurchase an additional amount of Shares not to exceed 2.00% of the outstanding Shares on the Repurchase Request Deadline. If the Fund determines not to repurchase more than the Repurchase Offer Amount, or if shareholders tender Shares in an amount exceeding the Repurchase Offer Amount plus 2.00% of the outstanding Shares on the Repurchase Request Deadline, the Fund will repurchase Shares on a pro rata basis. However, the Fund may accept all Shares tendered for repurchase by shareholders who own less than one hundred Shares and who tender all of their Shares, before prorating other amounts tendered.

**Consequences of Repurchase Offers** 

From the time the Fund sends the Repurchase Offer Notice until the Repurchase Pricing Date for that offer, the Fund must maintain assets at least equal to the percentage of its Shares subject to the repurchase offer. For this purpose, such assets will consist of investments that may be sold or otherwise disposed of in the ordinary course of business at approximately the price at which the Fund values them within the period between the Repurchase Request Deadline and the Repurchase Payment Deadline, or that mature by the Repurchase Payment Deadline. The Fund is also permitted to borrow up to the maximum extent permitted under the 1940 Act to meet repurchase requests.

If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income. There is no assurance that the Fund will be able sell a significant amount of additional Shares so as to mitigate these effects.

These and other possible risks associated with the Fund's repurchase offers are described under "Other Risks Related to the Fund — Repurchase Offers Risks" above. In addition, the repurchase of Shares by the Fund will be a taxable event to shareholders. For a discussion of these tax consequences, see "Tax Aspects" below and in the Statement of Additional Information.

**Involuntary Repurchases and Mandatory Redemptions** 

The Fund, consistent with the requirements of the Fund's Declaration of Trust, the provisions of the 1940 Act and rules thereunder, including Rule 23c-2 under the 1940 Act, has the right to repurchase or redeem Shares of a shareholder or any person acquiring Shares from or through a Shareholder under certain circumstances, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ownership of Shares by a shareholder or other person will cause the Fund to be in violation of, or subject the
Fund to additional registration or regulation under, the securities, commodities or other laws of the U.S. or any other relevant jurisdiction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued ownership of such Shares may be harmful or injurious to the business or reputation of the Fund or
the Adviser, or may subject the Fund or any shareholder to an undue risk of adverse tax or other fiscal consequences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of the representations and warranties made by a shareholder in connection with the acquisition of Shares
was not true when made or has ceased to be true; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it would be in the best interests of the Fund to repurchase or redeem Shares, subject to the conditions of
Rule 23c-2 under the 1940 Act.

**DESCRIPTION OF CAPITAL STRUCTURE** 

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**Shares of Beneficial Interest** 

The Declaration of Trust authorizes the Fund's issuance of an unlimited number of Shares of beneficial interest of each class. There is currently no market for Shares and the Fund does not expect that a market for Shares will develop in the foreseeable future. Pursuant to the Declaration of Trust and as permitted by Delaware law, shareholders are entitled to the same limitation of personal liability extended to stockholders of private corporations organized for profit incorporated in the State of Delaware and therefore generally will not be personally liable for the Fund's debts or obligations.

*Share Classes* 

The Fund has received an exemptive order from the SEC that permits the Fund to issue multiple classes of shares. The Fund offers three separate classes of Shares, designated as Class A shares, Class I shares and Class T shares. The Fund may offer additional classes of Common Shares in the future.

*Shares* 

Under the terms of the Declaration of Trust, all Shares, when consideration for Shares is received by the Fund, will be fully paid and nonassessable. Distributions may be paid to shareholders if, as and when authorized and declared by the Board. Except as otherwise provided by the Board, Shares will have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Fund, and will be freely transferable, except where their transfer is restricted by law or contract. The Declaration of Trust provides that the Board shall have the power to repurchase or redeem Shares. In the event of the Fund's dissolution, after the Fund pays or adequately provides for the payment of all claims and obligations of the Fund, and upon the receipt of such releases, indemnities and refunding agreements deemed necessary by the Board, each Share will be entitled to receive, according to its respective rights, a *pro rata* portion of the Fund's assets available for distribution for the applicable class, subject to any preferential rights of holders of the Fund's outstanding preferred Shares, if any. Each whole Share will be entitled to one vote as to any matter on which it is entitled to vote, and each fractional Share will be entitled to a proportionate fractional vote. However, to the extent required by the 1940 Act or otherwise determined by the Board, classes of the Fund will vote separately from each other. Shareholders shall be entitled to vote on all matters on which a vote of shareholders is required by the 1940 Act, the Declaration of Trust or a resolution of the Board. There will be no cumulative voting in the election of Trustees. Under the Declaration of Trust, the Fund is not required to hold annual meetings of shareholders. The Fund only expects to hold shareholder meetings to the extent required by the 1940 Act or pursuant to special meetings called by the Board or a majority of shareholders.

*Preferred Shares and Other Securities* 

The Declaration of Trust provides that the Board may, subject to the Fund's investment policies and restrictions and the requirements of the 1940 Act, authorize and cause the Fund to issue securities of the Fund other than Shares (including preferred Shares, debt securities or other senior securities), by action of the Board without the approval of shareholders. The Board may determine the terms, rights, preferences, privileges, limitations and restrictions of such securities as the Board sees fit.

Preferred Shares could be issued with rights and preferences that would adversely affect shareholders. Preferred Shares could also be used as an anti-takeover device. Every issuance of preferred Shares will be required to comply with the requirements of the 1940 Act. The 1940 Act requires, among other things, that (i) immediately after issuance of preferred Shares, before any distribution is made with respect to the Shares and before any purchase of Shares is made, the aggregate involuntary liquidation preference of such preferred Shares together with the aggregate involuntary liquidation preference or aggregate value of all other senior securities must not exceed an amount equal to 50% of the Fund's total assets after deducting the amount of such distribution or purchase price, as the case may be; and (ii) the holders of preferred Shares, if any are issued, must be entitled as a class to elect two Trustees at all times and to elect a majority of the Trustees if distributions on such preferred Shares are in arrears by two years or more. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred Shares.

**OUTSTANDING SECURITIES** 

The following table sets forth information about the Fund's outstanding Shares as of April 24, 2026:

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| | | | |
|:---|:---|:---|:---|
| **Title of Class** | **Amount<br> Authorized** | **Amount Held by**<br>**the Fund for its**<br> **Own Account** | **Amount<br> Outstanding** |
|  Class I Shares of Beneficial Interest | Unlimited | None | None |
|  Class A Shares of Beneficial Interest | Unlimited | None | None |
|  Class T Shares of Beneficial Interest | Unlimited | None | None |

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

Pursuant to the Declaration of Trust, Trustees and officers of the Fund will not be subject in such capacity to any personal liability to the Fund or shareholders, unless the liability arises from bad faith, willful misfeasance, gross negligence or reckless disregard for the Trustee's or officer's duty.

Except as otherwise provided in the Declaration of Trust, the Fund will indemnify and hold harmless any current or former Trustee or officer of the Fund against any liabilities and expenses (including reasonable attorneys' fees relating to the defense of any claim, action, suit or proceeding with which such person is involved or threatened) while and with respect to acting in the capacity of a Trustee or officer of the Fund, except with respect to matters in which such person did not act in good faith in the reasonable belief that his or her action was in the best interest of the Fund. In accordance with the 1940 Act, the Fund will not indemnify any Trustee or officer for any liability to which such person would be subject by reason of his or her willful misfeasance, bad faith, gross negligence or reckless disregard of the duties of his or her position. The Fund will provide indemnification to Trustees and officers prior to a final determination regarding entitlement to indemnification as described in the Declaration of Trust.

The Fund has entered into the Investment Advisory Agreement with the Adviser. The Investment Advisory Agreement provides that, in the absence of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations and duties thereunder, the Adviser is not liable for any error of judgment or mistake of law or for any loss the Fund suffers.

Pursuant to the Declaration of Trust, the Fund will advance the expenses of defending any action for which indemnification is sought if the Fund receives an undertaking by the indemnitee which provides that the indemnitee will reimburse the Fund unless it is subsequently determined that the indemnitee is entitled to such indemnification.

**Number of Trustees; Appointment of Trustees; Vacancies; Removal** 

The Declaration of Trust provides that the number of Trustees shall be no less than one and no more than 15, as determined in writing by a majority of the Trustees then in office. As set forth in the Declaration of Trust, a Trustee's term of office shall continue until he or she dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner than any of such events, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Each Trustee shall hold office until his or her successor shall have been appointed pursuant to the Declaration of Trust. Subject to the provisions of the 1940 Act, individuals may be appointed by the Trustees at any time to fill vacancies on the Board by the appointment of such persons by a majority of the Trustees then in office. To the extent that the 1940 Act requires that Trustees be elected by shareholders, any such Trustees will be elected by a plurality of all Shares voted at a meeting of shareholders at which a quorum is present.

The Declaration of Trust provides that any Trustee may be removed (provided that after the removal the aggregate number of Trustees is not less than the minimum required by the Declaration of Trust) (i) with or without cause, by the majority of the Board; or (ii) by the shareholders to the extent provided by the 1940 Act and the rules and regulations thereunder.

**Action by Shareholders** 

The Declaration of Trust provides that shareholder action can be taken only at a meeting of shareholders or by unanimous written consent in lieu of a meeting. Subject to the 1940 Act, the Declaration of Trust or a resolution of the Board specifying a greater or lesser vote requirement, the affirmative vote of a majority of Shares present in person or represented by proxy at a meeting and entitled to vote on the subject matter shall be the act of the shareholders with respect to any matter submitted to a vote of the shareholders.

**Amendment of Declaration of Trust and By-Laws** 

Subject to the provisions of the 1940 Act, and subject to certain exceptions described in the Declaration of Trust, the Board may amend the Declaration of Trust without any vote of shareholders. Pursuant to the Declaration of Trust and By-Laws, the Board has the exclusive power to amend or repeal the By-Laws or adopt new By-Laws at any time.

**No Appraisal Rights** 

In certain extraordinary transactions, some jurisdictions provide the right to dissenting shareholders to demand and receive the fair value of their Shares, subject to certain procedures and requirements set forth in such statute. Those rights are commonly referred to as appraisal rights. The Declaration of Trust provides that Shares shall not entitle shareholders to appraisal rights.

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**Derivative Actions** 

No person, other than a Trustee, who is not a shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Fund. No shareholder may maintain a derivative action on behalf of the Fund unless holders of at least 10% of the outstanding shares join in the bringing of such action. However, none of these provisions regarding derivative actions applies to claims arising under federal securities laws.

In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Act, a shareholder may bring a derivative action on behalf of the Fund only if the following conditions are met: (i) the shareholder or shareholders must make a pre-suit demand upon the Board to bring the subject action unless an effort to cause the Board to bring such an action is not likely to succeed; and a demand on the Board shall only be deemed not likely to succeed and therefore excused if a majority of the Board, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not "independent trustees" (as that term is defined in the Delaware Statutory Trust Act); and (ii) unless a demand is not required under clause (i) of this paragraph, the Board must be afforded a reasonable amount of time to consider such shareholder request and to investigate the basis of such claim; and the Board shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the shareholders making such request to reimburse the Fund for the expense of any such advisors in the event that the Board determines not to bring such action. The foregoing undertakings do not apply to any derivative or other action arising under the U.S. federal securities laws.

**Conflict with Applicable Laws and Regulations** 

The Declaration of Trust provides that if and to the extent that any provision of the Declaration of Trust conflicts with any provision of the 1940 Act, the provisions under the Code applicable to the Fund as a RIC or other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of the Declaration of Trust; provided, however, that such determination shall not affect any of the remaining provisions of the Declaration of Trust or affect the validity of any action taken or omitted to be taken prior to such determination.

**TAX ASPECTS** 

The following is a general summary of certain material U.S. federal income tax considerations applicable to the Fund and an investment in the Fund. The discussion below provides general tax information related to an investment in the Fund but does not purport to be a complete description of the U.S. federal income tax consequences of an investment in the Fund and does not address any state, local, non-U.S. or other tax consequences. It is based on the Code and U.S. Treasury regulations thereunder and administrative pronouncements, all as of the date hereof, any of which is subject to change, possibly with retroactive effect. In addition, it does not describe all of the tax consequences that may be relevant in light of the particular circumstances of a shareholder of the Fund ("Shareholder"), including (but not limited to) alternative minimum tax consequences and tax consequences applicable to Shareholders subject to special tax rules, such as certain financial institutions; dealers or traders in securities who use a mark-to-market method of tax accounting; persons holding Shares as part of a hedging transaction, wash sale, conversion transaction or integrated transaction or persons entering into a constructive sale with respect to Shares; entities classified as partnerships or other pass-through entities for U.S. federal income tax purposes; insurance companies; U.S. Shareholders (as defined below) whose functional currency is not the U.S. dollar; or tax-exempt entities, including "individual retirement accounts" or "Roth IRAs." As with any taxable investment, Shareholders may be subject to the federal alternative minimum tax on their income (including taxable income from the Fund), depending on their individual circumstances. Unless otherwise noted, the following discussion applies only to a Shareholder that holds Shares as a capital asset and is a U.S. Shareholder. A "U.S. Shareholder" generally is a beneficial owner of Shares who is for U.S. federal income tax purposes:

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

• a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the
United States, any state thereof or the District of Columbia;

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

• a trust if it (a) is subject to the primary supervision of a court within the United States and one or
more U.S. persons have the authority to control all substantial decisions of the trust or (b) has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective Shareholder that is a partner in a partnership holding Shares should consult his, her or its tax advisors with respect to the purchase, ownership and disposition of Shares.

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The discussion set forth herein does not constitute tax advice. Tax laws are complex and often change, and Shareholders should consult their tax advisors about the U.S. federal, state, local or non-U.S. tax consequences of an investment in the Fund.

**Taxation of the Fund** 

The Fund intends to elect to be treated for U.S. federal income tax purposes, and it intends to qualify annually, as a RIC under Subchapter M of the Code. As a RIC, the Fund generally will not be subject to corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes as dividends to Shareholders. To qualify as a RIC in any tax year, the Fund must, among other things, satisfy both source of income and asset diversification tests. The Fund will qualify as a RIC if (i) at least 90% of the Fund's gross income for such tax year consists of dividends; interest; payments with respect to certain securities loans; gains from the sale or other disposition of shares, securities or foreign currencies; other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such shares, securities or currencies; and net income derived from interests in "qualified publicly-traded partnerships" (such income, "Qualifying RIC Income"); and (ii) the Fund's holdings are diversified so that, at the end of each quarter of such tax year, (a) at least 50% of the value of the Fund's total assets is represented by cash and cash equivalents, securities of other RICs, U.S. Government securities and other securities, with such other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and not greater than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the Fund's total assets is invested (x) in securities (other than U.S. Government securities or securities of other RICs) of any one issuer or of two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses or (y) in the securities of one or more qualified publicly-traded partnerships ("QPTPs). The Fund's share of income derived from a partnership other than a "QPTP will be treated as Qualifying RIC Income only to the extent that such income would have constituted Qualifying RIC Income if derived directly by the Fund. A QPTP is generally defined as an entity that is treated as a partnership for U.S. federal income tax purposes if (1) interests in such entity are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof and (2) less than 90% of its gross income for the relevant tax year consists of Qualifying RIC Income. The Code provides that the Treasury Department may by regulation exclude from Qualifying RIC Income foreign currency gains that are not directly related to the RIC's principal business of investing in shares or securities (or options and futures with respect to shares or securities). The Fund anticipates that, in general, its foreign currency gains will be directly related to its principal business of investing in shares and securities.

In addition, to maintain RIC tax treatment, the Fund must distribute on a timely basis with respect to each tax year dividends of an amount at least equal to 90% of the sum of its "investment company taxable income" and its net tax-exempt interest income, determined without regard to any deduction for dividends paid, to Shareholders (the "90% distribution requirement").

If the Fund qualifies as a RIC and satisfies the 90% distribution requirement, the Fund generally will not be subject to U.S. federal income tax on its "investment company taxable income" and net capital gains (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes as dividends to Shareholders (including amounts that are reinvested pursuant to the Dividend Reinvestment Plan). In general, a RIC's "investment company taxable income" for any tax year is its taxable income determined without regard to net capital gains and with certain other adjustments. The Fund intends to distribute all or substantially all of its "investment company taxable income," net tax-exempt interest income (if any) and net capital gains on an annual basis. Any taxable income, including any net capital gains that the Fund does not distribute in a timely manner, will be subject to U.S. federal income tax at regular corporate rates.

If the Fund retains any net capital gains for reinvestment, it may elect to treat such capital gains as having been distributed to Shareholders. If the Fund makes such an election, each Shareholder will be required to report its share of such undistributed net capital gains attributed to the Fund as long-term capital gain and will be entitled to claim its share of the U.S. federal income taxes paid by the Fund on such undistributed net capital gains as a credit against its own U.S. federal income tax liability, if any, and to claim a refund on a properly-filed U.S. federal income tax return to the extent that the credit exceeds such liability. In addition, each Shareholder will be entitled to increase the adjusted tax basis of its Shares by the difference between its share of such undistributed net capital gain and the related credit. There can be no assurance that the Fund will make this election if it retains all or a portion of its net capital gain for a tax year.

As a RIC, the Fund will be, subject to a nondeductible 4% federal excise tax on certain undistributed amounts for each calendar year (the "4% excise tax"). To avoid the 4% excise tax, the Fund must distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of its ordinary taxable income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gains for previous calendar years that were not distributed during those calendar years. For purposes of determining whether the Fund has met this distribution requirement, the Fund will be deemed to have distributed any income or gains previously subject to U.S. federal income tax. Furthermore, any distribution declared by the Fund in October, November or December of any calendar year payable to Shareholders of record on a specified date in such a month and actually paid during January of the following calendar year will be treated for tax purposes as if it had been paid on December 31 of the calendar year in which the distribution was declared. The Fund generally intends to avoid the imposition of the 4% excise tax, but there can be no assurance in this regard.

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If the Fund fails to qualify as a RIC or fails to satisfy the 90% distribution requirement in respect of any tax year, the Fund would be subject to U.S. federal income tax at regular corporate rates on its taxable income, including its net capital gains, even if such income were distributed, and all distributions out of earnings and profits would be taxed as ordinary dividend income. Such distributions generally would be eligible for the dividends-received deduction in the case of certain corporate Shareholders and may be eligible to be qualified dividend income in the case of certain non-corporate Shareholders. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (any of which could be subject to interest charges) before re-qualifying for taxation as a RIC. If the Fund fails to satisfy either the income test or the asset diversification test described above, in certain cases, however, the Fund may be able to avoid losing its status as a RIC by timely providing notice of such failure to the IRS, curing such failure and possibly paying an additional tax or penalty.

Some of the investments that the Fund is expected to make, such as investments in debt instruments having market discount and/or treated as issued with OID, may cause the Fund to recognize income or gain for U.S. federal income tax purposes prior to the receipt of any corresponding cash or other property. As a result, the Fund may have difficulty meeting the 90% distribution requirement necessary to maintain RIC tax treatment. Because this income will be included in the Fund's investment company taxable income for the tax year it is accrued, the Fund may be required to make a distribution to Shareholders to meet the distribution requirements described above, even though the Fund will not have received any corresponding cash or property. The Fund may be required to borrow money, dispose of other securities or forgo new investment opportunities to make such distributions.

There may be uncertainty as to the appropriate treatment of certain of the Fund's investments for U.S. federal income tax purposes. In particular, the Fund expects to invest a portion of its net assets in below investment grade instruments. U.S. federal income tax rules with respect to such instruments are not entirely clear about issues such as whether and to what extent the Fund should recognize interest, OID or market discount; when and to what extent deductions may be taken for bad debts or worthless instruments; how payments received on obligations in default should be allocated between principal and income; and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund, to the extent necessary, in connection with the Fund's general intention to distribute sufficient income to qualify and maintain its qualification to be subject to tax as a RIC, and to minimize the risk that it becomes subject to U.S. federal income or excise tax.

Income received by the Fund from sources outside the United States may be subject to withholding and other taxes imposed by such countries, thereby reducing income available to the Fund. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. The Fund generally intends to conduct its investment activities to minimize the impact of foreign taxation, but there is no guarantee that the Fund will be successful in this regard. If more than 50% of the value of the Fund's total assets at the close of its tax year consists of securities of foreign corporations, the Fund will be eligible to elect to "pass through" to Shareholders the foreign source amount of income deemed earned and the respective amount of foreign taxes paid by the Fund. If the Fund so elects, each Shareholder would be required to include in gross income, even though not actually received, each Shareholder's *pro rata* share of the foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its *pro rata* share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both).

The Fund may invest in shares of foreign companies that are classified under the Code as PFICs. In general, a foreign company is considered a PFIC if at least 50% of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. In general under the PFIC rules, an "excess distribution" received with respect to PFIC shares is treated as having been realized ratably over the period during which the Fund held the PFIC shares. The Fund generally will be subject to tax on the portion, if any, of the excess distribution that is allocated to the Fund's holding period in prior tax years (and an interest factor will be added to the tax as if the tax had actually been payable in such prior tax years) even though the Fund distributes the corresponding income to Shareholders. Excess distributions include any gain from the sale of PFIC shares as well as certain distributions from a PFIC. All excess distributions are taxable as ordinary income.

The Fund may be eligible to elect alternative tax treatment with respect to PFIC shares. Under one such election (*i.e.*, a "QEF" election), the Fund generally would be required to include in its gross income its share of the earnings of a PFIC on a current basis regardless of whether any distributions are received from the PFIC. If this election is made, the special rules, discussed above, relating to the taxation of excess distributions, would not apply. Alternatively, the Fund may be able to elect to mark its PFIC shares to market, resulting in the treatment of any unrealized gains at the Fund's tax year-end as though they were recognized and reported as ordinary income. Any mark-to-market losses and any loss from an actual disposition of the PFIC's shares would be deductible as ordinary losses to the extent of any net mark-to-market gains included in income in prior tax years with respect to shares in the same PFIC.

Because the application of the PFIC rules may affect, among other things, the character of gains, the amount of gain or loss and the timing of the recognition of income, gain or loss with respect to PFIC shares as well as subject the Fund itself to tax on certain income from PFIC shares, the amount that must be distributed to Fund Shareholders, and which will be recognized by Fund Shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a fund that did not invest in PFIC

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shares. Note that distributions from a PFIC are not eligible for the reduced rate of tax on distributions of "qualified dividend income" as discussed below.

Some of the CLOs in which the Fund invests may be PFICs, which are generally subject to the tax consequences described above. Investment in certain equity interests of CLOs that are subject to treatment as PFICs for U.S. federal income tax purposes may cause the Fund to recognize income in a tax year in excess of the Fund's distributions from such CLOs, PFICs and the Fund's proceeds from sales or other dispositions of equity interests in other CLOs and other PFICs during that tax year. As a result, the Fund generally would be required to distribute such income to satisfy the distribution requirements applicable to RICs. The Fund's income inclusion with respect to a PFIC for which the Fund has made a "QEF" election is generally treated as qualifying income for purposes of determining the Fund's ability to be subject to tax as a RIC if (A) there is a current distribution out of the earnings and profits of the PFIC that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities or currencies.

If the Fund holds more than 10% of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation ("CFC"), including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC, the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation of an amount equal to the Fund's *pro rata* share of the foreign corporation's earnings for such tax year (including both ordinary earnings and capital gains), whether or not the corporation makes an actual distribution to the Fund during such tax year. This deemed distribution is required to be included in the income of certain U.S. shareholders of a CFC, such as the Fund, regardless of whether a U.S. shareholder has made a QEF election with respect to such CFC. The Fund is generally required to distribute such income to satisfy the distribution requirements applicable to RICs, even to the extent the Fund's income from a CFC exceeds the distributions from the CFC and the Fund's proceeds from the sales or other dispositions of CFC stock during that tax year. In general, a foreign corporation will be treated as a CFC for U.S. federal income tax purposes if more than 50% of the shares of the foreign corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. shareholders. A "U.S. Shareholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined value or voting power of all classes of shares of a corporation. The Fund's income inclusion with respect to a CFC is generally treated as qualifying income for purposes of determining the Fund's ability to be subject to tax as a RIC either if (A) there is a current distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities or currencies.

The functional currency of the Fund, for U.S. federal income tax purposes, is the U.S. dollar. Gains or losses attributable to fluctuations in foreign currency exchange rates that occur between the time the Fund accrues interest income or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities generally are respectively characterized as ordinary income or ordinary loss for U.S. federal income tax purposes. Similarly, on the sale or other disposition of certain investments, including debt securities, certain forward contracts, as well as other derivative financial instruments, denominated in a foreign currency, gains or losses attributable to fluctuations in the value of foreign currency between the date of acquisition of the security or contract and the date of disposition also are generally treated as ordinary gain or loss. These gains and losses, referred to under the Code as "section 988" gains and losses, may increase or decrease the amount of the Fund's investment company taxable income subject to distribution to Fund Shareholders as ordinary income. For example, fluctuations in exchange rates may increase the amount of income that the Fund must distribute to qualify for tax treatment as a RIC and to prevent application of an excise tax on undistributed income. Alternatively, fluctuations in exchange rates may decrease or eliminate income available for distribution. If section 988 losses exceed other investment company taxable income during a tax year, the Fund would not be able to distribute amounts considered dividends for U.S. federal income tax purposes, and any distributions during a tax year made by the Fund before such losses were recognized would be re-characterized as a return of capital to Fund Shareholders for U.S. federal income tax purposes, rather than as ordinary dividend income, and would reduce each Fund Shareholder's tax basis in Fund Shares.

If the Fund uses leverage through the issuance of preferred Shares or borrowings, it will be prohibited from declaring a distribution or dividend if it would fail the applicable asset coverage test(s) under the 1940 Act after the payment of such distribution or dividend. In addition, certain covenants in credit facilities or indentures may impose greater restrictions on the Fund's ability to declare and pay dividends on Fund Shares. Limits on the Fund's ability to pay dividends on Fund Shares may prevent the Fund from meeting the distribution requirements described above and, as a result, may affect the Fund's ability to be subject to tax as a RIC or subject the Fund to the 4% excise tax. The Fund endeavors to avoid restrictions on its ability to make distribution payments. If the Fund is precluded from making distributions on Fund Shares because of any applicable asset coverage requirements, the terms of preferred Shares (if any) may provide that any amounts so precluded from being distributed, but required to be distributed by the Fund to enable the Fund to satisfy the distribution requirements that would enable the Fund to be subject to tax as a RIC, will be paid to the holders of preferred Shares as a special distribution. This distribution can be expected to decrease the amount that holders of preferred Shares would be entitled to receive upon repurchase or liquidation of such preferred Shares.

Certain of the Fund's investments are expected to be subject to special U.S. federal income tax provisions that may, among other things, (1) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (2) convert lower-taxed long-term capital gains

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into higher-taxed short-term capital gains or ordinary income, (3) convert an ordinary loss or a deduction into a capital loss, the deductibility of which is more limited, (4) adversely affect when a purchase or sale of shares or securities is deemed to occur, (5) adversely alter the intended characterization of certain complex financial transactions, (6) cause the Fund to recognize income or gain without a corresponding receipt of cash, (7) treat dividends that would otherwise constitute qualified dividend income as non-qualified dividend income, (8) treat dividends that would otherwise be eligible for the corporate dividends received deduction as ineligible for such treatment and (9) produce income that will not constitute Qualifying RIC Income. The application of these rules could cause the Fund to be subject to U.S. federal income tax or the 4% excise tax and, under certain circumstances, could affect the Fund's status as a RIC. The Fund monitors its investments and may make certain tax elections to mitigate the effect of these provisions.

A RIC is limited in its ability to deduct expenses in excess of its investment company taxable income. If the Fund's deductible expenses in a given taxable year exceed the Fund's investment company taxable income, the Fund may incur a net operating loss for that taxable year. However, a RIC is not permitted to carry forward net operating losses to subsequent taxable years and such net operating losses do not pass through to its Shareholders. In addition, deductible expenses can be used only to offset investment company taxable income, not net capital gain. A RIC may not use any net capital losses (that is, the excess of realized capital losses over realized capital gains) to offset its investment company taxable income, but may carry forward such net capital losses, and use them to offset future capital gains, indefinitely. Due to these limits on deductibility of expenses and net capital losses, the Fund may for tax purposes have aggregate taxable income for several taxable years that the Fund is required to distribute and that is taxable to Shareholders even if such taxable income is greater than the net income the Fund actually earns during those taxable years. Any underwriting fees paid by the Fund are not deductible.

The remainder of this discussion assumes that the Fund has qualified and maintained its qualification as a RIC and has satisfied the distribution requirements described above.

**Taxation of U.S. Shareholders** 

***Distributions***

Distributions of the Fund's ordinary income and net short-term capital gains will, except as described below with respect to distributions of "qualified dividend income," generally be taxable to Shareholders as ordinary income to the extent such distributions are paid out of the Fund's current or accumulated earnings and profits as determined for U.S. federal income tax purposes. Distributions (or deemed distributions, as described above), if any, of net capital gains will be taxable as long-term capital gains, regardless of the length of time a Shareholder has owned Shares. The ultimate tax characterization of the Fund's distributions made in a tax year cannot be determined until after the end of the tax year. As a result, the Fund may make total distributions during a tax year in an amount that exceeds the current and accumulated earnings and profits of the Fund. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will be treated by a Shareholder as a return of capital that will be applied against and reduce the Shareholder's tax basis in its Shares. To the extent that the amount of any such distribution exceeds the Shareholder's tax basis in its Shares, the excess will be treated as gain from a sale or exchange of Shares. Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional Shares. Generally, for U.S. federal income tax purposes, a Shareholder receiving Shares under the Dividend Reinvestment Plan will be treated as having received a distribution equal to the fair market value of such Shares on the date the Shares are credited to the Shareholder's account.

A return of capital to Shareholders is a return of a portion of their original investment in the Fund, thereby reducing the tax basis of their investment. As a result of such reduction in tax basis, Shareholders may be subject to tax in connection with the sale of Fund Shares, even if such Shares are sold at a loss relative to the Shareholder's original investment.

It is expected that a substantial portion of the Fund's income will consist of ordinary income. For example, interest and OID derived by the Fund is characterized as ordinary income for U.S. federal income tax purposes. In addition, gain derived by the Fund from the disposition of debt instruments with "market discount" (generally, securities with a fixed maturity date of more than one year from the date of issuance acquired by the Fund at a price below the lesser of their stated redemption price at maturity or accreted value, in the case of securities with OID) will be characterized as ordinary income for U.S. federal income tax purposes to the extent of the market discount that has accrued, as determined for U.S. federal income tax purposes, at the time of such disposition, unless the Fund makes an election to accrue market discount on a current basis. In addition, certain of the Fund's investments will be subject to other special U.S. federal income tax provisions that may affect the character, or increase the amount and/or accelerate the timing of, distributions to Shareholders.

Distributions made by the Fund to a corporate Shareholder will qualify for the dividends-received deduction only to the extent that the distributions consist of qualifying dividends received by the Fund. In addition, any portion of the Fund's dividends otherwise qualifying for the dividends-received deduction will be disallowed or reduced if the corporate Shareholder fails to satisfy certain requirements, including a holding period requirement, with respect to its Shares. Distributions of "qualified dividend income" to an individual or other non-corporate Shareholder will be treated as "qualified dividend income" to such Shareholder and generally will be taxed at long-term

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capital gain rates, provided the Shareholder satisfies the applicable holding period and other requirements. "Qualified dividend income" generally includes dividends from domestic corporations and dividends from foreign corporations that meet certain specified criteria. Given the Fund's investment strategy, it is not expected that a significant portion of the distributions made by the Fund will be eligible for the dividends-received deduction or the reduced rates applicable to "qualified dividend income."

Certain distributions reported by the Fund as Section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the Fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

If a person acquires Shares shortly before the record date of a distribution, the price of the Shares may include the value of the distribution, and the person will be subject to tax on the distribution even though economically it may represent a return of his or her investment in such Shares.

Distributions paid by the Fund generally will be treated as received by a Shareholder at the time the distribution is made. However, the Fund may, under certain circumstances, elect to treat a distribution that is paid during the following tax year as if it had been paid during the tax year in which the income or gains supporting the distribution was earned. If the Fund makes such an election, the Shareholder will still be treated as receiving the distribution in the tax year in which the distribution is received. In this instance, however, any distribution declared by the Fund in October, November or December of any calendar year payable to Shareholders of record on a specified date in such a month and actually paid during January of the following calendar year will be treated for tax purposes as if it had been received by Shareholders on December 31 of the calendar year in which the distribution was declared.

Shareholders will be notified annually, as promptly as practicable after the end of each calendar year, as to the U.S. federal tax status of distributions, and Shareholders receiving distributions in the form of additional Shares will receive a report as to the NAV of those Shares. The Fund (or if a U.S. Shareholder holds Shares through an intermediary, such intermediary) will send to each of its U.S. Shareholders, as promptly as possible after the end of each calendar year, a notice detailing, on a per Share and per distribution basis, the amounts includible in such U.S. Shareholder's taxable income for such year as ordinary income and as long-term capital gain. In addition, the federal tax status of each year's distributions generally will be reported to the IRS, including the amount of distributions, if any, eligible for the preferential maximum rate generally applicable to long-term capital gains. Distributions may also be subject to additional state, local and foreign taxes depending on a U.S. Shareholder's particular situation.

***Sale, Exchange or Repurchase of Shares***

The repurchase or transfer of Shares may result in a taxable gain or loss to the tendering Shareholder. Different tax consequences may apply for tendering and non-tendering Shareholders in connection with a repurchase offer. For example, if a Shareholder does not tender all of his or her Shares, such repurchase may be treated as a dividend (as opposed to a sale or exchange) for U.S. federal income tax purposes, and may result in deemed distributions to non-tendering Shareholders. On the other hand, Shareholders holding Shares as capital assets who tender all of their Shares (including Shares deemed owned by Shareholders under constructive ownership rules) will be treated as having sold their Shares and generally will recognize capital gain or loss. The amount of the gain or loss will be equal to the difference between the amount received for the Shares and the Shareholder's adjusted tax basis in the relevant Shares. Such gain or loss generally will be a long-term capital gain or loss if the Shareholder has held such Shares as capital assets for more than one year. Otherwise, the gain or loss will be treated as short-term capital gain or loss.

Losses realized by a Shareholder on the sale or exchange of Shares held as capital assets for six months or less will be treated as long-term capital losses to the extent of any distribution of long-term capital gains received (or deemed received, as discussed above) with respect to such Shares. In addition, no loss will be allowed on a sale or other disposition of Shares if the Shareholder acquires (including through reinvestment of distributions or otherwise) Shares, or enters into a contract or option to acquire Shares, within 30 days before or after any disposition of such Shares at a loss. In such a case, the basis of the Shares acquired will be adjusted to reflect the disallowed loss. Under current law, net capital gains recognized by non-corporate Shareholders are generally subject to U.S. federal income tax at lower rates than the rates applicable to ordinary income.

In general, U.S. Shareholders currently are subject to a maximum federal income tax rate of either 15% or 20% (depending on whether the Shareholder's income exceeds certain threshold amounts) on their net capital gain (*i.e.*, the excess of realized net long-term capital gains over realized net short-term capital losses), including any long-term capital gain derived from an investment in Shares. Such rate is lower than the maximum rate on ordinary income currently payable by individuals. Corporate U.S. Shareholders currently are subject to U.S. federal income tax on net capital gain at the maximum 21% rate also applied to ordinary income. Non-corporate Shareholders with net capital losses for a tax year (*i.e.*, capital losses in excess of capital gains) generally may deduct up to $3,000 of such losses

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against their ordinary income each tax year. Any net capital losses of a non-corporate Shareholder in excess of $3,000 generally may be carried forward and used in subsequent tax years as provided in the Code. Corporate Shareholders generally may not deduct any net capital losses for a tax year but may carry back such losses for three tax years or carry forward such losses for five tax years.

Reporting of adjusted cost basis information is required for covered securities, which generally include shares of a RIC, to the IRS and to Shareholders. Shareholders should contact their financial intermediaries with respect to reporting of cost basis and available elections for their accounts.

***Medicare Tax on Net Investment Income***

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from repurchases or other taxable dispositions of Shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts. U.S. persons that are individuals, estates or trusts are urged to consult their tax advisors regarding the applicability of this tax to their income and gains in respect of their investment in the Fund.

***Tax Shelter Reporting Regulations***

Under U.S. Treasury regulations, if a Shareholder recognizes losses with respect to Shares of $2 million or more for an individual Shareholder or $10 million or more for a corporate Shareholder, the Shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct owners of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

***Backup Withholding and Information Reporting***

Information returns will be filed with the IRS in connection with payments on Shares and the proceeds from a sale or other disposition of Shares. A Shareholder will be subject to backup withholding on all such payments if it fails to provide the payor with its correct taxpayer identification number (generally, in the case of a U.S. resident Shareholder, on an IRS Form W-9) and to make required certifications or otherwise establish an exemption from backup withholding. Corporate Shareholders and certain other Shareholders generally are exempt from backup withholding. Backup withholding is not an additional tax. Any amounts withheld as backup withholding may be credited against the applicable Shareholder's U.S. federal income tax liability provided the required information is timely furnished to the IRS.

**Taxation of Tax-Exempt U.S. Shareholders** 

A U.S. Shareholder that is a tax-exempt organization for U.S. federal income tax purposes and therefore generally exempt from U.S. federal income taxation may nevertheless be subject to taxation to the extent that it is considered to derive unrelated business taxable income ("UBTI"). The direct conduct by a tax-exempt U.S. Shareholder of the activities that the Fund proposes to conduct could give rise to UBTI. However, a RIC is a corporation for U.S. federal income tax purposes and its business activities generally will not be attributed to its Shareholders for purposes of determining their treatment under current law. Therefore, a tax-exempt U.S. Shareholder should not be subject to U.S. federal income taxation solely as a result of such Shareholder's direct or indirect ownership of Shares and receipt of distributions with respect to such Shares (regardless of whether the Fund incurs indebtedness). Moreover, under current law, if the Fund incurs indebtedness, such indebtedness will not be attributed to a tax-exempt U.S. Shareholder. Therefore, a tax-exempt U.S. Shareholder should not be treated as earning income from "debt-financed property" and distributions the Fund pays should not be treated as "unrelated debt-financed income" solely as a result of indebtedness that it incurs. Certain tax-exempt private universities are subject to an additional excise tax on their "net investment income," including income from interest, dividends, and capital gains. Proposals periodically are made to change the treatment of "blocker" investment vehicles interposed between tax-exempt investors and non-qualifying investments. In the event that any such proposals were to be adopted and applied to RICs, the treatment of dividends payable to tax-exempt investors could be adversely affected. In addition, special rules would apply if the Fund were to invest in certain real estate mortgage investment conduits or taxable mortgage pools, which the Fund does not currently plan to do, that could result in a tax-exempt U.S. Shareholder recognizing income that would be treated as UBTI.

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

Whether an investment in the Fund is appropriate for a non-U.S. Shareholder (as defined below) will depend upon that investor's particular circumstances. An investment in the Fund by a non-U.S. Shareholder may have adverse tax consequences. Non-U.S. Shareholders should consult their tax advisors before investing in Shares.

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The U.S. federal income taxation of a Shareholder that is a nonresident alien individual, a foreign trust or estate or a foreign corporation, as defined for U.S. federal income tax purposes (a "non-U.S. Shareholder"), depends on whether the income that the Shareholder derives from the Fund is "effectively connected" with a U.S. trade or business carried on by the Shareholder.

If the income that a non-U.S. Shareholder derives from the Fund is not "effectively connected" with a U.S. trade or business carried on by such non-U.S. Shareholder, distributions of "investment company taxable income" (including any deemed distributions with respect to a repurchase offer) will generally be subject to a U.S. federal withholding tax at a rate of 30% (or a lower rate provided under an applicable treaty). Alternatively, if the income that a non-U.S. Shareholder derives from the Fund is effectively connected with a U.S. trade or business of the non-U.S. Shareholder, the Fund will not be required to withhold U.S. federal tax if the non-U.S. Shareholder complies with applicable certification and disclosure requirements, although such income will be subject to U.S. federal income tax in the manner described below and at the rates applicable to U.S. residents. Backup withholding will not, however, be applied to payments that have been subject to this 30% withholding tax applicable to non-U.S. Shareholders.

A non-U.S. Shareholder whose income from the Fund is not "effectively connected" with a U.S. trade or business will generally be exempt from U.S. federal income tax on capital gains distributions, any amounts retained by the Fund that are reported as undistributed capital gains and any gains realized upon the sale or exchange of Shares. If, however, such a non-U.S. Shareholder is a nonresident alien individual and is physically present in the United States for 183 days or more during the tax year and meets certain other requirements, such capital gains distributions, undistributed capital gains and gains from the sale or exchange of Shares will be subject to a 30% U.S. tax. In addition, a repurchase of Shares may be subject to U.S. federal income tax withholding to the extent such repurchase is treated as a taxable distribution, as described above.

Furthermore, properly reported distributions by the Fund and received by non-U.S. Shareholders are generally exempt from U.S. federal withholding tax when they (a) are paid by the Fund in respect of the Fund's "qualified net interest income" (*i.e.,* the Fund's U.S. source interest income, subject to certain exceptions, reduced by expenses that are allocable to such income), or (b) are paid by the Fund in connection with the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gains over the Fund's long-term capital losses for such tax year). However, depending on the circumstances, the Fund may report all, some or none of the Fund's potentially eligible distributions as derived from such qualified net interest income or from such qualified short-term capital gains, and a portion of such distributions (*e.g.*, derived from interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding. Moreover, in the case of Shares held through an intermediary, the intermediary may have withheld amounts even if the Fund reported all or a portion of a distribution as exempt from U.S. federal withholding tax. To qualify for this exemption from withholding, a non-U.S. Shareholder must comply with applicable certification requirements relating to its non-U.S. tax residency status (including, in general, furnishing IRS Form W-8BEN, IRS Form W-8BEN-E, IRS Form W-8ECI, IRS Form W-8IMY or IRS Form W-8EXP, or an acceptable substitute or successor form). Thus, an investment in the Shares by a non-U.S. Shareholder may have adverse tax consequences as compared to a direct investment in the assets in which the Fund invests.

If the income from the Fund is "effectively connected" with a U.S. trade or business carried on by a non-U.S. Shareholder, any distributions of "investment company taxable income," capital gains distributions, amounts retained by the Fund that are reported as undistributed capital gains and any gains realized upon the sale or exchange of Shares will be subject to U.S. income tax, on a net income basis, in the same manner, and at the graduated rates applicable to, U.S. persons. If such a non-U.S. Shareholder is a corporation, it may also be subject to the U.S. branch profits tax.

A non-U.S. Shareholder other than a corporation may be subject to backup withholding on net capital gains distributions that are otherwise exempt from withholding tax or on distributions that would otherwise be taxable at a reduced treaty rate if such Shareholder does not certify its non-U.S. status under penalties of perjury or otherwise establish an exemption.

If the Fund distributes net capital gains in the form of deemed rather than actual distributions, a non-U.S. Shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the Shareholder's allocable share of the tax the Fund pays on the capital gains deemed to have been distributed. To obtain the refund, the non-U.S. Shareholder must obtain a U.S. taxpayer identification number and file a federal income tax return even if the non-U.S. Shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a federal income tax return.

Distributions will be treated in the manner described above regardless of whether such distributions are paid in cash or invested in additional shares pursuant to the Dividend Reinvestment Plan. A non-U.S. Shareholder receiving distributions in the form of additional shares will generally be treated as receiving a distribution in the amount of the fair market value of the distributed shares. If the distribution is subject to withholding tax as described above, only the net after-tax amount will be reinvested in additional shares. If the distribution is "effectively connected" with a U.S. trade or business of the non-U.S. Shareholder (and, if required by an applicable tax treaty, is attributable to a U.S. permanent establishment of the non-U.S. Shareholder), and the non-U.S. Shareholder complies with the applicable certification and disclosure requirements, the full amount of the distribution generally will be reinvested in additional shares and will nevertheless be subject to U.S. federal income tax at the rates and in the manner applicable to U.S. persons generally. The

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additional shares received by a non-U.S. Shareholder pursuant to the Dividend Reinvestment Plan will have a new holding period commencing on the day following the day on which the shares were credited to the non-U.S. Shareholder's account.

Under the FATCA provisions of the Code, withholding of U.S. tax (at a 30% rate) is required on payments of taxable dividends made to certain non-U.S. entities that fail to comply (or be deemed compliant) with extensive reporting and withholding requirements in the Code designed to inform the U.S. Department of the Treasury of U.S.-owned foreign investment accounts. Shareholders may be requested to provide additional information to the Fund to enable the Fund to determine whether withholding is required.

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

**Other Taxes** 

Shareholders may be subject to state, local and non-U.S. taxes applicable to their investment in the Fund. In those states or localities, entity-level tax treatment and the treatment of distributions made to Shareholders under those jurisdictions' tax laws may differ from the treatment under the Code. Accordingly, an investment in Shares may have tax consequences for Shareholders that are different from those of a direct investment in the Fund's portfolio investments. Shareholders are advised to consult their tax advisors with respect to the particular tax consequences to them of an investment in the Fund.

**CHOOSING A SHARE CLASS** 

The Fund offers three classes of shares: Class I, Class A and Class T. Each class of shares is designed for specific types of investors and has its own fee structure, allowing you to choose the class that best meets your situation. The class that may be best for you depends on a number of factors, including the amount and the length of time that you expect to invest. Not all financial intermediaries make all classes of shares available to their clients. Third parties making Fund shares available to their clients determine which share class(es) to make available.

Class I shares are purchased at NAV and are not subject to any 12b-1 fees. Class I shares can be purchased directly from the Fund's transfer agent or other financial institutions, which may charge transaction fees with respect to your purchase. Class I shares are intended for (i) investors who meet the investment minimum for Class I shares; (ii) institutional investors (*e.g.*, financial institutions, corporations, trusts and foundations); (iii) funds of funds; (iv) pension plans whose sponsors or administrators have entered into arrangements with the Distributor; (v) investors investing through omnibus accounts held by financial intermediaries that charge transaction fees and have entered into arrangements with the Distributor to offer Class I shares; (vi) current and former trustees of the Fund; and (vii) other investors that have been approved by the Fund or the Adviser.

Class A shares can be purchased directly from the Fund's transfer agent and are also available through registered broker-dealers, banks, advisers and other financial institutions. Class A shares of the Fund are purchased at NAV plus an initial sales charge. There is no initial sales charge on purchases of Class A shares of $500,000 or more; however, a contingent deferred sales charge ("CDSC") of up to 1.00% may be imposed if such Class A shares are repurchased within twelve (12) months of their purchase. Class A shares of the Fund received as a result of a conversion from Class T shares of the Fund will not be subject to a CDSC upon repurchase by the Fund. Class A shares are intended for (i) investors who meet the investment minimum for Class A shares, (ii) investors investing through omnibus accounts held by financial intermediaries that charge transaction fees and have entered into arrangements with the Distributor to offer Class A shares and (iii) retirement plans whose sponsors or administrators have entered into arrangements with the Distributor.

Class T shares of the Fund are available exclusively to clients of financial intermediaries with whom the Fund has a selling agreement to distribute Class T shares. Class T shares of the Fund are purchased at NAV plus an initial sales charge and are subject to 12b-1 fees. There is no initial sales charge on purchases of Class T shares of $1,000,000 or more; however a CDSC of up to 1.00% may be imposed if Class T shares are repurchased within twelve (12) months of their purchase.

The minimum initial investment in the Fund is $2,500 for all account types for Class A and Class T shares and $100,000 for all account types for Class I shares. The Adviser may, in its sole discretion, waive these minimums for accounts participating in an automatic investment program and in certain other circumstances. The Fund may waive or lower investment minimums for investors who invest in the Fund through an asset-based fee program made available through a financial intermediary. If your investment is aggregated into an omnibus account established by an investment adviser, broker or other financial intermediary, the account minimums apply to the omnibus account, not to your individual investment. The financial intermediary may also impose minimum requirements that are different from those set forth in this Prospectus. If you choose to purchase shares from or effect repurchase requests directly with the Fund, you will not incur charges on repurchases. However, if you purchase shares or effect repurchase requests through a broker-dealer or other financial intermediary, you may be charged a fee by that intermediary.

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Information about sales charges, including applicable waivers, breakpoints and discounts to the sales charges, is fully disclosed in this Prospectus, which is available, free of charge, on the Fund's website at *www.dfinview.com/usrbcgam*.

**SALES CHARGES – CLASS A AND CLASS T SHARES** 

**Purchase of Class A Shares** 

Front -end sales charges are imposed on sales of Class A shares of the Fund at the rates listed in the table below. The sales charge decreases with larger purchases. For example, if you invest more than $100,000, or if your cumulative purchases or the value on your account is more than $100,000, then the sales charge is reduced. (See "Reducing the Initial Sales Charge on Purchases of Class A and Class T Shares," below.) This sales charge will be waived for purchases (i) in accounts invested through wrap programs in which the Fund participate, (ii) through "one -stop" mutual fund networks, (iii) through trust companies and banks acting in a fiduciary, adviser, agency, custodial or similar capacity, or (iv) through group retirement plans. The amount paid for an investment, known as the "offering price," includes any applicable front -end sales charges. Because of rounding in the calculation of the "offering price," the actual sales charge you pay may be more or less than that calculated using the percentages shown below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For Purchases:** | **Sales Charges as a % of Offering Price** | **Dealer Concession as a % of Offering<br>Price** |
| &nbsp;&nbsp;&nbsp; Less than $100,000 | 5.75 | 5.00 |
| &nbsp;&nbsp;&nbsp; $100000-$249999 | 4.50 | 3.75 |
| &nbsp;&nbsp;&nbsp; $250,000 to $499,999 | 3.50 | 2.75 |
| &nbsp;&nbsp;&nbsp; $500,000 to $749,999 | 2.50 | 2.00 |
| &nbsp;&nbsp;&nbsp; $750,000 to $999,999 | 1.50 | 1.20 |
| &nbsp;&nbsp;&nbsp; $1 million to $4,999,999<sup>1</sup> | 0.00 | 1.00 |
| &nbsp;&nbsp;&nbsp; $5 million to $24,999,999<sup>1</sup> | 0.00 | 0.50 |
| &nbsp;&nbsp;&nbsp; Over $25 million<sup>1</sup> | 0.00 | 0.25 |

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<sup>1</sup> A CDSC of up to 1.00% is imposed on redemptions within 12 months of purchase. 

**Purchase of Class T Shares** 

Front -end sales charges are imposed on sales of Class T shares of the Fund at the rates listed in the table below. The sales charge decreases with larger purchases. For example, if you invest more than $100,000, or if your cumulative purchases or the value on your account is more than $100,000, then the sales charge is reduced. (See "Reducing the Initial Sales Charge on Purchases of Class A and Class T Shares," below.) This sales charge will be waived for purchases (i) in accounts invested through wrap programs in which the Fund participate, (ii) through "one -stop" mutual fund networks, (iii) through trust companies and banks acting in a fiduciary, adviser, agency, custodial or similar capacity, or (iv) through group retirement plans. The amount paid for an investment, known as the "offering price," includes any applicable front -end sales charges. Because of rounding in the calculation of the "offering price," the actual sales charge you pay may be more or less than that calculated using the percentages shown below.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**For Purchases:** | **Sales Charges as a % of Offering Price** | **Dealer Concession as a % of Offering**<br> **Price** |
| &nbsp;&nbsp;&nbsp; Less than $100,000 | 3.00 | 2.50 |
| &nbsp;&nbsp;&nbsp; $100000-$249999 | 2.50 | 2.00 |
| &nbsp;&nbsp;&nbsp; $250,000 to $499,999 | 1.50 | 1.20 |
| &nbsp;&nbsp;&nbsp; $500,000 to $999,999<sup>1</sup> | 0.00 | 1.00 |
| &nbsp;&nbsp;&nbsp; $1,000,000 to $4,999,999<sup>1</sup> | 0.00 | 0.50 |
| &nbsp;&nbsp;&nbsp; $5,000,000 and over<sup>1</sup> | 0.00 | 0.25 |

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<sup>1</sup> A CDSC of up to 1.00% is imposed on redemptions within 12 months of purchase. 

**Reducing the Initial Sales Charge on Purchases of Class A and Class T Shares** 

***Combining Accounts of Family Members.*** You may combine accounts in Class A and Class T shares of the Fund in order to qualify for a reduced sales charge (load). The following types of accounts may be aggregated for purposes of reducing the initial sales charge.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounts owned by you and your immediate family (your spouse and your children under 21 years of age)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Single-participant retirement plan accounts owned by you or your immediate family

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trust accounts established by you or your immediate family

You need to provide your financial advisor with the information as to which of your accounts qualify as family accounts and this information should be included with your account application.

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***Letter of Intent*.** By signing a Letter of Intent (LOI) you can reduce your Class A or Class T sales charge. Your individual purchases will be made at the applicable sales charge based on the amount you intend to invest over a 13-month period. The LOI will apply to all purchases of Class A or Class T shares of the Fund.

Any shares purchased within 90 days of the date you sign the LOI may be used as credit toward completion, but the reduced sales charge will only apply to new purchases made on or after that date. Purchases resulting from the reinvestment of dividends and capital gains do not apply toward fulfillment of the LOI. Shares equal to 5.75% for Class A shares and 3.00% for Class T shares of the amount of the LOI will be held in escrow during the 13-month period. If, at the end of that time the total amount of purchases made is less than the amount intended, you will be required to pay the difference between the reduced sales charge and the sales charge applicable to the individual purchases had the LOI not been in effect. This amount will be obtained from redemption of the escrow shares. Any remaining escrow shares will be released to you.

If you establish an LOI with the Fund you can aggregate your accounts as well as the accounts of your immediate family members. **You will need to provide written instruction with respect to the other accounts whose purchases should be considered in fulfillment of the LOI.**

***Rights of Accumulation.*** For the purpose of qualifying for the lower sales charge rates that apply to larger purchases, you may combine your new purchase of Class A or Class T shares with shares of currently owned holdings in Class A shares or Class T shares. The applicable sales charge for the new purchase is based on the total of your current purchase and the current value based on NAV of all other Class A shares or Class T shares you own. You may need to provide your financial advisor with account statements or other information to demonstrate that you qualify for a sales charge reduction.

PLEASE BE ADVISED THAT TO RECEIVE A REDUCTION IN THE INITIAL SALES CHARGE OF YOUR PURCHASES OF CLASS A SHARES OF THE RBC FUNDS, YOU MUST NOTIFY YOUR FINANCIAL ADVISOR AT THE TIME YOU PURCHASE YOUR SHARES THAT YOU QUALIFY FOR SUCH A REDUCTION. IF YOU DO NOT NOTIFY YOUR FINANCIAL ADVISOR THAT YOU MAY BE ELIGIBLE FOR A SALES CHARGE REDUCTION, YOU MAY NOT RECEIVE A REDUCTION TO WHICH YOU ARE OTHERWISE ENTITLED.

**Contingent Deferred Sales Charges.** A 1.00% CDSC in accordance with the amount of the dealer concession paid is imposed on redemptions of Class A shares or Class T shares made within 12 months of a purchase of $500,000 or more of Class A shares or $1 million or more of Class T shares on which no front -end sales charge was paid. Shares acquired through reinvestment of dividends or capital gain distributions are not subject to a CDSC. For purposes of determining the CDSC, if you sell only some of your shares, shares that are not subject to any CDSC will be sold first, followed by shares that you have owned the longest. The CDSC is based on the initial offering price or the current sales price of the shares, whichever is less.

**Waiving Contingent Deferred Sales Charges (Class A and Class T Shares).** The contingent deferred sales charge on Class A and Class T shares may be waived in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions due to death or disability of the shareholder

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions due to the complete termination of a trust upon the death of the trustor/grantor or beneficiary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Tax-free returns of excess contributions to IRAs

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Permitted exchanges of shares between funds (However, if shares acquired in the exchange are subsequently
redeemed within the period during which a contingent deferred sales charge would have applied to the initial shares purchased, the contingent deferred sales charge will not be waived.)

The contingent deferred sales charge on Class A and Class T shares may also be waived in the following two cases, if together such transactions do not exceed 12% of the value of an account annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions through a systematic withdrawal plan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Redemptions due to receiving required minimum distributions from retirement accounts upon reaching RMD age

The Fund does not provide additional information on sales charges on its website because the information is contained in the Prospectus, which is available on the Fund's website at www.dfinview.com/usrbcgam.

**PLAN OF DISTRIBUTION** 

Quasar Distributors, LLC ("Quasar" or the "Distributor"), located at 190 Middle Street, Suite 301, Portland ME 04101, is the principal underwriter of Shares of the Fund. The Distributor acts as the distributor of Shares for the Fund on a best efforts basis, subject to various conditions, pursuant to the terms of its contract with the Fund. The Distributor is not obligated to sell any specific amount of Shares of the Fund. The Distributor will also act as agent for the Fund in connection with repurchases of Shares.

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Shares of the Fund will be continuously offered through the Distributor, as the exclusive distributor. The Fund has authorized one or more intermediaries (*e.g.*, brokers, investment advisers, etc., collectively "Intermediaries") to receive orders on its behalf. Such Intermediaries are authorized to designate other Intermediaries to receive orders on the Fund's behalf. The Fund will be deemed to have received an order when an authorized broker or, if applicable, a broker's authorized designee, receives the order. The Shares are offered at NAV per share (plus any applicable sales charge) calculated each regular business day.

The Fund and the Distributor will have the sole right to accept orders to purchase Shares and reserve the right to reject any order in whole or in part.

Investors may be charged a fee if they effect transactions through a financial intermediary.

The Fund has adopted a plan under Rule 12b-1 of the 1940 Act with respect to Class T shares (the "Plan").

The Plan provides that the Fund will pay a distribution fee of 0.50% of the average daily net assets of the Class T shares of the Fund in connection with the distribution of the class's shares, including, but not necessarily limited to, compensation to underwriters, dealers and selling personnel, the printing and mailing of prospectuses to other than current Fund shareholders and the printing and mailing of sales literature. The Class T distribution fee may include up to 0.25% of the average daily net assets of the Fund's Class T shares for shareholder services. The Distributor may pay all or a portion of these fees to any registered securities dealer, financial institution or any other person who renders assistance in distributing or promoting the sale of the class's shares, or who provides certain shareholder services, pursuant to a written agreement.

Over time, 12b-1 fees will increase the cost of your investment and may cost you more than paying other types of sales charges because these fees are paid out of the Fund's assets on an ongoing basis.

No market currently exists for the Shares. The Shares are not listed, and the Fund does not currently intend to list its Shares for trading on any securities exchange and does not anticipate that a secondary market will develop for its Shares. Neither the Adviser nor the Distributor intends to make a market in the Shares.

The Distributor is not obligated to buy any of the Shares and does not intend to make a market in the Shares. The Fund has agreed to indemnify the Distributor and certain of the Distributor's affiliates against certain liabilities, including certain liabilities arising under the 1933 Act. To the extent consistent with applicable law, the Distributor has agreed to indemnify the Fund and each Trustee and former Trustee against certain liabilities under the 1933 Act and in connection with the services rendered to the Fund.

Pursuant to the Fund's agreement with the Distributor, the Distributor receives fees from the Fund and/or the Adviser for services performed as the distributor of Shares.

The Fund has adopted a Shareholder Servicing Plan under which Class A shares and Class T shares pay to certain Financial Intermediaries a shareholder servicing fee for activities or expenses primarily intended to assist, support or service their clients who beneficially own or are record holders of Class A and Class T shares. Under the Shareholder Servicing Plan, Class A and Class T shares of the Fund pay a shareholder servicing fee that accrues at an annual rate up to 0.25%, which reduces the NAV of Class A and Class T shares. Because these fees are paid out of the Fund's assets attributable to Class A and Class T Shares on an ongoing basis, over time, they will increase the cost of an investment in Class A and Class T shares, including causing the Class A and Class T shares to have a higher expense ratio, pay lower dividends and have a lower total return than Class I Shares. Class I Shares are not subject to any shareholder servicing fees.

**HOW TO BUY SHARES** 

Shareholders who invest in the Fund through a financial intermediary should contact their intermediary regarding purchase procedures. All investors must complete and submit the necessary account registration forms in good order. The Fund reserves the right to reject any initial or additional investment and to suspend the offering of Shares. Purchase through a financial intermediary does not affect these eligibility requirements.

A purchase of Shares will be made at the NAV per share (plus any applicable sales charge) next determined following receipt of a purchase order in good order by the Fund, its authorized agent, its Distributor's authorized agent, an authorized financial intermediary or, if applicable, an intermediary's authorized designee if received at a time when the Fund is open to new investments. A purchase order is in "good order" when the Fund, its authorized agent, its Distributor's agent, an authorized financial intermediary or, if applicable, an intermediary's authorized designee, receives all required information, including properly completed and signed documents. Once the Fund (or one of its authorized agents) accepts a purchase order, you may not cancel or revoke it. The Fund reserves the right to cancel any purchase order it receives if the Fund believes that it is in the best interest of the Fund's shareholders to do so.

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Clients of investment advisory organizations may also be subject to investment advisory fees under their own arrangements with such organizations.

Some Intermediaries may impose different or additional eligibility requirements. The Adviser has the discretion to further modify or waive their eligibility requirements.

The Fund reserves the right to refuse any request to purchase Shares. The Shares are subject to the investment minimums described below.

**Purchase by Mail.** To purchase Fund shares by mail, simply complete and sign the Account Application and mail it, or for subsequent purchases include name, fund name and account number along with a check made payable to the Fund:

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| | |
|:---|:---|
| **Regular Mail** | **Overnight or Express Mail** |
| RBC BlueBay Enhanced Income Fund | RBC BlueBay Enhanced Income Fund |
| c/o U.S. Bank Global Fund Services | c/o U.S. Bank Global Fund Services |
| PO Box 219252 | 801 Pennsylvania Ave, Suite 219252 |
| Kansas City, MO 64121-9252 | Kansas City, MO 64105-1307 |

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The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at U.S. Bank Global Fund Services post office box does not constitute receipt by the Transfer Agent. Receipt is determined at the time the order is received at the Transfer Agent's offices.

All checks must be in U.S. Dollars drawn on a domestic bank. The Fund will not accept payment in cash or money orders. The Fund does not accept postdated checks or any conditional order or payment. To prevent check fraud, the Fund will not accept third party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of Shares.

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

**Purchase by Wire–Initial Investment.** If you are making your first investment in the Fund, before you wire funds, the Transfer Agent must have a completed account application. You may mail or overnight deliver your account application to the Transfer Agent. Upon receipt of your completed account application, the Transfer Agent will establish an account for you. The account number assigned will be required as part of the instruction that should be provided to your bank to send the wire. Your bank must include the name of the Fund you are purchasing, the account number, and your name so that monies can be correctly applied.

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| |
|:---|
|  **Instruct your bank to send the wire to:** |
|  U.S. Bank, N.A.<br> ABA#075000022<br> Credit:<br> U.S. Bank Global Fund Services, LLC<br> Account#182380369377<br> Further Credit:<br> RBC BlueBay Enhanced Income Fund<br> (shareholder registration)<br> (shareholder account number) |

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**Purchase by Wire – Subsequent Investments.** Before sending your wire, please contact the Transfer Agent to advise them of your intent to wire funds. This will ensure prompt and accurate credit upon receipt of your wire.

**Wired Funds Disclaimer.** Wired funds must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. The Fund and U.S. Bank, N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

**Purchase by Telephone.** Investors may purchase additional shares of the Fund by calling 1-800-422-2766. If you elected this option on your account application, and your account has been open for at least 7 business days, telephone orders will be accepted via electronic funds transfer from your bank account through the Automated Clearing House ("ACH") network. You must have banking information established on your account prior to making a purchase. If your order is received prior to 4 p.m. Eastern time, your shares will be purchased at the NAV calculated on the day your order is placed.

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Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction.

Before executing an instruction received by telephone, the Transfer Agent will use reasonable procedures to confirm that the telephone instructions are genuine. The telephone call may be recorded, and the caller may be asked to verify certain personal identification information. If the Fund or its agents follow these procedures, they cannot be held liable for any loss, expense or cost arising out of any telephone repurchase request that is reasonably believed to be genuine. This includes fraudulent or unauthorized requests. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person.

**Automatic Investment Plan.** Once your account has been opened with the initial minimum investment you may make additional purchases at regular intervals through the Automatic Investment Plan. This Plan provides a convenient method to have monies deducted from your bank account for investment into the Fund on a monthly or quarterly basis. To participate in the Plan, your financial institution must be a member of the ACH network. If your bank rejects your payment, the Fund's transfer agent will charge a $25 fee to your account. To begin participating in the Plan, please complete the Automatic Investment Plan section on the account application or call the Fund's transfer agent at 1-800-422-2766 for instructions. Any request to change or terminate your Automatic Investment Plan should be submitted to the transfer agent 5 days prior to the effective date.

**Investment Minimum** 

The minimum initial investment for Class I shares of the Fund is $100,000. The minimum initial investment for Class A and Class T shares of the Fund is $2,500. The Adviser may, in its sole discretion, waive these minimums for accounts participating in an automatic investment program and in certain other circumstances. The Fund may waive or lower investment minimums for investors who invest in the Fund through an asset-based fee program made available through a financial intermediary. If your investment is aggregated into an omnibus account established by an investment adviser, broker or other financial intermediary, the account minimums apply to the omnibus account, not to your individual investment. The financial intermediary may also impose minimum requirements that are different from those set forth in this Prospectus. If you choose to purchase shares from or effect repurchase requests directly with the Fund, you will not incur charges on such purchases and repurchases. However, if you purchase shares or effect repurchase requests through a broker-dealer or other intermediary, you may be charged a fee by that intermediary.

**Exchange Privilege** 

As described below, you may convert your Shares in the Fund for Shares of another class of the Fund if you meet the minimum investment requirements for the class into which you would like to convert. Exchanges will be executed on the basis of the relative NAV of the Shares exchanged. Consequently, you may receive fewer shares or more shares than originally owned, depending on that day's NAVs. Your total value of the initially held Shares, however, will equal the total value of the converted shares. The exchange privilege may be exercised only in those states where the class of shares being acquired legally may be sold.

When you exchange or convert Shares subject to a CDSC, no CDSC will be charged at that time. However, for purposes of determining the amount of CDSC applicable to those shares acquired in the exchange or conversion, the length of time you have owned the shares will be measured from the date you acquired the original Shares subject to a CDSC, and the amount and terms of the CDSC will be those applicable to the original Shares acquired and will not be affected by a subsequent exchange or conversion.

A conversion from Shares of one class to Shares of another class within the Fund is generally not a taxable transaction for federal income tax purposes.

**Signature Validation** 

Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). A notary public is not an acceptable signature guarantor.

A signature guarantee, from either a Medallion program member or a non-Medallion program member, is required in the following situations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If ownership is being changed on your account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When redemption proceeds are payable or sent to any person, address or bank account not on record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• When a redemption request is received by the transfer agent and the account address has changed within the
last 30 calendar days;

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The Fund may waive any of the above requirements in certain instances. In addition to the situations described above, the Fund(s) and/or the Transfer Agent reserve the right to require a signature guarantee in other instances based on the circumstances relative to the particular situation.

Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, signature verification from a Signature Validation Program member, or other acceptable form of authentication from a financial institution source.

**Other Policies** 

***No Share Certificates.*** The issuance of Shares is recorded electronically on the books of the Fund. You will receive a confirmation of, or account statement reflecting, each new transaction in your account, which will also show the total number of Shares of the Fund you own. You can rely on these statements in lieu of certificates. The Fund does not issue certificates representing Shares of the Fund.

**Householding** 

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Fund reasonably believes are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-800-422-2766 to request individual copies of these documents. Once the Fund receives notice to stop householding, the Fund will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

**Lost Shareholders, Inactive Accounts and Unclaimed Property** 

It is important that the Fund maintains a correct address for each investor. An incorrect address may cause an investor's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Fund will attempt to locate the investor or rightful owner of the account. If the Fund is unable to locate the investor, then they will determine whether the investor's account can legally be considered abandoned. Fund accounts may be transferred to the state government of an investor's state of residence if no activity occurs within the account during the "inactivity period" specified in the applicable state's abandoned property laws, which vary by state. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements. The investor's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent toll-free at 1-800-422-2766 at least annually to ensure your account remains in active status.

**Fund Closings** 

The Fund (or a share class) may close at any time to new investments and, during such closings, only the reinvestment of dividends by existing shareholders will be permitted. The Fund may re-open to new investment and subsequently close again to new investment at any time at the discretion of the Adviser. Any such opening and closing of the Fund will be disclosed to investors via a supplement to this Prospectus.

**Liquidation or Reorganization** 

To the extent authorized by law, the Fund reserves the right to discontinue offering Shares at any time, to merge or reorganize itself or a class of Shares, or to cease operations and liquidate at any time. A liquidation may have adverse tax consequences to Shareholders. If the Fund were to liquidate, Shareholders would receive a liquidating distribution in cash or in-kind equal to their proportionate interest in the Fund. A liquidating distribution would generally be a taxable event to Shareholders, resulting in a gain or loss for tax purposes, depending upon a Shareholder's basis in his or her Shares of the Fund. A Shareholder would not be entitled to any refund or reimbursement of expenses borne, directly or indirectly, by the Shareholder (such as sales loads, account fees or fund expenses), and a Shareholder may receive an amount in liquidation less than his or her original investment.

**DISTRIBUTIONS** 

The Fund intends to distribute to its shareholders as dividends all or substantially all of its net investment income and any realized net capital gains. Distributions from the Fund's net investment income are typically declared and are paid monthly.

In certain circumstances, a distribution by the Fund could constitute a return of capital. For example, in some instances, distributions may be made on the basis of estimates regarding the depreciation and drawdown of certain assets, and there may be a mismatch between those estimates and the income ultimately realized, which may result in a distribution payment that exceeds the Fund's net investment income and realized net capital gains. To the extent that any portion of the Fund's monthly distributions are considered a return of capital

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to Shareholders, such portion would not be considered dividends for U.S. federal income tax purposes and would represent a return of the amounts that such Shareholders invested. Although such return of capital distributions is not currently taxable to Shareholders, such distributions will have the effect of lowering a Shareholder's tax basis in such Shares, and could result in a higher tax liability when the Shares are sold, even if they have not increased in value or, in fact, have lost value. The Fund's final distribution for each tax year is expected to include any remaining investment company taxable income and net tax-exempt income undistributed during the tax year, as well as any undistributed net capital gain realized during the tax year. If the total distributions made in any tax year exceed investment company taxable income, net tax-exempt income and net capital gain, such excess distributed amount would be treated as ordinary dividend income to the extent of the Fund's current and accumulated earnings and profits and as return of capital thereafter. Some Fund distributions may include nontaxable returns of capital.

Each year, a statement on Form 1099-DIV identifying the sources of the distributions (*i.e.*, paid from ordinary income, paid from net capital gains on the sale of securities, and/or a return of capital, which is a nontaxable distribution) will be furnished to Shareholders subject to IRS reporting. Fund ordinary distributions may exceed the Fund's earnings, especially during the period before the Fund has substantially invested the proceeds from this offering. To the extent that the Fund pays distributions to Shareholders using offering proceeds, such distributions generally would constitute a return of investor capital and generally will lower an investor's tax basis in his or her Shares. A return of capital generally is a return of an investor's investment rather than a return of earnings or gains derived from the Fund's investment activities. There can be no assurance that the Fund will be able to pay distributions at a specific rate or at all.

The dividend distributions described above may result in the payment of approximately the same amount or percentage to the Fund's shareholders each quarter. Section 19(a) of the 1940 Act and rule 19a-1 thereunder require the Fund to provide a written statement accompanying any such payment that adequately discloses its source or sources. Thus, if the source of the dividend or other distribution were the original capital contribution of the shareholder and the payment amounted to a return of capital, the Fund would be required to provide written disclosure to that effect. The Fund's most recent Section 19(a) notice, which will be available at usmutualfunds.rbcgam.com, provides additional information regarding the composition of distributions. Nevertheless, persons who periodically receive the payment of a dividend or other distribution may be under the impression that they are receiving net profits when they are not. Shareholders should read any written disclosure provided pursuant to Section 19(a) and rule 19a-1 carefully and should not assume that the source of any distribution from the Fund is net profit.

As discussed in the "Tax Aspects" section, to qualify for and maintain RIC tax treatment, the Fund is required to distribute on a timely basis with respect to each tax year dividends for U.S. federal income tax purposes of an amount at least equal to the sum of 90% of "investment company taxable income" and net tax-exempt interest income, determined without regard to any deduction for dividends paid, for such tax year. To avoid certain excise taxes imposed on RICs, the Fund is required to distribute in respect of each calendar year dividends of an amount at least equal to the sum of (1) 98% of ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gain net income (adjusted for certain ordinary losses) generally for the one-year period ending on October 31 of the calendar year and (3) any ordinary income and capital gain net income for previous calendar years that were not distributed during such calendar years and on which the Fund paid no U.S. federal income tax. The Fund can offer no assurance that it will achieve results that will permit the payment of any cash distributions. If the Fund issues senior securities, the Fund will be prohibited from making distributions if doing so causes it to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of the Fund's borrowings. Any such limitations would adversely impact the Fund's ability to make distributions to Shareholders.

**Dividend Reinvestment Plan** 

All distributions (net of applicable withholding tax) will be reinvested in Shares unless a Shareholder chooses one of the following options: (1) receive dividends in cash while reinvesting capital gain distributions (net of applicable withholding tax) in additional Shares; (2) reinvest dividends (net of applicable withholding tax) in additional Shares and receive capital gains in cash; or (3) receive all distributions in cash. Dividends are taxable whether reinvested in additional Shares or received in cash. You may notify the Transfer Agent in writing to:

• Choose to receive dividends or distributions (or both) in cash; or

• Change the way you currently receive distributions.

Shareholders have the option of having Shares distributed in lieu of cash. The number of Shares that will be distributed in lieu of cash is determined by dividing the dollar amount of the distribution to be reinvested by the NAV as of the close of business on the day of the distribution. There is no sales or other charge for reinvestment. Shareholders can withdraw from the plan and elect to receive cash at any time by giving written notice to the Transfer Agent at least five calendar days prior to the record date of the distribution. Your distribution option will automatically be converted to having all dividends and other distributions (net of applicable withholding tax) reinvested in additional shares if any of the following occur:

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• Postal or other delivery service is unable to deliver checks to the address of record; or

• Dividend and capital gain distribution checks are not cashed within 180 days.

Dividend and capital gain distribution checks issued by the Fund that are not cashed within 180 days will be reinvested in the Fund at the current day's NAV. When reinvested, those amounts are subject to risk of loss like any other investment in the Fund. Your taxable income is the same regardless of which option you choose. For further information about dividend reinvestment, contact the Transfer Agent by telephone at 1-800-422-2766.

**FISCAL YEAR; REPORTS** 

For accounting purposes, the Fund's fiscal year and tax year end is September 30. As soon as practicable after the end of each calendar year, a statement on Form 1099-DIV identifying the sources of the distributions paid by the Fund to Shareholders for tax purposes will be furnished to Shareholders subject to IRS reporting. In addition, the Fund will prepare and transmit to Shareholders an unaudited semi-annual report and an audited annual report within 60 days after the close of the period for which the report is being made, or as otherwise required by the 1940 Act.

**INQUIRIES** 

Inquiries concerning the Fund and the Shares should be directed to:

RBC BlueBay Enhanced Income Fund

c/o U.S. Bank Global Fund Services

PO Box 219252

Kansas City, MO 64121-9252

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

**Subject to Completion, dated April 28, 2026** 

**RBC BLUEBAY ENHANCED INCOME FUND** 

**CLASS I SHARES (]), CLASS A SHARES ([ ]), AND CLASS T SHARES ([ ])** 

**OF BENEFICIAL INTEREST** 

**STATEMENT OF ADDITIONAL INFORMATION** 

**[ ], 2026** 

This Statement of Additional Information (the "SAI") provides additional information to the Prospectus for RBC BlueBay Enhanced Income Fund (the "Fund") dated [ ], 2026, as it may be amended from time to time. This SAI is not a prospectus and should only be read in conjunction with the Prospectus. You may obtain the Prospectus without charge by writing to the RBC BlueBay Enhanced Income Fund, c/o U.S. Bank Global Fund Services, PO Box 219252, Kansas City, MO 64121-9252, by calling (800) 422-2766 or by visiting the Fund's website at *www.dfinview.com/usrbcgam*.

Investors in the Fund will be informed of the Fund's progress through periodic reports. Financial statements certified by an independent registered public accounting firm will be submitted to shareholders at least annually. Once available, copies of the Annual Report to Shareholders may be obtained upon request, without charge, by contacting the Fund at the address or telephone number listed above.

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**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  [INVESTMENT POLICIES AND RISKS](#sai11343_1) | 1 |
|  [INVESTMENT RESTRICTIONS](#sai11343_2) | 17 |
|  [MANAGEMENT](#sai11343_3) | 19 |
|  [REPURCHASE OF SHARES](#sai11343_4) | 29 |
|  [PORTFOLIO TRANSACTIONS](#sai11343_5) | 29 |
|  [PROXY VOTING POLICY AND PROXY VOTING RECORD](#sai11343_6) | 30 |
|  [TAXATION](#sai11343_7) | 31 |
|  [CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES](#sai11343_8) | 38 |
|  [OTHER SERVICE PROVIDERS](#sai11343_9) | 38 |
|  [DISTRIBUTION PLAN](#sai11343_10) | 39 |
|  [OTHER MATTERS](#sai11343_11) | 40 |
|  [FINANCIAL STATEMENTS](#sai11343_12) | 40 |

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**INVESTMENT POLICIES AND RISKS** 

The Fund's principal investment strategies and the risks associated with the same are described in the "Summary of Terms" and "Types of Investments and Related Risks" sections of the Prospectus. The following discussion provides additional information about those principal investment strategies and related risks, as well as information about investment strategies (and related risks) that the Fund may utilize, even though they are not considered to be "principal" investment strategies. Accordingly, an investment strategy (and related risk) that is described below, but which is not described in the Prospectus, should not be considered to be a principal strategy (or related risk) applicable to the Fund.

**<u>Borrowing</u>.** The Fund may borrow for investment purposes and for other purposes permitted by the Investment Company Act of 1940, as amended (the"1940 Act"). Under current law as interpreted by the SEC and its staff, the Fund may borrow money in the amount of up to one-third of the Fund's total assets for any purpose and up to 5% of the Fund's total assets from banks or other lenders for temporary purposes. The Fund's total assets include the amounts being borrowed. Under the 1940 Act, the Fund is required to have asset coverage of 300% with respect to permitted borrowings immediately after such borrowings. Borrowing tends to amplify the effects on the Fund's net asset value ("NAV") of any change in the Fund's portfolio securities. Borrowing subjects the Fund to costs in the form of interest, which the Fund may not recover through investment earnings. The Fund may also be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit. These types of requirements would increase the cost of borrowing to the Fund over the stated interest rate.

**<u>Cash Investments</u>.** When RBC Global Asset Management (U.S.) Inc. (the "Adviser") or RBC Global Asset Management (UK) Limited ("RBC GAM-UK" or the "Sub-Adviser") believes market, economic or political conditions are unfavorable for investors, the Adviser or the Sub-Adviser may invest up to 100% of the Fund's net assets in cash, cash equivalents or other short-term investments. Unfavorable market or economic conditions may include excessive volatility or a prolonged general decline in the securities markets or the U.S. economy. The Adviser or the Sub-Adviser also may invest in these types of securities or hold cash while looking for suitable investment opportunities or to maintain liquidity.

**<u>Collateralized Debt Obligations ("CDOs")</u>.** The Fund may invest in CDOs. A CDO is a security backed by a pool of bonds, loans and other debt obligations. CDOs are not limited to investing in one type of debt and accordingly, a CDO may own corporate bonds, commercial loans, asset-backed securities ("ABS"), residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS") and emerging market debt. The CDO's securities are typically divided into several classes, or bond tranches, that have differing levels of investment grade or credit tolerances. Most CDO issues are structured in a way that enables the senior bond classes and mezzanine classes to receive investment-grade credit ratings. Credit risk is shifted to the most junior class of securities. If any defaults occur in the assets backing a CDO, the senior bond classes are first in line to receive principal and interest payments, followed by the mezzanine classes and finally by the lowest rated (or non-rated) class, which is known as the equity tranche. Similar in structure to a collateralized mortgage obligation ("CMO," described below) CDOs are unique in that they represent different types of debt and credit risk.

**<u>Collateralized Loan Obligations ("CLOs")</u>.** The Fund will invest in CLOs, which are debt instruments typically backed by a pool of loans. The risks of an investment in a CLO depend largely on the type of the collateral securities and the class of the CLO in which the Fund invests. Some CLOs have credit ratings but are typically issued in various classes with various priorities. Normally, CLOs are privately offered and sold (that is, they are not registered under the securities laws) and may be characterized by the Fund as illiquid securities; however, an active dealer market may exist for CLOs that qualify for Rule 144A transactions. In addition to the normal interest rate, default and other risks of fixed income securities, CLOs carry additional risks, including the possibility that distributions from collateral securities will not be adequate to make interest or other payments, the quality of the collateral may decline in value or default, the Fund may invest in CLOs that are subordinate to other classes, values may be volatile and disputes with the issuer may produce unexpected investment results.

**<u>Collateralized Mortgage Obligations</u>.** The Fund may invest in CMOs. A CMO is a hybrid between a mortgage-backed bond and a mortgage pass-through security. A CMO is a type of mortgage-backed security ("MBS") that creates separate classes with varying maturities and interest rates, called tranches. Similar to a bond, interest and prepaid principal is paid, in most cases, semiannually. CMOs may be collateralized by whole mortgage loans, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by the Government National Mortgage Association ("GNMA"), Federal Home Loan Mortgage Corporation ("FHLMC") or Federal National Mortgage Association ("FNMA"), and their income streams.

CMOs are structured into multiple classes, each bearing a different fixed or floating interest rate and stated maturity. Actual maturity and average life will depend upon the prepayment experience of the collateral. CMOs provide for a modified form of call protection through a de facto breakdown of the underlying pool of mortgages according to how quickly the loans are repaid. Monthly payment of principal received from the pool of underlying mortgages, including prepayments, is first returned to investors holding the shortest maturity class. Investors holding the longer maturity classes receive principal only after the first class has been retired. An investor is partially guarded against a sooner than desired return of principal because of the sequential payments.

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In a typical CMO transaction, a corporation (issuer) issues multiple series (*e.g.*, Series A, B, C and Z) of CMO bonds (Bonds). Proceeds of the Bond offering are used to purchase mortgages or mortgage pass-through certificates (Collateral). The Collateral is pledged to a third-party trustee as security for the Bonds. Principal and interest payments from the Collateral are used to pay principal on the Bonds in the following order: Series A, B, C and Z. The Series A, B, and C Bonds all bear current interest. Interest on a Series Z Bond is accrued and added to principal and a like amount is paid as principal on the Series A, B, or C Bond currently being paid off. Only after the Series A, B, and C Bonds are paid in full does the Series Z Bond begin to receive payment. With some CMOs, the issuer serves as a conduit to allow loan originators (primarily builders or savings and loan associations) to borrow against their loan portfolios.

CMOs that are issued or guaranteed by the U.S. Government or by any of its agencies or instrumentalities will be considered U.S. Government securities by the Fund, while other CMOs, even if collateralized by U.S. Government securities, will have the same status as other privately issued securities for purposes of applying the Fund's diversification tests.

FHLMC CMOs are debt obligations of FHLMC issued in multiple classes having different maturity dates which are secured by the pledge of a pool of conventional mortgage loans purchased by FHLMC. Payments of principal and interest on the FHLMC CMOs are made semiannually. The amount of principal payable on each semiannual payment date is determined in accordance with FHLMC's mandatory sinking fund schedule, which, in turn, is equal to approximately 100% of Federal Housing Administration prepayment experience applied to the mortgage collateral pool. All sinking fund payments in the FHLMC CMOs are allocated to the retirement of the individual classes of bonds in the order of their stated maturities. Payment of principal on the mortgage loans in the collateral pool in excess of the amount of FHLMC's minimum sinking fund obligation for any payment date are paid to the holders of the FHLMC CMOs as additional sinking fund payments. Because of the "pass-through" nature of all principal payments received on the collateral pool in excess of FHLMC's minimum sinking fund requirement, the rate at which principal of the FHLMC CMOs is actually repaid is likely to be such that each class of bonds will be retired in advance of its scheduled maturity date. If collection of principal (including prepayments) on the mortgage loans during any semiannual payment period is not sufficient to meet FHLMC CMO's minimum sinking fund obligation on the next sinking fund payment date, FHLMC agrees to make up the deficiency from its general funds.

Classes of CMOs may also include interest only ("IOs") and principal only ("POs"). IOs and POs are stripped MBS representing interests in a pool of mortgages the cash flow from which has been separated into interest and principal components. IOs receive the interest portion of the cash flow while POs receive the principal portion. IOs and POs can be extremely volatile in response to changes in interest rates. As interest rates rise and fall, the value of IOs tends to move in the same direction as interest rates. POs perform best when prepayments on the underlying mortgages rise since this increases the rate at which the investment is returned and the yield to maturity on the PO. When payments on mortgages underlying a PO are slow, the life of the PO is lengthened and the yield to maturity is reduced.

CMOs are generally subject to the same risks as MBS. In addition, CMOs may be subject to credit risk because the issuer or credit enhancer has defaulted on its obligations and the Fund may not receive all or part of its principal. Obligations issued by U.S. Government-related entities are guaranteed as to the payment of principal and interest, but are not backed by the full faith and credit of the U.S. Government. The performance of private label MBS, issued by private institutions, is based on the financial health of those institutions. Although GNMA guarantees timely payment of GNMA certificates even if homeowners delay or default, tracking the "pass-through" payments may, at times, be difficult.

**<u>Convertible Securities</u>.** The Fund may invest in convertible securities which are preferred stocks or bonds that pay a fixed dividend or interest payment and are convertible into common stock or other equity interests at a specified price or conversion ratio during a specified period. Although convertible bonds, convertible preferred stocks and other securities convertible into equity securities may have some attributes of income securities or debt securities, the Fund generally treats such securities as equity securities. By investing in convertible securities, the Fund may seek income, and may also seek the opportunity, through the conversion feature, to participate in the capital appreciation of the common stock or other interests into which the securities are convertible, while potentially earning a higher fixed rate of return than is ordinarily available in common stocks. While the value of convertible securities depends in part on interest rate changes and the credit quality of the issuers, the value of these securities will also change based on changes in the value of the underlying stock. Income paid by a convertible security may provide a limited cushion against a decline in the price of the security; however, convertible securities generally have less potential for gain than common stocks. Also, convertible bonds generally pay less income than non-convertible bonds.

The Fund may invest in contingent securities structured as contingent convertible securities, also known as "CoCos." Contingent convertible securities are hybrid debt securities typically issued by non-U.S. banks and are designed to behave like bonds in times of economic health and either convert into equity at a predetermined share price or are written down in value based on the specific terms of the individual security if a pre-specified trigger event occurs. Unlike traditional convertible securities, the conversion of a contingent convertible security from debt to equity is "contingent" and will occur only in the case of a trigger event. Trigger events vary by instrument and are defined by the documents governing the contingent convertible security. Trigger events may include a decline in the issuer's capital below a specified threshold level, increase in the issuer's risk weighted assets, the share price of the issuer's falling to a particular level for a certain period of time and certain regulatory events.

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Contingent convertible securities are subject to the credit, interest rate, high yield security, foreign security and markets risks associated with bonds and equities, and to the risks specific to convertible securities in general. Contingent convertible securities are also subject to additional risks specific to their structure including conversion risk. Because trigger events are not consistently defined among contingent convertible securities, this risk is greater for contingent convertible securities that are issued by banks with capital ratios close to the level specified in the trigger event.

In addition, coupon payments on contingent convertible securities are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time. Due to the uncertainty surrounding coupon payments, contingent convertible securities may be volatile and their price may decline rapidly in the event that coupon payments are suspended.

Contingent convertible securities are a newer form of instrument and the regulatory environment for these instruments continues to evolve. Because the market for contingent convertible securities is evolving, it is uncertain how the larger market for contingent convertible securities would react to a trigger event or coupon suspension applicable to a single issuer.

**<u>Corporate Debt Securities</u>.** Corporate debt securities are long- and short-term debt obligations issued by companies (such as publicly issued and privately placed bonds, notes and commercial paper). The Adviser or the Sub-Adviser considers corporate debt securities to be of investment grade quality if they are rated BBB or higher by Standard & Poor's Financial Services LLC ("S&P"), or Baa or higher by Moody's Investors Service, Inc. ("Moody's"), or if unrated, determined by the Adviser or the Sub-Adviser to be of comparable quality. Investment grade debt securities generally have adequate to strong protection of principal and interest payments. In the lower end of this category, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal than in higher rated categories.

**<u>Credit Linked Notes ("CLNs")</u>.** The Fund may invest in CLNs. A CLN is a security with an embedded credit default swap ("CDS") allowing the issuer to transfer a specific credit risk to credit investors.

**<u>Cybersecurity Risk</u>.** As technology becomes more integrated into the Fund's operations, the Fund will face greater operational risks through breaches in cybersecurity. A breach in cybersecurity refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption or lose operational capacity. This in turn could cause the Fund to incur regulatory penalties, reputational damage, additional compliance costs associated with corrective measures and/or financial loss. Cybersecurity threats may result from unauthorized access to the Fund's digital information systems (*e.g.*, through "hacking" or malicious software coding), but may also result from outside attacks such as denial-of-service attacks (*i.e.*, efforts to make network services unavailable to intended users). In addition, because the Fund works closely with third-party service providers (*e.g.*, administrators, transfer agents, custodians and sub-advisers), cybersecurity breaches at such third-party service providers may subject the Fund to many of the same risks associated with direct cybersecurity breaches. The same is true for cybersecurity breaches at any of the issuers in which the Fund may invest. While the Fund has established risk management systems designed to reduce the risks associated with cybersecurity, there can be no assurance that such measures will succeed.

**<u>Derivative Instruments</u>*.*** The Fund's derivatives and other similar instruments (collectively referred to in this section as "derivatives" or "derivative investments") have risks, including leverage, market, counterparty, liquidity, operational and legal risks. They also involve risks of imperfect correlation between the value of such instruments and the underlying assets of the Fund, which creates the possibility that the loss on such instruments may be greater than the gain in the value of the underlying assets in the Fund's portfolio; the loss of principal; the possible default of the other party to the transaction; and illiquidity of the derivative investments. If a counterparty becomes bankrupt or otherwise fails to perform its obligations under a derivative contract due to financial difficulties, the Fund may experience significant delays in obtaining any recovery under the derivative contract in a bankruptcy or other reorganization proceeding. In addition, in the event of the insolvency of a counterparty to a derivative transaction, the derivative contract would typically be terminated at its fair market value. If the Fund is owed this fair market value in the termination of the derivative contract and its claim is unsecured, the Fund will be treated as a general creditor of such counterparty, and will not have any claim with respect to the underlying security.

The counterparty risk for cleared derivative transactions is generally lower than for uncleared over-the-counter ("OTC") derivatives because generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties' performance under the contract as each party to a trade looks only to the clearinghouse for performance of financial obligations. However, there can be no assurance that the clearinghouse, or its members, will satisfy its obligations to the Fund.

Certain of the derivative investments in which the Fund may invest may, in certain circumstances, give rise to a form of financial leverage, which may magnify the risk of owning such instruments. The ability to successfully use derivative investments depends on the ability of the Adviser to predict pertinent market movements, which cannot be assured. In addition, amounts paid by the Fund as premiums and cash or other assets held in margin accounts with respect to the Fund's derivative investments would not be available to the Fund for other investment purposes, which may result in lost opportunities for gain.

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OTC derivatives may be more difficult to purchase, sell or value than other investments. Although both OTC and exchange-traded derivatives markets may experience a lack of liquidity, OTC non-standardized derivative transactions are generally less liquid than exchange-traded instruments. The illiquidity of the derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies, the participation of speculators, government regulation and intervention and technical and operational or system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be adversely affected by "daily price fluctuation limits" established by the exchanges, which limit the amount of fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to make cash payments of variation (or mark-to-market) margin in the event of adverse price movements. In such a situation, if the Fund has insufficient cash, it may have to sell portfolio securities to meet variation margin requirements at a time when it may be disadvantageous to do so. The absence of liquidity may also make it more difficult for the Fund to ascertain a market value for such instruments. The inability to close derivatives transactions positions also could have an adverse impact on the Fund's ability to effectively hedge its portfolio. OTC derivatives that are not cleared are also subject to counterparty risk, which is the risk that the other party to the contract will not fulfill its contractual obligation to complete the transaction with the Fund. If a counterparty were to default on its obligations, the Fund's contractual remedies against such counterparty may be subject to bankruptcy and insolvency laws, which could affect the Fund's rights as a creditor (*e.g.*, the Fund may not receive the net amount of payments that it is contractually entitled to receive). In addition, the use of certain derivatives may cause the Fund to realize higher amounts of income or short-term capital gains (generally taxed at ordinary income tax rates).

The Adviser, with respect to the Fund, has filed a notice of eligibility with the National Futures Association ("NFA") claiming an exclusion from the definition of the term Commodity Pool Operator ("CPO") pursuant to Commodity Futures Trading Commission ("CFTC") Regulation 4.5, as promulgated under the Commodity Exchange Act, as amended ("CEA"), with respect to the Fund's operations. Therefore, neither the Fund nor the Adviser (with respect to the Fund) is subject to registration or regulation as a commodity pool or CPO under the CEA. If the Adviser or the Fund becomes subject to these requirements, as well as related NFA rules, the Fund may incur additional compliance and other expenses.

The derivatives markets have become subject to comprehensive statutes, regulations and margin requirements. In particular, in the United States the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") regulates the OTC derivatives market by, among other things, requiring many derivative transactions to be cleared and traded on an exchange, expanding entity registration requirements, imposing business conduct requirements on dealers and requiring banks to move some derivatives trading units to a non-guaranteed affiliate separate from the deposit-taking bank or divest them altogether. Rulemaking proposed or implemented under the Dodd-Frank Act could potentially limit or completely restrict the ability of the Fund to use these instruments as a part of its investment strategies, increase the costs of using these instruments or make them less effective. Limits or restrictions applicable to the counterparties with which the Fund engages in derivative transactions could also prevent the Fund from using these instruments or affect the pricing or other factors relating to these instruments, or may change availability of certain investments.

Regulation of the derivatives market presents additional risks to the Fund and may limit the ability of the Fund to use, and the availability or performance of, such instruments. Pursuant to rule 18f-4 under the 1940 Act, a fund's derivatives exposure is limited through a value-at-risk ("VaR") test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. However, subject to certain conditions, funds that do not invest heavily in derivatives may be deemed limited derivatives users (as defined in rule 18f-4) and are not subject to the full requirements of rule 18f-4. When the Fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness (*e.g.*, bank borrowings, if applicable) when calculating the Fund's asset coverage ratio or treat all such transactions as derivatives transactions. Reverse repurchase agreements or similar financing transactions aggregated with other indebtedness do not need to be included in the calculation of whether a fund satisfies the limited derivatives users exception, but for funds subject to the VaR testing requirement, reverse repurchase agreements and similar financing transactions must be included for purposes of such testing whether treated as derivatives transactions or not. In addition, Rule 18f-4 could limit the Fund's ability to engage in certain derivatives and other transactions and/or increase the costs of such transactions.

The Fund's investments in regulated derivatives instruments, such as swaps, futures and options, will be subject to maximum position limits established by the CFTC and U.S. and foreign futures exchanges. Under the exchange rules, all accounts owned or managed by advisers, such as the Adviser, their principals and affiliates would be combined for position limit purposes. To comply with the position limits established by the CFTC and the relevant exchanges, the Adviser may in the future reduce the size of positions that would otherwise be taken for the Fund or not trade in certain markets on behalf of the Fund to avoid exceeding such limits. A violation of position limits by the Adviser could lead to regulatory action resulting in mandatory liquidation of certain positions held by the Adviser on behalf of the Fund. There can be no assurance that the Adviser will liquidate positions held on behalf of all the Adviser's accounts in a proportionate manner or at favorable prices, which may result in substantial losses to the Fund. Such policies could affect the nature and extent of derivatives use by the Fund.

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***Swaps.*** The Fund may invest in CDS, total return swaps, interest rate swaps, equity swaps, currency swaps and other types of swaps. Such transactions are subject to market risk, liquidity risk, risk of default by the other party to the transaction (known as "counterparty risk"), regulatory risk and risk of imperfect correlation between the value of such instruments and the underlying assets, and may involve commissions or other costs.

A CDS agreement may reference one or more debt securities or obligations that are not currently held by the Fund. The Fund is permitted to enter into a CDS as either the protection buyer or seller in the discretion of the Adviser. When buying protection under a CDS, the Fund is generally obligated to pay the protection seller an upfront or periodic stream of payments over the term of the contract until a credit event occurs, such as a default of the reference obligation. If no credit event occurs, the Fund may recover nothing if the swap is held through the termination date. However, if a credit event occurs, the Fund may receive the full notional value of the swap in exchange for the face amount of the obligations underlying the swap, the value of which may have significantly decreased. When selling protection under a CDS, the Fund receives an upfront or periodic stream of payments over the term of the contract provided that a credit event does not occur. However, as the seller of protection, the Fund effectively adds leverage to its portfolio because it gains exposure to the notional amount of the swap. Entering into a CDS may subject the Fund to greater risk than if the Fund had invested in the reference obligation directly. In addition to general market risks, CDS also involve illiquidity risk, counterparty risk (for OTC swaps) and credit risk.

Swap agreements are primarily entered into by institutional investors, and the value of such agreements may be extremely volatile. Certain swap agreements are traded OTC between two parties, while other more standardized swaps must be transacted through a Futures Commission Merchant and centrally cleared and exchange traded. While central clearing and exchange trading are intended to reduce counterparty credit and liquidity risk, they do not make a swap transaction risk-free. The current regulatory environment regarding swap agreements is subject to change. The Adviser will continue to monitor these developments, particularly to the extent regulatory changes affect the Fund's ability to enter into swap agreements.

The swap market has matured in recent years with a large number of banks and investment banking firms acting both as principals and as agents using standardized swap documentation. As a result, the swap market has become relatively liquid; however, there is no guarantee that the swap market will continue to provide liquidity, and it may be subject to liquidity risk, which exists when a particular swap is difficult to purchase or sell. The absence of liquidity may also make it more difficult for the Fund to ascertain a market value for such instruments. The inability to close derivative positions also could have an adverse impact on the Fund's ability to effectively hedge its portfolio. If the Adviser is incorrect in its forecasts of market values, interest rates or currency exchange rates, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used. In a total return swap, the Fund pays the counterparty a floating short-term interest rate and receives in exchange the total return of underlying loans or debt securities. The Fund bears the risk of default on the underlying loans or debt securities based on the notional amount of the swap and, therefore, incurs a form of leverage. The Fund would typically have to post collateral to cover this potential obligation.

***Options and Futures Risk.*** The Fund may use options, including equity options, futures contracts and so-called "synthetic" options or other derivatives written by broker-dealers or other permissible financial intermediaries. Options transactions may be effected on securities exchanges or in the OTC market. When options are purchased OTC, the Fund's portfolio bears the risk that the counterparty that wrote the option will be unable or unwilling to perform its obligations under the option contract. Options may also be illiquid and, in such cases, the Fund may have difficulty closing out its position. OTC options also may include options on baskets of specific securities.

The Fund may purchase call and put options on specific securities in pursuing its investment objectives. A put option gives the purchaser of the option the right to sell, and obligates the writer to buy, the underlying security at a stated exercise price, typically at any time prior to the expiration of the option for American options or only at expiration for European options. A call option gives the purchaser of the option the right to buy, and obligates the writer to sell, the underlying security at a stated exercise price, typically at any time prior to the expiration of the option.

The Fund may close out a position when writing options by purchasing an option on the same underlying security with the same exercise price and expiration date as the option that it has previously written on the security. In such a case, the Fund will realize a profit or loss if the amount paid to purchase an option is less or more than the amount received from the sale of the option.

Engaging in transactions in futures contracts and options involves risk of loss to the Fund. No assurance can be given that a liquid market will exist for any particular futures contract or option at any particular time. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified periods during the trading day. Futures contract prices could move to the limit for several consecutive trading days with little or no trading, preventing prompt liquidation of futures positions and potentially subjecting the Fund to substantial losses.

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A market could become unavailable if one or more exchanges were to stop trading options or it could become unavailable with respect to options on a particular underlying security if the exchanges stopped trading options on that security. In addition, a market could become temporarily unavailable if unusual events (*e.g.*, if volume exceeds clearing capability) were to interrupt normal exchange operations. If an options market were to become illiquid or otherwise unavailable, an option holder would be able to realize profits or limit losses only by exercising and an options seller or writer would remain obligated until it is assigned an exercise or until the option expires.

If trading is interrupted in an underlying security, the trading of options on that security is usually halted as well. Holders and writers of options will then be unable to close out their positions until options trading resumes, and they may be faced with considerable losses if the security reopens at a substantially different price. Even if options trading is halted, holders of options will generally be able to exercise them. However, if trading has also been halted in the underlying security, option holders face the risk of exercising options without knowing the security's current market value. If exercises occur when trading of the underlying security is halted, the party required to deliver the underlying security may be unable to obtain it, which may necessitate a postponed settlement and/or the fixing of cash settlement prices.

***Structured Notes.*** Structured notes are derivative debt securities, the interest rate and/or principal of which is determined by an unrelated indicator. The value of the principal of and/or interest on structured notes is determined by reference to changes in the return, interest rate or value at maturity of a specific asset, reference rate or index (the "reference instrument") or the relative change in two or more reference instruments. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the applicable reference instruments. Structured notes may be positively or negatively indexed, so that an increase in value of the reference instrument may produce an increase or a decrease in the interest rate or value of the structured note at maturity. In addition, changes in the interest rate or the value of the structured note at maturity may be calculated as a specified multiple of the change in the value of the reference instrument; therefore, the value of such note may be very volatile. Structured notes may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instrument. Structured notes may also be more volatile, less liquid and more difficult to accurately price than less complex or more traditional debt securities.

**<u>Dollar Rolls</u>.** A dollar roll transaction involves a sale by the Fund of a security concurrently with an agreement by the Fund to repurchase a similar security at a later date at an agreed-upon price. A dollar roll may be considered a borrowing giving rise to leverage. The securities that are repurchased will bear the same interest rate and a similar maturity as those sold, but the assets collateralizing these securities may have different prepayment histories than those sold. During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in additional investments, and the income from these investments will generate income for the Fund. If such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the securities sold as part of the dollar roll, the use of this technique will diminish the investment performance of the Fund compared with what the performance would have been without the use of dollar rolls. Dollar rolls involve the risk that the market value of the securities subject to the Fund's forward purchase commitment may decline below, or the market value of the securities subject to the Fund's forward sale commitment may increase above, the exercise price of the forward commitment. In the event the buyer of the securities files for bankruptcy or becomes insolvent, the Fund's use of the proceeds of the current sale portion of the transaction may be restricted.

**<u>Equity Securities.</u>**

***Common and Preferred Stock.*** The Fund may invest in common stock. Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price.

The Fund may invest in preferred stock. Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.

The fundamental risk of investing in common and preferred stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than preferred stocks, fixed income and money market investments. The market value of all securities, including common and preferred stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth. If you invest in the Fund, you should be willing to accept the risks of the stock market and should consider an investment in the Fund only as a part of your overall investment portfolio.

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***Warrants.*** The Fund may invest in warrants. Warrants are securities, typically issued with preferred stock or bonds that give the holder the right to purchase a given number of shares of common stock at a specified price and time. The price of the warrant usually represents a premium over the applicable market value of the common stock at the time of the warrant's issuance. Warrants have no voting rights with respect to the common stock, receive no dividends and have no rights with respect to the assets of the issuer. Investments in warrants involve certain risks, including the possible lack of a liquid market for the resale of the warrants, potential price fluctuations due to adverse market conditions or other factors and failure of the price of the common stock to rise. If the warrant is not exercised within the specified time period, it becomes worthless.

***Depositary Receipts.*** The Fund may invest in sponsored and unsponsored American Depositary Receipts ("ADR"), European Depositary Receipts ("EDR"), Global Depositary Receipts ("GDR"), Holding Company Depositary Receipts ("HOLDR"), New York Registered Shares ("NYR") or American Depositary Shares ("ADS"). ADR typically are issued by a U.S. bank or trust company, evidence ownership of underlying securities issued by a foreign company, and are designed for use in U.S. securities markets. EDR are issued by European financial institutions and typically trade in Europe, and GDR are issued by European financial institutions and typically trade in both Europe and the United States. HOLDR trade on the American Stock Exchange and are fixed baskets of U.S. or foreign stocks that give an investor an ownership interest in each of the underlying stocks. NYR, also known as Guilder Shares since most of the issuing companies are Dutch, are dollar-denominated certificates issued by foreign companies specifically for the U.S. market. ADS are shares issued under a deposit agreement that represents an underlying security in the issuer's home country. (An ADS is the actual share trading, while an ADR represents a bundle of ADS.) The Fund invests in depositary receipts to obtain exposure to foreign securities markets. For purposes of the Fund's investment policies, the Fund's investments in an ADR will be considered an investment in the underlying securities of the applicable foreign company.

Unsponsored depositary receipts may be created without the participation of the foreign issuer. Holders of these receipts generally bear all the costs of the depositary receipt facility, whereas foreign issuers typically bear certain costs of a sponsored depositary receipt. The bank or trust company depositary of an unsponsored depositary receipt may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights. Accordingly, available information concerning the issuer may not be current and the prices of unsponsored depositary receipts may be more volatile than the prices of sponsored depositary receipts.

**<u>European Securities</u>.** European countries can be significantly affected by the actions of their own individual governments as well as the actions of other European institutions, such as the European Union ("EU"), the European Economic and Monetary Union ("EMU") and the European Central Bank. The EU is an intergovernmental and supranational union consisting of 27 member states. One of the key responsibilities of the EU is to create and administer a unified trade policy. The member states created the EMU that established different stages and commitments that member states need to follow to achieve greater economic policy coordination and monetary cooperation. Member states relinquish their monetary control to the European Central Bank and use a single unified currency, the euro.

Investments in Europe are also subject to currency risks. Further, because many countries are dependent on foreign exports, any fluctuations in the euro exchange rate could have a negative effect on an issuer's profitability and performance.

The EU has been extending its influence to the east as it has accepted several new Eastern European countries as members. Some of the new members remain burdened by the inherited inefficiencies of centrally planned economies. Additionally, these countries are dependent on Western Europe for trade and credit. Russia has attempted, and may attempt in the future, to assert its influence in Eastern Europe through economic or military measures. In February 2022, Russia invaded Ukraine, which amplified existing geopolitical tensions. The current and future status of the EU continues to be the subject of political and regulatory controversy, with widely differing views both within and between member countries.

The European financial markets have experienced uncertainty over the past few years, largely because of concerns about rising government debt levels and increased budget deficits. Political and regulatory responses to address structural and policy issues have created even greater instability throughout the region. The high levels of public debt increase the likelihood that certain European issuers will either default or restructure their debt obligations, which would have a negative effect on asset values. The use of austerity measures in countries such as Spain, Italy, Greece, Portugal and Ireland during times in which the Eurozone has high levels of unemployment has limited economic growth. European countries can be adversely affected by the tight fiscal and monetary controls with which the EMU requires its members to comply.

**<u>Exchange-Traded Notes</u>.** The Fund may invest in exchange-traded notes ("ETNs"). ETNs are a type of senior, unsecured, unsubordinated debt security issued by financial institutions that combines both aspects of bonds and exchange-traded funds ("ETFs"). An ETN's returns are based on the performance of a market index minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the market index to which the ETN is linked minus certain fees.

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Unlike regular bonds, ETNs do not make periodic interest payments and principal is not protected. ETNs are subject to credit risk, and the value of an ETN may drop due to a downgrade in the issuer's credit rating despite the underlying market benchmark's or strategy's remaining unchanged. The value of an ETN may also be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying assets, changes in the applicable interest rates, changes in the issuer's credit rating, and economic, legal, political, or geographic events that affect the referenced underlying asset. When the Fund invests in ETNs it will bear its proportionate share of any fees and expenses borne by the ETN. The Fund's decision to sell its ETN holdings may be limited by the availability of a secondary market. In addition, although an ETN may be listed on an exchange, the issuer may not be required to maintain the listing and there can be no assurance that a secondary market will exist for an ETN.

ETNs are also subject to tax risk. No assurance can be given that the Internal Revenue Service ("IRS") will accept, or a court will uphold, how the Fund characterizes and treats ETNs for tax purposes. Further, the IRS and Congress have considered proposals that would change the timing and character of income and gains from ETNs.

An ETN that is tied to a specific market benchmark or strategy may not be able to replicate and maintain exactly the composition and relative weighting of securities, commodities or other components in the applicable market benchmark or strategy. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Leveraged ETNs are subject to the same risk as other instruments that use leverage in any form.

The market value of ETN shares may differ from their market benchmark or strategy. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the securities, commodities or other components underlying the market benchmark or strategy that the ETN seeks to track. As a result, there may be times when an ETN share trades at a premium or discount to its market benchmark or strategy.

**<u>Fixed Income Securities</u>.** The Fund may invest in fixed income securities. Even though interest-bearing securities are investments that promise a stable stream of income, the prices of such securities are affected by changes in interest rates. In general, fixed income security prices rise when interest rates fall and fall when interest rates rise. Securities with shorter maturities, while offering lower yields, generally provide greater price stability than longer term securities and are less affected by changes in interest rates. The values of fixed income securities also may be affected by changes in the credit rating or financial condition of the issuing entities. Once the rating of a portfolio security has been changed, the Fund will consider all circumstances deemed relevant in determining whether to continue to hold the security. A fund with a negative average portfolio duration may increase in value when interest rates rise, and generally incurs a loss when interest rates decline. If an issuer calls or redeems an instrument held by the Fund during a time of declining interest rates, the Fund might need to reinvest the proceeds in an investment offering a lower yield, and therefore may not benefit from any increase in value as a result of declining interest rates. A fund with a negative average portfolio duration may decline in value as interest rates decrease.

Fixed income investments bear certain risks, including credit risk, or the ability of an issuer to pay interest and principal as they become due. Generally, higher yielding bonds are subject to more credit risk than lower yielding bonds. Interest rate risk refers to the fluctuations in value of fixed income securities resulting from the inverse relationship between the market value of outstanding fixed income securities and changes in interest rates. An increase in interest rates will generally reduce the market value of fixed income investments and a decline in interest rates will tend to increase their value.

Call risk is the risk that an issuer will pay principal on an obligation earlier than scheduled or expected, which would accelerate cash flows from, and shorten the average life of, the security. Bonds are typically called when interest rates have declined. In the event of a bond's being called, the Adviser or the Sub-Adviser may have to reinvest the proceeds in lower yielding securities to the detriment of the Fund.

Extension risk is the risk that an issuer may pay principal on an obligation slower than expected, having the effect of extending the average life and duration of the obligation. This typically happens when interest rates have increased.

A number of factors, including changes in a central bank's monetary policies or general improvements in the economy, may cause interest rates to rise. Fixed income securities with longer durations are more sensitive to interest rate changes than securities with shorter durations, making them more volatile. This means their prices are more likely to experience a considerable reduction in response to a rise in interest rates.

**<u>General Risk</u>.** The value of the Fund's portfolio securities may fluctuate with changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular security or issuer and changes in general economic or political conditions. An investor in the Fund could lose money over short or long periods of time.

There can be no guarantee that a liquid market for the securities held by the Fund will be maintained. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance

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that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of the Fund will be adversely affected if trading markets for the Fund's portfolio securities are limited or absent, or if bid/ask spreads are wide.

**<u>High Yield Securities</u>.** When investing in fixed income securities, the Fund may purchase securities regardless of their rating, including fixed income securities rated below investment grade–often referred to as high yield securities or "junk bonds." Investments in securities rated below investment grade that are eligible for purchase by the Fund are described as "speculative" by Moody's, S&P and Fitch. Investments in lower rated corporate debt securities generally provide greater income and increased opportunity for capital appreciation than investments in higher quality securities, but also typically entail greater price volatility and principal and income risk. These high yield securities are regarded as predominantly speculative with respect to the issuer's continuing ability to meet principal and interest payments. Analysis of the creditworthiness of issuers of debt securities that are high yield may be more complex than for issuers of higher quality debt securities.

High yield securities may be more susceptible to real or perceived adverse economic and competitive industry conditions than investment grade securities. The prices of high yield securities have been found to be more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in high yield security prices because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If an issuer of high yield securities defaults, in addition to risking payment of all or a portion of interest and principal, the Fund by investing in such securities may incur additional expenses to obtain recovery. In the case of high yield securities structured as zero-coupon or pay-in-kind ("PIK") securities, their market prices are affected to a greater extent by interest rate changes, and therefore tend to be more volatile than securities that pay interest periodically and in cash.

The secondary market on which high yield securities are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading market could adversely affect the price at which the Fund could sell a high yield security, and could adversely affect the daily NAV of the Fund's shares. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high yield securities, especially in a thinly-traded market. When secondary markets for high yield securities are less liquid than the market for higher grade securities, it may be more difficult to value the securities because such valuation may require more research, and elements of judgment may play a greater role in the valuation because there is less reliable, objective data available.

The use of credit ratings to evaluate high yield securities can involve certain risks. For example, credit ratings evaluate the safety of principal and interest payments, not the market value risk of high yield securities. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated. The Adviser or the Sub-Adviser does not rely solely on credit ratings when selecting securities for the Fund, and develops its own analysis of issuer credit quality. If a credit rating agency changes the rating of a portfolio security held by the Fund, the Fund may retain the security if the Adviser or the Sub-Adviser deems it in the best interest of shareholders.

**<u>Hybrid Securities</u>.** Preferred stock, including trust-preferred stock, has a preference in liquidation (and, generally dividends) over common stock but is subordinated in liquidation to debt. As a general rule, the market value of preferred stocks with fixed dividend rates and no conversion rights varies inversely with interest rates and perceived credit risk, with the price determined by the dividend rate. Some preferred stocks are convertible into other securities (for example, common stock) at a fixed price and ratio or upon the occurrence of certain events. The market price of convertible preferred stocks generally reflects an element of conversion value. Because many preferred stocks lack a fixed maturity date, these securities generally fluctuate substantially in value when interest rates change; such fluctuations often exceed those of long-term bonds of the same issuer. Some preferred stocks pay an adjustable dividend that may be based on an index, formula, auction procedure or other dividend rate reset mechanism. In the absence of credit deterioration, adjustable-rate preferred stocks tend to have more stable market values than fixed-rate preferred stocks. All preferred stocks are also subject to the same types of credit risks of the issuer as corporate bonds. In addition, because preferred stock is junior to debt securities and other obligations of an issuer, deterioration in the credit rating of the issuer will cause greater changes in the value of a preferred stock than in a more senior debt security with similar yield characteristics. Preferred stocks may be rated by S&P and Moody's, although there is no minimum rating which a preferred stock must have (and a preferred stock may not be rated) to be an eligible investment for the Fund. The Adviser or the Sub-Adviser expects, however, that generally the preferred stocks in which the Fund invests will be rated at least CCC by S&P or Caa by Moody's or, if unrated, be of comparable quality in the opinion of the Adviser or the Sub-Adviser. Preferred stocks rated CCC by S&P are regarded as predominantly speculative with respect to the issuer's capacity to pay preferred stock obligations and represent the highest degree of speculation among securities rated between BB and CCC; preferred stocks rated Caa by Moody's are likely to be in arrears on dividend payments. A Moody's rating with respect to preferred stocks does not purport to indicate the future status of payments of dividends.

**<u>Illiquid Securities</u>.** The Fund may invest in illiquid securities (*i.e.*, securities that are not readily marketable). Illiquid securities include, but are not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may only be resold pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") but that

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are deemed to be illiquid, and repurchase agreements with maturities in excess of seven days. The Adviser or the Sub-Adviser determines and monitors the liquidity of the portfolio securities and reports periodically on its determinations to the Fund's Board of Trustees ("Board"). In making such determinations it takes into account a number of factors in reaching liquidity decisions, including but not limited to: (1) the frequency of trades and quotations for the security; (2) the number of dealers willing to purchase or sell the security and the number of other potential buyers; (3) the willingness of dealers to undertake to make a market in the security; and (4) the nature of the marketplace trades, including the time needed to dispose of the security, the method of soliciting offers and the mechanics of the transfer.

An institutional market has developed for certain restricted securities. Accordingly, contractual or legal restrictions on the resale of a security may not be indicative of the liquidity of the security. If such securities are eligible for purchase by institutional buyers in accordance with Rule 144A under the Securities Act or other exemptions, the Adviser or the Sub-Adviser may determine that the securities are liquid.

Restricted securities may be sold only in privately negotiated transactions or in a public offering with respect to which a registration statement is in effect under the Securities Act. Where registration is required, the Fund may be obligated to pay all or part of the registration expenses and a considerable period may elapse between the time of the decision to sell and the time the Fund may be permitted to sell a security under an effective registration statement. If, during such a period, adverse market conditions were to develop, the Fund might obtain a less favorable price than that which prevailed when it decided to sell. Illiquid securities will be priced at fair value as determined in good faith under procedures approved by the Board.

**<u>International Securities</u>*.*** The Fund may invest directly in international securities. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. Government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers as well as gains or proceeds realized from the sale or other disposition of international securities may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations; seizure or nationalization of foreign deposits; the imposition of economic sanctions or other similar measures; confiscatory taxation; political, economic or social instability; or diplomatic developments that could affect assets of the Fund held in foreign countries. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is difficult to ascertain. These types of measures may include, but are not limited to, banning a sanctioned country or certain persons or entities associated with such country from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors and freezing the assets of particular countries, entities or persons. The imposition of sanctions and other similar measures could, among other things, result in a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country, downgrades in the credit ratings of the sanctioned country's securities or those of companies located in or economically tied to the sanctioned country, currency devaluation or volatility, and increased market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could directly or indirectly limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions and adversely impact the Fund's liquidity and performance. The establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations.

Decreases in the value of currencies of the foreign countries in which the Fund will invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which the Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

Investing in emerging markets can have more risk than investing in developed foreign markets. The risks of investing in these markets may be exacerbated relative to investments in foreign markets. Governments of developing and emerging market countries may be more unstable as compared to more developed countries. Developing and emerging market countries may have less developed securities markets or exchanges, and legal and accounting systems. It may be more difficult to sell securities at acceptable prices and security prices may be more volatile than in countries with more mature markets. Currency values may fluctuate more in developing or emerging markets. Developing or emerging market countries may be more likely to impose government restrictions, including confiscatory taxation, expropriation or nationalization of a company's assets and restrictions on foreign ownership of local companies. In addition, emerging markets may impose restrictions on the Fund's ability to repatriate investment income or capital and thus, may adversely affect the operations of the Fund. Certain emerging markets may impose constraints on currency exchange and some currencies in emerging markets may have been devalued significantly against the U.S. dollar. For these and other reasons, the prices of securities

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in emerging markets can fluctuate more significantly than the prices of securities of companies in developed countries. The less developed the country, the greater effect these risks may have on the Fund.

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

**<u>Investment Company Securities</u>.** The Fund may invest in the securities of other investment companies, including ETFs, closed-end funds and open-end (mutual) funds (also called underlying funds). The Fund may invest in inverse ETFs, including leveraged ETFs. Inverse ETFs seek to provide investment results that match a certain percentage of the inverse of the results of a specific index on a daily or monthly basis.

To the extent such underlying funds are index-based, these underlying funds will generally attempt to replicate the performance of a particular index. An underlying fund may not always hold all of the same securities as the index it attempts to track. An underlying fund may use statistical sampling techniques to attempt to replicate the returns of an index. Statistical sampling techniques attempt to match the investment characteristics of the index and the fund by taking into account such factors as capitalization, industry exposures, dividend yield, price/earnings (P/E) ratio, price/book (P/B) ratio and earnings growth. An underlying fund may not track the index perfectly because differences between the index and the fund's portfolio can cause differences in performance. In addition, expenses and transaction costs, the size and frequency of cash flow into and out of the fund, and differences between how and when the fund and the index are valued can cause differences in performance.

When the Fund invests in underlying funds it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. In connection with its investments in other investment companies, the Fund will incur higher expenses, many of which may be duplicative. Furthermore, because the Fund invests in shares of underlying funds, their performances are directly related to the ability of the underlying funds to meet their respective investment objectives, as well as the allocation of the Fund's assets among the underlying funds by the Adviser or the Sub-Adviser. Accordingly, the Fund's investment performance will be influenced by the investment strategies of and risks associated with the underlying funds in direct proportion to the amount of assets the Fund allocates to the underlying funds using such strategies.

Investments in ETFs involve certain inherent risks generally associated with investments in a broadly-based portfolio of stocks, including risks that: (1) the general level of stock prices may decline, thereby adversely affecting the value of each unit of the ETF or other instrument; (2) an ETF, to the extent such ETF is index-based, may not fully replicate the performance of its benchmark index because of the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weightings of securities or number of stocks held; (3) an ETF may also be adversely affected by the performance of the specific index, market sector or group of industries on which it is based; and (4) an ETF, to the extent such ETF is index-based, may not track an index as well as a traditional index mutual fund because ETFs are valued by the market and, therefore, there may be a difference between the market value and the ETF's NAV. Additionally, investments in fixed income ETFs involve certain inherent risks generally associated with investments in fixed income securities, including the risk of fluctuation in market value based on rising or declining interest rates and risks of a decrease in liquidity, such that no assurances can be made that an active trading market for underlying ETFs will be maintained.

There is also a risk that the underlying funds may terminate due to extraordinary events. For example, any of the service providers to the underlying fund, such as the trustee or sponsor, may close or otherwise fail to perform their obligations to the underlying fund, and the underlying fund may not be able to find a substitute service provider. Also, the underlying fund may be dependent upon licenses to use the various indices as a basis for determining their compositions and/or otherwise to use certain trade names. If these licenses are terminated, the respective underlying fund or ETF may also terminate. In addition, an underlying fund may terminate if its net assets fall below a certain amount. Although the Fund believes that in the event of the termination of an underlying fund, the Fund will be able to invest instead in shares of an alternate underlying fund tracking the same market index or another index covering the same general market, there can be no assurance that shares of an alternate underlying fund would be available for investment at that time.

Inverse and leveraged ETFs are subject to additional risks not generally associated with traditional ETFs. To the extent that the Fund invests in inverse ETFs, the value of the Fund's investments will decrease when the index underlying the ETF's benchmark rises, a result that is the opposite from traditional equity or bond funds. The NAV and market price of leveraged or inverse ETFs are usually more volatile than the value of the tracked index or of other ETFs that do not use leverage. This is because inverse and leveraged ETFs use investment techniques and financial instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. The use of these techniques may cause the inverse or leveraged ETFs to lose more money in market environments that are adverse to their investment strategies than other funds that do not use such techniques.

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Generally, under the 1940 Act, a fund may not acquire shares of another investment company (including an ETF) if, immediately after such acquisition, (i) such fund would hold more than 3% of the other investment company's total outstanding shares, (ii) such fund's investment in securities of the other investment company would be more than 5% of the value of the total assets of the fund, or (iii) more than 10% of such fund's total assets would be invested in investment companies. In accordance with Section 12(d)(1)(F) of the 1940 Act, the Fund may invest in underlying funds in excess of the 5% and 10% limits described above as long as the Fund (and all of is affiliated persons, including the Adviser) do not acquire more than 3% of the total outstanding stock of such underlying fund. If the Fund seeks to redeem shares of an underlying fund purchased in reliance on Section 12(d)(1)(F), the underlying fund is not obligated to redeem an amount exceeding 1% of the underlying fund's outstanding shares during a period of less than 30 days.

In addition, rule 12d1-4 under the 1940 Act allows a fund to acquire shares of an underlying fund in excess of the limits described above. Fund of funds arrangements relying on Rule 12d1-4 are subject to several conditions, certain of which are specific to a fund's position in the arrangement (*i.e.*, as an acquiring or acquired fund). Notable conditions include those relating to: (i) control and voting that prohibit an acquiring fund, its investment adviser (or a sub-adviser) and their respective affiliates from beneficially owning more than 25% of the outstanding voting securities of an unaffiliated acquired fund; (ii) certain required findings relating to complexity, fees and undue influence (among other things); (iii) fund of funds investment agreements; and (iv) general limitations on an acquired fund's investments in other investment companies and private funds to no more than 10% of the acquired fund's assets, except in certain circumstances. To the extent the Fund is an acquired fund in reliance on Rule 12d1-4, the limitations placed on acquired funds under rule 12d1-4 may limit or restrict the Fund's ability to acquire certain investments.

**<u>Money Market Funds</u>.** The Fund may invest in underlying money market funds that either seek to maintain a stable $1 NAV ("stable NAV money market funds") or that have a share price that fluctuates ("variable NAV money market funds"). Although an underlying stable NAV money market fund seeks to maintain a stable $1 NAV, it is possible for the Fund to lose money by investing in such a money market fund. Because the share price of an underlying variable NAV money market fund will fluctuate, when the Fund sells the shares it owns, they may be worth more or less than what the Fund originally paid for them. In addition, neither type of money market fund is designed to offer capital appreciation. Certain underlying money market funds may impose a fee upon the sale of shares.

**<u>Market Disruptions Risk</u>.** The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including, but not limited to, those arising from war; terrorism; market manipulation; government interventions, defaults and shutdowns; political changes or diplomatic developments; embargoes, tariffs, sanctions and other trade barriers; public health emergencies (such as the spread of infectious diseases, pandemics and epidemics); and natural/environmental disasters. Any of these events could negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including the Adviser or the Sub-Adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the Fund.

Beginning in 2020, the global spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) caused volatility, severe market dislocations and liquidity constraints in many markets. The transmission of COVID-19 and efforts to contain its spread resulted in travel restrictions and disruptions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations (including staff reductions), supply chains and consumer activity, as well as general concern and uncertainty that negatively affected the economic environment. The long-term impact of COVID-19 and other infectious illness outbreaks, epidemics or pandemics that may arise in the future could adversely affect the economies of many nations or the entire global economy, the financial performance of individual issuers, borrowers and sectors and the health of the markets generally in potentially significant and unforeseen ways.

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

The foregoing could lead to a significant economic downturn or recession, increased market volatility, a greater number of market closures, higher default rates and adverse effects on the values and liquidity of securities or other assets. Such impacts, which may vary across asset classes, may adversely affect the performance of the Fund. In certain cases, an exchange or market may close or issue trading halts on specific securities or even the entire market, which may result in the Fund's being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments.

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To satisfy any shareholder repurchase requests during periods of extreme volatility, it is more likely the Fund may be required to dispose of portfolio investments at unfavorable prices compared to their intrinsic value.

**<u>Mortgage-Backed and Asset-Backed Securities</u>.** The Fund may invest in MBS and ABS. MBS are mortgage-related securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities, or issued by nongovernment entities. Mortgage-related securities represent ownership in pools of mortgage loans assembled for sale to investors by various government agencies such as GNMA and government-related organizations such as FNMA and FHLMC, as well as by nongovernment issuers such as commercial banks, savings and loan institutions, mortgage bankers and private mortgage insurance companies. Although certain mortgage-related securities are guaranteed by a third party or otherwise similarly secured, the market value of the security, which may fluctuate, is not so secured. These securities differ from conventional bonds in that the principal is paid back to the investor as payments are made on the underlying mortgages in the pool. Accordingly, the Fund receives monthly scheduled payments of principal and interest along with any unscheduled principal prepayments on the underlying mortgages. Because these scheduled and unscheduled principal payments must be reinvested at prevailing interest rates, MBS do not provide an effective means of locking in long-term interest rates for the investor.

In addition, there are a number of important differences among the agencies and instrumentalities of the U.S. Government that issue mortgage-related securities and among the securities they issue. Mortgage-related securities issued by GNMA include GNMA Mortgage Pass-Through Certificates (also known as Ginnie Maes) which are guaranteed as to the timely payment of principal and interest. That guarantee is backed by the full faith and credit of the U.S. Treasury. GNMA is a corporation wholly owned by the U.S. Government within the Department of Housing and Urban Development. Mortgage-related securities issued by FNMA include FNMA Guaranteed Mortgage Pass-Through Certificates (also known as Fannie Maes) and are guaranteed as to payment of principal and interest by FNMA itself and backed by a line of credit with the U.S. Treasury. FNMA is a government-sponsored entity wholly owned by public stockholders. Mortgage-related securities issued by FHLMC include FHLMC Mortgage Participation Certificates (also known as Freddie Macs) guaranteed as to payment of principal and interest by FHLMC itself and backed by a line of credit with the U.S. Treasury. FHLMC is a government-sponsored entity wholly owned by public stockholders.

In September 2008, the Federal Housing Finance Agency (FHFA) placed Fannie Mae and Freddie Mac into conservatorship. As the conservator, FHFA succeeded to all rights, titles, powers and privileges of FNMA and FHLMC and of any stockholder, officer or director of FNMA and FHLMC with respect to FNMA and FHLMC and the assets of FNMA and FHLMC. In connection with the conservatorship, the U.S. Treasury entered into a Senior Preferred Stock Purchase Agreement (SPA) with each of FNMA and FHLMC pursuant to which the U.S. Treasury agreed to purchase up to 1,000,000 shares of senior preferred stock with an aggregate initial liquidation preference of $1 billion and obtained warrants and options to for the purchase of common stock of each of FNMA and FHLMC. Under the SPAs as currently amended, the U.S. Treasury has pledged to provide financial support to a government-sponsored enterprise (GSE) in any quarter in which the GSE has a net worth deficit as defined in the respective SPA.

FNMA and FHLMC are continuing to operate as going concerns while in conservatorship and each remains liable for all of its obligations, including its guaranty obligations, associated with its MBS. The SPAs are intended to enhance each of FNMA's and FHLMC's ability to meet its obligations. Under a letter agreement entered into in January 2021, the GSEs are permitted to retain earnings and raise private capital to enable them to meet the minimum capital requirements under the FHFA's Enterprise Regulatory Capital Framework. The letter agreement also permits the GSEs to develop a plan to exit conservatorship once all litigation involving the conservatorships is resolved and the GSEs have the minimum capital required by FHFA's rules. Should FNMA and FHLMC be taken out of conservatorship, it is unclear whether the U.S. Treasury would continue to enforce its rights or perform its obligations under the SPAs. It is also unclear how the capital structure of FNMA and FHLMC would be constructed post-conservatorship and what effects, if any, the privatization of FNMA and FHLMC will have on their creditworthiness and guarantees of certain MBS. Accordingly, should the FHFA take FNMA and FHLMC out of conservatorship, there could be an adverse impact on the value of their securities that could cause the Fund's investments to lose value.

ABS are structured like MBS, but instead of mortgage loans or interests in mortgage loans, the underlying assets may include such items as motor vehicle installment sales contracts or installment loan contracts, leases of various types of real and personal property, and receivables from credit card agreements and sales of personal property. Regular payments received on ABS include both interest and principal. ABS typically have no U.S. Government backing. Additionally, the ability of an issuer of ABS to enforce its security interest in the underlying assets may be limited.

If the Fund purchases an MBS or other ABS at a premium, the premium may be lost if there is a decline in the market value of the security whether resulting from changes in interest rates or prepayments in the underlying collateral. As with other interest-bearing securities, the prices of such securities are inversely affected by changes in interest rates. Although the value of an MBS or other ABS may decline when interest rates rise, the converse is not necessarily true, since in periods of declining interest rates the mortgages and loans underlying the securities are prone to prepayment, thereby shortening the average life of the security and shortening the period of time over which income at the higher rate is received. When interest rates are rising, the rate of prepayment tends to decrease, thereby lengthening the period of time over which income at the lower rate is received. For these and other reasons, the average maturity of an MBS or other ABS may be shortened or lengthened as a result of interest rate fluctuations and, therefore, it is not possible to predict

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accurately the security's return. In addition, while the trading market for short-term mortgages and ABS is ordinarily quite liquid, in times of financial stress the trading market for these securities may become restricted.

***General Obligation Bonds.*** General obligation bonds are backed by the issuer's full faith and credit and taxing authority for the payment of principal and interest. The taxing authority of any governmental entity may be limited, however, by provisions of its state constitution or laws, and an entity's creditworthiness will depend on many factors, including potential erosion of its tax base due to population declines, natural disasters, declines in the state's industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base, state legislative proposals or voter initiatives to limit ad valorem real property taxes and the extent to which the entity relies on Federal or state aid, access to capital markets or other factors beyond the state's or entity's control. Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the repayment of principal when due is affected by the issuer's maintenance of its tax base.

***Revenue Bonds.*** Revenue bonds are issued to finance a wide variety of capital projects, including: electric, gas, water and sewer systems; port, airport, and mass transit facilities; colleges and universities; and hospitals. Revenue bonds may be repaid only from the revenues of a specific facility or source. An investment in revenue bonds is subject to greater risk of delay or non-payment if revenue does not accrue as expected or if other conditions are not met for reasons outside the control of the Fund. Conversely, if revenue accrues more quickly than anticipated, the Fund may receive payment before expected and have difficulty reinvesting the proceeds on equally favorable terms.

Private activity bonds are, in most cases, revenue bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated facilities. Private activity bonds generally are not secured by a pledge of the taxing power of the issuer of such bonds. Therefore, the repayment of such bonds generally depends on the revenues of a private entity. Continued ability of a private entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by many factors including the size of the entity, capital structure, demand for the entity's products or services, competition, general economic conditions, government regulation and the entity's dependence on revenues for the operation of the particular facility being financed.

***Moral Obligation Bonds.*** The Fund also may invest in "moral obligation" bonds, which are normally issued by special purpose public authorities. If an issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral commitment but not a legal obligation of the state or municipality in question.

***Municipal Lease Obligations and Certificates of Participation.*** Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of "non-appropriation" clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body on a yearly or other periodic basis. In addition, such leases or contracts may be subject to the temporary abatement of payments if the governmental issuer is prevented from maintaining occupancy of the lease premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover ownership of the assets.

Certificates of participation, which represent interests in unmanaged pools of municipal leases or installment contracts, involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificate of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, of both the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.

**<u>Operational and Reputational Risk</u>.** An investment in the Fund involves operational risk arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. Any of these errors, failures or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have a materially adverse effect on the Fund. While the Fund seeks to minimize such events through controls and oversight, there is no guarantee that the Fund will not suffer losses due to operational risk.

The Fund may be adversely affected if the reputation of the Adviser or the Sub-Adviser or its affiliates, or counterparties with whom the Fund associates, is harmed. Reputational harm could result from, among other things: real or perceived legal or regulatory violations; failure in performance, risk management, governance, technology, or operations; or claims related to employee misconduct, allegations of employee wrongful termination, conflict of interests, ethical issues, or failure to protect private information. Similarly, market rumors and actual or perceived association with counterparties whose own reputations may become under question could

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ultimately harm the Fund as well. These harms could include, for example, large repurchases of shares of the Fund, a negative effect on the Fund's ability to conduct business with counterparties, or a hindering of the Adviser's or the Sub-Adviser's abilities to attract and/or retain personnel, including key personnel.

**<u>Regulation as a Bank Holding Company</u>.** The Adviser is a subsidiary of RBC USA Holdco Corporation, which is a Bank Holding Company (a "BHC") under the U.S. Bank Holding Company Act of 1956, as amended (the "BHCA"). The activities of BHCs and their affiliates are subject to certain restrictions imposed by the BHCA and related regulations. As an affiliate of RBC USA Holdco Corporation, the Adviser is subject to these restrictions. Under certain circumstances, the Adviser may be deemed to "control" the Fund within the meaning of the BHCA and therefore certain of these restrictions could apply to the Fund as well. These restrictions may materially adversely affect the Fund, among other ways, by imposing restrictions on certain of the Fund's investments; restricting the ability of the Adviser, or its affiliates to invest in the Fund; or affecting the ability of the Adviser to pursue certain strategies within the Fund's investment program. Under certain circumstances, the Fund may be limited in the amount it may invest in portfolio companies to five percent of the portfolio's company's voting securities. In addition, if the Adviser or an affiliate provides seed capital to the Fund and the Fund cannot gain sufficient outside investment after of its initial seeding period, then the Fund may be forced to cease investment operations.

**<u>Repurchase Agreements</u>.** The Fund may engage in repurchase agreement transactions involving the type of securities in which it is permitted to invest. Repurchase agreements are transactions by which the Fund purchases a security and simultaneously commits to resell that security to the seller (a bank or securities dealer) at an agreed-upon price on an agreed-upon date (usually within seven days of purchase). The resale price reflects the purchase price plus an agreed-upon market rate of interest that is unrelated to the coupon rate or date of maturity of the purchased security. Repurchase agreements involve certain risks not associated with direct investments in the underlying securities. In the event of a default or bankruptcy by the seller, the Fund will seek to liquidate such collateral. The exercise of the Fund's right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. Certain repurchase agreements the Fund may enter into may or may not be subject to an automatic stay in bankruptcy proceedings. Repurchase agreements are considered to be loans by an investment company under the 1940 Act. The Fund will not invest more than 33 1/3% of its net assets in repurchase agreements.

The use of repurchase agreements involves certain risks. For example, if the seller of the agreements defaults on its obligation to repurchase the underlying securities at a time when the value of these securities has declined, the Fund may incur a loss upon disposition of them. If the seller of the agreement becomes insolvent and subject to liquidation or reorganization under the United States Bankruptcy Code or other laws, a bankruptcy court may determine that the underlying securities are collateral not within the control of the Fund and therefore subject to sale by the trustee in bankruptcy. Finally, it is possible that the Fund may not be able to substantiate its interest in the underlying securities. While the management of the Fund acknowledges these risks, it is expected that they can be managed through stringent security selection criteria and careful monitoring procedures.

**<u>Restricted Securities</u>.** The Fund may purchase restricted securities that generally can be sold in privately negotiated transactions, pursuant to an exemption from registration under the federal securities laws, or in a registered public offering. Where registration is required, the Fund may be obligated to pay all or part of the registration expense and a considerable period may elapse between the time it decides to seek registration and the time the Fund may be permitted to sell a security under an effective registration statement. If during such a period adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed when it decided to seek registration of the security. Restricted securities that can be offered and sold to qualified institutional buyers under Rule 144A of the Securities Act ("144A Securities") may be determined to be liquid.

**<u>Reverse Repurchase Agreements</u>.** The Fund may engage in reverse repurchase agreements. Reverse repurchase agreements are agreements that involve the sale of securities held by the Fund to financial institutions such as banks and broker-dealers with an agreement that the Fund will repurchase the securities at an agreed-upon price and date. During the reverse repurchase agreement period, the Fund continues to receive interest and principal payments on the securities sold. The Fund may employ reverse repurchase agreements (i) for temporary emergency purposes or to meet repurchase requests so as to avoid liquidating other portfolio securities during unfavorable market conditions; (ii) to cover short-term cash requirements resulting from the timing of trade settlements; or (iii) to take advantage of market situations where the interest income to be earned from the investment of the proceeds of the transaction is greater than the interest expense of the transaction.

Reverse repurchase agreements involve the risk that the market value of securities to be purchased by the Fund may decline below the price at which the Fund is obligated to repurchase the securities, or that the other party may default on its obligation so that the Fund is delayed or prevented from completing the transaction. In the event the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund's use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligations to repurchase the securities.

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**<u>Subordinated Debt Securities</u>.** Subordinated debt securities, sometimes also called "junior debt," are debt securities for which the issuer's obligations to make principal and interest payment are secondary to the issuer's payment obligations to more senior debt securities. Subordinated debt securities are subject to the same risks as other fixed income securities and are also subject to increased credit risk because the issuer, by definition, has issued other, more senior debt securities. The Fund may invest in subordinated debt securities, including those issued by banks.

**<u>U.S. Government Obligations</u>.** U.S. Government securities include direct obligations issued by the United States Treasury, such as U.S. Treasury bills (maturities of one year or less), U.S. Treasury notes (maturities of one to ten years) and U.S. Treasury bonds (generally maturities of greater than ten years). They also include securities of U.S. Government agencies and instrumentalities that issue or guarantee securities, such as the Federal Home Loan Banks, FNMA and the Student Loan Marketing Association. Except for U.S. Treasury securities, obligations of U.S. Government agencies and instrumentalities may or may not be supported by the full faith and credit of the United States. Some, such as those of the Federal Home Loan Banks, are backed by the right of the issuer to borrow from the U.S. Treasury, others by discretionary authority of the U.S. Government to purchase the agencies' obligations, while still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. In the case of securities not backed by the full faith and credit of the United States, the investor must look principally to the agency issuing or guaranteeing the obligation for ultimate repayment and may not be able to assess a claim against the United States itself in the event the agency or instrumentality does not meet its commitment.

The total public debt of the United States as a percentage of gross domestic product has grown rapidly since the beginning of the 2008–2009 financial downturn. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt can raise concerns that the U.S. Government will not be able to make principal or interest payments when they are due. This increase has also necessitated the need for the U.S. Congress to negotiate adjustments to the statutory debt limit to increase the cap on the amount the U.S. Government is permitted to borrow to meet its existing obligations and finance current budget deficits. In August 2011, S&P lowered its long-term sovereign credit rating on the U.S. In explaining the downgrade at that time, S&P cited, among other reasons, controversy over raising the statutory debt limit and growth in public spending. Any controversy or ongoing uncertainty regarding the statutory debt limit negotiations may impact the U.S. long-term sovereign credit rating and may cause market uncertainty. As a result, market prices and yields of securities supported by the full faith and credit of the U.S. Government may be adversely affected.

**<u>Variable and Floating Rate Securities</u>.** The Fund may invest in variable- and floating-rate securities. Fixed income securities that have variable or floating rates of interest may, under certain limited circumstances, have varying principal amounts. These securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference to one or more interest rate indices or market interest rates (the "underlying index"). The interest paid on these securities is a function primarily of the underlying index upon which the interest rate adjustments are based. These adjustments minimize changes in the market value of the obligation. Similar to fixed-rate debt instruments, variable- and floating-rate instruments are subject to changes in value based on changes in market interest rates or changes in the issuer's creditworthiness. The rate of interest on securities may be tied to U.S. Government securities or indices on those securities as well as any other rate of interest or index.

Variable and floating rate demand notes of corporations are redeemable upon a specified period of notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying interest rates under direct arrangements with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice.

Certain securities may have an initial principal amount that varies over time based on an interest rate index, and, accordingly, the Fund might be entitled to less than the initial principal amount of the security upon the security's maturity. The Fund intends to purchase these securities only when the Adviser or the Sub-Adviser believes the interest income from the instrument justifies any principal risks associated with the instrument. The Adviser or the Sub-Adviser may attempt to limit any potential loss of principal by purchasing similar instruments that are intended to provide an offsetting increase in principal. There can be no assurance that the Adviser or the Sub-Adviser will be able to limit the effects of principal fluctuations and, accordingly, the Fund may incur losses on those securities even if held to maturity without issuer default.

There may not be an active secondary market for any particular floating- or variable-rate instruments, which could make it difficult for the Fund to dispose of the instrument during periods that the Fund is not entitled to exercise any demand rights it may have. The Fund could, for this or other reasons, suffer a loss with respect to those instruments. The Adviser or the Sub-Adviser monitors the liquidity of the Fund's investments in variable- and floating-rate instruments, but there can be no guarantee that an active secondary market will exist.

**<u>When-Issued Securities and Forward Commitments</u>.** The Fund may purchase securities offered on a "when-issued" and "forward commitment" basis (including a delayed delivery basis). Securities purchased on a "when-issued" or "forward commitment"

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basis are securities not available for immediate delivery despite the fact that a market exists for those securities. A purchase is made on a "delayed delivery" basis when the transaction is structured to occur sometime in the future.

When these transactions are negotiated, the price, which is generally expressed in yield terms, is fixed at the time the commitment is made, but delivery and payment for the securities take place at a later date. Normally, the settlement date occurs within two months after the transaction, but delayed settlements beyond two months may be negotiated. During the period between a commitment and settlement, no payment is made for the securities purchased by the purchaser and, thus, no interest accrues to the purchaser from the transaction. At the time the Fund makes the commitment to purchase securities on a when-issued or forward commitment basis, the Fund will record the transaction as a purchase and thereafter reflect the value each day of such securities in determining its NAV.

**<u>Zero-Coupon, Delayed Interest and Capital Appreciation Securities</u>.** Zero-coupon, delayed interest, PIK and capital appreciation securities are securities that make no periodic interest payments, but are sold at a discount from their face value. The buyer recognizes a rate of return determined by the gradual appreciation of the security, which is redeemed at face value on a specified maturity date. The discount varies depending on the time remaining until maturity, as well as market interest rates, liquidity of the security, and the issuer's perceived credit quality. The discount, in the absence of financial difficulties of the issuer, typically decreases as the final maturity date approaches. If the issuer defaults, the Fund may not receive any return on its investment. Because such securities bear no interest and generally compound periodically at the rate fixed at the time of issuance, their value generally is more volatile than the value of other fixed income securities. Since such bondholders do not receive interest payments, when interest rates rise, zero-coupon, delayed interest and capital appreciation securities fall more dramatically in value than bonds paying interest on a current basis. When interest rates fall, zero-coupon, delayed interest and capital appreciation securities rise more rapidly in value because the bonds reflect a fixed rate of return. An investment in zero-coupon, delayed interest and capital appreciation securities may cause the Fund to recognize income and make distributions to shareholders before it receives any cash payments on its investment. To generate cash to satisfy distribution requirements, the Fund may have to sell portfolio securities that it otherwise would have continued to hold or to use cash flows from other sources such as the sale of Fund shares.

PIK securities may be debt obligations or preferred shares that provide the issuer with the option of paying interest or dividends on such obligations in cash or in the form of additional securities rather than cash. Similar to zero-coupon bonds and delayed interest securities, PIK securities are designed to give an issuer flexibility in managing cash flow. PIK securities that are debt securities can be either senior or subordinated debt and generally trade flat (*i.e.*, without interest). The trading price of PIK debt securities generally reflects the market value of the underlying debt plus an amount representing accrued interest since the last interest payment.

**INVESTMENT RESTRICTIONS** 

<u>Fundamental</u>. The investment policies described below have been adopted by the Fund and are fundamental (*i.e.*, they may not be changed without the affirmative vote of a majority of the outstanding shares of the Fund). As used in the Prospectus and this SAI, the term "majority of the outstanding shares of the Fund" means the lesser of: (1) 67% or more of the outstanding shares of the Fund present at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented at such meeting; or (2) more than 50% of the outstanding shares of the Fund. Except for those investment policies specifically identified as fundamental in the Prospectus and this SAI, the Fund's investment objective as described in the Prospectus and all other investment policies and practices described in the Prospectus and this SAI are non-fundamental and may be changed by the Board without the approval of shareholders.

The fundamental policies adopted with respect to the Fund are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Borrowing Money</u>. The Fund will not borrow money, except as permitted under the 1940 Act and the rules and regulations thereunder, or as may otherwise be permitted from time to time by a regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Senior Securities</u>. The Fund will not issue any class of senior securities, except as permitted under the 1940 Act and the rules and regulations thereunder, or as may otherwise be permitted from time to time by a regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Underwriting</u>. The Fund will not engage in the business of underwriting securities issued by others, except to the extent that the Fund may be deemed to be an underwriter under applicable laws in connection with the disposition of portfolio securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Real Estate</u>. The Fund will not purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments, although it may purchase securities secured by real estate or interests therein, or securities issued by companies which invest, deal or otherwise engage in transactions in real estate or interests therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Loans</u>. The Fund will not make loans, except as permitted under, or to the extent not prohibited by, the 1940 Act and the rules and regulations thereunder, or as may otherwise be permitted from time to time by a regulatory authority having jurisdiction.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Commodities</u>. The Fund will not purchase or sell physical commodities or contracts relating to physical commodities, except as permitted under the 1940 Act and the rules and regulations thereunder, or as may otherwise be permitted from time to time by a regulatory authority having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Concentration</u>. The Fund will not concentrate its investments in the securities of issuers primarily engaged in the same industry, as that term is used in the 1940 Act and as interpreted or modified from time to time by a regulatory authority having jurisdiction, except that this restriction will not apply to the Fund's investments in securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Short Sales, Margin, Options</u>. The Fund will not engage in short sales, purchases on margin, or the writing of put or call options, except as permitted by (i) the 1940 Act, or interpretations or modifications by the SEC, SEC staff or other authority with appropriate jurisdiction or (ii) exemptive or other relief or permission from the SEC, SEC staff or other authority with appropriate jurisdiction.

In addition, the Fund has adopted a fundamental policy that it will make quarterly repurchase offers pursuant to rule 23c-3 under the 1940 Act, as such rule may be amended from time to time, for between 5% and 25% of the Shares outstanding at NAV, unless suspended or postponed in accordance with regulatory requirements, and each repurchase pricing shall occur no later than the 14<sup>th</sup> day after the Repurchase Request Deadline (as defined in the Prospectus), or the next business day if the 14<sup>th</sup> day is not a business day.

The following are interpretations of the fundamental investment policies of the Fund and may be revised without shareholder approval, consistent with current laws and regulations as such may be interpreted or modified by regulatory authorities having jurisdiction, from time to time:

<u>Borrowing Money</u>. Under current law as interpreted by the SEC and its staff, the Fund may borrow money in the amount of up to one-third of the Fund's total assets for any purpose and up to 5% of the Fund's total assets from banks or other lenders for temporary purposes. The Fund's total assets include the amounts being borrowed. The Fund expects to use proceeds from borrowing for investment purposes and to satisfy shareholder repurchase requests. This limitation does not preclude the Fund from entering into reverse repurchase transactions, provided that the Fund, in accordance with rule 18f-4, aggregates the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the Fund's asset coverage ratio or treats all such transactions as derivatives transactions.

<u>Senior Securities</u>. Senior securities may include any obligation or instrument issued by an investment company evidencing indebtedness, including the issuance of debt or preferred shares of beneficial interest. The Fund's limitation with respect to issuing senior securities is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by the Fund, provided that the Fund's engagement in such activities is consistent with or permitted by the 1940 Act and the rules and regulations promulgated thereunder. The SEC adopted rule 18f-4 related to the use of derivatives and other similar transactions by an investment company. The Fund's trading of derivatives and other similar transactions that create future payment or delivery obligations is generally subject to VaR leverage limits, a derivatives risk management program and reporting requirements unless the Fund satisfies a "limited derivatives users" exception that is included in the rule. In the case of a senior security representing indebtedness, a closed-end investment company must have asset coverage of 300% immediately after such issuance, and no dividends on the company's stock may be made unless the indebtedness generally has an asset coverage at that time of 300%. In the case of a class of senior security representing a stock, a closed-end investment company must have asset coverage of 200% immediately after such issuance, and no dividends on the company's stock may be made unless the preferred stock generally has an asset coverage at that time of 200%. Shareholders of preferred stock also must have the right, as a class, to elect at least two trustees at all times and to elect a majority of trustees if dividends on their stock are unpaid in certain amounts.

<u>Underwriting</u>. Under the 1940 Act, underwriting securities generally involves an investment company's purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly. The Fund's limitation with respect to underwriting securities is not applicable to the extent that, in connection with the disposition of portfolio securities (including restricted securities), the Fund may be deemed an underwriter under certain federal securities laws.

<u>Real Estate</u>. The 1940 Act does not directly restrict an investment company's ability to invest in real estate but requires that every investment company has a fundamental investment policy governing such investments. The Fund's limitation with respect to investing in real estate is not applicable to investments in securities or mortgages or loans that are secured by or represent interests in real estate. This limitation does not preclude the Fund from purchasing or selling mortgage-related securities or securities of companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts). In addition, this limitation does not preclude the Fund from holding or selling real estate acquired as a result of ownership through securities or other instruments.

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<u>Loans</u>. Under current law as interpreted by the SEC and its staff, the Fund may not lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties (this restriction does not apply to purchases of debt securities or repurchase agreements). Subject to this limitation, the Fund may make loans, for example: (a) by loaning portfolio securities; (b) by engaging in repurchase agreements; (c) by making loans secured by real estate; (d) by making loans to affiliated funds as permitted by the SEC; or (e) by purchasing non-publicly offered debt securities. For purposes of this limitation, the term "loans" shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures or other securities.

<u>Commodities</u>. The 1940 Act does not directly restrict an investment company's ability to invest in commodities but requires that every investment company has a fundamental investment policy governing such investments. The Fund may hold commodities acquired as a result of ownership of securities or other investments. This limitation does not preclude the Fund from purchasing or selling options or futures contracts, from investing in securities or other instruments backed by commodities or from investing in companies that are engaged in a commodities business or have a significant portion of their assets in commodities.

<u>Concentration</u>. Under current SEC and SEC staff interpretation, the Fund would "concentrate" its investments if 25% or more of the Fund's total assets would be invested in securities of issuers conducting their principal business activities in the same industry. For purposes of this limitation, there is no limit on: (1) investments in U.S. Government securities, in repurchase agreements collateralized by U.S. Government securities, or in tax-exempt securities issued by the states, territories, or possessions of the United States ("municipal securities"), excluding private activity municipal securities whose principal and interest payments are derived principally from the assets and revenues of a non-governmental entity; or (2) investments in issuers domiciled in a single jurisdiction provided that the Fund does not invest greater than 25% in a particular industry . Notwithstanding anything to the contrary, to the extent permitted by the 1940 Act, the Fund may invest in one or more investment companies provided that, except to the extent the Fund invests in other investment companies pursuant to Section 12(d)(1)(A) or (F) of the 1940 Act, the Fund treats the assets of the investment companies in which it invests as its own for purposes of this policy. The Fund will consider the investments of its underlying pooled investment vehicles when determining the Fund's compliance with its own concentration policies.

With respect to the percentages adopted by the Fund as maximum caps on its investment policies and limitations, an excess above the fixed percentage will not be a violation of the policy or limitation unless the excess results immediately and directly from the acquisition of any security or the action taken.

<u>Non-Fundamental</u>. The Fund is subject to restrictions and policies that are not fundamental and may, therefore, be changed by the Board without shareholder approval. These non-fundamental policies/restrictions are described below.

The Fund's investment objective is a non-fundamental investment policy that may be changed by the Board without shareholder approval.

Notwithstanding any of the foregoing policies, any investment company, whether organized as a trust, association or corporation, or personal holding company, may be merged or consolidated with or acquired by the Fund, provided that if such merger, consolidation or acquisition results in an investment in the securities of any issuer prohibited by said paragraphs, the Fund shall, within 90 days after the consummation of such merger, consolidation or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

**MANAGEMENT** 

**Trustees and Officers** 

The Board is responsible for the overall management of the Fund, including general supervision and review of the investment activities of the Fund. The Board, in turn, elects the officers of the Fund, who are responsible for administering the day-to-day operations of the Fund. Unless otherwise indicated in the table below, the address of each Trustee and officer of the Fund is 250 Nicollet Mall, Suite 1550, Minneapolis, Minnesota 55401.

**The Role of the Board** 

Overall responsibility for overseeing and managing the business and affairs of the Fund rests with its Board. Like most registered funds, the day-to-day management and operation of the Fund is performed by various service providers to the Fund, such as the Adviser, the Sub-Adviser, the Distributor, the Administrator, the custodian and the Transfer Agent. The Board has appointed senior employees of certain of these service providers as officers of the Fund with responsibility for supervising actively the day-to-day operations of the Fund and reporting back to the Board. The Board has also appointed a Chief Compliance Officer who administers the Fund's compliance program and regularly reports to the Board on compliance matters. From time to time, one or more members of the Board may meet with management in less formal settings, between scheduled Board meetings, to discuss various topics. In all cases,

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however, the role of the Board and any individual Trustee is one of oversight and not of active management of the day-to-day operations or affairs of the Fund.

**Board Structure and Leadership** 

The Board of Trustees has five standing committees: an Audit Committee, a Nominating Committee, a Corporate Governance Committee, a Valuation, Portfolio Management and Performance Committee, and a Compliance Committee. The committee structure enables the Board to manage efficiently and effectively the large volume of information relevant to the Board's oversight of the Fund. The Board is composed of eight trustees, and seven of the eight Trustees are not "interested persons" of the Fund as that term is defined by the 1940 Act (the "Independent Trustees"). The Board believes that the number of Trustees is adequate for the number of Funds overseen by the Board and that the current size of the Board is conducive to Board interaction, debate and dialogue that results in an effective decision making body. The Independent Trustees have engaged their own independent legal counsel to advise them on matters relating to their responsibilities in connection with the Fund. The Chairman of the Board is an Independent Trustee. The Chairman participates in the preparation of the agenda for meetings of the Board and the preparation of information to be presented to the Board with respect to matters to be acted upon by the Board. The Chairman also presides at all meetings of the Board and is involved in discussions regarding matters pertaining to the oversight of the management of the Fund between meetings. In developing its current structure, the Board recognized the importance of having a significant majority of Independent Trustees. The Board believes that its current leadership structure, including the composition of the Board and its Committees, is an appropriate means to provide effective oversight on behalf of shareholders.

As needed between regular meetings, the Board or a specific committee may receive and review reports relating to the Fund and engage in discussions with appropriate parties relating to the Fund's operations and related risks.

The Audit Committee of the Fund is currently composed of the following Independent Trustees: Ms. McCaffrey and Messrs. Garner and Seward. The Audit Committee acts as a liaison between the Fund's independent auditors and the Board. As set forth in its charter, the Audit Committee has the responsibility to, among other things, (1) approve the appointment of the independent auditors and recommend the selection of the independent auditors to the Board for ratification by the Independent Trustees; (2) review and approve the scope of the independent auditors' audit activity; (3) review the financial statements which are the subject of the independent auditors' certifications; and (4) review with such independent auditors the adequacy of the Fund's accounting system and the effectiveness of the internal accounting controls of the Fund and its service providers.

The Nominating Committee of the Fund is currently composed of the following Independent Trustees: Mses. Bode and Zarkovich and Messrs. James and Perry. In the event of vacancies on, or increases in the size of, the Board, the Nominating Committee is responsible for evaluating the qualifications of and nominating all persons for appointment or election as Trustees of the Fund. Candidates may be identified by the Nominating Committee, management of the Fund or Trust shareholders. The Nominating Committee may utilize third-party services to help identify and evaluate candidates. In addition, the Nominating Committee identifies individuals qualified to serve as Independent Trustees of the Fund and recommends its nominees for consideration by the full Board. For non-Independent Trustees (management candidates), the Nominating Committee will look to the President of the Fund to produce background and other reference materials necessary for the Nominating Committee to consider non-Independent Trustee candidates. The Nominating Committee considers Independent Trustee candidates recommended by shareholders of the Fund. Recommendations, along with appropriate background material concerning the candidate that demonstrates his or her ability to serve as an Independent Trustee of the Fund, should be submitted to the Secretary of the Fund or any member of the Committee in writing at the address of the Fund. The Nominating Committee will evaluate shareholder candidates using the same criteria applied to other Independent Trustee candidates along with additional requirements as listed in the Nominating Committee charter.

The Corporate Governance Committee of the Fund is currently composed of the following Independent Trustees: Mses. Bode and Zarkovich and Messrs. James and Perry. The Board has developed a set of Principles of Corporate Governance ("Governance Principles") to guide the Board and the Corporate Governance Committee in considering governance issues. The Corporate Governance Committee is responsible for reviewing the Governance Principles periodically and, if deemed appropriate, recommending changes to the Board. The Board will then consider whether to approve the changes. The Corporate Governance Committee is also responsible for evaluating the performance of the Board and the Fund in light of the Governance Principles, considering whether improvements or changes are warranted, and making recommendations for any necessary or appropriate changes. The Committee also coordinates the annual Board Self-Assessment required by the SEC governance rules, the annual review of Trustee independence, and an annual review of independent legal counsel for the Independent Trustees relating to independence and general performance. The Governance Principles include a commitment to ongoing Trustee education, and the Corporate Governance Committee oversees the process of identifying educational topics and facilitating quarterly Board education sessions covering industry, regulatory and governance issues relevant to the Fund.

The Valuation, Portfolio Management and Performance Committee (the "Valuation Committee") of the Fund is currently composed of Mses. Bode and Zarkovich and Messrs. Kardok and Seward. As set forth in its charter, the primary duties of the Fund's

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Valuation Committee are: (1) to review the actions of the Fund's Pricing Committee and to ratify or revise such actions; (2) to review and recommend for Board approval pricing agents to be used to price Fund portfolio securities; (3) to recommend changes to the Fund's Pricing and Valuation Procedures, as necessary or appropriate; (4) to obtain from the Fund's portfolio managers information sufficient to permit the Valuation Committee to evaluate the Fund's performance, use or proposed use of benchmarks and any additional indexes, and compliance with their investment objectives and policies; (5) to obtain from the Fund's investment adviser information sufficient to permit the Committee to evaluate the quality of the adviser's exercise of brokerage discretion when buying and selling portfolio securities for the Fund; (6) to investigate matters brought to its attention within the scope of its duties; (7) to assure that all its actions are recorded in minutes of its meetings and maintained with the Fund's records; and (8) to report its activities to the full Board on a regular basis and to make such recommendations with respect to the above and other matters as the Valuation Committee may deem necessary or appropriate.

The Compliance Committee of the Fund is currently composed of the following Independent Trustees: Ms. McCaffrey and Messrs. Garner, James, Kardok, and Perry. As set forth in its charter, the Compliance Committee's primary duties and responsibilities include: developing and maintaining a strong compliance program by providing a forum for the Independent Trustees to consider compliance matters; assisting the Board in its oversight pursuant to rule 38a-1 under the 1940 Act; formulating action to be taken with respect to the Fund's compliance program or the Fund's key service providers' programs, or related matters; and participating in industry forums and/or reviews on regulatory issues as appropriate.

**Risk Oversight** 

As part of its oversight of the management and operations of the Fund, the Board also has a risk oversight role, which includes (without limitation) the following: (i) requesting and reviewing reports on the operations of the Fund; (ii) reviewing compliance reports and approving certain compliance policies and procedures of the Fund and its service providers; (iii) working with management to consider key risk areas and to seek assurances that adequate resources are available and appropriate plans are in place to address risks; (iv) meeting with service providers, including Fund auditors, to review Fund activities; (v) meeting with the Chief Compliance Officer and other officers of the Fund and its service providers to receive information about compliance, and risk assessment and management matters; and (vi) meeting regularly with independent legal counsel. The Board has emphasized to the Adviser and the Sub-Adviser the importance of maintaining rigorous risk management programs at the Adviser, the Sub-Adviser and other service providers. The Board recognizes that not all risks that may affect the Fund can be identified, that it may not be practical or cost-effective to eliminate or mitigate certain risks, that it may be necessary for the Fund to bear certain risks (such as disclosed investment-related risks) to achieve the Fund's goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. As a result of the foregoing and other factors, the oversight of risk management by the Board is subject to practical limitations. Nonetheless, the Board expects Fund service providers to implement rigorous risk management programs.

**Trustee Attributes** 

The Board of Trustees believes that each of the Trustees has the qualifications, experiences, attributes and skills ("Trustee Attributes") appropriate to continued service as a Trustee of the Fund in light of the Fund's business and structure. The Board has established a Nominating Committee that evaluates potential candidates based on a variety of factors. Among those factors are the particular skills of a potential Trustee that complement skills and expertise of existing Trustees. In addition to having a demonstrated record of academic, business and/or professional accomplishment, certain of the Trustees have served on the Board of Trustees for RBC Funds Trust for a number of years. In their service to those Funds, those Trustees have gained substantial insight into the operation of the funds and have demonstrated a commitment to discharging oversight duties as trustees in the interests of shareholders. The Corporate Governance Committee annually directs a Board "self-assessment" process wherein the effectiveness of the Board, the Board's Committees, and individual Trustees is reviewed.

In addition to the general Trustee Attributes described above, Mr. Seward has extensive board, executive and institutional investor experience from roles with public and private companies and is a Chartered Financial Analyst (CFA) charterholder; Ms. Bode has business experience as a healthcare industry consultant and real estate developer; Mr. Garner has executive and public sector experience gained in connection with his role as president and chief executive officer ("CEO") of a metropolitan community foundation and as a college president; Mr. James, as the former president of a non-profit organization focused on corporate governance and ethical business cultures, is a national expert and college professor focused on business ethics and has experience as a senior corporate executive as well as public company board experience; Mr. Eikenberg is a seasoned financial services executive with experience overseeing sales and distribution for investment management businesses; Ms. Zarkovich is a CFA charterholder who has significant experience in leading foundation and family office investment teams and investing in traditional and alternative investment strategies as well as experience serving on the boards of multiple non-profit organizations; Mr. Kardok is a seasoned executive in the financial services and asset management space with experience in public accounting, mutual fund administration, financial reporting, regulatory/compliance matters, operations and risk management; Ms. McCaffrey has extensive experience in the audit requirements and business and financial issues of investment companies from her role as audit partner and quality review partner of a major accounting firm and is a Certified Public Accountant (Ohio) and Mr. Perry has extensive experience in financial planning, investment management, and fiduciary oversight

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through his roles as managing member and investment advisor representative of a registered investment advisory firm, as an independent director of a publicly traded community bank holding company, and as a trustee of both public-sector retirement and educational institutions, with expertise in investment oversight, regulatory compliance, strategic planning, and governance. The foregoing discussion and the Trustees and officers tables below are included in this SAI pursuant to requirements of the SEC, do not constitute holding out the Board or any Trustee as having special expertise or experience and shall not be deemed to impose any greater responsibility or liability on any Trustee by reason thereof. Additional information about Trustee Attributes is contained in the table below. The age, address, and principal occupations for the past five years of each Trustee and executive officer, and additional information relevant to his or her professional background are listed below.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and**<br> **Age** | **Position, Term of <br>Office and <br>Length of Time <br>Served with the <br>Fund** | **Principal Occupation(s) During Past 5 Years** | **Number of <br>Portfolios in<br>Fund <br>Complex<sup>(1)</sup> <br>Overseen by<br>Trustee** | **Other Directorships Held**<br> **During the Past 5 Years** |
|  **Independent Trustees of the Fund<sup>(2)</sup>** | **Independent Trustees of the Fund<sup>(2)</sup>** | **Independent Trustees of the Fund<sup>(2)</sup>** | **Independent Trustees of the Fund<sup>(2)</sup>** |  |
| Lucy Hancock<br>Bode (74) | Trustee since 2025 | <br> Healthcare consultant (self-employed) (1986 to present) | 19 | Fifth Third Advisory Board (2019 to present) |
| Leslie H.<br>Garner Jr. (75) | Trustee since 2025 | <br> President and Chief Executive Officer, The Greater Cedar Rapids Community Foundation (2010 to 2023); President, Cornell College (1994 to 2010) | 19 |  |
| Ronald James<br>(75) | Trustee since 2025 | <br> Director/President, Campbell Chapel Community Development Ministries (2024 to present); Private Investor (2017 to present); Faculty member (part time), University of St. Thomas (2004 to present); President and Chief Executive Officer, Center for Ethical Business Cultures (2000 to January 2017) | 19 | Best Buy Co. Inc. (2004 to 2013); Bremer Financial Corporation (2004 to 2025); Greater Twin Cities United Way (2012 to 2020) |
| Michael<br>Kardok (66) | Trustee since 2025 | <br> Kardok Consulting (self-employed) (2023 to present); Treasurer and Principal Financial and Accounting Officer, Natixis and Loomis Sayles Funds and Natixis ETFs (2004 to 2022); Principal Financial and Accounting Officer - Senior Vice President, Natixis Advisors, LLC and Natixis Distribution, LLC (2004 to 2022) | 19 |  |
| Margaret<br>McCaffrey<br>(62) | Trustee since 2025 | <br> Independent Consultant/Financial Expert (self-employed) (2021 to present); Assurance Partner, Cohen & Company (1990 to 2021) | 19 | Independent Trustee/Audit Chair of Modern Capital Tactical Income Fund (2021 - present) |
| Dexter Perry (56) | Trustee since 2026 | <br> Investment Advisor Representative/Managing Member, One Providence Capital, LLC (2006 to Present); Insurance Agent/Managing Member, The Providence Group of North Carolina, LLC (2001 to Present) | 19 | Independent Director, First Bancorp, Inc. (2021 to Present); Trustee, The Asheville School (2020 to Present); Independent Director, Acting Executive Director, General Baptist Convention of North Carolina Foundation, Inc. (2018 to present); M&F Bancorp, Inc (2018-2021) |
| James R.<br>Seward, CFA<br>(73) | Chairman of the Board and Trustee since 2025 | <br> Private investor (2000 to present); CFA (1987 to present) | 19 | Brookdale Senior Living Inc. (2008 to 2019) |
| Christie<br>Zarkovich (51) | Trustee since 2025 | <br> Chief Administrative, Financial and Investment Officer, Health Forward Foundation (2021 to present); Investment Director, Chinquapin Trust Company (2019 | 19 | Children's Mercy Hospital Foundation (2021 to present); Kansas City Art Institute (2024 to present); Investment Committee |

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| | | | | |
|:---|:---|:---|:---|:---|
| | | to 2021); Head of Mission-Related Investing Research, Cambridge Associates (2018 to 2019) | | Member, Ada Capital (2024 to present) |
| **Interested Trustees of the Fund** | **Interested Trustees of the Fund** | **Interested Trustees of the Fund** | **Interested Trustees of the Fund** | **Interested Trustees of the Fund** |
| David<br>Eikenberg (57) | Trustee since 2025 | <br> President and Chief Executive Officer, RBC Funds (2022 to present); Head of Intermediary Sales at RBC Global Asset Management (U.S.) Inc., (March 2018 to present) Vice President, T. Rowe Price (2010 - 2018) | 19 |  |

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(1) The Fund Complex includes the Fund as well as each series of RBC Funds Trust, an affiliated registrant not
discussed in this SAI.

(2) The Trustees of the Fund who are not "interested persons" of the Fund as defined in the 1940 Act
("Independent Trustees").

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| | | | |
|:---|:---|:---|:---|
| **Name and Age** | **Position with<br>the Fund** | **Term of Office and**<br> **Length of Time Served** | **Principal Occupation(s) During Past 5 Years** |
| **Officers of the Fund** | **Officers of the Fund** | **Officers of the Fund** | |
| David<br>Eikenberg (57) | Principal Executive Officer and Trustee | Since September 2025 | President and Chief Executive Officer, RBC Funds (2022 to present); Head of Intermediary Sales at RBC Global Asset Management (U.S.) Inc., (March 2018 to present) Vice President, T. Rowe Price (2010 - 2018) |
| Kathleen A.<br>Hegna (59) | Treasurer and Principal Financial Officer | Since September 2025 | Head, U.S. Fund Operations, RBC Global Asset Management (U.S.) Inc. (2022 to present); Associate Vice President and Director, Mutual Fund Services, RBC Global Asset Management (U.S.) Inc. (2009 to 2022) |
| Tara Tilbury<br>(52) | Secretary | Since September 2025 | Managing Counsel, RBC Global Asset Management (U.S.) Inc. (2018 to Present), Vice President and Chief Counsel – Asset Management, Ameriprise Financial, Inc. (2015 to 2018) |
| Christina M.<br>Weber (57) | Chief Compliance Officer and Assistant Secretary | Since September 2025 | Chief Compliance Officer, RBC Global Asset Management (U.S.) Inc. (June 2018 to present); Chief Compliance Officer, RBC Funds (2012 to present); Assistant Secretary, RBC Funds (2013 to 2017); Senior Compliance Officer, RBC Funds (March 2012 to December 2012) |
| Patrick Engel<br>(31) | Assistant Treasurer | Since September 2025 | Senior Financial Analyst, RBC Global Asset Management (U.S.) Inc. (2018 to present) |
| Maren Fleming<br>(43) | Assistant Secretary | Since September 2025 | Associate Director, Compliance, RBC Global Asset Management (U.S.) Inc. (2018 to present) |
| Jennifer Teal<br>(56) | Assistant Secretary | Since September 2025 | Manager, Regulatory Administration, RBC Global Asset Management (US) Inc. (2016 to present) |

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**<u>Trustee Ownership of Fund Shares and Other Interests</u>**

The table below shows the aggregate dollar range of each Trustee's holdings in the Fund and the aggregate dollar range in the RBC Funds as of December 31, 2025.

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| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Equity Securities in<br>the**<br>**Fund** | **Aggregate Dollar Range of Equity**<br> **Securities in all Registered Investment**<br> **Companies Overseen by the Trustees in**<br> **Family of Investment Companies** |
| &nbsp;&nbsp; **Non-Interested**<br> **Trustees** | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lucy Hancock Bode |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leslie H. Garner Jr. |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ronald James |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael Kardok |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Margaret McCaffrey |  | $50000 - $100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; James R. Seward |  | Over $100,000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Christie Zarkovich |  | Over $100,000 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dexter Perry |  |
| &nbsp;&nbsp; **Interested Trustee** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; David Eikenberg | $10001-$50000 |

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Furthermore, neither the Independent Trustees nor members of their immediate family own securities beneficially or of record in the Adviser, the Fund's principal underwriter, or any of their affiliates.

**<u>Compensation</u>**

Independent Trustees (Trustees of the Fund who are not directors, officers or employees of the Adviser, Administrator or Distributor) receive from the Fund an annual retainer of $110,000. The Board Chairperson and Audit Committee Chairperson each receive an additional retainer of $2,500 annually, and all other Trustees serving as Chair of a Board committee each receive an additional retainer of $1,000 annually. In addition, Independent Trustees receive a quarterly meeting fee of $6,500 for each in-person Board meeting attended. Each Independent Trustee also receives a meeting fee of $1,500 for each telephonic or Special Board meeting attended, and a $1,500 fee for each Board committee meeting attended. Independent Trustees are also reimbursed for all out-of-pocket expenses relating to attendance at such meetings. Trustees who are directors, officers or employees of the Adviser, Administrator or Distributor do not receive compensation from the Fund. The table below sets forth the compensation received by each Trustee from the Fund Complex during the twelve months ended September 30, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Aggregate<br>Compensation from<br>the Fund** | **Pension or<br>Retirement<br>Benefits Accrued<br>as Part of Fund<br>Expenses** | **Estimated Annual<br>Benefits Upon<br>Retirement** | **Total Compensation<br>from Fund Complex<br>Paid to Trustee** |
|  **<u>Independent Trustees</u>** |  |  |  |  |
|  Lucy Hancock Bode | $0 | $0 | $0 | $141245 |
|  Leslie H. Garner, Jr. | 0 | 0 | 0 | $143122 |
|  Ronald James | 0 | 0 | 0 | $138000 |
|  Michael Kardok | 0 | 0 | 0 | $143331 |
|  Margaret McCaffrey | 0 | 0 | 0 | $140403 |
|  James R. Seward | 0 | 0 | 0 | $142813 |
|  Christie Zarkovich | 0 | 0 | 0 | $140000 |
| Dexter Perry\* | 0 | 0 | 0 | $0 |
|  **<u>Interested Trustee</u>** |  |  |  |  |
|  David Eikenberg |  |  |  |  |

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\* Mr. Perry has been a Trustee since January 1, 2026.

**<u>Investment Adviser</u>**

RBC Global Asset Management (U.S.) Inc. (the "Adviser"), located at 250 Nicollet Mall, Suite 1550, Minneapolis, Minnesota 55401, serves as investment adviser to the Fund. The Adviser is a wholly owned subsidiary of Royal Bank of Canada ("RBC"). RBC is one of North America's leading diversified financial services companies and provides personal and commercial banking, wealth management services, insurance, corporate and investment banking, and transaction processing services on a global basis. RBC employs approximately 97,000 people who serve 17 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 27 other countries around the world. The Adviser has been registered with the SEC as an investment adviser since 1983 and has been a portfolio manager of publicly offered mutual funds since 1986. Under the Investment Advisory Agreement, the Adviser manages the day-to-day investment of assets of the Fund in accordance with the policies and procedures established by the Trust. As of December 31, 2025, the Adviser's investment team managed approximately $71.6 billion in assets for corporations, public and private pension plans, Taft-Hartley plans, charitable institutions, foundations, endowments, municipalities, registered mutual funds, private investment funds, trust programs, foreign funds such as UCITS funds, individuals (including high net worth individuals), wrap sponsors and other U.S. and international institutions.

For its services to the Fund, the Adviser receives from the Fund a fee, paid monthly, at an annual rate based on the Fund's average daily net assets. Each class of shares of the Fund pays its respective pro rata portion of the total advisory fees payable by the Fund. The rate for the Fund is 1.35%.

Under the terms of the Investment Advisory Agreement between the Fund and the Adviser, the investment advisory services of the Adviser to the Fund are not exclusive. The Adviser is free to, and does, render investment advisory services to others.

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The Investment Advisory Agreement for the Fund will remain in effect after its initial term only as long as such continuance is approved for the Fund at least annually (i) by vote of the holders of a majority of the outstanding voting securities of the Fund or by the Board and (ii) by a majority of the Trustees who are not parties to the Investment Advisory Agreement or "interested persons" (as defined in the 1940 Act) of any such party.

The Investment Advisory Agreement may be terminated with respect to the Fund at any time without payment of any penalty, by a vote of a majority of the outstanding securities of the Fund (as defined in the 1940 Act) or by a vote of a majority of the Board on 60 days' written notice to the Adviser, or by the Adviser on 60 days' written notice to the Fund. An Investment Advisory Agreement will terminate automatically in the event of its assignment (as defined in the 1940 Act).

The Adviser has contractually agreed to waive fees and/or pay operating expenses in order to limit the Fund's total expenses (excluding brokerage and other investment-related costs, interest, taxes, dues, fees and other charges of governments and their agencies, extraordinary expenses such as litigation and indemnification, other expenses not incurred in the ordinary course of the Fund's business and acquired fund fees and expenses) to 2.60% of the Fund's average daily net assets for Class A shares, 2.35% for Class I shares and 3.10% for Class T shares. The expense limitation agreement is in place until January 31, 2027 and may not be terminated by the Adviser prior to that date. The expense limitation agreement may be revised or terminated by the Fund's board of trustees if the board consents to a revision or termination as being in the best interests of the Fund. The Adviser is entitled to recoup from the Fund or class the fees and/or operating expenses.

**<u>Investment Sub-Adviser</u>**

RBC Global Asset Management (UK) Limited (the "Sub-Adviser"), located at 100 Bishopsgate, London EC2N 4AA, United Kingdom, serves as investment sub-adviser to the Fund. The Sub-Adviser is a wholly owned subsidiary of RBC, which is the parent company of the Adviser. The Sub-Adviser has been registered with the SEC as an investment adviser since September 2013 and is authorized and regulated by the UK Financial Conduct Authority. The Sub-Adviser employed 489 individuals and had $181.3 billion in assets under management as of December 31, 2025.

For the services provided by the Sub-Adviser to the Fund, the Adviser will pay the Sub-Adviser a fee, computed daily and payable monthly, equal to 20% of the total advisory fee (consisting of the management fee and any incentive fee) paid to the Adviser by the Fund after deducting the amounts of any fees waived or Fund expenses paid by the Adviser for the Fund pursuant to the expense limitation agreement then in place.

**<u>Portfolio Managers</u>**

**Other Accounts Managed** 

The following table provides information regarding other mutual funds and accounts for which the Fund's portfolio managers are jointly and primarily, as applicable, responsible for the day-to-day portfolio management as of February 28, 2026.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Portfolio<br>Manager** | **RBC Funds Man<br>aged** | **Account<br>Type** | **Number<br>of<br>Accounts** | **Value<br>of Accounts** | **Number of<br>Performance<br>Fee<br>Accounts** | **Value of All<br>Performance<br>Fee<br>Accounts** |
| &nbsp;&nbsp;&nbsp;Sid Chhabra | RBC BlueBay Enhanced Income Fund | Pooled | 22 | $7895348676 | 4 | $205919470 |
| &nbsp;&nbsp;&nbsp;Sid Chhabra | RBC BlueBay Enhanced Income Fund | Separate<br> Accounts | 11 | $3975960320 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Sid Chhabra | RBC BlueBay Enhanced Income Fund | Registered Inv. Co. | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Mark Shohet | RBC BlueBay Enhanced Income Fund | Pooled | 2 | $992315054 | 1 | $35616110 |
| &nbsp;&nbsp;&nbsp;Mark Shohet | RBC BlueBay Enhanced Income Fund | Separate Accounts | 4 | $440679302 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Mark Shohet | RBC BlueBay Enhanced Income Fund | Registered Inv. Co. | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Ajeet Atwal | RBC BlueBay Enhanced Income Fund | Pooled | 4 | $1597647243 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Ajeet Atwal | RBC BlueBay Enhanced Income Fund | Separate Accounts | 1 | $40895806 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Ajeet Atwal | RBC BlueBay Enhanced Income Fund | Registered Inv. Co. | 0 | $0 | 0 | $0 |

---

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##### [**Table of Contents**](#toc)
**Portfolio Manager Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The compensation plan for the RBC GAM investment teams was designed with the following principles in mind:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To attract and retain individuals possessing the skills and talents essential to sustainable investing success
and the growth of RBC GAM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To align rewards for investment professionals with the goals of our investors and shareholders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To promote RBC GAM's culture and foster stability and consistent improvement within RBC GAM's
workforce

Payments are reviewed against investment results (benchmarks and/or peer groups) to ensure that rewards are consistent with achieving the desired returns/outcomes for our clients within attractive/acceptable risk metrics. Individual compensation quantums are reviewed against industry surveys to ensure compensation remains competitive, contributing to fairness, efficiency and the retention of superior investment staff.

The compensation program for investment management personnel comprises five elements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Base salary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annual discretionary bonus (short-term incentive, or "STI")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Firm profit-sharing plan (for eligible teams and investment staff)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. RBC GAM factor units (for eligible teams and investment staff)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Team profit-sharing plan (for eligible teams and investment staff)

**Base salary** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For new hires, base salaries are set after considering internal comparables, local market industry surveys and
RBC GAM'S sense of market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On an annual basis, all base salaries are reviewed within and across teams and locations to ensure fairness,
consistency and relevance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Base salaries for all roles are also compared to local industry surveys to protect RBC GAM's ability to
attract superior talent to the firm without introducing anomalies in the compensation program for new versus long-term employees.

**Annual Discretionary Bonus** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All employees who are eligible for a discretionary bonus are graded on a 200-point scale. This score is a combination of quantitative and qualitative assessments, although, in some cases and depending on the type of role, only a qualitative assessment is possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bonus payments are reflective of the past five years of contributions and investment performance over one-, three- and five-year periods, with greater emphasis on three and five years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The quantitative component is calculated using an algorithm that tracks results for specific responsibilities
in investment management against agreed-upon success thresholds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The qualitative component is based on a review of results produced over the year and the degree to which the
individual exhibits attitudes and behaviors consistent with RBC GAM's reputation, culture and goals, including investment success and growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual discretionary bonuses are impacted by the firm's financial performance.

**Firm Profit-Sharing Plan ("PSP")** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Senior individuals within the investment teams may be eligible to receive units linked to the financial
performance of RBC GAM that serve as a proxy for ownership in the firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Membership is based on rigid qualifications that effectively limit membership to the most senior analysts and
portfolio managers. Among these qualifications are investment success and service leadership over the intermediate and long term, thought leadership, ethical behavior and contribution to firm culture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PSP units are reviewed annually and approved by the Chief Investment Officer and CEO at the beginning of each
fiscal year. The number of units held by each individual does not normally change during the year.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The value of each PSP unit is distributed to unitholders based on the number of units that they hold.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PSP exposure is capped to 40% of an individual's total compensation to mitigate against high volatility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• At the end of each year, an incentive bonus is calculated based on the performance of certain equity and fixed
income funds versus their peer groups. This calculation is based on a time-weighted performance measure which includes returns over various periods, including a 5-year calculation. The incentive bonus is paid
annually and shared among all PSP members on the basis of their relative unit holdings.

**RBC GAM Factor units ("GFUs")** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GFUs are allocated where an individual's PSP exposure exceeds the 40% maximum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GFUs have a value of CAD $1,000 and are adjusted up and down each year by the firm's financial
performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GFUs can also be allocated as part of a compensation adjustment that results from promotion or a review
against internal and external comparables.

**Team Profit-Sharing Plan ("TPS")** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain select investment teams have access to a TPS based on the team's ability to grow RBC GAM's
global institutional client base.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TPS is based on the profit generated by an investment team. This is calculated as a share of management fees
and, in some cases, performance fees, earned from the team's products, with deductions for certain defined direct costs including compensation expenses such as salaries and the employer's National Insurance Contributions and non-compensation costs.

**Deferrals** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consistent with industry best practices, a portion of investment professionals' variable compensation
(annual discretionary bonus, PSP, and TPS) is subject to a mandatory 3-year deferral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This deferral applies to all staff with variable compensation greater than a defined threshold that varies by
region and ranges from 25% to 45% and may be as high as 60% to meet regulatory requirements in certain jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• This deferral amount is payable at the end of three years, provided the employee remains in good standing with
RBC GAM. The deferral amount paid is based on the success of RBC and RBC GAM over the deferral period; 30% of the deferral is mandatorily invested into RBC shares while individuals are allowed to invest the remaining 70% of deferred compensation
into a combination of funds managed by RBC GAM and/or an index tracking RBC GAM's profit growth, further aligning RBC GAM's incentive structure with the interests of our clients.

**Other** 

In addition, all U.S.-based team members can invest in our ultimate parent, RBC, through our 401(k) program; and all team members have signed employment agreements that include: (1) notice periods; and (2) non-solicit terms.

**Annual Discretionary Bonus / Performance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As noted above, bonus payments are reflective of the past five years of contributions and investment
performance over one-, three- and five-year periods, with greater emphasis on three and five years. Performance is based on the investment team's relevant composite or fund returns compared to peer
groups.

<u>Potential Conflicts of Interest</u>: The Adviser, Sub-Adviser and/or their affiliates (together, "RBC") provide a variety of discretionary and non-discretionary investment advisory services and products to their clients. As a result, the following potential and actual conflicts of interest, among others, are presented to RBC in the operation of its investment advisory services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC faces conflicts of interest when rendering investment advisory services to several clients and may provide
dissimilar investment advice to different clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC may, in certain circumstances, have discretion when making distributions as part of repurchases in the
form of securities or other assets, and in that case, the composition of such distributions. Accordingly, RBC may face conflicts of interest with respect to investors requesting repurchases and remaining investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC may collect greater compensation for certain funds or accounts than that received for other funds or may
receive performance-based compensation. This may create a potential conflict of interest for RBC or its portfolio managers to incentivize certain accounts. Conflicts of interest may also arise when a portfolio manager has management responsibilities
to more than one account or fund, such as devotion of unequal time or attention.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential conflicts of interest may arise with both the aggregation of trade orders and the allocation of
securities transactions/investment opportunities/investment ideas. For allocations of aggregated trades, particularly trade orders that were only partially filled due to limited availability, RBC may have an incentive to allocate trades or
investment opportunities to certain accounts or funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• As a result of information barriers, personnel within RBC may trade differently from the Fund. Also, if RBC
obtains material non-public confidential information as part of its business activities for or with other clients, it may be restricted from purchasing or selling securities for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If RBC pays a broker-dealer with "soft" or commission dollars to obtain access to statistical
information and research, RBC faces conflicts of interest because RBC may have an incentive to trade with certain brokers or dealers in order to earn soft dollars and the information and research could benefit the Fund more than others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund may be subject to conflicts of interest if it engages in principal transactions with RBC, to the
extent permitted by law. RBC may have a potentially conflicting division of loyalties and responsibilities to the parties in these transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Where RBC advises both sides of a transaction (i.e., in a cross-transaction) there may be potential conflicts
of interest or regulatory issues relating to these transactions that could limit RBC's decision to engage in these transactions for the Fund. RBC may have a potentially conflicting division of loyalties and responsibilities to the parties in
such transactions and has developed policies and procedures in relation to such transactions and conflicts. Cross-transactions may disproportionately benefit some accounts relative to other accounts due to the relative amount of market savings
obtained by the accounts. Any principal, cross- or agency cross-transactions will be effected in accordance with fiduciary requirements and applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC's participation in certain markets or its actions for particular clients could also restrict or
affect the Fund's ability to transact in those markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Potential conflicts of interest also exist when RBC has certain overall investment limitations on positions in
securities or other financial instruments due to, among other things, investment restrictions imposed upon RBC by law, regulation, contract or internal policies. They could prevent the Fund from purchasing particular securities or financial
instruments, even if such securities or financial instruments would otherwise meet the Fund's objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC performs certain valuation services related to securities and assets in the Fund. RBC may value an
identical asset differently than another division or unit within RBC values the asset. RBC may also value an identical asset differently in different accounts or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conflicts of interest may arise in the voting of proxies with, for instance, different teams voting proxies
differently or RBC voting differently than its affiliates, or the advice given by its affiliates to their clients (more information on proxy voting is available at page 32 within the Proxy Voting section).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Subject to applicable law, RBC may, from time to time and without notice to investors, in-source or outsource certain processes or functions in connection with a variety of services that it provides to the Fund in its administrative or other capacities. Such in-sourcing or outsourcing may give rise to additional conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC and the Fund maintain codes of ethics and personal account dealing policies and procedures (collectively,
the "Codes"). The Codes are intended to ensure that the interests of shareholders and other clients are placed ahead of any personal interest, that no undue personal benefit is obtained from a person's employment activities and
that actual and potential conflicts of interest are avoided. The Codes are designed to detect and prevent improper personal trading. The Codes permit personnel subject to the Codes to invest in securities, including securities that may be purchased,
sold or held by the Fund, subject to a number of restrictions and controls, including prohibitions against purchases of securities in an initial public offering and a pre-clearance requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC and/or its affiliates may, to the extent permitted by applicable regulations, contribute to various non-cash and cash arrangements to promote the sale of Fund shares as well as sponsor various educational programs, sales contests and/or promotions. RBC and its affiliates may also pay for the travel expenses,
meals, lodging and entertainment of intermediaries and their salespersons and guests in connection with educational, sales and promotional programs, subject to applicable regulations. Other compensation may also be offered from time to time to the
extent not prohibited by applicable laws or regulations. Such arrangements may give rise to potential conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• To the extent permitted by applicable regulations, RBC may recommend that the Fund engage in securities
transactions for which an affiliate of RBC serves as an underwriter, remarketing agent or liquidity provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC's directors, executive officers and employees may also serve as directors, officers, employees or
registered persons of one or more affiliates of RBC. RBC's Codes and related policies are designed to mitigate the conflicts of interest that exist between the allocation of resources and time between entities and the obligations to
RBC's clients and the incentive to take actions that benefit one or more affiliates of RBC.

RBC and Fund have adopted policies and procedures designed to identify and mitigate the types of potential conflicts of interest discussed above, although they may be ineffective in doing so.

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<u>Potential Restrictions and Issues Related to Material Non-Public Information</u>: The Adviser and its affiliates may acquire confidential or material non-public information, and as a result, the Adviser may be restricted from trading in certain securities and instruments. The Adviser will not be free to divulge, or to act upon, any such confidential or material non-public information and, due to these restrictions, the Adviser may be unable to initiate a transaction for the Fund's account that it otherwise might have initiated. As a result, the Fund may be frozen in an investment position that it otherwise might have liquidated or closed out or may not be able to acquire a position that it might otherwise have acquired.

The Fund is required to show the dollar amount ranges of the portfolio managers' beneficial ownership of shares of the Fund as of April 24, 2026:

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Equity** <br> **Securities in the Fund**  |
| &nbsp;&nbsp; Sid Chhabra | $0 |
| &nbsp;&nbsp; Mark Shohet | $0 |
| &nbsp;&nbsp; Ajeet Atwal | $0 |

---

**REPURCHASE OF SHARES** 

To provide some liquidity to shareholders, the Fund makes quarterly offers to repurchase between 5% and 25% of its outstanding shares at NAV. Notices of each quarterly repurchase offer are sent to shareholders at least 21 days before the "Repurchase Request Deadline" (*i.e.*, the date by which shareholders can tender their common shares in response to a repurchase offer). The Fund determines the NAV applicable to repurchases no later than 14 calendar days after the Repurchase Request Deadline (or the next business day, if the 14<sup>th</sup> calendar day is not a business day) (such calculation date, the "Repurchase Pricing Date"). The Fund expects to distribute payment to shareholders between one and three business days after the Repurchase Pricing Date and will distribute such payment no later than seven calendar days after such date. The Fund's shares are not listed on any securities exchange, and the Fund anticipates that no secondary market will develop for its shares. Accordingly, you may not be able to sell shares when and/or in the amount that you desire. Thus, shares are appropriate only as a long-term investment. In addition, the Fund's repurchase offers may subject the Fund and shareholders to special risks.

The section entitled "Share Repurchase Program" in the Prospectus discusses the type and timing of notice for repurchase offers, the effects of oversubscribed repurchase offers, the determination of the repurchase price, payment by the Fund for shares tendered in a repurchase offer, the effect of repurchase policies on the liquidity of the Fund, the consequences of repurchase offers and other details regarding the repurchase offers, including associated risks. The Fund's fundamental policies with respect to repurchase offers are discussed in "Investment Restrictions" in this SAI.

See "Types of Investments and Related Risks – Repurchase Offers Risks" in the Prospectus for a description of the risks associated with the Fund's repurchase offers. In addition, the repurchase of shares by the Fund will be a taxable event to shareholders. For a discussion of these tax consequences, see "Taxation" below.

Subject to its investment limitations, the Fund may borrow to finance the repurchase of shares or to make a tender offer. Interest on any borrowings to finance share repurchase transactions or the accumulation of cash by the Fund in anticipation of share repurchases or tenders will reduce the Fund's net income and gains. Any share repurchase, tender offer or borrowing that might be approved by the Board would have to comply with the 1940 Act and the rules and regulations thereunder and other applicable law.

**PORTFOLIO TRANSACTIONS** 

Pursuant to the Investment Advisory Agreement and Sub-Advisory Agreement, the Adviser or Sub-Adviser places orders for the purchase and sale of portfolio investments for the Fund's accounts with brokers or dealers it selects in its discretion.

Purchases and sales of securities can be principal transactions in the case of debt securities and equity securities traded other than on an exchange. The purchase or sale of equity securities will frequently involve the payment of a commission to a broker-dealer who effects the transaction on behalf of the Fund. Debt securities normally will be purchased or sold from or to issuers directly or to dealers serving as market makers for the securities at a net price. Generally, money market securities are traded on a net basis and do not involve brokerage commissions. Under the 1940 Act, persons affiliated with the Fund, the Adviser, Sub-Adviser or the Distributor are prohibited from dealing with the Fund as a principal in the purchase and sale of securities unless a permissive order allowing such transactions is obtained from the SEC or the transaction complies with requirements of certain SEC rules applicable to affiliated transactions.

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**<u>Trade Allocation and Aggregation</u>**

Investment decisions for the Fund, and for the other investment advisory clients of the Adviser and Sub-Adviser, are made with a view to achieving their respective investment objectives. Investment decisions are the product of many factors in addition to basic suitability for the particular client involved. Thus, a particular security may be bought or sold for certain clients even though it could have been bought or sold for other clients at the same time. Likewise, a particular security may be bought for one or more clients when one or more other clients are selling the security. In some instances, one client may sell a particular security to another client. At times, two or more clients may also simultaneously purchase or sell the same security. In these cases, the Sub-Adviser may combine or aggregate purchase

***Fixed Income Aggregation & Allocation***

Certain types of securities may be better suited for particular accounts given each account's benchmarks and/or investment restrictions. In allocating orders to fixed income clients, RBC GAM-US will determine that securities are consistent with guidelines and a particular style of account. Specific account needs such as portfolio duration, sector allocation, security characteristics, cash positions and typical size of positions may also influence allocation. In most instances, bonds will be allocated on a pro-rata basis to those accounts with the best fit and need. Not all eligible accounts will participate in every available opportunity but the Adviser or Sub-Adviser will seek to treat them fairly over time.

For certain types of fixed income securities, the Adviser will aggregate purchase or sale orders across client accounts.

**<u>Trading Costs</u>**

Trading involves transaction costs. Transactions with dealers serving as primary market makers reflect the spread between the bid and asked prices. The Fund may purchase securities during an underwriting, which will include an underwriting fee paid to the underwriter. Purchases and sales of common stocks are generally placed by the Adviser or Sub-Adviser, as applicable, with broker-dealers which, in the judgment of the Adviser or Sub-Adviser, provide prompt and reliable execution at favorable security prices and reasonable commission rates.

The Adviser and Sub-Adviser are obligated to exercise their fiduciary obligations to seek best execution of the Fund's transactions under the circumstances of the particular transaction. The Adviser and Sub-Adviser seek to satisfy their best execution obligations by creating the conditions under which best execution is most likely to occur, i.e., by following policies and procedures designed to achieve it. In effecting purchases and sales of portfolio securities for the account of the Fund, the Adviser and Sub-Adviser, as applicable, will seek the best execution of the Fund's orders.

The Fund has no obligation to deal with any dealer or group of dealers in the execution of transactions in portfolio securities. Subject to policies established by the Board, the Adviser and Sub-Adviser, as applicable, are primarily responsible for portfolio decisions and the placing of portfolio transactions. In placing orders, it is the policy of the Adviser and Sub-Adviser, as applicable, to obtain the best results taking into account the broker-dealer's general execution and operational facilities, the type of transaction involved and other factors such as the dealer's risk in positioning the securities. While the Adviser and Sub-Adviser generally seek reasonably competitive spreads or commissions, the Fund will not necessarily be paying the lowest spread or commission available.

**<u>Broker-Dealer Selection</u>**

The Adviser's or Sub-Adviser's objective for each transaction is to seek the broker most capable of providing the brokerage services necessary in obtaining the best execution, while taking into consideration factors such as: ability to minimize trading costs, level of trading expertise, infrastructure, financial condition and counterparty risk, confidentiality provided by the broker-dealer, ability to facilitate liquidity, overall responsiveness, willingness to commit capital, regulatory history, competitiveness, execution quality, promptness of execution and ability to source securities. These considerations (and others as relevant) guide the selection of the appropriate venue (*e.g.*, an electronic communication network or alternative trading system, a traditional broker, algorithm, or a crossing network) in which to place an order and the proper strategy with which to trade.

The Adviser or Sub-Adviser may not consider sales of RBC Fund shares as a factor in the selection of broker-dealers to execute portfolio transactions for the RBC Funds.

**PROXY VOTING POLICY AND PROXY VOTING RECORD** 

The Fund is the beneficial owner of its portfolio securities, and therefore, the Board, acting on the Fund's behalf, is responsible for voting proxies. The Adviser has been delegated the authority by the Board of Trustees to vote proxies with respect to the investments held by the Fund.

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##### [**Table of Contents**](#toc)
The Fund seeks to assure that proxies received by the Fund or its delegate are voted in the best interests of the Fund's shareholders, and has accordingly adopted proxy voting policies and procedures on behalf of the Fund.

The Board fulfills its oversight responsibilities in a number of ways, including review and approval of the Fund's Proxy Voting Policies and Procedures, annual review of the adequacy and effectiveness of implementation of the Fund's Proxy Voting Policies and Procedures in connection with the Rule 38a-1 annual report and annual review and adoption of the Proxy Voting Guidelines.

The Board, after reviewing and concluding that such policies are reasonably designed to vote proxies in the best interests of the Fund's shareholders, has approved and adopted the custom proxy voting guidelines of the Adviser. The Adviser reviews and updates these guidelines on an ongoing basis as corporate governance best practices evolve. While proxies will generally be voted in accordance with the guidelines, there may be circumstances where the Adviser believes it is in the best interests of the Fund's shareholders to vote differently than as contemplated by the guidelines, or to withhold a vote or abstain from voting. If a portfolio manager or other personnel of the Adviser or Sub-Adviser would like to recommend that a particular proxy be voted in a manner different from the guidelines, such request shall be reviewed by the Adviser's Proxy Voting Committee.

Institutional Shareholder Services Inc. ("ISS") has been engaged by the Adviser and Fund for proxy research and voting services. The Adviser has satisfied itself that ISS has implemented adequate policies and procedures, including information barriers, to reasonably guard against and to resolve any conflicts of interest which may arise in connection with its provision of research analyses, vote recommendations and proxy voting services. Representatives of the Adviser's Proxy Voting Committee conduct an annual review of ISS's policies regarding the management of ISS conflicts of interest and present the results of such review to the Proxy Voting Committee.

The Adviser has no affiliation or material business, professional or other relationship with ISS.

Each year the Fund files its proxy voting record for the twelve-month period ended June 30 with the SEC on Form N-PX no later than August 31. The records can be obtained on the SEC's website at <u>www.sec.gov</u>, without charge by calling the Fund at 1-800-422-2766 or on the Fund's website at www.dfinview.com/usrbcgam<u>.</u>

**TAXATION** 

The tax information set forth in the Prospectus and the information in this section relates solely to U.S. federal income tax law and assumes that the Fund qualifies as a regulated investment company ("RIC," as discussed below). Such information is only a summary of certain key federal income tax considerations affecting the Fund and its shareholders and is in addition to the information provided in the Prospectus. No attempt has been made to present a complete explanation of the U.S. federal tax treatment of the Fund or the tax implications to shareholders. The discussions here and in the Prospectus are not intended as substitutes for careful tax planning.

This "Taxation" section is based on the Internal Revenue Code of 1986, as amended (the "Code") and applicable regulations in effect on the date of the Prospectus. Future legislative or administrative changes or court decisions may significantly change the tax rules applicable to the Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

All investors should consult their own tax advisors as to the federal, state, local and foreign tax consequences of an investment in the Fund.

**<u>Qualification as a Regulated Investment Company</u>**

The Fund intends, for each tax year, to qualify as a RIC under the Code.

**<u>Federal Income Tax Consequences of Qualification</u>**

As a RIC, the Fund will not be subject to federal income tax on the portion of its investment company taxable income (that is, taxable interest, dividends, net short-term capital gains and other taxable ordinary income, net of expenses) and net capital gain (that is, the excess of net long-term capital gains over net short-term capital losses) that it distributes to shareholders. To be subject to tax as a RIC, generally the Fund must satisfy the following requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund must distribute an amount at least equal to the sum of 90% of its investment company taxable income, determined without regard to any deduction for dividends paid, and 90% of its net tax-exempt interest, if any, each tax year (certain distributions made by the Fund after the close of its tax year are considered distributions attributable to the previous tax year for purposes of satisfying this requirement ("Distribution Requirement")).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund must derive at least 90% of its gross income each tax year from dividends, interest, payments with respect to securities loans, and gains from the sale or other disposition of securities, or other income (including gains from options and futures contracts) derived from its business of investing in securities and net income derived from interests in qualified publicly traded partnerships ("QPTPs").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Fund must satisfy the following asset diversification test at the close of each quarter of the Fund's tax year: (1) at least 50% of the value of the Fund's assets must consist of cash, cash items, U.S. Government securities, securities of other RICs, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund's total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no more than 25% of the value of the Fund's total assets may be invested in the securities of any one issuer (other than U.S. Government securities and securities of other RICs), or in two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or in the securities of one or more QPTPs.

While the Fund presently intends to make cash distributions (including distributions reinvested in Fund shares) for each tax year in an aggregate amount sufficient to satisfy the Distribution Requirement and eliminate federal income tax, the Fund may use "equalization accounting" (in lieu of making some or all cash distributions) for those purposes. To the extent that the Fund uses equalization accounting it will allocate a portion of its undistributed investment company taxable income and net capital gain to repurchases of Fund shares and will correspondingly reduce the amount of such income and gain that it distributes in cash. If the IRS determines that the Fund's allocation is improper and that the Fund has under-distributed its income and gain for any tax year, the Fund may be liable for federal income and/or excise tax, and, if the Distribution Requirement has not been met, it may also be unable to continue to qualify for treatment as a RIC (see discussion below on what happens if the Fund fails to qualify for RIC treatment).

If the Fund retains any net capital gains for reinvestment, it may elect to treat such capital gains as having been distributed to shareholders. If the Fund makes such an election, each shareholder will be required to report its share of such undistributed net capital gains attributed to the Fund as long-term capital gain and will be entitled to claim its share of the U.S. federal income taxes paid by the Fund on such undistributed net capital gains as a credit against its own U.S. federal income tax liability, if any, and to claim a refund on a properly-filed U.S. federal income tax return to the extent that the credit exceeds such liability. In addition, each shareholder will be entitled to increase the adjusted tax basis of its Shares by the difference between its share of such undistributed net capital gain and the related credit. There can be no assurance that the Fund will make this election if it retains all or a portion of its net capital gain for a tax year.

The Fund is permitted to carry forward a net capital loss to offset its capital gain indefinitely. The excess of the Fund's net short-term capital loss over its net long-term capital gain is treated as a short-term capital loss arising on the first day of the Fund's next taxable year and the excess of the Fund's net long-term capital loss over its net short-term capital gain is treated as a long-term capital loss arising on the first day of the Fund's next taxable year. If future capital gain is offset by carried-forward capital losses, such future capital gain is not subject to Fund-level U.S. federal income tax, regardless of whether it is distributed to shareholders. Accordingly, the Fund does not expect to distribute any such offsetting capital gain. If the Fund were to experience an ownership change as defined under the Code, the capital loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to limitation. The Fund cannot carry back or carry forward any net operating losses.

**<u>Failure to Qualify</u>**

If for any tax year the Fund does not qualify as a RIC, all of its taxable income (including its net capital gain) will be subject to tax at regular corporate rates without any deduction for dividends paid to shareholders, and the dividends will generally be taxable to the shareholders as ordinary income to the extent of the Fund's current and accumulated earnings and profits. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (any of which could be subject to interest charges) before re-qualifying for taxation as a RIC. If the Fund fails to satisfy either the income test or asset diversification test described above, in certain cases, however, the Fund may be able to avoid losing its status as a RIC by timely providing notice of such failure to the IRS, curing such failure and possibly paying an additional tax or penalty.

Failure to qualify as a RIC would thus have a negative impact on the Fund's income and performance. It is possible that the Fund will not qualify as a RIC in any given tax year.

**<u>Fund Distributions</u>**

The Fund anticipates distributing substantially all of its investment company taxable income and net tax-exempt interest (if any) for each tax year. Distributions paid to shareholders generally would be characterized as ordinary income. A portion of these distributions may qualify for the dividends-received deduction when paid to certain corporate shareholders.

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A portion of the Fund's distributions paid to individual shareholders may be treated as "qualified dividend income," and may be subject to a maximum federal income tax rate of either 15% or 20% (depending on whether the individual's income exceeds certain threshold amounts). A distribution is treated as qualified dividend income to the extent that the Fund receives dividend income from taxable domestic corporations and certain qualified foreign corporations, provided that holding period and other requirements are met by the Fund and the shareholder. To the extent the Fund's distributions are attributable to other sources, such as interest or capital gains, such distributions are not treated as qualified dividend income.

Given the Fund's investment strategies, it is not expected that a significant portion of the Fund's dividends will be eligible to be reported as qualified dividend income or as eligible for the dividends-received deduction.

Certain distributions reported by the Fund as Section 163(j) interest dividends may be treated as interest income by shareholders for purposes of the tax rules applicable to interest expense limitations under Section 163(j) of the Code. Such treatment by the shareholder is generally subject to holding period requirements and other potential limitations, although the holding period requirements are generally not applicable to dividends declared by money market funds and certain other funds that declare dividends daily and pay such dividends on a monthly or more frequent basis. The amount that the Fund is eligible to report as a Section 163(j) dividend for a tax year is generally limited to the excess of the Fund's business interest income over the sum of the Fund's (i) business interest expense and (ii) other deductions properly allocable to the Fund's business interest income.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from repurchases or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

The Fund anticipates distributing substantially all of its net capital gain for each tax year. These distributions generally are made only once a year, usually in November or December, but the Fund may make additional distributions of net capital gain at any time during the year. These distributions to shareholders generally would be characterized as long-term capital gain, regardless of how long such shareholders have held the shares. These distributions do not qualify for the dividends-received deduction.

The Fund intends to operate, each year, using a fiscal and taxable year ending September 30.

Distributions by the Fund that exceed its earnings and profits will be treated as a return of capital. Return of capital distributions reduce a shareholder's tax basis in the shares and are treated as gain from the sale of the shares to the extent such shareholder's basis would otherwise be reduced below zero.

All distributions by the Fund will be treated in the manner described above regardless of whether the distribution is paid in cash or reinvested in additional shares of the Fund. If a shareholder receives distributions in the form of additional shares, such shareholder will be treated as receiving a distribution in an amount equal to the amount of cash that could have been received instead of shares.

A shareholder may purchase shares with a NAV at the time of purchase that reflects undistributed net investment income or recognized capital gain, or unrealized appreciation in the value of the assets of the Fund. Distributions of these amounts are taxable to shareholders in the manner described above, although the distribution economically constitutes a return of capital to the shareholder.

Ordinarily, shareholders are required to take distributions by the Fund into account in the year in which they are made. A distribution declared in October, November or December of any calendar year and payable to shareholders of record on a specified date in those months, however, is deemed to be paid by the Fund and received by such shareholders on December 31 of that calendar year if the distribution is actually paid in January of the following year.

The Fund will send shareholders information annually as to the federal income tax consequences of distributions made (or deemed made) during the year.

The Fund will be treated as a "publicly offered regulated investment company" (within the meaning of Section 67 of the Code) if either (i) shares of the Fund are held by at least 500 persons at all times during a taxable year, (ii) shares of the Fund are treated as regularly traded on an established securities market or (iii) shares of the Fund are continuously offered pursuant to a public offering (within the meaning of section 4 of the Securities Act of 1933, as amended). If the Fund is not treated as a publicly offered regulated investment company for any calendar year, for purposes of computing the taxable income of U.S. shareholders that are individuals, trusts or estates, (i) the Fund's earnings will be computed without taking into account such U.S. shareholders' allocable shares of the management fees paid to the Fund's investment adviser and certain of the Fund's other expenses, (ii) each such U.S. shareholder will be treated as having received or accrued a dividend from the Fund in the amount of such U.S. shareholder's allocable share of these fees and expenses for the calendar year, (iii) each such U.S. shareholder will be treated as having paid or incurred such U.S. shareholder's

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allocable share of these fees and expenses for the calendar year, and (iv) each such U.S. shareholder's allocable share of these fees and expenses will be treated as miscellaneous itemized deductions by such U.S. shareholder. Miscellaneous itemized deductions generally are not deductible by a U.S. shareholder that is an individual, trust or estate and are not deductible for purposes of the alternative minimum tax and are subject to the overall limitation on itemized deductions under Section 68 of the Code.

**<u>Certain Tax Rules Applicable to Fund Transactions</u>**

For federal income tax purposes, when put and call options purchased by the Fund expire unexercised, the premiums paid by the Fund give rise to short- or long-term capital losses at the time of expiration (depending on the length of the respective exercise periods for the options). When put and call options written by the Fund expire unexercised, the premiums received by the Fund give rise to short-term capital gains at the time of expiration. When the Fund exercises a call, the purchase price of the underlying security is increased by the amount of the premium paid by the Fund. When the Fund exercises a put, the proceeds from the sale of the underlying security are decreased by the premium paid. When a put or call written by the Fund is exercised, the purchase price (selling price in the case of a call) of the underlying security is decreased (increased in the case of a call) for tax purposes by the premium received.

Some of the debt securities that may be acquired by the Fund may be treated as debt securities that are issued with original issue discount ("OID"). Generally, the amount of the OID is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. Additionally, some of the debt securities that may be acquired by the Fund in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. The Fund may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income. The Fund generally will be required to distribute dividends to shareholders representing discount on debt securities that is currently includable in income, even though cash representing such income may not have been received by the Fund. Cash to pay such dividends may be obtained from sales proceeds of securities held by the Fund.

The Fund may invest a portion of its net assets in below investment grade instruments. Investments in these types of instruments may present special tax issues for the Fund. U.S. federal income tax rules are not entirely clear about issues such as when the Fund may cease accruing interest, OID or market discount; when and to what extent deductions may be taken for bad debts or worthless instruments; how payments received on obligations in default should be allocated between principal and income; and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other issues will be addressed by the Fund to the extent necessary to seek to ensure that it distributes sufficient income so that it does not become subject to U.S. federal income or excise tax.

Certain listed options, regulated futures contracts and forward currency contracts are considered "Section 1256 contracts" for Federal income tax purposes. Section 1256 contracts held by the Fund at the end of each tax year are "marked to market" and treated for federal income tax purposes as though sold for fair market value on the last business day of the tax year. Gains or losses realized by the Fund on Section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains or losses. The Fund can elect to exempt its Section 1256 contracts that are part of a "mixed straddle" (as described below) from the application of Section 1256 of the Code.

Any option, futures contract or other position entered into or held by the Fund in conjunction with any other position held by the Fund may constitute a "straddle" for federal income tax purposes. A straddle of which at least one, but not all, the positions are Section 1256 contracts, may constitute a "mixed straddle." In general, straddles are subject to certain rules that may affect the character and timing of the Fund's gains and losses with respect to straddle positions by requiring, among other things, that: (1) the loss realized on disposition of one position of a straddle may not be recognized to the extent that the Fund has unrealized gains with respect to the other position in such straddle; (2) the Fund's holding period in straddle positions be suspended while the straddle exists (possibly resulting in a gain being treated as short-term capital gain rather than long-term capital gain); (3) the losses recognized with respect to certain straddle positions which are part of a mixed straddle and which are non-Section 1256 contracts be treated as 60% long-term and 40% short-term capital loss; (4) losses recognized with respect to certain straddle positions which would otherwise constitute short-term capital losses be treated as long-term capital losses; and (5) the deduction of interest and carrying charges attributable to certain straddle positions may be deferred. Various elections are available to the Fund, which may mitigate the effects of the straddle rules, particularly with respect to mixed straddles. In general, the straddle rules described above do not apply to any straddles held by the Fund if all of the offsetting positions consist of Section 1256 contracts.

Under the Code, gains or losses attributable to fluctuations in exchange rates that occur between the time the Fund accrues interest or other receivables or accrues expenses or other liabilities denominated in a foreign currency and the time the Fund actually collects such receivables or pays such liabilities are treated as ordinary income or ordinary loss. Similarly, gains or losses from the disposition of foreign currencies, from the disposition of debt securities denominated in a foreign currency, or from the disposition of a forward contract, futures contract or similar financial instrument denominated in a foreign currency that are attributable to fluctuations in the value of the foreign currency between the date of acquisition of the asset and the date of disposition also are treated as ordinary

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income or loss. These gains or losses, referred to under the Code as "Section 988" gains or losses, increase or decrease the amount of the Fund's investment company taxable income available to be distributed to its shareholders as ordinary income, rather than increasing or decreasing the amount of the Fund's net capital gain.

The Fund may invest in shares of foreign corporations (including equity interests in certain CLOs) that may be treated as passive foreign investment companies ("PFICs") under the Code. In general, a foreign corporation is treated as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. If the Fund receives a so-called "excess distribution" with respect to PFIC stock, the Fund itself may be subject to a tax on a portion of the excess distribution, whether or not the corresponding income is distributed by the Fund to shareholders. In general, under the PFIC rules, an excess distribution is treated as having been realized ratably over the period during which the Fund held the PFIC shares. The Fund itself will be subject to tax on the portion, if any, of an excess distribution that is so allocated to prior Fund tax years and an interest factor will be added to the tax as if the tax had been payable in such prior tax years. Certain distributions from a PFIC as well as gain from the sale of PFIC shares are treated as excess distributions. Excess distributions are characterized as ordinary income even though, absent application of the PFIC rules, certain excess distributions might have been characterized as capital gain.

The Fund may be eligible to elect alternative tax treatment with respect to PFIC shares. Under an election that currently is available in some circumstances (a qualified electing fund, or "QEF", election), the Fund generally would be required to include in its gross income its share of the earnings of a PFIC on a current basis, regardless of whether distributions are received from the PFIC in a given tax year. If this election were made, the special rules, discussed above, relating to the taxation of excess distributions, would not apply.

Alternatively, the Fund may elect to mark to market its PFIC shares at the end of each taxable year, with the result that unrealized gains would be treated as though they were realized and reported as ordinary income. Any mark-to-market losses would be deductible as ordinary losses to the extent of any net mark-to-market gains included in income in prior tax years.

Because the application of the PFIC rules may affect, among other things, the character of gains, the amount of gain or loss and the timing of the recognition of income with respect to PFIC shares, as well as subject the Fund itself to tax on certain income from PFIC shares, the amount that must be distributed to shareholders, and which will be taxed to shareholders as ordinary income or long-term capital gain, may be increased or decreased substantially as compared to a fund that did not invest in PFIC shares. The Fund's income inclusion with respect to a PFIC with respect to which the Fund has made a QEF election, is generally treated as qualifying income for purposes of determining the Fund's ability to be subject to tax as a RIC if (A) there is a current distribution out of the earnings and profits of the PFIC that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities or currencies.

If the Fund holds more than 10% of the interests treated as equity for U.S. federal income tax purposes in a foreign corporation that is treated as a controlled foreign corporation ("CFC") (including equity tranche investments and certain debt tranche investments in a CLO treated as a CFC), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each tax year from such foreign corporation in an amount equal to the Fund's pro rata share of the corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not such foreign corporation makes an actual distribution during such year. In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of such foreign corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. Shareholders. A "U.S. Shareholder," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined value or voting power of all classes of shares of a corporation. If the Fund is treated as receiving a deemed distribution from a CFC, the Fund will be required to include such distribution in the Fund's investment company taxable income regardless of whether the Fund receives any actual distributions from such CFC, and the Fund must distribute such income to satisfy the distribution requirements applicable to RICs. The Fund's income inclusion with respect to a CFC is generally treated as qualifying income for purposes of determining the Fund's ability to be subject to tax as a RIC either if (A) there is a current distribution out of the earnings and profits of the CFC that are attributable to such income inclusion or (B) such inclusion is derived with respect to the Fund's business of investing in stock, securities or currencies.

The Fund might invest directly or indirectly in residual interests in real estate mortgage investment conduits ("REMICs") or equity interests in taxable mortgage pools ("TMPs"). Under a notice issued by the IRS in October 2006 and Treasury regulations that have not yet been issued (but may apply with retroactive effect), a portion of the Fund's income from a real estate investment trust ("REIT") that is attributable to the REIT's residual interest in a REMIC or a TMP (referred to in the Code as an "excess inclusion") will be subject to federal income tax in all events. This notice also provides, and the regulations are expected to provide, that excess inclusion income of a RIC, such as the Fund, will generally be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders with the same consequences as if the shareholders held the related REMIC or TMP residual interest directly.

In general, excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions) and (ii) will constitute unrelated business taxable income ("UBTI") to entities (including a qualified pension plan, an individual retirement account, a 401(k) plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI,

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thereby potentially requiring such an entity that is allocated excess inclusion income and otherwise might not be required to file a tax return to file a tax return and pay tax on such income. In addition, because the Code provides that excess inclusion income is ineligible for treaty benefits, a RIC must withhold tax on excess inclusions attributable to its foreign shareholders at a 30% rate of withholding, regardless of any treaty benefits for which a shareholder is otherwise eligible.

Any investment in residual interests of a CMO that has elected to be treated as a REMIC can create complex tax problems, especially if the Fund has state or local governments or other tax-exempt organizations as shareholders. Under current law, the Fund serves to block UBTI from being realized by its tax-exempt shareholders. Notwithstanding the foregoing, a tax-exempt shareholder will recognize UBTI by virtue of its investment in the Fund if shares in the Fund constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Section 514(b) of the Code. Furthermore, a tax-exempt shareholder may recognize UBTI if the Fund recognizes "excess inclusion income" derived from direct or indirect investments in REMIC residual interests or TMPs if the amount of such income recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account deductions for dividends paid by the Fund).

In addition, special tax consequences apply to charitable remainder trusts ("CRTs") that invest in RICs that invest directly or indirectly in residual interests in REMICs or in TMPs. Under legislation enacted in December 2006, a CRT, as defined in Section 664 of the Code, that realizes UBTI for a tax year is subject to an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will not recognize UBTI solely as a result of investing in the Fund that recognizes "excess inclusion income." Rather, if at any time during any tax year a CRT (or one of certain other tax-exempt shareholders, such as the U.S., a state or political subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of a share in the Fund that recognizes "excess inclusion income," then the Fund will be subject to a tax on that portion of its "excess inclusion income" for the tax year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, the Fund may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder's distributions for the tax year by the amount of the tax that relates to such shareholder's interest in the Fund. The Fund has not yet determined whether such an election will be made. CRTs are urged to consult their tax advisors concerning the consequences of investing in the Fund.

**<u>Federal Excise Tax</u>**

A 4% nondeductible excise tax is imposed on a RIC that fails to distribute in each calendar year an amount at least equal to the sum of: (1) 98% of its ordinary taxable income (taking into account certain deferrals and elections) for the calendar year; (2) 98.2% of its capital gain net income (adjusted for certain ordinary losses) for the one-year period ended on October 31 of the calendar year; and (3) all ordinary taxable income and capital gains for previous years that were not distributed or taxed during such years and on which the RIC did not incur any federal income tax. The balance of the Fund's income must be distributed during the next calendar year. The Fund will be treated as having distributed any amount on which it is subject to income tax for any tax year ending in the calendar year.

For purposes of calculating the excise tax, the Fund is generally required to: (1) reduce its capital gain net income (but not below its net capital gain) by the amount of any net ordinary loss for the calendar year; and (2) exclude foreign currency gains and losses (and certain other ordinary gains and losses) incurred after October 31 of any tax year in determining the amount of ordinary taxable income for the current calendar year. The Fund will include such gains and losses incurred after October 31 in determining ordinary taxable income for the succeeding calendar year.

The Fund intends to make sufficient distributions of its ordinary taxable income and capital gain net income prior to the end of each calendar year to avoid liability for the excise tax. Investors should note, however, that the Fund might in certain circumstances be required to liquidate portfolio investments to make sufficient distributions to avoid the imposition of any excise tax liability.

**<u>Sale, Exchange or Repurchase of Shares</u>**

In general, shareholders will recognize gain or loss on the sale, exchange or repurchase of Fund shares in an amount equal to the difference between the proceeds of the sale, exchange or repurchase and your adjusted tax basis in the shares. All or a portion of any loss so recognized may be disallowed if a shareholder purchases (for example, by reinvesting dividends) shares of the same Fund within 30 days before or after the sale, exchange or repurchase (a "wash sale"). If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares purchased. In general, any gain or loss arising from the sale, exchange or repurchase of Fund shares will be considered capital gain or loss and will be long-term capital gain or loss if the shares were held for longer than one year. Any capital loss arising from the sale, exchange or repurchase of shares held for six months or less, however, will be treated as a long-term capital loss to the extent of the amount of distributions of net capital gain received on such shares. In determining the holding period of such shares for this purpose, any period during which a shareholder's risk of loss is offset by means of options, short sales or similar transactions is not counted. Capital losses in any tax year are deductible only to the extent of capital gains plus, in the case of a non-corporate taxpayer, $3,000 of ordinary income.

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The repurchase or transfer of shares may result in a taxable gain or loss to a tendering shareholder. Different tax consequences may apply for tendering and non-tendering shareholders in connection with a repurchase offer. For example, if a shareholder does not tender all of his or her shares, such repurchase may not be treated as a sale or exchange for U.S. federal income tax purposes, and may result in deemed distributions to a non-tendering shareholder. On the other hand, shareholders holding shares as capital assets who tender all of their shares (including shares deemed owned by shareholders under constructive ownership rules) will be treated as having sold their shares and generally will recognize capital gain or loss. The amount of the gain or loss will be equal to the difference between the amount received for the shares and the shareholders' adjusted tax basis in the relevant shares. Such gain or loss generally will be a long-term capital gain or loss if the shareholder has held such shares as capital assets for more than one year. Otherwise, the gain or loss will be treated as short-term capital gain or loss.

The Fund (or its administrative agent) is required to report to the IRS and furnish to shareholders the cost basis information for sale transactions of shares. Shareholders may elect to have one of several cost basis methods applied to their account when calculating the cost basis of shares sold, including average cost, FIFO ("first-in, first-out") or some other specific identification method. Unless a shareholder instructs otherwise, the Fund will use average cost as its default cost basis method. The cost basis method a shareholder elects may not be changed with respect to a repurchase of shares after the settlement date of the repurchase. Shareholders should consult with their tax advisors to determine the best cost basis method for their tax situation. Shareholders that hold their shares through a financial intermediary should contact such financial intermediary with respect to reporting of cost basis and available elections for their accounts.

**<u>Backup Withholding</u>**

The Fund will be required in certain cases to withhold and remit to the U.S. Treasury at a rate under current law of 24% of taxable distributions and the proceeds of repurchases of shares paid to a shareholder if such shareholder: (1) has failed to provide his, her or its correct taxpayer identification number; (2) is otherwise subject to backup withholding by the IRS for failure to report the receipt of interest or dividend income properly; or (3) has failed to certify to the Fund that he, she or it is not subject to backup withholding or that it is a C corporation or other "exempt recipient." Backup withholding is not an additional tax; rather, any amounts so withheld may be credited against a shareholder's federal income tax liability or refunded if proper documentation is provided.

**<u>State and Local Taxes</u>**

The tax rules of the various states of the U.S. and their local jurisdictions with respect to an investment in the Fund can differ from the federal income taxation rules described above. These state and local rules are not discussed herein. Shareholders are urged to consult their own tax advisors as to the consequences of state and local tax rules with respect to an investment in the Fund.

**<u>Foreign Income Tax</u>**

Investment income received by the Fund from sources within foreign countries as well as gains or the proceeds from the sale or other disposition of foreign securities may be subject to foreign income taxes withheld at the source. The United States has entered into tax treaties with many foreign countries that may entitle the Fund to a reduced rate of such taxes or exemption from taxes on such income. It is impossible to know the effective rate of foreign tax in advance since the amount of the Fund's assets to be invested within various countries cannot be determined. If more than 50% of the value of the Fund's total assets at the close of its tax year consists of stocks or securities of foreign corporations, the Fund will be eligible and intends to file an election with the IRS to pass through to its shareholders the amount of foreign taxes paid by the Fund subject to certain exceptions. However, there can be no assurance that the Fund will be able to do so. Pursuant to this election, a shareholder will be required to: (1) include in gross income (in addition to taxable dividends actually received) his, her or its pro rata share of foreign taxes paid by the Fund; (2) treat his, her or its pro rata share of such foreign taxes as having been paid by him, her or it; and (3) either deduct such pro rata share of foreign taxes in computing his, her or its taxable income or treat such foreign taxes as a credit against federal income taxes. A shareholder may be subject to rules that limit or reduce his, her or its ability to fully deduct, or claim a credit for, his, her or its pro rata share of the foreign taxes paid by the Fund.

**<u>Foreign Shareholders</u>**

The foregoing discussion relates only to Federal income tax law as applicable to U.S. persons (i.e., U.S. citizens and residents and U.S. corporations, partnerships, trusts and estates).

Taxation of a shareholder who, as to the United States, is a nonresident alien individual, foreign trust or estate, or foreign corporation ("foreign shareholder") depends on whether the income from the Fund is "effectively connected" with a U.S. trade or business carried on by such shareholder. If the income from the Fund is not effectively connected with a U.S. trade or business carried on by a foreign shareholder, ordinary income dividends (including distributions of any net short-term capital gains) will generally be subject to U.S. federal withholding tax at the rate of 30% (or lower treaty rate) upon the gross amount of the dividend. Such a foreign shareholder would generally be exempt from U.S. federal income tax on gains realized on the sale of shares of the Fund and on

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distributions of net long-term capital gains (including amounts retained by the Fund which are reported as undistributed capital gains) that are reported as capital gain dividends unless such a foreign shareholder is a nonresident alien individual who is present in the United States for 183 days or more during the taxable year and certain other conditions are met. If the income from the Fund is effectively connected with a U.S. trade or business carried on by a foreign shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale of shares of the Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations. Foreign shareholders may also be subject to U.S. federal withholding tax on deemed income resulting from any election by the Fund to treated qualified foreign taxes as passed through to shareholders (as described above) but may not be able to claim a U.S. tax credit or deduction with respect to such taxes.

Properly reported dividends received by a foreign shareholder are generally exempt from U.S. federal withholding tax when they (a) are paid in respect of the Fund's "qualified net interest income" (generally, the Fund's U.S. source interest income, reduced by expenses that are allocable to such income), or (b) are paid in connection with the Fund's "qualified short-term capital gains" (generally, the excess of the Fund's net short-term capital gain over the Fund's long-term capital loss for such taxable year). However, depending on the circumstances, the Fund may report all, some or none of the Fund's potentially eligible dividends as such qualified net interest income or as qualified short-term capital gains, and a portion of the Fund's distributions (e.g. interest from non-U.S. sources or any foreign currency gains) may be ineligible for this potential exemption from withholding.

A foreign shareholder who fails to furnish the proper IRS Form W-8, or an acceptable substitute, may be subject to backup withholding on dividends (including capital gain dividends) and on the proceeds of redemptions and exchanges of shares of the Fund.

Payments of income dividends to a shareholder that is either a foreign financial institution ("FFI") or a non- financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. The Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

Shareholders who are not U.S. persons should consult their tax advisors regarding U.S. and foreign tax consequences of ownership of shares of the Fund including the application of U.S. estate tax.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES** 

A "principal shareholder" is any person who owns of record or beneficially 5% or more of any class of the Fund. Shareholders holding greater than 25% interest in the Fund may be deemed to be a "control person" of the Fund for purposes of the 1940 Act. As of the date of this SAI, other than the initial shareholder, there were no principal shareholders or control persons of the Fund, and all Trustees and officers as a group owned beneficially less than 1% of the Fund's shares.

**OTHER SERVICE PROVIDERS** 

**<u>Administrator and Transfer Agent</u>**

The Bank of New York Mellon ("BNY" or the "Administrator", 103 Bellevue Parkway, 2<sup>nd</sup> Floor, Wilmington, Delaware 19809, provides certain administrative and fund accounting services to the Fund pursuant to Fund Administration and Accounting Agreement.

U.S. Bank Global Fund Services (the "Transfer Agent"), 615 E. Michigan Street, Milwaukee, WI 53202, serves as the transfer agent for the Fund.

Pursuant to the Fund's agreements with the Administrator and the Transfer Agent, the Administrator and the Transfer Agent each receive fees from the Fund for services performed as administrator and fund accountant, and transfer agent.

**<u>Custodian</u>**

U.S. Bank, N.A., 1555 N. Rivercenter Drive, Suite 302, Milwaukee, Wisconsin 53212, serves as custodian for the Fund.

------

##### [**Table of Contents**](#toc)
**<u>Independent Registered Public Accounting Firm</u>**

PricewaterhouseCoopers LLP ("PwC" or the "Auditor") has been selected as the independent registered public accounting firm for the Fund. The Auditor's address is 45 South Seventh Street, Suite 3400, Minneapolis, Minnesota 55402. The Auditor will perform an annual audit of the Fund's financial statements and will provide financial, tax and accounting services as requested.

**<u>Legal Counsel</u>**

Dechert LLP, located at 1900 K Street, NW, Washington, D.C. 20006, serves as legal counsel to the Fund.

**<u>Distributor</u>**

Quasar Distributors, LLC (the "Distributor" or "Quasar"), located at 190 Middle Street, Suite 301, Portland ME 04101, serves as the Fund's principal underwriter in a continuous public offering of the Fund's shares. Pursuant to a distribution agreement between the Fund and Quasar (the "Distribution Agreement"), Quasar acts as the Fund's principal underwriter and distributor, provides certain administration services and arranges for the sale of the Fund's shares. Quasar is a registered broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority ("FINRA").

The Distribution Agreement between the Fund and Quasar had an initial term of two years and subsequently will continue in effect only if such continuance is specifically approved at least annually by the Board or by vote of a majority of the Fund's outstanding voting securities and, in either case, by a majority of the Independent Trustees. The Distribution Agreement is terminable without penalty by the Fund upon a 60-day written notice when authorized either by a majority vote of the Fund's shareholders or by vote of a majority of the Board, including a majority of the Independent Trustees, or by Quasar upon a 60-day written notice, and will automatically terminate in the event of its "assignment" (as defined in the 1940 Act).

Pursuant to the Fund's agreement with the Distributor, the Distributor receives fees from the Fund for services performed as the distributor of Shares.

**DISTRIBUTION PLAN** 

The Fund has adopted a Master Distribution Plan (the "Plan") in accordance with rule 12b-1 under the 1940 Act. Under the Plan, Class T is authorized to pay expenses directly or reimburse the Distributor for costs and expenses incurred in connection with distribution and marketing of Fund shares subject to an annual limit of up to 0.50% of the average daily net assets attributable to Class T shares of the Fund. Currently, the Board has approved an annual limit of 0.50% for Class T shares. Class I shares and Class A shares of the Fund are not subject to fees under the Plan.

Plan fees are based on average annual daily net assets of Class T Shares. Up to 0.25% of each Plan fee may be designated as a Service Fee, as defined in applicable rules of FINRA. A Plan fee may be waived voluntarily, in whole or in part, by the Distributor, subject to applicable legal requirements.

Covered costs and expenses include: (i) advertising by radio, television, newspapers, magazines, brochures, sales literature, direct mail or any other form of advertising; (ii) expenses of sales employees or agents of the Distributor, including salary, commissions, travel and related expenses; (iii) payments to broker-dealers and financial institutions for services in connection with the distribution of shares, including fees calculated with reference to the average daily NAV of shares held by shareholders who have a brokerage or other service relationship with the broker-dealer or institution receiving such fees; (iv) costs of printing prospectuses and other materials to be given or sent to prospective investors; and (v) such other similar services as an executive officer of the Trust determines to be reasonably calculated to result in the sale of shares of the Fund.

The Plan contains standard provisions conforming to the requirements of rule 12b-1, requiring quarterly reports to the Board regarding expenses under the Plan, and provisions regarding the commencement, continuation, amendment and termination of the Plan. Any agreement related to the Plan shall be in writing and contain standard provisions conforming to the requirements of rule 12b-1 regarding commencement, continuation, amendment and termination.

The Plan provides that it may not be amended to increase materially the costs that the Fund or a class of shares of the Fund may bear pursuant to the Plan without shareholder approval and that other material amendments of the Plan must be approved by the Board, and by the Independent Trustees who have no direct or indirect financial interest in the operation of the Plan or any related agreement (the "Plan Trustees"), by vote cast in person at a meeting called for the purpose of considering such amendments. The selection and nomination of the Trustees of the Fund have been committed to the discretion of the Trustees who are not "interested persons" of the Fund. The Plan was approved by the Board and by the Plan Trustees. The continuance of the Plan is subject to annual approval by the Trustees and the Plan Trustees. The Plan is terminable with respect to a class of shares of the Fund at any time by a vote

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##### [**Table of Contents**](#toc)
of a majority of the Plan Trustees or by vote of the holders of a majority of the shares of the class. The Board has concluded that there is a reasonable likelihood that the Plan will benefit the Fund and its shareholders.

The Plan is designed to enhance distribution and sales of the Fund and increase assets in the Fund, benefiting Fund shareholders by permitting potential economies of scale in service provider fees.

**Additional Payments.** The Adviser may make additional payments, out of its own resources and at no additional cost to the Fund or its shareholders, to certain broker-dealers or other financial institutions, including affiliates of the Adviser ("Intermediaries") in connection with: the provision of administrative services; the distribution of the Fund's shares; and/or reimbursement of ticket or operational charges (fees that an institution charges its representatives for effecting transactions in the Fund's shares). No one factor is determinative of the type or amount of such additional payments to be provided, and all factors are weighed in the assessment of such determination. Generally, no Intermediary is precluded from considering any of these factors in negotiating such additional payments on its behalf and, unless otherwise disclosed as a special arrangement, no Intermediary is precluded from negotiating the same or similar additional payments arrangement on the same terms as another Intermediary. The Adviser also may make inter-company payments out of its own resources, and at no additional cost to the Fund or shareholders, to RBC Capital Markets, LLC, in recognition of administrative and distribution-related services provided by RBC Capital Markets, LLC to shareholders. In addition, certain Intermediaries may receive fees from the Fund for providing recordkeeping and other services for individual shareholders and/or retirement plan participants. Financial consultants and other registered representatives of Intermediaries may receive compensation payments from their firms in connection with the distribution or servicing of Fund shares.

**Shareholder Servicing Plan.** The Fund has adopted a Shareholder Servicing Plan under which Class A shares and Class T shares pay to certain Financial Intermediaries a shareholder servicing fee for activities or expenses primarily intended to assist, support or service their clients who beneficially own or are record holders of Class A and Class T shares. Under the Shareholder Servicing Plan, Class A and Class T shares of the Fund pay a shareholder servicing fee that accrues at an annual rate up to 0.25%, which reduces the NAV of Class A and Class T shares. Because these fees are paid out of the Fund's assets attributable to Class A and Class T Shares on an ongoing basis, over time, they will increase the cost of an investment in Class A and Class T shares, including causing the Class A and Class T shares to have a higher expense ratio, pay lower dividends and have a lower total return than Class I Shares. Class I Shares are not subject to any shareholder servicing fees.

**OTHER MATTERS** 

**<u>Code of Ethics</u>**

The Fund, the Adviser and the Sub-Adviser have each adopted a code of ethics under Rule 17j-1 of the 1940 Act, each of which is designed to eliminate conflicts of interest between the Fund and personnel of the Fund, the Adviser, and the Sub-Adviser, respectively. The codes permit such personnel to invest in securities, including securities that may be purchased or held by the Fund, subject to certain limitations.

**<u>Registration Statement</u>**

This SAI and the Prospectus do not contain all the information included in the Fund's registration statement filed with the SEC under the Securities Act with respect to the securities offered hereby. The registration statement, including the exhibits filed therewith, are available on the SEC's website at www.sec.gov or may be examined at the office of the SEC in Washington, D.C.

Statements contained herein and in the Prospectus as to the contents of any contract or other documents are not necessarily complete, and, in each instance, are qualified by, reference to the copy of such contract or other documents filed as exhibits to the registration statement.

**FINANCIAL STATEMENTS** 

------

##### [**Table of Contents**](#toc)
**Financial Statement** 

**RBC BlueBay Enhanced Income Fund** 

**Statement of Assets and Liabilities** 

**April 1, 2026** 

---

| | |
|:---|:---|
|  **Assets:** |  |
|  Cash<br> Deferred offering costs (Note 2) | $100000<br> 113794 |
|  **Total Assets** | $**213794** |
|  **Liabilities:** |  |
|  Payable to Adviser (Note 2) | 113794 |
|  **Total Liabilities** | $**113794** |
|  **Net Assets** | $**100000** |
|  **Net assets are comprised of:** |  |
|  Paid in capital, Class I shares | $100000 |
|  Shares outstanding (unlimited number of shares authorized, no par value) | 4000 |
|  Net asset value per share | $25.00 |

---

See accompanying Notes to Financial Statement

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##### [**Table of Contents**](#toc)
**RBC BlueBay Enhanced Income Fund** 

**Notes to Financial Statement** 

**April 1, 2026** 

**Note 1. Organization** 

RBC BlueBay Enhanced Income Fund (the "Fund") is a non-diversified, closed-end management investment company that operates as an "interval fund" and is registered under the Investment Company Act of 1940, as amended (the "1940 Act").

The Fund was organized as a Delaware statutory trust on September 23, 2025. The Fund has been inactive since that date except for matters relating to its organization and registration, including on April 1, 2026, the sale to RBC Global Asset Management (U.S.) Inc., the Fund's investment adviser ("RBC GAM-US" or "Adviser"), a wholly owned subsidiary of Royal Bank of Canada ("RBC"), of 4,000 shares of Class I at a cost of $100,000.

The Fund's investment objective is to provide total return primarily consisting of income.

**<u>Fund shares</u>**

The Declaration of Trust authorizes the issuance of an unlimited number of shares. The Fund intends to continuously offer three classes of shares: Class A shares, Class I shares and Class T shares under exemptive order relief obtained from the Securities and Exchange Commission ("SEC") that permits the Fund to offer more than one class of shares.

**<u>Periodic repurchase offers</u>**

The Fund is an "interval fund", which is designed to provide some liquidity to shareholders by making quarterly offers to repurchase between 5% and 25% of its outstanding shares at net asset value ("NAV"), pursuant to Rule 23c-3 under the 1940 Act. The Fund's shares are not, and are not expected to be, listed for trading on a securities exchange and there is not expected to be a secondary trading market in the Fund's shares.

**Note 2. Summary of significant accounting policies** 

**<u>Basis of preparation</u>**

The Fund is an investment company that follows accounting and reporting guidance under the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies (ASC 946)*. The financial statements are prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). Fund Management may also be required to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

**<u>Segment reporting</u>**

The Adviser's Executive Committee and Fund Management collectively act as the chief operating decision maker (CODM) assessing performance and making decisions about resource allocation. The CODM has determined that the Fund has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and its long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by

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##### [**Table of Contents**](#toc)
the Fund's portfolio managers as a team. The financial information provided to and reviewed by the CODM is consistent with that presented within the Fund's financial statements.

**<u>Federal income tax status</u>**

The Fund intends to qualify each year as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code, as amended. As a RIC, the Fund generally will not be subject to federal income taxes on any ordinary income or capital gains that it distributes as dividends to shareholders. In addition, the Fund intends to distribute substantially all of its ordinary income and net capital gains, if any, in each calendar year such that Fund should not be subject to federal excise tax.

**<u>Organizational and offering costs</u>**

Organizational costs include, among other things, the cost of organizing as a Delaware statutory trust, including the cost of legal services and other fees pertaining to the Fund's organization. These costs were paid by the Adviser and it does not currently intend to recoup these expenses from the Fund. The Fund's initial offering costs included the preparation, review and filing with the Securities and Exchange Commission of the Fund's registration statement (including the prospectus and Statement of Additional Information) and other fees associated with the Fund's launch. These costs were paid by the Adviser on behalf of the Fund and the Adviser may seek recoupment of those costs under the terms of the Expense Limitation Agreement. The Fund treats offering costs as deferred charges until the Fund commences operations and thereafter will amortize such costs into expense over a 12-month period on a straight-line basis.

**<u>Indemnifications</u>**

Under the Fund's organizational documents, each Trustee, officer, employee or other agent of the Fund is indemnified against certain liabilities that may arise out of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund's servicing agreements, that contain a variety of indemnification clauses. The Fund's maximum exposure under the arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.

**Note 3. Agreements and other transactions with affiliates** 

**<u>Investment advisory fee</u>**

The Fund has entered into an investment advisory agreement with RBC GAM-US under with RBC GAM-US manages each Fund's assets and furnishes related office facilities, equipment, research and personnel. Pursuant to the agreement, RBC GAM-US is entitled to a fee consisting of two components – the Management Fee and the Incentive Fee. Effective upon the Fund's commencement of operations, the Management Fee is calculated and payable monthly in arrears at the annual rate of 1.35% of average daily value of the Fund's net assets.

The Incentive Fee will be calculated and payable quarterly in arrears based upon the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, and is subject to a hurdle rate, expressed as a rate of return on the Fund's net assets equal to 1.875% per quarter (or an annualized hurdle rate of 7.50%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income and any other income earned or accrued during the calendar quarter minus the Fund's operating expenses (which, for this purpose shall not include the Incentive Fee) for the quarter. For purposes of the Incentive Fee, net assets are calculated for the relevant quarter as the weighted average of the NAV of the Fund as of the first business day of each month therein. The weighted average NAV shall be calculated for each month by multiplying the NAV as of the beginning of the first business day of the month times the number of days in that month divided by the number of days in the applicable calendar quarter.

**<u>Expense limitation</u>**

The Adviser and the Fund have entered into an expense limitation agreement (the "Expense Limitation Agreement") under which the Adviser has agreed to waive its Management Fee and/or make payments to

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##### [**Table of Contents**](#toc)
keep total operating expenses (excluding certain fees such as investment-related costs, interest, taxes and acquired fund fees and expenses) at annual rates of 2.60% for Class A, 2.35% for Class I and 3.10% for Class T. The Expense Limitation Agreement is in place until January 31, 2027, and may not be terminated by the Adviser prior to that date. The agreement shall continue for additional one-year terms unless terminated or revised by the Fund's Board of Trustees at any time or by the Adviser at the expiration of any one-year period. The Adviser is entitled to recoup from the Fund or class the fees and/or operating expenses waived or reimbursed during any of the previous three years, provided the Fund is able to do so and remain in compliance with the expense limitation in place at the time the fees were waived or expenses paid.

**<u>Investment sub-advisory fee</u>**

RBC Global Asset Management (UK) Limited (the "Sub-Adviser"), a wholly owned subsidiary of RBC, serves as the Fund's investment sub-adviser. Pursuant to the investment sub-advisory agreement, the Sub-Adviser is entitled to a sub-advisory fee of 20% of the total advisory fee (consisting of the management fee and any incentive fee) paid to the Adviser by the Fund after deducting the amounts of any fees waived or Fund expenses paid by the Adviser for the Fund pursuant to the Expense Limitation Agreement then in place.

**Note 4. Other service providers** 

The Bank of New York Mellon serves as the Fund's administrator and accounting agent. U.S. Bank Global Fund Services serves as the Fund's transfer agent. U.S. Bank N.A. serves as the custodian of the Fund's assets.

**Note 5. Subsequent events** 

Management has evaluated the impact of all subsequent events that have occurred through the date the financial statements were issued and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

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##### [**Table of Contents**](#toc)
![LOGO](g11343g46a94.jpg)

**Report of Independent Registered Public Accounting Firm** 

To the Board of Trustees and Shareholders of RBC BlueBay Enhanced Income Fund

***Opinion on the Financial Statement***

We have audited the accompanying statement of assets and liabilities of RBC BlueBay Enhanced Income Fund (the "Fund") as of April 1, 2026, including the related notes (collectively referred to as the "financial statement"). In our opinion, the financial statement presents fairly, in all material respects, the financial position of the Fund as of April 1, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

We conducted our audit of this financial statement in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statement is free of material misstatement, whether due to error or fraud.

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

---

| |
|:---|
|  /s/ PricewaterhouseCoopers LLP |
|  Minneapolis, Minnesota |
|  April 28, 2026 |

---

We have served as the auditor of one or more investment companies in RBC Funds since 2016.

PricewaterhouseCoopers LLP, 45 South Seventh Street, Suite 3400, Minneapolis, MN 55402 T: (612) 596 6000, www.pwc.com/us

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##### [**Table of Contents**](#toc)
**PART C** 

**OTHER INFORMATION** 

**Item 25. Financial Statements and Exhibits** 

(1) Financial Statements:

Part A: Not applicable, as the Registrant has not yet commenced operations .

Part B: The following financial statements of the Registrant are included in Part B of this Registration Statement:

Statement of Assets and Liabilities (Audited) as of April 1, 2026

Notes to Financial Statement as of April 1, 2026

Report of Independent Registered Public Accounting Firm dated April 28, 2026

(2) Exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) (1) [Certificate of Trust (1).](http://www.sec.gov/Archives/edgar/data/2092012/000119312525260822/d942086dex992a1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Agreement and Declaration of Trust (1).](http://www.sec.gov/Archives/edgar/data/2092012/000119312525260822/d942086dex992a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Form of Amended and Restated Agreement and Declaration of Trust (2).](d11343dex992a3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [By-Laws (1).](http://www.sec.gov/Archives/edgar/data/2092012/000119312525260822/d942086dex992b.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [Multiple Class Plan Pursuant to Rule 18f-3 (2).](d11343dex992d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Dividend Reinvestment Plan (3).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (1) [Investment Advisory Agreement between the Registrant and Adviser (2).](d11343dex992g1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Investment Sub-Advisory Agreement between the Adviser and the Sub-Adviser (2)](d11343dex992g2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) (1) [Distribution Agreement between the Registrant and Quasar Distributors, LLC (2).](d11343dex992h1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Master Distribution Plan (2).](d11343dex992h2.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Custodian Agreement (2).](d11343dex992j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) (1) [Fund Servicing Agreement (2).](d11343dex992k1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Fund Administration and Accounting Agreement (2).](d11343dex992k2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Expense Limitation Agreement (2).](d11343dex992k3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) [Business Services Management Agreement (2)](d11343dex992k4.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) [Shareholder Servicing Plan (2).](d11343dex992k5.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Opinion and Consent of Dechert LLP (3).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) [Consent of Independent Registered Public Accounting Firm (2).](d11343dex992n.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) [Subscription Agreement (2).](d11343dex992p.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) (1) [Code of Ethics of the Registrant (2).](d11343dex992r1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Code of Ethics of the Adviser (2).](d11343dex992r2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) [Code of Ethics of the Sub-Adviser (2).](d11343dex992r3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) (1) [Powers of Attorney dated September 25, 2025 (1).](http://www.sec.gov/Archives/edgar/data/2092012/000119312525260822/d942086dex992s.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) [Power of Attorney dated January 12, 2026 (2).](d11343dex992s.htm)

(1) Previously filed as an exhibit to the Registration Statement on Form N-2 (File No. 333-291197), filed on October 31, 2025, and incorporated herein by reference.

(2) Filed herewith.

(3) To be filed by amendment.

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##### [**Table of Contents**](#toc)
**Item 26. Marketing Arrangements** 

Reference is made to the Distribution Agreement, which is to be filed by amendment.

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

The following table sets forth the estimated expenses to be incurred in connection with the offering described in this registration statement:

---

| | |
|:---|:---|
|  Securities and Exchange Commission Registration Fees | $[ ] |
|  FINRA Fees | $[ ] |
|  Blue Sky Fees | $[ ] |
|  Legal Fees and Expenses | $[ ] |
|  Printing Expenses | $[ ] |
|  Miscellaneous | $[ ] |
|  Total | $[ ] |

---

**Item 28. Persons Controlled by or Under Common Control with the Registrant** 

None.

**Item 29. Number of Holder of Securities** 

Set forth below is the number of holders of securities of the Registrant as of [ ]:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **<u>Title of Class</u>**<br>| <br> **<u>Number of Record Holders</u>**<br>|
| &nbsp;&nbsp;&nbsp;Shares of Beneficial Interest, Class I | [ ] |
| &nbsp;&nbsp;&nbsp;Shares of Beneficial Interest, Class A | [ ] |
| &nbsp;&nbsp;&nbsp;Shares of Beneficial Interest, Class T | [ ] |

---

**Item 30. Indemnification** 

The Agreement and Declaration of Trust of the Registrant, Article VII, Section 2, provides the following:

(a) To the fullest extent that limitations on the liability of Trustees and officers are permitted by the DSTA, the officers and Trustees shall not be responsible or liable in any event for any act or omission of any agent or employee of the Trust; any Investment Adviser or Principal Underwriter of the Trust; or with respect to each Trustee and officer, the act or omission of any other Trustee or officer, respectively. The Trust, out of the Trust Property, shall indemnify and hold harmless each and every officer and Trustee from and against any and all claims and demands whatsoever arising out of or related to such officer's or Trustee's performance of his or her duties as an officer or Trustee of the Trust. This limitation on liability applies to events occurring at the time a Person serves as a Trustee or officer of the Trust whether or not such Person is a Trustee or officer at the time of any proceeding in which liability is asserted. Nothing herein contained shall indemnify, hold harmless or protect any officer or Trustee from or against any liability to the Trust or any Shareholder to which such Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Person's office.

The By-Laws of the Registrant, Article VI, Section 6.02, provides the following:

Subject to the exceptions and limitations contained in Section 6.04 of this Article VI, the Trust shall indemnify its Trustees and officers to the fullest extent permitted by state law and the 1940 Act. Without limitation of the foregoing, the Trust shall indemnify each person who was or is a party or is threatened to be made a party to any proceedings, by reason of alleged acts or omissions within the scope of his or her service as a Trustee or officer of the Trust, against judgments, fines, penalties, settlements and reasonable expenses (including attorneys' fees) actually incurred by him or her in connection with such proceeding to the maximum extent consistent with state law and the 1940 Act. The Trust may, to the fullest extent consistent with law, indemnify each person who is serving or has served at the request of the Trust as a director, officer, partner, trustee, employee, agent or fiduciary of another domestic or foreign corporation, partnership, joint venture, trust, other enterprise or employee benefit plan ("Other Position") and who was or is a party or is threatened to be made a party to any proceeding by reason of alleged acts or omissions while acting within the scope of his or her service in such Other Position, against judgments, fines, settlements and reasonable expenses (including attorneys' fees) actually incurred by him or her in connection with such proceeding to the maximum extent consistent with state law and the 1940 Act. The indemnification and other rights provided by this Article VI shall continue as to a person who has ceased to be a Trustee or officer of the Trust.

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##### [**Table of Contents**](#toc)
Insofar as indemnification for liability arising under the Securities Act of 1933, as amended, may be permitted to trustees, officers, and controlling persons or Registrant pursuant to the foregoing provisions, or otherwise, Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Investment Company Act of 1940, as amended, 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 a trustee, officer, or controlling person of Registrant in the successful defense of any action, suit, or proceeding) is asserted by such trustee, officer, or controlling person in connection with the securities being registered, 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 of whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

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

RBC Global Asset Management (U.S.) Inc., the investment adviser to each series of the Trust, is a registered investment adviser. Information as to the directors and officers of RBC Global Asset Management (U.S.) Inc., together with information as to any other business, profession, vocation or employment of a substantial nature engaged in by the directors and officers of RBC Global Asset Management (U.S.) Inc. in the last two years, is included in its application for registration as an investment adviser on Form ADV (IARD/CRD No. 107173; SEC File No. 801-20303) filed with the SEC under the Investment Advisers Act of 1940 and is incorporated herein by reference thereto.

**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, as amended, and the rules promulgated thereunder are maintained at the offices of: (a) the Registrant; (b) the Investment Adviser and Co-Administrator; (c) the Principal Underwriter; (d) the Sub-Adviser; (e) the Transfer Agent; and (f) the Fund Accounting Agent and Co-Administrator; (g) the Custodian. The address of each is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) RBC BlueBay Enhanced Income Fund

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) RBC Global Asset Management (U.S.) Inc.

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Quasar Distributors, LLC

111 E. Kilbourn Ave., Suite 2200,

Milwaukee, WI 53202

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) RBC Global Asset Management (UK) Limited

100 Bishopsgate, EC2N 4AA

London, United Kingdom

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) U.S. Bank Global Fund Services, LLC

615 E. Michigan Street

Milwaukee, WI 53202

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, DE 19809

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) U.S. Bank, N.A.

1555 N. Rivercenter Drive, Suite 302

Milwaukee, WI 53212

**Item 33. Management Services** 

Not applicable

**Item 34. Undertakings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Registrant undertakes to suspend the offering of its Shares until it amends the prospectus filed herewith if
(1) subsequent to the effective date of its registration statement, the net asset value declines more than ten percent from its net asset value as of

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##### [**Table of Contents**](#toc)
the effective date of the registration statement, or (2) the net asset value increases to an amount greater than its net proceeds as stated in the prospectus. <br>

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. to file, during any period in which offers or sales are being made, a post-effective amendment to the registration statement:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. if the Registrant is subject to Rule 430C [17 CFR 230.430C]: Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the Securities Act [17 CFR 230.497(b), (c), (d) or (e)] as part of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the Securities Act [17 CFR 230.430A], 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. that for the purpose of determining liability of the Registrant under the Securities Act to any purchaser in the initial distribution of securities, undersigned Registrant undertakes that in a primary offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to the purchaser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule 497 under the Securities Act [17 CFR 230.497];

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For purposes of determining any liability under the 1933 Act, the information omitted from the form of
prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in the form of prospectus filed by the Registrant under Rule 497(h) under the Securities Act shall be deemed to be part of this registration statement
as of the time it was declared effective; and

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Not applicable.

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

------

##### [**Table of Contents**](#toc)
SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended ("Securities Act") and the Investment Company Act of 1940, as amended, the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Minneapolis, and State of Minnesota, on the 28<sup>th</sup> day of April, 2026.

---

| | |
|:---|:---|
|  RBC BLUEBAY ENHANCED INCOME FUND<br> (A Delaware statutory trust) | RBC BLUEBAY ENHANCED INCOME FUND<br> (A Delaware statutory trust) |
|  By: | /s/ David Eikenberg |
|  | David Eikenberg |
|  | President and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the date(s) indicated.

---

| | |
|:---|:---|
| /s/ David Eikenberg | Date: April 28, 2026 |
| David Eikenberg |  |
| Trustee, President and Principal Executive Officer |  |
| /s/ Kathleen Hegna | Date: April 28, 2026 |
| Kathleen Hegna |  |
| Principal Financial Officer and Treasurer |  |

---

Trustees

---

| | |
|:---|:---|
| \* | \* |
| Leslie H. Garner, Jr. | Lucy Hancock Bode |
| \* | \* |
| Margaret McCaffrey | Ronald James |
| \* | \* |
| James R. Seward | Christie Zarkovich |
| \* | \* |
| Michael Kardok | Dexter Perry |

---

---

| | | |
|:---|:---|:---|
| \*By: | /s/ David Eikenberg | Date: April 28, 2026 |
|  | David Eikenberg, attorney-in-fact |  |

---

------

##### [**Table of Contents**](#toc)
**RBC BLUEBAY ENHANCED INCOME FUND** 

**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Index No.**  | **Description of Exhibit** |
| &nbsp;&nbsp;&nbsp; (a)(3) | [Form of Amended and Restated Declaration of Trust](d11343dex992a3.htm) |
| &nbsp;&nbsp;&nbsp; (d) | [Multiple Class Plan Pursuant to Rule 18f-3](d11343dex992d.htm) |
| &nbsp;&nbsp;&nbsp; (g)(1) | [Investment Advisory Agreement between the Registrant and Adviser](d11343dex992g1.htm) |
| &nbsp;&nbsp;&nbsp; (g)(2) | [Investment Sub-Advisory Agreement between the Adviser and the Sub-Adviser](d11343dex992g2.htm) |
| &nbsp;&nbsp;&nbsp; (h)(1) | [Distribution Agreement between the Registrant and Quasar Distributors, LLC](d11343dex992h1.htm) |
| &nbsp;&nbsp;&nbsp; (h)(2) | [Master Distribution Plan](d11343dex992h2.htm) |
| &nbsp;&nbsp;&nbsp; (j) | [Custodian Agreement](d11343dex992j.htm) |
| &nbsp;&nbsp;&nbsp; (k)(1) | [Fund Servicing Agreement](d11343dex992k1.htm) |
| &nbsp;&nbsp;&nbsp; (k)(2) | [Fund Administration and Accounting Agreement](d11343dex992k2.htm) |
| &nbsp;&nbsp;&nbsp; (k)(3) | [Expense Limitation Agreement](d11343dex992k3.htm) |
| &nbsp;&nbsp;&nbsp; (k)(4) | [Business Services Management Agreement](d11343dex992k4.htm) |
| &nbsp;&nbsp;&nbsp; (k)(5) | [Shareholder Servicing Plan](d11343dex992k5.htm) |
| &nbsp;&nbsp;&nbsp; (n) | [Consent of Independent Registered Public Accounting Fund](d11343dex992n.htm) |
| &nbsp;&nbsp;&nbsp; (p) | [Subscription Agreement](d11343dex992p.htm) |
| &nbsp;&nbsp;&nbsp; (r)(1) | [Code of Ethics of the Registrant](d11343dex992r1.htm) |
| &nbsp;&nbsp;&nbsp; (r)(2) | [Code of Ethics of the Adviser](d11343dex992r2.htm) |
| &nbsp;&nbsp;&nbsp; (r)(3) | [Code of Ethics of the Sub-Adviser](d11343dex992r3.htm) |
| &nbsp;&nbsp;&nbsp; (s)(2) | [Power of Attorney dated January 12, 2026](d11343dex992s.htm) |

---

## Ex-99.(2)(A)(3)

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST

Of

RBC BLUEBAY ENHANCED INCOME FUND

a Delaware Statutory Trust

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  ARTICLE I NAME AND DEFINITIONS | ARTICLE I NAME AND DEFINITIONS | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Name | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Registered Agent and Registered Office | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Definitions | 2 |
|  ARTICLE II PURPOSE OF TRUST | ARTICLE II PURPOSE OF TRUST | 3 |
|  ARTICLE III SHARES | ARTICLE III SHARES | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Division of Beneficial Interest | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Ownership of Shares | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Investments in the Trust | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. | Status of Shares and Limitation of Personal Liability | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5. | Power of Board of Trustees to Change Provisions Relating to Shares | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6. | Establishment and Designation of Series or Class | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7. | Indemnification of Shareholders | 11 |
|  ARTICLE IV THE BOARD OF TRUSTEES | ARTICLE IV THE BOARD OF TRUSTEES | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Number, Election and Tenure | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Effect of Death, Resignation, Removal, etc. of a Trustee | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Powers | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. | Payment of Expenses by the Trust | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5. | Reserved | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6. | Ownership of Trust Property | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7. | Service Contracts | 14 |
|  ARTICLE V SHAREHOLDERS' VOTING POWERS AND MEETINGS | ARTICLE V SHAREHOLDERS' VOTING POWERS AND MEETINGS | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Voting Powers | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Meetings | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Quorum and Required Vote | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. | Shareholder Action by Written Consent without a Meeting | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5. | Record Dates | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6. | Additional Provisions | 17 |
|  ARTICLE VI NET ASSET VALUE, DISTRIBUTIONS, REPURCHASES AND REDEMPTIONS | ARTICLE VI NET ASSET VALUE, DISTRIBUTIONS, REPURCHASES AND REDEMPTIONS | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Determination of Net Asset Value, Net Income and Distributions | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Repurchase at the Option of a Shareholder | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Redemptions at the Option of the Trust | 18 |

---

i

------

**TABLE OF CONTENTS** (continued)

---

| | | |
|:---|:---|:---|
|  |  | Page |
|  ARTICLE VII COMPENSATION AND LIMITATION OF LIABILITY OF OFFICERS AND TRUSTEES | ARTICLE VII COMPENSATION AND LIMITATION OF LIABILITY OF OFFICERS AND TRUSTEES | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Compensation | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Indemnification and Limitation of Liability | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Officers and Trustees' Good Faith Action, Expert Advice, No Bond or Surety | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. | Insurance | 20 |
|  ARTICLE VIII MISCELLANEOUS | ARTICLE VIII MISCELLANEOUS | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 1. | Liability of Third Persons Dealing with Trustees | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 2. | Derivative Actions | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 3. | Dissolution of Trust or Any Series or Class | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 4. | Merger and Consolidation; Conversion | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 5. | Reorganization | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 6. | Amendments | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 7. | Filing of Copies, References, Headings | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 8. | Applicable Law | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 9. | Provisions in Conflict with Law or Regulations | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 10. | Statutory Trust Only | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 11. | Writings | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 12. | Trustees May Resolve Ambiguities | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Section 13. | Jurisdiction | 25 |
|  [*SIGNATURE PAGE FOLLOWS*] | [*SIGNATURE PAGE FOLLOWS*] | 26 |

---

ii

------

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST

OF

RBC BLUEBAY ENHANCED INCOME FUND

AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST is made this [ ] day of [ ], 2026, by the Trustees hereunder, and by the holders of shares of beneficial interest to be issued hereunder as hereinafter provided. This Amended and Restated Agreement and Declaration of Trust shall be effective upon the filing of the Certificate of Trust in the office of the Secretary of State of the State of Delaware.

W I T N E S S E T H:

WHEREAS this Trust has been formed to carry on the business of an investment company; and

WHEREAS this Trust is authorized to issue its shares of beneficial interest in separate Series, and to issue Classes of Shares of any Series or divide Shares of any Series into two or more Classes, all in accordance with the provisions hereinafter set forth; and

WHEREAS the Trustees have agreed to manage all property coming into their hands as trustees of a Delaware statutory trust in accordance with the provisions of the Delaware Statutory Trust Act (12 Del. C. ss.3801, et seq.), as from time to time amended and including any successor statute of similar import (the "<u>DSTA</u>"), and the provisions hereinafter set forth.

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

ARTICLE I

NAME AND DEFINITIONS

Section 1. <u>Name</u>. This trust shall be known as "<u>RBC BlueBay Enhanced Income Fund</u>" and the Trustees shall conduct the business of the Trust under that name, or any other name as they may from time to time determine.

Section 2. <u>Registered Agent and Registered Office</u>. Principal Place of Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Registered Agent and Registered Office</u>. The name of the registered agent of the Trust and the address of the registered office of the Trust are as set forth on the Certificate of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Principal Place of Business</u>. The principal place of business of the Trust is 250 Nicollet Mall, Suite 1550, Minneapolis, MN 55401, or such other location within or outside of the State of Delaware as the Board of Trustees may determine from time to time.

------

Section 3. <u>Definitions</u>. Whenever used herein, unless otherwise required by the context or specifically provided:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>1940 Act</u>" shall mean the Investment Company Act of 1940 and the rules and regulations thereunder, all as adopted or amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" shall have the meaning given to it in Section 2(a)(3) of the 1940 Act when used with reference to a specified Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Board of Trustees</u>" shall mean the governing body of the Trust, which is comprised of the Trustees of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>By-Laws</u>" shall mean the By-Laws of the Trust, as amended from time to time in accordance with Article X of the By-Laws, and incorporated herein by reference;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "<u>Certificate of Trust</u>" shall mean the certificate of trust filed with the Office of the Secretary of State of the State of Delaware as required under the DSTA to form the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Class</u>" shall mean a class of Shares of a Series of the Trust established in accordance with the provisions of <u>Article III</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the rules and regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Commission</u>" shall have the meaning given it in Section 2(a)(7) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>DSTA</u>" shall mean the Delaware Statutory Trust Act, (12 Del. C.ss.3801, et seq.), as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Declaration of Trust</u>" shall mean this Amended and Restated Agreement and Declaration of Trust, as amended or restated from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>General Liabilities</u>" shall have the meaning given it in <u>Article III</u>, <u>Section</u> <u>6(b)</u> of this Declaration Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Interested Person</u>" shall have the meaning given it in Section 2(a)(19) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Investment Adviser</u>" or "<u>Adviser</u>" shall mean a party furnishing services to the Trust pursuant to any contract described in <u>Article IV</u>, <u>Section</u> <u>7(a)</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>National Financial Emergency</u>" shall mean the whole or any part of any period set forth in Section 22(e) of the 1940 Act. The Board of Trustees may, in its discretion, declare that the suspension relating to a national financial emergency shall terminate, as the case may be, on the first business day on which the New York Stock Exchange shall have reopened or the period specified in Section 22(e) of the 1940 Act shall have expired (as to which, in the absence

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of an official ruling by the Commission, the determination of the Board of Trustees shall be conclusive);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Person</u>" shall include a natural person, partnership, limited partnership, trust, estate, association, corporation, custodian, nominee Or any other individual or entity in its own or any representative capacity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Principal Underwriter</u>" shall have the meaning given to it in Section 2(a)(29) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Series</u>" shall refer to each Series of Shares established and designated under or in accordance with the provisions of <u>Article III</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Shares</u>" shall mean the outstanding shares of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time, and shall include fractional and whole shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Shareholder</u>" shall mean a record owner of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Trust</u>" shall refer to the Delaware statutory trust established by this Declaration of Trust, as amended from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) "<u>Trust Property</u>" shall mean any and all property, real or personal, tangible or intangible, which is owned or held by or for the account of the Trust or one or more of any Series, including, without limitation, the rights referenced in <u>Article VIII</u>, <u>Section</u> <u>2</u> hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "<u>Trustee</u>" or "<u>Trustees</u>" shall refer to the signatory to this Declaration of Trust as a trustee, so long as such signatory continues in office in accordance with the terms hereof, and all other Persons who may, from time to time, be duly elected or appointed, qualified and serving on the Board of Trustees in accordance with the provisions hereof. Reference herein to a Trustee or the Trustees shall refer to such Person or Persons in their capacity as Trustees hereunder.

ARTICLE II

PURPOSE OF TRUST

The purpose of the Trust is to conduct, operate and carry on the business of a management investment company registered under the 1940 Act through one or more Series investing primarily in securities and, in addition to any authority given by law, to exercise all of the powers and to do any and all of the things as fully and to the same extent as any private corporation organized for profit under the general corporation law of the State of Delaware, now or hereafter in force, including, without limitation, the following powers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To invest and reinvest cash, to hold cash uninvested, and to subscribe for, invest in, reinvest in, purchase or otherwise acquire, own, hold, pledge, sell, assign, mortgage, transfer, exchange, distribute, write options on, lend or otherwise deal in or dispose of contracts for the future acquisition or delivery of fixed income or other securities, and securities or property of every nature and kind, including, without limitation, all types of bonds, debentures, stocks,

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preferred stocks, negotiable or non-negotiable instruments, obligations, evidences of indebtedness, certificates of deposit or indebtedness, commercial paper, repurchase agreements, bankers' acceptances, and other securities of any kind, issued, created, guaranteed, or sponsored by any and all Persons, including, without limitation, states, territories, and possessions of the United States and the District of Columbia and any political subdivision, agency, or instrumentality thereof, any foreign government or any political subdivision of the U.S. Government or any foreign government, or any international instrumentality, or by any bank or savings institution, or by any corporation or organization organized under the laws of the United States or of any state, territory, or possession thereof, or by any corporation or organization organized under any foreign law, or in "when issued" contracts for any such securities, to change the investments of the assets of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To exercise any and all rights, powers and privileges with reference to or incident to ownership or interest, use and enjoyment of any of such securities and other instruments or property of every kind and description, including, but without limitation, the right, power and privilege to own, vote, hold, purchase, sell, negotiate, assign, exchange, lend, transfer, mortgage, hypothecate, lease, pledge or write options with respect to or otherwise deal with, dispose of, use, exercise or enjoy any rights, title, interest, powers or privileges under or with reference to any of such securities and other instruments or property, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons, to exercise any of said rights, powers, and privileges in respect of any of said instruments, and to do any and all acts and things for the preservation, protection, improvement and enhancement in value of any of such securities and other instruments or property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To sell, exchange, lend, pledge, mortgage, hypothecate, lease or write options with respect to or otherwise deal in any property rights relating to any or all of the assets of the Trust or any Series, subject to any requirements of the 1940 Act;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To exercise powers and right of subscription or otherwise which in any manner arise out of ownership of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) To hold any security or property in a form not indicating that it is trust property, whether in bearer, unregistered or other negotiable form, or in its own name or in the name of a custodian or subcustodian or a nominee or nominees or otherwise or to authorize the custodian or a subcustodian or a nominee or nominees to deposit the same in a securities depository, subject in each case to proper safeguards according to the usual practice of investment companies or any rules or regulations applicable thereto;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) To endorse or guarantee the payment of any notes or other obligations of any Person; to make contracts of guaranty or suretyship, or otherwise assume liability for payment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) To purchase and pay for entirely out of Trust Property such insurance as the Trustees may deem necessary or appropriate for the conduct of the business, including, without limitation, insurance policies insuring the assets of the Trust or payment of distributions and principal on its portfolio investments, and insurance policies insuring the Shareholders, Trustees, officers, employees, agents, Investment Advisers, Principal Underwriters, or independent contractors of the Trust, individually against all claims and liabilities of every nature arising by reason of holding Shares, holding, being or having held any such office or position, or by reason of any action alleged to have been taken or omitted by any such Person as Trustee, officer, employee, agent, Investment Adviser, Principal Underwriter, or independent contractor, to the fullest extent permitted by this Declaration of Trust, the By-laws and by applicable law; and

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) To purchase or otherwise acquire, own, hold, sell, negotiate, exchange, assign, transfer, mortgage, pledge or otherwise deal with, dispose of, use, exercise or enjoy, property of all kinds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To buy, sell, mortgage, encumber, hold, own, exchange, rent or otherwise acquire and dispose of, and to develop, improve, manage, subdivide, and generally to deal and trade in real property, improved and unimproved, and wheresoever situated; and to build, erect, construct, alter and maintain buildings, structures, and other improvements on real property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) To borrow or raise moneys for any of the purposes of the Trust, and to mortgage or pledge the whole or any part of the property and franchises of the Trust, real, personal, and mixed, tangible or intangible, and wheresoever situated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) To enter into, make and perform contracts and undertakings of every kind for any lawful purpose, without limit as to amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) To issue, purchase, sell and transfer, reacquire, hold, trade and deal in Shares, bonds, debentures and other securities, instruments or other property of the Trust, from time to time, to such extent as the Board of Trustees shall, consistent with the provisions of this Declaration of Trust, determine; and to repurchase, re-acquire and redeem, from time to time, its Shares or, if any, its bonds, debentures and other securities.

The Trust shall not be limited to investing in obligations maturing before the possible dissolution of the Trust or one or more of its Series. The Trust shall not in any way be bound or limited by any present or future law or custom in regard to investment by fiduciaries. Neither the Trust nor the Trustees shall be required to obtain any court order to deal with any assets of the Trust or take any other action hereunder.

The foregoing clauses shall each be construed as purposes, objects and powers, and it is hereby expressly provided that the foregoing enumeration of specific purposes, objects and powers shall not be held to limit or restrict in any manner the powers of the Trust, and that they are in furtherance of, and in addition to, and not in limitation of, the general powers conferred upon the Trust by the DSTA and the other laws of the State of Delaware or otherwise; nor shall the enumeration of one thing be deemed to exclude another, although it be of like nature, not expressed.

ARTICLE III

SHARES

Section 1. <u>Division of Beneficial Interest</u>. The beneficial interest in the Trust shall at all times be divided into Shares, all without par value. The number of Shares authorized hereunder is unlimited. The Board of Trustees may authorize the division of Shares into separate and distinct Series and the division of any Series into separate Classes of Shares. The different Series and Classes shall be established and designated, and the variations in the relative rights and preferences as between the different Series and Classes shall be fixed and determined by the Board of Trustees without the requirement of Shareholder approval. If no separate Series or Classes shall be established, the Shares shall have the rights and preferences provided for herein and in Article III, Section <u>6</u> hereof to the extent relevant and not otherwise provided for herein, and all references to Series and Classes shall be construed (as the context may require) to refer to the Trust. The fact that a Series shall have initially been established and designated without any specific establishment or designation of Classes (i.e., that all Shares of such Series are initially of a single Class) shall not limit the authority of the Board of Trustees to establish and designate separate Classes of said Series. The fact that a Series shall have more than one established and designated Class, shall not limit the authority of the Board of Trustees to establish and designate additional Classes of said Series, or to establish and designate separate Classes of the previously established and designated Classes.

The Board of Trustees shall have the power to issue Shares of the Trust, or any Series or Class thereof, from time to time for such consideration (but not less than the net asset value thereof)

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and in such form as may be fixed from time to time pursuant to the direction of the Board of Trustees.

Shares of any Series or Class reacquired by the Trust shall be deemed cancelled unless the Board of Trustees determines, consistent with the 1940 Act, that such Shares shall be held as treasury shares. Any such treasury shares may be reissued for such consideration and on such terms as the Board of Trustees may determine. The Board of Trustees may classify or reclassify any unissued Shares or any Shares previously issued and reacquired of any Series or Class into one or more Series or Classes that may be established and designated from time to time. Notwithstanding the foregoing, the Trust and any Series thereof may acquire, hold, sell and otherwise deal in, for purposes of investment or otherwise, the Shares of any other Series of the Trust or Shares of the Trust, and such Shares shall not be deemed treasury shares or cancelled.

Subject to the provisions of Section 6 of this Article III, each Share shall have voting rights as provided in Article V hereof, and the Shareholders of any Series shall be entitled to receive dividends and distributions, when, if and as declared with respect thereto in the manner provided in Article IV, Section 3 hereof. No Share shall have any priority or preference over any other Share of the same Series or Class with respect to dividends or distributions paid in the ordinary course of business or distributions upon dissolution of the Trust or of such Series or Class made pursuant to Article VIII, Section 2 hereof. All dividends and distributions shall be made ratably among all Shareholders of a particular Class of Series from the Trust Property held with respect to such Series according to the number of Shares of such Class of such Series held of record by such Shareholders on the record date for any dividend or distribution. Shareholders shall have no preemptive or other right to subscribe to new or additional Shares or other securities issued by the Trust or any Series and shall have no appraisal or dissenters' rights. The Trustees may from time to time divide or combine the Shares of any particular Series into a greater or lesser number of Shares of that Series. Such division or combination may not materially change the proportionate beneficial interests of the Shares of that Series in the Trust Property held with respect to that Series or materially affect the rights of Shares of any other Series.

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

Section 2. <u>Ownership of Shares</u>. The ownership of Shares shall be recorded on the books of the Trust kept by the Trust or by a transfer or similar agent for the Trust, which books shall be maintained separately for the Shares of each Series and Class thereof that has been established and designated. No certificates certifying the ownership of Shares shall be issued except as the Board of Trustees may otherwise determine from time to time. The Board of Trustees may make such rules not inconsistent with the provisions of the 1940 Act as they consider appropriate for the issuance of Share certificates, the transfer of Shares of each Series or Class and similar matters. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Series or Class

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thereof and as to the number of Shares of each Series or Class thereof held from time to time by each such Shareholder.

Section 3. <u>Investments in the Trust</u>. Investments may be accepted by the Trust from such Persons, at such times, on such terms, and for such consideration as the Board of Trustees may, from time to time, authorize. Each investment shall be credited to the individual Shareholder's account in the form of full and fractional Shares of the Trust, in such Series or Class as the purchaser may select, at the net asset value per Share next determined for such Series or Class after receipt of the investment; provided, however, that the Principal Underwriter may, pursuant to its agreement with the Trust, impose a sales charge upon investments in the Trust.

Section 4. <u>Status of Shares and Limitation of Personal Liability</u>. Shares shall be deemed to be personal property giving to Shareholders only the rights provided in this Declaration of Trust and under applicable law. Every Shareholder by virtue of having become a Shareholder shall be held to have expressly assented and agreed to the terms hereof and to have become a party hereto. The death of a Shareholder during the existence of the Trust shall not operate to dissolve the Trust or any Series, nor entitle the representative of any deceased Shareholder to an accounting or to take any action in court or elsewhere against the Trust or the Trustees or any Series, but entitles such representative only to the rights of said deceased Shareholder under this Declaration of Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Property or right to call for a partition or division of the same or for an accounting, nor shall the ownership of Shares constitute the Shareholders as partners. Neither the Trust nor the Trustees, nor any officer, employee or agent of the Trust, shall have any power to bind personally any Shareholder, nor, except as specifically provided herein, to call upon any Shareholder for the payment of any sum of money or assessment whatsoever other than such as the Shareholder may at any time personally agree to pay. All Shares when issued on the terms determined by the Board of Trustees shall be fully paid and nonassessable. As provided in the DSTA, Shareholders of the Trust shall be entitled to the same limitation of personal liability extended to stockholders of a private corporation organized for profit under the general corporation law of the State of Delaware.

Section 5. <u>Power of Board of Trustees to Change Provisions Relating to Shares</u>. Notwithstanding any other provisions of this Declaration of Trust and without limiting the power of the Board of Trustees to amend this Declaration of Trust or the Certificate of Trust as provided elsewhere herein, the Board of Trustees shall have the power to amend this Declaration of Trust, or the Certificate of Trust, at any time and from time to time, in such manner as the Board of Trustees may determine in its sole discretion, without the need for Shareholder action, so as to add to, delete, replace or otherwise modify any provisions relating to the Shares contained in this Declaration of Trust, provided that before adopting any such amendment without Shareholder approval, the Board of Trustees shall determine that it is consistent with the fair and equitable treatment of all Shareholders and that Shareholder approval is not otherwise required by the 1940 Act or other applicable law. If Shares have been issued, Shareholder approval shall be required to adopt any amendments to this Declaration of Trust which would adversely affect to a material degree the rights and preferences of the Shares of any Series or Class already issued; provided, however, that in the event that the Board of Trustees determines that the Trust shall no longer be operated as an investment company in accordance with the provisions of the 1940 Act, the Board

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of Trustees may adopt such amendments to this Declaration of Trust to delete those terms the Board of Trustees identifies as being required by the 1940 Act.

Subject to the foregoing Paragraph, the Board of Trustees may amend the Declaration of Trust to amend any of the provisions set forth in paragraphs (a) through (i) of Section 6 of this Article III.

The Board of Trustees shall have the power, in its discretion, to make such elections as to the tax status of the Trust as may be permitted or required under the Code as presently in effect or as amended, without the vote of any Shareholder.

Section 6. <u>Establishment and Designation of Series or Class</u>. The establishment and designation of any Series or Class of Shares shall be effective upon the resolution by a majority of the then Board of Trustees, adopting a resolution which sets forth such establishment and designation and the relative rights and preferences of such Series or Class. Each such resolution shall be incorporated herein by reference upon adoption.

Each Series shall be separate and distinct from any other Series and shall maintain separate and distinct records on the books of the Trust, and the assets and liabilities belonging to any such Series shall be held and accounted for separately from the assets and liabilities of the Trust or any other Series.

Shares of each Series or Class established pursuant to this <u>Section</u> <u>6</u>, unless otherwise provided in the resolution establishing such Series or Class, shall have the following relative rights and preferences:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Assets Held with Respect to a Particular Series</u>. All consideration received by the Trust for the issue or sale of Shares of a particular Series, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Series for all purposes, subject only to the rights of creditors with respect to that Series, and shall be so recorded upon the books of account of the Trust. Such consideration, assets, income, earnings, profits and proceeds thereof, from whatever source derived, including, without limitation, any proceeds derived from the sale, exchange or liquidation of such assets, and any funds or payments derived from any reinvestment of such proceeds, in whatever form the same may be, are herein referred to as "assets held with respect to" that Series. In the event that there are any assets, income, earnings, profits and proceeds thereof, funds or payments which are not readily identifiable as assets held with respect to any particular Series (collectively "<u>General Assets</u>"), the Board of Trustees shall allocate such General Assets to, between or among any one or more of the Series in such manner and on such basis as the Board of Trustees, in its sole discretion, deems fair and equitable, and any General Asset so allocated to a particular Series shall be held with respect to that Series. Each such allocation by the Board of Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Liabilities Held with Respect to a Particular Series</u>. The assets of the Trust held with respect to each particular Series shall be charged against the liabilities of the Trust held with respect to that Series and all expenses, costs, charges and reserves attributable to that Series, and any liabilities, expenses, costs, charges and reserves of the Trust which are not readily identifiable as being held with respect to any particular Series (collectively "<u>General Liabilities</u>") shall be allocated and charged by the Board of Trustees to and among any one or more of the Series in such manner and on such basis as the Board of Trustees in its sole discretion deems fair and equitable. The liabilities, expenses, costs, charges, and reserves so charged to a Series are herein referred to as "liabilities held with respect to" that Series. Each allocation of liabilities, expenses, costs, charges and reserves by the Board of Trustees shall be conclusive and binding upon the Shareholders of all Series for all purposes. All Persons who have extended credit which has been allocated to a particular Series, or who have a claim or contract which has been allocated to any particular Series, shall look, and shall be required by contract to look exclusively, to the assets of that particular Series for payment of such credit, claim, or contract. In the absence of an express contractual agreement so limiting the claims of such creditors, claimants and contract providers, each creditor, claimant and contract provider will be deemed nevertheless to have impliedly agreed to such limitation.

Subject to the right of the Board of Trustees in its discretion to allocate General Liabilities as provided herein, the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series, whether such Series is now authorized and existing pursuant to this Declaration of Trust or is hereafter authorized and existing pursuant to this Declaration of Trust, shall be enforceable against the assets held with respect to that Series only, and not against the assets of any other Series or the Trust generally and none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series thereof shall be enforceable against the assets held with respect to such Series. Notice of this limitation on liabilities between and among Series shall be set forth in the Certificate of Trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the DSTA, and upon the giving of such notice in the Certificate of Trust, the statutory provisions of Section 3804 of the DSTA relating to limitations on liabilities between and among Series (and the statutory effect under Section 3804 of setting forth such notice in the Certificate of Trust) shall become applicable to the Trust and each Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Dividends, Distributions, Redemptions and Repurchases</u>. Notwithstanding any other provisions of this Declaration of Trust, including, without limitation, <u>Article VI</u>, no dividend or distribution including, without limitation, any distribution paid upon dissolution of the Trust or of any Series with respect to, nor any redemption or repurchase of, the Shares of any Series or Class shall be effected by the Trust other than from the assets held with respect to such Series, nor, except as specifically provided in <u>Section</u> <u>7</u> of this <u>Article III</u>, shall any Shareholder of any particular Series otherwise have any right or claim against the assets held with respect to any other Series or the Trust generally except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series. The Board of Trustees shall have full discretion, to the extent not inconsistent with the 1940 Act, to determine which items shall be treated as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Voting</u>. All Shares of the Trust entitled to vote on a matter shall vote on the matter, separately by Series and, if applicable, by Class, subject to: (1) where the 1940 Act requires all Shares of the Trust to be voted in the aggregate without differentiation between the separate Series or Classes, then all of the Trust's Shares shall vote in the aggregate; and (2) if any matter affects only the interests of some but not all Series or Classes, then only the Shareholders of such affected Series or Classes shall be entitled to vote on the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Equality</u>. Except as may otherwise be provided in this Declaration of Trust or in resolutions adopted by the Board of Trust in the establishment of such Shares, all Shares of each particular Series shall represent an equal proportionate undivided beneficial interest in the assets held with respect to that Series (subject to the liabilities held with respect to that Series and such rights and preferences as may have been established and designated with respect to Classes of Shares within such Series), and each Share of any particular Series shall be equal to each other Share of that Series (subject to the rights and preferences with respect to separate Classes of such Series).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Fractions</u>. Any fractional Share of a Series shall carry proportionately all the rights and obligations of a whole Share of that Series, including rights with respect to voting, receipt of dividends and distributions, redemption of Shares and dissolution of the Trust or that Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Exchange Privilege</u>. The Board of Trustees shall have the authority to provide that the holders of Shares of any Series or Class shall have the right to exchange said Shares for Shares of one or more other Series or Class of the Trust or of other investment companies registered under the 1940 Act in accordance with such requirements and procedures as may be established by the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Combination of Series or Classes</u>. The Board of Trustees shall have the authority, without the approval of the Shareholders of any Series or Class unless otherwise required by applicable law, to combine the assets and liabilities held with respect to any two or more Series or Classes into assets and liabilities held with respect to a single Series or Class.

Section 7. <u>Indemnification of Shareholders</u>. If any Shareholder or former Shareholder shall be exposed to liability by reason of a claim or demand relating solely to his or her being or having been a Shareholder of the Trust (or by having been a Shareholder of a particular Series), and not because of such Person's acts or omissions, the Shareholder or former Shareholder (or, in the case of a natural person, his or her heirs, executors, administrators, or other legal representatives or, in the case of a corporation or other entity, its corporate or other general successor) shall be entitled to be held harmless from and indemnified nut of the assets of the Trust or out of the assets of the applicable Series (as the case may be) against all loss and expense arising from such claim or demand; provided, however, there shall be no liability or obligation of the Trust (or any particular Series) arising hereunder to reimburse any Shareholder for taxes paid by reason of such Shareholder's ownership of any Shares.

ARTICLE IV

THE BOARD OF TRUSTEES

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Section 1. <u>Number, Election and Tenure</u>. Prior to a public offering of Shares, there may be a Sole Trustee. For the avoidance of doubt, such Sole Trustee shall constitute the initial Board of Trustees of the Trust and may exercise all powers and authority granted to a Trustee and the Board of Trustees hereunder. Thereafter, the number of Trustees constituting the Board of Trustees may be fixed from time to time by a written instrument signed, or by resolution approved at a duly constituted meeting, by a majority of the Board of Trustees, provided, however, that the number of Trustees shall in no event be less than one (1) nor more than fifteen (15). The Board of Trustees, by action of a majority of the then Trustees at a duly constituted meeting, may fill vacancies in the Board of Trustees or remove any Trustee with or without cause. The Shareholders may elect Trustees, including filling any vacancies in the Board of Trustees, at any meeting of Shareholders called by the Board of Trustees for that purpose. A meeting of Shareholders for the purpose of electing one or more Trustees may be called by the Board of Trustees or, to the extent provided by the 1940 Act and the rules and regulations thereunder, by the Shareholders. Shareholders shall have the power to remove a Trustee only to the extent provided by the 1940 Act and the rules and regulations thereunder.

Each Trustee shall serve during the continued lifetime of the Trust until he or she dies, resigns, is declared bankrupt or incompetent by a court of appropriate jurisdiction, or is removed, or, if sooner than any of such events, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor. Any Trustee may resign at any time by written instrument signed by him or her and delivered to any officer of the Trust or to a meeting of the Board of Trustees. Such resignation shall be effective upon receipt unless specified to be effective at some later time. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following any such event or any right to damages on account of such events or any actions taken in connection therewith following his or her resignation or removal.

Section 2. <u>Effect of Death, Resignation, Removal, etc. of a Trustee</u>. The death, declination, resignation, retirement, removal, declaration as bankrupt or incapacity of one or more Trustees, or of all of them, shall not operate to dissolve the Trust or any Series or to revoke any existing agency created pursuant to the terms of this Declaration of Trust. Whenever a vacancy in the Board of Trustees shall occur, until such vacancy is filled as provided in this Article IV, Section 1, the Trustee(s) in office, regardless of the number, shall have all the powers granted to the Board of Trustees and shall discharge all the duties imposed upon the Board of Trustees by this Declaration of Trust. In the event of the death, declination, resignation, retirement, removal, declaration as bankrupt or incapacity of all of the then Trustees, the Trust's Investment Adviser(s) is (are) empowered to appoint new Trustees subject to the provisions of Section 16(a) of the 1940 Act.

Section 3. <u>Powers</u>. Subject to the provisions of this Declaration of Trust, the business of the Trust shall be managed by the Board of Trustees, and such Board of Trustees shall have all powers necessary or convenient to carry out that responsibility, including, without limitation, the power to engage in securities or other transactions of all kinds on behalf of the Trust. The Board of Trustees shall have full power and authority to do any and all acts and to make and execute any and all contracts and instruments that it may consider necessary or appropriate in connection with the administration of the Trust. The Trustees shall not be bound or limited by present or future

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laws or customs with regard to investment by trustees or fiduciaries, but shall have full authority and absolute power and control over the assets of the Trust and the business of the Trust to the same extent as if the Trustees were the sole owners of the assets of the Trust and the business in their own right, including such authority, power and control to do all acts and things as they, in their sole discretion, shall deem proper to accomplish the purposes of this Trust. Without limiting the foregoing, the Trustees may: (1) adopt, amend and repeal By-Laws not inconsistent with this Declaration of Trust providing for the regulation and management of the affairs of the Trust; (2) fill vacancies in or remove from their number in accordance with this Declaration of Trust or the By-Laws, and may elect and remove such officers and appoint and terminate such agents as they consider appropriate; (3) appoint from their own number and establish and terminate one or more committees consisting of two or more Trustees which may exercise the powers and authority of the Board of Trustees to the extent that the Board of Trustees determine; (4) employ one or more custodians of the Trust Property and may authorize such custodians to employ subcustodians and to deposit all or any part of such Trust Property in a system or systems for the central handling of securities or with a Federal Reserve Bank; (5) retain a transfer agent, dividend disbursing agent, a shareholder servicing agent or administrative services agent, or all of them; (6) provide for the issuance and distribution of Shares by the Trust directly or through one or more Principal Underwriters or otherwise; (7) retain one or more Investment Adviser(s); (8) redeem, repurchase and transfer Shares pursuant to applicable law; (9) set record dates for the determination of Shareholders with respect to various matters, in the manner provided in <u>Article V</u>, <u>Section</u> <u>5</u> of this Declaration of Trust; (10) declare and pay dividends and distributions to Shareholders from the Trust Property; (11) establish from time to time, in accordance with the provisions of <u>Article III</u>, <u>Section</u> <u>6</u> hereof, any Series or Class of Shares, each such Series to operate as a separate and distinct investment medium and with separately defined investment objectives and policies and distinct investment purposes; and (12) in general delegate such authority as they consider desirable to any officer of the Trust, to any committee of the Board of Trustees and to any agent or employee of the Trust or to any such custodian, transfer, dividend disbursing or shareholder servicing agent, Principal Underwriter or Investment Adviser. Any determination as to what is in the best interests of the Trust made by the Board of Trustees in good faith shall be conclusive.

In construing the provisions of this Declaration of Trust, the presumption shall be in favor of a grant of power to the Trustees. Unless otherwise specified herein or required by law, any action by the Board of Trustees shall be deemed effective if approved or taken by a majority of the Trustees then in office.

Any action required or permitted to be taken by the Board of Trustees, or a committee thereof, may be taken without a meeting if a majority of the members of the Board of Trustees, or committee thereof, as the case may be, shall individually or collectively consent in writing to that action. Such action by written consent shall have the same force and effect as **a** majority vote of the Board of Trustees, or committee thereof, as the case may be. Such written consent or consents shall be filed with the minutes of the proceedings of the Board of Trustees, or committee thereof, as the case may be.

The Trustees shall devote to the affairs of the Trust such time as may reasonably be necessary for the proper performance of their duties hereunder, but neither the Trustees nor the officers, directors, shareholders or partners of the Trustees, shall be expected to devote their full time to the performance of such duties. The Trustees, or any Affiliate shareholder, officer, director,

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Partner or employee thereof, or any Person owning a legal or beneficial interest therein, may engage in or possess an interest in any other business or venture of any nature and description, independently or with or for the account of others.

Section 4. <u>Payment of Expenses by the Trust</u>. The Board of Trustees is authorized to pay or cause to be paid out of the principal or income of the Trust or any particular Series or Class, or partly out of the principal and partly out of the income of the Trust or any particular Series or Class, and to charge or allocate the same to, between or among such one or more of the Series or Classes that may be established or designated pursuant to Article III, Section 6, as it deems fair, all expenses, fees, charges, taxes and liabilities incurred by or arising in connection with the maintenance or operation of the Trust or a particular Series or Class, or in connection with the management thereof, including, but not limited to, the Trustees' compensation and such expenses, fees, charges, taxes and liabilities for the services of the Trust's officers, employees, Investment Adviser, Principal Underwriter, auditors, counsel, custodian, sub-custodian (if any), transfer agent, dividend disbursing agent, shareholder servicing agent, and such other agents or independent contractors and such other expenses, fees, charges, taxes and liabilities as the Board of Trustees may deem necessary or proper to incur.

Section 5. <u>Reserved</u>.

Section 6. <u>Ownership of Trust Property</u>. Legal title to all of the Trust Property shall at all times be considered to be vested in the Trust, except that the Board of Trustees shall have the power to cause legal title to any Trust Property to be held by or in the name of any Person as nominee, on such terms as the Board of Trustees may determine, in accordance with applicable law.

Section 7. <u>Service Contracts</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to such requirements and restrictions as may be set forth in the By-Laws and/or the 1940 Act, the Board of Trustees may, at any time and from time to time, contract for exclusive or nonexclusive advisory, management and/or administrative services for the Trust or for any Series with any corporation, trust, association or other organization, including any Affiliate; and any such contract may contain such other terms as the Board of Trustees may determine, including without limitation, authority for the Investment Adviser or administrator to determine from time to time without prior consultation with the Board of Trustees what securities and other instruments or property shall be purchased or otherwise acquired, owned, held, invested or reinvested in, sold, exchanged, transferred, mortgaged, pledged, assigned, negotiated, or otherwise dealt with or disposed of, and what portion, if any, of the Trust Property shall be held uninvested and to make changes in the Trust's or a particular Series' investments, or such other activities as may specifically be delegated to such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Board of Trustees may also, at any time and from time to time, contract with any corporation, trust, association or other organization, including any Affiliate, appointing it or them as the exclusive or nonexclusive distributor or Principal Underwriter for the Shares of the Trust or one or more of the Series or Classes thereof or for other securities to be issued by the Trust, or appointing it or them to act as the custodian, transfer agent, dividend disbursing agent and/or shareholder servicing agent for the Trust or one or more of the Series or Classes thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board of Trustees is further empowered, at any time and from time to time, to contract with any Persons to provide such other services to the Trust or one or more of its Series, as the Board of Trustees determines to be in the best interests of the Trust or one or more of its Series.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The fact that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any of the Shareholders, Trustees, employees or officers of the Trust is a shareholder, director, officer, partner, trustee, employee, manager, Adviser, Principal Underwriter, distributor, or Affiliate or agent of or for any corporation, trust, association, or other organization, or for any parent or Affiliate of any organization with which an Adviser's, management or administration contract, or Principal Underwriter's or distributor's contract, or custodian, transfer, dividend disbursing, shareholder servicing or other type of service contract may have been or may hereafter be made, or that any such organization, or any parent or Affiliate thereof, is a Shareholder or has an interest in the Trust, or that

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any corporation, trust, association or other organization with which an Adviser's, management or administration contract or Principal Underwriter's or distributor's contract, or custodian, transfer, dividend disbursing, shareholder servicing or other type of service contract may have been or may hereafter be made also has an Adviser's, management or administration contract, or Principal Underwriter's or distributor's contract, or custodian, transfer, dividend disbursing, shareholder servicing or other service contract with one or more other corporations, trusts, associations, or other organizations, or has other business or interests, shall not affect the validity of any such contract or disqualify any Shareholder, Trustee, employee or officer of the Trust from voting upon or executing the same, or create any liability or accountability to the Trust or its Shareholders, provided that the establishment of and performance under each such contract is permissible under the provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Every contract referred to in this Section 7 shall comply with such requirements and restrictions as may be set forth in the By-Laws, the 1940 Act or stipulated by resolution of the Board of Trustees; and any such contract may contain such other terms as the Board of Trustees may determine.

ARTICLE V

SHAREHOLDERS' VOTING POWERS AND MEETINGS

Section 1. <u>Voting Powers</u>. Subject to the provisions of Article III, Section 6(d), the Shareholders shall have power to vote only (i) for the election of Trustees, including the filling of any vacancies in the Board of Trustees, as provided in Article IV, Section 1; (ii) with respect to such additional matters relating to the Trust as may be required by this Declaration of Trust, the By-Laws, the 1940 Act or any registration statement of the Trust filed with the Commission; and (iii) on such other matters as the Board of Trustees may consider necessary or desirable. The Shareholder of record (as of the record date established pursuant to Section 5 of this Article V) of each Share shall be entitled to one vote for each full Share, and a fractional vote for each fractional

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Share. Shareholders shall not be entitled to cumulative voting in the election of Trustees or on any other matter. Shares may be voted in person or by proxy.

Section 2. <u>Meetings</u>. Meetings of the Shareholders may be called by the Board of Trustees for the purpose of electing Trustees as provided in Article IV, Section 1 and for such other purposes as may be prescribed by law, by this Declaration of Trust or by the By-Laws. Meetings of the Shareholders may also be called by the Board of Trustees from time to time for the purpose of taking action upon any other matter deemed by the Board of Trustees to be necessary or desirable. The Trust is not required to hold annual meetings of the Shareholders.

Section 3. <u>Quorum and Required Vote</u>. Except when a larger quorum is required by applicable law, by the By-Laws or by this Declaration of Trust, thirty-three and one-third percent (33-1/3%) of the Shares present in person or represented by proxy and entitled to vote at a Shareholders' meeting shall constitute a quorum at such meeting. When a separate vote by one or more Series or Classes is required, thirty-three and one-third percent (33-1/3%) of the Shares of each such Series or Class present in person or represented by proxy and entitled to vote shall constitute a quorum at a Shareholders' meeting of such Series or Class. Subject to the provisions of Article III, Section 6(d), Article VIII, Section 4 and any other provision of this Declaration of Trust, the By-Laws or applicable law which requires a different vote: (1) in all matters other than the election of Trustees, the affirmative vote of the majority of votes cast at a Shareholders' meeting at which a quorum is present shall be the act of the Shareholders; (2) Trustees shall be elected by a plurality of the votes cast at a Shareholders' meeting at which a quorum is present.

Section 4. <u>Shareholder Action by Written Consent without a Meeting</u>. Any action which may be taken at any meeting of Shareholders may be taken without a meeting and without prior notice if a consent in writing setting forth the action so taken is signed by the holders of Shares having not less than the minimum number of votes that would be necessary to authorize or take that action at a meeting at which all Shares entitled to vote on that action were present and voted. All such consents shall be filed with the secretary of the Trust and shall be maintained in the Trust's records. Any Shareholder giving a written consent or the Shareholder's proxy holders or a transferee of the Shares or a personal representative of the Shareholder or its respective proxy-holder may revoke the consent by a writing received by the secretary of the Trust before written consents of the number of Shares required to authorize the proposed action have been filed with the secretary.

If the consents of all Shareholders entitled to vote have not been solicited in writing and if the unanimous written consent of all such Shareholders shall not have been received, the secretary shall give prompt notice of the action taken without a meeting to such Shareholders. This notice shall be given in the manner specified in the By-Laws.

Section 5. <u>Record Dates</u>. For purposes of determining the Shareholders entitled to notice of any meeting or to vote or entitled to give consent to action without a meeting, the Board of Trustees may fix a record date which shall not be more than one hundred eighty (180) days nor less than seven (7) days before the date of any such meeting.

If the Board of Trustees does not so fix a record date:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The record date for determining Shareholders entitled to notice of or to vote at a meeting of Shareholders shall be at the close of business on the business day next preceding the day on which notice is given or, if notice is waived, at the close of business on the business day which is five (5) business days next preceding to the day on which the meeting is held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The record date for determining Shareholders entitled to give consent to action in writing without a meeting, (i) when no prior action by the Board of Trustees has been taken, shall be the day on which the first written consent is given, or (ii) when prior action of the Board of Trustees has been taken, shall be at the close of business on the day on which the Board of Trustees adopts the resolution taking such prior action or the seventy-fifth (75th) day before the date of such other action, whichever is later.

For the purpose of determining the Shareholders of any Series or Class who are entitled to receive payment of any dividend or of any other distribution, the Board of Trustees may from time to time fix a date, which shall be before the date for the payment of such dividend or such other distribution, as the record date for determining the Shareholders of such Series or Class having the right to receive such dividend or distribution. Nothing in this Section shall be construed as precluding the Board of Trustees from setting different record dates for different Series or Classes.

Section 6. <u>Additional Provisions</u>. The By-Laws may include further provisions for Shareholders' votes, meetings and related matters.

ARTICLE VI

NET ASSET VALUE, DISTRIBUTIONS, REPURCHASES AND REDEMPTIONS

Section 1. <u>Determination of Net Asset Value, Net Income and Distributions</u>. Subject to Article III, Section 6 hereof, the Board of Trustees shall have the power to fix an initial offering price for the Shares of any Series or Class thereof which shall yield to such Series or Class not less than the net asset value thereof, at which price the Shares of such Series or Class shall be offered initially for sale, and to determine from time to time thereafter the offering price which shall yield to such Series or Class not less than the net asset value thereof from sales of the Shares of such Series or Class; provided, however, that no Shares of a Series or Class thereof shall be issued or sold for consideration which shall yield to such Series or Class less than the net asset value of the Shares of such Series or Class next determined after the receipt of the order (or at such other times set by the Board of Trustees), except in the case of Shares of such Series or Class issued in payment of a dividend properly declared and payable. Nothing in the foregoing shall prevent the Principal Underwriter from, pursuant to its agreement with the Trust, imposing a sales charge upon investments in the Trust.

Subject to Article III, Section 6 hereof, the Board of Trustees, in their absolute discretion, may prescribe and shall set forth in the By-laws or in a duly adopted vote of the Board of Trustees such bases and time for determining the per Share or net asset value of the Shares of any Series or net income attributable to the Shares of any Series, or the declaration and payment of dividends and distributions on the Shares of any Series, as they may deem necessary or desirable.

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Section 2. <u>Repurchase at the Option of a Shareholder</u>. Unless the Trustees otherwise determine with respect to a particular Series or Class at the time of establishing and designating the same:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Shareholder shall have the right at such times as may be permitted by the Trustees, to require the Trust to repurchase (out of the assets belonging to the applicable Class) all or any part of his shares at the net asset value thereof as of the repurchase pricing date established by the Trustees, less any repurchase fee established by the Trustees in their discretion, and subject to such conditions as the Trustees may determine, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Payment for Shares so repurchased by the Trust shall be made by the Trust to the Shareholders as provided above within seven days after the repurchase pricing date established by the Trustees. The repurchase price may in any case or cases be paid in cash or wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the repurchase price shall be determined by or under authority of the Trustees. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may declare a suspension of the right of repurchase or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end. In the event that the Trust is divided into Classes, the provisions of this Section 2, to the extent applicable as determined in the discretion of the Trustees and consistent with the 1940 Act, may be equally applied to each such Class.

Section 3. <u>Redemptions at the Option of the Trust</u>. The Trust shall have the right at its option and at any time to redeem the Shares owned by any holder thereof at the net asset value thereof, unless otherwise prohibited by the 1940 Act, as described in Section 1 of this Article VI for any reason under the terms established by the Trustees from time to time for reasons including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in connection with the termination of any Series or Class of Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if at such time such Shareholder owns Shares having an aggregate net asset value of less than an amount determined from time to time by the Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to the extent that such Shareholder owns Shares equal to or in excess of a percentage of the outstanding Shares determined from time to time by the Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) because the Shareholder fails to supply a tax identification number or other identification or if the Trust is unable to verify a Shareholder's identity;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) because the Shareholder fails to pay when due the full purchase price of Shares issued to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) because the Shareholder fails to disclose to the Trust in writing upon demand such information with respect to direct and indirect ownership of Shares and the beneficial owner(s) thereof as the Trust deems necessary or appropriate to comply with the provisions of the Code, or to comply with the requirements of any governmental authority or applicable law or regulation; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) pursuant to any other policy, procedure or plan established by the Board of Trustees that contemplates the redemption of Shares or the closing of any Shareholder account.

Any involuntary redemptions pursuant to this Section 3 will be conducted consistent with rule 23c-2 under the 1940 Act.

ARTICLE VII

COMPENSATION AND LIMITATION OF LIABILITY OF OFFICERS AND TRUSTEES

Section 1. <u>Compensation</u>. Except as set forth in the last sentence of this <u>Section</u> <u>1</u>, the Board of Trustees may, from time to time, fix the amount of compensation to be paid by the Trust to the Trustees and officers of the Trust. Nothing herein shall in any way prevent the employment of any Trustee for advisory, management, legal, accounting, investment banking or other services and payment for the same by the Trust.

Section 2. <u>Indemnification and Limitation of Liability</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To the fullest extent that limitations on the liability of Trustees and officers are permitted by the DSTA, the officers and Trustees shall not be responsible or liable in any event for any act or omission of any agent or employee of the Trust; any Investment Adviser or Principal Underwriter of the Trust; or with respect to each Trustee and officer, the act or omission of any other Trustee or officer, respectively. The Trust, out of the Trust Property, shall indemnify and hold harmless each and every officer and Trustee from and against any and all claims and demands whatsoever arising out of or related to such officer's or Trustee's performance of his or her duties as an officer or Trustee of the Trust. This limitation on liability applies to events occurring at the time a Person serves as a Trustee or officer of the Trust whether or not such Person is a Trustee or officer at the time of any proceeding in which liability is asserted. Nothing herein contained shall indemnify, hold harmless or protect any officer or Trustee from or against any liability to the Trust or any Shareholder to which such Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such Person's office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every note, bond, contract, instrument, certificate or undertaking and every other act or document whatsoever issued, executed or done by or on behalf of the Trust, the officers or the Trustees or any of them in connection with the Trust shall be conclusively deemed to have been issued, executed or done only in such Person's capacity as Trustee and/or as officer, and such

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Trustee or officer, as applicable, shall not be personally liable therefore, except as described in the last sentence of the first paragraph of this Section 2 of this Article VII.

Section 3. <u>Officers and Trustees</u><u>'</u> <u>Good Faith Action, Expert Advice, No Bond or Surety</u>. The exercise by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. An officer or Trustee shall be liable to the Trust and to any Shareholder solely for such officer's or Trustee's own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of such officer or Trustee, and for nothing else, and shall not be liable for errors of judgment or mistakes of fact or law. The officers and Trustees may obtain the advice of counsel or other experts with respect to the meaning and operation of this Declaration of Trust and their duties as officers or Trustees. No such officer or Trustee shall be liable for any act or omission in accordance with such advice and no inference concerning liability shall arise from a failure to follow such advice. The officers and Trustees shall not be required to give any bond as such, nor any surety if a bond is required.

Section 4. <u>Insurance</u>. To the fullest extent permitted by applicable law, the officers and Trustees shall be entitled and have the authority to purchase with Trust Property, insurance for liability and for all expenses reasonably incurred or paid or expected to be paid by a Trustee or officer in connection with any claim, action, suit or proceeding in which such Person becomes involved by virtue of such Person's capacity or former capacity with the Trust, whether or not the Trust would have the power to indemnify such Person against such liability under the provisions of this Article.

ARTICLE VIII

MISCELLANEOUS

Section 1. <u>Liability of Third Persons Dealing with Trustees</u>. No person dealing with the Trustees shall be bound to make any inquiry concerning the validity of any actions made or to be made by the Trustees.

Section 2. <u>Derivative Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shareholders of the Trust or any Series may not bring a derivative action to enforce the right of the Trust or an affected Series, as applicable, unless each of the following conditions is met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Each complaining Shareholder was a Shareholder of the Trust or the affected Series, as applicable, at the time of the action or failure to act complained of, or acquired the Shares afterwards by operation of law from a Person who was a Shareholder at that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Each complaining Shareholder was a Shareholder of the Trust or the affected Series, as applicable, as of the time the demand required by subparagraph (iii) below was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Prior to the commencement of such derivative action, the complaining Shareholders have made a written demand to the Board of Trustees requesting

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that they cause the Trust or affected Series, as applicable, to file the action itself. In order to warrant consideration, any such written demand must include at least the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a detailed description of the action or failure to act complained of and the facts upon which each such allegation is made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a statement to the effect that the complaining Shareholders believe that they will fairly and adequately represent the interests of similarly situated Shareholders in enforcing the right of the Trust or the affected Series, as applicable and an explanation of why the complaining Shareholders believe that to be the case;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a certification that the requirements of sub-paragraphs (i) and (ii) have been met, as well as information reasonably designed to allow the Trustees to verify that certification; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a certification that each complaining Shareholder will be a Shareholder of the Trust or the affected Series, as applicable as of the commencement of the derivative action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) At least 10% of the Shareholders of the Trust or the affected Series, as applicable, must join in bringing the derivative action; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) A copy of the derivative complaint must be served on the Trust, assuming the requirements of sub-paragraphs (i)-(iv) above have already been met and the derivative action has not been barred in accordance with paragraph (b)(ii) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Demands for derivative action submitted in accordance with the requirements above will be considered by those Trustees who are not deemed to be Interested Persons of the Trust. Within 30 calendar days of the receipt of such demand by the Board of Trustees, those Trustees who are not deemed to be Interested Persons of the Trust will consider the merits of the claim and determine whether maintaining a suit would be in the best interests of the Trust or the affected Series, as applicable. Trustees that are not deemed to be Interested Persons of the Trust are deemed independent for all purposes, including for the purpose of approving or dismissing a derivative action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the demand for derivative action has not been considered within 30 calendar days of the receipt of such demand by the Board of Trustees, a decision communicated to the complaining Shareholder within the time permitted by sub-paragraph (ii) below, and sub-paragraphs (i)-(iv) of paragraph (a) above have been met, the complaining Shareholders shall not be barred by this Declaration of Trust from commencing a derivative action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the demand for derivative action has been considered by the Board of Trustees, and a majority of those Trustees who are not deemed to be Interested Persons of the Trust, after considering the merits of the claim, has determined that maintaining a suit would not be in the best interests of the Trust or the affected Series, as applicable, the complaining Shareholders shall be barred from commencing the derivative action. If upon

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such consideration the appropriate members of the Board determine that such a suit should be maintained, then the appropriate officers of the Trust shall commence initiation of that suit and such suit shall proceed directly rather than derivatively. The Board of Trustees, or the appropriate officers of the Trust, shall inform the complaining Shareholders of any decision reached under this sub-paragraph (ii) in writing within five business days of such decision having been reached.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A Shareholder of a particular Series of the Trust shall not be entitled to participate in a derivative action on behalf of any other Series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Section 2 will not apply to claims arising under the federal securities laws.

Section 3. <u>Dissolution of Trust or Any Series or Class</u>. Unless dissolved as provided herein, the Trust shall have perpetual existence. The Trust may be dissolved at any time by vote of a majority of the Shares of the Trust entitled to vote or by the Board of Trustees by written notice to the Shareholders. Any Series or Class may be dissolved at any time by vote of a majority of the Shares of that Series or Class, or by the Board of Trustees without such Shareholder approval by written notice to the Shareholders of that Series or Class.

Upon dissolution of the Trust (or a particular Series or Class, as the case may be), the Trustees shall (in accordance with ss. 3808 of the DSTA) pay or make reasonable provision to pay all claims and obligations of each Series or Class (or the particular Series or Class, as the case may be), including all contingent, conditional or unmatured claims and obligations known to the Trust, and all claims and obligations which are known to the Trust but for which the identity of the claimant is unknown. If there are sufficient assets held with respect to each Series or Class of the Trust (or the particular Series or Class, as the case may be), such claims and obligations shall be paid in full and any such provisions for payment shall be made in full. If there are insufficient assets held with respect to each Series or Class of the Trust (or the particular Series or Class, as the case may be), such claims and obligations shall be paid or provided for according to their priority and, among claims and obligations of equal priority, ratably to the extent of assets available therefor. Any remaining assets (including without limitation, cash, securities or any combination thereof) held with respect to each Series or Class of the Trust (or the particular Series or Class, as the case may be) shall be distributed to the Shareholders of such Series or Class, ratably according to the number of Shares of such Series or Class held by the several Shareholders on the record date for such dissolution distribution.

Section 4. <u>Merger and Consolidation; Conversion</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Merger and Consolidation</u>. Pursuant to an agreement of merger or consolidation, the Trust, or any one or more Series, may, by act of a majority of the Board of Trustees, merge or consolidate with or into one or more statutory trusts or other business entities formed or organized or existing under the laws of the State of Delaware or any other state or the United States or any foreign country or other foreign jurisdiction. Any such merger or consolidation shall not require the vote of the Shareholders affected thereby, unless such vote is required by the 1940 Act, or unless such merger or consolidation would result in an amendment of this Declaration of Trust which would otherwise require the approval of such Shareholders. In

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accordance with Section 3815(f) of the DSTA, an agreement of merger or consolidation may affect any amendment to this Declaration of Trust or the By-Laws or affect the adoption of a new declaration of trust or by-laws of the Trust if the Trust is the surviving or resulting statutory trust. Upon completion of the merger or consolidation, the Trustees shall file a certificate of merger or consolidation in accordance with Section 3810 of the DSTA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Conversion</u>. A majority of the Board of Trustees may, without the vote or consent of the Shareholders, cause (i) the Trust to convert to a common-law trust, a general partnership, limited partnership or a limited liability company organized, formed or created under the laws of the State of Delaware as permitted pursuant to Section 3821 of the DSTA; (ii) the Shares of the Trust or any Series to be converted into beneficial interests in another statutory trust (or series thereof) created pursuant to this Section 3 of this Article VIII, or (iii) the Shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law; provided, however, that if required by the 1940 Act, no such statutory conversion, Share conversion or Share exchange shall be effective unless the terms of such transaction shall first have been approved at a meeting called for that purpose by the "vote of a majority of the outstanding voting securities," as such phrase is defined in the 1940 Act, of the Trust or Series, as applicable; provided, further, that in all respects not governed by statute or applicable law, the Board of Trustees shall have the power to prescribe the procedure necessary or appropriate to accomplish a sale of assets, merger or consolidation including the power to create one or more separate statutory trusts to which all or any part of the assets, liabilities, profits or losses of the Trust may be transferred and to provide for the conversion of Shares of the Trust or any Series into beneficial interests in such separate statutory trust or trusts (or series thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>No Appraisal or Dissenters' Rights</u>. Shareholders shall have no rights of dissenting shareholders in the event the Trust participates in any transaction that would give rise to appraisal or dissenters' rights by a shareholder of a corporation organized under the laws of the State of Delaware, or otherwise.

Section 5. <u>Reorganization</u>. A majority of the Board of Trustees may cause the Trust to sell, convey and transfer all or substantially all of the assets of the Trust, or all or substantially all of the assets associated with any one or more Series, to another trust, statutory trust, partnership, limited partnership, limited liability company, association or corporation organized under the laws of any state, or to one or more separate series thereof, or to the Trust to be held as assets associated with one or more other Series of the Trust, in exchange for cash, shares or other securities (including, without limitation, in the case of a transfer to another Series of the Trust, Shares of such other Series) with such transfer either (a) being made subject to, or with the assumption by the transferee of, the liabilities associated with each Series the assets of which are so transferred, or (b) not being made subject to, or not with the assumption of, such liabilities; provided, however, that, if required by the 1940 Act, no assets associated with any particular Series shall be so sold, conveyed or transferred unless the terms of such transaction shall first have been approved at a meeting called for that purpose by the "vote of a majority of the outstanding voting securities," as such phrase is defined in the 1940 Act, of that Series. Following such sale, conveyance and transfer, the Board of Trustees shall distribute such cash, shares or other securities (giving due effect to the assets and liabilities associated with and any other differences among the various Series the assets associated with which have so been sold, conveyed and transferred) ratably among the Shareholders of the Series the assets associated with which have been so sold, conveyed and

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transferred (giving due effect to the differences among the various Classes within each such Series); and if all of the assets of the Trust have been so sold, conveyed and transferred, the Trust shall be dissolved.

Section 6. <u>Amendments</u>. Subject to the provisions of the second paragraph of this Section 5 of this Article VIII, this Declaration of Trust may be restated and/or amended at any time by an instrument in writing signed by a majority of the then Board of Trustees and, if required, by approval of such amendment by Shareholders in accordance with Article V, Section 3 hereof. Any such restatement and/or amendment hereto shall be effective immediately upon execution and approval or upon such future date and time as may be stated therein. The Certificate of Trust of the Trust may be restated and/or amended by a similar procedure, and any such restatement and/or amendment shall be effective immediately upon filing with the Office of the Secretary of State of the State of Delaware or upon such future date as may be stated therein.

Notwithstanding the above, the Board of Trustees expressly reserves the right to amend or repeal any provisions contained in this Declaration of Trust or the Certificate of Trust, in accordance with the provisions of Section 5 of Article III hereof, and all rights, contractual and otherwise, conferred upon Shareholders are granted subject to such reservation. The Board of Trustees further expressly reserves the right to amend or repeal any provision of the By-Laws pursuant to Article IX of the By-Laws.

Section 7. <u>Filing of Copies, References, Headings</u>. The original or a copy of this Declaration of Trust and of each restatement and/or amendment hereto shall be kept at the principal executive office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the Trust may rely on a certificate by an officer of the Trust as to whether or not any such restatements and/or amendments have been made and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such restatements and/or amendments. In this Declaration of Trust and in any such restatements and/or amendments, references to this instrument, and all expressions of similar effect to "herein," "hereof" and "hereunder," shall be deemed to refer to this instrument as amended or affected by any such restatements and/or amendments. Headings are placed herein for convenience of reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. Whenever the singular number is used herein, the same shall include the plural; and the neuter, masculine and feminine genders shall include each other, as applicable. This instrument may be executed in any number of counterparts, each of which shall be deemed an original.

Section 8. <u>Applicable Law</u>. This Declaration of Trust is created under and is to be governed by and construed and administered according to the laws of the State of Delaware and the applicable provisions of the 1940 Act and the Code. The Trust shall be a Delaware statutory trust pursuant to the DSTA, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a statutory trust.

Section 9. <u>Provisions in Conflict with Law or Regulations</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of this Declaration of Trust are severable, and if the Board of Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the Code, the DSTA, or with other applicable laws and regulations, the conflicting provision shall be deemed not to have constituted a part of this Declaration of Trust from the time when such provisions became inconsistent with such laws or regulations; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration of Trust or render invalid or improper any action taken or omitted prior to such determination.

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

Section 10. <u>Statutory Trust Only</u>. It is the intention of the Trustees to create a statutory trust pursuant to the DSTA, and thereby to create the relationship of trustee and beneficial owners within the meaning of the DSTA between the Trustees and each Shareholder. It is not the intention of the Trustees to create a general or limited partnership, limited liability company, joint stock association, corporation, bailment, or any form of legal relationship other than a statutory trust pursuant to the DSTA. Nothing in this Declaration of Trust shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 11. <u>Writings</u>.

To the fullest extent permitted by applicable laws and regulations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all requirements in this Declaration of Trust or in the By-Laws that any action be taken by means of any writing, including, without limitation, any written instrument, any written consent or any written agreement, shall be deemed to be satisfied by means of any electronic record in such form that is acceptable to the Trustees; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all requirements in this Declaration of Trust or in the By-Laws that any writing be signed shall be deemed to be satisfied by any electronic signature in such form that is acceptable to the Trustees.

Section 12. <u>Trustees May Resolve Ambiguities</u>. The Trustees may construe any of the provisions of this Declaration of Trust insofar as the same may appear to be ambiguous or inconsistent with any other provisions hereof, and any such construction hereof by the Trustees in good faith shall be conclusive as to the meaning to be given to such provisions.

Section 13. <u>Jurisdiction</u>. Unless the Trust consents in writing to the selection of an alternative forum, the Federal District Courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any cause or causes of action arising under the Securities Act of 1933, as amended or the 1940 Act (each, a "Federal Securities Action" and together with a Delaware Action, a "Covered Action"), and all Shareholders and all other Persons purchasing or otherwise acquiring, holding or claiming any interest in any Shares hereby irrevocably consent to the jurisdiction of such courts (and the appropriate appellate

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courts therefrom) in any such suit, action or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection they may make now or hereafter have to the laying of the venue of any such suit, action or proceeding in such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. For claims that are required to be brought in federal court, the Federal District Courts of the United States shall be the sole and exclusive forum for such claims.

[*Signature Page Follows*]

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IN WITNESS WHEREOF, the Trustees named below do hereby make and enter into this Amended and Restated Declaration of Trust as of the date first above written.

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| |
|:---|
| David Eikenberg |
| Trustee |
| Lucy Bode |
| Trustee |
| Leslie Garner |
| Trustee |
| Ronald James |
| Trustee |
| Michael Kardok |
| Trustee |
| Margaret McCaffrey |
| Trustee |
| Dexter Perry |
| Trustee |
| James Seward |
| Trustee |
| Christie Zarkovich |
| Trustee |

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

**RBC BLUEBAY ENHANCED INCOME FUND** 

**(the "Trust")** 

**PLAN PURSUANT TO RULE 18F-3** 

**under the** 

**INVESTMENT COMPANY ACT OF 1940** 

<u>I.</u> <u>Introduction</u>

This Plan describes the multi-class system for the Trust, including the separate class arrangements for shareholder services and/or distribution of shares, the method for allocating expenses to classes and any related conversion features or exchange privileges applicable to the classes. The Trust is a closed-end investment company registered under the Investment Company Act of 1940, as amended ("1940 Act"), the shares of which are registered on Form N-2 under the Securities Act of 1933. The Trust was granted an exemptive order from the Securities and Exchange Commission ("SEC") permitting the Trust to offer multiple classes of shares, subject to the condition that the Trust will comply with Rule 18f-3 under the 1940 Act as if the rule applies to a closed-end investment company. The Trust hereby elects to offer multiple classes of shares of the Trust pursuant to the provisions of Rule 18f-3 and the Plan. For so long as this Plan is in effect, the Trust's Board of Trustees shall satisfy the fund governance standards defined in 1940 Act Rule 0-1(a)(7).

<u>II.</u> <u>The Multi-Class System</u>

The Trust is authorized to subdivide its shares of beneficial interest into separate classes, each of which may have different arrangements for shareholder services or the distribution of shares of the class or both, and shall pay all of the expenses of that arrangement; and which may also pay a different share of other expenses, not including advisory or custodial fees or other portfolio level expenses, if these expenses are actually incurred in a different amount by that class, or if the class receives services of a different kind or to a different degree than other classes.

. Shares of each class of the Trust shall represent an equal <u>pro rata</u> interest in the Trust and, generally, shall have identical voting, dividend, liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications and terms and conditions, except that: (a) each class shall have a different designation; (b) each class of shares shall bear any Class Expenses, as defined in Section C, below; (c) each class shall have exclusive voting rights on any matter submitted to shareholders that relates solely to its distribution arrangement; and (d) each class shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class. In addition, each Class shall have the features described below.

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Sales Charge Structure</u>

1. <u>Class A Shares.</u> Class A shares of the Trust shall be offered at the then-current net asset value plus a front-end sales charge in such amount as is disclosed in the current prospectus for the Trust, including any prospectus supplements, and shall be subject to such reductions and waivers as are determined or approved

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by the Trust's Board of Trustees. Class A shares shall generally not be subject to a contingent deferred sales charge provided, however, that such a charge may be imposed in such cases as the Board may approve and as disclosed in a future prospectus or prospectus supplement for the Trust.

2. <u>Class I Shares.</u> Class I shares of the Trust shall be available only to such categories of investors as are specified from time to time in the then-current prospectus for the Trust, or in a prospectus supplement. Class I shares shall be offered at net asset value with no initial sales charge and shall not be subject to a contingent deferred sales charge provided, however, that such charge(s) may be imposed in such cases as the Board may approve and as disclosed in a future prospectus or prospectus supplement for the Trust.

3. <u>Class T Shares.</u> Class T shares of the Trust shall be available only to such categories of investors as are specified from time to time in the then-current prospectus for the Trust, or in a prospectus supplement. Class T shares of the Trust shall be offered at the then-current net asset value plus a front-end sales charge in such amount as is disclosed in the current prospectus for the Trust, including any prospectus supplements, and shall be subject to such reductions and waivers as are determined or approved by the Trust's Board of Trustees. Class T shares shall generally not be subject to a contingent deferred sales charge provided, however, that such a charge may be imposed in such cases as the Board may approve and as disclosed in a future prospectus or prospectus supplement for the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Service and Distribution Plans</u>

The Trust has adopted Plans pursuant to Rule 12b-1 applicable to classes of shares offered by the Trust, containing the following terms:

1. <u>Class A Shares.</u> No Supplement to the Master Distribution Plan has been adopted for Class A shares of the Trust.

2. <u>Class I Shares.</u> No Supplement to the Master Distribution Plan has been adopted for Class I shares of the Trust.

3. <u>Class T Shares.</u> Class T shares shall reimburse the Distributor for costs and expenses incurred in connection with distribution and marketing of shares of the Trust, as provided in the Master Distribution Plan and Supplements thereto, subject to an annual limit of 0.50% of the average daily net assets of the Trust attributable to its Class T shares, provided that up to 0.25% of such average daily net assets may be designated out of such reimbursements as a "service fee," as defined in the rules and policy statements of the Financial Industry Regulatory Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Allocation of Income and Expenses</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>

The gross income, realized and unrealized capital gains and losses and expenses (other than Class Expenses, as defined below) of the Trust shall be allocated to each class on the basis of its net asset value relative to the net asset value of the Trust. Expenses to be so allocated also include expenses of the Trust that are not attributable to a particular class of the Trust ("Trust Expenses") . Trust Expenses include, but are not limited

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to, Trustees' fees, insurance costs, certain legal fees, certain registration fees, advisory fees, custodial fees, and other expenses relating to the management of the Trust's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Class Expenses</u>

Expenses attributable to a particular class ("Class Expenses") shall be limited to: (a) payments pursuant to the 12b-1 Plan by that class; (b) transfer agent fees attributable to that class; (c) printing and postage expenses related to preparing and distributing material such as shareholder reports, prospectuses and proxy materials to current shareholders of that class; (d) registration fees for shares of that class; (e) the expense of administrative personnel and services as required to support the shareholders of that class; (f) litigation or other legal expenses relating solely to that class; and (g) Trustees' fees incurred as a result of issues relating to that class. Expenses described in (a) of this paragraph must be allocated to the class for which they are incurred. All other expenses described in this paragraph may be allocated as Class Expenses, but only if the Trust's President and Treasurer have determined, subject to Board approval or ratification, which of such categories of expenses will be treated as Class Expenses, consistent with applicable legal principles under the 1940 Act and the Internal Revenue Code of 1986, as amended ("Code").

In the event a particular expense is no longer reasonably allocable by class or to a particular class, it shall be treated as a Trust Expense, and in the event a Trust Expense becomes allocable at a different level, including as a Class Expense, it shall be so allocated, subject to compliance with Rule 18f-3 and to approval or ratification by the Board of Trustees.

The initial determination of expenses that will be allocated as Class Expenses and any subsequent changes thereto shall be reviewed by the Board of Trustees and approved by such Board and by a majority of the Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Waivers or Reimbursements of Expenses</u>

Expenses may be waived or reimbursed by the Adviser, the Distributor or any other provider of services to the Trust without the prior approval of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Exchange Privileges</u>

Shareholders of the Trustmay exchange shares of a particular class for shares of the same class in a series of RBC Funds Trust at relative net asset value and with the payment of any excess of the sales charge applicable to the shares to be acquired over the sales charge previously paid on the shares being exchanged, provided the shares to be acquired in the exchange are qualified for sale in the shareholder's state of residence and subject to the applicable requirements as to minimum amount. However, shares of the Trust may only be exchanged in conjunction with a quarterly repurchase offer and for an amount equal to the amount of the shares tendered and repurchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Board Review</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Approval of Plan</u>

The Board of Trustees, including a majority of the Trustees who are not interested persons (as defined in the 1940 Act) of the Trust ("Independent Trustees") must approve this Plan based on a determination that the Plan, including the expense allocation, is in the best interests of each class individually and of the Trust.

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Their determination must be based on their review of information furnished to them which they deemed reasonably necessary and sufficient to evaluate the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Approval of Amendments</u>

This Plan may not be amended materially unless the Board of Trustees, including a majority of the Independent Trustees, have found that the proposed amendment, including any proposed related expense allocation, is in the best interests of each class individually and of the Trust. Such finding shall be based on information requested by the Board and furnished to them which the Board deems reasonably necessary to evaluate the proposed amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Periodic Review</u>

The Board shall review reports of expense allocations and such other information as they request at such times, or pursuant to such schedule, as they may determine consistent with applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; F. <u>Contracts</u>

Any agreement related to the Multi-Class System shall require the parties thereto to furnish to the Board of Trustees, upon their request, such information as is reasonably necessary to permit the Trustees to evaluate the Plan or any proposed amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; G. <u>Effective Date</u>

The Plan having been reviewed and approved by the Board of Trustees and by a majority of the Independent Trustees as indicated in Section E.1 of the Plan, originally took effect as of March 20, 2026, as amended from time to time.

## Ex-99.(2)(G)(1)

**INVESTMENT ADVISORY AGREEMENT** 

**AGREEMENT,** made this 20<sup>th</sup> day of March 2026, between RBC BlueBay Enhanced Income Fund, a statutory trust organized under the laws of the State of Delaware (the "Trust"), and RBC Global Asset Management (U.S.) Inc., a Minnesota corporation (the "Adviser").

**RECITALS** 

**WHEREAS,** the Trust is a registered closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and will operate as an interval fund pursuant to Rule 23c-3 under the 1940 Act; and

**WHEREAS,** the Adviser is a registered investment adviser under the Investment Advisers Act of 1940, as amended ("Advisers Act"); and

**WHEREAS,** the Trust desires to retain the Adviser to render services as agreed to from time to time between the Trust and the Adviser, and the Adviser is willing to render such services;

**NOW, THEREFORE,** in consideration of the promises and covenants set forth herein and intending to be legally bound hereby, the Trust and the Adviser do mutually agree and promise as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Trust is a closed-end management investment company and will operate as an interval fund pursuant to Rule 23c-3 under the 1940 Act. The Trust engages in the business of investing and reinvesting its assets in the manner and in accordance with the investment objectives and restrictions as specified in the Registration Statement of the Trust, as amended from time to time (the "Registration Statement"), filed by the Trust under the 1940 Act and the Securities Act of 1933, as amended (the "1933 Act"). Copies of the Registration Statement have been furnished to the Adviser. Any amendments to the Registration Statement shall be furnished to the Adviser promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust hereby appoints the Adviser to provide the investment advisory services specified in this Agreement and the Adviser hereby accepts such appointment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. (a) The Adviser shall, at its expense, (i) employ or associate with itself such persons as it believes appropriate to assist it in performing its obligations under this Agreement and (ii) provide all services, equipment and facilities necessary to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall be responsible for all of their expenses and liabilities, including, but not limited to, compensation of its Trustees who are not an "interested person" (as defined under the 1940 Act) by reason of affiliation with the Adviser or any of the Adviser's affiliates; taxes and governmental fees; interest charges; fees and expenses of the Trust's independent accountants and legal counsel; trade association membership dues; fees and expenses of any custodian (including maintenance of books and accounts and calculation of the net asset valuation of shares of the Trust); fees and expenses of any administrator, transfer agent, fund accountant or dividend paying agent of the Trust; the fees and expenses associated with the Trust's line of credit or credit facility, including the interest expense of borrowing money; expenses of any plan adopted by the Trust that is designed to comply with Rule 12b-1 under the 1940 Act as if the rule applies to a closed-end management investment company; shareholder servicing expenses; expenses of issuing, repurchasing, registering and qualifying for sale shares of beneficial interest in the Trust; expenses of preparing and printing share certificates, prospectuses and reports to shareholders, notices, proxy statements and reports to regulatory agencies; the cost of office supplies, including stationery; cost of investment company literature and other publications provided by the Trust to the Trustees and officers; travel expenses of all officers, Trustees and employees; insurance and fidelity bond premiums; brokerage and other expenses of executing portfolio transactions; expenses of shareholders' meetings; organizational expenses; expenses associated with regulatory inquiries and examinations of, or proceedings involving, the Trust; the fees and expenses incurred resulting from new services necessitated by regulatory or legal changes affecting the Trust occurring or effective after the date of this Agreement; any other ordinary expenses incurred in the course of the Trust's operations; and extraordinary expenses.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. (a) The Adviser shall provide to the Trust investment guidance and policy direction in connection with the management of the portfolio of the Trust, including oral and written research analysis, advice, statistical and economic data and information and judgments, of both a macroeconomic and microeconomic character.

The Adviser will determine the securities or investments to be purchased, retained, sold or lent by the Trust. The Adviser will place orders with broker-dealers or other trading firms, issuers, banks, foreign currency dealers, futures commission merchants, clearing organizations or other platforms or counterparties pursuant to its determinations. In no instance will investments be purchased from or sold to the Adviser or any affiliated person thereof, except in accordance with the 1940 Act and any other federal securities laws. The Adviser will determine what portion of the Trust's portfolio shall be invested in securities or other investments described by the policies of each Trust and what portion, if any, should be invested otherwise or held uninvested.

The Trust will have the benefit of the investment analysis and research, the review of current economic conditions and trends and the consideration of long-range investment policy generally available to investment advisory clients and/or customers of the Adviser. In making investment decisions, hereunder, it is understood that the Adviser will not use any inside information that may be in its possession or in the possession of any of its affiliates, nor will the Adviser seek to obtain any such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall provide to the Trust's officers such information relating to the Trust and the services to be provided by the Adviser hereunder as the Trust may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As manager of the assets of the Trust the Adviser shall make investments for the account of the Trust in accordance with the Adviser's best judgment and within the investment objectives and restrictions set forth in the Registration Statement, the 1940 Act and the provisions of the Internal Revenue Code relating to regulated investment companies, subject to policy decisions adopted by the Trust's Board of Trustees. The Trust will promptly notify the Adviser in writing of any changes in the Trust's investment objectives and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser shall furnish to the Trust's Board of Trustees periodic reports on the investment performance of the Trust and on the performance of its obligations under this Agreement and shall supply such additional reports and information as the Trust's officers or Board of Trustees shall reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On occasions when the Adviser deems the purchase or sale of a security or investment to be in the best interest of the Trust as well as other clients and/or customers, the Adviser, to the extent permitted by applicable law, may aggregate the securities to be so purchased or sold in order to obtain the best execution or lower brokerage commissions, if any. The Adviser may also on occasion purchase or sell a particular security or investment for one or more clients and/or customers in different amounts. On either occasion, and to the extent permitted by applicable law and regulations, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Adviser in the manner it considers to be the most equitable and consistent with its fiduciary obligations to the Trust and to such other clients and/or customers as well as any policies and procedures adopted by the Trust and/or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser may cause the Trust to pay a broker which provides brokerage and research-related products and services to the Adviser a commission for effecting a transaction in excess of the amount another broker might have charged. Such higher commissions may not be paid unless the Adviser determines in good faith that the amount paid is reasonable in relation to the services received in terms of the particular transaction or the Adviser's overall responsibilities to the Trust and any other of the Adviser's clients. Subject to seeking the most favorable price and execution, the Trust's Board of Trustees may cause the Adviser to effect transactions through broker-dealers in a manner that will help generate resources to pay the cost of certain expenses which the Trust is required to pay or for which the Trust is required to arrange payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Adviser is authorized, with respect to the Trust, to delegate any or all of its rights, duties and obligations under this Agreement (subject in any event to all of the limitations, terms and conditions applicable to the Adviser hereunder) to one or more sub-advisers, and may enter into agreements with sub-advisers, and may replace any such sub-advisers from time to time in its discretion, in accordance with the 1940 Act and Advisers Act. The Adviser shall oversee the performance and services provided by any sub-adviser engaged hereunder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Adviser is permitted to use persons employed by an "affiliated person" (as defined in the 1940 Act) of the Adviser, each of whom shall be treated as an "associated person" of the Adviser (as defined in the Advisers Act) to assist in providing discretionary or non-discretionary investment advisory services under this Agreement to the extent not prohibited by, or inconsistent with, the 1940 Act and Advisers Act. The Adviser will be responsible under this Agreement for any action taken by such person on behalf of the Adviser in assisting the Adviser under the Agreement to the same extent as if the Adviser had taken such action directly. All fees and/or other compensation payable to such an affiliated person shall be the sole responsibility of the Adviser and the Trust shall not have any obligation to pay any fee or compensation to such affiliated person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust grants to the Adviser the full power and authority to open, maintain and close, in the name, or for the benefit, of the Trust, securities or other investment accounts and arrangements (including, but not limited to, those related to derivatives, commodity, securities lending, repurchase agreement, reverse repurchase, lending, borrowing or such other accounts and arrangements) with any brokerage or other trading firm or counterparty designated by the Adviser in its discretion and to enter into related trading and investment documents, agreements and arrangements as agent of the Trust for purposes of providing services hereunder. The Trust acknowledges that the Adviser has the power and authority to do and perform every act necessary or appropriate to be done in the exercise of the foregoing powers as fully as the Trust might or could do on its own behalf.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Adviser shall give the Trust the benefit of the Adviser's best judgment and efforts in rendering services under this Agreement. As an inducement to the Adviser's undertaking to render these services, the Trust agrees that the Adviser shall not be liable under this Agreement for any mistake in judgment or in any other event whatsoever, provided that nothing in this Agreement shall be deemed to protect or purport to protect the Adviser against any liability to the Trust or its shareholders to which the Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of the Adviser's duties under this Agreement or by reason of the Adviser's reckless disregard of its obligations and duties hereunder. The Adviser makes no representation or warranty, express or implied, that any level of performance or investment results will be achieved by the Trust or that the Trust will perform comparably with any standard or index, including other clients of the adviser, whether public or private.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. In consideration of the services to be rendered by the Adviser under this Agreement, the Trust shall pay the Adviser a monthly fee on the first business day of each month at the annual rates set forth in Exhibit A to this Agreement, provided that no fee shall accrue or be payable hereunder with respect to the Trust until the first day after the day (the "Approval Date") on which this Agreement has been approved by the vote of a majority of the outstanding voting securities of the Trust (as defined in the 1940 Act). If the fees payable to the Adviser pursuant to this paragraph 6 begin to accrue before the end of any month or if this Agreement terminates before the end of any month, the fees for the partial month of effectiveness, shall be prorated according to the proportion which the partial month bears to the full month. For purposes of calculating the monthly fees, the value of the net assets of the Trust shall be computed in the manner specified in the prospectus for the computation of net asset value. For purposes of this Agreement, a "business day" is any day the New York Stock Exchange is open for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This Agreement shall become effective with respect to the Trust on such date indicated in Exhibit A and shall continue for an initial term of up to two years or on such date otherwise indicated in Exhibit A, provided it has been approved (i) by the Trust's Board of Trustees, (ii) by the vote of a majority of the Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party ("Independent Trustees"), and (iii) by a majority of the outstanding voting securities (as defined in the 1940 Act) of the Trust, in accordance with all applicable provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall thereafter continue in effect for a period of more than one year only so long as the continuance is specifically approved at least annually (i) by the vote of a majority of the outstanding voting securities of the Trust (as defined in the 1940 Act) or by a majority of the Trust's Board of Trustees and (ii) by the vote of a majority of the Trust's Independent Trustees, in accordance with all applicable provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement may be terminated at any time, without the payment of any penalty, by a vote of a majority of the outstanding voting securities of the Trust (as defined in the 1940 Act) or by a vote of a majority of the Trust's entire Board of Trustees on 60 days written notice to the Adviser, or by the Adviser on 60 days

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written notice to the Trust. This Agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Except to the extent necessary to perform the Adviser's obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of the Adviser, or any affiliate of the Adviser, or any employee of the Adviser, to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. This Agreement shall be construed in accordance with the laws of the State of Delaware, provided that nothing herein shall be construed in a manner inconsistent with the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The only parties to this Agreement are the Trust and the Adviser, and the Trust is the only beneficiary of the Adviser's services hereunder. The parties do not intend for this Agreement to benefit any other persons, including, without limitation, a record or beneficial owner of shares of the Trust. The terms of this Agreement may be enforced solely by a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Provisions of this Agreement may be amended subject to the provisions of the 1940 Act. Accordingly, approval of an amendment by shareholders would be necessary only to the extent required by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "prospectus," "sale," "sell" and "security" shall have the same meaning as such terms have in the 1940 Act. Any reference to the 1940 Act, Advisers Act, 1933 Act or other in any provision of this Agreement shall include any rules or regulations thereunder, as amended from time to time, and in accordance with any applicable exemptive orders or similar relief granted by the Securities and Exchange Commission ("SEC") or other competent regulatory authority. To the extent any of the foregoing is relaxed by a competent court or rule, regulation, order, release, guidance or no-action position of the SEC or its staff or other competent regulatory authority, whether of special or general application, such provision shall be deemed to incorporate the effect of such court decision, rule, regulation, order, release, guidance or no-action position.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first stated above.

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| | |
|:---|:---|
| RBC BLUEBAY ENHANCED INCOME FUND | RBC BLUEBAY ENHANCED INCOME FUND |
| By: | /s/ Kathleen Hegna |
| Name: | Kathleen Hegna |
| Title: | Treasurer and Chief Financial Officer |
| RBC GLOBAL ASSET MANAGEMENT (U.S.) INC. | RBC GLOBAL ASSET MANAGEMENT (U.S.) INC. |
| By: | /s/ Brandon Lew |
| Name: | Brandon Lew |
| Title: | President and Chief Financial Officer |

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**EXHIBIT A** 

A management fee calculated and payable monthly in arrears on the average daily value of the Fund's Net Assets at an annual rate of:

1.35% of the average daily value of the Net Assets

For purposes of the management fee, "Net Assets" means the total assets of the Fund minus the Fund's liabilities.

In addition to the asset based fee above, the Fund shall pay to the Adviser an incentive fee (the "Incentive Fee") calculated and payable quarterly in arrears based upon the Fund's "pre-incentive fee net investment income" for the immediately preceding quarter, subject to a hurdle rate, expressed as a rate of return on the Fund's Net Assets equal to 1.875% per quarter (or an annualized hurdle rate of 7.50%), subject to a "catch-up" feature. For this purpose, "pre-incentive fee net investment income" means interest income, dividend income, and any other income earned or accrued during the calendar quarter, minus the Fund's operating expenses (which, for this purpose shall not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation or Incentive Fee) for the quarter. For purposes of the Incentive Fee, Net Assets are calculated for the relevant quarter as the weighted average of the net asset value ("NAV") of the Fund as of the first business day of each month therein. The weighted average NAV shall be calculated for each month by multiplying the NAV as of the beginning of the first business day of the month times the number of days in that month, divided by the number of days in the applicable calendar quarter.

The calculation of the Incentive Fee for each calendar quarter is as follows:

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| | |
|:---|:---|
| ◾ | No Incentive Fee is payable to the Adviser if the Fund's pre-incentive fee net investment income, expressed as a percentage of the Fund's net assets in respect of the relevant calendar quarter, does not exceed the quarterly hurdle rate of 1.875%;  |

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| | |
|:---|:---|
| ◾ | 100% of the portion of the Fund's pre-incentive fee net investment income that exceeds the hurdle rate but is less than or equal to 2.206% (the "catch-up") is payable to the Adviser if the Fund's pre-incentive fee net investment income, expressed as a percentage of the Fund's net assets in respect of the relevant calendar quarter, exceeds the hurdle rate but is less than or equal to 2.206% (8.824% annualized). The "catch-up" provision is intended to provide the Adviser with an incentive fee of 15% on all of the Fund's pre-incentive fee net investment income when the Fund's pre-incentive fee net investment income reaches 2.206% of net assets; and  |

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| | |
|:---|:---|
| ◾ | 15% of the portion of the Fund's pre-incentive fee net investment income that exceeds the "catch-up" is payable to the Adviser if the Fund's pre-incentive fee net investment income, expressed as a percentage of the Fund's net assets in respect of the relevant calendar quarter, exceeds 2.206% (8.824% annualized)]. As a result, once the hurdle rate is reached and the catch-up is achieved, 15% of all the Fund's pre-incentive fee net investment income thereafter is allocated to the Adviser.  |

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

**INVESTMENT SUB-ADVISORY AGREEMENT** 

**between** 

**RBC GLOBAL ASSET MANAGEMENT (U.S.) INC.** 

**and** 

**RBC GLOBAL ASSET MANAGEMENT (UK) LIMITED** 

INVESTMENT SUB-ADVISORY AGREEMENT, effective as of March 20, 2026 (this "Agreement"), between RBC Global Asset Management (U.S.) Inc. (a corporation organized and existing under the laws of the State of Minnesota (the "Adviser"), and RBC Global Asset Management (UK) Limited, a limited liability company incorporated under the laws of England and Wales (the "Subadviser").

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated as of March [20], 2026 (as amended, restated, modified or supplemented from time to time, the "Advisory Agreement") with RBC BlueBay Enhanced Income Fund, a Delaware statutory trust (the "Trust" or the "Fund"), which is engaged in business as a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), and will operate as an interval fund pursuant to Rule 23c-3 under the 1940 Act;

WHEREAS, the Trust has its own assets, investment objectives, policies and restrictions (referred to herein as the Fund's "Investment Guidelines") as described in the Trust's Prospectus and Statement of Additional Information, as currently in effect and as amended or supplemented from time to time (hereinafter referred to together as the "Prospectus"); and

WHEREAS, the Subadviser is engaged principally in the business of investment management and rendering investment advisory services and is registered as an investment adviser under the Investment Advisers Act of 1940, as amended (the "Advisers Act") and is authorized and regulated by the Financial Conduct Authority ("FCA"), the U.K. supervisory authority, and nothing in this Agreement shall exclude any liability of the Subadviser to the Adviser arising under the United Kingdom's Financial Services and Markets Act 2000 (as amended from time to time), any rules or regulations made under it, or under the rules and guidance promulgated by the FCA in the FCA Handbook (the "FCA Rules").

NOW, THEREFORE, in consideration of the premises and mutual promises herein set forth, the parties hereto agree as follows:

1. <u>Appointment</u>. The Adviser hereby retains the Subadviser to act as investment adviser for and to manage the Fund for the period and on the terms set forth in this Agreement. The Subadviser accepts such employment and agrees to render the services herein set forth, for the compensation herein provided.

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2. <u>Duties of the Subadviser</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Investment Sub-Advisory Services</u>. Subject to the supervision of the Trust's Board of Trustees (the "Board") and the Adviser, the Subadviser shall manage the investment of the assets of the Fund in accordance with the Fund's Prospectus, and in compliance with the requirements applicable to registered investment companies under applicable laws and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended ("Code") and such other limitations as the Adviser may institute. The Adviser will consult with the Subadviser when an amendment to the Fund's Investment Guidelines is contemplated, and the Adviser will provide sufficient notification to the Subadviser for implementation of any such change. The Subadviser shall have discretion to (a) make investment decisions with regard to the assets of the Fund; (b) place purchase and sale orders for portfolio transactions for the assets of the Fund; and (c) employ professional portfolio managers and securities analysts to provide appropriate investment management and research services with regard to the assets of the Fund. The Subadviser shall not have any responsibility for ensuring the appropriateness of the Investment Guidelines for the Fund or its shareholders. In providing these services for the Fund, the Subadviser will conduct a continual program of investment, evaluation and sale and reinvestment of the Fund's assets and will retain the authority to perform the additional services outlined in Appendix B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Subadviser Undertakings</u>. In all matters relating to the performance of this Agreement, the Subadviser shall act in conformity with the Trust's Agreement and Declaration of Trust, By-Laws, and Prospectus and with the written instructions and directions of the Board and the Adviser. The Subadviser hereby agrees to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) regularly report to the Board and the Adviser (in such form and frequency as the Adviser and the Subadviser mutually agree) with respect to the implementation of the investment program, compliance of the Fund with the Prospectus, the 1940 Act and the Code, and on other topics as may reasonably be requested by the Board or the Adviser, including attendance at Board meetings, as reasonably requested, to present such reports to the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) comply with valuation procedures adopted by the Board, including any amendments thereto, and use its best efforts to consult with the Trust's valuation committee and/or pricing agent to assist in determining the daily valuation of securities that are not registered for public sale, not traded on any securities markets, or otherwise may require fair valuation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) provide, subject to any obligations or undertakings reasonably necessary to maintain the confidentiality of the Subadviser's non-public information, any and all information, records and supporting documentation about the composite of accounts and the funds the Subadviser manages that have investment objectives, policies and strategies substantially similar to those employed by the Subadviser in managing the Fund which may be reasonably necessary, under applicable laws, to allow the Trust or its agent to present historical performance information concerning the Subadviser's similarly managed accounts and funds, for inclusion in the Trust's Prospectus and any other reports and materials prepared by the Trust or its agent, in accordance with regulatory requirements or as requested by applicable federal or state regulatory authorities.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Expenses.</u> The Subadviser will bear all of the expenses in connection with the performance of its services under this Agreement. All other expenses to be incurred in the operation of the Fund will be borne by the Fund or the Adviser, except to the extent specifically assumed in writing by the Subadviser. The expenses to be borne by the Fund include, without limitation, the following: organizational costs, taxes, interest, brokerage fees and commissions, Trustees' fees, U.S. Securities and Exchange Commission ("SEC") fees and state Blue Sky qualification fees, advisory fees, charges of custodians, charges of accounting agents, transfer and dividend disbursing agents' fees, certain insurance premiums, industry association fees, outside auditing and legal expenses, costs of independent pricing services, costs of maintaining existence, costs attributable to investor services (including, without limitation, telephone and personnel expenses), costs of preparing and printing prospectuses and statements of additional information for regulatory purposes and for distribution to existing stockholders, costs of stockholders' reports and meetings, and any extraordinary expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Brokerage.</u> The Subadviser may select brokers and dealers to effect orders for the purchase and sale of assets of the Fund. In selecting brokers or dealers to execute transactions on behalf of the assets of the Fund, the Subadviser will seek best execution (i) in accordance with its obligations under the Advisers Act, (ii) as defined in the FCA Rules, and (iii) in effecting transactions with respect to the Fund, the Subadviser will comply with its relevant policies and procedures as provided to the Adviser. The Adviser acknowledges that specific instructions from the Adviser in relation to the execution of trades may prevent the Subadviser from following its relevant policies and procedures. In connection with the foregoing, the Adviser agrees and accepts the terms of the Sub-Adviser's Order Execution Policy as updated from time to time, and as disclosed within the corporate governance section of the Subadviser's website (<u>www.rbcbluebay.com</u>). The Subadviser will, upon reasonable request from the Adviser provide to the Adviser information about brokers to which orders are transmitted or execution venues where orders are placed for execution. Except as permitted by Rule 17a-10 under the 1940 Act, the Subadviser will not engage in principal transactions with respect to the Fund with any affiliate of the Adviser or Subadviser, and will engage in agency transactions with respect to the Fund with such affiliates only in accordance with all applicable laws, rules and regulations. The Subadviser will provide a list of its affiliates to the Adviser upon request, as such may be amended from time to time. The Adviser will provide to the Subadviser a list of affiliated brokers and dealers of the Adviser. The Subadviser shall not consult with any other subadviser of the Fund or of any fund that is an "affiliated person" of the Fund concerning transactions for the Fund in securities or other assets. In no instance will any portfolio securities of the Fund be purchased from, or sold to, the Adviser, the Subadviser, the Trust's principal underwriter, or any affiliated persons of the Trust, the Adviser, the Subadviser or the Trust's principal underwriter, acting as principal in the transaction, except to the extent permitted by the SEC and the 1940 Act, including Rule 17a-7 thereunder. The Subadviser acknowledges that the Adviser and the Trust may rely on Rule 17a-7, Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Aggregation of Orders.</u> On occasions when the Subadviser deems the purchase or sale of a security to be in the best interest of the Fund as well as other clients and funds of the Subadviser, the Subadviser may, to the extent permitted by applicable laws and regulations, but shall be under no obligation to, aggregate the orders for securities to be purchased or sold. In such event, allocation of the securities so purchased or sold, as well as the expenses incurred in the transaction, will be made by the Subadviser in the manner it considers to be consistent with its requirements of the FCA Rules and its fiduciary obligations to the Fund and to its other clients. Where this results in a number of transactions at different prices, the Subadviser may

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average the prices obtained so that all clients involved in the transaction pay or receive the same average price. The Adviser and the Trust recognize that aggregation of each individual transaction may operate to the advantage or disadvantage of the Funds. The Adviser recognizes that, in some cases, the Subadviser's allocation procedures may limit the size of the position that may be acquired or sold for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Custody</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) The Subadviser shall not take or receive physical possession of any assets of the Fund, and the Adviser confirms the appointment of the custodian who shall have sole responsibility for safekeeping of the assets and related documents of the Fund, settlement of transactions effected by the Subadviser, appropriate registration of assets and receipt of sale proceeds, dividends and all other monies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ii) The Subadviser shall not have custody of the Fund but shall have authority to issue to the custodian such instructions as it may consider appropriate in connection with the settlement of any transaction relating to the Fund which it has effected. The Adviser shall ensure that the custodian is obliged to comply with any instructions of the Subadviser given in accordance with this Agreement. The Subadviser will not be responsible for supervising the custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iii) The Adviser confirms that, unless the Adviser gives instructions to the contrary, all dividend and interest income received in respect of the Fund will be retained by the custodian for reinvestment as part of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (iv) The Adviser will arrange for the custodian to provide to the Subadviser daily cash account statements and weekly asset position statements, and any other report relating to the Fund that the custodian sends to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Books and Records</u><u>.</u> In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Subadviser hereby agrees that all records which it maintains for the assets of the Trust are the property of the Trust and further agrees to surrender promptly to the Trust copies of any of such records upon the Fund's or the Adviser's request, provided, however, that the Subadviser may retain copies of any records to the extent required for it to comply with applicable laws, including, without limitation, Rule 204-2 under the Advisers Act and its policies. The Subadviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records relating to its activities hereunder required to be maintained by Rule 31a-1 under the 1940 Act and to preserve the records relating to its activities hereunder required by Rule 204-2 under the Advisers Act for the period specified in said rule. Notwithstanding the foregoing, the Subadviser has no responsibility for the maintenance of the records of the Fund, except for those related to the assets. The Adviser and the Trust agree that in maintaining records and providing such information, the Subadviser does not assume responsibility for the accuracy of any accounts, reports or other information furnished by the custodian or any other person, firm or company to the Adviser or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Subadviser Compliance Responsibilities</u><u>.</u> The Subadviser and the Adviser acknowledge that the Subadviser is not the compliance agent for the Fund or the Adviser, and does not have access to all of the Trust's books and records necessary to perform certain compliance testing. However, to the extent that the Subadviser has agreed to perform the services specified in this Agreement, the Subadviser shall perform compliance testing with respect to the Fund based upon information in its possession and upon information and written

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instructions received from the Adviser or the Trust's Administrator and shall not be held in breach of this Agreement so long as the Subadviser performs in accordance with such information and instructions. The Adviser or Trust's Administrator shall promptly provide the Subadviser with copies of the Trust's Declaration of Trust, By-Laws, current Prospectus and any written policies or procedures adopted by the Board applicable to the Fund and any amendments or revisions thereto and shall notify the Subadviser of any amendments to such documents that would have a material impact on the Subadviser's ability to perform in accordance with the terms of this Agreement. The Subadviser shall supply such reports or other documentation as reasonably requested from time to time by the Adviser to evidence the Subadviser's compliance with such Prospectus, policies or procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Proxy voting and Corporate Actions.</u> The Trust has adopted proxy voting guidelines as described in the Prospectus (the "Proxy Voting Guidelines"). To the extent that the Subadviser seeks, in its good faith judgment in a manner which it reasonably believes best serves the interests of the Fund's shareholders, that a proxy should be voted in a manner not consistent with the Proxy Voting Guidelines, the Subadviser shall act in accordance with the Trust's proxy voting policies and procedures as provided to the Subadviser. The Subadviser shall not be required to take any action or render any advice with respect to the preparation or filing of any bankruptcy or class action claims. Except as otherwise described herein, the Subadviser will, in its good faith judgment in a manner which it reasonably believes serves the interests of the Fund, be authorized to provide instructions with respect to corporate actions with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. <u>Portfolio Holdings.</u> The Subadviser will not disclose to a third party, in any manner whatsoever, any list of securities held by the Fund, except in accordance with the Fund's portfolio holdings disclosure policy and except as required by applicable law, regulation or rule or as agreed otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Error Correction.</u> The Subadviser shall rectify any breach by such Subadviser of the Investment Guidelines in accordance with Subadviser's error correction policy as provided to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. <u>Taxes.</u> The Adviser will cause the Trust to pay all taxes and costs, due from time to time, in respect of the making of all relevant claims (including, without limitation, claims relating to withholding taxes and claims for exemption), for the filing of tax returns, and for providing tax authorities with information relating to the Fund and transactions in the Fund. The Subadviser shall have no obligations or responsibilities with respect to the calculating, filing and the payment of any taxes due on capital or income held or collected for the Fund.

3. <u>Compensation of Subadviser.</u> The Adviser will pay the Subadviser, with respect to the Fund, the compensation specified in Appendix A (the "Sub-Advisory Fee"). Such Sub-Advisory Fee will be computed daily and paid monthly, calculated at an annual rate based on the total advisory fee paid to the Adviser by the Fund, less any advisory fees waived or Fund expenses paid by the Adviser under the relevant expense limitation agreement for the Fund, as determined by the Trust's accounting agent. Compensation for any partial period shall be pro-rated based on the length of the period.

4. <u>Standard of Care.</u> The Subadviser shall exercise its best judgment in rendering its services described in this Agreement. Except as may otherwise be required by the 1940 Act or the rules thereunder or other applicable law, the Subadviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Fund or the Adviser in connection

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with the matters to which this Agreement relates, except a loss resulting from the Subadviser's willful misfeasance, bad faith or gross negligence on its part in the performance of its duties hereunder or from reckless disregard by the Subadviser of its obligations and duties under this Agreement. Notwithstanding any provision to the contrary in this Agreement, the Subadviser does not provide any express or implied warranty as to the performance or profitability of any of the Fund or any part thereof or that the investment objectives will be successfully met. The Adviser acknowledges that there are risks inherent in the various investments that the Subadviser is permitted to acquire on behalf of the Adviser and has reviewed and understands such risks as described in the Prospectus.

5. <u>Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Adviser agrees to indemnify and hold harmless the Subadviser from and against any and all claims, losses, liabilities or damages (including reasonable attorneys' fees and other related expenses) ("Losses"), resulting from the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of, or from reckless disregard of, the Adviser's obligations and duties under this Agreement; provided however that the Adviser will not indemnify the Subadviser for Losses resulting from the Subadviser's willful misfeasance, bad faith or gross negligence in the performance of its duties or from the Subadviser's reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Subadviser agrees to indemnify and hold harmless the Adviser from and against any and all Losses resulting from the Subadviser's willful misfeasance, bad faith, or gross negligence in the performance of, or from reckless disregard of, the Subadviser's obligations and duties under this Agreement; provided however that the Subadviser will not indemnify the Adviser for Losses resulting from the Adviser's willful misfeasance, bad faith or gross negligence in the performance of its duties or from the Adviser's reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Subadviser will not be liable for any Losses caused by the custodian or caused by brokers.

6. <u>Non-Exclusivity.</u> The services of the Subadviser to the Adviser with respect to the Fund are not to be deemed to be exclusive, and the Subadviser and its affiliates shall be free to render investment advisory or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that the directors, officers, and employees of the Subadviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors, trustees, or employees of any other firm or corporation, including other investment companies. The Adviser acknowledges that the Subadviser or its affiliates may give advice and take actions in the performance of its duties to clients which differ from the advice, or the timing and nature of actions taken, with respect to other clients' accounts (including the Fund) or employee accounts which may invest in some of the same securities recommended to advisory clients. In addition, advice provided by the Subadviser may differ from advice given by its affiliates. Subject to the Subadviser's Code of Ethics (as defined in Section 9.B. herein), the Advisers Act, and the 1940 Act, nothing in this Agreement shall prevent the Subadviser or any of its officers, employees or affiliates in any way from purchasing or selling any securities for its or their own accounts prior to, simultaneously with, or subsequent to any recommendation or action taken with respect to the Fund.

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7. <u>Confidentiality</u>. Each party to this Agreement shall keep confidential any nonpublic information concerning the other party and the Fund and will not use or disclose such information for any purpose other than the performance of its responsibilities and duties hereunder, unless the non-disclosing party has authorized such disclosure or if such disclosure is expressly required or requested by applicable federal or state regulatory authorities, law or regulation or information which is reasonably necessary to disclose to its advisors, delegates, counterparties, agents, and the custodian, to the extent necessary for such persons to perform their obligations and professional services. Nonpublic information shall not include information a party to this Agreement can clearly establish was (a) known to the party prior to this Agreement; (b) rightfully acquired by the party from third parties whom the party reasonably believes are not under an obligation of confidentiality to the other party to this Agreement; (c) placed in public domain without fault of the party or its affiliates; or (d) independently developed by the party without reference or reliance upon the nonpublic information.

8. <u>Term of Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective after it has been executed, and approved by the Board and the Fund's shareholders, all as and to the extent required under the 1940 Act, and shall continue in effect for a period of two years, or for such shorter period as properly approved and reflected on Appendix A hereto. Thereafter, this Agreement shall continue automatically for the Fund for successive annual periods, provided such continuance is specifically approved at least annually by (i) the Board or (ii) a vote of a "majority" (as defined in the 1940 Act) of the Fund's outstanding voting securities, provided that in either event the continuance also is approved by a majority of the Board who are not "interested persons" (as defined in the 1940 Act) of any party to this Agreement, by vote cast in person at a meeting called for the purpose of voting on such approval. This Agreement is terminable, without penalty, on 60 days' written notice, by the Adviser, by the Board, by vote of holders of a majority of the Fund's shares or by the Subadviser, and will terminate upon the termination of the Advisory Agreement between the Trust and the Adviser. This Agreement also will terminate automatically in the event of its assignment (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Termination will not affect accrued rights, indemnities, existing commitments or any contractual provision intended to survive termination. The Adviser will pay any outstanding fees accrued or due to the Subadviser calculated pro rata to the termination date within thirty (30) business days of receiving the final invoice for such fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Termination will be without prejudice to the completion of any transaction already committed. Following the termination date, the Subadviser shall provide services with respect to any new transactions only upon the mutual agreement of the Adviser and the Subadviser.

9. <u>Representations of Subadviser.</u> The Subadviser represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Subadviser: (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect; (ii) is not prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this Agreement; (iii) has met, and will continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory organization, necessary to be met in order to perform the

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services contemplated by this Agreement; (iv) has the authority to enter into and perform the services contemplated by this Agreement; and (v) will promptly notify the Adviser of the occurrence of any event that would disqualify the Subadviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Subadviser has adopted a written code of ethics complying with the requirements of Rule 17j- 1 under the 1940 Act (the "Code of Ethics") and, if it has not already done so, will provide the Adviser and the Trust with a copy of the Code of Ethics. On at least an annual basis, the Subadviser will comply with the reporting requirements of Rule 17j-1, which may include (i) certifying to the Adviser upon request that the Subadviser and its access persons have complied with the Subadviser's Code of Ethics with respect to the Fund and (ii) identifying any material violations which have occurred with respect to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Upon the reasonable request of the Adviser, the Subadviser shall permit the Adviser, its employees or its agents to examine the reports required to be made by the Subadviser pursuant to Rule 17j-1 and all other records relevant to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Subadviser has adopted and implemented written policies and procedures, as required by Rule 206(4)-7 under the Advisers Act, which are reasonably designed to prevent violations of federal securities laws by the Subadviser, its employees, officers and agents. Upon reasonable request, the Subadviser shall provide the Adviser with access to the records relating to such policies and procedures as they relate to the Fund. The Subadviser will also provide, at the reasonable request of the Adviser, periodic certifications, in a form reasonably acceptable to Adviser, attesting to such written policies and procedures. The Subadviser has provided the Adviser and the Trust with a copy of its Form ADV as most recently filed with the SEC and hereafter will furnish to the Adviser upon request or as required a copy of its annual amendment. The Adviser acknowledges receipt of the Subadviser's Form ADV prior to the execution of this Agreement.

10. <u>Provision of Certain Information by Subadviser.</u> The Subadviser will promptly notify the Adviser (1) in the event the SEC or other governmental authority has censured the Subadviser; placed limitations upon its activities, functions or operations; suspended or revoked its registrations, if any, as investment advisers; or has commenced proceedings or an investigation that may result in any of these actions or (2) upon having a reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Code. The Subadviser further agrees to notify the Adviser promptly of any material fact known to the Subadviser respecting or relating to the Subadviser that is not contained in the Prospectus and is required to be stated therein or necessary to make the statements therein not misleading, or of any statement contained therein that becomes untrue in any material respect. As reasonably requested by the Trust on behalf of the Trust's officers and in accordance with the scope of the Subadviser's obligations and responsibilities contained in this Agreement, the Subadviser will provide reasonable assistance to the Trust in connection with the Trust's compliance with the Sarbanes-Oxley Act and the rules and regulations promulgated by the SEC thereunder, and Rule 38(a)-1 of the 1940 Act. Such assistance shall include, but not be limited to, (i) certifying periodically, upon the reasonable request of the Trust, that it is in compliance with all applicable "federal securities laws", as required by Rule 38a-1(e)(1) under the 1940 Act, and Rule 206(4)-7 under the Advisers Act; (ii) facilitating and cooperating with third-party audits arranged by the Trust to evaluate the effectiveness of its compliance controls; (iii) providing the Trust's chief compliance officer with direct access to its compliance personnel; (iv) providing the Trust's chief compliance officer with periodic reports upon request and (v) promptly providing special reports in the event of

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compliance problems. Further, the Subadviser is aware that: (i) the Chief Executive Officer (Principal Executive Officer) and Treasurer/Chief Financial Officer (Principal Financial Officer) of the Trust (collectively, "Certifying Officers") are required to certify the Trust's periodic reports on Form N-CSR pursuant to Rule 30a-2 under the 1940 Act; and (ii) the Certifying Officers must rely upon certain matters of fact generated by the Subadviser of which they do not have firsthand knowledge. Consequently, the Subadviser has in place and has observed procedures and controls that are reasonably designed to ensure the adequacy of the services provided to the Trust under this Agreement and the accuracy of the information prepared by the Subadviser and which is included in the Form N-CSR and shall provide certifications to the Trust to be relied upon by the Certifying Officers in certifying the Trust's periodic reports on Form N-CSR, in a form satisfactory to the Trust.

11. <u>Provision of Certain Information by the Adviser.</u> The Adviser will promptly notify the Subadviser (1) in the event that the SEC has censured the Adviser or the Trust; placed limitations upon either of their activities, functions, or operations; suspended or revoked the Adviser's registration as an investment adviser; or has commenced proceedings or an investigation that may result in any of these actions and (2) upon having a reasonable basis for believing that the Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Code.

12. <u>Material Interests and Conflicts of Interest.</u> The Adviser acknowledges receipt of the Subadviser's Form ADV Part 2 (the "Form ADV Part 2") that includes disclosure relating to the material conflicts of interest that may arise between the Subadviser or affiliates or the managers and employees of the Subadviser or affiliates and the Adviser, or between the Adviser and other clients of the Subadviser. The Subadviser will manage such conflicts of interest in accordance with the Subadviser's Conflicts of Interest Policy and its Form ADV Part 2. A copy of the Subadviser's Conflicts of Interest Policy will be made available upon request.

13. <u>Force Majeure.</u> Neither party to this Agreement shall be deemed to be in breach of this Agreement or otherwise liable to the other as a result of any delay, failure or defective performance of its obligations under this Agreement if and to the extent that such delay, failure or defective performance arises out of causes beyond the control and without the fault or negligence of the party in question. Such causes may include, without limitation, postal or other strikes, lockouts or other industrial disputes (whether involving the workforce of the relevant party or of any other party), act of terrorism or God, war, riot or civil commotion, any change to the law, order or regulation of governmental, supranational or regulatory body, currency restrictions, devaluations and fluctuations, market conditions affecting the execution or settlement of transactions or the value of assets, any breakdown in communication, computer facilities, machinery or software not reasonably within the relevant party's control, fire, flood or storm, or failure of any relevant market, exchange or clearing house. This paragraph is without prejudice to the Subadviser's liability to any counterparty or broker for any transaction affected by the Subadviser pursuant to this Agreement.

14. <u>Complaints.</u> Any formal complaint that the Adviser may have relating to any services provided to it by the Subadviser under this Agreement should be made immediately upon receipt in writing to the Chief Compliance Officer of the Subadviser at the registered address or via electronic communication.

15. <u>Subadviser Regulatory Disclosures.</u> In addition to those terms set out in this Agreement, the Subadviser notifies the Adviser of those additional matters required by applicable laws and regulations, including the FCA Rules, as set out in Appendix C.

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16. <u>Money Laundering.</u> The Adviser will provide the Subadviser with information as reasonably requested, in order for the Subadviser to comply with the FCA Rules and applicable United Kingdom anti-money laundering regulations, and the Adviser agrees to promptly provide such information to the Subadviser.

17. <u>Amendment of Agreement.</u> No provision of this Agreement may be changed, waived, discharged, or terminated orally, but only by an instrument in writing signed by both parties.

18. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Governing Law.</u> This Agreement shall be construed in accordance with the laws of the State of Minnesota, without giving effect to the conflicts of laws principles thereof, and with the 1940 Act. To the extent that the applicable laws of the State of Minnesota conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Change in Control.</u> The Subadviser will notify the Adviser of any change of control of such Subadviser, including any change of its 25% shareholders, prior to or promptly after such change. In addition, the Subadviser will notify the Adviser of any changes in the key personnel who are the portfolio manager(s) of the Fund as soon as practicable after such change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Captions.</u> The Captions contained in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Entire Agreement.</u> This Agreement represents the entire agreement and understanding of the parties hereto and shall supersede any prior agreements between the parties relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Recordings.</u> The parties may record telephone conversations with each other and may produce such recordings in evidence. Records kept by the Subadviser in connection therewith will be kept for a period of up to 7 years after the termination of this Agreement, and will be provided to the Adviser upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Definitions.</u> Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such term or provision of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of any such court, by rules, releases or orders of the SEC validly issued pursuant to the Act. As used in this Agreement, the terms "majority of the outstanding voting securities," "affiliated person," "interested person," "assignment," "broker," "investment adviser," "net assets," "sale," "sell," and "security" shall have the same meaning as such terms have in the 1940 Act, subject to such exemptions as may be granted by the SEC by any rule, release or order. Where the effect of a requirement of the federal securities laws reflected in any provision of this Agreement is made less restrictive by a rule, release, or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, release, or order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Notices.</u> Any notice herein required is to be in writing and is deemed to have been given to the Subadviser or Adviser upon receipt of the same at their respective addresses set forth below, or any subsequent address provided by written notice. All written notices required or

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permitted to be given under this Agreement will be delivered by personal service, by postage mail return receipt requested or similar means of delivery that provide evidence of receipt. Instructions from the Adviser must be given by a duly authorized person as evidenced by a certified list provided to the Subadviser. All communications in connection with this agreement shall be in English. The Adviser consents to receiving updates to those policies of the Subadviser as noted herein by way of the Subadviser's website, and the Adviser confirms it has regular access to the internet for such purpose

All notices to Adviser shall be sent to:<br>RBC Global Asset Management (U.S.) Inc.<br> 250 Nicollet Mall, Suite 1550<br> Attention: Law Group<br> Email:<br>All notices to the Subadviser shall be sent to:<br>RBC Global Asset Management (UK) Limited<br> 100 Bishopsgate<br> London EC2N 4AA<br> United Kingdom<br> Attention: Corporate Legal<br> Email: corporatelegal@bluebay.com<br>

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of the date and year first above written.

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| |
|:---|
| **RBC Global Asset Management (U.S.) Inc.** |
| By: <u>/s/ Brandon Lew</u> |
| Name: Brandon Lew |
| Title: President and Chief Financial Officer |
| **RBC Global Asset Management (UK) Limited** |
| By: <u>/s/ Rebecca Unverzagt</u> |
| Name: Rebecca Unverzagt |
| Title: Managing Counsel |

---

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**<u>Appendix A</u>**

The Sub-Advisory Fee payable to the Subadviser shall be computed daily and payable monthly, calculated at an annual rate based on the total advisory fee (consisting of the management fee and any incentive fee) paid to the Adviser by the Fund, after (1) deducting the amounts of any fees waived or Fund expenses paid by the Adviser for the Fund pursuant to the Expense Limitation Agreement then in place between the Adviser and the Fund (the "Expense Waivers") from the total advisory fee (consisting of a management fee and an incentive fee) paid to the Adviser pursuant to the Investment Advisory Agreement between the Adviser and the Fund, dated March 20, 2026 (the "Advisory Fee"); and (2) multiplying such amount by 0.20; or formulaically:

(Advisory Fee — Expense Waivers) x 0.20 = Sub-Advisory Fee

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**<u>Appendix B</u>**

**1. Authority and Limitations** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. Subject to the provisions and restrictions contained in the Prospectus, Investment Guidelines and the 1940 Act, the Subadviser, acting as agent, will have discretion on behalf of the Adviser (without prior reference to the Adviser) to:

a buy, sell, retain, exchange, or otherwise deal in investments (whether traded on an exchange or not) and other assets of any nature, make deposits, subscribe to issues and offers for sale and accept placings, underwritings and sub-underwritings of any investments, effect transactions on any markets, enter into spot or forward foreign exchange contracts, cause the Custodian to place and withdraw cash from deposit as and when the Subadviser thinks fit, take all day to day decisions and otherwise act as the Subadviser judges appropriate in relation to the management of the Portfolio;

b deal collectively as agent for the Fund and for other clients including its affiliates and sponsored funds;

c commit the Fund to underwriting or sub-underwriting any issue or offer for sale of securities of a type and to the extent permitted by the Investment Guidelines;

d borrow on behalf of the Fund to the extent set out in the Investment Guidelines;

e buy, sell, hold and generally deal in investments the prices of which may be subject to stabilization (stabilization being the buying and selling of securities in order to stabilize or maintain the market price of the securities of a recent new issue);

f buy, sell and generally deal in foreign exchange as may be required for the management of the Fund, including for the purpose of hedging currency risk on holdings in investments in currencies other than the US Dollar;

g arrange deals in non-readily realizable investments;

h issue instructions to the custodian in respect of the Fund; and

i participate in restructurings and ad hoc credits groups relating to assets or positions held in the Fund upon consultation with the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. Subject to the requirements of the 1940 Act and the Advisers Act, the Subadviser may deal on such markets or exchanges and in relation to such counterparties as it sees fit and effect, arrange or clear transactions through or with any

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person, firm or company that the Subadviser may select. In particular the Adviser agrees that the Subadviser may trade outside of a Trading Venue (as defined in the FCA Rules).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. All transactions effected by the Subadviser on a market or exchange will be effected in accordance with the rules and regulations of the relevant market or exchange. The Subadviser may take all such steps as may be required or permitted by such rules and regulations and/or by appropriate market practice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. The Adviser shall seek to have the Fund grant such powers of attorney in favor of the Subadviser as may be required to enable the Subadviser to perform its services under this Agreement.

**2. Delegation to Third Parties and Use of Agents** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. The Subadviser may, where reasonable, employ agents (including affiliates) to perform any accounting, administrative, reporting or ancillary services required to enable the Subadviser to perform its services under the Agreement. The Subadviser will act in good faith and with reasonable skill and care in the selection, use and monitoring of agents and shall assume all responsibility for the performance of such agents (excluding brokers) pursuant to the terms of this Agreement.

**3. Transactions in Derivatives** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1. Subject always to the provisions and restrictions contained in the Investment Guidelines, the Trust's Derivatives Instruments Procedures as provided to the Subadviser and the 1940 Act and Section 1.1.i. of this Appendix B, the Subadviser has authority and power on behalf of the Adviser to purchase, sell, hold, effect, settle, closeout and generally deal in and with domestic or foreign derivatives (which shall include contingent liability investments and "over the counter" options or other transactions in derivatives (including, without limitation, swaps, swaptions, credit default swaps, loan credit default swaps, structured products, securitized derivatives and strips) on contractual terms other than those of investment exchanges recognized or designated by the FCA) and the Adviser agrees that:

a Consistent with the Trust's affiliated trading policies and the 1940 Act, the Subadviser is authorized to review and recommend the counterparties with which derivatives are traded and the brokerage firms through which derivatives are traded and cleared for the Fund and to initiate the negotiation as the Adviser's agent any account agreements, Master Agreements or other documents required or deemed appropriate by such brokers or by the Subadviser subject to the final approval and execution of such agreements by the Adviser or a Trust officer, as applicable; and

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b To the extent required by any market or exchange, the Subadviser is authorized to and may reveal the Adviser's identity and address to any relevant party through which Derivatives are traded or cleared.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. The Adviser understands that markets and exchanges require that anyone trading in derivatives must advance or segregate collateral to meet initial and variation margin requirements. If, under the rules of such exchanges or markets, adverse market movements occur such that margin calls are increased and insufficient funds are available in the portfolio, to meet such margin calls the Subadviser may request that the Adviser cause the Fund to make additional funds temporarily available at short notice (in some cases less than 24 hours) until assets can be realized to cover the related margin call. The Adviser understands and agrees that if it is unwilling or unable to cause the Fund to make such funds available, the Fund's positions may be closed out, resulting in a loss to the Fund for which the Subadviser shall not be liable.

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**<u>Appendix C</u>**

In addition to those terms and conditions set out in the agreement above, FCA rules also require that the Subadviser notify the Adviser of certain matters relating to its appointment hereunder.

Terms used in this appendix shall have the same meaning as set out in the agreement, unless otherwise defined herein. In particular, the following words and phrases shall have the following meanings in this schedule:

1.  **<u>Regulatory Status</u>** 

1.1. The Subadviser is authorised and regulated by the FCA, whose address is 12 Endeavour Square, London, E20
lJN.

1.2. The Subadviser has categorised the Adviser as a professional client (as defined in the FCA Rules) and the
Subadviser will provide its services under the Agreement on that basis.

1.3. The Adviser has the right to request the Subadviser to categorise it as a retail client (as defined in the
FCA Rules) either generally or in specific circumstances. However, it is the Subadviser's policy not to agree to such requests from clients.

2.  **<u>Duties of the Subadviser</u>** 

2.1. Under the FCA Rules the Subadviser is required to establish an appropriate method of evaluation and
comparison, based on the Fund's investment objectives and the types of investments included in the Fund, so as to enable the Adviser to assess the Subadviser's performance. In such respect, any benchmark applicable to the Fund shall be
as set out in its offering documents. In respect of valuation of the Fund, investments comprised in the Fund will be valued by the Fund's administrative agent or other similar service provider.

2.2. For the purposes of the Product Governance Requirements under the FCA Rules, the Subadviser confirms that,
in respect of the investment comprised in the Fund, the Subadviser does not act as manufacturer or co-manufacturer.

2.3. Based on information provided by the Adviser, the Subadviser shall be responsible for assessing the
suitability of investments for the Fund as required by the FCA Rules. The reason for assessing suitability is to enable the Subadviser to act in the Fund's best interest. As the Adviser is a professional client, the Subadviser is entitled to
assume that the Adviser has the necessary level of experience and knowledge in order to understand the risks involved in the relevant transaction or in the management of the Fund.

3.  **<u>Reporting</u>** 

3.1. In accordance with the FCA Rules, the Subadviser will provide the Adviser with a periodic statement at least
once every three months, or once every month if the Fund is leveraged. Each periodic statement shall include all information required by FCA Rules to be provided and will include a fair and balanced review of the

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activities undertaken by the Subadviser. and of the performance of the Fund during the reporting period.

3.2. The Subadviser will separately provide the Adviser with information on the costs and charges incurred by the
Adviser in relation to the services to be provided by the Subadviser under the terms of the Agreement.

3.3. Notwithstanding the above, upon reasonable request from the Adviser, the Subadviser will promptly provide
performance information relating to the Fund during the term of the Agreement in accordance with such measures of performance as may be reasonably requested by the Adviser.

4.  **<u>Inducements</u>** 

Under the FCA rules, in the course of providing discretionary portfolio management services to the adviser, the Subadviser is prohibited from accepting and retaining any fees, commission or monetary benefits, or accepting any NON-MONETARY benefits (other than acceptable minor non-monetary benefits and research permitted the FCA rules), where these are paid or provided by any third party or a person acting on their behalf. The Subadviser shall at all times comply with the FCA rules with regard to inducements.

5.  **<u>Research</u>** 

The Subadviser will pay directly from its own resources for all research (as defined in the FCA rules) received from third parties in connection with the provision of its services to the Adviser.

6.  **<u>Complaints</u>** 

6.1. The Subadviser has in operation a complaints management policy in accordance with the FCA Rules for the
effective consideration and proper handling of complaints from clients. The Subadviser's complaints management policy is available on request or may be obtained via the corporate governance section of the Subadviser's website (<u>www.rbcbluebay.com</u>).

6.2. Any complaints should be referred to the Chief Compliance Officer of the Subadviser.

6.3. The Adviser, as a professional client, has no right of complaint to the Financial Ombudsman Service in
respect of any act or omission of the Subadviser which is or is alleged to be in breach of the FCA Rules.

7.  **<u>Compensation</u>** 

7.1. FCA-regulated business conducted by the Subadviser pursuant to the
Agreement is covered by the Financial Services Compensation Scheme to the extent that the Adviser is an "eligible claimant" (as defined in the FCA Rules). The Financial Services Compensation Scheme compensates eligible claimants for
losses suffered as a result of the inability of an FCA-regulated firm to pay monies due, or satisfy obligations owed to them (typically as a result of the firm's insolvency). Most types of designated
investment business are covered for 100% of the sum owed, to a maximum compensation of £85,000 per eligible claimant.

## Ex-99.(2)(H)(1)

**DISTRIBUTION AGREEMENT** 

THIS AGREEMENT is made and entered into as of April 24, 2026, by and between RBC BlueBay Enhanced Income Fund, a Delaware statutory trust (the "Client" or the "Fund") and Quasar Distributors, LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Client is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a closed-end management investment company, and is authorized to issue shares of beneficial interest ("Shares");

WHEREAS, the Client desires to retain the Distributor as its principal underwriter in connection with the offering of the Shares;

WHEREAS, the Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA");

WHEREAS, this Agreement has been approved by a vote of the Fund's board of trustees (the "Board"), including a majority of the members of the Board who are not "interested persons" (as that term is defined in the 1940 Act) of the Fund and have no direct or indirect financial interest in the operation of this Agreement voting separately, in conformity with Section 15(c) of the 1940 Act; and

WHEREAS, the Distributor is willing to act as principal underwriter for the Client subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the mutual promises and undertakings set forth herein, the parties agree as follows:

1. **Appointment of Distributor**. The Client hereby appoints the Distributor as its principal underwriter for the distribution of Shares of the Fund in jurisdictions wherein the Shares of the Fund may be legally offered for sale, on the terms and conditions set forth in this Agreement, and the Distributor hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement.

2. **Services and Duties of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor agrees to act as the principal underwriter of the Client for the distribution of the Shares, upon the terms described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean the then-current prospectus, including the statement of additional information, as both may be amended or supplemented, and included in the currently effective registration statement on Form N-2 or post-effective amendment thereto (the "Registration Statement") of the Client under the Securities Act of 1933, as amended (the "1933 Act"), and the 1940 Act. The Fund shall in all cases receive the net asset value per Share on all sales. If a sales charge is in effect, the Distributor shall remit the sales charge (or portion thereof) to broker-dealers who have sold Shares, in accordance with and subject to the terms of Exhibit A.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. During the continuous public offering of Shares, the Distributor shall distribute the Shares on a best efforts basis, meaning that the Distributor shall not be obligated to sell any certain number of Shares. All orders for Shares shall be made through financial intermediaries or submitted directly to the Fund or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Client or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment, will issue the appropriate number of Shares in uncertificated form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Distributor shall maintain membership with the National Securities Clearing Corporation ("NSCC"), Depository Trust and Clearing Corporation ("DTCC") and any other similar successor organizations to sponsor a participant number for the Fund so as to enable the Shares to be traded through NSCC's Fund/SERV System FundSERV or DTCC's Alternative Investment Product Services ("AIP"), as applicable. The Client acknowledges and agrees that the Distributor shall not be responsible for any operational matters associated with the FundSERV or Networking services within your NSCC account, including but not limited to taking orders from financial intermediaries. In addition, if AIP is applicable, the Distributor will serve as Non-Settling AIP sponsor and shall not be responsible for any operational matters associated with trades or subscription to AIP services of DTCC transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Fund other than as contained in the Prospectus and any Client marketing materials or sales literature ("Marketing Materials") specifically approved by the Client or the investment adviser to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Distributor agrees to cooperate with the Fund or its agent in the development of all Marketing Materials and shall review all proposed Marketing Materials provided by the Client for compliance with applicable Securities and Exchange Commission ("SEC") and FINRA advertising rules and regulations, and shall file with appropriate regulators those Marketing Materials it believes are in compliance with such applicable laws and regulations. The Distributor agrees to furnish to the Client any comments provided by regulators with respect to such Marketing Materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Distributor shall devote its best efforts to effect sales of Shares of the Fund but shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. At the request of the Client, the Distributor shall enter into the Standard Dealer Agreement (as defined below), and may, in its discretion, enter into non-standard dealer agreements with financial intermediaries as the Client may select, in order that such financial intermediaries may sell Shares of the Fund. The Fund's form of dealer agreement and/or selling agreement shall be in a form similar to that attached at Exhibit B ("Standard Dealer Agreement"). Client shall ensure that the Fund's Standard Dealer Agreement is approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Client acknowledges and agrees that the Distributor shall not be obligated to make any payments to any broker-dealers, other financial intermediaries or other third parties,

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unless (i) the Distributor has received an authorized corresponding payment from the Fund's distribution and/or servicing plan adopted pursuant to Rule 12b-1 under the 1940 Act ("Plan") and (ii) such Plan been approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Distributor shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board, including reports regarding the use of any payments made pursuant to the Plan received by the Distributor, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The Distributor shall advise the Fund promptly in writing of the initiation of any proceedings against it by the SEC or its staff, FINRA or any state regulatory authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. The Distributor shall monitor amounts paid under the Plan and pursuant to sales loads to ensure compliance with applicable FINRA rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. The Distributor agrees to maintain, and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees that all records which it maintains pursuant to the 1940 Act for the Client shall at all times remain the property of the Client, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that Distributor may retain all such records required to be maintained by Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. The Distributor agrees to maintain compliance policies and procedures (a "Compliance Program") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Board or the Client's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. The services furnished by the Distributor hereunder are not to be deemed exclusive and the Distributor shall be free to furnish similar services to others so long as its services under this Agreement are not impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Notwithstanding anything herein to the contrary, the Distributor shall not be required to register as a broker or dealer in any specific jurisdiction or to maintain its registration in any jurisdiction in which it is now registered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. To the extent permitted by law, the Distributor shall promptly notify the Client of the commencement of any material litigation or proceedings against the Distributor or any of its managers, officers or directors in connection with the issue and sale of any of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. The Distributor undertakes to perform such duties and only such duties as are expressly set forth herein, or expressly incorporated herein by reference, and no implied covenants or obligations shall be read into this Agreement against the Distributor.

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**3. Duties of the Client.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client agrees to repurchase Shares tendered by shareholders of the Fund in accordance with the Client's obligations in the Prospectus and the Registration Statement. The Client reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Client shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Client authorizes the Distributor to use the Prospectus, in the form furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Client agrees to advise the Distributor promptly in writing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) of any material action, correspondence, or other communication by the SEC or its staff relating to the Fund,
including requests by the SEC for amendments to the Registration Statement or Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in the event of the issuance by the SEC of any stop-order suspending the effectiveness of the Registration
Statement then in effect or the initiation of any proceeding for that purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) of the happening of any event which makes untrue any statement of a material fact made in the Prospectus or
which requires the making of a change in such Prospectus in order to make the statements therein not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) in the event that it determines to suspend the sale of Shares at any time in response to conditions in the
securities markets or otherwise or to suspend the redemption of Shares at any time as permitted by the 1940 Act or the rules of the SEC, including any and all applicable interpretations of such by the staff of the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) of the commencement of any material litigation or proceedings against the Client or any of its officers or
directors in connection with the issue and sale of any of the Shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if the Fund will not meet the requirements of the Corporate Financing Rule exemption in FINRA Rule
5110(h)(2)(L).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Client shall inform the Distributor of any such states in which the Client has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in unauthorized states where the Distributor had no information from the Client that such sale or sales were unauthorized at the time of such sale or sales.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Client agrees to file from time to time such amendments to its Registration Statement and Prospectus as may be necessary in order that its Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Client shall reasonably cooperate in the efforts of the Distributor to distribute the Shares. In addition, the Client shall keep the Distributor reasonably informed of its affairs related to the activities contemplated by this Agreement. The Client will provide to the Distributor such number of copies as Distributor may reasonably request of (i) its then currently effective Prospectus and Statement of Additional Information, (ii) copies of semi-annual reports and annual audited reports of the Client's books and accounts made by independent public accountants regularly retained by the Client, and (iii) such other information or material for use in connection with the distribution of Shares. The Client shall forward a copy of any SEC filings, including the Registration Statement, to the Distributor within one business day of any such filings. The Client represents that it will not use or authorize the use of any Marketing Materials unless and until such Marketing Materials have been approved and authorized for use by the Distributor. Nothing in this Agreement shall require the sharing or provision of materials protected by privilege or limitation of disclosure, including any applicable attorney-client privilege or trade secret materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Client shall provide and cause each other agent or service provider to the Client, including the Client's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. The Client shall not file any amendment to the Registration Statement or Prospectus that materially amends any provision therein which pertains to Distributor, the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Client's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Client may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. If the Client is a direct participation program as defined by FINRA Rule 2310, the Client will not take any action that would cause the Distributor to be in violation of FINRA Rule 2310, including ensuring that the Registration Statement meets the requirements of the Rule, certain valuation information will be disclosed in shareholder reports as required by the Rule and ensuring that the non-cash compensation requirements of the Rule and Regulation Best Interest are followed.

4. **Representations and Warranties of the Client**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and existing and in good standing under the laws of its jurisdiction of
incorporation/organization and is registered as a closed-end management investment company under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized
by all necessary action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable laws and
regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter,
bylaws/operating agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Prospectus is effective, no stop order of the SEC or any other federal, state or foreign regulatory
authority, with respect thereto has been issued, no proceedings for such purpose have been instituted, or to its knowledge are being contemplated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Shares are validly authorized and, when issued in accordance with the description in the Prospectus,
will be fully paid and nonassessable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) all necessary approvals, authorizations, consents or orders of or filings with any federal, state, local or
foreign governmental or regulatory commission, board, body, authority or agency have been or will be obtained by the Fund in connection with the issuance and sale of the Shares, including registration of the Shares under the 1933 Act, the filing
with FINRA's corporate financing department through its Public Offering System or ongoing compliance with an exemption from filing, and any necessary qualification under the securities or blue sky laws of the various jurisdictions in which the
Shares are being offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Registration Statement, the Prospectus included therein and all Marketing Materials have been prepared
by or at the direction of the Client and have been approved by the Client and shall be prepared, in all material respects, in conformity with all applicable law, including without limitation, the 1933 Act, the 1940 Act and the rules and regulations
of the SEC and the applicable requirements of FINRA (the "Rules and Regulations");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the Registration Statement, the Prospectus included therein and any Marketing Materials contain all
statements required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) all statements of fact contained in the Registration Statement, the Prospectus included therein and any
Marketing Materials, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and none of the Registration Statement, the Prospectus included therein and any Marketing Materials shall
contain any untrue statement of material fact or omit to

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state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that all statements or information furnished to the Distributor pursuant to this Agreement shall be true and correct in all material respects; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) it owns, possesses, licenses or has other rights to use all patents, patent applications, trademarks and
service marks, trademark and service mark registrations, trade names, copyrights, licenses, inventions, trade secrets, technology, know-how and other intellectual property (collectively, "Intellectual
Property") necessary for or used in the conduct of the Client's business and for the offer, issuance, distribution and sale of the Shares in accordance with the terms of the Prospectus and this Agreement, and such Intellectual Property
does not and will not breach or infringe the terms of any Intellectual Property owned, held or licensed by any third party.

5. **Representations and Warranties of the Distributor**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor hereby represents and warrants to the Client, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) it is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized
by all necessary action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) it is conducting its business in compliance in all material respects with all applicable laws and
regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, operating
agreement or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is registered as a broker-dealer under the 1934 Act and is a member in good standing of FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor: (i) has adopted an anti-money laundering compliance program ("AML Program") that satisfies the requirements of all applicable laws and regulations; (ii) undertakes to carry out its AML Program to the best of its ability; (iii) will promptly notify the Fund if an inspection by the appropriate regulatory authorities of its AML Program identifies any material deficiency; and (iv) will promptly remedy any material deficiency of which it learns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In connection with all matters relating to this Agreement, the Distributor will comply with the applicable requirements of the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal or state laws and regulations to the extent such laws, rules, and regulations relate to Distributor's role as the principal underwriter of the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Distributor shall provide to the Fund such information regarding the Distributor's policies and procedures (including material changes to such policies and procedures and material compliance matters) as may be reasonably requested to enable the Fund to comply with its obligations under Rule 38a-1 under the 1940 Act.

6. **Compensation**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In consideration of the Distributor's services in connection with the distribution of Shares, the Distributor shall receive the compensation set forth in Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as specified in Section 6A, the Distributor shall be entitled to no compensation or reimbursement of expenses from the Client for the services provided by the Distributor pursuant to this Agreement. Any such compensation or reimbursement of expenses shall be paid or reimbursed by the Fund's investment adviser pursuant to an agreement between the investment adviser and the Distributor.

7. **Expenses**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client shall bear all costs and expenses related to the Funds, including, but not limited, to those in connection with registration of the Shares with the SEC, FINRA and the applicable jurisdictions, the costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related Marketing Material and all other communications with shareholders of the Funds, as well as all costs and expenses in connection with the offering of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. For the services provided hereunder, the Distributor shall only bear the expenses of registration or qualification of the Distributor as a dealer or broker under federal or state laws (subject to Distributor approved states and territories) and the expenses of continuing such registration or qualification. The Distributor does not assume responsibility for any expenses not expressly assumed hereunder.

8. **Limitation of Liability**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Distributor shall be under no duty to take any action except as specifically set forth herein or as may be specifically agreed to by the Distributor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall not be liable for any action taken or failure to act in good faith or reasonable reliance upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the advice of the Client, or counsel to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. any oral instruction which it receives and which it reasonably believes in good faith was transmitted by the
person or persons authorized by the Board to give such oral instruction (the Distributor shall have no duty or obligation to make any inquiry or effort of certification of such oral instruction);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any written instruction or certified copy of any resolution of the Board, and the Distributor may rely upon
the genuineness of any such document or copy thereof reasonably believed in good faith by the Distributor to have been validly executed; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. any signature, instruction, request, letter of transmittal, certificate, opinion of counsel, statement,
instrument, report, notice, consent, order, or other document reasonably believed in good faith by the Distributor to be genuine and to have been signed or presented by the Client or other proper party or parties; and the Distributor shall not be
under any duty or obligation to inquire into the validity or invalidity or authority or lack thereof of any statement, oral or written instruction, resolution, signature, request, letter of transmittal, certificate, opinion of counsel, instrument,
report, notice, consent, order, or any other document or instrument which the Distributor reasonably believes in good faith to be genuine.

9. **Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client shall indemnify and hold the Distributor, its affiliates and each of their respective members, managers, directors, officers, employees, agents and any person who controls or previously controlled the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all losses, claims, demands, liabilities, damages and expenses (including the reasonable costs of investigating or defending any alleged losses, claims, demands, liabilities, damages or expenses and reasonable and documented counsel fees incurred in connection therewith) (collectively, "Losses") that any Distributor Indemnitee may incur, arising out of or relating to (i) the Distributor serving as distributor of the Fund pursuant to this Agreement; (ii) the Client's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; (iii) the Client's failure to comply in all material respects with any applicable securities laws or regulations; or (iv) any claim that the Registration Statement, Prospectus, shareholder reports, Marketing Materials or other information filed or made public by the Client (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein not misleading under the 1933 Act, the 1940 Act, the 1934 Act or any other statute or the common law, or violated any rule of FINRA or of the SEC or any other jurisdiction wherein Shares of the Fund are sold; provided, however, that the Client's obligation to indemnify any of the Distributor Indemnitees shall not be deemed to cover any Losses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in the Registration Statement, Prospectus, shareholder reports, Marketing Materials or other information filed or made public by the Client (as from time to time amended) in reasonable reliance upon and in strict conformity with information about the Distributor, furnished to the Client or its counsel by the Distributor in writing and intended specifically for use in such Registration Statement, Prospectus, shareholder reports, Marketing Materials or other information filed or made public by the Client (as from time to time amended). In no event shall anything contained herein be so construed as to protect the Distributor against any liability to the Client or its shareholders to which the Distributor would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

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The Fund's agreement to indemnify the Distributor Indemnitees is expressly conditioned upon the Fund being notified of such action or claim of loss brought against the Distributor Indemnitees within a reasonable time after the summons or other first legal process giving information of the nature of the claim shall have been served upon the Distributor Indemnitees, unless the failure to give notice does not prejudice the Fund; provided, that the failure so to notify the Fund of any such action shall not relieve the Fund from any liability which the Fund may have to the person against whom such action is brought by reason of any such untrue, or alleged untrue, statement or omission, otherwise than on account of the Fund's indemnity agreement contained in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Distributor shall indemnify, defend and hold the Client, its affiliates, and each of their respective trustees, officers, employees, representatives, and any person who controls or previously controlled the Client within the meaning of Section 15 of the 1933 Act (collectively, the "Client Indemnitees"), free and harmless from and against any and all Losses that any Client Indemnitee may incur, arising out of or based upon (i) the Distributor's material breach of any of its obligations, representations, warranties or covenants contained in this Agreement; or (ii) the Distributor's failure to comply in all material respects with any applicable securities laws or regulations. In no event shall anything contained herein be so construed as to protect the Client against any liability to the Distributor to which the Client would otherwise be subject by reason of willful misfeasance, bad faith, or gross negligence in the performance of its duties under this Agreement or by reason of its reckless disregard of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In no case is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Failure by the indemnified party to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought, on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that the indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 9(A) or 9(B) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Client shall advance reasonable attorneys' fees and other expenses incurred by a Distributor Indemnitee in defending any claim, demand, action or suit which is the subject of a claim for indemnification pursuant to this Agreement to the maximum extent permissible under applicable law. The Distributor shall endeavor to provide the Fund such reasonable estimates, including reasonable estimates related to amounts incurred for services provided hereunder, in connection with claims for which any Distributor Indemnitee seeks indemnity from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. No person shall be obligated to provide indemnification under this Section 9 if such indemnification would be impermissible under the 1940 Act, the 1933 Act, the 1934 Act or the rules of the FINRA; provided, however, in such event indemnification shall be provided under this Section 9 to the maximum extent so permissible.

10. **Conversions; Dealer Agreement Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Client acknowledges and agrees that the Distributor may enter into, assume, or become a party to certain dealer, selling and/or similar agreements ("Conversion Agreement") as the result of the conversion of the Client to Distributor from another principal underwriter or distributor. Such Conversion Agreements may contain certain obligations or duties more appropriately allocated to the Fund's transfer agent, the Fund's adviser, or one of the Fund's other service providers. The Client agrees to perform, or cause to perform, any and all duties and obligations under those Conversion Agreements to the extent that such duties and obligations are not required to be performed by the Distributor under the Standard Dealer Agreement ("Non-Standard Duties").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Client acknowledges and agrees that the Distributor may enter into, assume, or become a party to certain dealer, selling and/or similar agreements ("Non-Standard Dealer Agreements") that contain certain representations, duties, obligations, undertakings and indemnification that are not included in the Standard Dealer Agreement, or lack certain representations, duties, and indemnification included in the Standard Dealer Agreement ("Non-Standard Representations," and collectively with Non-Standard Duties, "Non-Standard Obligations"). The Client agrees to perform, or cause to perform, all such Non-Standard Obligations under any Non-Standard Dealer Agreement. For the avoidance of doubt, any dealer or selling agreement that materially deviates from the Standard Dealer Agreement shall be considered a "Non-Standard Dealer Agreement."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. To the extent that the Distributor (i) assumes, or becomes a party to, any Conversion Agreement, or (ii) after the review and approval by the Client, enters into any Non-Standard Dealer Agreement, the Client shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) any failure to perform any Non-Standard Obligations under any Conversion Agreement or Non-Standard Dealer Agreement; (b) any representations made by the Distributor in any Non-Standard Dealer Agreement or Conversion Agreement to the extent that the Distributor is not required to make such representations in the Standard Dealer Agreement; (c) any indemnification provided by the Distributor under a Conversion Agreement or Non-Standard

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Dealer Agreement to the extent that such indemnification is beyond the indemnification that the Distributor provides to intermediaries in the Standard Dealer Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitee against any liability to the Client or its shareholders to which such Distributor Indemnitee would otherwise be subject by reason of its willful misfeasance, bad faith, or gross negligence in the performance or reckless disregard of its obligations or duties under the Non-Standard Dealer Agreement to the extent that such duties and obligations are the responsibility of the Distributor in the Standard Dealer Agreement.

11. **Force Majeure**. Neither party shall be liable for losses, delays, failure, errors, interruption or loss of data occurring directly or indirectly by reason of circumstances beyond its reasonable control, including, without limitation, acts of nature (including fire, flood, earthquake, storm, hurricane or other natural disaster); action or inaction of civil or military authority; acts of foreign enemies; war; terrorism; riot; insurrection; sabotage; epidemics; labor disputes; civil commotion; or interruption, loss or malfunction of utilities, transportation, computer or communications capabilities; provided, however, that in each specific case such circumstance shall be beyond the reasonable control of the party seeking to apply this force majeure clause.

12. **Duration and Termination**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective as of the date hereof. Unless sooner terminated as provided herein, this Agreement shall continue in effect for two years from the date hereof. Thereafter, if not terminated, this Agreement shall continue automatically in effect for successive one-year periods, provided such continuance is specifically approved at least annually in accordance with the requirements of the 1940 Act, as such requirements may be modified by rule, regulation, order or guidance of the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding the foregoing, this Agreement may be terminated at any time, without the payment of any penalty (i) through a failure to renew this Agreement at the end of a term or (ii) upon mutual consent of the parties. Further, this Agreement may be terminated upon no less than 60 days' written notice, by either the Client through a vote of a majority of the members of the Board who are not interested persons, as that term is defined in the 1940 Act, and have no direct or indirect financial interest in the operation of this Agreement or by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor. This Agreement will automatically terminate in the event of its "assignment" as defined under the 1940 Act.

13. **Anti-Money Laundering Compliance**. The Distributor and the Client each individually represent that its anti-money laundering program ("AML Program"), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the

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foregoing, the Client acknowledges that the Authorized Participants are not "customers" for the purposes of 31 CFR Chapter X.

14. **Privacy**. The Distributor and the Client each individually represent and warrant that: (i) it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation and (ii) it will comply with Regulation S-P as applicable. Each party shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund.

15. **Confidentiality**. During the term of this Agreement, the Distributor and the Client may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party, including, without limitation, financial information, business practices and policies, know-how, trade secrets, market or sales information or plans, products, procedures, customer lists, business plans. Confidential Information does not include: (i) information that was known to the receiving party before receipt thereof from or on behalf of the disclosing party; (ii) information that is disclosed to the receiving party by a third person who has a right to make such disclosure without any obligation of confidentiality to the party seeking to enforce its rights under this Section; (iii) information that becomes publicly known through lawful means; or (iv) information that is independently developed by the receiving party or its employees or affiliates without reference to the disclosing party's information.

Each party will protect the other's Confidential Information with at least the same degree of care it uses with respect to its own Confidential Information, will maintain commercially reasonable information security policies and procedures for protecting Confidential Information and will not use the other party's Confidential Information other than in connection with its obligations hereunder. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by any Agency; (ii) it is advised by counsel that it may incur liability for failure to make such disclosure; (iii) requested to by the other party; provided that in the event of (i) or (ii) the disclosing party shall give the other party reasonable prior notice of such disclosure to the extent reasonably practicable and unless otherwise prohibited by law and will cooperate with the other party (at such other party's expense) in any efforts to prevent such disclosure. The parties agree that the procedures and restrictions set forth herein shall not apply to disclosures of Confidential Information to Distributor's applicable regulatory authorities in connection with routine regulatory examinations or requests for information with respect to which Distributor shall be permitted to disclose such Confidential Information necessary to respond to such examinations or requests. The Distributor will advise such regulatory authorities of the confidential nature of such information.

16. **Use of Names; Publicity**. Each party shall not use the other party's name in any offering material, shareholder report, Marketing Material or other material in a manner not approved by the

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other party in writing prior to such use, such approval not to be unreasonably withheld. Each party consents to all uses of its name as required by the SEC, any state securities commission, or any federal or state regulatory authority. Neither party will disclose any of the economic terms of this Agreement, except as may be required by law.

17. **Notices**. Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; (i) **To Distributor:**  | (ii) **If to the Client:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quasar Distributors, LLC<br> Attn: Legal Department<br> 190 Middle Street, Suite 301<br> Portland, ME 04101<br> Email: legal@Foreside.com<br>With a copy to:<br> <u>dealerservices@acaglobal.com</u> | RBC BlueBay Enhanced Income Fund Attn:<br> Mutual Fund Operations<br> 250 Nicollet Mall, Suite 1550<br> Minneapolis, MN 55401<br> Email:<br> RBCGAMUSFundOperations@rbc.com |

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18. **Modifications**. No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties. Any amendment will be approved by the Board in accordance with the requirements of the 1940 Act, as such requirements may be modified by rule, regulation, order or guidance of the SEC or its staff.

19. **Governing Law**. This Agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware, without giving effect to the choice of laws provisions thereof. To the extent that the applicable laws of the State of Delaware, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

20. **Survival**. The provisions of Sections 7, 8, 9, 10, 13, 15, 16 and 19 of this Agreement shall survive any termination of this Agreement.

21. **Insurance.** The Distributor, at its own expense, shall maintain insurance coverage in full force and effect, in an amount necessary and appropriate with respect to its business.

22. **Miscellaneous**. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of

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the parties. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors. This Agreement constitutes the entire agreement between the parties hereto and supersedes all prior communications, understandings and agreements relating to the subject matter hereof, whether oral or written.

**23. Exclusivity.** Nothing herein contained shall prevent the Distributor from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles.

**24. Counterparts.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Electronically transmitted signatures shall be deemed to be originals.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first set forth above.

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| | |
|:---|:---|
| **Quasar Distributors, LLC** | **RBC BlueBay Enhanced Income Fund** |
| By: <u>/s/ Theresa Cowan</u>  | By: <u>/s/ Kathleen Hegna</u>  |
| Name: Theresa Cowan | Name: Kathleen Hegna |
| Title: President | Title: Treasurer and Chief Financial Officer |
| Date: April 22, 2026 | Date: April 16, 2026 |

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**EXHIBIT A** 

<u>Compensation</u> 

<u>SALES LOADS</u>*\**:

Any and all upfront commissions on sales of Shares notified by the Fund in writing to the Distributor in respect of a particular Financial Intermediary up to the maximum such upfront commission rate set forth in the Registration Statement, including the Prospectus, filed with the SEC and in effect at the time of sale of such Shares.

Such commissions shall not exceed the percentages of the applicable sale amount set forth in the Registration Statement and shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such sales loads from the Fund.

*\*All commissions received by the Distributor shall be held to be used solely for distribution-related expenses and shall not be retained as profit.* 

<u>DISTRIBUTION FEE</u>*\**:

The Fund will pay the Distributor an ongoing quarterly fee at the annualized rate set forth in the Registration Statement and such fee shall be paid by the Distributor to the applicable Financial Intermediaries as set forth in the Registration Statement and only after, for so long as and to the extent that the Distributor has received such fee from the Fund.

*\*All 12b-1 payments received by the Distributor shall be held to be used solely for distribution- and/or servicing-related expenses, as described in the applicable Plan, and shall not be retained as profit by the Distributor.* 

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**EXHIBIT B** 

**QUASAR DISTRIBUTORS, LLC** 

**DEALER AGREEMENT** 

**RBC BLUEBAY ENHANCED INCOME FUND** 

This agreement is made and effective as of this _____ day of _________________, 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, RBC BlueBay Enhanced Income Fund (the "<u>Fund</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as a closed-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>");

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Dealer desires to serve as a selected dealer of the Fund;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. **Dealer.** Dealer represents that it is a broker-dealer properly registered and qualified under all applicable federal, state and local laws to engage in the business and transactions described in this agreement and is a member in good standing of the Financial Industry Regulatory Authority ("<u>FINRA</u>") and the Securities Investor Protection Corporation ("<u>SIPC</u>"). Dealer agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no responsibility for such determination. Dealer shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Dealer's transactions in Shares. In addition, Dealer shall notify Distributor immediately in the event Dealer's status as a member of FINRA or SIPC changes. Dealer shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Fund.

2. **Qualification of Shares.** The Fund will make available to Dealer a list of the states or other jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Dealer will make offers of Shares to its customers only in those states and will ensure that it (including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

3. **Orders.** All orders Dealer submits for transactions in Shares shall reflect orders received from its customers or shall be for its account for its own bona fide investment. Dealer will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the

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Fund prospectus (the "<u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Dealer shall not withhold placing customers' orders for any Shares so as to profit Dealer or its customers as a result of such withholding. Subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time, Dealer is hereby authorized to place orders directly with the Fund for the purchase of Shares. All purchase orders Dealer submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Dealer is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Dealer with respect to the Fund. All orders that are accepted for the purchase of Shares shall be executed at net asset value ("<u>NAV</u>") per share on the relevant subscription date, as described in the Prospectus.

4. **Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder ("<u>Applicable Laws</u>"). Dealer is authorized to distribute to Dealer's customers the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Dealer is not authorized to distribute, furnish or display any other sales or promotional material relating to the Fund without Distributor's prior written approval, but Dealer may identify the Fund in a listing of closed-end funds available through Dealer to its customers. Unless otherwise mutually agreed in writing, Dealer shall deliver or cause to be delivered to each customer who purchases Shares from or through Dealer, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to the Fund and prepared by or on behalf of the Fund or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Dealer shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by Applicable Laws.

5. **Sales Charges and Concessions.** On each purchase of Shares by Dealer (but not including the reinvestment of any dividends or distributions), Dealer shall be entitled to receive such dealer allowances, concessions, sales charges or other compensation, if any, as may be set forth in the Prospectus. The Fund reserves the right to waive sales charges. Dealer represents that it is eligible to receive any such sales charges and concessions paid to it under this section.

6. **Transactions in Shares.** With respect to all orders Dealer places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Fund within three (3) business days after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Dealer cancels the trade for any reason, Dealer shall be responsible for any loss resulting to the Fund or to Distributor from Dealer's failure to make payments as aforesaid. Dealer shall not be entitled to any gains generated thereby. Dealer also assumes responsibility for any loss to the Fund caused by any order placed by Dealer on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Fund and shall be subject to the Fund's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Fund's acceptance of any such order.

7. **Accuracy of Orders; Customer Signatures.** Dealer shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Dealer shall guarantee the signatures of its customers when such

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guarantee is required by the Fund, and Dealer shall indemnify and hold harmless all persons, including Distributor and the Fund's transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

8. **Indemnification.** Dealer shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Dealer of any provision of this agreement.

9. **Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Dealer shall cooperate with Distributor to satisfy AML due diligence policies of the Fund and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Fund to ensure compliance with AML Laws. Dealer also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

10. **Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

[11. **Distribution and/or Service Fees.** Subject to and in accordance with the terms of each Prospectus and the Distribution Plan and/or Service Plan, if any, adopted by resolution of the Fund's board (the "<u>Board</u>") which operates in a manner consistent with Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix A, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for distribution, shareholder or administrative services, as described therein. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.]***<u>[please delete if not applicable]</u>***

[12. **Shareholder Servicing Fee.** Subject to and in accordance with the terms of each Prospectus, the Fund has adopted a Shareholder Servicing Plan by which Authorized Service Providers may receive a fee for providing certain services to their customers who own Shares. If applicable, Dealer agrees to enter into a separate Shareholder Services Agreement with the Fund.]***<u>[please delete if not applicable]</u>***

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13. **Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered as Dealer's main office from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

14. **Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Dealer's suspension or expulsion from FINRA will automatically terminate this agreement without notice. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

15. **Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Fund without obtaining Dealer's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

16. **Notices.** All notices and other communications to Distributor shall be sent to it at 190 Middle Street, Suite 301, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Dealer shall be sent to it at the address set forth below or at such other address as Dealer may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

17. **Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

18. **Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Dealer for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Dealer in contravention of Rule 12b-1(h) of the 1940 Act.

19. **Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

20. **Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose, the provisions of the English version shall prevail.

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*[Signature Page Follows]* 

**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| |
|:---|
| **QUASAR DISTRIBUTORS, LLC** |
| By: |
| Name: |
| Title: |

---

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| |
|:---|
| **[DEALER NAME]** |
| By: |
| Name: |
| Title: |
| Address of Dealer: |
| Operations Contact: |
| Name: |
| Phone: |
| Email: |

---

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**APPENDIX A** 

**QUASAR DISTRIBUTORS, LLC** 

**DISTRIBUTION/SERVICE FEE AGREEMENT** 

**RBC BLUEBAY ENHANCED INCOME FUND** 

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**DEALER NAME**] ("<u>Dealer</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Dealer have entered into a dealer agreement dated as of ____________ ("<u>Dealer Agreement</u>"), which entitles Dealer to serve as a selected dealer of the RBC BlueBay Enhanced Income Fund for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Dealer wish to confirm Distributor's and Dealer's understanding and agreement with respect to [Rule 12b-1] payments to be made to Dealer in accordance with the Dealer Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Dealer's understanding and agreement with respect to [Rule 12b-1] payments to be made to Dealer in accordance with the Dealer Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Dealer Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Dealer pursuant to one or more distribution and service plans (the "<u>Plans</u>") adopted by the Fund which operate(s) in a manner consistent with Rule 12b-1 of the 1940 Act. Dealer shall furnish sales and marketing services and/or shareholder services to Dealer's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services not otherwise provided by the Fund's transfer agent. With respect to such payments to Dealer, Distributor shall have only the obligation to make payments to Dealer after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Dealer. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such [Rule 12b-1 Plan] payments or other dealer compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Dealer. If applicable, Dealer hereby authorizes Distributor to pay Dealer's Clearing Agent such fees set forth under this section on Dealer's behalf. In such case, Dealer acknowledges and agrees that after Distributor has made payment of such fees to Dealer's Clearing Agent on Dealer's behalf: (i) Dealer's Clearing Agent is solely responsible and liable for direct payment of such fees to Dealer, and Distributor will not pay Dealer directly, (ii) Distributor cannot guarantee payment by Dealer's Clearing Agent of such fees to Dealer, and (iii) should Dealer not receive payment of such fees from Dealer's Clearing Agent for any reason, Dealer's sole recourse is against Dealer's Clearing Agent.

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3. Any such fee payments shall reflect the amounts described in the Fund's prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Dealer whose records, as maintained by the Fund or the transfer agent, designate Dealer's firm as the customer's dealer of record. No such fee payments will be payable to Dealer with respect to Shares purchased by or through Dealer and redeemed by the Fund within seven (7) business days after the date of confirmation of such purchase. Dealer represents that Dealer is eligible to receive any such payments made to Dealer under the Plans.

4. Dealer agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Dealer shall furnish Distributor with a written report describing the amounts payable to Dealer pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Dealer shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Dealer pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans. This Agreement may be terminated, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated upon a termination of the relevant Plan or the Dealer Agreement, if the Fund closes to new investments, or if Distributor's Distribution Agreement with the Fund terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Dealer at Dealer's address shown below or as registered from time to time with FINRA. If Dealer does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Dealer's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Dealer Agreement.

*[Signature Page Follows]* 

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| | |
|:---|:---|
| **QUASAR DISTRIBUTORS, LLC** | **[DEALER NAME]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
|  | [Dealer address] |

---

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**QUASAR DISTRIBUTORS, LLC** 

**SELLING GROUP MEMBER AGREEMENT** 

**RBC BLUEBAY ENHANCED INCOME FUND** 

This agreement is made and effective as of this _____ day of _________________, 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>") and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, RBC BlueBay Enhanced Income Fund (the "<u>Fund</u>") is registered under the Investment Company Act of 1940 ("<u>1940 Act</u>"), as a closed-end management investment company and is authorized to issue shares of beneficial interest ("<u>Shares</u>");

**WHEREAS**, Distributor serves as principal underwriter in connection with the offering and sale of the Shares pursuant to a distribution agreement ("<u>Distribution Agreement</u>"); and

**WHEREAS**, Intermediary desires to serve as a selling group member of the Fund;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. **Selling Group Member.** Intermediary represents that it is properly qualified under all applicable
federal, state and local laws to engage in the business and transactions described in this agreement. In addition, Intermediary agrees to comply with the rules of the Financial Industry Regulatory Authority (" <u>FINRA</u> ") as if they
were applicable to Intermediary in connection with its activities under this agreement. Intermediary agrees that it is responsible for determining the suitability of any Shares as investments for its customers and that Distributor has no
responsibility for such determination. Intermediary shall maintain all records required by Applicable Laws (as defined below) or that are otherwise reasonably requested by Distributor relating to Intermediary's transactions in Shares.
Intermediary shall at all times comply with (i) the provisions of this agreement related to compliance with all applicable rules and regulations and (ii) the terms of each registration statement and prospectus for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. **Qualification of Shares.** The Fund will make available to Intermediary a list of the states or other
jurisdictions in which Shares are registered for sale or are otherwise qualified for sale, which may be revised by the Fund from time to time. Intermediary will make offers of Shares to its customers only in those states and will ensure that it
(including its associated persons) is appropriately licensed and qualified to offer and sell Shares in any state or other jurisdiction that requires such licensing or qualification in connection with its activities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. **Orders.** All orders Intermediary submits for transactions in Shares shall reflect orders received from
its customers or shall be for its account for its own bona fide investment. Intermediary will date and timestamp its customer orders and forward them promptly each day and in any event prior to the time required by the Fund prospectus (the
" <u>Prospectus</u>," which for purposes of this agreement includes the Statement of Additional Information incorporated therein). As agent for its customers, Intermediary shall not withhold placing customers' orders for any Shares
so as to profit

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Intermediary or its customers as a result of such withholding. Subject to the terms and conditions set forth in the Prospectus and any operating procedures and policies established by Distributor or the Fund (directly or through its transfer agent) from time to time, Intermediary is hereby authorized to place orders directly with the Fund for the purchase of Shares. All purchase orders Intermediary submits are subject to acceptance or rejection, and Distributor reserves the right to suspend or limit the sale of Shares. Intermediary is not authorized to make any representations concerning Shares except such representations as are contained in the Prospectus and in such supplemental written information that the Fund or Distributor (acting on behalf of the Fund) may provide to Intermediary with respect to the Fund. All orders that are accepted for the purchase of Shares shall be executed at net asset value ("<u>NAV</u>") per share on the relevant subscription date, as described in the Prospectus. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. **Compliance with Applicable Laws; Distribution of Prospectus and Reports; Confirmations.** In connection
with its respective activities hereunder, each Party shall abide by the Conduct Rules of FINRA and all other rules of self-regulatory organizations of which it is a member, as well as all laws, rules and regulations, including federal and state
securities laws, that are applicable to it (and its associated persons) from time to time in connection with its activities hereunder (" <u>Applicable Laws</u> "). Intermediary is authorized to distribute to Intermediary's customers
the current Prospectus, as well as any supplemental sales material received from the Fund or Distributor (acting on behalf of the Fund) (on the terms and for the period specified by Distributor or stated in such material). Intermediary is not
authorized to distribute, furnish or display any other sales or promotional material relating to the Fund without Distributor's prior written approval, but Intermediary may identify the Fund in a listing of closed-end funds available through Intermediary to its customers. Unless otherwise mutually agreed in writing, Intermediary shall deliver or cause to be delivered to each customer who purchases Shares from or
through Intermediary, copies of all annual and interim reports, proxy solicitation materials, and any other information and materials relating to the Fund and prepared by or on behalf of the Fund or Distributor. If required by Rule 10b-10 under the Securities Exchange Act or other Applicable Laws, Intermediary shall send or cause to be sent confirmations or other reports to its customers containing such information as may be required by
Applicable Laws.

5. **Sales Charges and Concessions. [not applicable]**.

6. **Transactions in Shares.** With respect to all orders Intermediary places for the purchase of Shares, unless otherwise agreed, settlement shall be made with the Fund within three (3) business days after acceptance of the order. If payment is not so received or made, the transaction may be cancelled. In this event or in the event that Intermediary cancels the trade for any reason, Intermediary shall be responsible for any loss resulting to the Fund or to Distributor from Intermediary's failure to make payments as aforesaid. Intermediary shall not be entitled to any gains generated thereby. Intermediary also assumes responsibility for any loss to the Fund caused by any order placed by Intermediary on an "as-of" basis subsequent to the trade date for the order and will immediately pay such loss to the Fund upon notification or demand. Such orders shall be acceptable only as permitted by the Fund and shall be subject to the Fund's policies pertaining thereto, which may include receipt of an executed Letter of Indemnity in a form acceptable to the Fund and/or to Distributor prior to the Fund's acceptance of any such order.

7. **Accuracy of Orders; Customer Signatures.** Intermediary shall be responsible for the accuracy, timeliness and completeness of any orders transmitted by it on behalf of its customers by any means, including wire or telephone. In addition, Intermediary shall guarantee the signatures of its customers when such guarantee is required by the Fund, and Intermediary shall indemnify and hold harmless all persons, including Distributor and the Fund's transfer agent, from and against any and all loss, cost, damage or expense suffered or incurred in reliance upon such signature guarantee.

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8. **Indemnification.** Intermediary shall indemnify and hold harmless Distributor and Distributor's officers, directors, agents and employees from and against any claims, liabilities, expenses (including reasonable attorneys' fees) and losses (collectively, the "<u>Losses</u>") resulting from any breach by Intermediary of any provision of this agreement.

9. **Anti-Money Laundering Compliance.** Each Party acknowledges that it is a financial institution subject to the USA PATRIOT Act of 2001 and the Bank Secrecy Act (collectively, the "<u>AML Acts</u>"), which require, among other things, that financial institutions adopt compliance programs to guard against money laundering. Each Party represents and warrants that it is in compliance with and will continue to comply with the AML Acts and applicable rules thereunder ("<u>AML Laws</u>"), including FINRA Rule 3310, in all relevant respects. Intermediary shall cooperate with Distributor to satisfy AML due diligence policies of the Fund and Distributor, which may include annual compliance certifications and periodic due diligence reviews and/or other requests deemed necessary or appropriate by Distributor or the Fund to ensure compliance with AML Laws. Intermediary also shall provide for screening its own new and existing customers against the Office of Foreign Assets Control list and any other government list that is or becomes required under the AML Acts.

10. **Privacy.** The Parties agree that any Non-Public Personal Information, as the term is defined in Regulation S-P ("<u>Reg S-P</u>") of the Securities and Exchange Commission, that may be disclosed hereunder is disclosed for the specific purpose of permitting the other Party to perform the services set forth in this agreement. Each Party will, with respect to such information, comply with Reg S-P and will not disclose any Non-Public Personal Information received in connection with this agreement to any other party, except to the extent required to carry out the services set forth in this agreement or as otherwise permitted by law.

[11. **Service Fees.** Subject to and in accordance with the terms of each Prospectus and the Distribution Plan and/or Service Plan, if any, adopted by resolution of the Fund's board (the "<u>Board</u>") which operates in a manner consistent with Rule 12b-1 under the 1940 Act, Distributor may pay financial institutions with which Distributor has entered into an agreement in substantially the form annexed hereto as Appendix A, or such other form as may be approved from time to time by the Board, such fees as may be determined in accordance with such fee agreement, for shareholder or administrative services, as described therein. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's designated clearing agent ("<u>Clearing Agent</u>") such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent. Intermediary hereby represents that Intermediary is permitted under Applicable Laws to receive all payments for shareholder services contemplated herein.]***[<u>please delete if not applicable]</u>***

[12. **Shareholder Servicing Fee.** Subject to and in accordance with the terms of each Prospectus, the Fund has adopted a Shareholder Servicing Plan by which Authorized Service Providers may receive a fee for providing certain services to their customers who own Shares. If applicable, Dealer agrees to enter into a separate Shareholder Services Agreement with the Fund.]***<u>[please delete if not applicable]</u>***

13. **Amendments.** This agreement may be amended from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If

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Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days. All amendments shall be in writing and, except as provided above, executed by both Parties.

14. **Termination.** This agreement may be terminated by either Party, without penalty, upon ten (10) days' prior written notice to the other Party. Any unfulfilled obligations hereunder, and all obligations of indemnification, shall survive the termination of this agreement.

15. **Assignment.** This agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns. No Party may assign this agreement nor any rights, privileges, duties or obligations hereunder without the prior written consent of the other Party, except that Distributor may assign or transfer this agreement to any broker-dealer which becomes the underwriter of the Fund without obtaining Intermediary's written consent. For the avoidance of doubt, the Parties agree that a change of control of the Distributor shall not constitute an assignment of this agreement.

16. **Notices.** All notices and other communications to Distributor shall be sent to it at 190 Middle Street, Suite 301, Portland, ME 04101, Attn: Legal Department, or at such other address as Distributor may designate in writing. All notices and other communications to Intermediary shall be sent to it at the address set forth below or at such other address as Intermediary may designate in writing. All notices required or permitted to be given pursuant to this agreement shall be given in writing and delivered by personal delivery, by postage prepaid mail, electronic mail, or by facsimile or similar means of same-day delivery.

17. **Authorization.** Each Party represents to the other that (i) all requisite corporate proceedings have been undertaken to authorize it to enter into and perform under this agreement as contemplated herein and (ii) the individual that has signed this agreement below on its behalf is a duly elected officer that has been empowered to act for and on behalf of it with respect to the execution of this agreement.

18. **Directed Brokerage Prohibitions.** Neither Party shall direct Fund portfolio securities transactions or related remuneration to compensate Intermediary for any promotion or sale of Shares under this agreement. Distributor also will not directly or indirectly compensate Intermediary in contravention of Rule 12b-1(h) of the 1940 Act.

19. **Arbitration.** Any controversy or claim arising out of or relating to this agreement, or any breach thereof, shall be settled by arbitration in accordance with the then existing FINRA Code of Arbitration Procedure. Any arbitration shall be conducted in New York, New York, and each arbitrator shall be from the securities industry. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. **Miscellaneous.** This agreement supersedes any other agreement between the Parties with respect to the
offer and sale of Shares and other matters covered herein. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof. This agreement may be executed in
any number of counterparts, which together shall constitute one instrument. This agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to conflict of laws principles and shall bind and inure
to the benefit of the Parties and their respective successors and assigns. This agreement has been negotiated and executed by the Parties in English. In the event any translation of this agreement is prepared for convenience or any other purpose,
the provisions of the English version shall prevail.

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**IN WITNESS WHEREOF**, the Parties have caused this agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| |
|:---|
| **QUASAR DISTRIBUTORS, LLC** |
| By: |
| Name: |
| Title: |

---

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| |
|:---|
| **[INTERMEDIARY NAME]** |
| By: |
| Name: |
| Title: |
| Address of Intermediary: |
| Operations Contact: |
| Name: |
| Phone: |
| Email: |

---

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**APPENDIX A** 

**QUASAR DISTRIBUTORS, LLC** 

**SERVICE FEE AGREEMENT** 

**RBC BLUEBAY ENHANCED INCOME FUND** 

This fee agreement ("<u>Agreement</u>") is made and effective as of this _____ day of _________________ 20__, by and between Quasar Distributors, LLC ("<u>Distributor</u>") and [**INTERMEDIARY NAME**] ("<u>Selling Group Member</u>" or "<u>Intermediary</u>" and, together with Distributor, the "<u>Parties</u>");

**WHEREAS**, Distributor and Intermediary have entered into a selling group member agreement dated as of ____________ ("<u>Selling Group Member Agreement</u>"), which entitles Intermediary to serve as a selling group member of the RBC BlueBay Enhanced Income Fund for which Distributor serves as distributor; and

**WHEREAS**, Distributor and Intermediary wish to confirm Distributor's and Intermediary's understanding and agreement with respect to [Rule 12b-1] payments to be made to Intermediary in accordance with the Selling Group Member Agreement;

**NOW, THEREFORE**, in consideration of the promises and the mutual covenants contained herein, and other good and valuable consideration, the receipt of which is hereby acknowledged, the Parties, intending to be legally bound, do hereby agree as follows:

1. This Agreement confirms Distributor's and Intermediary's understanding and agreement with respect to [Rule 12b-1] payments to be made to Intermediary in accordance with the Selling Group Member Agreement. Capitalized terms used but not defined herein shall have the respective meanings set forth in the Selling Group Member Agreement.

2. From time to time during the term of this Agreement, Distributor may make payments to Intermediary pursuant to one or more distribution and service plans (the "<u>Plans</u>") adopted by the Fund which operate(s) in a manner consistent with Rule 12b-1 of the 1940 Act. Intermediary shall furnish sales and marketing services and/or shareholder services to Intermediary's customers who invest in and own Shares, including, but not limited to, answering routine inquiries regarding the Fund, processing shareholder transactions, and providing any other shareholder services not otherwise provided by a Fund's transfer agent. With respect to such payments to Intermediary, Distributor shall have only the obligation to make payments to Intermediary after, for as long as, and to the extent that Distributor receives from the Fund an amount equivalent to the amount payable to Intermediary. The Fund reserves the right, without prior notice, to suspend or eliminate the payment of such [Rule 12b-1 Plan] payments or other compensation by amendment, sticker or supplement to the then-current Prospectus of the Fund or other written notice to Intermediary. If applicable, Intermediary hereby authorizes Distributor to pay Intermediary's Clearing Agent such fees set forth under this section on Intermediary's behalf. In such case, Intermediary acknowledges and agrees that after Distributor has made payment of such fees to Intermediary's Clearing Agent on Intermediary's behalf: (i) Intermediary's Clearing Agent is solely responsible and liable for direct payment of such fees to Intermediary, and Distributor will not pay Intermediary directly, (ii) Distributor cannot guarantee payment by Intermediary's Clearing Agent of such fees to Intermediary, and (iii) should Intermediary not receive payment of such fees from Intermediary's Clearing Agent for any reason, Intermediary's sole recourse is against Intermediary's Clearing Agent.

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3. Any such fee payments shall reflect the amounts described in the Fund's Prospectus. Payments will be based on the average daily net assets of Shares which are owned by those customers of Intermediary whose records, as maintained by the Fund or the transfer agent, designate Intermediary's firm as the customer's intermediary of record. No such fee payments will be payable to Intermediary with respect to Shares purchased by or through Intermediary and redeemed by the Fund within seven (7) business days after the date of confirmation of such purchase. Intermediary represents that Intermediary is eligible to receive any such payments made to Intermediary under the Plans.

4. Intermediary agrees that all activities conducted under this Agreement will be conducted in accordance with the Plans, as well as all applicable state and federal laws, including the 1940 Act, the Securities Exchange Act of 1934, the Securities Act of 1933 and any applicable rules of FINRA.

5. Upon request, on a quarterly basis, Intermediary shall furnish Distributor with a written report describing the amounts payable to Intermediary pursuant to this Agreement and the purpose for which such amounts were expended. Distributor shall provide quarterly reports to the Board of amounts expended pursuant to the Plans and the purposes for which such expenditures were made. Intermediary shall furnish Distributor with such other information as shall reasonably be requested by Distributor in connection with Distributor's reports to the Board with respect to the fees paid to Intermediary pursuant to this Agreement.

6. This Agreement shall continue in effect until terminated in the manner prescribed below or as provided in the Plans [or in Rule 12b-1]. This Agreement may be terminated, without penalty, by either Party upon ten (10) days' prior written notice to the other Party. In addition, this Agreement will be terminated upon a termination of the relevant Plan or the Selling Group Member Agreement, if the Fund closes to new investments, or if Distributor's Distribution Agreement with the Fund terminates.

7. This Agreement may be amended by Distributor from time to time by the following procedure. Distributor will mail a copy of the amendment to Intermediary at Intermediary's address shown below. If Intermediary does not object to the amendment within fifteen (15) days after its receipt, the amendment will become a part of this Agreement. Intermediary's objection must be in writing and be received by Distributor within such fifteen (15) days.

8. This Agreement and all the rights and obligations of the Parties shall be governed by and construed under the laws of the State of Delaware, without regard to conflict of laws principles.

9. All notices and other communications shall be given as provided in the Selling Group Member Agreement.

*[Signature Page Follows]* 

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**IN WITNESS WHEREOF**, the Parties have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date first written above.

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| | |
|:---|:---|
| **QUASAR DISTRIBUTORS, LLC** | **[INTERMEDIARY NAME]** |
| By: | By: |
| Name: | Name: |
| Title: | Title: |
|  | [Intermediary address] |

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

**MASTER DISTRIBUTION PLAN** 

WHEREAS, RBC BlueBay Enhanced Income Fund ("Trust") is registered as a closed-end management investment company under the Investment Company Act of 1940 (the "Act") operating as an interval fund pursuant to Rule 23c-3 under the Act and is authorized to issue shares of beneficial interest representing interests in the Trust's portfolio of securities and other assets,

WHEREAS, although the Trust is a closed-end management investment company, the Trust was granted exemptive relief from the U.S. Securities and Exchange Commission ("SEC") to permit the Trust to offer multiple classes of shares, subject to the condition that, if the Trust pays intermediaries for distribution, the Trust will comply with Rule 12b-1 under the Act as if the rule applies to a closed-end management investment company. Accordingly, it is anticipated that the Trust will issue one or more classes of shares (each a "Class" and together, the "Classes"); and

WHEREAS, the Trust has engaged RBC Global Asset Management (U.S.) Inc. (the "Adviser/Administrator") to render investment management and administrative services with respect to the Trust; and

WHEREAS, the Trust employs Quasar Distributors, LLC (the "Distributor") as the distributor of securities of the Trust; and

WHEREAS, the Board of Trustees of the Trust has determined that it is appropriate to adopt a Master Distribution Plan (the "Plan") with respect to the Trust and certain Classes after determining that there is a reasonable likelihood that the Plan will benefit the Trust and its shareholders.

NOW THEREFORE, the Trust hereby establishes the Plan on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Plan shall pertain to such Classes as shall be designated from time to time by the Trustees of the Trust or in any Supplement to the Plan ("Supplement").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust will pay distribution expenses directly or will reimburse the Distributor for costs and expenses incurred in connection with distribution and marketing of shares of such Classes. Such distribution costs and expenses would include (i) advertising by radio, television, newspapers, magazines, brochures, sales literature, direct mail or any other form-of advertising, (ii) expenses of sales employees or agents of the Distributor, including salary, commissions, travel and related expenses, (iii) payments to broker-dealers and financial institutions for services in connection with the distribution of shares, including fees calculated with reference to the average daily net asset value of shares held by shareholders who have a brokerage or other service relationship with the broker-dealer or institution receiving such fees, (iv) costs of printing prospectuses and other materials to be given or sent to prospective investors, and (v) such other similar services as an executive officer of the Trust determines to be reasonably calculated to result in the sale of shares of the Trust.

Payments or reimbursements under the Plan shall be made on a monthly basis, subject to an annual limit of the average daily net assets of the Trust, or of each Class, as applicable, as shall be set forth on Exhibit A hereto or in any Supplement to the Plan, as applicable, with respect to the Trust or a Class, subject further to any lower limits that may be required pursuant to applicable rules of the Financial Industry Regulatory Authority. Payments made out of or charged against the assets of the Trust or Class, as applicable, must be in payment or reimbursement for distribution costs and expenses, or distribution services rendered, for or on behalf of the Trust or Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Trust shall pay all costs and expenses in connection with printing and distribution of prospectuses and the implementation and operation of the Plan provided that expenses attributable to the Trust shall be paid by the Trust and expenses attributable to a Class shall be paid by that Class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Plan shall not take effect with respect to the Trust or a Class, if adopted after any public offering of the Trust or a Class (or the sale of securities of the Trust or such Class to persons who are not affiliated persons of the Trust, affiliated persons of such persons, promoters of the Trust or affiliated persons of such promoters), until it has been approved by a vote of at least a majority of the outstanding voting securities (as defined in the Act) of the Trust or that Class. With respect to the submission of the Plan for such a vote, it shall have been effectively approved with respect to the Trust or a Class if a majority of the outstanding voting securities of the Trust or each

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Class, as applicable, votes for approval of the Plan, notwithstanding that the matter has not been approved by a majority of the outstanding voting securities of the Trust (with respect to a Class)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Plan shall not take effect with respect to the Trust or a Class until it has been approved, together with any related agreements, amendments or Supplements, as applicable, by votes of a majority of both (a) the Board of Trustees of the Trust and (b) those Trustees of the Trust who are not "interested persons" of the Trust (as defined in the Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreements related to it (the "Plan Trustees"), cast in person (if such vote is required to be cast in person under then current positions and interpretations of the 1940 Act by the SEC or its staff) at a meeting (or in meetings) called for the purpose of voting on the Plan and such related agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The Plan, once approved for the Trust or a Class, shall continue in effect for the Trust or such Class so long as such continuance is specifically approved at least annually with respect to the Trust and such Class in the manner provided for approval of the Plan in paragraph 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Any person authorized to direct the disposition of monies paid or payable by the Trust pursuant to the Plan or any related agreement shall provide to the Trust's Board of Trustees, and the Board shall review, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Any agreement related to the Plan shall be in writing and shall provide: (a) that such agreement may be terminated with respect to the Trust or a Class at any time, without payment of any penalty, by vote of a majority of the Plan Trustees or by vote of a majority of the outstanding voting securities of the Trust or Class, as applicable, on not more than 60 days written notice to any other party to the agreement: and (b) that such agreement shall terminate automatically in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Plan may be terminated at any time with respect to the Trust or a Class by vote of a majority of the Plan Trustees or by vote of a majority of the outstanding voting securities of the Trust or that Class, as applicable. With respect to any Class for which the Plan is not terminated, the Plan will continue in effect subject to the provisions hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Plan may be amended at any time by the Board of Trustees provided that: (a) any amendment to increase materially the costs which the Trust or a Class may bear for distribution pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding voting securities of the Trust or Class, as applicable, and upon compliance with conditions of applicable exemptive orders issued by, or rules of, the SEC; and (b) any material amendments of the terms of the Plan shall become effective only upon approval as provided in paragraph 5 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. While the Plan is in effect, the Trust's Board of Trustees must satisfy the Fund Governance Standards as defined in Rule 0-1(a)(7) under the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. The Trust shall preserve copies of the Plan and any related agreements and all reports made pursuant to paragraph 7 hereof for a period of not less than six years from the date of the Plan, the agreements or such report, as the case may be, the first two years of which shall be in an easily accessible place.

Dated: March 20, 2026

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**<u>Exhibit A</u>**

As provided in paragraph 2 of the Plan, payments or reimbursements by the Trust shall be subject to an annual limit of 0.50% of the average daily net assets attributable to Class T shares provided that up to 0.25% of such average daily net assets may be designated out of such payments or reimbursements as a "service fee," as defined in rules and policy statements of the Financial Industry Regulatory Authority.

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

**CUSTODY AGREEMENT** 

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and between **RBC BLUEBAY ENHANCED INCOME FUND,** a Delaware statutory trust (the "Fund"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

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

WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and

WHEREAS, the Board of Directors (as defined below) has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Fund.

WHEREAS, the Fund desires to retain the Custodian to act as custodian of its cash and securities; and

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I** 

**CERTAIN DEFINITIONS** 

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

1.01 <u>"Authorized Person"</u> means any Officer or person (including an investment adviser or other agent) who has been designated by written notice as such from the Fund or the Fund's investment adviser or other agent. Such officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Fund or the Fund's investment adviser or other agent that any such person is no longer an Authorized Person.

1.02 <u>"Board of Directors"</u> shall mean the directors or trustees from time to time serving under the Fund's governing documents, as amended from time to time.

1.03 <u>"Book-Entry System"</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

1.04 <u>"Business Day"</u> shall mean any day recognized as a settlement day by the New York Stock Exchange, Inc., and any other day for which the Fund computes the net asset value of Shares of the Fund.

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1.05 <u>"Eligible Foreign Custodian"</u> has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

1.06 <u>"Eligible Securities Depository"</u> shall mean a system for the central handling of securities as that term is defined in Rule 17f-4 and 17f-7 under the 1940 Act.

1.07 <u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

1.08 <u>"Foreign Securities"</u> means any of the Fund's investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Fund's transactions in such investments.

1.09 <u>"Fund Custody Account"</u> shall mean any of the accounts in the name of the Fund, which is provided for in Section 3.2 below.

1.10 <u>"IRS"</u> shall mean the Internal Revenue Service.

1.11 <u>"Officer"</u> shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Fund.

1.12 <u>"SEC"</u> shall mean the U.S. Securities and Exchange Commission.

1.13 <u>"Securities"</u> shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian or its agents have the facilities to clear and service.

1.14 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

1.15 <u>"Shares"</u> shall mean the shares of common stock or common shares of beneficial interest issued by the Fund.

1.16 <u>"Straight Through Processing"</u> shall have the meaning assigned to it in Section 4.07 of this Agreement.

1.17 <u>"Sub-Custodian"</u> shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any "Eligible Foreign Custodian", as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in

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Section 3.3 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from a Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

1.18 <u>"Written Instructions"</u> shall mean (i) written communications received by the Custodian and signed by an Authorized Person, (ii) communications by facsimile or e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.

**ARTICLE II.** 

**APPOINTMENT OF CUSTODIAN** 

2.01 <u>Appointment</u>. The Fund hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Fund hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Fund's Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

2.02 <u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A copy of the Fund's declaration of trust, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A copy of the Fund's bylaws, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A copy of the resolution of the Board of Directors of the Fund appointing the Custodian, certified by the
Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A copy of the current prospectus of the Fund (the "Prospectus");

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A certification of the Chairman or the President and the Secretary of the Fund setting forth the names and
signatures of the current Officers of the Fund and other Authorized Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If applicable, an executed authorization required by the Shareholder Communications Act of 1985, attached
hereto as <u>Exhibit B</u>.

2.03 <u>Notice of Appointment of Transfer Agent</u>. The Fund agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Fund, except if the Fund appoints an affiliate of the Custodian to serve as transfer agent of the Fund, the Custodian hereby waives the Fund's obligation to provide such written notice.

**ARTICLE III.** 

**CUSTODY OF CASH AND SECURITIES** 

3.01 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Fund, if applicable) and shall be identified as subject to this Agreement.

3.02 <u>Fund Custody Accounts</u>. The Custodian shall open and maintain in its trust department a custody account in the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of the Fund which are delivered to it. The Custodian shall be authorized to open such additional accounts as may be necessary or convenient for administration of its duties hereunder.

3.03 <u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In its discretion, the Custodian may appoint one or more Sub-Custodians to establish and maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign Custodians that are members of the Sub-Custodian's network to hold Securities and cash
of the Fund and to carry out such other provisions of this Agreement as it may determine; provided, however, that the appointment of any such agents and maintenance of any Securities and cash of the Fund shall be at the Custodian's expense and
shall not relieve the Custodian of any of its obligations or liabilities under this Agreement. The Custodian shall be liable for the actions of any Sub-Custodians (regardless of whether assets are maintained
in the custody of a Sub-Custodian, a member of its network or an Eligible Securities Depository) appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If, after the initial appointment of Sub-Custodians by the Board of
Directors in connection with this Agreement, the Custodian wishes to appoint other Sub-Custodians to hold property of the Fund, it will so notify the Fund and make the necessary determinations as to any such
new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In performing its delegated responsibilities as foreign custody manager to place or maintain the
Fund's assets with a Sub-Custodian, the Custodian will determine that the

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Fund's assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Fund's assets will be held by that Sub-Custodian, after considering all factors relevant to safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1). <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The agreement between the Custodian and each Sub-Custodian acting
hereunder shall contain the required provisions set forth in Rule 17f-5(c)(2) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At the end of each calendar quarter, the Custodian shall provide written reports notifying the Board of
Directors of the withdrawal or placement of the Securities and cash of the Fund with a Sub-Custodian and of any material changes in the Fund's arrangements. Such reports shall include an analysis of the
custody risks associated with maintaining assets with any Eligible Securities Depositories. The Custodian shall promptly take such steps as may be required to withdraw assets of the Fund from any Sub-Custodian arrangement that has ceased to meet the requirements of Rule 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With respect to its responsibilities under this Section 3.3, the Custodian hereby warrants to the Fund
that it agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of property of the Fund. The Custodian further warrants that the Fund's assets will be subject to reasonable care if
maintained with a Sub-Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation: (i) the Sub-Custodian's practices, procedures, and internal controls for certificated securities (if applicable), its method of keeping custodial records, and its security and data protection practices;
(ii) whether the Sub-Custodian has the requisite financial strength to provide reasonable care for Fund assets; (iii) the Sub-Custodian's general
reputation and standing and, in the case of a Securities Depository, the Securities Depository's operating history and number of participants; and (iv) whether the Fund will have jurisdiction over and be able to enforce judgments against
the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian in the United States or the Sub-Custodian's consent to service of process in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Custodian shall establish a system or ensure that its Sub-Custodian has established a system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund's assets with a Sub-Custodian or Eligible Foreign Custodians who are members of a Sub-Custodian's network; (ii) the performance of the contract governing the Fund's arrangements with such Sub-Custodian or Eligible Foreign Custodian's
members of a Sub-Custodian's network; and (iii) the custody risks of maintaining assets with an Eligible Securities Depository. The Custodian must promptly notify the Fund or its investment adviser
of any material change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Custodian shall use commercially reasonable efforts to collect all income and other payments with respect
to Foreign Securities to which the Fund shall be entitled and shall credit such income, as collected, to the Fund. In the event that extraordinary measures are required to collect such income, the Fund and Custodian shall consult as to the measurers
and as to the compensation and expenses of the Custodian relating to such measures.

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3.04 <u>Delivery of Assets to Custodian</u>. The Fund shall deliver, or cause to be delivered, to the Custodian all of the Fund's Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Fund in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian, on an on-going basis, shall deposit in a Securities
Depository or Book-Entry System all Securities eligible for deposit therein and shall make use of such Securities Depository or Book-Entry System to the extent possible and practical in connection with its performance hereunder, including, without
limitation, in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities of the Fund kept in a Book-Entry System or Securities Depository shall be kept in an account
("Depository Account") of the Custodian in such Book-Entry System or Securities Depository which includes only assets held by the Custodian as a fiduciary, custodian or otherwise for customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The records of the Custodian with respect to Securities of the Fund maintained in a Book-Entry System or
Securities Depository shall, by book-entry, identify such Securities as belonging to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Securities purchased by the Fund are to be held in a Book-Entry System or Securities Depository, the
Custodian shall pay for such Securities upon: (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been transferred to the Depository Account; and (ii) the making of an entry on the records of
the Custodian to reflect such payment and transfer for the account of the Fund. If Securities sold by the Fund are held in a Book-Entry System or Securities Depository, the Custodian shall transfer such Securities upon (i) receipt of advice
from the Book-Entry System or Securities Depository that payment for such Securities has been transferred to the Depository Account; and (ii) the making of an entry on the records of the Custodian to reflect such transfer and payment for the
account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Custodian shall provide the Fund with copies of any report (obtained by the Custodian from a Book-Entry
System or Securities Depository in which Securities of the Fund are kept) on the internal accounting controls and procedures for safeguarding Securities deposited in such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this Agreement, the Custodian shall be liable to the Fund for any
loss or damage to the Fund resulting from: (i) the use of a Book-Entry System or Securities Depository by reason of any gross negligence or willful misconduct on the part of the Custodian or any Sub-Custodian; or (ii) failure of the Custodian or any Sub-Custodian to enforce effectively such rights as it may have against a Book-Entry System or Securities
Depository. At its election, the Fund shall be

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subrogated to the rights of the Custodian with respect to any claim against a Book-Entry System or Securities Depository or any other person from any loss or damage to the Fund arising from the use of such Book-Entry System or Securities Depository, if and to the extent that the Fund has not been made whole for any such loss or damage. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4 under the 1940 Act, the Custodian hereby warrants to the Fund that it agrees to (i) exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities
intermediary to obtain and thereafter maintain such assets, (ii) provide, promptly upon request by the Fund, such reports as are available concerning the Custodian's internal accounting controls and financial strength, and
(iii) require any Sub-Custodian to exercise due care in accordance with reasonable commercial standards in discharging its duty as a securities intermediary to obtain and thereafter maintain assets
corresponding to the security entitlements of its entitlement holders.

3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purchase of Securities for the Fund but only in accordance with Section 4.01 of this Agreement and
only (i) in the case of Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian (or any Sub-Custodian) of such Securities
registered as provided in Section 3.09 below or in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System or Securities Depository, in accordance with the conditions set forth in
Section 3.05 above; (ii) in the case of options on Securities, against delivery to the Custodian (or any Sub-Custodian) of such receipts as are required by the customs prevailing among dealers in
such options; (iii) in the case of futures contracts and options on futures contracts, against delivery to the Custodian (or any Sub-Custodian) of evidence of title thereto in favor of the Fund or any
nominee referred to in Section 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered into between the Fund and a bank that is a member of the Federal Reserve System or between the Fund and a primary dealer
in U.S. Government securities, against delivery of the purchased Securities either in certificate form or through an entry crediting the Custodian's account at a Book-Entry System or Securities Depository with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the conversion, exchange or surrender, as set forth in Section 3.07(f) below, of
Securities owned by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the payment of any dividends or capital gain distributions declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In payment of the repurchase price of Shares as provided in Section 5.01 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the payment of any expense or liability incurred by the Fund, including, but not limited to, the following
payments for the account of the Fund: interest; taxes; administration, investment advisory, accounting, auditing, transfer agent, custodian, director and legal fees; and other operating expenses of the Fund; in all cases, whether

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or not such expenses are to be in whole or in part capitalized or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a
broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations) regarding
escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For transfer in accordance with the provisions of any agreement among the Fund, the Custodian and a futures
commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits
in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the funding of any uncertificated time deposit or other interest-bearing account with any banking
institution (including the Custodian), which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For any other proper purpose, but only upon receipt, in addition to Written Instructions, declaring such
purpose to be a proper fund purpose, and naming the person or persons to whom such payment is to be made.

3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the sale of Securities for the account of the Fund but only against receipt of payment therefor in cash,
by certified or cashiers check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the
provisions of Section 3.05 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To an offeror's depository agent in connection with tender or other similar offers for Securities of the
Fund; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the issuer thereof or its agent (i) for transfer into the name of the Fund, the Custodian or any Sub-Custodian, or any nominee or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates or other evidence representing the same aggregate face amount or number of units;
provided that, in any such case, the new Securities are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the broker selling the Securities, for examination in accordance with the "street delivery"
custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or
readjustment of the issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement, including surrender or receipt of underlying Securities in connection

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with the issuance or cancellation of depository receipts; provided that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of payment therefor pursuant to any repurchase or reverse repurchase agreement entered into by the
Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In the case of warrants, rights or similar Securities, upon the exercise thereof, provided that, in any such
case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For delivery in connection with any loans of Securities of the Fund, but only against receipt of such
collateral as the Fund shall have specified to the Custodian in Written Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) For delivery as security in connection with any borrowings by the Fund requiring a pledge of assets by the
Fund, but only against receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of
the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a
broker-dealer registered under the 1934 Act and a member of FINRA, relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange (or of any similar organization or organizations)
regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For delivery in accordance with the provisions of any agreement among the Fund, the Custodian and a futures
commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or any contract market (or any similar organization or organizations) regarding account deposits
in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For any other proper fund purpose, but only upon receipt, in addition to Written Instructions, specifying the
Securities to be delivered, declaring such purpose to be a proper fund purpose, and naming the person or persons to whom delivery of such Securities shall be made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with
market custom; provided that in any such case the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the
Custodian's own gross negligence or willful misconduct.

3.08 <u>Actions Not Requiring Written Instructions</u>. Unless otherwise instructed by the Fund, the Custodian shall with respect to all Securities held for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 9.04 below, collect on a timely basis all income and other payments to which the Fund
is entitled either by law or pursuant to custom in the securities business;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present for payment and, subject to Section 9.04 below, collect on a timely basis the amount payable upon
all Securities that may mature or be called, redeemed, or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute, as custodian, any necessary declarations or certificates of ownership under the federal income tax
laws or the laws or regulations of any other taxing authority now or hereafter in effect, and prepare and submit reports to the IRS and the Fund at such time, in such manner and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold for the Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or
Securities Depository, all rights and similar Securities issued with respect to Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In general, and except as otherwise directed in Written Instructions, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with Securities and other assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Important information related to ADR's and Preferential Tax Treatment:</u> With respect to any ADRs
the Fund may purchase and own and which the Custodian custodies on the Fund's behalf, the Fund understands that the holding of American Depository Receipts (" <u>ADRs</u> ") may require the disclosure of the beneficial ownership
information (Name, Address, TIN/SSN, Share amount) by the Custodian to vendors, sub-custodians, or local tax authorities in foreign jurisdictions to avoid tax penalties and to obtain the most preferential tax
treatment for the Fund. The Fund acknowledges and consents to any and all disclosures or releases of beneficial information, described above, by the Custodian to any third parties relating to ADRs and release, hold harmless, and indemnify the
Custodian from any liability for doing so.

3.09 <u>Registration and Transfer of Securities</u>. All Securities held for the Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to the Fund's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Fund shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

3.10 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall maintain complete and accurate records with respect to Securities, cash or other property
held for the Fund, including (i) journals or other records of

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original entry containing an itemized daily record in detail of all receipts and deliveries of Securities and all receipts and disbursements of cash; (ii) ledgers (or other records) reflecting (A) Securities in transfer, (B) Securities in physical possession, (C) monies and Securities borrowed and monies and Securities loaned (together with a record of the collateral therefor and substitutions of such collateral), (D) dividends and interest received, and (E) dividends receivable and interest receivable; (iii) canceled checks and bank records related thereto; and (iv) all records relating to its activities and obligations under this Agreement. The Custodian shall keep such other books and records of the Fund as the Fund shall reasonably request, or as may be required by the 1940 Act, including, but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated thereunder. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the
Fund and in compliance with the rules and regulations of the SEC, (ii) be the property of the Fund and at all times during the regular business hours of the Custodian be made available upon request for inspection by duly authorized officers,
employees or agents of the Fund and employees or agents of the SEC, and (iii) if required to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed in Rules 31a-1 and 31a-2 under the 1940 Act.

3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Fund with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Fund with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

3.12 <u>Other Reports by Custodian</u>. As the Fund may reasonably request from time to time, the Custodian shall provide the Fund with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities that are not registered in the name of the Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Fund to exercise shareholder rights.

3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Fund all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase or expiration of rights. If the Fund desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Fund shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Fund will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

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**ARTICLE IV.** 

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND** 

4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Fund pay out of the moneys held for the account of the Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying: (i) the name of the issuer or writer of such Securities, and the title or other description thereof; (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold; (iii) the date of sale and settlement, (iv) the sale price per unit; (v) the total amount payable upon such sale; and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Fund shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any for the foregoing.

4.05 <u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund Custody Account, prior to actual receipt of final payment thereof, with: (i) proceeds from the sale of Securities which it has been instructed to deliver against payment; (ii) proceeds from the redemption of Securities or other assets of the Fund; and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Fund to use funds so credited to the Fund Custody Account in anticipation of actual receipt of final payment. Any such funds shall be

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repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Fund Custody Account.

4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Fund to facilitate the settlement of a Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

4.07 <u>Straight Through Processing</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund directs Custodian to process Fund-initiated cash and security instructions received by Custodian via
online portal, SWIFT, secure file transfer protocol, or equivalent method in an automated, electronic process without manual review by Custodian ("Straight Through Processing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund (1) acknowledges and agrees that it is solely responsible for and assumes all risks and
liabilities associated with instructions given to Custodian regarding any transactions eligible for Straight Through Processing and (2) understands that any non-repetitive wire instructions concerning
cash or securities to be transferred out of Custodian or to a different entity will be deemed not eligible for Straight Through Processing. Such non-repetitive wire instructions may be subject to a call back
process in order to obtain further verification and/or additional authorized direction or other documentation as reasonably requested for verification purposes by Custodian.

**ARTICLE V.** 

**REPURCHASE OF FUND SHARES** 

5.01 <u>Transfer of Funds</u>. From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Written Instructions specifying that the funds are required to repurchase Shares of the Fund, the Custodian shall wire each amount specified in such Written Instructions to or through such bank or broker-dealer as the Fund may designate.

5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to affect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI.** 

**SEGREGATED ACCOUNTS** 

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in accordance with the provisions of any agreement among the Fund, the Custodian and a broker-dealer registered
under the 1934 Act and a member of FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange
(or the Commodity Futures Trading Commission or any

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registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for purposes of segregating cash or Securities in connection with securities options purchased or written by
the Fund or in connection with financial futures contracts (or options thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which constitute collateral for loans of Securities made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance of
segregated accounts by registered investment companies in connection with reverse repurchase agreements and when-issued, delayed delivery and firm commitment transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for other proper fund purposes, but only upon receipt of Written Instructions, setting forth the purpose or
purposes of such segregated account and declaring such purposes to be proper fund purposes.

Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII.** 

**COMPENSATION OF CUSTODIAN** 

7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Fund shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Fund shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Fund is disputing any amounts in good faith. The Fund shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Fund is disputing in good faith as set forth above, unpaid invoices shall accrue a finance change of 1<sup>1</sup>⁄<sub>2</sub> % per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Fund to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

7.02 <u>Overdrafts</u>. The Fund is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Fund may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on <u>Exhibit A</u> hereto (as amended from time to time)

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**ARTICLE VIII.** 

**REPRESENTATIONS AND WARRANTIES** 

8.01 <u>Representations and Warranties of the Fund</u>. The Fund hereby represents and warrants to the Custodian, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Fund in accordance with all requisite
action and constitutes a valid and legally binding obligation of the Fund, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract
binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It, on behalf of itself and any of its agents and/or intermediaries who may initiate and deliver Straight
Through Processing instruction(s) to Custodian and its operations group, has been granted the authority to provide the direction as required hereunder, and that such instruction meets all applicable requirements hereunder.

8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Fund, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is a "U.S. Bank" as defined in section (a)(7) of Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all
requisite action and constitutes a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the
rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract

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binding it or affecting its property which would prohibit its execution or performance of this Agreement.

**ARTICLE IX.** 

**CONCERNING THE CUSTODIAN** 

9.01 <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud or for any loss suffered by the Fund in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Fund of any action taken or omitted by the Custodian pursuant to advice of counsel.

9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

9.03 <u>No Responsibility for Title, etc.</u> So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

9.04 <u>Limitation on Duty to Collect</u>. Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Fund if such Securities are in default or payment is not made after due demand or presentation.

9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Fund to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Fund may from time to time request to enable the Fund to obtain, from year to year, favorable opinions from the Fund's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Fund's reports on Form N-PORT, Form N-CEN, Form N-CSR and any other reports required by the SEC or any future registration statement on Form N-2, and (ii) the fulfillment by the Fund of any other requirements of the SEC.

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**ARTICLE X.** 

**INDEMNIFICATION** 

10.01 <u>Indemnification by Fund</u>. The Fund shall indemnify and hold harmless the Custodian, any Sub-Custodian and any of their respective directors, officers, employees or nominee thereof (each, a "Fund Indemnified Party" and collectively, the "Fund Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any nature (including reasonable attorneys' fees) that a Fund Indemnified Party may sustain or incur or that may be asserted against a Fund Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by a Fund Indemnified Party (a) at the request or direction of or in reliance on the advice of the Fund, or (b) upon Written Instructions, (c) for processing any transaction using Straight Through Processing, or (d) processing any transaction subsequently determined to be fraudulent by the Fund as a result of Straight Through Processing or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that a Fund Indemnified Party shall not be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Fund, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a Fund Indemnified Party, the Fund shall advance (within thirty (30) days of such request) any and all reasonable costs and expenses of such Fund Indemnified Party incurred in connection with any Losses or investigating or defending any matter to which such Fund Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The Fund Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the Fund Indemnified Party is not entitled to be indemnified by the Fund.

10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Fund, including its trustees, officers, employees or nominee thereof (the "Custodian Indemnified Party"), from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Custodian Indemnified Party may sustain or incur or that may be asserted against the Custodian Indemnified Party by any person arising directly or indirectly out of any action taken or omitted to be taken by the Custodian Indemnified Party as a result of the Custodian Indemnified Party's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement.

10.03 <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, either at the Fund's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except as may arise from Custodian or its nominee's bad faith, gross negligence or willful misconduct), then, in any such event, any property at any time held in the account for the Fund shall be security therefor, and should the Fund fail to promptly repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of

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such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

10.04 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither party to this Agreement shall be liable to the other party for consequential, special or punitive
damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is understood that if in any case the indemnifying party is asked to indemnify or hold the indemnified party
harmless, the indemnifying party shall be promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnified party will use all reasonable care to notify the indemnifying party promptly
concerning any situation that presents or appears likely to present the probability of a claim for indemnification. The indemnifying party shall have the option to defend the indemnified party against any claim that may be the subject of this
indemnification. In the event that the indemnifying party so elects to defend the indemnified party against any claim arising hereunder, the indemnifying party will so notify the indemnified party and thereupon the indemnifying party shall take over
complete defense of the claim with counsel reasonably satisfactory to indemnified party, and the indemnified party shall in such situation initiate no further legal or other expenses for which it shall seek indemnification under this
Article. No indemnified party shall settle, confess or compromise on any claim against it for which it intends to seek indemnification from the indemnifying party without prior written notice to and consent from the indemnifying party, which
consent shall not be unreasonably withheld. No indemnified party or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action and the other party
has given its prior written consent (such consent not to be unreasonably withheld).

**ARTICLE XI.** 

**FORCE MAJEURE** 

Neither the Custodian nor the Fund shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure and any such circumstances beyond its reasonable control as may cause interruption, loss or malfunction of utility, transportation, computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that in the event of a failure or delay, the Custodian: (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement; and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

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**ARTICLE XII.** 

**PROPRIETARY AND CONFIDENTIAL INFORMATION** 

12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Fund, all non-public records and other information relative to the Fund and prior, present, or potential shareholders of the Fund (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except: (i) after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply; (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, provided that the Custodian will promptly report such disclosure to the Fund if disclosure is permitted by applicable law, rule or regulation; or (iii) when so requested in writing by the Fund. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Fund or its agent, shall not be subject to this paragraph.

12.02 Further, the Custodian will adhere to the privacy policies adopted by the Fund pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. The Custodian shall maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Fund and its shareholders.

12.03 The Fund agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and to not use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Fund may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Fund, provided that the Fund will promptly report such disclosure to the Custodian if disclosure is permitted by applicable law, rule or regulation, or (iii) when so requested in writing by the Custodian. Information which has become known to the public through no wrongful act of the Fund rust or any of its employees, agents or representatives, and information that was already in the possession of the Fund prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

12.04 Notwithstanding anything herein to the contrary, (i) the Fund shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Fund's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, (ii) the Custodian shall be permitted to include the name of the Fund in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes, (iii) each party agrees that it will not use

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such confidential or proprietary information other than as described in this Agreement, and (iv) each party agrees that it will not disclose such confidential or proprietary information to any other person, other than those persons agreed to in this Agreement who reasonably have a need to know such confidential or proprietary information and who are under an obligation of confidentiality consistent with the terms of this Agreement.

12.05 This Article shall survive the termination of this Agreement.

**ARTICLE XIII.** 

**EFFECTIVE PERIOD; TERMINATION** 

13.01 <u>Effective Period</u>. This Agreement shall become effective as of the date last written below and will continue in effect for a period of three (3) years.

13.02 <u>Termination</u>. This Agreement may be terminated by either party upon giving 60 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties. Subsequent to the end of the three (3) year period, this Agreement continues until one party gives 60 days prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties. Notwithstanding the foregoing, this Agreement may be terminated by either party upon the breach of the other party of any material term of this Agreement if such breach is not cured within 15 days of notice of such breach to the breaching party. In addition, the Fund may, at any time, immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by regulatory authorities or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

13.03 <u>Early Termination</u>. In the absence of any material breach of this agreement or the liquidation of the Fund, should the Fund elect to terminate this agreement prior to the end of the three (3) year term, the Fund agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All monthly fees through the life of the Agreement including the repayment of any negotiated discounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) All miscellaneous fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) All fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor service provider, as agreed upon by both parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) All miscellaneous costs associated with a) thru c) above.

13.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board of Directors, the Custodian shall, upon receipt of a notice from the Fund, on such specified date of termination (i) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Fund shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable

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to the Fund (if such form differs from the form in which the Custodian has maintained the same, the Fund shall pay any out-of-pocket expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

13.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Fund on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company: (i) is a "bank" as defined in the 1940 Act; and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Fund held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. In addition, under these circumstances, all books, records and other data of the Fund shall be returned to the Fund.

**ARTICLE XIV.** 

**SECURITIES LITIGATION PROCESSING** 

Securities litigation processing is an optional service for which the Fund, must affirmatively opt-in to. The Custodian will utilize a third-party vendor specializing in securities litigation processing services (the "SLP Vendor"). The SLP Vendor shall identify claims, file claims, maintain communications with claim administrators for monitoring the status of any claims, respond to inquiries from claim administrators with respect to claim forms and filings, provide notifications, and perform recovery services from such claims for and on behalf of the Fund in relation to any settled U.S./Canadian, non-U.S. passive class actions and U.S. antitrust suits that impacts any security the Fund may have held in any active or closed accounts (except for terminated/closed distributed trusts) during the class period. If the Fund has not opted-in, it will not receive any notification of claims, nor any other securities litigation processing services.

The Fund (i) authorizes Custodian to deliver any relevant data or information as may be requested by the SLP Vendor to file claims on the Fund's behalf, including but not limited to the participating Fund's relevant account, holdings, and transaction information (collectively, "Client Data"), (ii) understands that filing of a claim may require the disclosure of beneficial ownership information by the Custodian to vendors, sub-custodians, or a third-party claim administrator to validate the Fund's eligibility in the class and consents to such disclosures if necessary, and (iii) holds harmless and indemnifies Custodian from any liability from such disclosures or releases as described herein.

The Fund hereby acknowledges and understands that (i) it may be waiving and/or releasing certain rights to make claims or otherwise pursue the securities litigation defendants who settle their claims, (ii) there is no guarantee these claims will result in any payment of potential proceeds, (iii) the timing of such payment of proceeds, if any, is uncertain, (iv) it may be required to provide additional Client Data or sign tax forms upon request related to the claim processing, and (v) its failure to respond promptly to requests for additional Client Data could impact the Fund's ability to recover any proceeds.

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**ARTICLE XV.** 

**MISCELLANEOUS** 

15.01 <u>Compliance with Laws</u>. The Fund has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, as amended ("IRC"), the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001, the Employee Retirement Income Security Act of 1974 ("ERISA")and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-2. The Custodian's services hereunder shall not relieve the Fund of its responsibilities for assuring such compliance or the Board of Director's oversight responsibility with respect thereto. The Fund shall immediately notify the Custodian if there is a material change to the investment strategy of the Fund that deviates from the investment strategy set out in the current prospectus, or if the Fund becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Fund or the services provided under this Agreement. Further, the Fund agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by the Custodian. The Custodian's functions hereunder shall not relieve the Fund of their primary day-to-day responsibility for assuring such compliance.

15.02 <u>ERISA</u>. The Custodian acknowledges that assets of the Fund are not currently subject to ERISA or Section 4975 of the IRC. However, if any assets of the Fund become subject to such rules, the Fund acknowledges that (i) the Custodian is not a "named fiduciary" with respect to the Fund within the meaning of ERISA Section 402(a); (ii) the Custodian does not provide any services under this Agreement as a fiduciary with respect to the Fund or any "participating plan" within the meaning of ERISA Section 3(21); (iii) the Custodian has determined that it is not acting as a "covered service provider" within the meaning of 29 C.F.R 2500.408(b)-2(c) and as a result, the Custodian will not provide any participating plan's "administrator" within the meaning of ERISA Section 3(16)(A), participants, or beneficiaries with any plan-related, investment-related, fee and expense, or other information in connection with the Fund Custody Account, this Agreement or the Fund, including but not limited to, any information required for compliance with the reporting and disclosure requirements of ERISA or any description of the services to be provided or of the compensation to be received therefore; and (iv) the Custodian has no duty to establish, maintain, or reconcile to any individual accounts, or receive investment, distribution, or other directions from participants or beneficiaries.

15.03 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Fund, and authorized or approved by the Board of Directors.

15.04 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Fund without the written consent of the Custodian, or by the Custodian without the written consent of the Fund accompanied by the authorization or approval of the Board of Directors.

15.05 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable

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provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

15.06 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

15.07 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

15.08 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

15.09 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Fund shall be sent to:

RBC BlueBay Enhanced Income Fund

c/o RBC Global Asset Management (U.S.) Inc.

Attn: Fund Operations

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

15.10 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

15.11 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of

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any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

15.12 <u>References to Custodian</u>. The Fund shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus or statement of additional information for the Fund and such other written material as merely identifies the Custodian as custodian for the Fund. The Fund shall submit written material requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

15.13 <u>Shareholder Communications Election</u>. The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities. **Unless Fund specifically requires Custodian to NOT release Fund's name and address to requesting companies by indicating such "NO" election in Exhibit B hereto, Custodian is required by law to disclose Fund's name and address and will treat the Fund as consenting "YES" to disclosure of this information**.

**SIGNATURES ON THE NEXT PAGE** 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the date last written below.

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| | |
|:---|:---|
| **RBC BLUEBAY ENHANCED INCOME FUND** | **RBC BLUEBAY ENHANCED INCOME FUND** |
| By: | /s/ Kathleen Hegna |

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| | |
|:---|:---|
| Name: Kathleen Hegna | Name: Kathleen Hegna |
| Title: Treasurer and Chief Financial Officer | Title: Treasurer and Chief Financial Officer |
| Date: March 23, 2026 | Date: March 23, 2026 |
| **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Greg Farley |

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| |
|:---|
| Name: Greg Farley |
| Title: Senior Vice President |
| Date: 3/31/2026 |

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**<u>EXHIBIT A</u>**

**Custody Fee Schedule** 

Custody Services Fee Schedule

Based upon an annual rate of average daily market value of all long securities and cash held in the portfolio\*

0.50 basis point

Minimum annual fee per fund – $4,800

Plus, portfolio transaction fees

Portfolio Transaction Fees

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| | |
|:---|:---|
| ◾ | $4.00 – Book entry DTC transaction, Federal Reserve transaction, principal paydown  |

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---

| | |
|:---|:---|
| ◾ | $7.00 – Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction  |

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---

| | |
|:---|:---|
| ◾ | $8.00 – Option/SWAPS/future contract written, exercised or expired  |

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---

| | |
|:---|:---|
| ◾ | $15.00 – Mutual fund trade, Margin Variation Wire and outbound Fed wire  |

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---

| | |
|:---|:---|
| ◾ | $50.00 – Physical security transaction  |

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---

| | |
|:---|:---|
| ◾ | $5.00 – Check disbursement (waived if U.S. Bancorp is Administrator)  |

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| | |
|:---|:---|
| ◾ | $20 Manual instructions fee. (Additional Per Securities and Cash Transactions)  |

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---

| | |
|:---|:---|
| ◾ | $20 Cancellation/Repair fee. (Additional Per Securities and Cash Transactions)  |

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| | |
|:---|:---|
| ◾ | $15 Per Non-USD wire.  |

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| | |
|:---|:---|
| ◾ | $30 Per 3<sup>rd</sup> party FX settled at U.S. Bank  |

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| | |
|:---|:---|
| ◾ | $25 Monthly charge on zero valued securities (Per ISIN)  |

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| | |
|:---|:---|
| ◾ | $20 Per Proxy Vote cast.  |

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| | |
|:---|:---|
| ◾ | $25 Dormant account fee (one year no activity)  |

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A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

Bank Loan Custody (Less than 5 loans) – Minimum annual fee per fund – $7,000 and/or $500 per loan, whichever is greater.

**Miscellaneous Expenses** 

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:

Including but not limited to expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

**Fund of Funds Custody** 

Annual Fee Based Upon Market Value Per Fund\*

1.5 Basis Point on average daily market value

Minimum annual fee per fund - $36,000

Plus, a $500 portfolio transaction fee for the services below

Services

◾ Re-registration and registration of existing and new hedge fund positions

◾ Trade processing (subscriptions, redemptions, transfers)

◾ Holdings reporting of hedge fund positions

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◾ Provision for Bank Accounts

◾ Document review if another party completes the services above on behalf of U.S. Bank N.A.

***Additional Services***

◾ Additional fees apply for global servicing.

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| | |
|:---|:---|
| ◾ | $600 per custody sub – account per year (e.g., per sub –adviser, segregated account, etc.)  |

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| | |
|:---|:---|
| ◾ | Class Action Services – 6% of gross proceeds, $100 minimum recovery.  |

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◾ No charge for the initial conversion free receipt.

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| | |
|:---|:---|
| ◾ | Overdrafts – charged to the account at prime interest rate plus 2%, unless a line of credit is in place.  |

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◾ Third Party lending - Additional fees will apply.

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., margin management services, securities lending services, compliance with new SEC rules and reporting requirements).

Fees are calculated pro rata and billed monthly

Loan Administration and Custody Services Fee Schedule

**Setup Fees** 

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| | |
|:---|:---|
| ◾ | One time on-boarding fee: $5,000  |

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◾ Includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• AML/KYC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transaction Agreement Review (non-legal)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Custom Reporting/Data Feed Setups

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• SWIFT setup if required

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset setup and review

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CIDD onboarding

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pivot Setup

**Annual Administration Fees:** 

3.0 basis points

◾ U.S. Bank will receive funds for distribution or will liquidate permitted investments at least one business day prior to distribution date and U.S. Bank will have the benefit of the reinvestment income.

◾ The fee is based on the quoted basis points times the par value of the assets excluding cash as of the end of each month.

◾ Fees are calculated pro rata and billed monthly.

Securities custody at a separate fee and service schedule.

Extraordinary Expenses are Payable to U.S. Bank for duties or responsibilities not expected to be incurred at the outset of the transaction, not routine or customary, and not incurred in the ordinary course of Business. Payment of extraordinary expenses is appropriate where particular inquiries, events

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or developments are unexpected (including, but not limited to, Counsel Fees, travel, postage, customized reporting, amendments, discharges, liquidations and refinancings), even if the possibility of such things could have been identified at the inception of the transaction. We do reserve the right to amend our fees, upon mutual agreement, following a review of final documents if any additional material responsibilities are identified.

Additional Services Fee Schedule

**Third-Party Agent Domestic Securities Lending Support\*+** 

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| | |
|:---|:---|
| ◾ | $2,500 implementation fee per Trust per Third-Party Agent Lender  |

---

---

| | |
|:---|:---|
| ◾ | Annual Base Fee $75,000 per Trust per Third-Party Agent Lender  |

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◾ Plus, Transaction fees

**Third-Party Agent Portfolio Transaction Fees+**

---

| | |
|:---|:---|
| ◾ | $5.00 - transaction fee will be assessed for each loan, return, and reallocation transactions (loan/return)  |

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+ Each Third-Party Agent Lender will be invoiced directly

\*Subject to annual CPI increase – All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

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Additional Global Sub-Custodial Services Annual Fee Schedule

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Country** | **Safekeeping (BPS)**<br>| **Transaction fee**<br>| **Country** | **Safekeeping (BPS)**<br>| **Transaction fee**<br>| **Country** | **Safekeeping (BPS)**<br>| **Transaction fee**<br>|
| &nbsp;&nbsp;&nbsp;Argentina | 18.00 | $30 | Hong Kong | 1.75 | $18 | Poland | 8.00 | $25 |
| &nbsp;&nbsp;&nbsp;Australia | 1.50 | $15 | Hungary | 18.00 | $55 | Portugal | 3.00 | $10 |
| &nbsp;&nbsp;&nbsp;Austria | 1.70 | $12 | Iceland | 15.00 | $48 | Qatar | 38.00 | $115 |
| &nbsp;&nbsp;&nbsp;Bahrain | 42.00 | $115 | India | 7.00 | $40 | Romania | 30.00 | $85 |
| &nbsp;&nbsp;&nbsp;Bangladesh | 18.00 | $110 | Indonesia | 6.00 | $52 | Russia | 12.00 | $175 |
| &nbsp;&nbsp;&nbsp;Belgium | 1.00 | $8 | Ireland | 1.00 | $3 | Saudi Arabia | 30.00 | $75 |
| &nbsp;&nbsp;&nbsp;Bermuda | 15.00 | $55 | Israel | 10.00 | $26 | Serbia | 60.00 | $165 |
| &nbsp;&nbsp;&nbsp;Botswana | 24.00 | $45 | Italy | 1.00 | $10 | Singapore | 1.35 | $22 |
| &nbsp;&nbsp;&nbsp;Brazil | 7.00 | $15 | Japan | 1.00 | $6 | Slovakia | 20.00 | $90 |
| &nbsp;&nbsp;&nbsp;Bulgaria | 24.00 | $68 | Jordan | 40.00 | $125 | Slovenia | 20.00 | $90 |
| &nbsp;&nbsp;&nbsp;Canada | 1.20 | $6 | Kenya | 28.00 | $42 | South Africa | 1.75 | $12 |
| &nbsp;&nbsp;&nbsp;Chile | 13.00 | $40 | Kuwait | 38.00 | $110 | South Korea | 3.00 | $12 |
| &nbsp;&nbsp;&nbsp;China Connect | 18.00 | $20 | Latvia | 15.00 | $65 | Spain | 1.00 | $10 |
| &nbsp;&nbsp;&nbsp;China (B Shares) | 10.00 | $42 | Lithuania | 15.00 | $45 | Sri Lanka | 11.00 | $70 |
| &nbsp;&nbsp;&nbsp;Colombia | 30.00 | $50 | Luxembourg | 1.25 | $20 | Sweden | 1.25 | $10 |
| &nbsp;&nbsp;&nbsp;Costa Rica | 15.00 | $55 | Malaysia | 3.00 | $35 | Switzerland | 1.25 | $12 |
| &nbsp;&nbsp;&nbsp;Croatia | 18.00 | $55 | Malta | 20.00 | 65 | Taiwan | 8.00 | $43 |
| &nbsp;&nbsp;&nbsp;Cyprus | 4.00 | $20 | Mauritius | 28.00 | $90 | Tanzania | 45.00 | $150 |
| &nbsp;&nbsp;&nbsp;Czech Republic | 12.00 | $25 | Mexico | 2.50 | $12 | Thailand | 3.00 | $25 |
| &nbsp;&nbsp;&nbsp;Denmark | 1.25 | $10 | Morocco | 28.00 | $68 | Tunisia | 38.00 | $42 |
| &nbsp;&nbsp;&nbsp;Egypt | 18.00 | $50 | Namibia | 30.00 | $45 | Turkey | 9.00 | $12 |
| &nbsp;&nbsp;&nbsp;Estonia | 6.00 | $25 | Netherlands | 1.25 | $8 | UAE | 35.00 | $105 |
| &nbsp;&nbsp;&nbsp;Eswatini | 28.00 | $55 | New Zealand | 1.50 | $22 | Uganda | 40.00 | $90 |
| &nbsp;&nbsp;&nbsp;Euroclear (Eurobonds) | 1.00 | $10 | Nigeria | 28.00 | $38 | Ukraine | 30.00 | $50 |
| &nbsp;&nbsp;&nbsp;Euroclear (non-Eurobonds) | Rates are available upon request | Rates are available upon request | Norway | 1.25 | $10 | United Kingdom | 1.00 | $3 |
| &nbsp;&nbsp;&nbsp;Finland | 1.50 | $10 | Oman | 42.00 | $100 | Uruguay | 45.00 | $55 |
| &nbsp;&nbsp;&nbsp;France | 1.00 | $8 | Pakistan | 24.00 | $75 | Vietnam | 20.00 | $80 |
| &nbsp;&nbsp;&nbsp;Germany | 1.00 | $8 | Panama | 65.00 | $98 | West African Economic Monetary Union (WAEMU)\*\* | 38.00 | $130 |
| &nbsp;&nbsp;&nbsp;Ghana | 25.00 | $40 | Peru | 30.00 | $60 | Zambia | 28.00 | $45 |
| &nbsp;&nbsp;&nbsp; Greece | 4.00 | $20 | Philippines | 3.50 | $38 | Zimbabwe | 28.00 | $45 |

---

\* Transaction Fee includes: Receive Versus Payment (RVP), Delivery Versus Payment (DVP), FREE REC, and FREE DEL activity related to securities settlement within U.S. Bank sub-custodian network.

------

**Global Custody Base Fee** 

A monthly base fee of $500 per fund will apply. If no global assets are held within a given month, the monthly base charge will not apply for that month. Safekeeping and transaction fees are assessed on security and currency transactions.

**Global Custody Tax Services:** 

---

| | |
|:---|:---|
| ◾ | Global Filing: $500 per annum  |

---

---

| | |
|:---|:---|
| ◾ | U.S. Domestic Filing: $250 per annum (Only ADRs)  |

---

---

| | |
|:---|:---|
| ◾ | 3<sup>rd</sup> Party Tax Service Provider: $15,000 per annum (does not include out of pocket expenses incurred in the fulfillment of requests from the 3<sup>rd</sup> party)  |

---

◾ Any client who does not elect for U.S. Bank Global Custody/3<sup>rd</sup> Party Tax Services, but elects to pursue relief themselves, would be charged for out-of-pocket expenses incurred in the fulfillment of the requests.

***Miscellaneous Expenses***

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| | |
|:---|:---|
| ◾ | Charges incurred by U.S. Bank, N.A. directly or through sub-custodians for account opening fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, central securities depository fees, securities market regulator fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees, negative interest charges, overdraft charges or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.  |

---

◾ A surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.

◾ SWIFT reporting and message fees.

------

Non-Eurobonds rate sheet – below rate is applied on ISINs held at Euroclear plus (in addition to standard 1 basis point charge.) Non-Eurobond rate is calculated on any ISIN code listed below held at Euroclear at month end.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Market** | **Non-Eurobond ISIN** <br> **code** | **Non-Eurobond Rate** <br> **ISINs held at EOC\*** |
| &nbsp;&nbsp;&nbsp;ARGENTINA | AR | 15 |
| &nbsp;&nbsp;&nbsp;AUSTRALIA | AU | 2 |
| &nbsp;&nbsp;&nbsp;BELGIUM | BE | 2 |
| &nbsp;&nbsp;&nbsp;CANADA | CA | 2 |
| &nbsp;&nbsp;&nbsp;CHILE | CL | 9 |
| &nbsp;&nbsp;&nbsp;CZECH REPUBLIC | CZ | 10 |
| &nbsp;&nbsp;&nbsp;DENMARK | DK | 3 |
| &nbsp;&nbsp;&nbsp;FINLAND | FI | 3.5 |
| &nbsp;&nbsp;&nbsp;FRANCE | FR | 1.5 |
| &nbsp;&nbsp;&nbsp;GERMANY | DE | 2 |
| &nbsp;&nbsp;&nbsp;GREECE | GG | 35 |
| &nbsp;&nbsp;&nbsp;HOLLAND | NL | 1.5 |
| &nbsp;&nbsp;&nbsp;HONG KONG | HK | 1.5 |
| &nbsp;&nbsp;&nbsp;HUNGARY | HU | 10 |
| &nbsp;&nbsp;&nbsp;ISRAEL | IL | 17 |
| &nbsp;&nbsp;&nbsp;ITALY | IT | 2.5 |
| &nbsp;&nbsp;&nbsp;JAPAN | JP | 3 |
| &nbsp;&nbsp;&nbsp;LUXEMBOURG | LU | 1.5 |
| &nbsp;&nbsp;&nbsp;MEXICO | MX | 6 |
| &nbsp;&nbsp;&nbsp;NEWZEALAND | NZ | 2 |
| &nbsp;&nbsp;&nbsp;NORWAY | NO | 5 |
| &nbsp;&nbsp;&nbsp;PERU | PE | 9 |
| &nbsp;&nbsp;&nbsp;POLAND | PL | 10 |
| &nbsp;&nbsp;&nbsp;PORTUGAL | PT | 5 |
| &nbsp;&nbsp;&nbsp;ROMANIA | RO | 11 |
| &nbsp;&nbsp;&nbsp;RUSSIA | RU | 10 |
| &nbsp;&nbsp;&nbsp;SINGAPORE | SG | 2 |
| &nbsp;&nbsp;&nbsp;SLOVAK REPUBLIC | SK | 10 |
| &nbsp;&nbsp;&nbsp;SLOVENIA | SI | 10 |
| &nbsp;&nbsp;&nbsp;SPAIN | ES | 3 |
| &nbsp;&nbsp;&nbsp;SOUTH-AFRICA | ZA | 2 |
| &nbsp;&nbsp;&nbsp;SWEDEN | SE | 3 |
| &nbsp;&nbsp;&nbsp;SWITZERLAND | CH | 3 |
| &nbsp;&nbsp;&nbsp;THAILAND | TH | 8 |
| &nbsp;&nbsp;&nbsp;UNITED KINGDOM | GB | 2 |
| &nbsp;&nbsp;&nbsp;UNITED STATES | US | 3 |

---

------

**Collateral Segregation Services** 

◾ Requires U.S. Bank as custodian for all assets.

---

| | |
|:---|:---|
| ◾ | $10,000 initial acceptance fee per secured party, payable annually in advance and not subject to proration. Fee includes initial review and execution of the governing documents and establishment of the account.  |

---

---

| | |
|:---|:---|
| ◾ | $2,500 per account per year.  |

---

◾ Plus, 2 basis point charges for the custody of securities, based upon existing custody fee schedule.

◾ Payable annually in advance and not subject to proration.

**Margin Management Services** 

◾ Requires U.S. Bank as custodian for all assets

---

| | |
|:---|:---|
| ◾ | $30,000 annual program fee (includes up to 4 ISDA agreements)  |

---

---

| | |
|:---|:---|
| ◾ | $7,500 annual fee per each additional ISDA agreement.  |

---

------

**<u>EXHIBIT B</u>**

**SHAREHOLDER COMMUNICATIONS ACT ELECTION** 

**RBC BLUEBAY ENHANCED INCOME FUND** 

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account*.*

---

| | |
|:---|:---|
| ______ NO | U.S. Bank is NOT authorized to provide the Fund's name, address and security position to requesting companies whose stock is owned by the Fund. |

---

---

| |
|:---|
|  **RBC BLUEBAY ENHANCED INCOME FUND** |
| By: |
| Title: |
| Date: |

---

## Ex-99.(2)(K)(1)

**FUND SERVICING AGREEMENT** 

This Fund Servicing Agreement (this "<u>Agreement</u>") is made and entered into effective as of the last day written on the signature page by and between **RBC BLUEBAY ENHANCED INCOME FUND**, a Delaware statutory trust (the "<u>Trust</u>") and **U.S. BANCORP FUND SERVICES, LLC (d/b/a U.S. Bank Global Fund Services)**, a Wisconsin limited liability company ("<u>USBGFS</u>").

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), as a closed-end, diversified management investment company operating as an interval fund; and

WHEREAS, USBGFS is, among other things, in the business of providing transfer agency functions for the benefit of its customers; and

WHEREAS, the Trust desires to retain USBGFS to provide certain services, as expressly delineated and limited herein.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1. Appointment of USBGFS as Service Provider.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby appoints USBGFS as a service provider to the Trust on the terms and conditions set forth in
this Agreement, and USBGFS hereby accepts such appointment and agrees to perform the services and duties set forth on <u>Exhibit A</u> (the " <u>Services</u> ") in accordance with the terms and conditions of this Agreement. The services
and duties of USBGFS shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against USBGFS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall not be bound by any Trust policies or procedures, or changes thereto, that purport to impose any
additional duties, obligations, or care on USBGFS other than as expressly set forth herein, or that purport to affect in any way the Services or the manner in which they are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Services set forth herein may not be modified or enlarged by implication or course of dealing between the
Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS may use its affiliates to provide any of the Services. Any such affiliate shall be held to the same
standard of care as USBGFS would be under this Agreement, and USBGFS shall be responsible for the provision of such Services to the same extent as if provided by USBGFS. The Trust consents to the use of such affiliates and to USBGFS providing to
such affiliates any information

------

regarding the Trust or its shareholders as may be required to provide such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems,
programs, rules, operating schedules and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Trust or its agent shall furnish to USBGFS the data necessary to perform the Services described herein at
such times and in such form as mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Trust may from time-to-time request that USBGFS modify its internal operating procedures with respect to the provision of the Services, which request shall be provided in writing by a duly authorized officer of the Trust or by any other person authorized by the Trust to
provide such request. USBGFS is under no obligation to agree to such modifications. If USBGFS agrees to comply with such request, then it shall be entitled to follow such modified operating procedure without further inquiry or diligence, and its
actions or inactions in connection with following such modified operated procedures shall be deemed to be within its standard of care under <u>Section</u> <u>10</u> for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Compensation.** 

USBGFS shall be compensated for providing the Services in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit B</u> hereto as are reasonably incurred by USBGFS in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within thirty (30) calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify USBGFS in writing within thirty (30) calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within ten (10) calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of one and one-half percent (1<sup>1</sup>⁄<sub>2</sub>%) per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to USBGFS shall only be paid out of the assets and property of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. License of Data; Warranty; Termination of Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS has entered into agreements with various data service providers (each, a " <u>Data Provider</u> "), including, without limitation, MSCI index data services (" <u>MSCI</u> "), Standard & Poor Financial Services LLC (" <u>S&P</u> "), Morningstar, Broadridge, FTSE, ICE, and Confluence
Technologies to provide data services that may include, without limitation, index returns and pricing information (collectively, the " <u>Data</u> ") to facilitate the services provided by USBGFS to the Trust. These Data Providers have
required USBGFS to include certain provisions

------

regarding the use of the Data in this Agreement attached hereto as <u>Exhibit C</u>. The Data is being licensed, not sold, to the Trust. The Trust has a limited license to use the Data only for purposes necessary for valuing the Trust's assets and making any required reporting relating thereto (the "<u>License</u>"). The Trust does not have any license or right to use the Data for purposes outside the scope of this Agreement including, but not limited to, resale to other users or for use in creating any type of historical database. The Trust acknowledges and agrees that certain Data Providers may also require the Trust to enter into an agreement directly with the Data Provider for the use of that Data Provider's Data. The provisions in <u>Exhibit C</u> shall not have any effect upon the standard of care and liability USBGFS has set forth in <u>Section</u> <u>10</u> of this Agreement. The Trust acknowledges the proprietary rights that USBGFS and its Data Providers have in the Data. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. THE TRUST HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO
MERCHANTABILITY OR FITNESS FOR ANY PURPOSE OR ANY OTHER MATTER. USBGFS IS NOT RESPONSIBLE FOR ANY OF THE DATA ACCESSED BY THE TRUST OR ANY OF ITS SERVICE PROVIDERS OR AGENTS AND USBGFS ASSUMES NO DUTY TO VERIFY SUCH DATA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS may stop supplying some or all Data to the Trust if USBGFS' Data Providers terminate any agreement
to provide Data to USBGFS. Also, USBGFS may stop supplying some or all Data to the Trust if USBGFS reasonably believes that the Trust is using the Data in violation of the License, or breaching its duties of confidentiality provided for hereunder,
or if any of USBGFS' Data Providers demand that the Data be withheld from the Trust. USBGFS will provide notice to the Trust of any termination of provision of Data as soon as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust agrees to indemnify and hold harmless USBGFS, its Data Providers, and any other third party involved
in or related to the making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents from and against any claims, losses, damages, liabilities, costs and expenses, including
reasonable attorneys' fees and costs, as incurred, arising in and any manner out of the Trust's or any third party's use of, or inability to use, the Data or any breach by the Trust of any provision contained in this Agreement
regarding the Data. The immediately preceding sentence shall not have any effect upon the standard of care and liability of USBGFS as set forth in <u>Section</u> <u>10</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS has entered into agreements with Bloomberg Finance L.P. (" <u>Bloomberg</u> ") to provide data
(the " <u>N-PORT Data</u> ") for use in or in connection with the reporting requirements under Rule 30b1-9, including preparation and filing of Form N-PORT. In connection with the provision of the N-PORT Data, Bloomberg requires the following provisions to be included in the Agreement:

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The Trust agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the N-PORT Data, (b) not extract the N-PORT Data from the view-only portal, (c) not use the N-PORT Data for any purpose independent of complying with the requirements of Rule 30b1-9 (which prohibition shall include, for the avoidance of doubt, use in risk reporting or other systems or processes (e.g., systems or processes made available enterprise-wide for the Trust's internal use)), (d) permit audits of its use of the N-PORT Data by Bloomberg, its affiliates or, at the Trust's request, a mutually agreed upon third party auditor (provided that the costs of an audit by a third party shall be borne by the Trust), and (e) exculpate Bloomberg, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Trust's receipt or use of the N-PORT Data (including expressly disclaiming all warranties). The Trust further agrees that Bloomberg shall be a third party beneficiary of the Agreement solely with respect to the foregoing provisions (a) – (e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Lost Shareholder Due Diligence Searches and Servicing.** 

The Trust hereby acknowledges that USBGFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Costs associated with such searches will be passed through to the Trust as a miscellaneous expense in accordance with the fee schedule set forth in Exhibit B hereto. If a shareholder remains lost and the shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Trust hereby authorizes USBGFS to conduct a more in-depth search in order to seek to locate the lost shareholder before the shareholder's assets escheat to the applicable state, to enter into agreements with vendors to conduct such additional searches, and to charge the costs of such additional searches to the account of the lost shareholder. There can be no guarantee that any in-depth search will be successful.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Anti-Money Laundering and Red Flag Identity Theft Prevention Programs.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust acknowledges that it had an opportunity to review, consider and approve the written procedures
provided by USBGFS describing various processes used by USBGFS which are designed to promote the detection and reporting of potential money laundering activity and identity theft by monitoring certain aspects of shareholder activity as well as
written procedures for verifying a customer's identity (collectively, the " <u>Procedures</u> "). Further, the Trust has determined that the Procedures, as part of the Trust's overall anti-money laundering program and identity
theft prevention program responsibilities, are reasonably designed to help: (i) prevent the Trust from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve compliance
with the applicable provisions of the Bank Secrecy Act, the USA Patriot Act of 2001, the Fair and Accurate Credit Transactions Act of 2003, and the implementing regulations thereunder (together " <u>AML Rules</u> ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust hereby instructs and directs USBGFS to implement the Procedures, as applicable, on the Trust's
behalf, as such may be amended from time to time. It is contemplated that these Procedures will be amended from time to time by USBGFS and any such amended Procedures will be provided to the Trust. Should the Trust desire that USBGFS perform
services not provided for in the Procedures, such additional services and the associated cost must be specifically detailed in writing in the attached fee schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust acknowledges and agrees that although it is directing USBGFS to implement the Procedures on its
behalf, USBGFS is implementing the Procedures as a service provider to the Trust and the Trust is and remains ultimately responsible for complying with all applicable laws, rules, and regulations with respect to anti-money laundering, customer
identification, identity theft prevention, economic sanctions, and terrorist financing, whether under the AML Rules, or otherwise, such as, the establishment and adoption by the Trust's board of trustees (the "Board") of the
Trust's own formal anti-money laundering program and the designation of its own anti-money laundering officer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust further acknowledges and agrees that certain portions of the Procedures are applicable to certain
products, entities, structures, or geographies and, accordingly, certain portions of the Procedures may not be implemented with respect to the Trust. The Trust has had the opportunity to discuss the Procedures with USBGFS, and the Trust understands
and agrees which portions of the Procedures may not be implemented on behalf of the Trust. Without limitation of the foregoing, USBGFS shall not be responsible for providing anti-money laundering or customer identification services with respect to
certain intermediary or dealer-controlled customer accounts (i.e., level 0 sub-accounts through the Fund/SERV system operated by the National Securities Clearing Corporation) and other fund client
relationships where there is a sub-transfer agency or similar arrangement between the Trust and the intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** The Trust hereby directs, and USBGFS acknowledges, that USBGFS shall (i) permit federal regulators
access to such information and records maintained by USBGFS and relating to USBGFS' implementation of the Procedures, on behalf of the Trust, as they may request, and (ii) permit such federal regulators to inspect USBGFS'
implementation of the Procedures on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Pricing of Portfolio Positions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For each valuation date, obtain prices from a pricing source as instructed to USBGFS by an individual
authorized by the Trust or its appointed Valuation Designee and apply those prices to the portfolio positions. For those securities where market quotations are not readily available, the Trust's Valuation Designee, or another person authorized
by the Trust or the Valuation Designee, will be responsible to supply USBGFS with valuations. The Trust's appointed Valuation

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Designee(s) is (are) responsible for the accuracy of the lists supplied to USBGFS of pricing sources and the list of individuals authorized to designate pricing sources or valuations on behalf of the Valuation Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If one or more of the primary pricing sources for the portfolio positions of the Trust is unavailable when
needed, USBGFS may use an alternative pricing source identified by USBGFS on a temporary basis. In such event the alternative price is subject to the review and approval of the Trust, and the Trust shall promptly notify USBGFS of any desired changes
to such alternative price. USBGFS shall not have any liability for the use of such alternative price so long as it has met its standard of care under <u>Section</u> <u>10</u> with respect to the selection of such alternative pricing
source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the Trust desires to provide a price for a portfolio position that varies from the price provided by the
pricing source, the Trust shall promptly notify and supply USBGFS with the price of any such security on each valuation date. All pricing changes made by the Trust will be in writing and must specifically identify the securities to be changed by
CUSIP, 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. In such case USBGFS shall apply the price provided by the Trust without further investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In the event that the Trust at any time receives Data containing price evaluations, rather than market
quotations, for certain securities or certain other data related to such securities, the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. evaluated securities are typically complicated financial instruments. There are many methodologies (including
computer-based analytical modeling and individual security evaluations) available to generate approximations of the market value of such securities, and there is significant professional disagreement about which method is best. No evaluation method
may consistently generate approximations that correspond to actual traded prices of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. methodologies used to provide the pricing portion of certain Data may rely on evaluations; however, the Trust
acknowledges that there may be errors or defects in the software, databases, or methodologies generating the evaluations that may cause resultant evaluations to be inappropriate for use in certain applications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the Trust assumes all responsibility for edit checking, external verification of evaluations, and ultimately
the appropriateness of using Data containing evaluations, regardless of any efforts made by USBGFS and its suppliers in this respect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Neither USBGFS, nor any of its employees, agents or suppliers is acting as the valuation designee within the
meaning of Rule 2a-5 under the 1940 Act in respect of any Trust, and USBGFS shall not have any obligation for making fair value determinations or to investigate or verify the accuracy or appropriateness of any
prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, any of its affiliates, or any pricing service approved by the Board, or fair values obtained from the Board or its valuation designee. USBGFS
may perform certain tests on pricing data received each day, on a limited basis, which may include day over day tolerance breaks, NAV impact price analysis, and stale price testing, based on the availability of data from data vendors. However, such
tests are limited, are not intended or designed to determine whether any price is fair or appropriate, and do not replace the valuation designee's responsibility for the appropriateness of prices used in calculating the NAV of the Trust.
Valuations received from a pricing source employed by the Trust, or the Trust's investment adviser, or from calculation models that are based on inputs or data delivered to these sources from individuals associated with the Trust or the
Trust's investment adviser, are not subject to these tests and will be utilized as instructed by the valuation designee. The Trust acknowledges that the same or similar positions held by the Trust may be valued differently by other customers
of USBGFS and that USBGFS is not under any obligation to compare such prices or notify the Trust of any such discrepancies. Notwithstanding anything else in this Agreement to the contrary, USBGFS and its affiliates shall not be responsible or liable
for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate, or fraudulent prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, any of its
affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Changes in Accounting Procedures.** 

USBGFS shall perform its Services in accordance with the accounting practices and procedures of the Trust, provided that any changes to such accounting practices and procedures shall only be effective upon the Services following a resolution passed by the Board and receipt of written notice to and acceptance by USBGFS, which shall not be unreasonably withheld, and which may not be withheld when such change is required by applicable laws. USBGFS agrees to implement such changes in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Representations & Warranties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby represents and warrants to USBGFS, which representations and warranties shall be deemed to be
continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite
action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and
remedies of creditors and secured parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract
binding it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A registration statement under the 1940 Act and, if applicable, the Securities Act of 1933, as amended (the
" <u>Securities Act</u> "), will be made effective prior to the effective date of this Agreement and will remain effective during the term of this Agreement, and appropriate state securities law filings will be made prior to the effective
date of this Agreement and will continue to be made during the term of this Agreement as necessary to enable the Trust to make a continuous public offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. All records of the Trust provided to USBGFS by the Trust or by any prior or present service provider of the
Trust are accurate and complete and USBGFS is entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS hereby represents and warrants to the Trust, which representations and warranties shall be deemed to be
continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This Agreement has been duly authorized, executed and delivered by USBGFS in accordance with all requisite
action and constitutes a valid and legally binding obligation of USBGFS, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies
of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained

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all regulatory approvals and registrations necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Notification of Error.** 

The Trust will notify USBGFS of any discrepancy between USBGFS and the Trust, including, but not limited to, failing to account for a security position in the Trust's portfolio, upon the later to occur of: (i) three (3) business days after receipt of any reports rendered by USBGFS to the Trust; (ii) three (3) business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three (3) business days after receiving notice from any shareholder regarding any such discrepancy. Notwithstanding any other provision in this Agreement, USBGFS shall have no liability with respect to any such discrepancy that the Trust does not notify USBGFS of within such time period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Standard of Care; Indemnification; Limitation of Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS shall use its best efforts and exercise reasonable care in the performance of its duties under this
Agreement. Neither USBGFS nor any of its affiliates or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, the adviser or any other service provider to the Trust, or any employee of the foregoing;
or for any loss suffered by the Trust, or any third party in connection with USBGFS' duties under this Agreement, including losses resulting from mechanical breakdowns or the failure of communication or power supplies beyond USBGFS'
reasonable control, except a loss arising out of or relating to USBGFS' material breach of this agreement or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding any other provision of this Agreement, if USBGFS has exercised reasonable care in the
performance of its duties under this Agreement, the Trust shall indemnify and hold harmless USBGFS, its affiliates, and its and their officers, directors, managers, employees, and suppliers (the " <u>USBGFS Indemnified Parties</u> ") from
and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) (collectively " <u>Losses</u> ") that any such USBGFS Indemnified Party may sustain or incur or
that may be asserted against a USBGFS Indemnified Party by any person arising out of any action taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance
upon any written or oral instruction provided to a USBGFS Indemnified Party by any duly authorized officer of the Trust or by any other person authorized by the Trust to provide such instruction, except for any and all claims, demands, losses,
expenses, and liabilities arising out of or relating to

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USBGFS' material breach of this Agreement or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. If requested by a USBGFS Indemnified Party, the Trust shall advance (within thirty days of such request) any and all costs and expenses of such USBGFS Indemnified Party incurred in connection with any Losses or investigating or defending any matter to which such USBGFS Indemnified Party may be entitled to indemnification including, without limitation, attorneys' and experts' fees. The USBGFS Indemnified Party shall, in connection with any such advancement, agree to an undertaking to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable judgement that the USBGFS Indemnified Party is not entitled to be indemnified by the Trust. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS shall indemnify and hold the Trust and its trustees, officers, and employees (collectively the
" <u>Trust Indemnified Parties</u> ") harmless from and against any and all Losses that the Trust may sustain or incur or that may be asserted against the Trust by any person arising out of any action taken or omitted to be taken by USBGFS
as a result of USBGFS' material breach of this Agreement, or from USBGFS' bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of
USBGFS, its successors and assigns, notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In no case shall either party be liable to the other for (i) any special, indirect or consequential
damages, loss of profits or goodwill (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 therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In the event of a mechanical breakdown or failure of communication or power supplies beyond its reasonable
control, USBGFS shall take all reasonable steps to minimize service interruptions for any period that such interruption continues. USBGFS will make every reasonable effort to restore any lost or damaged data and correct any errors resulting from
such a breakdown at the expense of USBGFS. USBGFS agrees that it shall, at all times, have reasonable business continuity and disaster contingency plans with appropriate parties, making reasonable provision for emergency use of electrical data
processing equipment to the extent appropriate equipment is available. Representatives of the Trust shall be entitled to inspect USBGFS' premises and operating capabilities at any time during regular business hours of USBGFS, upon reasonable
notice to USBGFS. Moreover, USBGFS shall provide the Trust, at such times as the Trust may

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reasonably require, copies of reports rendered by independent accountants on the internal controls and procedures of USBGFS relating to the services provided by USBGFS under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notwithstanding anything herein to the contrary, USBGFS reserves the right to reprocess and correct non-material administrative errors at its own expense. For material administrative orders, USBFS reserves the right to reprocess and correct administrative errors at its own expense upon consultation with the Trust
and in such manner as agreed to by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In order that the indemnification provisions contained in this section shall apply, it is understood that if in
any case the indemnitor may be asked to indemnify or hold the indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the indemnitee will
use all reasonable care to notify the indemnitor promptly concerning any situation that presents or appears likely to present the probability of a claim for indemnification. Unless it reserves any rights to deny indemnification, the indemnitor shall
have the option to defend the indemnitee against any claim that may be the subject of this indemnification. In the event that the indemnitor so elects, it will so notify the indemnitee and thereupon the indemnitor shall take over complete defense of
the claim with counsel reasonably satisfactory to the indemnitee, and shall be totally responsible for any liability of the indemnitee, and the indemnitee shall in such situation incur no further legal or other expenses for which it shall seek
indemnification under this section. The indemnitee shall in no case confess any claim or make any compromise in any case in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The indemnity and defense provisions set forth in this <u>Section</u> <u>10</u> shall indefinitely
survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If USBGFS is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be
deemed to relieve USBGFS of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. In conjunction with the tax services provided to the Trust by USBGFS hereunder, USBGFS shall not be deemed to
act as an income tax return preparer for any purpose including as such term is defined under Section 7701(a)(36) of the IRC, or any successor thereof. Any information provided by USBGFS to the Trust for income tax reporting purposes with
respect to any item of income, gain, loss, or credit will be performed solely in USBGFS' administrative capacity. USBGFS shall not be required to determine, and shall not take any position with respect to whether, the reasonable belief
standard described in Section 6694 of the IRC has been satisfied with respect to any income tax item. The Trust, and any appointees thereof, shall have the right to inspect the transaction summaries produced and aggregated by USBGFS, and any
supporting documents thereto, in connection with the tax reporting services provided to the Trust by USBGFS. USBGFS shall

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not be liable for the provision or omission of any tax advice with respect to any information provided by USBGFS to the Trust. The tax information provided by USBGFS shall be pertinent to the data and information made available to USBGFS, and is neither derived from nor construed as tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11. Proprietary and Confidential Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as
proprietary information of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to use such records and information for any purpose
other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where USBGFS may be
exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities or pursuant to legal process, provided that USBGFS will promptly report such disclosure to
the Trust if disclosure is permitted by applicable law, rule, or regulation, (iii) to defend a claim brought against USBGFS arising out of or related to any Services provided hereunder, or (iv) when so requested by the Trust. Records and
other information which have become known to the public through no wrongful act of USBGFS or any of its employees, agents or representatives, and information that was already in the possession of USBGFS prior to receipt thereof from the Trust or its
agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to
protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders. USBGFS has implemented and will maintain an effective information security
program reasonably designed to protect information relating to the shareholders of the Trust (such information, " <u>Personal Information</u> "), which program includes sufficient administrative, technical and physical safeguards and
written policies and procedures reasonably designed to (a) ensure the security and confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such Personal
Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that could result in substantial harm or inconvenience to the Trust or any Shareholder (the " <u>Information Security Program</u> "). The Information Security Program complies and shall comply with reasonable information security practices within the industry (including the encryption of data where necessary or appropriate). Upon written request from the
Trust, USBGFS shall provide a written description of its Information Security Program. USBGFS shall provide related reports and information responding to reasonable due diligence requests regarding its

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compliance with its Information Security Program and shall notify the Trust, expeditiously and without unreasonable delay, in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged) any information of the Trust (any or all of the foregoing referred to individually and collectively for purposes of this provision as a "<u>Security Breach</u>"). USBGFS shall promptly investigate, remedy and bear the cost of the measures (including notification to any affected parties), if any, to address any Security Breach. USBGFS shall bear the cost of the Security Breach only if USBGFS is determined to be directly responsible for such Security Breach. In addition to, and without limiting the foregoing, USBGFS shall promptly cooperate with the Trust or any of its affiliates' regulators at USBGFS's expense to prevent, investigate, cease or mitigate any Security Breach, including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as
proprietary information of USBGFS, all non-public information relative to USBGFS (including, without limitation, information regarding USBGFS' pricing, products, services, customers, suppliers, financial
statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object
code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this
Agreement, except (i) after prior notification to and approval in writing by USBGFS, which approval shall not be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure
to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the USBGFS. Information which has become known to the public through no wrongful act of the Trust or any of its
employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from USBGFS, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust shall not make or change any written representations regarding the services provided by or the
responsibilities of USBGFS or its affiliates under this Agreement, whether in the Trust's registration statement, offering documents, marketing or promotional materials, policies, or otherwise, that explicitly or implicitly ascribe to USBGFS
or its affiliates any duties or responsibilities under this Agreement that are not specifically stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity
of USBGFS as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable

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law, rule, or regulation, and (ii) USBGFS shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12. Records.** 

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that records relating to the services to be performed by USBGFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request, provided, however, that the Trust shall bear the reasonable cost of transfer (including, without limitation, costs related to image conversions), and USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Trust acknowledges and agrees that if the Trust elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS the Trust shall be responsible for maintaining the Trust's records as they relate to the Trust's review and approval of individuals authorized to place trading instructions as described in Rule 31a-1(b)(10) promulgated under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Compliance with Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust has and retains primary responsibility for all compliance matters relating to the Trust, including
but not limited to compliance with the Securities Act; the Exchange Act; the 1940 Act; the Investment Advisers Act of 1940, as amended; the Internal Revenue Code of 1986, as amended (the " <u>Code</u> "); the Sarbanes-Oxley Act of 2002
(the " <u>SOX Act</u> "); the USA PATRIOT Act of 2001; and the policies and limitations of the Trust relating to its portfolio investments as set forth in its Registration Statement. USBGFS' services hereunder shall not relieve the
Trust of its responsibilities for assuring such compliance or the Board's oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust shall promptly notify USBGFS if the investment strategy of the Trust materially changes or deviates
from the investment strategy disclosed in the current Prospectus, or if it becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction that materially impacts the operations of the
Trust or the services provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If, and only to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended
(" <u>GDPR</u> ") or the Cayman Islands Data Protection Law,

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2017, as amended ("<u>DPL</u>"), are applicable to USBGFS and the Trust the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The parties agree USBGFS is a " <u>Data Processor</u> " under GDPR and DPL, as applicable, in the
performance of its services under this the Agreement. Notwithstanding the foregoing, the parties agree USBGFS is a " <u>Data Controller</u> " under GDPR and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client onboarding obligations. In either case, the Trust shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents, are in
place to enable the processing of "Personal Data" (as defined by GDPR and DPL) by USBGFS, the transfer of Personal Data to USBGFS, and the transfer of Personal Data by USBGFS to third countries or regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The parties further agree the Trust is a " <u>Data Controller</u> " under GDPR and DPL, as
applicable. The Trust, either alone or jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. USBGFS shall process the Personal Data: (i) in accordance with instructions of the Trust pursuant to this
Agreement and any authorized persons list executed pursuant thereto, for the purpose of discharging USBGFS' obligations under the Agreement; and (ii) when required by law or regulation, or required or requested by any court or regulator
(each a " <u>Processing Order</u> ") to which USBGFS is subject. In the event USBGFS receives a request to process Personal Data pursuant to any Processing Order, it shall, to the extent legally permissible and reasonably practicable under
the circumstances, notify the Trust prior to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Trust is solely responsible for developing and implementing its internal policies and procedures with
respect to GDPR and DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar to
those contained in this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. implement appropriate technical and organizational measures to protect Personal Data including against
unauthorized or unlawful processing and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. only appoint sub-processors with the prior written consent of the Trust
(standing instructions or general written authorization are sufficient), and only if the sub-processors provide sufficient

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guarantees in writing to USBGFS that they have implemented appropriate technical and organizational measures in such a manner that processing will comply with GDPR and DPL, as applicable<sup>1</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. beyond the initial appointment, inform the Trust of any intended material changes concerning the addition or
replacement of sub-processors, thereby giving the Trust the opportunity to object;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. taking into account the nature of the processing, reasonably assist the Trust by appropriate technical and
organizational measures, insofar as possible, to enable the Trust to comply with its obligation to respond to requests for exercising a data subject's rights under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. provide reasonable assistance to the Trust in ensuring their compliance with obligations regarding Personal
Data breaches, data protection impact assessments and prior consultation subject to the nature of the processing and the information reasonably available to USBGFS, and inform the Trust of Personal Data breaches without undue delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. at the written direction of the Trust, delete or return all Personal Data to the Trust after the end of the
provision of services under the Agreement relating to processing, and delete existing copies of Personal Data unless applicable law or internal data retention or backup procedures require the storage of such Personal Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. make available to the Trust all information reasonably necessary to demonstrate compliance with GDPR or DPL, as
applicable, and allow for and reasonably cooperate with audits, including inspections, conducted by the Trust or its auditor; and immediately inform the Trust if, in its opinion, the Trust's instructions regarding this subsection infringes on
GDPR or DPL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation
to the Personal Data. Nothing in the Agreement shall be construed as preventing either party from taking such other steps as are necessary to comply with GDPR, DPL or any other applicable data protection laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14. Term of Agreement; Amendment.** 

<sup>1</sup> For the avoidance of doubt, USBGFS' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Trust hereby authorizes such use.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall become effective as of the last date written on the signature page and will continue in
effect for a period of three (3) years. Following the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice at least sixty (60) days prior to the end of
the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Subject to <u>Section</u> <u>15</u>, this Agreement may be terminated by either party (in whole)
upon giving sixty (60) days' prior written notice to the other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS may terminate this Agreement immediately (in whole) if the continued service of the Trust would cause
USBGFS or any of its affiliates to be in violation of any applicable law, rule, regulation, or order of any governmental, regulatory or judicial authority of competent jurisdiction, or if the Trust (or any affiliate thereof) commits any act, or
becomes involved in any situation or occurrence, tending to bring itself into public disrepute, contempt, scandal, or ridicule, or such that the continued association with the Trust would reflect unfavorably upon USBGFS' reputation, provided
that in such event USBGFS shall, to the extent it is legally permitted and able to do so, provide reasonable assistance to transition the Trust to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. This Agreement shall automatically terminate if the Trust fails to maintain an effective registration statement
under the 1940 Act and, if applicable, the Securities Act, or appropriate state securities law filings as necessary to enable the Trust to make a continuous public offering of its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement may be terminated by the non-breaching party upon the
breach of the other party of any material term of this Agreement if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Agreement may not be amended or modified in any manner except by written agreement executed by USBGFS and
the Trust and authorized or approved by the Trust's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Early Termination.** 

In the absence of a breach of a material term of this Agreement, should the Trust elect to terminate this Agreement (in whole) prior to the end of the then current term, the Trust agrees to pay the following fees subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. all fees associated with any record retention and/or tax reporting obligations that may not be eliminated due
to the conversion to a successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. all miscellaneous costs associated with a.-b. above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Duties in the Event of Termination.** 

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In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Trust by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBGFS has maintained the same, the Trust shall pay any out-of-pocket expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from USBGFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust. The Trust shall also pay any fees associated with record retention and/or tax reporting obligations that USBGFS is obligated under applicable law, regulation, or rule to continue following the termination. USBGFS is authorized to destroy such books, records, and other data following termination in accordance with its record retention policy and applicable regulatory requirements if the Trust or its designee do not take possession of such records. Notwithstanding the foregoing, in the event that USBGFS terminates this Agreement other than for cause and prior to the expiration of the then current term, or if termination results from failure to perform in accordance with this Agreement (including negligent performance) or USBGFS transfers this Agreement to an affiliate, the transfer to the successor shall be at the reasonable expense of USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Assignment.** 

This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of USBGFS, or by USBGFS without the written consent of the Trust accompanied by the authorization or approval of the Trust's Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18. Governing Law.** 

This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19. No Agency Relationship.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other
party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust acknowledges that the Board and officers of the Trust are responsible for management of the Trust and
that USBGFS has no duties or obligations to manage or control the Trust. Any duties and obligations of USBGFS are strictly limited to those set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as a trustee
of the trust such person is serving in their own individual capacity at the pleasure of the shareholders of the Trust and not as a representative of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as an officer
of the trust, or in any other similar capacity, such person is engaged in such position at the direction of, and subject to the supervision and oversight of, and removal by, the Board of the Trust, and when such person is acting in such capacity
they are doing so on behalf of the Trust and not as a representative of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20. Services Not Exclusive.** 

Nothing in this Agreement shall limit or restrict USBGFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21. Invalidity.** 

Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22. Regulatory Services.** 

Nothing in this Agreement shall be deemed to appoint USBGFS or any of its officers, directors or employees as the Trust attorneys, form attorney-client relationships or require the provision of legal advice. No work performed by employees of USBGFS or its affiliates (whether relating to assisting in the preparation or filing of regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Trust acknowledges that employees of USBGFS and its affiliates who are attorneys do not represent the Trust and rely on outside counsel retained by the Trust to review all services provided by USBGFS and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between the Trust and USBGFS (or any employee of USBGFS or its affiliates),

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any information provided may not be privileged and may be subject to compulsory disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**23. Notices.** 

Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, to the other party's address set forth below:

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services

777 E. Wisconsin Ave.

Milwaukee, WI 53202

Attn: GFS Contracts

Email: GFSContracts@usbank.com

and notice to the Trust shall be sent to:

RBC BlueBay Enhanced Income Fund

c/o RBC Global Asset Management (U.S.) Inc.

Attn: Fund Operations

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24. No Third-Party Rights.** 

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of the Trust) any legal or equitable right, remedy or claim under or with respect to this Agreement, other than the limited third party rights of the Data Providers as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25. Multiple Originals; Electronic Signatures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to
be an original, but such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be executed by means of electronic signatures, and a signed copy of this Agreement
transmitted by facsimile, email, or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original executed copy of this Agreement for all purposes.

**SIGNATURE PAGE FOLLOWS** 

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer effective as of the last date written below.

---

| | | | |
|:---|:---|:---|:---|
|  **RBC BLUEBAY ENHANCED**<br> **INCOME FUND** | **RBC BLUEBAY ENHANCED**<br> **INCOME FUND** | **U.S. BANCORP FUND SERVICES, LLC** | **U.S. BANCORP FUND SERVICES, LLC** |
|  By: | /s/ Kathleen Hegna | By: | /s/ Greg Farley |
|  Name: | Kathleen Hegna | Name: | Greg Farley |
|  Title: | Treasurer and Chief Financial Officer | Title: | Senior Vice President |
|  Date: | March 23, 2026 | Date: | 3/31/2026 |

---

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**EXHIBIT A** 

**<u>Services</u>**

**<u>CORE SERVICE LINES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. **RESERVED**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. **RESERVED**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Transfer Agency and Investor Support Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Receive and process all orders for the purchase and/or repurchase of shares in accordance with applicable rules
and under the Acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Process purchase and redemption orders with prompt delivery, where appropriate, of payment and supporting
documentation to the shareholder based on the shareholder's or the Trust's custodian instructions, and record the appropriate number of shares being held in the appropriate shareholder account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Pay proceeds upon receipt from the Trust's custodian, where relevant, in accordance with the instructions
of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Process transfers of shares in accordance with the shareholder's instructions, after receipt of
appropriate documentation from the shareholder as specified in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Prepare and transmit payments for income dividends and distributions declared by the Trust, after deducting any
amount required to be withheld by any applicable laws, rules and regulations and in accordance with shareholder instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Serve as the Trust's agent in connection with systematic plans including, but not limited to, systematic
investment plans, systematic withdrawal plans, and systematic exchange plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Make changes to shareholder records, including, but not limited to, address changes in plans (e.g., systematic
investment and withdrawal, automatic investment and dividend reinvestment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Handle load processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Record the issuance of shares of the Trust and maintain, pursuant to Rule 17Ad-10(e) promulgated under the Exchange Act, a record of the total number of shares of the Trust which are authorized, issued and outstanding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Prepare ad-hoc reports as necessary at prevailing rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Mail shareholder reports, Prospectuses to all current shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Prepare and file U.S. Treasury Department Forms 1099 and other appropriate information returns required with
respect to dividends and distributions for all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Provide shareholder account information upon shareholder or Trust requests and prepare and mail confirmations
and statements of account to shareholders for all purchases, redemptions and other confirmable transactions as agreed upon with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Mail and/or obtain shareholders' certifications under penalties of perjury and pay on a timely basis to
the appropriate federal or state authorities any taxes to be withheld on dividends and distributions paid by the Trust, all as required by applicable federal and state tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Provide the total number of shares of the Trust sold in each state to enable the Trust or its agent to monitor
such sales for blue sky law purposes; provided that the Trust, not USBGFS, is responsible for ensuring that share are not sold in violation of any requirement under the securities laws or regulations of any state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Answer correspondence from Trust shareholders, securities brokers and others relating to USBGFS' duties
hereunder within required time periods established by applicable regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. Reimburse the Trust each month for all material losses resulting from "as of" processing errors for
which USBGFS is responsible in accordance with USBGFS' "as of" processing guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. Provide service and support to financial intermediaries including trade placements, settlements and
corrections.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. After receiving specific written authorization from an officer of the Trust, enter into an agreement on behalf
of the Trust that appoints one or more designated financial intermediaries as agents of the Trust for the limited purpose of accepting orders for the purchase, exchange, and/or redemption of shares of the Trust in accordance with the Prospectus and
Rule 22c-1 under the 1940 Act.

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this

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Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit B</u> or at USBGFS' then current standard rates for such services if not specified.

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**EXHIBIT B** 

**<u>Fees</u>**

Transfer Agency/Investor Services Fee Schedule\*

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| | |
|:---|:---|
| ◾ | Base Fee for first CUSIP – $30,000 per year  |

---

---

| | |
|:---|:---|
| ◾ | Additional CUSIP – $6,000 per CUSIP, per year  |

---

---

| | |
|:---|:---|
| ◾ | Open Accounts – $13.00 per open account  |

---

---

| | |
|:---|:---|
| ◾ | Closed Accounts – $3.00 per closed account  |

---

**CUSIP Setup** 

---

| | |
|:---|:---|
| ◾ | CUSIP Setup Fee – $5,000  |

---

**Chief Compliance Officer Support Fee** 

---

| | |
|:---|:---|
| ◾ | $3,000 per year  |

---

***Miscellaneous Expenses***

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:

brokerage fees, telephone toll-free lines, inbound calls, mailing, sorting and postage, stationery, envelopes, service/data conversion, AML verification services, special reports, record retention, lost shareholder search, disaster recovery charges, Fed wire charges, shareholder/dealer print out (daily confirms, investor statements, tax, checks, and commissions), voice response (VRU) maintenance and development, data communication and implementation charges, return mail processing, travel, FATCA and other compliance mailings.

***Additional Services***

Additional services not included above shall be mutually agreed upon at the time of the service being added. Available but not included above are the following services- client Web data access, client dedicated line data access, programming charges, physical certificate processing, CUSIP setup and additional services mutually agreed upon.

In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided.

\*Subject to annual CPI increase – All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

Fees are calculated pro rata and billed monthly.

The monthly fee for an open account shall be charged in the month during which an account is opened through the month in which such account is closed. The monthly fee for a closed account shall be charged in the month following the month during which such account is closed.

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**EXHIBIT C** 

**<u>Required Provisions of Data Service Providers</u>**

• The Trust shall use the Data solely for internal purposes and will not redistribute the Data in any form or
manner to any third party, except as may otherwise be expressly agreed to by the Data Provider.

• The Trust will not use or permit anyone else to use the Data in connection with creating, managing, advising,
writing, trading, marketing or promoting any securities or financial instruments or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on an exchange or
traded over the counter or on a private-placement basis or otherwise or to create any indices (custom or otherwise).

• The Trust agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing
and using the Data, (b) not use the Data for any purpose independent of those for which it is provided by the Data Provider, and (c) exculpate the Data Provider, its affiliates and their respective suppliers from any liability or
responsibility of any kind relating to the Trust's receipt or use of the Data (including expressly disclaiming all warranties).

• The Trust will treat the Data as proprietary to the Data Provider. Further, the Trust shall acknowledge that
the Data Provider is the sole and exclusive owners of the Data and all trade secrets, copyrights, trademarks and other intellectual property rights in or to the Data.

• The Trust will not (i) copy any component of the Data, (ii) alter, modify or adapt any component of
the Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, or (iii) make any component of the Data available to any other person or organization (including, without
limitation, the Trust's present and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or
similar arrangement.

• The Trust shall reproduce on all permitted copies of the Data all copyright, proprietary rights and
restrictive legends appearing on the Data.

• The Trust shall assume the entire risk of using the Data and shall agree to hold the Data Providers harmless
from any claims that may arise in connection with any use of the Data by the Trust.

• The Trust acknowledges that the Data Providers may, in their sole and absolute discretion and at any time,
terminate USBGFS' right to receive and/or use the Data.

• The Trust acknowledges and agrees that the Data Providers are third party beneficiaries of the agreements
between the Trust and USBGFS with respect to the provision of the Data, entitled to enforce all provisions of such agreements relating to the Data.

• THE DATA IS PROVIDED TO THE TRUST ON AN "AS IS" BASIS. USBGFS, ITS INFORMATION PROVIDERS, AND ANY
OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR

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IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). USBGFS, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. <br>

• THE TRUST ASSUMES THE ENTIRE RISK OF ANY USE THE TRUST MAY MAKE OF THE DATA. IN NO EVENT SHALL USBGFS, ITS
INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST
SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF USBGFS, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED
IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

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

![LOGO](g11343dsp66.jpg)

**<u>FUND ADMINISTRATION AND ACCOUNTING AGREEMENT</u>**

THIS AGREEMENT is made as of April 10, 2026, by and between each investment company referenced on the signature page hereto (each a "Fund", collectively the "Funds"), and The Bank of New York Mellon, a New York banking organization ("BNY").

<u>W</u> <u>I</u> <u>T</u> <u>N</u> <u>E</u> <u>S</u> <u>S</u> <u>E</u> <u>T</u> <u>H</u> :

WHEREAS, each Fund is an investment company registered under the Investment Company Act of 1940, as amended; and

WHEREAS, each Fund desires to retain BNY to provide for the Funds and portfolios identified on Exhibit A hereto (each, a "Series") the services described herein, and BNY is willing to provide such services, all as more fully set forth below;

NOW, THEREFORE, in consideration of the mutual promises and agreements contained herein, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions.</u>

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below:

"<u>1933 Act</u>" means the Securities Act of 1933, as amended.

"<u>1934 Act</u>" means the Securities Exchange Act of 1934, as amended.

"<u>1940 Act</u>" means the Investment Company Act of 1940, as amended.

"<u>Authorized Person</u>" shall mean each person, whether or not an officer or an employee of a Fund, duly authorized by the Board to execute this Agreement and to give Instructions on behalf of such Fund as set forth in Exhibit B hereto and each Authorized Person's scope of authority may be limited by setting forth such limitation in a written document signed by BNY and the applicable Fund. From time to time each Fund may deliver a new Exhibit B to add or delete any person and BNY shall be entitled to rely on the last Exhibit B actually received by BNY.

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"<u>BNY Affiliate</u>" shall mean any office, branch or subsidiary of The Bank of New York Mellon Corporation.

"<u>Board</u>" shall mean a Fund's board of directors, board of trustees, general partner or manager, as applicable.

"<u>Confidential Information</u>" shall have the meaning given in Section 22 below.

"<u>Documents</u>" shall mean such documents, including but not limited to, Board resolutions, including resolutions of the Fund's Board authorizing the execution, delivery and performance of this Agreement by the Fund, and opinions of outside counsel, as BNY may reasonably request from time to time, in connection with its provision of services under this Agreement.

"<u>Instructions</u>" shall mean Oral Instructions or written communications actually received by BNY by S.W.I.F.T., tested telex, email, letter, facsimile transmission or other method or system specified by BNY as available for use in connection with the services hereunder, from an Authorized Person or person believed in good faith to be an Authorized Person.

"<u>Investment Adviser</u>" shall mean the entity identified by a Fund to BNY as the entity having investment responsibility with respect to the Fund.

"<u>Net Asset Value</u>" shall mean the per share value of a Fund, calculated in the manner described in the Funds' Offering Materials and the Fund's current valuation policies pursuant to Rule 2a-5 under the 1940 Act as provided by the Fund to BNY.

"<u>Offering Materials</u>" shall mean a Fund's currently effective prospectus and most recently filed registration statement with the SEC relating to shares of the Fund.

"<u>Oral Instructions</u>" shall mean oral instructions received by BNY under permissible circumstances specified by BNY, in its sole discretion, as being from an Authorized Person or person believed in good faith by BNY to be an Authorized Person. "<u>Organizational Documents</u>" shall mean certified copies of a Fund's articles of incorporation, certificate of incorporation, certificate of formation or organization, certificate of limited partnership, bylaws, limited partnership agreement, declaration of trust, memorandum of association, limited liability company agreement, operating agreement, confidential offering memorandum, material contracts, Offering

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Materials, SEC exemptive orders relied upon by a Fund, required filings or similar documents of formation or organization, as applicable, delivered to and received by BNY.

"<u>SEC</u>" means the United States Securities and Exchange Commission.

"<u>Securities Laws</u>" means the 1933 Act, the 1934 Act and the 1940 Act.

"<u>Shares</u>" means the shares of beneficial interest of any Series or class of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment.</u>

Each Fund hereby appoints BNY as its agent for the term of this Agreement to perform the services described herein. BNY hereby accepts such appointment and agrees to perform the duties hereinafter set forth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Representations and Warranties of each Fund.</u>

Each Fund hereby represents and warrants to BNY, which representations and warranties shall be deemed to be continuing, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by such Fund in accordance with all requisite action of the Board and constitutes a valid and legally binding obligation of such Fund, enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund's Investment Adviser is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in material compliance with all applicable laws and regulations, both state and federal, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no statute, regulation, rule, order or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture,

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credit agreement or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The method of valuation of securities and the method of computing the Net Asset Value shall be as set forth in the Offering Materials of the Fund and the Fund's pricing policies and procedures adopted pursuant to Rule 2a-5 and provided to BNY. To the extent the performance of any services described in Schedule I attached hereto by BNY in accordance with the then effective Offering Materials for the Fund would violate any applicable laws or regulations, the Fund shall promptly so notify BNY in writing and thereafter shall either furnish BNY with the appropriate values of securities, Net Asset Value or other computation, as the case may be, or instruct BNY in writing to value securities and/or compute Net Asset Value or other computations in a manner the Fund specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute a representation by the Fund that the same is consistent with all applicable laws and regulations and with its Offering Materials, all subject to confirmation by BNY as to its capacity to act in accordance with the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The terms of this Agreement, the fees and expenses associated with this Agreement and any benefits accruing to BNY or to the Investment Adviser or sponsor of the Fund in connection with this Agreement, including but not limited to any fee waivers, conversion cost reimbursements, upfront payments, signing payments or periodic payments made or to be made by BNY to such Investment Adviser or sponsor or any affiliate of the Fund relating to this Agreement have been fully disclosed to the Board of the Fund and that, if required by applicable law, such Board has approved or will approve the terms of this Agreement, any such fees and expenses and any such benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each person named on Exhibit B hereto is duly authorized by such Fund to be an Authorized Person hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Without limiting the provisions of Section 22 below, the Fund shall treat as confidential the terms and conditions of this Agreement and shall not disclose nor authorize disclosure thereof to any other person, except (I) to its employees, affiliates, regulators, examiners, internal and external accountants, auditors, service providers, and counsel, (ii) for a summary description of this Agreement in the Offering Materials with prior written approval of BNY, (iii)

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to any other person when required by applicable law, a court order or legal process, (iv) as agreed in writing by BNY or (v) whenever advised by its counsel that it would be liable for a failure to make such disclosure. The Fund shall instruct its employees, affiliates, regulators, examiners, internal and external accountants, auditors, service providers and counsel who may be afforded access to such information of the Fund's obligations of confidentiality hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Fund shall, to the extent it is permitted to do so under applicable law, promptly notify BNY in writing of any and all legal proceedings or securities investigations filed or commenced against the Fund or the Board that might materially adversely impact a Fund's ability to perform its obligations hereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Fund acknowledges for itself and its users that certain information provided by BNY on its websites may be protected by copyrights, trademarks, service marks and/or other intellectual property rights, and as such, agrees that all such information provided is for the sole and exclusive use of the Fund and its users. Certain information provided by BNY is supplied to BNY pursuant to third party licensing agreements which restrict the use of such information and protect the proprietary rights of the appropriate licensor ("Licensor") with respect to such information. Therefore, the Fund, on behalf of itself and its users, further agrees not to disclose, disseminate, reproduce, redistribute or republish information provided by BNY on its websites in any way not contemplated by this Agreement without the express written permission of BNY and the Licensor. (Licensor permission to be obtained by BNY prior to BNY providing its permission).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Representations and Warranties of BNY</u>

BNY hereby represents and warrants to the Funds, which representations and warranties shall be deemed to be continuing, that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by BNY in accordance with all requisite corporate action and constitutes a valid and legally binding obligation of BNY, enforceable in accordance with its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in material compliance with laws and regulations applicable to BNY in its capacity as a service provider hereunder, has made and will continue to make all necessary filings including tax filings and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; there is no provision of its organizational documents, nor of any contract which would prohibit its execution or performance of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) BNY shall, if it is permitted to do so under applicable law, regulation or by the applicable regulatory or governmental authority, promptly notify the Fund in writing of any and all legal or regulatory proceedings or investigations filed or commenced against BNY that have a materially adverse impact on BNY's ability to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) BNY has and will continue to have access to the necessary facilities, equipment and personnel with suitable training, education, experience and skill to perform the services under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY acknowledges for itself and its users that certain information provided by the Fund on its websites may be protected by copyright, trademark, service marks and/or other intellection property rights, and that the use of any such information may require a separate licensing agreement with the Royal Bank of Canada; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) BNY will maintain, at all times during the term of this Agreement, errors and omissions insurance, fidelity bonds and such other insurance as BNY may deem appropriate, in each case in a commercially reasonable amount deemed by BNY to be sufficient to cover its potential liabilities under this Agreement, including without limitation cyber-liability insurance

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coverage deemed by BNY to be appropriate. Upon request, BNY agrees to provide the Funds with certificates of insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Delivery of Documents.</u>

Each Fund shall promptly provide, deliver or cause to be delivered from time to time to BNY the Fund's Organizational Documents, Documents and other materials used in the distribution of Shares and all amendments thereto as may be necessary for BNY to perform its duties hereunder. BNY shall not be deemed to have notice of any information (other than information supplied by BNY) contained in such Organizational Documents, Documents or other materials until they are actually received by BNY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Matters Regarding BNY.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the direction and control of each Fund's Board and the provisions of this Agreement, BNY shall provide to each Fund the administrative services and the valuation and computation services listed on Schedule I attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall not provide any services relating to the management, investment advisory or sub-advisory functions of any Fund, distribution of shares of any Fund, maintenance of any Fund's financial records other than as specifically provided in this Agreement or other services normally performed by the Funds' respective counsel or independent auditors and the services provided by BNY do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other person, and each Fund acknowledges that BNY does not provide public accounting or auditing services or advice and will not be making any tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder. The scope of services provided by or fees payable to BNY under this Agreement shall not be increased as a result of new or revised regulatory or other requirements that may become applicable with respect to a Fund, unless the Fund and BNY expressly agree in writing to any such increase in the scope of services or fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Fund shall cause its officers, advisors, sponsor, distributor, legal counsel, independent auditors and accountants, transfer agent and any other service providers to cooperate with BNY and to provide BNY, upon its reasonable request, with such information, documents and advice relating to such Fund as is within the possession or knowledge of such

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persons, and which in the opinion of BNY, is reasonably necessary in order to enable BNY to perform its duties hereunder. In connection with its duties hereunder, BNY shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances with respect to, the accuracy, validity or propriety of any information, documents or advice provided to BNY by any of the aforementioned persons. BNY shall not be liable for any loss, damage or expense resulting from or arising out of the failure of a Fund to cause any information, documents or advice to be provided to BNY as provided herein and shall be held harmless by each Fund when acting in reliance upon such information, documents or advice relating to such Fund. All fees or costs charged by such persons shall be borne by the appropriate Fund, and BNY shall have no liability with respect to such fees or charges, including any increases in, or additions to, such fees or charges related directly or indirectly to the services described herein or the performance by BNY of its duties hereunder. BNY shall not bear, or otherwise be responsible for, any fees, costs or expenses charged by any third party service providers engaged by a Fund, or by any affiliate of such Fund or by any other third party service provider to such Fund. In the event that any services performed by BNY hereunder rely, in whole or in part, upon information obtained from a third party service utilized or subscribed to by BNY which BNY in its reasonable judgment deems reliable, BNY shall not have any responsibility or liability for, be under any duty to inquire into, or be deemed to make any assurances with respect to, the accuracy or completeness of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this Agreement shall limit or restrict BNY, any BNY Affiliate or any officer or employee thereof from acting for or with any third parties, and providing services similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Fund shall furnish BNY with any and all instructions, explanations, information, specifications and documentation reasonably deemed necessary by BNY in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the amounts and times of accrual of Fund liabilities and expenses, and the value of any securities lending related collateral investment account(s). BNY shall not be required to include as Fund liabilities and expenses, nor as a reduction of Net Asset Value, any accrual for any federal, state or foreign income taxes unless the Fund shall have specified to BNY in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce Net Asset Value. Each Fund shall also furnish BNY with bid, offer or market values of securities if BNY notifies such Fund that the same are not available to BNY from a security pricing or similar

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service utilized, or subscribed to, by BNY which the Fund directs BNY to utilize, and which BNY in its reasonable judgment deems reliable at the time such information is required for calculations hereunder. At any time and from time to time, the Fund also may furnish BNY with bid, offer or market values of securities and instruct BNY in Instructions to use such information in its calculations hereunder. BNY shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any securities pricing or similar service. In no event shall BNY be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect to the issuer thereof, it being agreed that all such determinations and considerations shall be solely for the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) BNY may apply to an Authorized Person of any Fund for Instructions with respect to any matter arising in connection with BNY's performance hereunder for such Fund, and BNY shall not be liable for any action taken or omitted to be taken by it in good faith without negligence or willful misconduct in accordance with such Instructions. Such application for Instructions may, at the option of BNY, set forth in writing any action proposed to be taken or omitted to be taken by BNY with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. BNY shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY has received Instructions from an Authorized Person in response to such application specifying the action to be taken or omitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the "BNY Group"). The BNY Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the "Centralized Functions") in one or more affiliates, subsidiaries and third-party service providers. Solely in connection with the Centralized Functions, (i) each Fund consents to the disclosure of and authorizes BNY to disclose information regarding the Fund ("Customer-Related Data") to the BNY Group and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) BNY may store the names and business contact

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information of each Fund's employees and representatives on the systems or in the records of the BNY Group or its service providers. The BNY Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Group, and notwithstanding anything in this Agreement to the contrary the BNY Group will own all such aggregated data, provided that the BNY Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular Fund. Each Fund confirms that it is authorized to consent to the foregoing and that the disclosure and storage of information in connection with the Centralized Functions does not violate any relevant data protection legislation applicable to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If BNY is in doubt as to any action it should or should not take, either pursuant to, or in the absence of Instructions, BNY may consult with counsel to the appropriate Fund , at such Fund's expense, or to its own counsel, at its own expense or with the prior written approval of the Fund, at the expense of the Fund. BNY shall not be liable for acting in accordance with the advice or opinion of such counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Notwithstanding any other provision contained in this Agreement or Schedule I attached hereto, BNY is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles. BNY is solely responsible for processing such securities, as identified by the applicable Fund or its Authorized Persons, in accordance with U.S. tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) BNY shall have no duties or responsibilities whatsoever except such duties and responsibilities as are specifically set forth in this Agreement and Schedule I attached hereto, and no covenant or obligation shall be implied against BNY in connection with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) BNY, in performing the services required of it under the terms of this Agreement, shall be entitled to rely fully on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it by a Fund and shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions, explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of securities; the amounts or formula for calculating the amounts and times of accrual of a Fund's or Series' liabilities and expenses; the amounts receivable and the amounts payable on the sale or purchase of securities; and the amounts receivable or the amounts payable for the sale or redemption of Fund Shares effected by or on behalf of a Fund. In the event

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BNY's computations hereunder rely, in whole or in part, upon information, including, without limitation, bid, offer or market values of securities or other assets, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or subscribed to, by BNY which the Fund directs BNY to utilize, and which BNY in its reasonable judgment deems reliable, BNY shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such information. Without limiting the generality of the foregoing, BNY shall not be required to inquire into any valuation of securities or other assets by a Fund or any third party described in this sub-section (l) even though BNY in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of the same or different securities of the same issuers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) BNY, in performing the services required of it under the terms of this Agreement, shall not be responsible for determining whether any interest accruable to a Fund is or will be actually paid, but will accrue such interest until otherwise instructed by such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) BNY shall not be responsible for damages (including without limitation damages caused by delays, failure, errors, interruption or loss of data) which occur directly or indirectly by reason of circumstances beyond its reasonable control in the performance of its duties under this Agreement, including, without limitation, labor difficulties within or without BNY, mechanical breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss or malfunctions of utilities, action or inaction of civil or military authority, national emergencies, public enemy, war, terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications or computer (hardware or software) services or functions or malfunctions of the internet, firewalls, encryption systems or security devices caused by any of the above. BNY will use commercially reasonable methods to notify the applicable Fund upon the occurrence of any such events and shall provide the Fund with reasonable assistance under the relevant circumstances in good faith in connection therewith. Notwithstanding anything set forth in this Agreement to the contrary, in no event shall any Fund be obligated to pay any fees under this Agreement to BNY with respect to any services not actually provided during any event described in this sub-section (n).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) BNY shall not be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of

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any person(s) other than BNY to supply any instructions, explanations, information, specifications or documentation deemed reasonably necessary by BNY in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) BNY shall enter into and shall maintain reasonable provisions for emergency use of electronic data processing equipment to the extent appropriate equipment is available. In the event of equipment failures, BNY shall, at no additional expense to the applicable Fund, take reasonable steps to minimize service interruptions. BNY shall have no liability with respect to the loss of data or service interruptions caused by equipment failure, provided such loss or interruption is not caused by BNY's own intentional misconduct, bad faith, negligence, fraud or reckless disregard in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) BNY shall provide the Funds with a SOC 1 report annually and, upon request, a SOC 2 report (or comparable successor reports thereto) no more than once annually regarding BNY's system relating to the services provided by BNY under this Agreement, subject to appropriate confidentiality requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Allocation of Expenses.</u>

Except as otherwise provided herein, all costs and expenses arising or incurred in connection with the performance of this Agreement shall be paid by the appropriate Fund, including but not limited to, organizational costs and costs of maintaining corporate existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of such Fund's trustees, directors, officers or employees, legal, accounting and audit expenses, management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the issuance, redemption or repurchase of Fund shares or membership interests, as applicable, fees and expenses incident to the registration or qualification under the Securities Laws and state and other applicable securities laws of the Fund or its shares or membership interests, as applicable, costs (including printing and mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy material to such Fund's shareholders or members, as applicable, all expenses incidental to holding meetings of such Fund's trustees, directors and shareholders, and extraordinary expenses as may arise, including litigation affecting such Fund

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and legal obligations relating thereto for which the Fund may have to indemnify its trustees, directors, officers, managers and/or members, as may be applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Portfolio Compliance Services.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Schedule I contains a requirement for BNY to provide a Fund with portfolio compliance services, such services shall be provided pursuant to the terms of this Section 8 (the "Portfolio Compliance Services"). The precise compliance review and testing services to be provided shall be as directed by each Fund and as mutually agreed between BNY and such Fund, and the results of BNY's Portfolio Compliance Services shall be detailed in a portfolio compliance summary report (the "Compliance Summary Report") prepared on a periodic basis as mutually agreed. Each Compliance Summary Report shall be subject to review and approval by the Fund. BNY shall have no responsibility or obligation to provide Portfolio Compliance Services other than those services specifically listed in Schedule I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A Fund will examine each Compliance Summary Report delivered to it by BNY and notify BNY of any error, omission or discrepancy within fifteen (15) days of its receipt. The Fund agrees to notify BNY promptly in writing if it fails to receive any such Compliance Summary Report. The Fund further acknowledges that unless it notifies BNY of any error, omission or discrepancy within fifteen (15) days, such Compliance Summary Report shall be deemed final and shall not be reissued. In addition, if the Fund learns of any out-of-compliance condition before receiving a Compliance Summary Report reflecting such condition, the Fund will notify BNY of such condition within one (1) business day after knowledge thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) While BNY will endeavor to identify out-of-compliance conditions, BNY does not and could not for the fees charged, make any guarantees, representations or warranties with respect to its ability to identify all such conditions. In the event of any errors or omissions in the performance of Portfolio Compliance Services, a Fund's sole and exclusive remedy and BNY's sole liability shall be limited to re-performance by BNY of the Portfolio Compliance Services affected and in connection therewith the correction of any error or omission, if practicable, and the preparation of a corrected report, at no cost to the Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Rule 38a-1 and Regulatory Administration Services.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If Schedule I contains a requirement for BNY to provide a Fund with compliance support services related to Rule 38a-1 promulgated under the 1940 Act and/or Regulatory Administration services, such services shall be provided pursuant to the terms of this Section 9 (such services, collectively hereinafter referred to as the "Regulatory Support Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, the Regulatory Support Services provided by BNY under this Agreement are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of a Fund or any other person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All work product produced by BNY as outlined at Schedule I in connection with its provision of Regulatory Support Services under this Agreement is subject to review and approval by the applicable Fund and by the Fund's legal counsel. The Regulatory Support Services performed by BNY under this Agreement will be at the request and direction of the Fund and/or its chief compliance officer (the "Fund's CCO"), as applicable. BNY disclaims liability to the Fund, and the Fund is solely responsible, for the selection, qualifications and performance of the Fund's CCO and the adequacy and effectiveness of the Fund's compliance program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Standard of Care; Indemnification.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In performing its obligations under this Agreement, BNY will exercise the standard of care and diligence that a prudent professional administrator responsible for providing administrative, compliance, valuation and computation services to registered investment companies would observe in these affairs and shall act without bad faith, negligence, willful misconduct, willful misfeasance, fraud, or reckless disregard of its duties and obligations under this Agreement (the "Standard of Care"). Except as otherwise provided herein, BNY and any BNY Affiliate shall not be liable for any costs, expenses, damages, liabilities or claims (including reasonable attorneys' and accountants' fees related thereto) incurred by or asserted against a Fund, except those costs, expenses, damages, liabilities or claims arising out of BNY's or any BNY Affiliate's failure to satisfy the Standard of Care. In no event shall any party be liable to the other Party or any third party for any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of

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the possibility of such damages and regardless of the form of action, except as stated in Section 10(d) below. BNY and any BNY Affiliate shall not be liable for any loss, damage or expense, including counsel fees and other costs and expenses of a defense against any claim or liability, resulting from, arising out of, or in connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by the Fund, or for delays caused by circumstances beyond BNY's reasonable control, unless such loss, damage or expense arises out of BNY's or any BNY Affiliate's failure to perform its obligations under this Agreement in accordance with the Standard of Care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for the gross negligence, fraud, or willful misconduct of BNY, BNY and each Fund agree that to the extent that BNY would otherwise be liable hereunder, in no event shall BNY's total maximum aggregate liability to the Funds under this Agreement, whether based on a claim in contract, equity, negligence, tort, indemnity obligation, or otherwise, for any reason and upon any cause of action whatsoever, exceed an aggregate amount equal to the fees paid to BNY by all of the Funds for the services under this Agreement for the twelve (12) months prior to the month in which the first event giving rise to liability occurred; provided, however, that if the event giving rise to liability occurs during the first twelve (12) months after BNY begins providing Services, such total aggregate liability shall be twelve (12) times the result obtained by dividing (i) the total fees for Services paid to BNY from the date that BNY began providing Services through the date on which such event occurred by (ii) the number of months from the date that BNY began providing Services through such date ("Fund Damages Cap").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the limitations of liability set forth in this Section 10 with respect to BNY, BNY shall indemnify and hold harmless a Fund from and against direct losses, costs, expenses, damages, and/or liabilities incurred by the Fund, as the direct result of BNY's or a BNY Affiliate's failure to meet the Standard of Care. This indemnity shall be a continuing obligation of BNY, its successors and assigns, notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Fund shall indemnify and hold harmless BNY and any BNY Affiliate from and against any and all costs, expenses, damages, liabilities and claims (including claims asserted by a Fund), and reasonable attorneys' and accountants' fees relating thereto, which are sustained or incurred by or asserted against BNY or any BNY Affiliate, by reason of or as a result of any action taken or omitted to be taken by BNY or any BNY Affiliate without bad faith,

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negligence or willful misconduct, or in reliance upon (i) any law, act, regulation or interpretation of the same even though the same may thereafter have been altered, changed, amended or repealed, (ii) such Fund's Offering Materials or Documents (excluding information provided by BNY), (iii) any Instructions or (iv) any opinion of legal counsel for such Fund or BNY, or arising out of transactions or other activities of such Fund which occurred prior to the commencement of this Agreement; provided, that no Fund shall indemnify BNY nor any BNY Affiliate for costs, expenses, damages, liabilities or claims for which BNY or any BNY Affiliate failed to satisfy the Standard of Care. In no event shall a Fund be liable to BNY, any BNY Affiliate or any third party for any special, indirect or consequential damages, or lost profits or loss of business, arising under or in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action, except, the Fund acknowledges and agrees that reasonable attorneys' and accountants' fees owed by a Fund to BNY are not special, indirect or consequential damages under this agreement and that BNY is indemnified for such fees. This indemnity shall be a continuing obligation of each Fund, its successors and assigns, notwithstanding the termination of this Agreement with respect to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without limiting the generality of the foregoing, each Fund shall indemnify BNY and any BNY Affiliate against and save BNY and any BNY Affiliate harmless from any loss, damage or expense, including reasonable counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Errors in records or instructions, explanations, information, specifications or documentation of any kind, as the case may be, supplied to BNY by any third party described above, including in Section 6(l), or by or on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Action or inaction taken or omitted to be taken by BNY or any BNY Affiliate pursuant to Instructions of the Fund or otherwise in accordance with the Standard of Care;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Any action taken or omitted to be taken by BNY in good faith in accordance with the advice or opinion of counsel for the Fund or its own counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Any improper use by the Fund or its agents, distributor or investment adviser of any valuations or computations supplied by BNY pursuant to this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. The method of valuation of the securities and the method of computing each Series' Net Asset Value; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VI. Any valuations of securities, other assets or the Net Asset Value provided by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Actions reasonably taken or omitted in reliance on Instructions or upon any information, order, indenture, stock certificate, membership certificate, power of attorney, assignment, affidavit or other instrument believed by BNY in good faith to be from an Authorized Person, or upon the opinion of legal counsel for a Fund or BNY's own counsel, shall be conclusively presumed to have been taken or omitted in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Compensation.</u>

For the services provided hereunder, each Fund agrees to pay BNY such compensation as is mutually agreed to in writing by such Fund and BNY from time to time and such reasonable out-of-pocket expenses (<u>e.g.</u>, telecommunication charges, postage and delivery charges, costs of independent compliance reviews, record retention costs, reproduction charges and transportation and lodging costs) as are incurred by BNY in performing its duties hereunder. Except as hereinafter set forth, compensation shall be calculated and accrued daily and paid monthly. Following authorization by a Fund, BNY shall debit such Fund's custody account for all amounts due and payable hereunder. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the proportion which such period bears to the full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY, each Fund's Net Asset Value shall be computed at the times and in the manner specified in the Fund's Offering Materials and its current applicable policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Records; Visits.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The books and records pertaining to each Fund and such Fund's Series which are in the possession or under the control of BNY shall be the property of the Fund. The Fund and Authorized Persons or their agents or nominees shall have access to such books and records at all times during BNY's normal business hours. Upon the reasonable request of the Fund, copies of

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any such books and records shall be provided by BNY to the Fund or to an Authorized Person, at the Fund's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BNY shall keep all books and records with respect to each Series' books of account, records of each Series' securities transactions and all other books and records as BNY is required to maintain pursuant to Rule 31a-1 of the 1940 Act in connection with the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Term of Agreement.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the date first written above and, unless terminated pursuant to its terms, shall continue until 11:59 PM (Eastern time) on the date which is the third anniversary of such date (the "Initial Term"), at which time this Agreement shall terminate, unless renewed in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the expiration of the Initial Term, this Agreement shall automatically renew for successive terms of one (1) year each (each, a "Renewal Term"), unless a particular Fund or BNY gives written notice to the other party of its intent not to renew and such notice is received by the other party not less than ninety (90) days prior to the expiration of the Initial Term or the then-current Renewal Term (a "Non-Renewal Notice"). In the event a party provides a Non-Renewal Notice, this Agreement shall terminate with respect to the relevant Fund at 11:59 PM (Eastern time) on the last day of the Initial Term or Renewal Term, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding Sections 13(a) and (b), if a Fund or BNY with respect to a particular Fund materially breaches this Agreement (a "Defaulting Party") the other party (the "Non-Defaulting Party") may give written notice thereof to the Defaulting Party ("Breach Notice"), and if such material breach shall not have been remedied within thirty (30) days after the Breach Notice is given, then the non-Defaulting Party may terminate this Agreement by giving written notice of termination to the Defaulting Party ("Breach Termination Notice"). In the event a party delivers a Breach Termination Notice, this Agreement shall terminate as of 11:59 PM (Eastern time) on the 30th day following the date the Breach Termination Notice is given, or such later date as may be specified in the Breach Termination Notice. In all cases, termination by the Non-Defaulting Party shall not constitute a waiver by the Non-Defaulting Party of any other rights it might have under this Agreement or otherwise against the Defaulting Party. For the avoidance

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of doubt, in the event that BNY is the Defaulting Party, each Fund hereunder may terminate in accordance with this Section 13(c) even if BNY's breach does not materially impact such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything contained in this Agreement to the contrary, (i) if in connection with a Change in Control (defined below) a Fund gives notice to BNY terminating this Agreement or terminating it as the provider of any of the services hereunder or (ii) if a Fund otherwise terminates this Agreement, except for a termination by the Fund pursuant to Section 13(c) or 13(f) above, or terminates any of the services hereunder, before the expiration of the Initial Term ("Early Termination"), the following terms shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Before the effective date of the Early Termination and before any conversion of Fund records and accounts to a successor service provider, the Fund shall pay to BNY an amount equal to all fees and other amounts ("Early Termination Fee") calculated as if BNY were to provide all services hereunder (excluding reimbursable expenses) until the expiration of the Initial Term or in an amount equal to twelve (12) months of monthly fees and other amounts, whichever is less. The Early Termination Fee shall be calculated using the average of the monthly fees and other amounts due to BNY under this Agreement during the last three calendar months before the date of the notice of Early Termination (or, if not given, the date services are terminated hereunder).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Fund expressly acknowledges and agrees that the Early Termination Fee is not a penalty but reasonable compensation to BNY for the termination of services before the expiration of the Initial Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For the purposes of this Section 13(d), "Change in Control" means a merger, consolidation, adoption, acquisition, change in control, re-structuring or re-organization of or any other similar occurrence involving a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) If any of the Fund's assets serviced by BNY under this Agreement are removed from the coverage of this Agreement ("Removed Assets") and are subsequently serviced by another service provider (including the Fund or an affiliate of the Fund): (i) the Fund will be deemed to have caused an Early Termination with respect to such Removed Assets as of the day immediately preceding the first such removal of assets and owe BNY an Early Termination Fee

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calculated as if the Removed Assets constituted a "Fund"; and (ii) at BNY's option, either (a) the Fund will also be deemed to have caused an Early Termination with respect to all non-Removed Assets as of a date reasonably selected by BNY resulting in the Fund owing BNY the Early Termination Fee, or (b) this Agreement will remain in full force and effect with respect to all non-Removed Assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding any other provision of this Agreement, BNY or the Fund may, in their sole discretion, terminate this Agreement immediately upon the happening of any of the following: (i) the other Party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such other Party any such case or proceeding; (ii) the other Party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such other Party or any substantial part of its property or there is commenced against such other Party any such case or proceeding; (iii) the other Party makes a general assignment for the benefit of creditors; or (iv) the other Party admits in any recorded medium, written, electronic or otherwise, its inability to pay its debts as they come due. The Terminating Party may exercise its termination right under this Section 13(e) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. Any exercise by a Party of its termination right under this Section 13(e) shall be without any prejudice to any other remedies or rights available to that Party and shall not be subject to any fee or penalty, whether monetary or equitable. Notwithstanding the provisions of Section 19 below, notice of termination under this Section 13(e) shall be considered given and effective when given, not when received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Amendment.</u>

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY and the Fund to be bound thereby, and authorized or approved by such Fund's Board as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Assignment; Subcontracting.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be

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assignable or delegable by any Fund without the written consent of BNY, or by BNY without the written consent of the affected Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing: (i) BNY may assign or transfer this Agreement to any BNY Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that (A) BNY gives the relevant Funds at least sixty (60) days' prior written notice of such assignment or transfer, (B) such assignment or transfer does not impair the provision of services under this Agreement in any material respect, (C) if BNY's assignee or transferee is not a BNY Affiliate, such assignee or transferee has in the reasonable discretion of the Funds adequate financial strength and the resources to perform the services under the Agreement, and (D) the assignee or transferee agrees to be bound by all terms of this Agreement in place of BNY; (ii) BNY may subcontract with, hire, engage or otherwise outsource to any BNY Affiliate or any unaffiliated third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY under this Agreement provided that any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY of any of its liabilities hereunder; and (iii) BNY, in the course of providing certain additional services requested by a Fund, including but not limited to, Typesetting, Money Market Fund or eBoard Book services ("Vendor Eligible Services") as further described in Schedule I, may in its sole discretion, enter into an agreement or agreements with a financial printer or electronic services provider ("Vendor") to provide BNY with the ability to generate certain reports or provide certain functionality. BNY shall not be obligated to perform any of the Vendor Eligible Services unless an agreement between BNY and the Vendor for the provision of such services is then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request, BNY will disclose the identity of the Vendor and the status of the contractual relationship, and a Fund is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As compensation for the Vendor Eligible Services rendered by BNY pursuant to this Agreement, the applicable Fund will pay to BNY such fees as may be agreed to in writing by the Fund and BNY. In turn, BNY will be responsible for paying the Vendor's fees. For the avoidance of doubt, BNY anticipates that the fees it charges hereunder will be more than the fees charged to it by the Vendor, and BNY will retain the difference between the amount paid to BNY hereunder and the fees BNY pays to the Vendor as compensation for the additional services

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provided by BNY in the course of making the Vendor Eligible Services available to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law; Consent to Jurisdiction.</u>

This Agreement shall be construed in accordance with the laws of the State of New York, without regard to conflict of laws principles thereof. Each Fund hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder, and waives to the fullest extent permitted by law its right to a trial by jury. To the extent that in any jurisdiction any Fund may now or hereafter be entitled to claim, for itself or its assets, immunity from suit, execution, attachment (before or after judgment) or other legal process, such Fund irrevocably agrees not to claim, and it hereby waives, such immunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Severability; No Third Party Beneficiaries.</u>

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other persons and circumstances. A person who is not a party to this Agreement shall have no rights to enforce any provision of this Agreement, and no Fund shall have a right to enforce any provision of this Agreement as it relates to another Fund. BNY shall not be responsible for any costs or fees charged to a Fund or an affiliate of a Fund by consultants, counsel, auditors, public accountants or other service providers retained by the Fund or any such affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>No Waiver.</u>

Each and every right granted to BNY or any Fund hereunder or under any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of BNY or any Fund to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by BNY or any Fund of any right preclude any other or future exercise thereof or the exercise of any other right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Notices.</u>

All notices, requests, consents and other communications pursuant to this Agreement in

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writing shall be sent as follows:

if to a Fund, at

RBC Funds

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

Attention: Treasurer and Chief Financial Officer

if to BNY, at

The Bank of New York Mellon

103 Bellevue Parkway

Wilmington, Delaware 19809

Attention: Head of U.S. Fund Accounting

with a copy to:

The Bank of New York Mellon

240 Greenwich Street

New York, New York 10286

Attention: Legal Dept. – Asset Servicing

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Counterparts</u>.

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts together shall constitute only one instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Several Obligations.</u>

The parties acknowledge that the rights and obligations of the Funds hereunder are several and not joint, that no Fund shall be liable for any amount owing by another Fund and that the Funds have executed one instrument for convenience only.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Confidentiality</u>.

BNY shall keep confidential any information relating to a Fund's business and each Fund shall keep confidential any information relating to BNY's business (each, "Confidential

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Information"), except as expressly agreed in writing by the protected party. Confidential Information shall include (a) any data or information that is competitively sensitive material, and not generally known to the public, including, but not limited to, information about product plans, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans and internal performance results relating to the past, present or future business activities of a Fund or BNY and their respective subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula or improvement that is commercially valuable and secret in the sense that its confidentiality affords a Fund or BNY a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how and trade secrets, whether or not patentable or copyrightable; and (d) anything designated as confidential. Notwithstanding the foregoing, as between BNY and a particular Fund information shall not be Confidential Information and shall not be subject to such confidentiality obligations if it: (a) is already known to the receiving party at the time it is obtained; (b) is or becomes publicly known or available through no wrongful act of the receiving party; (c) is rightfully received from a third party who, to the best of the receiving party's knowledge, is not under a duty of confidentiality; (d) is released by the protected party to a third party without restriction; (e) is requested or required to be disclosed by the receiving party pursuant to a court order, subpoena, governmental or regulatory authority request or law; (f) is relevant to the defense of any claim or cause of action asserted against the receiving party; (g) is Fund information provided by BNY in connection with an independent third party compliance or other review; (h) is released in connection with the provision of services under this Agreement; or (i) has been or is independently developed or obtained by the receiving party. Notwithstanding the foregoing, the parties agree that the existence and terms of this Agreement may be publicly disclosed by the Funds pursuant to applicable law, however, the terms and conditions of this Agreement relating to fees shall be kept confidential. Provisions authorizing the disclosure of information shall survive any termination of this Agreement. The obligations set forth in this Section 22 shall survive any termination of this Agreement for a period of one (1) year after such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Non-Solicitation</u>.

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During the term of this Agreement with respect to a particular Fund and for one (1) year thereafter, the Fund shall not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY's employees who service the Funds under this Agreement, and the Fund shall cause the Fund's investment adviser to not (with the exceptions noted in the immediately succeeding sentence) knowingly solicit or recruit for employment or hire any of BNY's employees who service the Funds under this Agreement. To "knowingly" solicit, recruit or hire within the meaning of this provision does not include, and therefore does not prohibit, solicitation, recruitment or hiring of a BNY employee by a Fund or the Fund's investment adviser if the BNY employee was identified by such entity solely as a result of the BNY employee's response to a general advertisement by such entity in a publication of trade or industry interest or other similar general solicitation by such entity.

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IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers and their seals to be hereunto affixed, all as of the day and year first above written.

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| | |
|:---|:---|
| By: | /s/ Kathleen Hegna |
|  | on behalf of each Fund |
|  | identified on Exhibit A |
|  | attached hereto |

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Name: Kathleen Hegna &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Title: Treasurer and Chief Financial Officer &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| THE BANK OF NEW YORK MELLON | THE BANK OF NEW YORK MELLON |
| By: | /s/ Michael Gronsky |

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Name: Michael Gronsky &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| Title: | Senior Vice President |
| Date: | April 10, 2026 |

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**<u>EXHIBIT A</u>**

<u>List of Funds/Portfolios</u> 

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| | |
|:---|:---|
| <u>Name</u> | <u>Ticker Symbol</u> |
| RBC BlueBay Enhanced Income Fund |  |

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**<u>EXHIBIT B</u>**

I, [Name] , of [Fund Name] , a [State] [corporation/trust] (the "Fund"), do hereby certify that:

The following individuals serve in the following positions with the Fund, and each has been duly elected or appointed by the Board of the Fund to each such position and qualified therefor in conformity with the Fund's Organizational Documents, and the signatures set forth opposite their respective names are their true and correct signatures. Each such person is designated as an Authorized Person under the Fund Administration and Accounting Agreement dated as of ___________________, 2026, between the Fund and The Bank of New York Mellon.

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| | | |
|:---|:---|:---|
| Name | Position | Signature |
| ____________________________ | ________________________ | _____________________________ |

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RBC BlueBay Enhanced Income Fund

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**<u>SCHEDULE I</u>**

<u>Schedule of Services</u> 

All services provided in this Schedule of Services are subject to the review and approval of the appropriate Fund officers, Fund counsel and accountants of each Fund, as may be applicable. The services included on this Schedule of Services may be provided by BNY or a BNY Affiliate, collectively referred to herein as "BNY".

**<u>VALUATION SUPPORT AND COMPUTATION ACCOUNTING SERVICES</u>**

BNY shall provide the following valuation support and computation accounting services for each Fund:

◾ Journalize investment, capital share and income and expense activities;

◾ Maintain individual ledgers for investment securities;

◾ Maintain historical tax lots for each security;

◾ Reconcile cash and investment balances of each Fund with the Fund's custodian;

◾ Calculate various contractual expenses;

◾ Calculate capital gains and losses;

◾ Calculate daily distribution rate per share;

◾ Determine net income;

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| | |
|:---|:---|
| ◾ | Obtain security market quotes and currency exchange rates from pricing services approved by a Fund's investment adviser, or if such quotes are unavailable, then obtain such prices from the Fund's investment adviser, and in either case, calculate the market value of each Fund's investments in accordance with the Fund's valuation policies or guidelines; provided, however, that BNY shall not under any circumstances be under a duty to independently price or value any of the Fund's investments, including securities lending related cash collateral investments, itself or to confirm or validate any information or valuation provided by the investment adviser or any other pricing source, nor shall BNY have any liability relating to inaccuracies or otherwise with respect to such information or valuations;  |

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◾ Calculate Net Asset Value in the manner specified in the Fund's Offering Materials (which, for the service described herein, shall include the Fund's Net Asset Value error policy);

◾ Transmit or make available a copy of the daily portfolio valuation to a Fund's investment adviser;

◾ Calculate yields and portfolio average dollar-weighted maturity as applicable; and

◾ Calculate portfolio turnover rate for inclusion in the annual and semi-annual shareholder reports.

**<u>FINANCIAL REPORTING</u>**

BNY shall provide the following financial reporting services for each Fund:

◾ *Financial Statement Preparation & Review*

◾ Prepare the Fund's respective class level annual and semi-annual shareholder reports with respect to a Fund registered on Form N-1A<sup>1</sup> for shareholder delivery, inclusion in Form N-CSR and webhosting;

<sup>1</sup> Requires applicable "Typesetting Services" as described herein.

<sup>2</sup> Requires applicable "Typesetting Services" as described herein.

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◾ Prepare the Fund's annual and semi-annual shareholder reports with respect to a Fund not registered on Form N-1A<sup>2</sup> for shareholder delivery and inclusion in Form N-CSR;

◾ Prepare the Fund's quarterly schedule of portfolio holdings<sup>2</sup> for inclusion in Form N-PORT;

◾ Prepare, circulate and maintain the Fund's financial reporting production calendar;

◾ Prepare and file (or coordinate the filing of) the Fund's Form 24f-2; and

◾ Prepare and coordinate the filing of the Fund's monthly website files and Form N-MFP, as applicable to money market funds.

◾ *Modernization Reporting Services*

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| | |
|:---|:---|
| ◾ | BNY shall provide the Modernization Reporting Services set forth in this section to the Funds following a full service operating model. This operating model requires BNY to include the actual filing of the reports as part of the services noted in this section. Modernization Reporting Services are "Vendor Eligible Services" as contemplated in Section 14(b)(iv) of the Agreement.  |

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| | |
|:---|:---|
| ◾ | FORM N-PORT. BNY, subject to the limitations described in this section and its timely receipt of all necessary information related thereto, will, or will cause the Vendor to: (i) collect, aggregate and normalize the data required for the creation of Form N-PORT; (ii) prepare, on a monthly basis, Form N-PORT; and (iii) file Form N-PORT with the SEC.  |

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◾ The timely receipt of necessary information referred to above will be determined by mutual agreement of BNY and the Fund in advance of the preparation of the initial Form N-PORT to be filed under the Agreement.

◾ Unless mutually agreed in writing between BNY and the Fund, BNY will use the same layout and format for every applicable successive reporting period for Form N-PORT.

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| | |
|:---|:---|
| ◾ | FORM N-CEN. BNY, subject to the limitations described in this section and its timely receipt of all necessary information related thereto, will, or will cause the Vendor to: (i) collect, aggregate and normalize the data required for the submission of Form N-CEN; (ii) prepare, on an annual basis, Form N-CEN; and (iii) file Form N-CEN with the SEC.  |

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◾ The timely receipt of necessary information referred to above will be determined by mutual agreement of BNY and the Fund in advance of the preparation of the initial Form N-CEN to be filed under this Agreement.

◾ Unless mutually agreed in writing between BNY and the Fund, BNY will use the same source for obtaining the information and method for performing the required calculations for every successive Form N-CEN.

◾ Fixed Income Risk Analytics. BNY shall calculate the portfolio and security-level risk metrics required within Form N-PORT and Form N-CEN (referenced above in this section).

◾ Liquidity Rule Analysis. BNY shall perform a daily analysis for liquidity classifications and monitor liquidity thresholds per the requirements for Form N-PORT and Form N-CEN (referenced above) and Rule 22e-4.

◾ The analysis provided by BNY is subject to and dependent upon the Fund providing all necessary security classifications and percentage thresholds necessary to perform such analysis. The parties hereto acknowledge that the Fund is solely responsible for the adoption, adequacy and effectiveness of the Fund's liquidity risk management program.

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| | |
|:---|:---|
| ◾ | BNY shall not be responsible for: (a) delays in the transmission to it by the Fund, the Fund's adviser and entities unaffiliated with BNY (collectively, for this Section, "Third Parties") of data required for the preparation of reports described herein, (b) inaccuracies of, errors in or omissions of, such data provided to it by any Third Party, and (c) validation of such data provided to it by any Third Party.  |

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| | |
|:---|:---|
| ◾ | The Fund, in a timely manner, shall review and comment on, and, as the Fund deems necessary, cause its counsel and accountants to review and comment on, the preparation of each report described in this section. The Fund shall provide to BNY timely sign-off of the preparation of each such report and timely authorization and direction to file each such report. Absent such timely sign-off, authorization and direction by the Fund, BNY shall be excused from its obligations to prepare the affected report and to file the affected report. BNY is providing the services related to such reports based on the acknowledgement of the Fund that such services, together with the activities of the Fund in accordance with its internal policies, procedures and controls, shall together satisfy the requirements of the applicable rules and regulations for each such report.  |

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◾ For such time as this section remains in effect, BNY shall be responsible for the retention of the filed reports described in this section in accordance with any applicable rule or regulation.

◾ *Typesetting Services (applicable to footnote 1 and the related services stated above)*

◾ Create financial compositions for the applicable financial report and related EDGAR files;

◾ Maintain country codes, industry class codes, security class codes and state codes;

◾ Create components that will specify the proper grouping and sorting for display of portfolio information;

◾ Create components that will specify the proper calculation and display of financial data required for each applicable financial report (except for identified manual entries, which BNY will enter);

◾ Process, convert and load security and general ledger data;

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| | |
|:---|:---|
| ◾ | Document publishing, including the output of print-ready PDF files and EDGAR html files (such EDGAR html files will be limited to one per the applicable financial report and unless mutually agreed to in writing between BNY and the Fund, BNY will use the same layout for production data for every successive reporting period);  |

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◾ Generate financial reports using the Vendor's capabilities which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o identifying information at the beginning of the shareholder report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o class expense example;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Management Discussion of Fund Performance (semi-annual shareholder report at Fund option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o key Fund statistics including total advisory fees paid by the Fund, portfolio turnover rate, net assets and number of
holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o graphical representation of holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o material Fund changes (if applicable) (semi-annual shareholder report at Fund option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o changes in and disagreements with accountants in summary form (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statement regarding the availability of certain additional information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o additional Fund information as mutually agreed in writing between BNY and the Fund.

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| | |
|:---|:---|
| ◾ | Unless mutually agreed in writing between BNY and the Fund, BNY will use the same layout and format for every successive reporting period for the typeset reports. At the request of the Fund and upon the mutual written agreement of BNY and the Fund as to the scope of any changes and additional compensation of BNY, BNY will, or will cause the Vendor to, change the format or layout of reports from time to time.  |

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◾ *Typesetting Services (applicable to footnote 2 and the related services stated above)*

◾ Create financial compositions for the applicable financial report and related EDGAR files;

◾ Maintain country codes, industry class codes, security class codes and state codes;

◾ Map individual general ledger accounts into master accounts to be displayed in the applicable financial reports;

◾ Create components that will specify the proper grouping and sorting for display of portfolio information;

◾ Create components that will specify the proper calculation and display of financial data required for each applicable financial report (except for identified manual entries, which BNY will enter);

◾ Process, convert and load security and general ledger data;

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| | |
|:---|:---|
| ◾ | Include data in financial reports provided from external parties to BNY which includes, but is not limited to: shareholder letters, "Management Discussion and Analysis" commentary, notes on performance, notes to financials, report of independent auditors, Fund management listing, service providers listing and Fund spectrums;  |

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| | |
|:---|:---|
| ◾ | Document publishing, including the output of print-ready PDF files and EDGAR html files (such EDGAR html files will be limited to one per the applicable financial report and unless mutually agreed to in writing between BNY and the Fund, BNY will use the same layout for production data for every successive reporting period);  |

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◾ Generate financial reports using the Vendor's capabilities which include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o front/back cover;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o table of contents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o shareholder letter;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Management Discussion and Analysis commentary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o sector weighting graphs/tables;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o disclosure of Fund expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o schedules of investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statement of net assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statements of assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statements of operation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statements of changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o statements of cash flows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o financial highlights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o notes to financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o report of independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o tax information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o additional Fund information as mutually agreed in writing between BNY and the Fund.

◾ Unless mutually agreed in writing between BNY and the Fund, BNY will use the same layout and format for every successive reporting period for the typeset reports. At the request of the Fund and upon the mutual written agreement of BNY and the Fund as to the scope of any changes and

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additional compensation of BNY, BNY will, or will cause the Vendor to, change the format or layout of reports from time to time.

**<u>TAX SERVICES</u>**

BNY shall provide the following tax services for each Fund:

◾ *Tax Provision Preparation*

◾ Prepare fiscal year-end tax provision analysis;

◾ Process tax adjustments on securities identified by a Fund that require such treatment;

◾ Prepare ROCSOP adjusting entries; and

◾ Prepare financial statement footnote disclosures.

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| | |
|:---|:---|
| ◾ | *BNY is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles; this responsibility resides with the Fund or Fund's management. BNY is responsible for processing such identified securities, in accordance with U.S. tax laws and regulations.*  |

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◾ *Excise Tax Distributions Calculations*

◾ Prepare calendar year tax distribution analysis;

◾ Process tax adjustments on securities identified by a Fund that require such treatment; and

◾ Prepare annual tax-based distribution estimate for each Fund.

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| | |
|:---|:---|
| ◾ | *BNY is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles; this responsibility resides with the Fund or Fund's management. BNY is responsible for processing such identified securities, in accordance with U.S. tax laws and regulations.*  |

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◾ *Other Tax Services*

◾ Prepare for execution and filing, the federal and state income and excise tax returns;

◾ Prepare year-end Investment Company Institute broker/dealer reporting and prepare fund distribution calculations disseminated to broker/dealers; and

◾ Coordinate U.S.C. Title 26 Internal Revenue Code ("IRC") §855 and excise tax distribution requirements.

◾ *Uncertain Tax Positions*

◾ Documentation of all material tax positions taken by a Fund with respect to specified fiscal years and identified to BNY ("Tax Positions");

◾ Review of a Fund's: (i) tax provision work papers, (ii) excise tax distribution work papers, (iii) income and excise tax returns, (iv) tax policies and procedures and (v) Subchapter M compliance work papers;

◾ Determine as to whether or not Tax Positions have been consistently applied, and documentation of any inconsistencies;

◾ Review relevant statutory authorities;

◾ Review tax opinions and legal memoranda prepared by tax counsel or tax auditors to a Fund;

◾ Review standard mutual fund industry practices, to the extent such practices are known to, or may reasonably be determined by, BNY; and

◾ Delivery of a written report to the applicable Fund detailing such items.

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| | |
|:---|:---|
| ◾ | *The following are expressly excluded from the Uncertain Tax Positions services: (i) assessment of risk of any challenge by the Internal Revenue Service or other taxing authority against any Tax Position (including, without limitation, whether it is "more likely than not" such Tax Position would be sustained); (ii) calculation of any tax benefit measurement, in whole or in part, that may be required if any "more likely than not" threshold has not been met; and (iii) any tax opinion or tax advice. Additionally, none of the Uncertain Tax Positions services shall be deemed to be or constitute a tax opinion or tax advice.*  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(a) The Fund shall provide such information and documentation as BNY may reasonably request in connection with the Uncertain Tax Positions services. The Fund's independent public accountants shall cooperate with BNY and make such information available to BNY as BNY may reasonably request.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(b) Notwithstanding anything to the contrary in this Agreement and without limiting any rights, protections or limitations of liability otherwise provided to BNY pursuant to this Agreement, (i) BNY is authorized and permitted to release such information as is necessary or desirable to be released in connection with the provision of any of the Uncertain Tax Positions services, (ii) management of the Fund is responsible for complying with all uncertain tax positions reporting obligations relating to the Fund and BNY shall have no liability to the Fund or any other entity or governmental authority with respect to any tax positions taken by the Fund, (iii) BNY shall have no liability either for any error or omission of any other service provider (including any accounting firm or tax adviser) to the Fund or for any failure to discover any such error or omission, (iv) the Fund shall be responsible for all filings, tax returns and reports on all Tax Positions and for the payment of all taxes and similar items (including without limitation penalties and interest related thereto) and (v) in the event of any error or omission in the performance of a Uncertain Tax Positions service the Fund's sole and exclusive remedy and BNY's sole liability shall be limited to re-performance of the applicable Uncertain Tax Positions service and the preparation and delivery to the Fund of a corrected report (if necessary), such re-performance, preparation and delivery to be provided at no additional service charge to the Fund.* 

◾ IRS CIRCULAR 230 DISCLOSURE:

To ensure compliance with requirements imposed by the Internal Revenue Service, BNY informs the Fund that any U.S. tax advice contained in any communication from BNY to the Fund (including any future communications) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein or therein.

**<u>FUND ADMINISTRATION SERVICES</u>** 

BNY shall provide the following fund administration services for each Fund:

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| | |
|:---|:---|
| ◾ | In accordance with Instructions received from a Fund, and subject to portfolio limitations as provided by such Fund to BNY in writing from time to time, monitor such Fund's compliance, on a post-trade basis, with such portfolio limitations, provided that BNY maintains in the normal course of its business all data necessary to measure the Fund's compliance;  |

---

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◾ Monitor the Fund's status as a regulated investment company under Subchapter M of the IRC and Subchapter L of the IRC (if required).

◾ Establish appropriate expense accruals and compute expense ratios, maintain expense files and coordinate the payment of Fund approved invoices;

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| | |
|:---|:---|
| ◾ | Calculate Fund approved income and per share amounts required for periodic distributions to be made by the applicable Fund;  |

---

---

| | |
|:---|:---|
| ◾ | Calculate total return information;  |

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◾ Coordinate a Fund's annual audit;

◾ Supply various normal and customary portfolio and Fund statistical data as requested on an ongoing basis; and

---

| | |
|:---|:---|
| ◾ | If the chief executive officer or chief financial officer of a Fund is required to provide a certification as part of the Fund's Form N-CSR filing pursuant to regulations promulgated by the SEC under Section 302 of the Sarbanes-Oxley Act of 2002, provide a sub-certification in support of certain matters set forth in the aforementioned certification. Such sub-certification is to be in such form and relating to such matters as agreed to by BNY in advance. BNY shall be required to provide the sub-certification only during the term of this Agreement with respect to the applicable Fund and only if it receives such cooperation as it may request to perform its investigations with respect to the sub-certification. For clarity, the sub-certification is not itself a certification under the Sarbanes-Oxley Act of 2002 or under any other law, rule or regulation.  |

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| | |
|:---|:---|
| ◾ | As appropriate, to the extent not covered elsewhere in this schedule, compute yields, daily dividend factor, total return, expense rations, portfolio turnover rate, and, if required, portfolio average dollar-weighted maturity, provide after tax returns and agreed upon benchmark comparisons, website updates and database company feeds.  |

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**<u>REGULATORY ADMINISTRATION SERVICES</u>** 

BNY shall provide the following regulatory administration services for each Fund:

◾ Maintain a regulatory calendar for each Fund listing various SEC filing and Board approval deadlines;

◾ Assemble and distribute board materials for quarterly meetings of the Board, including the drafting of agendas and resolutions for such quarterly meetings of the Board (with final selection of agenda items made by Fund counsel);

◾ Attend (in-person or telephonically) quarterly Board meetings and draft minutes thereof;

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| | |
|:---|:---|
| ◾ | Prepare and coordinate the filing of annual post-effective amendments to a Fund's registration statement (not including the initial registration statement or related to the addition of one or more classes of shares or series or the combining of multiple prospectuses into one prospectus or the splitting of one prospectus into multiple prospectuses);  |

---

◾ Prepare and coordinate the filing of Forms N-CSR and N-PX, as applicable (with the Fund supplying the voting records in the format required by BNY);

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◾ Assist the Fund in the handling of SEC examinations by providing requested documents in the possession of BNY that are on the SEC examination request list; and

◾ Assist with and/or coordinate such other filings, notices and regulatory matters on such terms and conditions as BNY and the applicable Fund may mutually agree upon in writing from time to time.

◾ *eBoard Book Services*:

◾ Permit persons or entities entering a valid password to have electronic access, via an Internet-based secure website, to current quarterly Board meeting materials and such other Board meeting materials as may be agreed between BNY and a Fund.

◾ *38a-1 Compliance Support Services*

◾ Provide compliance policies and procedures related to certain services provided by BNY and, if mutually agreed, certain of the BNY Affiliates; summary procedures thereof; and periodic certification letters.

## Ex-99.(2)(K)(3)

**EXPENSE LIMITATION AGREEMENT** 

This Expense Limitation Agreement (the "Agreement"), made by and between RBC BlueBay Enhanced Income Fund, a Delaware statutory trust (the "Trust"), and RBC Global Asset Management (U.S.) Inc., a Minnesota corporation ("RBC GAM"), is effective as of March 20, 2026.

<u>R E C I T A L S</u> 

WHEREAS, the Trust is registered as a closed-end management investment company under the Investment Company Act of 1940 (the "1940 Act") and will operate as an interval fund pursuant to Rule 23c-3 under the 1940 Act, and RBC GAM is registered as an investment adviser under the Investment Advisers Act of 1940; and

WHEREAS, the Trust includes the classes identified on Schedule A; and

WHEREAS, the Trust and RBC GAM have entered into an investment advisory agreement (the "Advisory Agreement") pursuant to which RBC GAM provides advisory services to the Trust for compensation based on the value of the average daily net assets of the Trust; and

WHEREAS, the parties have determined that it is appropriate and in the best interests of the Trust and its shareholders to maintain the expenses of the Trust at levels below the level to which the Trust may otherwise be subject; and

NOW THEREFORE, in consideration of the mutual covenants contained in this Agreement, the parties agree as follows:

1. <u>Expense Limitation.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Fund Operating Expenses: Excess Amount.</u> To the extent that the "Annual Fund Operating Expenses" incurred by the Trust in any fiscal year, but excluding brokerage and other investment-related costs, interest, taxes, dues, fees and other charges of governments and their agencies, extraordinary expenses such as litigation (including legal and audit fees and other costs in contemplation of or incident thereto) and indemnification, other expenses not incurred in the ordinary course of the Trust's business and fees and expenses incurred indirectly by the Trust as a result of investment in shares of another investment company ("Fund Operating Expenses"), exceed the Operating Expense Limit (as defined in Section 1.2 below), RBC GAM shall be obligated to reimburse the Trust for such excess amount (the "Excess Amount").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2. <u>Operating Expense Limit.</u> The Operating Expense Limit shall be the amount, expressed as a percentage of the average daily net assets of the Trust, set forth in Schedule A (the "Operating Expense Limit").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3. <u>Method of Computation.</u> To determine RBC GAM's obligation with respect to the Excess Amount, each day the Fund Operating Expenses for the Trust shall be annualized. If the annualized Fund Operating Expenses for any day exceeds the Operating Expense Limit, RBC GAM shall remit to the Trust an amount that, together with any offset of waived or reduced advisory fees is sufficient to pay that day's Excess Amount. The Trust may offset amounts owed to it pursuant to this Agreement against the fees payable to RBC GAM pursuant to the Advisory Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4. <u>Year-End Adjustment.</u> If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the amount of the services fees waived or reduced and other payments remitted by RBC GAM to the Trust with respect to the previous fiscal year shall equal the Excess Amount.

2. <u>Recoupment of Fee Waivers and Expense Reimbursements.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1. <u>Recoupment.</u> If on any day during which this Agreement is in effect, the estimated annualized Fund Operating Expenses for that day are less than the Operating Expense Limit, RBC GAM shall be entitled to recoup from the Trust the services fees waived or reduced and other payments remitted by RBC GAM pursuant to Section 1 of this Agreement (the "Recoupment Amount") during the applicable time period noted in Schedule A hereto (the "Recoupment Period"), from the date on which the fee was waived or expense was paid, to the extent that the Trust's annualized Fund Operating Expenses plus the amount so recouped equals, for such day, the Operating Expense Limit provided in the applicable Schedule, provided that such amount paid to RBC GAM will in no event exceed the total Recoupment Amount and will not include any amounts previously recouped. In addition, fees waived or expenses paid previously cannot be recouped solely because of a subsequent increase in the Trust's operating expense limit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2. <u>Year-End Adjustment.</u> If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses for the prior fiscal year (including any recoupment payments permitted under this Agreement) do not exceed the Operating Expense Limit.

3. <u>Term and Termination of Agreement.</u> This Agreement shall initially continue in effect until such date indicated in Schedule A, and shall continue in effect from year to year thereafter, unless and until revised or terminated as described below. RBC GAM may revise or terminate the Agreement at the expiration of any one-year period by notifying the Trust of its intention to revise or terminate the Agreement at least thirty (30) days prior to the end of the one-year period. This Agreement may also be revised or terminated by the Board, if the Board consents to a revision or termination as being in the best interests of the Trust. In addition, this Agreement shall automatically terminate upon the termination of the Advisory Agreement, unless such termination occurs in connection with a transfer of a relationship to an affiliate of RBC GAM.

4. <u>Notice.</u> Any notice under this Agreement shall be in writing, addressed, delivered or mailed, postage prepaid, to the other party at such address as such other party may designate in writing for receipt of such notice.

5. <u>Interpretation: Governing Law.</u> This Agreement shall be subject to and interpreted in accordance with all applicable provisions of law including, but not limited to, the 1940 Act, and the rules and regulations promulgated under the 1940 Act. To the extent that the provisions of this Agreement conflict with any such applicable provisions of law, the latter shall control. The laws of the State of Minnesota shall otherwise govern the construction, validity and effect of this Agreement.

6. <u>Amendments.</u> This Agreement may be amended only by a written agreement signed by each of the parties. For the avoidance of doubt, any amendment which solely replaces any schedule hereto shall supersede and replace the previous schedule.

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7. <u>Entire Agreement.</u> This Agreement contains the entire understanding of the parties hereto with respect to the subject matter contained herein and supersedes all previous agreements and/or understandings of the parties.

[Remainder of page intentionally left blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers as of the date first written above.

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| | |
|:---|:---|
| RBC BLUEBAY ENHANCED INCOME FUND | RBC BLUEBAY ENHANCED INCOME FUND |
| By: | <u>/s/ Kathleen Hegna</u> |

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Name: Kathleen Hegna <br> Title: Treasurer and Chief Financial Officer

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| | |
|:---|:---|
| RBC GLOBAL ASSET | RBC GLOBAL ASSET |
| MANAGEMENT (U.S.) INC. | MANAGEMENT (U.S.) INC. |
| By: | <u>/s/ Brandon Lew</u> |

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Name: Brandon Lew <br> Title: President and Chief Financial Officer

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**<u>Schedule A</u>** 

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A** | **Class I** | **Class T** | **Initial Term<br>Through** | **Recoupment Duration** |
| &nbsp;&nbsp;&nbsp;2.60% | 2.35% | 3.10% | January 31, 2027 | 36 months |

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## Ex-99.(2)(K)(4)

**<u>RBC BLUEBAY ENHANCED INCOME FUND</u>**

**BUSINESS SERVICES MANAGEMENT AGREEMENT** 

This Agreement, entered into on March 20, 2026 is by and between RBC BlueBay Enhanced Income Fund, a Delaware statutory trust (the "Trust"), and RBC Global Asset Management (U.S.) Inc., a Minnesota corporation (the "Service Provider").

RECITALS

WHEREAS, the Trust is registered as a closed-end diversified management investment company under the Investment Company Act of 1940 (the "1940 Act") and will operate as an interval fund pursuant to Rule 23c-3 under the 1940 Act;

WHEREAS, the Trust and the Service Provider desire to enter into an agreement to provide for certain business management services for the Trust on the terms and conditions set forth in this Agreement.

NOW THEREFORE, in consideration of the mutual covenants contained in this Agreement, the parties agree as follows:

I. APPOINTMENT AND OBLIGATIONS OF THE SERVICE PROVIDER

The Service Provider is appointed to provide the business management services described in this Agreement; provided, however, that the Service Provider shall not be required to provide any services under this Agreement that would cause the Service Provider to be an investment adviser, broker, dealer or transfer agent under any federal or state law or the rules of any self-regulatory organization.

II. DUTIES OF THE SERVICE PROVIDER

The Service Provider shall provide the following services, except to the extent that the Trust has engaged one or more other service providers to provide such services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Provide office space, equipment and facilities (which may belong to the Service Provider or its affiliates) for maintaining the Trust's s organization, for meetings of the Trust's Board of Trustees ("Board") and shareholders, and for performing services under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Supervise and manage all aspects of the Trust's operations, and supervise relations with, and monitor the performance of, custodians, depositories, transfer and pricing agents, accountants, attorneys, underwriters, brokers and dealers, insurers and other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide internal clerical, accounting and compliance services, and stationery and office supplies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Prepare, amend, and update (with the advice of the Trust's counsel) the Trust's Registration Statement on Form N-2 and prepare any necessary proxy statements and all annual and semi-annual reports to Trust shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Arrange for the printing and mailing (at the expense of the Trust) of proxy statements and other reports or materials provided to Trust shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Prepare for execution and file the Trust's federal and state tax returns and required tax filings other than those required to be made by the Trust's custodian and transfer agent or other service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Maintain the existence of the Trust, and during such times as the Trust's shares are publicly offered, maintain or arrange for the maintenance of the registration and qualification of the shares under federal and state law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Provide the Board on a regular basis with reports and analyses of the Trust's operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. To the extent the Trust has engaged one or more other service providers to provide services, the Service Provider will assist in determining the division of services.

III. REPRESENTATIONS AND WARRANTIES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. REPRESENTATIONS AND WARRANTIES OF THE SERVICE PROVIDER

The Service Provider hereby represents and warrants to the Trust that the Service Provider is duly incorporated and is in good standing under the laws of the State of Minnesota and is fully authorized to enter into this Agreement and carry out its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. REPRESENTATIONS AND WARRANTIES OF THE TRUST

The Trust hereby represents and warrants to the Service Provider that the Trust has been duly organized and is in good standing under the laws of the State of Delaware and is fully authorized to enter into this Agreement and to carry out its terms.

IV. CONTROL BY THE BOARD OF TRUSTEES

Any activities undertaken by the Service Provider pursuant to this Agreement on behalf of the Trust shall at all times be subject to the control of the Board.

V. COMPLIANCE WITH APPLICABLE REQUIREMENTS

In carrying out its obligations under this Agreement, the Service Provider shall at all times comply with all applicable provisions of the 1940 Act; the provisions of the Trust's Registration statement, the provisions of the Trust's Declaration of Trust and Bylaws; and any other applicable provisions of state or federal law.

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VI. DELEGATION OF RESPONSIBLITIES

All services to be provided by the Service Provider under this Agreement may be furnished by any directors, officers or employees of the Service Provider or the Service Provider may retain the services of any other entity, including affiliates, to provide certain services under the Service Provider's supervision.

VII. COMPENSATION

The parties acknowledge that in its capacity as adviser to the Trust, the Service Provider will receive compensation from the Trust and thus benefit from its relationship with the Trust. The Service Provider shall not receive any additional compensation for services it performs hereunder with respect to the Trust.

VIII. FREEDOM TO DEAL WITH THIRD PARTIES

The Service Provider shall be free to render services to others similar to those rendered under this Agreement or of a different nature except as such services may conflict with the services to be rendered under this Agreement.

IX. EFFECTIVE DATE, DURATION, TERMINATION, AMENDMENT OF AGREEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Agreement shall become effective on the date first written above and shall continue for successive periods of one year with respect to the Trust, but only as long as such continuance is specifically approved at least annually (i) by the Board or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the Trust, and (ii) by the vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of the Service Provider or of the Trust cast in person at a meeting called for the purpose of voting on such approval.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. This Agreement may be terminated at any time, without the payment of any penalty, by the Board or by the vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the Trust, or by the Service Provider, upon 60 days' written notice to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. No amendment to this Agreement shall be effective until approved in the manner set forth in Section IX.A. above.

X. STANDARD OF CARE; INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In the absence of willful misfeasance, bad faith, negligence or reckless disregard of its duties under this Agreement on the part of the Service Provider, the Service Provider shall not be subject to liability to the Trust or to any Trust shareholder for any act or omission in the course, of, or connected with, rendering services under this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Service Provider agrees to indemnify the Trust with respect to any loss, liability, judgment, cost or penalty which the Trust may directly or indirectly suffer or incur as a result of a material breach by the Service Provider of its standard of care set forth in Section X.A. above. The Trust agrees to indemnify the Service Provider with respect to any loss, liability, judgment, cost or penalty which the Service Provider may directly or indirectly suffer or incur arising in the course of, or connected with, rendering services under this Agreement, except to the extent that such loss, liability, judgment, cost or penalty was a result of a material breach by the Service Provider of its standard of care set forth in Section X.A. above.

XI. NOTICES

Any notice under this Agreement shall be in writing, addressed, delivered, or mailed, postage prepaid, to the other party at such address as such other party may designate in writing for receipt of such notice.

XII. INTERPRETATION; GOVERNING LAW

This Agreement shall be subject to and interpreted in accordance with all applicable provisions of law including, but not limited to, the 1940 Act, and the rules and regulations promulgated under the 1940 Act. To the extent that the provisions of this Agreement conflict with any such applicable provisions of law, the latter shall control. The laws of the State of Minnesota shall otherwise govern the construction, validity and effect of this Agreement.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective officers as of the date first entered above.

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| | |
|:---|:---|
| RBC BLUEBAY ENHANCED INCOME FUND | RBC BLUEBAY ENHANCED INCOME FUND |
| By: | <u>/s/Kathleen Hegna</u> |
| Name: | Kathleen Hegna |
| Title: | Treasurer and Chief Financial Officer |
| RBC GLOBAL ASSET MANAGEMENT (U.S.) INC. | RBC GLOBAL ASSET MANAGEMENT (U.S.) INC. |
| By: | <u>/s/ Brandon Lew</u> |
| Name: | Brandon Lew |
| Title: | President and Chief Financial Officer |

---

## Ex-99.(2)(K)(5)

**RBC BLUEBAY ENHANCED INCOME FUND (THE "TRUST")** 

**SHAREHOLDER SERVICING PLAN** 

WHEREAS, the Trust, a Delaware statutory trust, is registered as a closed-end management investment company under the Investment Company Act of 1940, as amended (the "Act"), operating as an interval fund pursuant to Rule 23c-3 under the Act;

WHEREAS, the Trust is authorized (i) to issue shares, with the shares representing the interests in the Trust's portfolio of securities and other assets, and (ii) to divide the shares into two or more classes pursuant to an exemptive order from the U.S. Securities and Exchange Commission to permit the Trust to offer multiple classes of shares;

WHEREAS, the Trust desires to compensate parties for providing the services described herein to shareholders (the "Shareholders") who from time to time beneficially own Class A and Class T shares of beneficial interest ("Shares") of the Trust;

NOW, THEREFORE, the Trustees of the Trust hereby adopt this shareholder servicing plan (the "Plan") on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>SHAREHOLDER SERVICING ACTIVITIES</u>. Subject to the supervision of the Board of Trustees, the Trust may engage, directly or indirectly, in financing any activities relating to shareholder account administrative and servicing functions, including without limitation making payments for one or more of the following activities: (a) answering inquiries regarding account status and history, the manner in which purchases and redemptions of the Shares may be effected, and certain other matters pertaining to the Trust; (b) assisting in designating and changing dividend options, account designations and addresses; (c) providing necessary personnel and facilities to establish and maintain certain shareholder accounts and records, as requested from time to time by the Trust; (d) assisting in processing purchase and redemption transactions; (e) arranging for the wiring of funds; (f) transmitting and receiving funds in connection with orders to purchase or repurchase Shares; (g) verifying and guaranteeing signatures in connection with redemption orders, transfers among and changes in designated accounts; (h) providing periodic statements showing account balances and, to the extent practicable, integration of such information with other client transactions otherwise effected with or through the Agent; (i) furnishing (either separately or on an integrated basis with other reports sent by the Agent) monthly and annual statements and confirmations of all purchases and redemptions of Shares in an account; (j) transmitting proxy statements, annual reports, prospectuses and other communications from the Trust; (k) receiving, tabulating and transmitting to the Trust proxies executed with respect to special meetings of shareholders of the Trust; (l) assisting in responding to regulatory inquiries regarding customers and the Trust; and (m) providing such other related services as the Trust or customers of the Agent may reasonably request.

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The Trust is authorized to engage in the activities listed above either directly or through other persons with which the Trust has entered into agreements pursuant to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>MAXIMUM EXPENDITURES</u>. The expenditures to be made by any class of Shares pursuant to this Plan and the basis upon which payment of such expenditures will be made shall be determined from time to time by the Trustees, but in no event may such expenditures exceed the following: (i) with respect to the Shares of any class, an annual rate of 0.25% of the average daily value of net assets represented by such Shares, and (ii) with respect to the Shares of any class subsequently established by the Trust and made subject to this Plan, the annual rate as agreed upon and specified in an addendum hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>PAYMENTS</u>. Pursuant to this Plan, the Trust may make periodic payments at the annual rate provided for in the related agreement with respect to the Shares of each class. The servicing expenses of a particular class will be borne solely by that class and the Trust will not use fees charged to one class to support the servicing relating to any other class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>EFFECTIVENESS; AMENDMENT; TERM AND TERMINATION</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Effectiveness</u>. This Plan shall not take effect with respect to any class of Shares of the Trust until it has been approved by vote of the majority of the Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Continuation</u>. This Plan shall continue in effect with respect to any class of Shares of the Trust provided the continuation shall have been approved annually by vote of the majority of the Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Amendment</u>. This Plan may be amended at any time by the vote of a majority of the Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination</u>. This Plan may be terminated at any time with respect to a particular class of Shares by the vote of a majority of the Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>QUARTERLY REPORTS</u>. An officer of the Trust shall provide to the Trustees and the Trustees shall review, at least quarterly, a written report of the amounts expended pursuant to this Plan and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>RECORDKEEPING</u>. The Trust shall preserve copies of this Plan for a period of not less than six years from the date of this Plan and the related agreements or such reports, as the case may be, the first two years in an easily accessible place.

Dated: March 20, 2026

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

<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u> 

We hereby consent to the use in this Registration Statement on Form N-2 of RBC BlueBay Enhanced Income Fund of our report dated April 28, 2026, relating to the financial statement of RBC BlueBay Enhanced Income Fund, which appears in such Registration Statement. We also consent to the reference to us under the heading: "Independent Registered Public Accounting Firm" in such Registration Statement.

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| |
|:---|
|  /s/ PricewaterhouseCoopers LLP |
|  Minneapolis, Minnesota |
|  April 28, 2026 |

---

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

RBC Global Asset Management (U.S.) Inc.

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

April 1, 2026

RBC BlueBay Enhanced Income Fund

250 Nicollet Mall, Suite 1550

Minneapolis, MN 55401

Re: Subscription for the Purchase of Shares of Beneficial Interest of the RBC BlueBay Enhanced Income Fund

Ladies and Gentlemen:

The undersigned hereby subscribes to purchase 4,000 shares of beneficial interest of the RBC BlueBay Enhanced Income Fund (the "Fund") in the aggregate amount of $100,000 as the initial capital of the Fund.

The undersigned acknowledges that such shares of the Fund are being purchased in accordance with Section 14 of the Investment Company Act of 1940, as amended, to establish the requisite net worth for the Fund for purposes of Section 14 and that such purchase is being made for investment purposes only and not for distribution purposes.

---

| |
|:---|
| Very truly yours, |
| **RBC Global Asset Management (U.S.) Inc.** |
| <u>/s/ Donald Sanya</u> |
| Donald Sanya |
| Chief Executive Officer |
| RBC Global Asset Management (U.S.) Inc. |

---

<u>Acknowledged and Accepted:</u> 

---

| |
|:---|
| **RBC BlueBay Enhanced Income Fund** |
| <u>/s/ Kathleen A. Hegna</u>  |
| Kathleen A. Hegna |
| Treasurer and Principal Financial Officer |
| RBC BlueBay Enhanced Income Fund |

---

## Ex-99.(2)(R)(1)

**<u>RBC FUNDS TRUST AND RBC BLUEBAY ENHANCED INCOME FUND</u>** 

CODE OF ETHICS PURSUANT TO RULE 17J-1

**<u>Introduction</u>**

This Code of Ethics (the "Code") has been adopted by the Boards of Trustees (the "Boards") of the RBC Funds Trust (the "Trust,") and the RBC BlueBay Enhanced Income Fund (each series thereof a "Fund" and, collectively, the "Funds") pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act"). Part One of the Code addresses the topics contemplated by Rule 17j-1; Part Two addresses the topics contemplated by Rules 30a-2 and 30a-3 of the 1940 Act which were adopted in order to implement the disclosure requirements of Sections 406 and 407 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies.

The Code Compliance Officer, as defined herein, shall promptly notify each new Access Person subject to reporting requirements of any applicable reporting requirements under the Code, and shall deliver a copy of the Code to each such Access Person.

All material amendments to the Code must be either approved in advance by the Boards or ratified by the Boards as determined by the Funds' Chief Compliance Officer ("CCO") upon consultation with Counsel to the Independent Trustees. Non-material amendments to the Code may be made by the CCO and reported to the Boards at the next scheduled meeting.

**PART ONE** 

Rule 17j-1 under the 1940 Act requires that registered investment companies adopt a written code of ethics containing provisions reasonably necessary to prevent Access Persons from engaging in certain conduct prohibited by Rule 17j-1, and to use reasonable diligence and implement procedures reasonably necessary to prevent violations of such code of ethics.

The purpose of Part One of the Code is to establish policies consistent with Rule 17j-1 and with the following general principles:

Access Persons have the duty at all times to place the interests of clients and shareholders ahead of their own personal interests in any decision relating to their personal investments.

All personal securities transactions shall be conducted consistent with Part One of the Code and in such manner as to avoid any actual, potential or perceived conflicts of interest, or any abuse of an individual's position of trust and responsibility.

Access Persons shall not take advantage of their position and must avoid any situation that might compromise or call into question their exercise of fully independent judgment in the interest of shareholders.

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**<u>Definitions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. **"Access Person**" means any trustee or officer of the Funds, and all RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US" or "Adviser") employees, officers and directors (except RBC Exempt Individuals, as discussed below). Certain Access Persons may be subject to a code of ethics adopted by another entity pursuant to applicable regulatory requirements. The Boards desire to avoid duplication of reporting obligations or otherwise conflicting obligations under multiple codes of ethics; accordingly, an Access Person may be deemed to be in compliance with Part One, Reports, of the Code if they are in compliance with an Approved Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. An "**Approved Code of Ethics**" is a code adopted by RBC GAM-US or RBC Global Asset Management (UK) Limited ("RBC GAM-UK" or "Sub-Adviser") that incorporates the requirements of Rule 17j-1. A breach of an Approved Code of Ethics with respect to the Funds will be deemed a breach of Part One of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. **"Beneficial Ownership**" of a security is to be determined in the same manner as it is for purposes of Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 (the "1934 Act"). This means that a person should generally consider themselves the "Beneficial Owner" of any security in which they have a direct or indirect financial interest. Beneficial Ownership is presumed with respect to securities and accounts held in the name of a spouse or other immediate family members living in the same household ("immediate family" means any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, domestic partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law, including adoptive relationships). Beneficial Ownership also includes, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, having or sharing "voting power" or "investment power" as those terms are used in Section 13(d) and Rule 13d-3 of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. **"Disinterested Trustee**" means a trustee of the Funds who is not an "interested person" of the Funds within the meaning of Section 2(a)(19) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "**Code Compliance Officer**" means the individual responsible for oversight and monitoring of compliance with the requirements of the Code. The Code Compliance Officer is identified on Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "**Insider Trading**" means the use of Material Non-Public Information to trade in a security (whether or not one is an Access Person) or the communication of Material Non-Public Information to others. Insider Trading generally includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Trading in a security by an Access Person while in possession of Material Non-Public Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Trading in a security by a person who is not an Access Person while in possession of Material Non-Public Information, under circumstances in which the information was either disclosed to such person in violation of an Access Person's duty to keep it confidential or misappropriated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Communicating Material Non-Public Information to any person who then
trades in a security while in possession of such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "**Material Non-Public Information**" means information that has not been effectively communicated to the marketplace and for which there is a substantial likelihood that a reasonable investor

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would consider it important in making investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities. Examples of Material Non-Public Information include information regarding dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidation problems and extraordinary management developments. Material Non-Public Information about the Funds' holdings, the Funds' transactions and the securities recommendations of the Funds' Adviser and Sub-Adviser is also included in this definition. Access Persons (including Disinterested Trustees) are reminded that they have a duty to keep such information confidential.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. "**Covered Security**" has the same meaning as it has in Section 2(a)(36) of the 1940 Act, but excludes Exempt Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. "**Exempt Securities**" are exchange traded funds ("ETFs"), except single security ETFs, exchange traded notes, direct obligations of the United States Government, bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements and shares of registered open-end investment companies **other than shares of the Funds.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. "**Service Provider Code Compliance Officer**" means the individual responsible at RBC GAM-US or RBC GAM-UK for oversight and monitoring of compliance with an Approved Code of Ethics.

**<u>Prohibited Securities Transactions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In connection with the purchase or sale of a security held or to be acquired by any Fund, no Access Person shall, directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Employ any device, scheme or artifice to defraud any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Make any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements made, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon
any Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Engage in any manipulative practice with respect to any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. No Access Person shall, directly or indirectly (1) purchase any security in which he or she has or thereby acquires any Beneficial Ownership where such purchase or sale constitutes Insider Trading; or (2) take any other action that constitutes or may result in Insider Trading.

**<u>Reports</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ACCESS PERSONS. Each Access Person (except Disinterested Trustees, whose entire reporting requirements are set forth in subsection B below, and RBC Exempt Individuals as defined in the RBC GAM-US Code of Ethics) shall make the following reports required by Rule 17j-1(d) under the 1940 Act:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) INITIAL AND ANNUAL SECURITIES HOLDINGS REPORTS. Within 10 calendar days of becoming an Access Person, and
annually thereafter, Access Persons shall disclose

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all personal Covered Securities holdings other than Exempt Securities. Compliance with this reporting requirement will be satisfied by providing initial brokerage account statements current as of a date within 45 days prior to the date the person becomes an Access Person, and annual holdings reports current as of a date no more than 45 days before the report is submitted. Initial and annual holdings reports must contain: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The title, number of shares and principal amount of each Covered Security in which the Access Person has any
Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The name of any broker, dealer or bank with whom the Access Person maintains an account in which any
securities are held for the direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) QUARTERLY TRANSACTION REPORTS. Within 30 calendar days of the end of each quarter, Access Persons shall
report all Covered Securities transactions other than the Exempt Securities in which each has or, by reason of such transactions, acquires any Beneficial Ownership. Compliance with this reporting requirement will be satisfied by providing brokerage
account statements current as of quarter-end. Quarterly Transaction Reports do not need to be provided in the event electronic feeds are being received on said accounts. Quarterly Transaction Reports must
contain:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The date of each transaction, the title, the interest rate and maturity date (if applicable), the number of
shares and the principal amount of each Covered Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of each transaction (*i.e.*, purchase, sale, or any other type of acquisition or
disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the Covered Security at which each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer or bank with or through which each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The name of any broker, dealer or bank with whom the Access Person established an account in which any
securities are held for the direct or indirect benefit of the Access Person and the date on which the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. DISINTERESTED TRUSTEES. A Disinterested Trustee need not file Initial or Annual Securities Holdings Reports, and may not need to file Quarterly Transaction Reports. A Disinterested Trustee shall only file a Quarterly Transaction Report and report transactions in a Covered Security if such Disinterested Trustee knows at the time of such transaction or, in the ordinary course of fulfilling his or her official duties as Trustee, should have known during the 15-day period immediately preceding or after the date of the transaction, that such Covered Security was or would be purchased or sold by a Fund or was or would be considered for purchase or sale by a Fund or the Adviser. The "should have known" standard implies no duty of inquiry and does not presume there should have been any deduction or extrapolation from discussions or memoranda dealing with tactics to be employed meeting a Fund's investment

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objectives, or presume that any knowledge is to be imputed because of prior knowledge of a Fund's portfolio holdings, market considerations or a Fund's investment policies, objectives and restrictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. EXCEPTIONS FROM REPORTING REQUIREMENTS. The reporting requirements set forth herein shall not apply to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Transactions for any account over which the Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Involuntary transactions by the Access Person or any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Purchases under an automatic investment plan, including a dividend reinvestment plan; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Purchases effected by the exercise of rights issued by an issuer pro-rata to all holders of a class of its securities to the extent such rights were acquired from such issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. PROCEDURES FOR COMPLIANCE OVERSIGHT OF ACCESS PERSONS SUBJECT TO AN APPROVED CODE OF ETHICS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Initial and Annual Service Provider Code Compliance Officer Certifications.** Within ten (10) days
following the commencement of service as a trustee or officer of the Fund, and 45 days following the end of each calendar year, the Service Provider Code Compliance Officer shall be required to provide to the Code Compliance Officer a written
communication affirming the identity of each Access Person subject to an Approved Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Quarterly Service Provider Code Compliance Officer Certifications**. Within 60 days after each calendar quarter-end, the Code Compliance Officer will require the Service Provider Code Compliance Officer to provide a written report concerning each Access Person's compliance with the Approved Code of Ethics.
The Code Compliance Officer requires immediate notification from the Service Provider Code Compliance Officer of any material violation by an Access Person of an Approved Code of Ethics.

**<u>Enforcement and Reports to the Boards</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Code Compliance Officer shall review reports filed under Part One of the Code to determine whether any violation may have occurred. Access Persons who discover a violation or apparent violation of Part One of the Code by any other person covered by Part One of the Code shall bring the matter to the attention of Fund Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Each violation of or issue arising under Part One of the Code shall be reported to the Boards at or before
the next regular meeting of the Boards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The Boards may impose such sanctions or penalties upon a violator of Part One of the Code as it deems
appropriate under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Code Compliance Officer shall report in writing to the Boards at least annually regarding issues arising under the Code, including, but not limited to, material violations of the Code, violations that, in the aggregate, are material and any sanctions imposed. Each such report shall certify that

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the Funds have adopted procedures reasonably necessary to prevent Access Persons from violating Part One of the Code.

**<u>Recordkeeping</u>**

The Funds shall preserve and maintain for a period of not less than seven years (the first two years in an easily accessible place) any documentation described in the Code. The Funds shall preserve and maintain a copy of the Code for a period of not less than seven years (the first five years in an easily accessible place).

**<u>Private Placements and Initial Public Offerings – Not Applicable to Disinterested Fund Trustees</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. PRIVATE PLACEMENTS. Access Persons may purchase privately placed securities, subject to advance review and approval by the Adviser. Approval will be granted only if the Access Person can demonstrate that no current or potential conflicts of interest will arise if he or she is permitted to purchase the security in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. INITIAL PUBLIC OFFERINGS. Access Persons are prohibited from purchasing securities in initial public offerings. In the event that an Access Person holds securities in a company that has announced that it will engage in an initial public offering, he or she must bring the information about the impending initial public offering to the attention of the Adviser.

**PART TWO** 

Rule 30a-2 under the 1940 Act requires that registered investment companies include certain certifications by each principal executive and principal financial officer of the investment company, or persons performing similar functions, in its Form N-CSR, including disclosing whether a written code of ethics has been adopted that applies to the company's principal executive officer and senior financial officers. Rule 30a-3 of the 1940 Act requires the maintenance of disclosure controls and procedures over financial reporting. Rules 30a-2 and 30a-3 were adopted in order to implement the disclosure requirements of Sections 406 and 407 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies.

The purpose of Part Two of the Code is to establish policies specific to the Funds' Covered Officers, as defined below, in order to deter wrongdoing and promote honest and ethical conduct.

**<u>Covered Officers; Purpose; Defined Terms</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. COVERED OFFICERS. The persons who are subject to Part Two of the Code (the "Covered Officers") are the Funds' principal executive officer and principal financial officer. The Funds' Covered Officers are identified on Exhibit A.

Part Two of the Code also applies to members of each Covered Officer's immediate family who live in the same household as the Covered Officer. Therefore, for purposes of interpretation, each obligation, requirement or prohibition that applies to a Covered Officer also applies to such immediate family members. For this purpose, the term "immediate family" has the meaning set forth in Part One of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. PURPOSE. The purpose of Part Two of the Code is to deter wrongdoing and to promote:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with
or submits to the SEC and in other public communications made by the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The prompt internal reporting of violations of Part Two of the Code to the appropriate person or persons;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Accountability for adherence to Part Two of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. DEFINED TERMS. Capitalized terms which are used in Part Two of the Code and which are not otherwise defined in Part Two have the meanings assigned to them in Part One of the Code.

**<u>Covered Officers Must Handle Actual and Apparent Conflicts of Interest Ethically</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. GENERAL. A conflict of interest occurs when a Covered Officer's personal interests interfere with the interests of or his or her service to the Funds. For example, an actual conflict of interest would arise if a Covered Officer or a member of his or her immediate family living in the same household received improper personal benefits as a result of his or her position with the Funds.

The Funds' and the Adviser's compliance policies and procedures are designed to prevent, detect and correct actual, potential or perceived conflicts of interest, including conflicts of interest that may arise out of the relationships between Covered Officers and the Funds. Part Two of the Code does not and is not intended to repeat or replace the Funds' or the Adviser's policies and procedures.

Actual, potential or perceived conflicts of interest also may arise from or occur as a result of the contractual relationships between the Funds and other entities for which the Covered Officers are also officers or employees. Covered Officers may, in the normal course of their duties for the Funds and such other entities, be involved in establishing policies and implementing decisions that will have different effects on the Funds and such other entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Funds and such other entities and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the 1940 Act and, to the extent applicable, the Investment Advisers Act, such activities will be deemed to have been handled ethically.

In order to avoid actual, potential or perceived conflicts of interest, Covered Officers are prohibited from engaging in the following activity. Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interests of a Covered Officer should not be placed before the interests of the Funds or its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Covered Officers must not use their personal influence or personal relationships improperly to influence
investment decisions or financial reporting by the Funds whereby the Covered Officer would benefit personally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Covered Officers must not cause the Funds to take action, or fail to take action, for the individual
personal benefit of the Covered Officer rather than the benefit of the Funds.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Covered Officers must not intentionally or recklessly take or direct any action or fail to take or direct
any action that results in any SEC filing or other public communication by the Funds' being materially misleading while personally benefiting such Covered Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Covered Officers must not engage in any outside employment or activity that interferes with their
performance or responsibilities to the Funds or is otherwise in conflict with or prejudicial to the Funds. A Covered Officer must disclose to the Code Compliance Officer any outside employment or activity that may constitute a conflict of interest
and obtain the Code Compliance Officer's approval before engaging in any such employment or activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Covered Officers must not exploit for their own personal gain or for the personal gain of immediate family
members or relatives opportunities that are discovered through the use of Funds property, information or position, unless the opportunity is first fully disclosed in writing to the Boards and the Boards decline to pursue the opportunity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. GIFTS AND ENTERTAINMENT. A Covered Officer must not solicit, allow himself or herself to be solicited, or accept gifts, entertainment or other gratuities intended to or appearing to influence decisions or favors toward the Funds; business to or from any client, potential client, Funds vendor or potential vendor. A Covered Officer may not give or accept gifts with a value exceeding $100 per recipient, during any calendar year, even if the gift does not oblige or influence the Covered Officer or is not intended to influence another. Notwithstanding this prohibition, a Covered Officer may accept or provide reasonable business meals and entertainment if the client, potential client, Funds vendor or potential vendor is physically present at the business meal or entertainment.

**<u>Disclosure and Compliance</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. FAMILIARITY WITH DISCLOSURE REQUIREMENTS. Each Covered Officer shall familiarize himself or herself with the disclosure requirements generally applicable to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. AVOIDING MISREPRESENTATIONS. Each Covered Officer shall not knowingly misrepresent or knowingly cause others to misrepresent facts about the Funds to others, whether within or outside the Funds, including to the Funds' Trustees, auditors or counsel, or to governmental regulators or self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. PROMOTING ACCURATE DISCLOSURE. Each Covered Officer shall, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Funds and its service providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds files with or submits to the SEC and in other public communications made by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. PROMOTING COMPLIANCE. Each Covered Officer shall, to the extent appropriate within his or her area of responsibility, promote compliance with the Funds' compliance policies and procedures adopted pursuant to Rule 38a-1 under the 1940 Act and with the laws, rules and regulations applicable to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. CONFIDENTIALITY. The Covered Officers must maintain the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized by the Funds' counsel or required by laws or regulations. Whenever possible, Covered Officers should consult with the Funds' counsel if they believe they have a legal obligation to disclose confidential information. Confidential

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information includes all non-public information that might be of use to competitors or harmful to the Funds or its investors if disclosed. The obligation to preserve confidential information continues after employment as a Covered Officer ends.

**<u>Reporting; Amendment and Waivers</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. ACKNOWLEDGEMENT OF PART TWO. Upon first becoming subject to Part Two of the Code and annually covering the prior calendar year period, each Covered Officer shall affirm in writing to the Code Compliance Officer on the Form attached as Exhibit B that he or she has received, read and understands Part Two of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. REPORTING OF VIOLATIONS. Each Covered Officer shall report any violation of Part Two of the Code of which he or she becomes aware (whether committed by himself or herself or by another Covered Officer) to the Code Compliance Officer promptly after becoming aware of such violation. The Code Compliance Officer shall report any material violation of Part Two of the Code of which he or she becomes aware, whether through a report by a Covered Officer or otherwise, to the Boards at or before the next regular meeting of the Boards, together with the Code Compliance Officer's recommendation for the action, if any, to be taken with respect to such violation. The Boards may impose such sanctions or penalties upon a violator of Part Two of the Code as it deems appropriate under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. AMENDMENTS AND WAIVERS. Amendments to and waivers of the provisions of Part Two of the Code may be adopted or granted by the Boards. Such amendments or waivers shall be disclosed as required by applicable law or regulation. The process of requesting a waiver consists of the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Covered Officer shall submit a request for waiver in writing to the Code Compliance Officer. The request
shall describe the conduct, activity or transaction for which the Covered Officer seeks a waiver, and shall briefly explain the reason for engaging in the conduct, activity or transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The determination with respect to the waiver shall be made in a timely fashion by the Code Compliance
Officer, in consultation with Funds counsel, and submitted to the Boards for ratification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The decision with respect to the waiver request shall be documented and kept in the Funds' records for
the appropriate period mandated by applicable law or regulation.

**<u>Accountability for Adherence to Part Two of the Code</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Matters covered in Part Two of the Code are of the utmost importance to the Funds and their investors, and are essential to the Funds' ability to conduct their business in accordance with its stated values. Covered Officers are expected to adhere to these rules in carrying out their duties to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Funds will, if appropriate, take action against any of its Covered Officers whose actions are found to violate Part Two of the Code. Sanctions for violations of Part Two may include a requirement that the violator undergo training related to the violation, a letter of sanction, the imposition of a monetary penalty, and suspension or termination of the employment of the violator. Where the Funds have suffered a loss because of violations of Part Two of the Code or other applicable laws, regulations or rules, the Funds may pursue remedies against the responsible individuals or entities.

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**<u>Business Owner</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chief Compliance Officer, RBC Funds Trust and RBC BlueBay Enhanced Income Fund **<u> </u>**

**<u>Approval Dates</u>**

- April 16, 2004 RBC Funds Trust Board of Trustees

- March 19, 2026, 2025 RBC BlueBay Enhanced Income Fund Board of Trustees **<u> </u>**

**<u>Material Revision Dates</u>**

- March 2, 2007 (approved by the RBC Funds Trust Board of Trustees on March 15, 2007)

- May 5, 2008 (approved by the RBC Funds Trust Board of Trustees on May 20, 2008) **<u> </u>**

**<u>Non-Material Revision Dates</u>**

- June 7, 2011 (reported to the RBC Funds Trust Board of Trustees on June 30, 2011)

- August 31, 2011 (reported to the RBC Funds Trust Board of Trustees on September 27, 2011)

- October 3, 2012 (reported to the RBC Funds Trust Board of Trustees on December 6, 2012)

- April 30, 2013 (reported to the RBC Funds Trust Board of Trustees on June 18, 2013)

- November 13, 2013 (reported to the RBC Funds Trust Board of Trustees on December 5, 2013)

- March 12, 2015 (reported to the RBC Funds Trust Board of Trustees on March 31, 2015)

- March 16, 2018 (reported to the RBC Funds Trust Board of Trustees on March 28, 2018)

- March 7, 2019 (reported to the RBC Funds Trust Board of Trustees on March 26, 2019)

- February 25, 2021 (reported to the RBC Funds Trust Board of Trustees on March 11, 2021)

- February 13, 2023 (reported to the RBC Funds Trust Board of Trustees on March 16, 2023)

Page 10 of 12 *Code of Ethics Pursuant to Rule 17j-1* March 19, 2026

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**EXHIBIT A** 

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|:---|:---|
| **Code Compliance Officer** | Maren Fleming |
| **Covered Officers** | David Eikenberg, Principal Executive Officer |
| **(effective October 14, 2022)** | Kathy Hegna, Principal Financial Officer |

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Page 11 of 12 *Code of Ethics Pursuant to Rule 17j-1* March 19, 2026

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**EXHIBIT B** 

**ACKNOWLEDGMENT OF PART TWO OF THE RBC FUNDS TRUST AND RBC BLUEBAY ENHANCED INCOME FUND CODE OF ETHICS** 

**Please indicate below whether this is an initial acknowledgment, an annual acknowledgment, or an acknowledgment of an amended Part Two of the Code of Ethics.** 

____ Initial ____ Annual ____ Amended

**<u>You must review Part Two of the Code of Ethics before completing this acknowledgment. Please forward your completed acknowledgment directly to the Code Compliance Officer</u>.<u> </u>** 

**I REPRESENT AND CERTIFY THAT I HAVE RECEIVED, READ, UNDERSTOOD AND WILL COMPLY WITH PART TWO OF THE FUND'S CODE OF ETHICS AND UNDERSTAND THAT I AM SUBJECT TO IT. IF THIS IS AN ANNUAL CERTIFICATION, I FURTHER REPRESENT AND CERTIFY THAT I HAVE COMPLIED WITH THE CODE DURING THE PRECEDING YEAR.** 

*Please direct questions regarding the completion of this Acknowledgment to the Code Compliance Officer.* 

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|:---|:---|
|  | Name |
| Dated:<u> </u> |  |
|  | Signature |

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Page 12 of 12 *Code of Ethics Pursuant to Rule 17j-1* March 19, 2026

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

![LOGO](g11343g67g67.jpg)

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![LOGO](g11343g46r56.jpg)

***"Client First: We will always earn the right to be our clients' first choice."***

As a fiduciary and in accordance with our Values, our clients' interests will always come first above our own. Each of us must take care that our actions do not create an actual, potential or perceived conflict of interest, or cause reputational damage to RBC.

All employees are expected to know and comply with both the letter and the spirit of the RBC GAM-US Code of Ethics and related policies and procedures, and integrate them into your daily work. Please read the Code carefully to ensure you understand what it requires of you. If something is unclear, or if you find yourself in a situation not addressed in the Code, please reach out to the Compliance team. Doing so is your responsibility and can help us identify areas for improvement.

Thank you all for adhering to our Code of Ethics, and your continued efforts to ensure we are in compliance with all our legal and regulatory obligations.

Best regards,

Donald Sanya and Brandon Lew

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**Table of Contents**

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| | |
|:---|:---|
|  A message from Donald Sanya and Brandon Lew | 2 |
|  Most Recent Changes | 5 |
|  Summary and Rationale | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Applicable Regulations | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Related Policies and Procedures | 6 |
|  Scope | 6 |
|  Limited Exemptions | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. RBC Exempt Individuals | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Extraordinary Exemptions | 7 |
|  Standards of Business Conduct | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Values | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Compliance with Laws and Regulations | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Conflicts of Interest | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Trading on Material Non-Public Information | 8 |
|  Maintaining Accounts | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Designated Brokers | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other Brokers | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Third-Party Managed Accounts | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Futures and Commodities Accounts | 10 |
|  Trading Rules | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Preclearance Requirements | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Short-Term Trading | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Options Trading | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Blackout Period Trading | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Private Investments | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. RBC Private Funds | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Royal Bank of Canada Securities | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Initial Public Offerings Prohibited | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Watch List or Restricted Securities | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Frequent ! Unusual Trading Activity | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Compliance Department Personnel Trades | 14 |
|  Reporting Requirements ! Certifications | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Covered Accounts | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Initial Certifications | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Certifications | 15 |

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Quarterly Transaction Reports | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Annual Holdings Report | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Intern Certifications | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Access Persons with Affiliate Entity Reporting Requirements and RBC Exempt Individuals | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Compliance Committee and Client Reporting | 16 |
| Violations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reporting Violations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Information Barrier Violations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Non-Material Violations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Material Violations | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Observations | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Disciplinary or Remedial Measures | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Donation of Proceeds | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. No Liability for Losses | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Confidentiality / Reporting Misconduct | 19 |
| Training | 19 |
| Recordkeeping | 19 |
| Disclosure | 19 |
| Ownership | 20 |
| Review Schedule | 20 |
| Approval Date and Revisions | 20 |
| Definitions | 20 |
| Exhibit A – Quick Reference Guide | 28 |
| Exhibit B – Frequently Asked Questions (FAQs) | 29 |

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Most Recent Changes

August 1, 2024

The RBC Global Asset Management (U.S.) Inc. ("RBC GAM-US") Code of Ethics ("Code of Ethics") message from leadership has been revised to reflect personnel changes to the Chief Executive Officer and President of RBC GAM-US positions.

Summary and Rationale

The Securities and Exchange Commission ("SEC") requires registered investment advisers to establish, maintain and enforce a written code of ethics that includes, at a minimum, standards of business conduct, provisions requiring compliance with all applicable federal securities laws, and provisions requiring reporting of personal securities transactions and holdings. At RBC, consistent with our commitment to hold ourselves to the highest standards of integrity and to put our clients' needs above our own, whatever our role, we take these regulatory requirements very seriously. Our Values, RBC's Code of Conduct ("Code of Conduct"), and the Code of Ethics guide us and set expectations for our behavior.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Applicable Regulations

<u>Section 204A, Investment Advisers Act of 1940, as amended ("Investment Advisers Act")</u> 

Section 204A of the Investment Advisers Act (*Prevention of misuse of nonpublic information*) requires investment advisers to establish, maintain, and enforce written policies and procedures reasonably designed to prevent the misuse of material, nonpublic information by such investment adviser or any person associated with such investment adviser, and provides for the adoption of rules and regulations requiring the same.

<u>Rule 204A-1 under the Investment Advisers Act</u> 

Rule 204A-1 under the Investment Advisers Act (*Investment adviser codes of ethics*) requires investment advisers to establish, maintain and enforce a written code of ethics that, at a minimum, includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Standards of business conduct reflecting fiduciary obligations of the investment adviser and those of its supervised
persons. <sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring compliance with applicable federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring all access persons to report, and for the investment adviser to review, their personal securities
transactions and holdings, at required intervals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o No later than 10 days after becoming an access person, the information must be provided and be current as of a date no
more than 45 days prior to the date the person becomes an access person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o At least once every 12-month period, holdings information must be reported and
current as of a date no more than 45 days prior to the date the report was submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Transaction reports must be provided no later than 30 days after the end of each calendar quarter covering all
transactions during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring the preapproval of certain investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring supervised persons to report any code violations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provisions requiring the investment adviser to provide each supervised person with a copy of the code of ethics and any
amendments, and requiring supervised persons to provide written acknowledgment of receipt.

<sup>1</sup> All Employees are deemed to be both supervised persons and Access Persons under the Rules.

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<u>Section 17(j) under the Investment Company Act of 1940, as amended ("Investment Company Act")</u> 

Section 17(j) under the Investment Company Act (*Transactions of certain affiliated persons and underwriters*) makes it unlawful for anyone affiliated with a registered investment company to engage in any act, practice, or course of business in connection with the purchase or sale, directly or indirectly, of any security held or to be acquired by such registered investment company as are fraudulent, deceptive or manipulative, and provides for the adoption of rules and regulations, including the adoption of codes of ethics, by registered investment companies and investment advisers of such investment companies.

<u>Rules 17j-1 under the Investment Company Act</u> 

Rule 17j-1 under the Investment Company Act (*Personal investment activities of investment company personnel*) requires every fund, and each investment adviser of every fund, to adopt a written code of ethics containing provisions reasonably necessary to prevent access persons from engaging in any conduct prohibited by the rules, and requires fund boards to approve the codes of ethics of each investment adviser and any material changes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Related Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>RBC Code of Conduct</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Gifts and Entertainment Policies and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Material Nonpublic Information (MNPI) and Equity
Research Providers Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Outside Business Activities Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Political Contributions Policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Enterprise Conflicts of Interest Policy and Control Standards

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Enterprise-Wide Privacy & Security Policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Enterprise Personal Trading Standard

See <u>Definitions</u> for a description of capitalized terms used throughout the Code of Ethics.

Scope

The Code of Ethics applies to all RBC GAM-US Access Persons. RBC GAM-US considers all of its Employees, including contractors and interns, to be Access Persons, with limited exceptions. In addition, certain employees of affiliates or otherwise related persons may be considered Access Persons when they are in receipt of or have access to nonpublic information regarding securities transactions or portfolio holdings in any client's account.

Understanding and complying with the Code of Ethics, the Code of Conduct, and other RBC Enterprise-wide policies, are conditions of employment. Violations may result in written warnings, cancellation of transactions, disgorgement of profits, fines, suspension or cancellation of personal trading privileges, suspension or termination of employment, or referral to criminal authorities (see <u>Violations</u>). If you are uncertain about how any provision of the Code of Ethics applies to you, please contact your manager or the Compliance Department.

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Limited Exemptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. RBC Exempt Individuals

Certain RBC GAM-US officers and/or directors ("RBC Executives") are not RBC GAM-US Employees and serve in such roles solely at the request of Royal Bank of Canada or its affiliates. If <u>all</u> of the following conditions apply <u>and</u> the RBC Executive certifies annually that they:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Have no day-to-day involvement with RBC GAM-US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have an office on firm premises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not make securities recommendations to RBC GAM-US clients or have access to such
nonpublic recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have access to nonpublic information regarding clients' purchase or sale of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Do not have access to nonpublic information regarding clients' portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Are subject to another similar code, including Enterprise-wide policies related to trading RBC securities.

Then such RBC Executive will be exempt from the Code of Ethics ("RBC Exempt Individuals").

If any of the above conditions no longer apply, the RBC Executive shall immediately notify the Compliance Department. The Compliance Department will review the circumstances in order to determine whether the exempt status should remain in effect. While this determination is pending, the RBC Executive will not be permitted to engage in any personal securities transactions that would be subject to preclearance approval requirements.

The Compliance Department reserves the right to change an RBC Exempt Individual's status at any time for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Extraordinary Exemptions

The Compliance Department may grant limited exemptions to certain requirements of the Code of Ethics in its sole discretion, where extraordinary circumstances warrant and the Compliance Department is satisfied that granting the exemption would not represent a breach of federal or state securities laws, a breach of the Firm's fiduciary obligations or undue risk to its clients or RBC GAM-US. All requests for such exemptions shall be in writing and the Compliance Department will maintain a written record of its response.

Standards of Business Conduct

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Values

As a part of One RBC, we are guided by our Values, which define what we stand for everywhere we do business and set the tone for our culture. Our Values are defined in RBC's <u>Code of Conduct,</u> which all Employees are required to read and understand. We each have a responsibility to be truthful, respect others, and comply with laws, regulations, and RBC's policies. At RBC, we bring our Values to life every day – continuing to earn the trust of RBC's clients and each other and ensuring our strong reputation for doing what's right.

All Employees are required to complete annual training on the RBC Code of Conduct. This required training is part of each Employee's Learning Plan in Workday.

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CLIENT FIRST: We will always earn the right to be our clients' first choice.

COLLABORATION: We win as One RBC.

ACCOUNTABILITY: We take ownership for personal and collective high performance.

DIVERSITY & INCLUSION: We embrace diversity for innovation and growth.

INTEGRITY: We hold ourselves to the highest standards to build trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Compliance with Laws and Regulations

RBC GAM-US expects all Employees to respect and comply with all applicable federal and state securities laws and regulations. Employees are prohibited from any activity which directly or indirectly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Defrauds a client in any manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Misleads a client, including any statement that omits material facts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operates or would operate as a fraud or deceit on a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to a client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Functions as a manipulative practice with respect to securities.

Breaking the law could result in civil, criminal and regulatory penalties, including fines, for RBC and the individual involved, as well as damage to both RBC's and the individual's reputation.

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

As a fiduciary and in accordance with our Values, our clients' interests will always come first above our own. All Employees must be watchful in terms of identifying situations that may present actual, potential (where there is a reasonable probability that an actual conflict will arise), or perceived conflicts of interest, if the perceived conflict could cause reputational damage to the Firm.

RBC GAM-US seeks to identify and appropriately manage all actual, potential or perceived conflicts between the Firm, Employees, affiliates, and clients. If you believe that a situation you encounter or an activity that you are involved in may present a conflict between your personal interests and a client's interests, or between the Firm's business interests and a client's interests, contact your manager or the Chief Compliance Officer ("CCO") for guidance.

Failure to disclose a potential or actual conflict of interest is a violation of the Code of Ethics and may result in disciplinary action, up to and including termination of employment. See <u>Violations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Trading on Material Non-Public Information

From time to time, an Employee may have access to Material Non-Public Information ("MNPI") about a company, including RBC, or its clients. If you believe you have come into possession of MNPI, contact the Compliance Department immediately (or legal staff in the absence of Compliance staff), refrain from engaging in transactions or giving oral or written recommendations or advice related to the MNPI, and maintain the confidentiality of the information. It is a violation of federal securities law to trade on MNPI.

The preclearance requirements and rules contained in the Code of Ethics are designed to help prevent, detect and correct trading on MNPI.

Please see the RBC GAM-US Material Non-Public Information (MNPI) and Research Providers Policy for additional information to ensure you understand your compliance obligations.

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Maintaining Accounts

These requirements apply to all accounts where an Access Person has a Beneficial Ownership Interest. An Access Person has a Beneficial Ownership Interest in an investment if the Access Person has or shares in the opportunity, directly or indirectly, to profit or share in the profits, regardless of the name in which the investment is held. Access Persons are assumed to have a Beneficial Ownership Interest in all Covered Accounts and Covered Investments held by Immediate Family Members, including accounts where the Access Person has discretionary control over the purchase or sale of Covered Investments, and interests in any partnerships, trusts or estates, or through a power-of-attorney.

Access Persons must promptly disclose all new accounts in the designated compliance reporting system as soon as the accounts are established, and in no event later than engaging in transactions in Covered Investments. Failure to disclose a Covered Account is a Violation of this Code of Ethics (see <u>Violations</u>).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Designated Brokers

All Covered Accounts must be maintained with one of three Designated Brokers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles Schwab & Co.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Wealth Management, a division of RBC Capital Markets, LLC ("RBCCM"), (or any RBC affiliate)

New Access Persons (with the exception of interns and contract workers) are required to transfer Covered Accounts to a Designated Broker within 30 days of commencement of employment or as soon thereafter as reasonably possible.

Access Persons are responsible for any costs associated with transferring accounts to a Designated Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Other Brokers

In certain circumstances, the Compliance Department may allow an account to be held with an outside broker (*e.g.*, a Third-Party Managed Account (see below)). If electronic feeds are not available from the outside broker, Access Persons must ensure that duplicate copies of account statements and broker trade confirmations are provided to the Compliance Department in accordance with the schedule set forth in <u>Reporting Requirements / Certifications</u>.

Access Persons may either complete an Outside Securities Account Preapproval Form in the designated compliance reporting system or contact the Compliance Department directly to seek preapproval to hold a Covered Account with a non-Designated Broker.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Third-Party Managed Accounts

A Third-Party Managed Account is a Covered Account managed by a third-party manager who has investment management discretion regarding securities transactions pursuant an investment management or advisory agreement. In such an account, the account owner grants investment discretion to a third-party manager on a continuing basis. The account owner establishes the basic investment risk parameters and gives blanket authority to the third-party manager to trade in securities on his/her behalf without prior input or approval of individual transactions.

Subject to preapproval by Compliance, and as long as Access Persons or their Immediate Family Members are not exercising direct or indirect control over the account, Third-Party Managed Accounts will be monitored but exempt from preclearance requirements. Access Persons must provide the Compliance Department with a copy of the investment management agreement and make the following representations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The third-party manager's relationship to the account owner is an independent professional relationship (versus
friend or relative).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person will not use the Third-Party Managed Account to circumvent the letter or spirit of the Code of Ethics. This
requirement includes but is not limited to the following:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Third-Party Managed Account will not purchase Private Investments without abiding by the procedures established under
the Code of Ethics to obtain preclearance approval. See Private Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The Third-Party Managed Account will not purchase initial public offerings or engage in other transactions prohibited by
this Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person will not discuss with the investment manager or adviser any nonpublic information regarding any RBC actual or
contemplated transaction in securities or any of the Firm's nonpublic securities recommendations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the event electronic feeds are not available from the broker, Access Person will arrange for duplicate statements and
broker trade confirmations to be provided to the Compliance Department.

If an Access Person suggests or directs a particular purchase or sale of securities in a Third-Party Managed Account, the Access Person must obtain preclearance approval for the transaction. However, if directing trades in any Third-Party Managed Account becomes more than a rare occurrence, and it appears Access Person is exercising direct or indirect control over the account, the account will be changed from a managed account to an account requiring preclearance.

Access Person will also be required to certify quarterly that they did not exercise direct or indirect influence or control over the Third-Party Managed Account (see <u>Reporting Requirements / Certifications)</u>.<u> </u>

The Compliance Department reserves the right to deny or revoke its approval of a Third-Party Managed Account at any time, for any reason.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Futures and Commodities Accounts

Futures and commodities accounts require preapproval by the Compliance Department. To request preapproval, an Access Person must either complete the Outside Securities Account Preapproval Form via the designated compliance reporting system, or contact the Compliance Department directly to seek preapproval. The Access Person shall provide whatever cooperation the Compliance Department requests in connection with its monitoring and oversight activities related to the Futures and commodities account.

RBC GAM-US is registered with the National Futures Association ("NFA") and is subject to Commodity Futures Trading Commission ("CFTC") rules, which requires Access Persons to obtain preapproval before opening commodities or futures accounts. Commodities or Futures accounts are generally maintained with R.J. O'Brien and OptionsXpress.

Failure to obtain preapproval of a Futures or commodities trading account is a violation of CFTC rules, as well as a violation of the Code of Ethics (see <u>Violations</u>).

Trading Rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Preclearance Requirements

Access Persons and their Immediate Family Members may not trade in a Covered Investment until the transaction has been preapproved ("precleared") through the designated compliance reporting system (or by email to a member of the Compliance Team in the event the system is unavailable). Obtaining preclearance approval does not relieve Access Person from conducting securities transactions in compliance with the other provisions of the Code of Ethics.

<u>Securities-Licensed Access Persons ("Registered Personnel") Only:</u> In addition to obtaining preclearance approval through the designated compliance reporting system, Registered Personnel are required to review the RBC Wealth Management Restricted Securities List prior to trading in any Covered Investment.

Trading in any security listed on the RBC Wealth Management restricted securities list by Registered Personnel during the restricted period is a material violation of the Code of Ethics (see <u>Violations)</u>.

Access Persons are not required to preclear the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Purchases or sales of open-end investment companies (including RBC Managed Funds).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Purchases or sales of the following types of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Funds (ETFs) (excludes single-security ETFs which must be precleared)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange-Traded Notes (ETNs)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• U.S. Government securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bankers' acceptances

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bank certificates of deposit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Commercial paper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• High-quality short-term debt instruments (such as money market mutual funds)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Royal Bank Common Stock Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Transactions resulting from an Automatic Investment Plan in accordance with a predetermined schedule and allocation,
including a Dividend Reinvestment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Transactions in preapproved Third-Party Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Stock gifts/donations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Transactions over which the Access Person has no control, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Changes in ownership positions related to corporate actions such as stock splits, stock dividends or other similar actions
by an issuer as well as purchases or sales of securities which are the result of a stock delivery or receipt upon assignment by a contra party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Purchases of securities effected upon exercise of rights issued by an issuer pro-rata to holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The expiration of an option contract or option exercise threshold that triggers an automatic exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any transaction in which the Compliance Department determines that the nature of the security traded or the facts
surrounding the transaction are sufficient to make preclearance unwarranted.

Preclearance approvals are good until the close of business/trading following the day the preclearance is granted. An Access Person must submit a new preclearance request for transactions not executed within the approval period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Short-Term Trading

Access Persons and their Immediate Family Members are prohibited from **profiting** from the purchase and sale, or the sale and purchase, of the same Covered Investment within a 30-calendar-day period. This 30-day holding period requirement does not apply to transactions not subject to preclearance requirements. For purposes of this rule, a last-in, first-out ("LIFO") rule will be applied, matching any transaction with any opposite transaction within 30 days.

The purchase or sale of option contracts may not be used to circumvent the 30-day holding period requirement.

Exceptions may be granted in extraordinary circumstances. Any requests for an exception to the short-term trading restriction must be preapproved by the CCO (or designee).

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&nbsp;&nbsp;&nbsp;&nbsp; <br> **Selling at a loss**<br>The designated compliance reporting system is not able to determine whether a transaction will result in a profit or loss and will automatically deny a preclearance request for the sale of a Covered Investment held for less than 30 days. Prior to selling at a loss, an Access Person must first:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Complete a preclearance request in the designated compliance reporting system (which will be denied due to the 30-day rule).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide a written explanation of the transaction to the Compliance Department.<br>If there are no other reasons for the preclearance denial (*e.g.*, Blackout Period prohibition), Access Person will be permitted to proceed with the transaction.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Options Trading

An Option is a security which gives the investor the right, but not the obligation, to buy or sell a specific security at a specific price, within a specific time frame. An Access Person who buys/sells an option is deemed to have purchased/sold the underlying security when the option was purchased/sold.

&nbsp;&nbsp;&nbsp;&nbsp; **Reminders**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Persons must preclear the option ticker symbol, not the underlying symbol.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance is required when you engage in opening and closing Options transactions as well as when you exercise an option.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Preclearance is not required upon the expiration of an option contract or option exercise threshold that triggers an automatic exercise.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The purchase and/or sale of option contracts may not be used to circumvent the short-term trading restriction.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Options trading on RBC stock (RY) is prohibited.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Blackout Period Trading

Access Persons and their Immediate Family Members may not purchase or sell a Covered Investment if the same security has been purchased or sold in a portfolio managed by RBC GAM-US for seven calendar days before through seven calendar days after the portfolio trade date ("Blackout Period"). Preclearance requests for securities purchased or sold in a client account any time during the seven-day period preceding the preclearance request will be denied.

An Access Person's transaction will be flagged for review if there is a trade in the same security in a client portfolio within seven calendar days following the Access Person's trade date. The Compliance Department will investigate all such trades, including requiring the Access Person to submit a written explanation of the circumstances surrounding the transaction. If the Compliance Department is not satisfied that the Access Person effected the trade without knowledge of the impending RBC GAM-US managed portfolio transaction, the Access Person may be required to reverse the transaction, forfeit any resulting gains, and absorb any resulting financial and/or tax consequences (see <u>Violations</u>).

Access Persons' trades are cross-referenced against all client portfolio trades that occur during the Blackout Period to ensure there are no violations of the Blackout Period trading prohibition.

The "*De minimis*" exemption may apply to limit the application of the Blackout Period. Trades covered by the "*De minimis*" exemption must be precleared and are subject to all other requirements of the Code of Ethics. In addition, the following requirements must be met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction or aggregated transactions must be for the purchase or sale of 2,000 shares or less every 30 days. In the
case of Options, the transaction must be for < 20 contracts.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The issuer of the securities must have a market capitalization of at least $1 billion. In the case of Options, the
underlying security must have a market capitalization of at least $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The transaction must be free from any actual, potential, or perceived conflicts of interest.

 *De minimis* exemptions are generally not available to Investment Professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Private Investments

Private Placements or Limited Offerings ("Private Investments") include any investment in securities not executed through a securities market such as a stock exchange, automated quotation system or an over-the-counter market. Private Investments are exempt from registration under the Securities Act of 1933. Examples of Private Investments include but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any securities obtained by prospectus exception, including tax shelter private investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private placements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedge funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited partnership investments or closely held corporations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income-producing real estate investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private investment opportunities offered by RBCCM or a previous employer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New offerings of unregistered securities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in a private company (including family businesses, restaurants, consulting companies, investment-based
crowdfunding entities, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial Coin Offerings ("ICOs"). Registered Personnel are prohibited from purchasing ICOs that may be
considered to be securities offerings.

An Access Person who owns Private Investments, whether held at the start of employment or acquired during their employment, may at any time be required to halt or divest in any and all transactions involving said Private Investments if potential or actual conflicts of interest arise.

Preapproval by both the Compliance Department and the Access Person's manager is required for initial and subsequent investments in all Private Investments. To request preapproval, Access Persons must complete and submit the Private Placement Preapproval Form in the designated compliance reporting system, and provide copies of the offering documents and subscription agreements, as applicable. Failure to seek preapproval for a Private Investment is a material violation of the Code of Ethics (see <u>Violations)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. RBC Private Funds

Access Persons may not invest in Private Funds managed by RBC or any of its affiliates (including BlueBay alternative funds) unless the Access Person is directly involved in providing investment management services to the fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Royal Bank of Canada Securities

Access Persons are prohibited from trading in Options on Royal Bank of Canada (RY) securities. The only exception to this prohibition is for RBC affiliated company employees exercising Options in conjunction with a sale of their shares under an employee compensation plan, provided that settlement of the Options takes place within 10 days of the sale of the RBC shares. Certain RBC GAM-US directors or senior officers may also be subject to RBC Trading Windows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Initial Public Offerings Prohibited

Access Persons and their Immediate Family Members are prohibited from participating in an Initial Public Offering ("IPO"). An IPO is an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of sections 13 or 15(d) of the Securities Exchange Act of 1934.

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IPOs represent the same type of investment opportunity that may be considered on behalf of our clients. In addition, for Registered Personnel, participation in an IPO is prohibited under FINRA rules; this prohibition includes participation in an ICO that may be determined to be a securities offering

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Watch List or Restricted Securities

RBC GAM-US may from time to time, for a variety of reasons, identify issuers whose securities Access Persons are restricted from trading. If an issuer is on the Restricted List, no trading will be permitted. If an issuer is on the Watch List, trading may be approved, depending on the facts and circumstances surrounding the request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0. Frequent / Unusual Trading Activity.

Frequent trading activity is strongly discouraged. Access Persons' main focus should be on client interests and other work duties. Although no set limit of trades during a period of time is expressly stated, Access Persons should understand that frequent trading activity which is deemed excessive will be escalated to the Access Person's manager. The Compliance Department may also monitor patterns of personal trading activity and may require additional information from an Access Person with respect to a specific trade or series of transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Compliance Department Personnel Trades

Compliance Department personnel are not permitted to review or assess compliance with the Code of Ethics as it relates to their own personal trading activities. The CCO is responsible for administering the Code of Ethics with respect to personal trading activities of the compliance Employee who has been delegated with the responsibility for administering the Code of Ethics. The CCO's personal trading activity in Covered Investments is reported to the Compliance Committee quarterly.

Reporting Requirements / Certifications

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Covered Accounts

Covered Accounts include all brokerage or other investment accounts that can transact in Covered Investments, and where Access Persons and their Immediate Family Members have direct or indirect influence or control or Beneficial Ownership Interest, including interests in any partnerships, trusts or estates (see separate RBC GAM-US Outside Business Activities Policy for disclosure and approval requirements for partnerships, trusts and estates).

Access Persons must promptly disclose all new Covered Accounts in the designated compliance reporting system. All new Covered Accounts must be opened with a Designated Broker, unless preapproved by the Compliance Department. Failure to promptly disclose new Covered Accounts is a violation of the Code of Ethics (see <u>Violations)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Initial Certifications

Within 10 calendar days of the start of employment, or any other occurrence that results in an individual being deemed an Access Person (*e.g.*, when certain employees of affiliates or otherwise related persons gain access to RBC GAM-US pre-execution trading activity and nonpublic holdings information), the Access Person is required to disclose all Covered Accounts and Covered Investments and provide the Compliance Department with electronic or paper statements dated within 45 days of becoming an Access Person. Each Access Person is responsible for entering initial holdings information manually into the designated compliance reporting system, if holdings are not automatically captured by an electronic feed.

In addition, each new Access Person is required to complete initial certifications confirming the accuracy of the holdings and account information disclosed, understanding of Code requirements, disclosure of outside business activities, and other disclosures, within 10 calendar days of becoming an Access Person.

Failure to disclose all Covered Accounts and holdings within 10 days of becoming an Access Person, with electronic or paper statements current as of a date no more than 45 days prior to the date the person becomes an Access Person, is a regulatory violation as well as a violation of the Code of Ethics (see <u>Violations)</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Quarterly Certifications

Access Persons must certify via the designated compliance reporting system quarterly that they have complied with all Code of Ethics requirements, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any personal securities transactions have been precleared as required by the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person has complied with the Code of Conduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All new accounts have been properly disclosed in the designated compliance reporting system. Access Persons are required to
complete a separate Quarterly Broker Account Report in the designated compliance reporting system confirming the accuracy of all accounts disclosed in the system and, if applicable, that all required statements have been provided to the Compliance
Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Access Person is the beneficiary of any third-party managed account, beneficiary trust, or named as a successor trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o At no time did Access Person direct the trustee or third-party manager to make any particular purchases or sales of
securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o At no time did Access Person consult with the trustee or third-party manager as to the particular allocation of
investments to be made in said account(s) during the quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If applicable, all outside business activities, including modifications to existing approved activities, have been reported
to and approved by the Compliance Department and the Employee's manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person has not been in receipt of MNPI, except as disclosed to the Compliance and Legal Departments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Employee has complied with the Political Contributions Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If applicable, any Code of Ethics violations made by the Access Person or the Access Person's Immediate Family
Member(s) have been brought to the attention of the Compliance Department.

Access Persons will be notified by the Compliance Department when quarterly certifications are due. Failure to complete the quarterly certifications before the deadline prescribed by the Compliance Department (absent extenuating circumstances such as a leave of absence) may be considered a violation of the Code (see <u>Violations)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Quarterly Transaction Reports

Within 30 calendar days after the end of each quarter, Access Persons are required to provide statements that identify all transactions in Covered Investments during the quarter ("Transaction Reports"). Access Persons do not need to facilitate the request to forward quarterly Transaction Reports to the Compliance Department if any one of the following conditions are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person maintains Covered Accounts with a Designated Broker (the Compliance Department is able to obtain electronic
feeds through the designated compliance reporting system on these accounts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Access Person has obtained preapproval from the Compliance Department and previously arranged to have the required
statements and broker confirms sent directly to the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Compliance Department is receiving electronic feeds on the account(s) through the designated compliance reporting
system.

Failure to provide Transaction Reports within 30 days after the end of each quarter is a regulatory violation as well as a violation of the Code of Ethics (see <u>Violations)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Annual Holdings Report

At least once each 12-month period, with information current as of a date no more than 45 days prior to the date the report was submitted, Access Persons must submit a holdings report ("Annual Holdings Report") containing the following

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information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The title and type of security, and as applicable the exchange ticket symbol or CUSIP number, number of shares, and
principal amount of each reportable security in which the Access Person has any direct or indirect Beneficial Ownership Interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The name of any broker, dealer or bank with which the Access Person maintains an account in which any securities are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The date the Access Person submits the report.

**Exceptions:** Access Persons do not need to include securities that do not require preclearance on the Annual Holdings Report (*e.g.*, mutual funds or ETFs); provided, however, any fund for which RBC GAM-US serves as an investment adviser ("RBC Managed Funds") must be disclosed.

Currently, the Annual Holdings Report is required to be completed at the end of the third calendar quarter (September 30) through the designated compliance reporting system.

Failure to provide an Annual Holdings Report with information current as of a date no more than 45 days prior to the date the report is required is a regulatory violation as well as a violation of the Code of Ethics (see <u>Violations)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Intern Certifications

Intern Employees who will be with RBC GAM-US for less than one quarter and who will not be given access to non-public trading or holdings (*i.e.*, Intern Employees who are not considered Access Persons) may be required to complete initial and final certifications in lieu of the reporting and certification requirements described herein. The Compliance Department will provide training to Intern Employees not considered Access Persons in order to reinforce expectations and applicable policies and procedures. Intern Employees will not be required to transfer existing Covered Accounts to one of our Designated Brokers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Access Persons with Affiliate Entity Reporting Requirements and RBC Exempt Individuals

The Compliance Department may utilize the reports an Access Person provides to an affiliated entity to satisfy certain reporting requirements when the Access Person is subject to a Code of Ethics and reporting requirements for the affiliated entity with similar or more stringent reporting requirements.

RBC Exempt Individuals are required to make annual representations confirming the conditions of their exempt status as described above (see Limited Exemptions).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Compliance Committee and Client Reporting

The CCO shall report on the Compliance Department's monitoring and other related activities to the Compliance Committee and as requested by clients. The following will be reported quarterly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Anticipated or recommended changes to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A written summary of all violations and any other significant information concerning application of the Code of Ethics.

The following will be reported upon client request:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certification that RBC GAM-US has adopted procedures reasonably necessary to
prevent Access Persons from violating the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Summary of Code of Ethics violations.

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Violations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Reporting Violations

Employees are required to report any violations of this Code of Ethics promptly, whether by Employee or others, to the Compliance Department. The Compliance Department will conduct a thorough review, including contacting the Employee for additional information, and conferring with the Employee's manager, where appropriate, in order to determine whether the violation is material, and whether any disciplinary or remedial actions need to be taken.

An Employee deemed in violation of the Code of Ethics will have the opportunity to respond to all charges and a written record will be maintained, along with any remedial action taken.

RBC GAM-US may report Code of Ethics violations to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Senior Management

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC GAM-US Board of Directors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Funds Board

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prospective Clients

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Information Barrier Violations

RBC GAM-US maintains informational barriers and other reasonably designed controls to ensure that it conducts its business in accordance with its fiduciary obligations to clients and in compliance with all federal and state securities laws. All Employees share this responsibility. Any Employee who believes that there has been a violation of the Code of Ethics, any other Firm policy or procedure, or any applicable aspect of the federal or state securities laws or their related rules, must report the violation promptly to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Non-Material Violations

If a violation is deemed to be non-material, a disciplinary communication will be sent to the Employee, with a copy to the Employee's manager. The Employee will be required to review the Code of Ethics requirements and respond to the communication acknowledging completion of the review and compliance going forward. Examples of non-material violations include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First inadvertent preclearance violation involving a transaction that would have been approved if preclearance had been
sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Possibly* failure to identify a personal securities account (such as rollovers, direct accounts, HSAs with brokerage
link and other non-traditional securities accounts) with the *ability* to trade securities (only if no securities have been transacted). This is a facts and circumstances situation. If circumstances
warrant a non-material determination, it will be a one-time-only exception.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to complete required quarterly and annual certifications, absent extenuating circumstances, within the time period
prescribed by the Compliance Department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repeated administrative errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Material Violations

If a violation represents a second or subsequent non-material violation, or if it is an initial violation deemed material, disciplinary or remedial measures may be taken as described below. Examples of material violations include but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A deliberate attempt to violate the Code of Ethics.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• First inadvertent preclearance violation if the transactions would not have been approved if preclearance had been sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repeated preclearance violations (even if the transaction would otherwise have been approved).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to identify personal securities accounts in which securities had been transacted (regardless of whether the
transaction would have been approved).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to obtain preapproval for a Private Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to report an actual or potential conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Certain Blackout Period violations by Investment Professionals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to obtain preapproval of a Futures or commodities trading account, in violation of CFTC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Registered Personnel only:</u> Trading in any security listed on the RBC Wealth Management restricted securities list
during the restricted period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Failure to comply with all applicable federal and state securities laws and regulations.

Employees are expected to know and understand all Code requirements. Failure to comply with any Code requirement may be considered a material or non-material violation, as determined by the Compliance Department, and subject to disciplinary or remedial measures, including but not limited to termination of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Observations

If an Access Person makes repeated administrative errors such as preclearing in the wrong account, preclearing the wrong direction (*e.g.*, entering a buy instead of a sell) or makes other repeated input errors that cause transactions to be flagged in the designated compliance reporting system, disciplinary or remedial measures may be taken as described herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Disciplinary or Remedial Measures

Disciplinary or remedial measures may include but are not limited to any one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Additional training

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Disgorgement of profits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade reversals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trade restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Salary reduction or monetary fine

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Suspension or termination of employment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Referral to criminal authorities where appropriate

Employee's manager will be notified of all Code violations and any disciplinary or remedial actions taken. All repercussions beyond a disciplinary communication will be determined by the CCO in conjunction with the Employee's manager, or, where appropriate, the President of RBC GAM-US.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Donation of Proceeds

If an Access Person is required to disgorge profits, the proceeds shall be donated to the Ronald McDonald House Charities, or such charitable organization that may be approved by the Compliance Committee.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. No Liability for Losses

RBC GAM-US and its affiliates will not be liable for any losses incurred or profits avoided by any Access Person resulting from the implementation or enforcement of the Code of Ethics. Access Persons must understand that their ability to buy and sell investments may be limited and that RBC GAM-US's trading activity may affect when an Access Person can buy or sell a particular security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Confidentiality / Reporting Misconduct

As noted above, Employees are required to report any violations of this Code of Ethics promptly, whether by Employee or others, to the Compliance Department. We all have a responsibility to report misconduct. RBC GAM-US strives to create an atmosphere that encourages the good faith reporting of suspected violations. Accordingly, senior management will take great care to protect the identity of Employees who report suspected violations. Employees may ask the CCO to meet outside of RBC GAM-US offices or to discuss a suspected violation via phone away from the office and outside of regular business hours.

We are guided by our Values to act with integrity and to always do the right thing, and are committed to creating an environment where Employees feel safe reporting in good faith any breaches, misconduct, suspicious or deceptive activities directly to the Chief Compliance Officer or other senior management. Please see GAMspace > Employee Resources > <u>Reporting Misconduct</u> for additional resources available to you. All good faith reports are taken seriously and investigated promptly and thoroughly, as appropriate, and retaliation is prohibited.

Training

The Compliance Department provides initial training to all Access Persons and periodic training throughout the year, and keeps records of all training conducted.

Recordkeeping

Records Required to Be Kept for Seven Years (minimum two years on-site):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All initial and annual holdings reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All transaction confirmations and quarterly account statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A copy of the Code of Ethics currently in effect and any previous versions of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A record of any violation of the Code of Ethics and of any action taken as a result of the violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All acknowledgements of the Code of Ethics for each person who is currently, or within the past seven years was, an
Employee of RBC GAM-US or otherwise is or was considered an "Access Person".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of persons who are currently, or within the past seven years were considered Access Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records pertaining to training of the Code of Ethics, including new Access Person training and training related to Code
amendments, including who attended, when it was provided and what was covered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records relating to the approval of Third-Party Managed Accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A list of persons who are currently, or within the past seven years were, considered an RBC Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records related to the granting of exemptions to the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records documenting the annual review of the Code of Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• All records of preclearance requests and the responses thereto.

Disclosure

Form ADV Part 2A requires RBC GAM-US to describe its Code of Ethics and make it available to clients and potential clients.

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| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 19 |

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Ownership

This document is maintained by the Chief Compliance Officer.

Review Schedule

At least annually, the Code of Ethics and relevant policies and procedures will be reviewed for accuracy and effectiveness.

Approval Date and Revisions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 1, 2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 8, 2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• November 22, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• April 8, 2022

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 17, 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• November 1, 2018

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 18, 2017

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 19, 2016

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 9, 2015

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 5, 2014

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 22, 2013

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• August 1, 2012

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• February 14, 2012

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• September 6, 2011

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• January 1, 2010

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 18, 2009

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 6, 2008

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• December 13, 2007 (Code of Ethics original approval date)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• October 3, 2004 (Guidelines Regarding Insider Trading originally approved October 3, 2004, amended
December 12, 2005, and incorporated into the Code on December 18, 2009)

Any amendments to the Code of Ethics will be provided to Access Persons who will be required to acknowledge receipt and understanding of Code requirements.

Definitions

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| **Access Person** | RBC GAM-US considers all of its Employees, directors and officers to be Access Persons, with limited exceptions (see <u>Limited Exemptions</u>). In addition, certain employees of affiliates or otherwise related persons may be considered Access Persons when they are in receipt of or have access to nonpublic information regarding securities transactions or portfolio holdings in any client's account.<br>|
|  | Access Person may also include any other persons who the CCO determines to treat as Access Persons because of their status, the functions they perform, or the information they obtain or have the ability to access. |

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| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 20 |

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| **American Depositary**<br> **Receipt (ADR)**<br>Preclearance Required | A negotiable certificate issued by a U.S. bank representing a specified number of shares in a foreign company's stock. ADRs trade on American stock exchanges. |

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| **Automatic**<br> **Investment Plan** | A program in which regular periodic purchases (or withdrawals) are made automatically to/from investment accounts in accordance with a predetermined schedule and allocation. |
| Reporting Not Required | Examples include dividend reinvestment plans and direct stock purchase plans. |

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| **Beneficial**<br> **Ownership Interest** | An Access Person has a Beneficial Ownership Interest in an investment if the Access Person has or shares in the opportunity, directly or indirectly, to profit or share in the profits, regardless of the name in which the investment is held.<br>Access Persons are assumed to have a Beneficial Ownership Interest in all Covered Accounts and Covered Investments held by Immediate Family Members (defined below); and in any Covered Account where the Access Person has discretionary control over the purchase or sale of Covered Investments; and any partnerships, trusts or estates (see separate RBC GAM-US Outside Business Activities Policy for disclosure and approval requirements for partnerships, trusts and estates). |

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| **Blackout Period** | The Blackout Period encompasses seven calendar days before through seven calendar days after a security is purchased or sold in a portfolio managed by RBC GAM-US. |

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| **CCO** | RBC GAM-US's Chief Compliance Officer. |

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| **Closed-End Fund**<br>Preclearance Required | A closed-end fund is a portfolio of pooled assets that raises a fixed amount of capital through an IPO and then lists shares for trade on a stock exchange. After all the shares sell, the offering is closed and no new shares are issued; the shares trade like stocks. |

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| **Covered Accounts**<br>Reporting Required | All brokerage or other investment accounts that can transact in Covered Investments and where Access Persons and their Immediate Family Members have direct or indirect influence or control or Beneficial Ownership Interest, including interests in any partnerships, trusts or estates (see separate Outside Business Activities Policies and Procedures for disclosure and approval requirements for partnerships, trusts and estates). |

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| **Covered Investments**<br> Preclearance Required | Investments in securities, broadly defined to include all types of equity and debt investments (including investments in a related security, such as an option or closed-end mutual funds). See Covered Investments Exceptions for a list of securities not included in Covered Investments. |

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| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 21 |

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| **Covered Investments**<br> **Exceptions**<br>Preclearance Not Required | &nbsp;&nbsp;&nbsp;&nbsp; The following securities are excluded from the definition of Covered Investments and do not require preclearance:<br>• Exchange-Traded Funds (ETF) (except single-security ETFs, which must be precleared)<br>• Exchange-Traded Notes (ETN)<br>• U.S. government securities<br>• Bankers' acceptances<br>• Bank certificates of deposit<br>• Commercial paper<br>• High-quality short-term debt instruments (such as money market mutual funds)<br>• Royal Bank Common Stock Fund<br>• Registered investment companies (mutual funds) that are open-ended, including RBC Managed Funds.<sup>2</sup><br>If changes to this list occur between updates to the Code of Ethics, the Compliance Department will communicate such changes in writing to all Access Persons. |

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| **Cryptocurrency**<br>Preclearance Not Required | A digital or virtual currency secured by cryptography. Many cryptocurrencies are decentralized networks based on blockchain technology. |

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| ***De minimis***<br> **exemption** | The "*de minimis*" exemption may apply to limit the application of the Blackout Period. Trades covered by the "*de minimis*" exemption must be precleared and are subject to all other requirements of the Code of Ethics. See Blackout Period Trading.<br>|
|  | *De minimis* exemptions are generally not available to Access Persons who qualify as Investment Professionals. |

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| **Designated Brokers** | &nbsp;&nbsp;&nbsp;&nbsp; RBC GAM-US approved broker-dealers:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Fidelity Investments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Charles Schwab & Company<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• RBC Wealth Management, a division of RBC Capital Markets, LLC (or any RBC affiliate)<br>|

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| **Dividend**<br> **Reinvestment Plan** | A type of automatic investment plan that allows investors to reinvest their cash dividends into additional shares or fractional shares on the dividend payment date. |
| Reporting Not Required | See also Automatic Investment Plan. |

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|:---|:---|
| **Employee** | All RBC GAM-US Employees, including contract workers/consultants, and interns. |

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<sup>2</sup>Preclearance approval is not required for opened-ended mutual funds, but all mutual funds where RBC is either the adviser or sub-adviser must be disclosed in the designated compliance reporting system.

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| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 22 |

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| **Designated Compliance Reporting System** | The "designated compliance reporting system" is the system RBC GAM-US uses to administer the Code of Ethics; In addition to automating compliance with personal trading requirements, the designated compliance reporting system is also used for approval of outside business activities, political contributions, private securities transactions; various disclosures, including gifts and entertainment disclosures; and periodic certifications.<br>The designated compliance reporting system is subject to change from time to time, and all Access Persons will be notified accordingly, with training provided, as needed. |

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| **Employee Stock Purchase Plans**<br>Reporting and Preclearance Required (if stock is held in brokerage)<br>Reporting and preclearance not required (if stock is held with employer) | A company-run program in which participating employees can purchase company stock at a discounted price. The company stock is held in a brokerage account or with a transfer agent. |

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| **Exchange-Traded Fund (ETF)**<br>Preclearance Not Required (excludes single-security ETFs which must be precleared) | A type of security similar to a mutual fund that involves a collection of securities, such as stocks, that often track an underlying index. ETFs include those organized as open-end investment companies and those organized as unit investment trusts.<br>|
| **Exchange-Traded Fund (ETF)**<br>Preclearance Not Required (excludes single-security ETFs which must be precleared) | Single-security or single stock ETFs, do not involve a collection of securities; rather, they track just a single stock but employ derivatives contracts to provide leveraged and/or inverse returns. ***Single-security ETFs must be precleared.*** |

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| **Exchange-Traded Note (ETN)**<br>Preclearance Not Required | A type of unsecured debt security, similar to bonds, that tracks an underlying index of securities. |

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| **Futures ! Commodities Contracts ! Accounts**<br>Compliance Preapproval Required | A futures contract requires a buyer to purchase assets, and a seller to sell them, on a specific future date, unless the holder's position is closed before the expiration date. |
| **Futures ! Commodities Contracts ! Accounts**<br>Compliance Preapproval Required | RBC GAM-US is registered with the National Futures Association and is subject to its rules, which requires Access Persons to obtain preapproval before opening a commodities or futures account. |

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| **Initial Coin Offering (ICO)**<br>Compliance Preapproval Required | An Initial Coin Offering (ICO) is the cryptocurrency industry's equivalent to an IPO. A company seeking to raise money to create a new coin, app or service can launch an ICO as a way to raise funds. Depending on the facts and circumstances of each individual ICO, the virtual coins or tokens that are offered or sold may be securities.<br>Registered Personnel are prohibited from participating in an ICO that may be considered to be a securities offering. |

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| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 23 |

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|:---|:---|
| **Immediate Family**<br> **Member** | Generally, any relative by blood, adoption or marriage living in the Access Person's household, any domestic partner, and, whether or not living in the Access Person's household, any other relative with respect to whose investments the Access Person has influence or control.<br>|

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| **Index Fund**<br>Preclearance Not Required | A type of mutual fund with a portfolio constructed to match or track the components of a financial market index, such as the Standard & Poor's 500 Index (S&P 500). |

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|:---|:---|
| **Initial Public Offering**<br> (IPO)<br>Prohibited | <br> An IPO is a company's first sale of stock to the public. An IPO refers to the process of offering shares of a private company to the public in a new stock issuance in order to raise capital. IPOs are usually underwritten by one or more investment banks. |

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|:---|:---|
| **Investment Professional** | <br> Access Persons involved in security selection, research or trading, or function as a portfolio manager (investment decision-making role). Based on their roles, these Access Persons may be in receipt of material non-public information ("MNPI"). |

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|:---|:---|
| **Investment Club**<br>Prohibited | A group of individuals who pool their money to make investments. Investment clubs are usually organized as partnerships and, after the members study different investments, the group decides to buy or sell based on a majority vote of the members.<br>|
|  | Due to the high risks associated with accessing and sharing confidential, proprietary and material non-public information, Access Persons and their Immediate Family Members are prohibited from participating in Investment Clubs.<br>|

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|:---|:---|
| **Limited Offering**<br>Compliance Preapproval Required<br>| <br> See Private Investments. |

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|:---|:---|
| **Monitored <br>Employees** | Monitored Employees are (1) Reporting insiders (2) pre-clearing officers (3) executive officers of RBC, and (4) other employees who are selected by RBC to be monitored because they may acquire inside information about RBC (RBC access employees) or any other reporting issuer (other access employees) in the ordinary course of business. Using a risk based analysis; some employees with no ordinary course access are classified as monitored employees due to their position and level of responsibilities. Monitored Employees are also subject to the RBC Enterprise-Wide Personal Trading Policy.<br>|
|  | All Monitored Employees who retire or leave RBC, or transfer to another role that does not require monitoring, must continue to adhere to personal trading restrictions for 90 days following their departure, including the Trading Window restrictions where appropriate.<br>|

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|:---|:---|
| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 24 |

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|:---|:---|
| **MNPI (Material Non- Public Information)** | Any information for which there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision or information that is reasonably certain to have a substantial effect on the price of a company's securities which has not been disseminated to the general public.<br>|
|  | Please refer to the RBC GAM-US Material Non-Public Information (MNPI) and Research Providers Policy for additional information.<br>|

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|:---|:---|
| **Municipal Bonds**<br>Preclearance Required | Municipal bonds are debt securities issued by state and local governments used to fund public works projects. |

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|:---|:---|
| **Open-End Mutual Fund**<br>Preclearance Not Required<br>| An open-end mutual fund (also known as a registered investment company) is a mutual fund that issues new shares when people invest in it and buys back old shares when investors want to redeem them. |
|  | RBC mutual funds do not require preclearance but must be disclosed in the designated compliance reporting system.<br>|

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|:---|:---|
| **Options**<br>Preclearance Required | Options are a derivative form of investment based on the value of an underlying security. Options give the investor the right, but not the obligation, to buy or sell a specific security at a specific price within a specific time frame. |

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|:---|:---|
| **Private Funds**<br>Compliance Preapproval Required | Private Funds are pooled investment vehicles excluded from the definition of investment company under the Investment Company Act of 1940, as amended, by Sections 3(c)(1) or 3(c)(7). |
|  | Access Persons may not invest in Private Funds managed by RBC or any of its affiliates (including BlueBay alternative funds) unless the Access Person is directly involved in providing investment management services to that fund.<br>|

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|:---|:---|
| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 25 |

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|:---|:---|
| **Private Investments**<br>Compliance Preapproval Required | &nbsp;&nbsp;&nbsp;&nbsp; Private Investments (also known as private placements or limited offerings) include any investment in securities which are not executed through a securities market such as a stock exchange, automated quotation system or an over-the-counter market. Examples of Private Investments include but are not limited to the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Any securities obtained by prospectus exception, including tax shelter private investments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private placements<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hedge funds<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Limited partnership investments or closely held corporations<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income-producing real estate investments<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Private investment opportunities offered by a previous employer<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• New offerings of unregistered securities<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investments in a private company (including family businesses, restaurants, consulting companies, investment-based crowdfunding entities, etc.)<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Initial coin offerings (ICOs). Registered Personnel are prohibited from participating in ICOs that may be considered to be securities offerings.<br>|

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| **Private Placement**<br>Compliance Preapproval Required | See Private Investments. |

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|:---|:---|
| **RBC** | Royal Bank of Canada |

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|:---|:---|
| **RBC Code of <br>Conduct** | The <u>Code of Conduct</u> guides us and sets expectations for our behavior and decision-making. It applies to all RBC Employees, contract workers, interns, and members of the board of directors of RBC and all of its subsidiaries.<br>|
|  | Understanding and complying with the Code of Conduct is a condition of employment. |

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|:---|:---|
| **RBC Executive** | Any personnel listed in Part 1 of RBC GAM-US's most current Form ADV, Schedule A, Direct Owners and Executive Officers. |

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|:---|:---|
| **RBC GAM-US / Firm** | RBC Global Asset Management (U.S.) Inc. |

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|:---|:---|
| **RBC Managed Funds**<br>Reporting Required | Mutual funds where RBC is either the adviser or sub-adviser |

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|:---|:---|
| **Reportable**<br> **Investments**<br>Reporting Required | Securities that must be reported in the designated reporting system but do not require preclearance, such as RBC Managed Funds and futures contracts. |

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|:---|:---|
| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 26 |

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|:---|:---|
| **Third-Party Managed Accounts**<br>Compliance Preapproval Required | A Third-Party Managed Account is an account managed by a third-party manager who has investment management discretion regarding securities transactions pursuant an investment management or advisory agreement where the Access Person relinquishes direct or indirect influence or control over the account to the third-party manager. |

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|:---|:---|
| **Trading Window** | Periods of time set by calendar dates when trading in RBC Securities by Monitored Employees is either permitted ("open trading window") or prohibited ("closed trading window"). Such dates are set in advance by senior management based on the planned public release of RBC financial information. |

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|:---|:---|
| **Unit Investment**<br> **Trust**<br>Preclearance Not Required<br>| A Unit Investment Trust ("UIT") is an investment company that offers a fixed portfolio, generally of stocks and bonds, as redeemable units to investors. Some ETFs are<br> structured as UITs. A UIT is not actively managed. |

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| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 27 |

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![LOGO](g11343g94g94.jpg)

Exhibit A – Quick Reference Guide Quick Reference Guide Last Updated December 8, 2023 > These requirements apply to all accounts and transactions where Access Person has a Beneficial Ownership Interest in an investment. An Access Person has a Beneficial Ownership Interest in an investment if the Access Person has or shares in the opportunity, directly or indirectly, to profit or share in the profits, regardless of the name in which the investment is held. Access Persons are assumed to have a Beneficial Ownership Interest in all Covered Accounts and Covered Investments held by Immediate Family Members sharing the same household and includes accounts where the Access Person has discretionary control over the purchase or sale of Covered Investments, and interests in any partnerships, trusts or estates (see separate Outside Business Activities Policies and Procedures for disclosure and approval requirements for partnerships, trusts and estates). > Obtaining preclearance approval does not relieve Access Person from conducting securities transactions in full compliance with the provisions of the Code. > This chart is not all-inclusive and is subject to change. Please contact the Compliance Department with any questions. RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 28

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Exhibit B – Frequently Asked Questions (FAQs)

**<u>BACKGROUND</u>**

**Why am I subject to the Code of Ethics?** 

As an Employee of RBC GAM-US ("Employee" includes interns and contract workers), you are considered both an access person and a supervised person, as those terms are defined in the SEC rules. As a registered investment adviser, RBC GAM-US is required, among other things, to monitor access persons' / supervised persons' (and their Immediate Family Members') personal securities transactions and holdings.

**Why are my Immediate Family Members subject to the Code of Ethics?** 

The SEC rules require that access persons' holdings and transaction reporting requirements apply to all holdings or transactions where the access person has any direct or indirect beneficial ownership interest. "An access person is presumed to be a beneficial owner of securities that are held by his or her immediate family members sharing the access person's household" (SEC Adopting Release July 6, 2004),

**<u>MAINTAINING ACCOUNTS</u>**

**Why do my personal brokerage accounts have to be held with a Designated Broker?** 

By using a Designated Broker, RBC GAM-US is able to obtain daily electronic feeds of trade activities in Covered Accounts, which assists in promptly identifying violations and automating the review process.

**What accounts do I need to disclose in the designated compliance reporting system?** 

All accounts that allow for trading in Covered Investments, even if the account does not currently hold Covered Investments, must be disclosed for both Access Persons and their Immediate Family Members, including all accounts where if you have been granted power-of attorney, or where you are able to exercise control over investment decisions (these situations will be reviewed on a case-by-case basis).

**Do I need to disclose an employee stock purchase plan held by me or my Immediate Family Member?** 

Yes. An employee stock purchase plan ("ESPP") is a company-run program in which participating employees can purchase company stock at a discounted price. The company stock purchased through an ESPP is held in a brokerage account or with a transfer agent and this account must be reported in the designated compliance reporting system. Preclearance is required before the stock can be sold.

**My Immediate Family Members have brokerage accounts with non-Designated Brokers. Do these accounts have to be moved to one of our Designated Brokers?** 

Yes, unless the account has been approved by the Compliance Department to be held with an outside broker. An exception is most likely to be approved if electronic feeds are available from the outside broker. If electronic feeds are not available, an exception may be granted in rare circumstances and only if the Access Person ensures duplicate account statements and broker trade confirmations are provided to the Compliance Department in accordance with the Reporting Requirements described in the Code of Ethics.

**I have been asked to serve as a trustee, co-trustee, executor to an estate, or have been granted power of attorney over a brokerage account. Do I need to disclose this account and holdings in PTA?** 

Yes. Being a trustee or co-trustee to a trust, or executor to an estate, creates an account interest and triggers the requirements of a Covered Account. As a trustee, co-trustee, executor to an estate, or where you have been granted a power of attorney over an account, you have beneficial ownership due to your discretionary control over the purchase or sale of investments. These accounts must be reported in the designated compliance reporting system and pre-clearance

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| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 29 |

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will be required. In addition, acting as a trustee may be deemed an outside business activity. See the Outside Business Activities Policy for additional information.

**I own RBC Mutual Funds in my 401(k). Do I need to report these holdings in the designated compliance reporting system?** 

Yes, you must report all RBC mutual funds in the designated compliance reporting system, even though preclearance is not required. All mutual funds where RBC GAM-US is the adviser or sub-adviser must be reported. However, you are not required to report the RBC Common Stock Fund in your RBC Fidelity 401(k).

Please contact the Compliance department if you need assistance.

**Why do I need pre-approval to open a Futures or a Commodities Account?** 

RBC GAM-US is registered with the NFA and is subject to CFTC rules, which requires Access Persons to obtain pre-approval before opening a commodities or futures account.

**I have been asked to join an Investment Club, or I am already a partner or member in an Investment Club. Do I need to report the account in the designated compliance reporting system and move my account to a Designated Broker?** 

Investment clubs are prohibited due to the high risks associated with accessing and sharing confidential, proprietary and material non-public information. If you are already a partner or member in an investment club, you will be required to cease your involvement.

**Can I open a brokerage account using an investment app, such as <u>stockpile.com</u> or <u>robinhood.com</u>?** 

No. With limited exceptions, all brokerage accounts must be held with one of our Designated Brokers. We are unable to automate the review process on investment app brokerage accounts with electronic feeds and do not have the resources to manually monitor such accounts.

**<u>TRADING RULES</u>**

**Why do I need pre-clearance or pre-approval when trading in Covered Investments?** 

The SEC rules require that investment advisers review their supervised persons' personal securities transactions and holdings and recommends that advisers require pre-clearance of access persons' personal securities transactions. The preclearance requirements contained in the Code of Ethics are designed to help prevent, detect and correct trading on MNPI and to avoid actual, potential, or perceived conflicts of interest.

**Do I need pre-clearance if my account is managed by a third-party manager?** 

If your account is managed by a third-party investment manager and you are not exercising direct or indirect control over the account, and this account has been pre-approved by the Compliance Department, you will not need to pre-clear trades.

**Why is there a blackout period?** 

Blackout periods restrict Access Persons from purchasing or selling the same security for a short period of time before and after a client trade occurs in order to prevent Access Persons from trading ahead of clients or allocating trades in a manner that could defraud clients or raise any conflicts of interest.

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| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 30 |

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**What is a "*de minimis*" exemption?** 

"*De minimis*" ("of minimum importance"; insignificant"). A "*de minimis*" exemption applies to personal trading in the stock of a large capitalized company where employee transactions (or aggregate transactions) are not going to be significant enough to make any market impact. "*De minimis*" exemptions are generally not available to Access Persons who are Investment Professionals.

**What happens if an Investment Professional obtains approval through the designated compliance reporting system to execute a trade in a security that is subsequently traded in a client portfolio within the blackout period?** 

This scenario would be considered on a case-by-case basis but would ordinarily be a violation of the Code that would require corrective measures. The Compliance Department will investigate all such trades, including requiring the Investment Professional to submit a written explanation of the circumstances surrounding the transaction. If the Compliance Department is not satisfied that the Access Person effected the trade without knowledge of the impending firm trade, the Access Person may be required to reverse the transaction, forfeit any resulting gains, and absorb any resulting financial and/or tax consequences.

**What do I need to do if I want to participate or make a subsequent investment in a Private Placement, Limited Partnership, Hedge Fund or REIT?** 

Private placements, limited partnerships, hedge funds or REITS ("Private Investments") are subject to advance review and approval by the Compliance Department. Access Persons should complete and submit the Private Placement Pre-Approval Form found in the designated compliance reporting system Copies of the offering documents and subscription agreements must be provided.

**Why can't I buy shares in an Initial Public Offering?** 

Participation in an Initial Public Offering is prohibited for Access Persons and their Immediate Family Members because these types of transactions represent the same type of investment opportunities that may be considered on behalf of our clients. In addition, for securities-licensed Access Persons, participating in IPOs is prohibited under FINRA rules.

**I have an approved third-party managed account. Can my investment adviser/manager purchase an IPO or Private Investment?** 

You are prohibited from using a third-party managed account to circumvent Code requirements. IPOs are prohibited and Private Investments must be preapproved by both Compliance and your manager. The third-party managed account is prohibited from engaging in any transactions prohibited by the Code.

**Do I need preclearance approval to trade in cryptocurrencies or other digital assets?** 

Generally, no. For example, Bitcoin and Ether, both well-known examples of digital assets, are not considered by the SEC to be securities. Digital assets are generally held in a digital wallet, owned and controlled by the individual investor. The owner of the digital wallet remains anonymous, represented only by a public key. Preclearance approval and reporting is not required for Bitcoin- and Ether-type digital assets.

An initial coin offering ("ICO"), however, may be considered by the SEC to be a securities offering. Specifically, an ICO falls under the definition of "Private Investment" under the Code and, as such, requires prior approval by both Compliance and your manager. An ICO, sometimes referred to as a security token offering ("STO"), involves a crowdfunding exercise to fund project development. Sometimes, an STO can also be used as a security token (a digital representation) of an asset, meaning it could represent a share in a company, ownership of a piece of real estate, or participation in an investment fund. These securities tokens can then be traded on the secondary market of the issuer's choice.

Access Persons should complete the Private Placement Request Form in the designated compliance reporting system and obtain prior approval before purchasing an ICO/STO.

**Registered Personnel are prohibited from purchasing ICO shares that may be considered to be a securities offering.** 

Contact Compliance for questions on cryptocurrency reporting requirements.

---

| | |
|:---|:---|
| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 31 |

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------

**Can I purchase Royal Bank of Canada (RY) shares?** 

Yes, you can purchase RY in a personal investment account after obtaining pre-clearance approval through PTA. In your RBC 401(k), you can purchase shares of the RBC Common Stock Fund without transaction pre-approval. Options trading on RY stock is prohibited

**Can I buy RBC Mutual Funds shares? Do I need to report my holdings?** 

Yes, you can buy shares of RBC Funds and other open-ended funds advised or sub-advised by RBC GAM-US without obtaining preclearance approval; however, you must report these holdings in the designated compliance reporting system. Mutual funds not advised or sub-advised by RBC GAM-US are not Covered Investments and do not need to be pre-cleared or reported.

**When should options trading be precleared?** 

Option trading requires preclearance when you engage in an opening and closing options transaction as well as when you exercise an option.

**Does the short-term trading restriction apply to option trading?** 

Yes. The purchase and sale of option contracts may not be used to circumvent the short-term trading restriction. For example, Access Persons may not purchase an option that will expire within 30 days.

**I requested and received pre-clearance on a transaction. How long before the preclearance approval expires?** 

Pre-clearance approval expires at the end of the next business/trading day. For example, a preclearance approval received at 10:00 am on Thursday is good until the end of business Friday.

**<u>MATERIAL NON-PUBLIC INFORMATION ("MNPI")</u>**

**I overheard information regarding a change at RBC that will have a great impact on the Firm and its future. What should I do?** 

You should treat this information as material, non-public information and contact the Compliance Department immediately (or legal staff in the absence of Compliance staff). Refer to the Material Non-Public Information (MNPI) and Research Providers Policy for additional requirements.

**<u>CODE REPORTING REQUIREMENTS</u>**

**Why do I have to complete so many certifications?** 

The initial and quarterly certifications are designed to ensure all regulatory requirements are met. Accordingly, failure to complete all required certifications within the time period prescribed by the Compliance Department, absent extenuating circumstances, may be considered a Code violation.

**Why do you review my trade activity?** 

SEC rules require investment advisers to establish, maintain and enforce a written code of ethics that contains, among other things, provisions requiring the monitoring of personal securities transactions and holdings. Some Access Persons may face conflicts of interest when trading in securities for their own accounts because of their intimate knowledge of clients' securities transactions and, in some cases, because they have investment discretion to affect trades on behalf of clients.

---

| | |
|:---|:---|
| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 32 |

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------

**<u>ESCALATION</u>**

**Who gets notified if there is a violation of the Code of Ethics?** 

Code of Ethics violations are taken very seriously and are reported quarterly to certain of our existing client boards, and on an ongoing basis to prospective clients in Requests for Proposal. Our Code of Ethics and our collective efforts to comply with our Code of Ethics is a fundamental industry standard that measure our Firm's integrity and commitment to the protection of our clients' best interests. Employee's manager will be notified of all Code violations and any disciplinary or remedial actions taken.

**What are the repercussions of a violation of the Code of Ethics?** 

Disciplinary or remedial measures may include additional training, disgorgement of profits, trade reversals or restrictions, salary reduction or monetary fine, suspension or termination of employment, or referral to criminal authorities where appropriate. Each violation is considered on a case-by-case basis.

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| | |
|:---|:---|
| ![LOGO](g11343g72e55.jpg) | RBC GAM-US Code of Ethics \| August 1, 2024 \| Page 33 |

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## Ex-99.(2)(R)(3)

![LOGO](g11343g62k29.jpg)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Code of Ethics
Owner: Head of RBC BlueBay Compliance Advisory UK

Next Review Date: April 2026

Effective from: April 2025

For internal distribution only

------

Contents

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contents<br>Most Recent Changes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contents<br>Most Recent Changes | 2 <br> 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summary Statement | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rationale | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Scope | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Applicable Regulations | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Relevant Policies and Procedures | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Definitions | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Standards of Business Conduct | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Account Dealing Policy | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Relationships and Personal Financial Relationships | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reporting Requirements | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Record Keeping | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exceptions, Breaches and Escalation | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes to this Code | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appendix I – Affiliate Employees Access Person Confirmation | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appendix II – Affiliate Employees Access Person Annual Attestation | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Approval, Responsibility and Review Schedule | 12 |

---

------

Most Recent Changes

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| | |
|:---|:---|
| *Date* | *Amendments* |
| May 2024 | Updates applied following BlueBay technology user integration with MyComplianceOffice (MCO). |
| April 2023 | Establishment of policy for the applicable business activities of BlueBay Asset Management LLP, that will be combined with RBC Global Asset Management (UK) Limited upon legal integration of those activities with RBC Global Asset Management (UK) Limited. |

---

------

1 Summary Statement

High ethical standards are essential for the success of RBC BlueBay UK to maintain the confidence of our Clients. RBC BlueBay UK's business interests are best served by adherence to the principle that the interests of our Clients come first.

This Code of Ethics ("Code") should be read in conjunction with RBC's Code of Conduct, available on RBC's intranet.

2 Rationale

In recognition of RBC BlueBay UK's fiduciary duty to our Clients and our desire to maintain high ethical standards,

RBC BlueBay UK has adopted this Code. This Code:

- Sets out standards of business conduct in accordance with our fiduciary duty to Clients;

- Fosters compliance with applicable UK and U.S. laws and regulations; and

- Strives to eliminate transactions that could be suspected of being in conflict with the best interests of our Clients.

3 Scope

This Code applies to all Employees and adherence to this Code is a condition of employment by RBC BlueBay UK. If you are uncertain about how any provision of this Code applies to you, you should contact your line manager, Compliance or Human Resources.

4 Applicable Regulations

- FCA Principles in particular 1, 2, 5, 6 and 8, SYSC 10, Code of Conduct (COCON)

- Section 204A, Rule 204A-1, and Rule 206(4)-7 under the Advisers Act, as amended

- Section 17(j) and Rule 17j-1 under the Investment Company Act of 1940, as amended

- NFA Compliance Rule 2-9 and Rule 2-29

5 Relevant Policies and Procedures

- RBC Code of Conduct

- RBC Privacy and Risk Management policy

- Conflicts of Interest Policy

- Personal Account Dealing Policy

- Market Abuse Policy

- Gifts and Entertainment Policy

- Outside Activities and External Directorships Policy

- Political Contributions Policy

6 Definitions

**'40 Act Fund** – A mutual fund formed under the Investment Company Act of 1940

**Access Person** – Subject to paragraph 12 below, any employee, director, or officer of RBC BlueBay UK; and any other person the CCO has determined to be an Access Person because he or she is involved in making securities recommendations to Clients or has access to non public information regarding (i) purchases or sales of securities, (ii) security recommendations or (iii) portfolio holdings.

Note: RBC BlueBay UK considers all of its Employees to be Access Persons, with certain exceptions for individuals who a) do not carry out functions contributing directly to the day-to-day investment advisory business and b) have as their primary place of work an area separated from RBC BlueBay UK's investment advisory business to such an extent that they are not reasonably likely to receive inside information regarding purchases or sales of securities, security recommendations or portfolio holdings. In addition, certain employees of affiliates or otherwise related persons may be considered Access Persons when they are in receipt of non- <br>

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public information regarding securities transactions, recommendations and/or holdings in any Client's account, this will always include any Institutional Portfolio Manager who wishes to attend the Investment/Team Meetings of any of RBC BlueBay UK's Investment Teams.

**Advisors Act** – the Investment Advisers Act of 1940, as amended

**Affiliate Employees** – any employee, director, officer or contractor for one of RBC BlueBay UK's affiliate companies.

**BlueBay Technology User** – an Employee who predominantly uses BlueBay's technology platform to perform their role in the business. (If in any doubt about whether you are a BlueBay or RBC GAM technology user, please reach out to RBC BlueBay Compliance for guidance.)

**Client** – any person or entity RBC BlueBay UK serves as investment manager, adviser, sub-adviser or an equivalent role. Where RBC BlueBay UK is the investment manager or adviser to a fund or collective investment undertaking, the fund or collective investment undertaking – not any fund investor – is RBC BlueBay UK's client.

**CCO** – The Chief Compliance Officer of RBC BlueBay UK

**Compliance** – RBC BlueBay UK's Chief Compliance Officer (CCO) and his or her team.

**Employee** – Any person who works for, or otherwise represents the entities within scope of this document, and includes:

- An officer, director, non-executive director or employee within the entity; and

- Consultants, contractors, part-time employees, or agents of the entity.

**Personal Financial Relationships** – Relationships that include:

- Joint investments/business ventures between Employees;

- Gambling between Employees;

- Personal loans between Employees; and

- Benefits in kind offered and received between Employees.

**Personal Relationships** – Relationships that include:

- Relationships between RBC employees;

- Relationships with friends or family members working for the firm's regulators, auditors, a company that does or seeks

to do business with RBC, a competitor, or a supplier to RBC.

**Policy** – a set of broad goals, rules or principles outlining boundaries within which Employees must act, without dictating a detailed course of action. To be considered binding on Employees.

**RBC BlueBay** – the legal entities representing the business of RBC Global Asset Management in the EMEA and APAC regions.

**RBC BlueBay UK** – RBC Global Asset Management (UK) Limited and BlueBay Asset Management LLP.

**RBC GAM Technology User** – an Employee who predominantly uses RBC GAM's technology platform to perform their role in the business. (If in any doubt about whether you are a BlueBay or RBC GAM technology user, please reach out to RBC BlueBay Compliance for guidance.)

7 Standards of Business Conduct

RBC BlueBay UK shall conduct its business at all times in a manner consistent with its fiduciary duties to its Clients. This means RBC BlueBay UK has affirmative duties of care, loyalty, honesty, and good faith in connection with all of its activities for its Clients, in particular ensuring that Client interests are put first at all times.

This Code and other RBC and RBC BlueBay UK Policies and Procedures address certain specific elements of RBC BlueBay UK's fiduciary obligations. However, they cannot, and are not intended to, address all circumstances in which a consideration of RBC BlueBay UK's fiduciary obligations will arise.

Accordingly, RBC BlueBay UK expects all Employees not only to adhere strictly to the specific requirements of this Code and other RBC and RBC BlueBay UK Policies and Procedures, but also to use their own judgement and common sense in the proper application of such Policies and Procedures and to conduct themselves with honesty and integrity in accordance with RBC BlueBay UK's fiduciary obligations. Any activity that compromises those obligations or that could be perceived as improper jeopardises RBC BlueBay UK's integrity, even if it does not expressly violate a rule or a specific provision of this Code, and has the potential to harm RBC BlueBay UK's reputation or that of the RBC Group.

7.1 Compliance with Laws and Regulations

RBC BlueBay UK is authorised and regulated by the UK Financial Conduct Authority (FCA) and as such is required to comply with the FCA's rules. Regulated firms must conduct business with integrity, and with due skill, care and diligence,

------

observing proper standards of market conduct, and paying due regard to the interest of its customers. Regulated firms must take all appropriate steps to identify and to prevent or manage conflicts of interest.

Section 204A-1(2) of the Advisers Act requires this Code to require all Employees to comply with all applicable laws including the Securities Act of 1933, as amended; the Securities Exchange Act of 1934, as amended; the Sarbanes Oxley Act of 2002, as amended; the Investment Company Act of 1940, as amended; and the Advisers Act, as amended. This Code and other RBC and RBC BlueBay UK Policies and Procedures are intended to meet this requirement. Furthermore, Employees are required to comply with all applicable laws and regulations of jurisdictions to which RBC BlueBay UK and its activities are subject. In particular, Employees are prohibited from carrying out any activity which directly or indirectly:

- Defrauds a Client in any manner;

- Misleads a Client, including any statement that omits material facts;

- Operates or would operate as a fraud or deceit on a Client;

- Functions as a manipulative practice with respect to a Client; or

- Functions as a manipulative practice with respect to Securities.

7.2 Confidentiality of Information

RBC BlueBay UK and its Employees share a duty to ensure the confidentiality of Client information, including account numbers, holdings, transactions and securities recommendations. This includes the holdings and other non-public information related to accounts for which RBC BlueBay UK provides investment management and advisory services. To ensure this duty is fulfilled, RBC BlueBay UK has adopted this Code and RBC's Code of Conduct (which incorporates RBC's Privacy Risk Management Policy). All Employees are required to adhere to each of these policies and RBC BlueBay UK's Privacy Guidelines. All Employees are also prohibited from disclosing confidential information concerning RBC BlueBay UK, including any trade secrets, other proprietary information or materials marked for internal use only.

7.3 Conflicts of Interest

At all times Employees shall comply with RBC BlueBay UK's Conflicts of Interest Policy.

Employees should be aware of activities that may involve conflicts of interest. Given the nature of RBC BlueBay UK's business and business relationships it may have with its affiliates, conflicts can arise in various contexts. Where possible, RBC BlueBay UK's objective is to avoid any conflict between RBC BlueBay UK, Employees, affiliates, and Clients. Where a conflict cannot be avoided, RBC BlueBay UK has policies and procedures to manage those conflicts as outlined in its Conflicts of Interest Policy. As a fiduciary, RBC BlueBay UK must always seek to act in the best interests of its Clients, which means the interests of RBC BlueBay UK's Clients must always come first. If you are concerned that a situation you encounter or an activity that you are involved in may present a conflict between your personal interests and a Client's interests or between RBC BlueBay UK's business interests and a Client's interests, contact your manager or the CCO for guidance.

7.4 Material Non-Public Information

It is a violation of the fiduciary obligation owed to Clients and securities laws to use knowledge about trading activity or proposed trading activity in Clients' accounts to engage in trades for your own benefit. The terms "trading ahead" or "front running" are used to describe the improper practice where an Employee trades for his or her own account before a trade in the same security occurs on behalf of a Client's account, knowing that the effect of the trading in the Client's account will be to his or her personal benefit. The pre-clearance requirement and rules explained in the Personal Account Dealing Policy are designed to help prevent, detect and correct these and other improper practices.

RBC BlueBay UK policies, rules and reporting requirements are also reasonably designed to allow RBC BlueBay UK to address potential or actual issues related to trading when one might be holding material, non-public information, commonly referred to as "insider trading". If you believe you have come into possession of material, non-public information, you must immediately notify Compliance, refrain from engaging in transactions in that security and maintain the confidentiality of the information. It is an offence under UK and US laws and regulations to trade on material, nonpublic information.

Employees must comply with all relevant RBC BlueBay UK policies, including the Market Abuse Policy.

8 Personal Account Dealing Policy

The Personal Account Dealing Policy describes RBC BlueBay UK's policies and procedures in relation to personal transactions in Securities. The Personal Account Dealing Policy applies to all Employees.

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9 Personal Relationships and Personal Financial Relationships

9.1 Personal Relationships

Employees are required to disclose any Personal Relationships that may present an actual or perceived conflict of interest on joining RBC BlueBay UK, or immediately after they form such a relationship during the course of their employment.

Employees must disclose Personal Relationships to Compliance and their Line Manager. Compliance will review and where appropriate log such relationships in the RBC BlueBay UK Personal Relationships Log.

9.2 Personal Financial Relationships

Any improper handling of Employee personal finances could undermine the credibility of the Employee and of RBC BlueBay UK. It could also cause others to question their decision-making on the job, or permit personal finances to influence Employees in a way that causes them to act in an unprofessional manner.

Engagement in Personal Financial Relationships should be minimised in order to mitigate the risk of potential, actual or perceived conflicts of interest arising, as well as other negative consequences such as feelings of indebtedness.

9.2.1 Pre-Approval Requirement for Personal Financial Relationships

Employees are required to attain pre-approval before engaging in the following Personal Financial Relationships:

- Loans exceeding £1,000 between Employees; and

- Any benefits in kind with a value in excess of £1,000 offered and received between Employees.

Examples of benefits in kind may include (but are not limited to) the free or discounted use of:

- A holiday home;

- A boat; and

- Sports season ticket/VIP lounges/exclusive member club facilities.

Employees must request pre-approval from Compliance and an appropriate member of RBC BlueBay UK's Leadership Team. Requests for pre-approval from members of the Leadership Team must be directed to RBC BlueBay UK's CEO, and requests for pre-approval from the CEO must be directed to the RBC GAM Global CEO.

All requests, whether approved or denied, should be recorded as part of the RBC BlueBay UK's conflicts of interest controls by Compliance.

Any private investments engaged in by two or more Employees should be managed in accordance with the Personal Account Dealing and Private Investments Policy or the Outside Business Activities and External Directorships Policy as relevant.

Employees should also be mindful of actual, potential or perceived conflicts of interest that could arise from gambling, and in all circumstances gambling should not be irresponsible or excessive (e.g. such that they could place an Employee into financial difficulty).

10 Reporting Requirements

10.1 Annual

All Employees are required to complete an Annual Compliance Declaration (via Workday) confirming receipt of and compliance with this Code and other related policies and procedures.

11 Record Keeping

Compliance will maintain the following records for not less than seven years:

- A copy of the Code of Ethics and other RBC BlueBay UK Related Policies and Procedures listed in paragraph 5 currently in effect and any that have been in effect within the past seven years

- A record of any violation of the Code of Ethics and of any action taken as a result of the violation

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- All written acknowledgements of the Code of Ethics for each person who is currently, or within the past seven

years was, an Access Person

- A list of persons who are currently, or within the past seven years were considered Access Persons

- Any reports made to the Board of Directors of a '40 Act Fund advised or sub-advised by RBC BlueBay UK

related to this Code of Ethics and other policies identified in paragraph 5

- All records related to the granting of exemptions to the Code of Ethics

- All records documenting the annual review of the Code of Ethics.

- Annual acknowledgements of Code of Ethics

- Records required to be kept may be maintained or stored electronically using various media, provided that the

adviser establishes and maintains procedures:

-That limit access to authorized personnel;

-That reasonably assure that any reproduction of paper records onto electronic media is accurate.

- Electronic records must be arranged and indexed in a way that permits easy location, access, and retrieval of

each record; provided to the SEC staff promptly in the medium and format in which it is stored (or, if requested,

printed out); and (to prevent their loss) the record must be backed-up at a separate location.

12 Exceptions, Breaches and Escalation

12.1 Exceptions to this Policy

Compliance may grant limited exemptions to certain requirements of the Code in its sole discretion, where extraordinary circumstances warrant and Compliance is satisfied that granting the exemption would not represent a breach of relevant rules and regulations, a breach of RBC BlueBay UK's fiduciary obligations or undue risk to its Clients or RBC BlueBay UK. All requests for such exemptions shall be in writing, and Compliance will maintain a written record of its response.

12.2 RBC Exempt Individuals

Certain RBC BlueBay UK officers and/or directors ("RBC Executives") may not be RBC BlueBay UK employees and may serve in such roles solely at the request of RBC or its affiliates. If ALL of the following conditions apply, such RBC Executives shall be exempt from this Code but will be required to provide an annual certification of the facts giving rise to their exempt status. These individuals will not be considered "Access Persons".

Exempt individuals must be individuals who:

- Have no day to day involvement with RBC BlueBay UK;

- Do not predominantly use RBC BlueBay UK premises as their workplace;

- Do not make securities recommendations to RBC BlueBay UK Clients or have access to such

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;recommendations that are non-public;

- Do not have access to non-public information regarding any Clients' purchase or sale of securities;

- Do not have access to non-public information regarding the portfolio holdings of any Client account; and - Are

subject to other applicable similar Codes, including enterprise-wide policies related to trading RBC securities.

12.3 RBC Functions and Affiliate Employees

Members of RBC Functions and Affiliate Employees who, despite not being an employee, officer or contractor of RBC BlueBay UK, have access to RBC BlueBay UK's working area and/or may have or require access to non public information regarding (i) purchases or sales of securities, (ii) security recommendations or (iii) portfolio holdings, may be considered Access Persons and will therefore be subject to the Personal Account Dealing Policy and the standards of conduct set out in paragraph 7 above, but will not be subject to other RBC BlueBay UK policies where those individuals are subject to equivalent policies of RBC or other RBC entities. Affiliate Employees who wish to access RBC BlueBay UK must complete the Affiliate Employee Access Person Confirmation in Appendix I at inception and on an ongoing basis an annual attestation, see the Annual Attestation in Appendix II. Training on RBC BlueBay UK Code of Ethics will be provided by Compliance annually to all staff.

12.4 Breaches and Escalation

Breaches or suspected breaches of this Code, or Relevant Policies and Procedures referenced above, (including the discovery of any violation committed by another Employee) should be reported immediately to Compliance, and the RBC BlueBay UK breach management process must be followed. Compliance will determine which persons or units are appropriate to handle the matter thereafter. Breaches may result in written warnings, written reprimands, fines, and the cancellation of transactions, disgorgement of profits, the suspension or cancellation of personal trading privileges, up to and including the suspension or termination of employment.

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13 Changes to this Code

Any material change to this Code must be notified to any '40 Act Fund advised or sub-advised by RBC BlueBay UK promptly, so that the '40 Act Fund is able to approve the change within six months.

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14 Appendix I – Affiliate Employees Access Person Confirmation

**Name:** 

**Job Title:** 

**Employing GAM Affiliate:** GAM Inc., GAM US or GAM Asia (delete as appropriate)

**Rationale for Requesting Access:** 

**Confirmation** 

I confirm that I understand that being given access to RBC BlueBay UK information, systems or areas makes me an Access Person pursuant to s.204 of the Investment Advisers Act 1940. I confirm that I am bound by the RBC BlueBay UK Personal Account Dealing Policy and will abide by all of its restrictions. Including (without limitation):

- Disclosure of Personal and related trading accounts;

- Preclearance of public and private transactions; and

- Quarterly and annual reporting of holdings.

I confirm that I have verified with the Compliance team responsible for my affiliate that the following policies applicable to my Affiliate are deemed equivalent:

- Conflicts of Interest Policy

- Market Abuse Policy

- Gifts and Entertainment Policy

- Outside Activities and External Directorships Policy

- Political Contributions Policy

- Aggregation Relief Policy

Signed:

Date:

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15 Appendix II – Affiliate Employees Access Person Annual Attestation

**Name:** 

**Job Title:** 

**Employing GAM Affiliate:** GAM Inc., GAM US or GAM Asia (delete as appropriate)

Either:

I confirm that the undertakings provided to RBC BlueBay UK Compliance in the Affiliate Employee Access Confirmation form remain accurate and that the requisite policies stated in the form remain equivalent.

I confirm that I have adhered to RBC BlueBay UK's Personal Account Dealing Policy requirements for personal trading preclearance requests and that I have made all necessary quarterly and annual disclosures.

Confirmed [ ]

OR

Where you are unable to make the above attestations please provide an explanation:

Signed:

Date:

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16 Approval, Responsibility and Review Schedule

---

| | |
|:---|:---|
| Responsibility for this Policy: | RBC BlueBay UK Compliance |
| Policy Review and Approvals: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Review Cycle: | Annual |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Next Review Due: | April 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approved By: | Head of Compliance, RBC Wealth Management Europe and RBC BlueBay |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval Date: | April 2025 |

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**End of Document**

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

**POWER OF ATTORNEY** 

The undersigned Trustee of RBC BlueBay Enhanced Income Fund, a closed-end management investment company (the "Trust"), does hereby constitute and appoint David Eikenberg, Kathy Hegna, Christina Weber, Tara Tilbury, and Patrick Engel and each of them individually, my true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Trust to comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Securities Act of 1933, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration under such Securities Act of 1933, as amended, of shares of the Trust to be offered by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the Securities and Exchange Commission thereunder, in connection with the registration of the Trust under the Investment Company Act of 1940, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) state securities and tax laws and any rules, regulations, orders or other requirements of state securities and tax commissions, in connection with the registration under state securities laws of the Trust and with the registration under state securities laws of shares of the Trust to be offered by the Trust;

including specifically but without limitation of the foregoing, power and authority to sign the name of the Trust on its behalf and to affix its seal, and to sign my on my behalf as Trustee to any amendment or supplement (including post-effective amendments) to the registration statement or statements, and to execute any instruments or documents filed or to be filed as a part of or in connection with compliance with federal or state securities or tax laws; and the undersigned hereby ratifies and confirms all that said attorneys and agents shall do or cause to be done by virtue hereof.

Dated: January 12, 2026

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| /s/ Dexter V. Perry |
| Dexter V. Perry |
| Trustee |

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